The iGaming Value Chain: Who Does What and Who Pays Whom

The map of the online gambling industry: the seven layers from players to the state, who pays whom and in what form, where the margin sits and why, operators and the platform pieces they build or buy, each supplier type's business model (studios, live casino, sportsbook suppliers, platforms and aggregators, data and integrity, payments and KYC, affiliates, testing houses), a hundred units of revenue followed through the chain and why suppliers are valued more highly than operators, how the chain differs across the United States, Europe, Latin America, Asia-Pacific and Africa and across sports, casino, poker, lottery and prediction markets, and the standard moves companies make across layers and why most disappoint.

Written for anyone who knows one layer of the industry and needs to understand the rest: product and commercial people negotiating with suppliers or operators, analysts and journalists reading results and deals, and people joining the industry who want to know where its power lies. It assumes you know what online gambling is.

The through-line: value is created in the player experience, the risk management and the content; it is captured where rights, distribution and scale sit, and above everyone by the state.