2025 has been a mixed bag for the fortunes of gambling companies. Some have significantly underperformed, while others exceeded all expectations. Changing regulations, innovation, and consumer behavior all played a big role during the course of the year.
Best Performers
The top performers managed to create strong gains for shareholders. This was achieved through various means, including exposure to resilient casino markets, disciplined cost control, and international expansion.
1. Wynn Resorts
First on the list is Wynn Resorts, whose share price jumped 53% from the start of 2025. One of the key drivers was the awarding of the first-ever casino license in the UAE in October 2024. Investors were encouraged after learning more of the details about the planned $5.1bn resort in Ras Al Khaimah, which is less than an hour’s drive from Dubai.
has first-mover advantage as no other casinos have secured approval as of yet
The Wynn Al Marjan Island project, slated to open in early 2027, is projected to generate up to $1.66bn in annual gaming revenue. This is a big compliment to Wynn’s existing operations in the US and Macau, and it has first-mover advantage as no other casinos have secured approval as of yet.
Wynn purchased a second parcel of 155 acres of land on Al Marjan Island in September, which it has reserved for potential future development, including the construction of a second casino. The company withdrew from the NY casino race in May due to extensive local opposition. It also shelved $375m in planned renovations in Las Vegas the same month, preferring to allocate the capital to its UAE project.
Revenue exceeded expectations in Macau and Las Vegas. Its Macau market share increased from 11% to 12% in the first three quarters of 2025. Revenue in Q3 for the company rose 8% year on year to $1.83bn.
2. Las Vegas Sands
Las Vegas Sands has streamlined its operations in recent years, focusing its attention primarily on Macau and Singapore. The share price is up 34% YTD after better-than-expected Q3 earnings. Its $3.33bn revenue was better than the forecasted $3.06bn.
strong prospects in Singapore and Macau.
Goldman Sachs upgraded its recommendation to “Buy” for Las Vegas Sands in December, citing strong prospects in Singapore and Macau. Las Vegas Sands has actively been buying back $2bn in stock in 2025, which shows confidence. It also increased the annual dividend to $1.20 per share.
Las Vegas Sands is continuing to solidify its position in Singapore by investing $8bn into the Marina Bay Sands over the next few years. This phased plan will include a new 55-story hotel tower, which will have 570 suites.
It is also working hard lobbying in Texas to try legalize commercial casinos. Las Vegas Sands owner Miriam Adelson acquired a majority stake in the Dallas Mavericks in November 2023 for $2bn and has discussed plans to build a new stadium as part of a casino resort complex.
3. Super Group
One of the more impressive performances in 2025 was that of the cohort of brands operating as part of Super Group. The share price is up 90% YTD. Some of its most notable brands include Betway, JackpotCity, and Spin Palace.
It hit record high revenues this year. In Q3, revenue rose 26% year on year to $557m and profit almost reached $96m. Net profit over the past 12 months is an impressive $144m.
Africa and the Middle East accounted for about 40% of the company’s Q3 revenue
One of its key differentiators is its global presence, as the likes of Betway and Spin are operational worldwide. Africa and the Middle East accounted for about 40% of the company’s Q3 revenue, followed by North America with 33%, and Europe at 19%.
This diversification isn’t seen with many other online gambling operators, which often tend to focus on one or two key markets. Super Group announced that it would start a quarterly dividend of $0.094 per share, based on its strong performance. The share price hit new all-time highs of around $14 in Q4 2025.
Worst Performers
Operators that weren’t so lucky in 2025 will be looking to turn around their fortunes next year. Stiffening regulations or higher tax rates hurt some. Others spent heavily on marketing without seeing a significant ROI. The growing competition from sweepstakes casinos and prediction markets has hurt others.
1. Evoke
The owner of William Hill and 888 struggled in 2025. Its share price is down 65% YTD after a turbulent year. Things started off okay after Q1 revenue came in as forecasted. However, rumors of significant tax hikes in the UK caused a sharp price drop, as investors were concerned about Evoke’s heavy exposure to the UK, particularly through its 1,200+ retail William Hill sportsbooks and its online operations.
increasing remote betting taxes from 21% to 40%
It warned that if Chancellor Rachel Reeves went ahead with increasing remote betting taxes from 21% to 40%, it would lead to the closure of up to 200 retail sportsbooks. Evoke withdrew its medium-term profit and growth targets when the tax change was officially announced in November. Then it began exploring a possible sale of the business in December.
Another negative was credit agencies downgrading Evoke’s long-term issuer default rating to B in December. There are concerns over the £1.82bn ($2.4bn) in long-term debt that was mainly accumulated after buying William Hill’s non-US assets in July 2022 for around £1.95bn ($2.6bn).
2. Playtech
The online gambling software developer’s share price plunged 27% after it was revealed as the anonymous company behind the legal action in New Jersey against Evolution. It had hired a private intelligence firm to gather evidence that the live dealer game supplier was operating illegally in certain countries.
shocked at the lengths Playtech went to in an attempt to discredit its competitor
It backed the case anonymously from its inception in 2021 until a court ordered its unmasking in October. People were shocked at the lengths Playtech went to try discredit its competitor.
Playtech maintains its innocence and believes that the hidden recordings it submitted show that Evolution is operating in sanctioned regions. The company’s stock is now down 60% YTD. Revenue and adjusted EBITDA were revised after renegotiating terms with key partners.
Playtech’s board tried to counteract some of the stock price drops by starting a share buyback in late 2025 totalling £43.7m ($58m).
3. Penn Entertainment
Penn Entertainment has had a rocky few years. Its share price reached an all-time high of $130 in 2021, before declining back to its current level of $14.50. The share price is down 24% YTD and 89% since its peak in March 2021.
Many investors were unhappy with the progress of ESPN Bet, which ultimately led to Penn enacting an exit clause only two years into a ten-year licensing agreement worth $1.5bn. Penn has now rebranded as theScore Bet and hopes to regain some market share.
unhappy with the general direction in recent years under the leadership of CEO Jay Snowden
Investors have disagreed with the general direction of the company in recent years under the leadership of CEO Jay Snowden. They highlight that he has personally taken home over $100m since taking over in January 2020, despite leading the ESPN Bet failure, the calamity of buying Barstool Sports for $551m before selling it back to Dave Portnoy for $1, and allegations of excessive use of private jets.
