B2B

The B2B layer is structurally larger than most outsiders assume. Behind every consumer-facing operator brand sits a stack of B2B suppliers: a platform provider running the PAM, a sportsbook supplier, an aggregator pulling content from dozens of studios, PSPs handling deposits and withdrawals, KYC vendors verifying players, compliance tools running transaction monitoring, and CRM platforms managing communications. Each layer represents a distinct commercial relationship with its own contracts, take rates, and integration overhead. The B2B landscape has consolidated significantly through M&A. Evolution's acquisitions of NetEnt and Red Tiger, Light & Wonder's reshaping of the slot supplier landscape, and platform consolidation through Kindred, Aristocrat, and others have reduced the number of independent suppliers in each category. The result is that operators now negotiate with fewer, larger counterparts, which has commercial and resilience implications. The relationship between B2B revenue concentration and operator margin pressure is a recurring topic in sector analysis.