Internet Gaming Win for the casinos and their partners was $243.9 million for March 2025, reflecting growth of 23.7% when compared to $197.2 million reported for March 2024. Year-to-date Internet Gaming Win was $673.3 million through March 2025, reflecting growth of 19.6% when compared to $562.8 million for the prior year-to-date period.

Sports Wagering Gross Revenue for the casinos, racetracks, and their partners was $71.3 million for March 2025, reflecting a decrease of 20.5% when compared to $89.7 million reported for March 2024. Year-to-date Sports Wagering Gross Revenue was $267.1 million through March 2025, reflecting a decrease of 18.6% when compared to $328.0 million reported for the prior year-to-date period.

Total Gaming Revenue for the casinos, racetracks, and their partners was $546.1 million for March 2025, reflecting 3.7% growth when compared to $526.6 million reported for March 2024.

Year-to-date Total Gaming Revenue was $1.58 billion through March 2025, reflecting 2.5% growth when compared to $1.55 billion reported for the prior year-to-date period. Total Gross Revenue Taxes were $59.8 million for March 2025 and $175.2 million for the year-to-date through March 2025.

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Betting handle in Q1 2025 was $58.2 million , and net revenue $1.3 million, for a net revenue margin of 2.3%. This compares to Rivalry’s full-year 2024 net revenue margin of 4.4%, with the Q1 2025 margin variance largely attributable to short-term fluctuations in sportsbook hold.

This was amplified by the Company’s strategic pivot toward high-value and VIP players – segments that offer significantly greater long-term value but naturally introduce more short-term variability in margin performance as they scale.

Q1 2025 marks the first full quarter under Rivalry’s revamped operating model, following significant changes to product offerings, organizational structure, cost management, and user acquisition strategies. Underlying KPIs show improved unit economics, deeper engagement, and structural momentum toward long-term sustainability.

Revenue in the quarter was lower than prior periods – a result of Rivalry’s deliberate shift to a leaner, more efficient model – creating a stronger foundation that the Company is now building on. The shortfall also reflected temporary variance in sportsbook hold, amplified by a strategic focus on high-value and VIP players. The Company believes that these segments drive significantly greater long-term value but can introduce short-term volatility as they scale.

Operational Efficiency Up 400%: In Q1 2025, Rivalry generated over 400% more net revenue per user per dollar of operating expense as compared to its average before the strategic overhaul. This marks a significant leap in cost efficiency and operating leverage, validating the impact of recent changes.

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First quarter revenue was €925m, up +30% year-on-year on a reported basis and down -1% at comparable perimeter. Good performance by French lottery and retail sports betting BU: revenue up +4% to €640m, based on stakes increasing by +6%.

Point-of-sale revenue of €561m, up +2% based on stakes up +5% Online lottery revenue rose sharply, fuelled by an increase in the number ofplayers, up +14% to €79m, representing 15% of lottery games revenue. Online betting and gaming BU revenue of €231 million, down -10% at constant exchange rates.

Stéphane Pallez Chairwoman and Chief Executive Officer of FDJ UNITED said: FDJ UNITED’s performance in the first quarter is in line with the trajectory planned for 2025. Against the backdrop of tougher regulation and taxation in some of its markets, it reflects good momentum in points of sale and an increase in the number of online active players in all its markets. Beyond this, the Group is fully committed to the transformation associated with the implementation of its international and digital strategy.

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The company has expanded its global presence, servicing over 60 online wagering operators across more than 30 countries. Recent strategic partnerships with Sportradar and others are expected to accelerate international distribution. BetMakers also launched new products under the Quantum brand, enhancing its turnkey racing solutions.

BetMakers reduced its annualised cost base from $65.3 million to $53.9 million, excluding restructuring costs. The operating cost base is now below the $55 million target, supporting improved profitability.

With a strong revenue trajectory and improved gross margins, BetMakers is at a financial inflection point, anticipating continued growth and profitability in FY26.

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New York sportsbooks won a net $176.4 million off the record October handle, a nearly 14% decrease from September’s $204.7 million win. October featured deep playoff runs by the New York Yankees and New York Mets, as well as the start of the NBA and NHL seasons.

According to the State of New York, state revenues from lottery sales and taxes on gaming increased by 69.5% over the past decade, growing from $2.8 billion to $4.8 billion. In the most recent fiscal year, those revenues comprised 3.6% of total state operating funds spending.

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ClearStake is supporting tombola’s light touch financial vulnerability check process, for those cases where the passive checks provided by the credit reference agencies identify a risk on a customer account and additional specific customer insights are required. As a result, a large proportion of these customers have been able to continue to enjoy their playing experience.

Martin Burt, CEO at ClearStake, added: “We’re thrilled to see ClearStake integrated with one of gaming’s most beloved and trusted household brands, tombola. ClearStake has been able to provide tombola with a solution that not only enables their players to provide the required information in a matter of seconds but also substantially decreases the burden on operational resources.”

Alex Rickus, Director of Operations at tombola, said: “Over the best part of two decades, tombola has built a hard-earned reputation for delivering world-class entertainment while prioritising the safety of our players. We want our players to enjoy the best of tombola, but to do so affordably.  ClearStake enables us to conduct thorough checks in the fastest and most non-intrusive way possible. It’s been an absolute pleasure working with the ClearStake team, and we look forward to building upon this relationship in the future and implementing it at other points in the player journey.”

The UK Gambling Commission introduced light-touch financial vulnerability checks on August 30 for all customers with a monthly net deposit of more than £500 per month. That threshold was reduced to £150 per month at the end of February.

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To support this initiative, the Company has engaged XST Capital Group LLC (the “Advisor”), a leading boutique investment bank focused on the digital gaming sector.

As part of this process, the Board, alongside the Advisor, will evaluate a range of options to ensure the Company is best positioned for continued growth and innovation. The review reflects the Board’s commitment to prudent corporate governance and its ongoing efforts to optimize the Company’s market position.

“We have built a strong foundation in the online gaming sector, delivering an exceptional experience for our players while driving operational excellence,” said Steven Salz, Co-Founder and CEO of Rivalry. “This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform.”

The Company also announces that it has secured a US$650,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the process and provides the Company with additional flexibility to pursue strategic initiatives.

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This growth underscores the expanding legal sports betting market and the growing trust in legal wagering options. 

“March Madness is one of the most exciting times in American sports, with fans fired up for both the men’s and women’s NCAA tournaments,” said AGA SVP of Strategic Communications Joe Maloney. “As legal wagering expands across the U.S., more fans than ever have the opportunity to bet legally and responsibly.” ness becomes,” 

Since the U.S. Supreme Court’s decision to overturn PASPA in 2018, legal sports betting has expanded to 38 states and Washington, D.C., offering consumers safe and regulated options to engage with their favorite sports. Americans’ support for legal sports betting continues to grow. According to the AGA’s 2024 American Attitudes Survey, 75% of Americans support legal sports wagering in their home state, and 90% view sports betting as an acceptable form of entertainment. 

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Interview to Renato Almeida, Director at FBM.

Looking Back: Growth & Achievements

FBMDS is celebrating five years of expansion and innovation. How would you describe the brand’s journey during this time? 

Our journey over the past five years has been one of bold moves, strategic growth, and relentless innovation. As part of the FBM® Group, we began as pioneers in Video Bingo, but our vision extended far beyond that. We have focused on delivering profitable products to our clients and engaging gaming experiences to players. By expanding into multiple gaming categories and strengthening our global presence in key markets like Mexico and Brazil, we have redefined what a localized, player-centric gaming experience should be.

What were the key milestones that shaped FBMDS’ success over the past five years? 

Several milestones have defined our success. First, our solidification as a market leader in Video Bingo and Lotto Games, setting the gold standard with best-seller products like Multi Mega, Power Pick Lotto, and Champion IV. Our leadership in Video Bingo is reinforced by unique features like the jackpot system, Magic Ball, and attractive paytables, all of which drive engagement and retention. 

Second, our presence at international trade shows has played a crucial role in strengthening relationships with key partners and clients while reinforcing our brand positioning, as seen in events like G2E Las Vegas 2024. Lastly, our rapid expansion in the LATAM region, particularly in Mexico and Brazil, has solidified FBMDS as a trusted and respected brand in a highly competitive landscape.

What has been the most significant challenge, and how did FBMDS overcome it? 

The online gaming industry is highly competitive, and differentiation is key. Our challenge was to deliver games that not only stood out but also ensured profitability for operators and engaging experiences for players. We tackled this by investing in customization, localization, and innovation—ensuring that every product aligns with the preferences of specific markets. Our ability to adapt game mechanics, themes, and retention strategies has positioned us ahead of the competition, creating unique gaming experiences that drive business success.

Product Evolution & Market Leadership?

FBMDS has built a strong reputation in Video Bingo. How has this segment evolved, and what makes FBMDS a leader in this category? 

Video Bingo is our DNA, and we have continuously pushed its evolution by refining gameplay mechanics, introducing engaging themes, and incorporating advanced technology to enhance user experience. Our commitment to differentiation sets us apart: our jackpot feature, the Magic Ball, and attractive paytables are tailored to maximize player engagement and operator profitability. Customization is at the heart of our strategy, ensuring our games resonate with local markets and drive long-term success.

Among FBMDS’ product portfolio, do you have a personal favorite? Why? 

It’s hard to pick just one, but I’d highlight our Video Bingo games because they represent our legacy and continued leadership in the industry. We believe Video Bingo is an essential asset for any online casino, as it offers a nostalgic yet modern experience, combining interactive features with high retention rates. Our jackpot system enhances player excitement, while innovative game mechanics keep engagement levels high. In addition, our crash games showcase our adaptability and innovation, delivering high-quality visuals and dynamic gameplay. These two categories reflect our strategic pillars: player engagement and profitable gaming solutions for operators.

Future Outlook & Expansion Plans

Looking ahead, what’s the vision for FBMDS’ next five years? 

We are just getting started. Our vision is to expand our influence by continuously delivering innovative and engaging gaming experiences that drive profitability for operators. While we maintain our leadership in Video Bingo, we are also focused on strengthening our position in other gaming verticals. We will continue investing in localized, player-driven innovation, ensuring that every product we launch enhances both player experience and operator success.

Brazil is a key market with huge potential. How does FBMDS plan to strengthen its presence in this region? 

Brazil is a strategic priority for us. With regulatory developments and increasing demand for online gaming, we see tremendous opportunities to expand. Our approach is centered on offering tailored gaming experiences that resonate with Brazilian players, ensuring our products align with their cultural and gaming preferences. Additionally, we are forging strategic partnerships with operators to facilitate seamless and impactful expansion in the region, ensuring that our games drive engagement and profitability for our partners.

Innovation & What’s Next

Can you share any insights about upcoming products or features that FBMDS is working on? 

Absolutely. We are developing a new generation of Video Bingo games featuring advanced jackpot systems, enhanced gameplay mechanics, and even more engaging features tailored to player preferences. Our goal is to create experiences that keep players entertained while maximizing operator revenue. In addition, we are working on new slots and bonus structures designed to drive engagement and profitability, ensuring that FBMDS remains at the forefront of gaming innovation.

What can operators and players expect from FBMDS in the near future? 

More expansion, more innovation, and an even stronger, more diverse gaming portfolio. Players can expect cutting-edge experiences featuring interactive and rewarding mechanics, while operators will benefit from flexible, high-performance gaming solutions designed to optimize engagement and profitability. We are committed to maintaining our leadership in Video Bingo while continuously evolving to meet market demands.

Final Thoughts?

After five years of continuous growth, what message would you like to share with FBMDS’ partners and players? 

First and foremost, a heartfelt thank you to our players, partners, and the entire FBMDS team. Your trust and support have been instrumental in our journey. As we move forward, we remain committed to delivering exceptional gaming experiences, driving profitability for our partners, and continuously pushing the boundaries of innovation. The best is yet to come!

If you had to describe FBMDS’ journey in one word, what would it be? 

Transformational.

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