What is the iGT 25 Index?
The iGT 25 Index is a market-capitalisation-weighted index tracking the 25 largest publicly-traded iGaming companies in real time. The constituent set spans sports-betting operators, online-casino groups, B2B platform providers, sports-data suppliers, and the listed land-based hybrids whose digital revenue is now the majority of their reported segment results. The index level recalculates on every constituent price tick during regular trading hours of each constituent's home exchange.
For B2B readers - operators, investors, analysts, M&A advisors, journalists - the iGT 25 is the cheapest sanity-check on iGaming sector positioning relative to broader equity benchmarks. Year-to-date performance against the S&P 500, MSCI World, and Russell 2000 surfaces in the comparison block below. The Methodology section documents how constituents are selected, weighted, and rebalanced.
Methodology
Constituent selection is rules-based. To qualify a company must (1) derive at least 25% of trailing-twelve-month revenue from iGaming or iGaming-adjacent activity (sports betting, online casino, lottery technology, sports data, regulated gambling-technology platforms, listed pure-play affiliates), (2) have a free-float market capitalisation of at least USD 50m on a major exchange, (3) trade at least 10 days per month on average over the previous quarter, and (4) maintain a public English-language financial reporting cadence at least quarterly. Companies that fail any of these gates for two consecutive quarters are removed at the next quarterly rebalance.
Weighting is float-adjusted market capitalisation, capped at 12.5% per constituent at each rebalance to prevent the single largest position from dominating the index. The cap is mechanical - if a constituent's natural weight exceeds 12.5% at rebalance the overflow is redistributed proportionally across the remaining constituents.
Rebalancing runs quarterly on the first trading day after each quarter-end. The base date is 1 January 2025; the base value is 1,000. The full constituent change history is published on the methodology page. The methodology is intentionally transparent - operators, investors, and journalists can replicate the index calculation from public sources.
Current constituents
The current 25-constituent set is listed in the interactive widget above (live prices, intraday change, market cap, weight, sector, country). Click any ticker for the per-company page with its quote, chart, and the news mentions iGaming Times has published about it.
The sector mix is roughly 45% pure-play operators (sports-betting and online-casino groups), 25% B2B platform and technology suppliers, 12% sports-data providers, 8% listed affiliates, and 10% land-based hybrids with material digital revenue. Geographic listing exposure splits across US (NASDAQ / NYSE), UK (LSE Main + AIM), continental Europe (Stockholm, Helsinki, Frankfurt, Zurich, Madrid), Australia (ASX), and the smaller offshore listings on Cyprus and Gibraltar exchanges. The full breakdown surfaces in the Sector + Geographic blocks below.
Historical performance
Year-to-date, one-year, three-year, and since-inception returns surface in the chart widget above with comparable series for the S&P 500 (US large-cap benchmark), MSCI World (developed-markets benchmark), and the Russell 2000 (US small-cap benchmark). The iGaming sector's beta to broader equity markets varies materially through the cycle - high correlation during liquidity crunches, lower correlation during regulator-cycle inflection points.
The since-inception return is the headline figure to watch. Operators and analysts comparing iGaming sector positioning against broader equity benchmarks should read the YTD chart in context of quarterly earnings cadence (most constituents report in late January, late April, late July, late October) and the per-market regulatory cycle that drives revenue volatility.
Sector breakdown
The iGT 25 is not a homogeneous operator basket. Pure-play sports-betting operators (FanDuel parent Flutter, DraftKings, BetMGM holding parents, Entain, bet365 if publicly listed, Caesars Digital) form one block. Online-casino-led groups overlap heavily but exhibit different KPIs (NGR per active, retention curve, content-library refresh rate). B2B suppliers are platform providers (Evolution, Pragmatic Play parent, Light & Wonder, Aristocrat Leisure), sports-data feeds (Genius Sports, Sportradar), payment-rails specialists, and KYC / compliance toolkits.
Sector tilt at any given time signals where capital is flowing in the industry. A B2B-overweighted index is consistent with regulator-driven supplier consolidation; an operator-overweighted index reflects market-launch cycles in newly-regulated jurisdictions. The Sector mix percentages above are the most-recently rebalanced values.
Geographic exposure
By listing venue the iGT 25 typically splits across NASDAQ + NYSE for US-listed constituents (DraftKings, Caesars Digital, Penn Entertainment, MGM Resorts, Genius Sports), LSE for the UK-listed legacy operators (Flutter, Entain, Rank, 888 Holdings), Nordic exchanges for the Swedish + Maltese pure-plays (Evolution on Stockholm, Kindred on Stockholm), continental Europe for the German + Spanish + Swiss listings, ASX for Aristocrat Leisure, and TASE / TSX for the smaller specialist listings. By underlying revenue geography the picture is different again - US + UK + regulated Europe + LatAm + Australia each form distinct revenue pools.
How to research iGaming stocks
The iGT 25 Index is informational - iGaming Times does not offer investment advice and the index is not investable as a single instrument. For research purposes the per-constituent pages (Click any ticker in the widget) include the quote, chart, news mentions iGaming Times has published, and the constituent's reported regulatory exposures. Earnings cadence per constituent follows quarterly reporting; iGaming Times publishes earnings recaps tagged to each ticker.
Institutional research desks tend to look at three KPI families when underwriting an iGaming operator: revenue quality (NGR per active, retention curve, geographic mix versus regulatory-cycle exposure), regulatory pipeline (which jurisdictions are tightening or loosening, what the operator's licence footprint covers), and capital allocation (M&A activity, buyback / dividend posture, debt cost). The iGaming Times news feed covers all three; the iGT 25 surface is the index-level summary.
iGT 25 vs major equity indices
The iGT 25 is a sector index, not a broad-market benchmark. Use it to measure iGaming-specific exposure relative to broader benchmarks (S&P 500, MSCI World, Russell 2000) over the same window. Operators using the iGT 25 for compensation benchmarking against listed peers should run the comparison on a market-cap-weighted basis matching the index's float-adjusted methodology. Analysts using the iGT 25 as a sector proxy for back-testing should be aware of the quarterly rebalance schedule and the 12.5% per-constituent cap - both materially change historical attribution analysis.
