iGT 25 index rules

Version 3, effective 23 September 2026. Versions 1 and 2 are summarised at the end. These rules are published in full at igaming-times.com/markets/rules and in summary at igaming-times.com/markets#methodology; this file is the source the daily job and the reviews follow. A change to the rules is a new version with an effective date, never an edit in place, and a change to the calculation applies from its effective date forward: published levels are not restated to fit a new rule.

1. Purpose

The iGT 25 is a market-capitalisation-weighted index of 25 publicly traded companies whose business is online gambling or its supply. It is an editorial reference published by iGaming Times, not an investable product, and it is a price index: dividends are not reinvested.

2. Eligibility

A company is eligible if it meets all of the following at the review date. Eligibility is tested once a quarter and at no other time (rule 6.1). A constituent that would fail a test between reviews is not removed for that reason; it is reconsidered at the next review. The only changes between reviews are the events in 2.5 and 6.2, which are matters of fact rather than judgement.

2.1 Listing. Its primary equity listing is on a recognised exchange: New York Stock Exchange, Nasdaq (Global Select, Global Market or Capital Market), London Stock Exchange Main Market, Euronext (Paris, Amsterdam, Milan, Brussels, Lisbon), Nasdaq Stockholm (including First North Growth Market), Nasdaq Copenhagen and Helsinki, Oslo Børs, Deutsche Börse (Xetra), SIX Swiss Exchange, Athens Exchange, Australian Securities Exchange, New Zealand Exchange, Toronto Stock Exchange. Depositary receipts and secondary listings do not qualify; the primary line is used.

2.2 Gambling sector. More than 50% of group revenue in the last reported financial year comes from gambling: operating gambling products (sports betting, casino, poker, bingo, lottery, wagering) or supplying the gambling industry with products or services used predominantly by gambling operators (game content, platforms, sportsbook and trading technology, sports data and integrity services, lottery systems, affiliate marketing to gambling operators).

2.3 Online relevance. Either at least 15% of group revenue in the last reported financial year is from online or digital gambling channels (including online lottery and digital wagering), or the company is a supplier under 2.2 whose products are used in online gambling. This is the test that excludes land-based casino groups whose online activity is small or held in unconsolidated joint ventures.

2.4 Size and trading. Full market capitalisation of at least US$100 million at the review date, and trading on at least 90% of the exchange's trading days in the prior six months.

2.5 Exclusions. Companies in administration, suspended, or subject to an announced acquisition whose completion is expected before the next review are not added; an existing constituent in that position is removed at the effective date (section 6).

3. Selection

3.1 The index has 25 constituents.

3.2 At each quarterly review, eligible companies are ranked by full market capitalisation in US dollars at the close of the review date.

3.3 Buffer. An existing constituent is retained if it ranks 35th or higher. A non-constituent is added only if it ranks 20th or higher. If these rules leave more or fewer than 25, the lowest-ranked retained constituents are removed, or the highest-ranked eligible non-constituents are added, until the count is 25.

3.4 Ties are resolved in favour of the existing constituent.

4. Weighting

4.1 Each constituent's weight is its full market capitalisation in US dollars (closing price on the primary exchange times shares outstanding, converted at that day's exchange rate) as a share of the total, capped at 15% per constituent with the excess redistributed pro rata to the uncapped constituents, iterated until no constituent exceeds the cap.

4.2 Weights are recomputed every trading day from that day's closing prices; the weights that drive the next day's return are the previous day's capped weights.

4.3 Shares outstanding are the total shares of all classes with equal economic rights (including unlisted founder or dual-class shares exchangeable into the listed line), taken as market capitalisation divided by price from the index's public data source at each review, and held constant between reviews. The derived figure is checked against the company's most recent published share count; a difference of more than 2% is investigated and the published count used if the source is wrong. The check and its outcome are recorded with the review.

5. Calculation

5.1 Base value 1,000 at the close of 19 September 2025.

5.2 For each trading day t: level(t) = level(t-1) x (1 + sum over constituents of w(t-1) x (P(t)/P(t-1) - 1)), where w(t-1) is the capped weight at the previous close and P is the closing price in the listing currency.

5.3 Index days. A weekday is an index day when at least one active constituent has a close on it. A constituent without a close carries its last close and contributes a zero return for that day; because the index is chain-linked, its move is captured on the next day it trades, so no price movement is lost. A day on which no constituent anywhere has a close is not an index day.

5.3.1 Coverage. When fewer than 80% of the active constituents have a close, the day is still published, with the shortfall recorded against it, because the cause cannot be known at the time:

• while the day is still current, meaning no later weekday has passed, it is marked provisional: a source that has not yet published a close is indistinguishable from an exchange that was shut. A provisional day is recomputed on every later run and the mark clears once coverage is met.
• once a later weekday has passed it is marked holiday-affected, because by then the closes have certainly been published and the shortfall is a real market closure.

5.3.2 A run that finds the latest index day older than the previous weekday raises an alert rather than passing silently (7.3). Under version 2 a day below 80% coverage was dropped outright, which removed fifteen weekdays from the index's first year, every one a holiday in one region while the others traded, and made a data outage look identical to a holiday.

5.4 Prices are official closing prices on the primary exchange. London prices quoted in pence are converted to pounds. Exchange rates are the daily closing rates against the US dollar for every currency in which a constituent is priced, carried forward over non-trading days for up to seven days. The listing currencies in use are recorded in the constituent file. A constituent priced in a currency the job holds no rate for is a hard failure of the run, not a silent omission, so the venue list in 2.1 cannot quietly outgrow the currencies the calculation supports.

5.5 Constituent changes take effect at the close of the effective date's previous trading day: the return on the effective date uses the new set with weights from that previous close.

5.6 The published history is calculated with the composition in force on each day. It is not restated when the composition changes. It is restated when an input error (a wrong price, share count or currency) is corrected, and the correction is recorded.

6. Reviews and corporate actions

6.1 Quarterly review. Inclusion is re-evaluated once a quarter and only at this review: on the third Friday of March, June, September and December, using closing data of that day, effective the following Monday. Shares outstanding are refreshed for every constituent (4.3) and the selection rules (section 3) are applied. Nothing between reviews reopens the question of which companies belong in the index.

6.2 Extraordinary changes. A constituent that is delisted, suspended for more than five trading days, or acquired is removed on its last trading day, and the highest-ranked eligible non-constituent (using the most recent review's ranking) is added from the next trading day. The entry buffer in 3.3 does not apply to a replacement made this way: the index must carry 25 names, so the best available candidate enters whatever its rank, and is then subject to the ordinary buffer at the following review. A change of primary listing to another recognised exchange changes the price line at the effective date and the constituent stays.

6.3 Corporate actions. Share splits and consolidations are handled by adjusting the price series and share count together. Rights issues and large placings are reflected in shares outstanding at the next review unless they exceed 10% of shares, in which case they are applied at the ex-date. Spin-offs: the parent stays if still eligible; the spun-off entity is considered at the next review.

6.4 Data errors. A wrong input discovered after publication is corrected, the series recomputed under 5.6, and the correction logged.

7. Governance and publication

7.1 Every addition, removal and rule change is recorded in the index_eligibility_events table with the reason and the effective date, and published in the changes list on igaming-times.com/markets.

7.2 The calculation is scripts/markets/update-index.mjs over scripts/markets/constituents.json, and it recomputes the whole series from the base date on every run, so a corrected input or a late close is picked up without a separate repair. It runs four times each weekday: once in the early morning, which settles the previous session for every venue; twice during the day, which catch a source that published late; and once after the US close, which completes the current day. The constituent file records each constituent's ticker, price line, exchange, currency, shares outstanding, sector bucket, directory profile and the dates it was in the index.

7.3 The public data source is Yahoo Finance's public chart and quote endpoints. If it becomes unavailable the index is paused rather than estimated, and the pause is published. A pause means the last computed level stands, dated, with no value published for the missing days; it does not mean the last level is carried forward as though it were current. Every run compares the latest index day against the previous weekday and raises an alert when the series has fallen behind, so a source failure is noticed on the day it happens rather than by a reader.

7.4 Sector buckets (Operator, Supplier, Lottery, Platform, Data, Affiliate) are editorial labels for the breakdown on the page and play no part in selection or weighting.

8. Version history

Version 3, effective 23 September 2026. Rule 5.3 rewritten: a weekday is an index day when any constituent has a close, thin coverage is marked provisional or holiday-affected rather than dropping the day (5.3.1), and a series that falls behind raises an alert (5.3.2, 7.3). Under version 2 fifteen weekdays in the first year produced no index level at all, each one a holiday in a single region while the other regions traded. The new rule applies from the effective date forward and no published level is restated, so the series keeps those historic gaps: recomputing them would have moved every level published since November 2025, which 5.6 reserves for correcting an input error. Also in this version: eligibility stated as a once-a-quarter test and nothing else (section 2, 6.1); the entry buffer confirmed not to apply to an extraordinary replacement (6.2); exchange rates generalised from four named currencies to every currency a constituent is priced in, with a missing rate now a hard failure (5.4); a 2% cross-check on derived share counts (4.3); the calculation's real schedule written down (7.2); and what a pause means (7.3). No change to eligibility tests, selection, the 15% cap, the weighting basis or the base value.

Version 2, effective 21 September 2026 (September 2026 review). Rules 2.1, 2.3, 2.4, 3.3, 4.3, 5.5, 5.6 and section 6 written down for the first time; shares outstanding refreshed for every constituent and the series restated with the corrected inputs (6.4); The Lottery Corporation (TLC, ASX), ranked 6th among eligible companies, added under 3.3; Inspired Entertainment (INSE), ranked 28th and the lowest retained constituent, removed under 3.3. ZEAL Network (ranked 21st) and Codere Online (26th) were eligible but below the entry threshold; evoke (27th) and Rank (24th) were retained above the exit threshold.

Version 1, 19 September 2025 to 20 September 2026. Twenty-five constituents chosen editorially at launch with the eligibility described as "a majority of revenue from regulated gambling, a primary listing on a recognised exchange, and regular trading"; 15% cap; chain-linked from 1,000; quarterly review stated but with no selection rule. Composition changes during the period: Gambling.com Group replaced by Allwyn (July 2026, delisting); FDJ line changed to FDJU.PA (renaming); Light & Wonder line changed to LNW.AX (primary listing move). Under version 1 the whole series was recomputed from base with the current list; from version 2 the history keeps the composition in force on each day.