The supplier's story
A supplier's results answer different questions: which products and markets are growing, how many operators it serves and how concentrated they are, whether margins are expanding with scale, and whether the next set of regulated markets is being won. The best supplier results read like a map of the industry's growth, because the supplier's revenue is a share of everyone else's.
Revenue by line and geography
Suppliers split revenue by product line (live casino and RNG for a content group; platform, sportsbook and services for a technology group; data, odds and integrity for a data company) and by geography, usually a regions table (Europe, Asia, North America, Latin America, other). The geography split is the most useful table in the announcement for anyone in the industry, because it says where the money is moving: a content supplier reporting rising North American revenue is reporting the US casino states growing; one reporting Asia flat is reporting the unregulated market's mood. Read the note on how the split is made. Evolution's year-end report for 2025 gives two tables, one by where its operator customers are based and one by the IP address of their players: in the fourth quarter of 2025 Europe was EUR 366.7 million on the first basis and EUR 177.6 million on the second, while Asia was EUR 16.3 million and EUR 193.6 million.
Checks: which lines are growing and which are being managed for cash? Is growth organic or acquired (the reconciliation)? What share is from regulated markets, and is it rising? Evolution put its regulated share at 47 percent in the fourth quarter of 2025, up from 41 percent a year earlier. Companies that report "regulated market revenue" as a share are signalling that the unregulated share is a risk they know about.
Customers and concentration
Number of operator customers, new signings in the period, and any disclosure of the largest customers' share. Concentration is the supplier's structural risk: a studio with a third of its revenue from one operator is exposed to that operator's tax rises, platform migrations and buying decisions. Some companies disclose it every quarter: Evolution's largest customer was about 12 percent of its 2025 net revenues and its five largest about 39 percent. Where they do not, the annual report's major-customer note does: IFRS 8 requires a company to disclose any single customer that accounts for 10 per cent or more of its revenues, with the amount, though not the customer's name. Kambi's 2025 annual report is an example: its three largest customers were 35 percent of group revenue, down from 39 percent in 2024.
Margins and operating leverage
The supplier story is operating leverage: revenue grows over a largely fixed cost base and margin expands. Read adjusted EBITDA margin over several periods. Expanding margin with growing revenue is the model working; flat margin with growing revenue means the company is investing (new studios, new markets, more development) and should say so; contracting margin is a problem or a rights renewal. Evolution's 2025 shows the pattern to question: net revenues were flat at EUR 2,066.5 million, up 0.2 percent, while adjusted EBITDA margin fell to 66.1 percent from 68.4 percent, and the company attributed its higher fourth-quarter expenses mainly to personnel costs for new tables.
For live casino suppliers the main costs are studios and dealers, so margin reflects how fully new tables are used; Evolution ended 2025 with about 2,000 live tables, up from 1,700. For data companies the main cost is sport rights, often licensed for several years at a time (Sportradar amortises its capitalised licences over terms of 2 to 10 years), and margin moves with the renewal cycle: Sportradar's 2025 annual report calls rights licence fees one of its main operating expenses. For platforms the cost is development and support staff.
Content and product cadence
Content suppliers report releases: the number of games launched, the share of revenue from titles released in the last year or two, and the hits. A studio whose revenue depends on a few ageing titles is a different risk from one with a pipeline. Live casino suppliers report new tables, studios and game shows; platforms report launches and migrations; data companies report rights renewals and new league deals, and only sometimes what they cost.
Regulated market wins
Suppliers announce certifications and launches in new regulated markets, and the announcements are the growth pipeline. Kambi, for example, launched with several partners on day one of the regulated market in Brazil in 2025. A supplier that was there on day one has revenue there in this quarter; one that certified a year later has it next year. The reader can build a picture of a supplier's addressable market from the certification list, and of its execution from how quickly revenue follows.
The balance sheet at a supplier
Suppliers are usually cash-generative with modest debt, unless they are consolidators, in which case goodwill and intangibles dominate the balance sheet and amortisation dominates the gap between adjusted EBITDA and net income. At Evolution, goodwill and other intangible assets were about EUR 3.05 billion of EUR 5.52 billion total assets at the end of 2025. Rights-heavy data companies capitalise longer rights licences as intangible assets and disclose other licence payments as commitments; Sportradar also deducts the amortisation of capitalised rights in its adjusted EBITDA, so that the measure carries their full cost. Live casino suppliers carry leases on their studios. Cash conversion should be high; if it is not, the adjustments are hiding something.
The tell-tale metrics by supplier type
- Content studio: revenue share by region; regulated share; releases and hit contribution; aggregator versus own content; margin.
- Live casino: revenue by region; tables and studios; dedicated environment revenue; margin (occupancy).
- Sportsbook and platform: number of operators; revenue per operator; new signings and churn; managed versus platform-only revenue; migration wins and losses.
- Data and integrity: rights costs and renewals; revenue by product (data, odds, managed trading, integrity); the leagues signed; margin trend.
- Affiliate: revenue by market; new depositing customers sent; CPA versus revenue share mix; search traffic trends; operator commission changes. Better Collective, for example, reported 305,000 new depositing customers in the fourth quarter of 2025, 73 percent of them under revenue share agreements, and splits its 2025 revenue between revenue share (47 percent), CPA (24 percent), subscription (5 percent) and other income.
- Payments and KYC: transaction volumes; take rate; gambling as a share of total (many also serve other sectors: Paysafe lists iGaming alongside travel, streaming, retail and digital assets); regulatory exposure.
Red flags in supplier results
- Revenue growth entirely from acquisitions with organic growth flat.
- Margin contracting without a stated investment reason.
- A major customer's share rising (concentration) or a major customer lost.
- Unregulated market revenue rising as a share.
- Releases slowing at a studio; a hit ageing without replacement.
- A rights renewal at a cost the company will not disclose.
- Affiliate traffic falling with "search volatility" as the explanation for several quarters.
- Cash conversion falling while adjusted EBITDA rises.
Reading operators and suppliers together
The best reading uses both. If the large operators report casino growing faster than sports, the content suppliers' next results are likely to show it. If an operator reports a tax rise in a market, suppliers paid a share of its net gaming revenue will earn less from it, because net gaming revenue is calculated after deductions such as gaming tax; Kambi, whose commission is a percentage of its operators' net gaming revenue, reports that in 2025 certain gaming-related taxes and additional deductions for player incentives reduced that revenue by 13 percent, and Better Collective expects the UK and Brazilian tax increases to reduce its 2026 EBITDA before special items by about EUR 8 million. If a data company reports a rights renewal at a higher cost, sportsbook operators' data costs may rise. The iGaming Value Chain course is the map; results are the readings on it. The next lesson looks at the parts of the accounts where trouble hides.