Biggest Gainers in the iGaming Industry in 2023

Author: Gavin Lucas

Who were the biggest gainers in the iGaming space in 2023? All of the companies below crushed it this year and might be poised for more of the same in the future.

Let’s explore them in greater detail and see how much they made, why they did so well, and what their future growth prospects look like.

Evolution AB (STO:EVO)

Evolution is the undisputed king of live casino gaming. The Stockhold-based firm leads the industry when it comes to live table games and game shows. This year, its stock saw a large rise in the middle of the year before pulling back slightly in recent months. Despite the pullback, it’s still well above its starting point of 1085 SEK.

For the quarter ending September 2023, Evolution took in $452.64 million, 19.58% growth year-over-year. Much of the growth is down to Evolution’s unrivaled innovation and its relentless drive to be first into new markets.

Evolution’s future prospects are very good. It has shown consistent revenue growth, secured licenses in newly legalized markets, and has virtually no rivals when it comes to pace of innovation.

Expect strong growth in the coming years as more US states legalize online casino games. The company is in a pole position to grow its business in the US.

Flutter Entertainment PLC (LON:FLTR)

Flutter Entertainment is one of the biggest iGaming conglomerates on the planet, with leading trusted gambling sites like Betfair and Paddy Power under its belt.

At the beginning of 2023, Flutter’s stock price was £114.50, and as of November 30, it’s at £123.70, representing a healthy 8.03% growth. That may seem modest, but for a giant turning over £1.81 billion in Q4 2022, it’s significant.

Flutter’s growth is down to several factors, but the most important is its growing presence in the US market. In Q3 2022, the USA became its largest revenue generator, surpassing its native UK market.

Flutter will continue to do well as the state governments legalize sports betting, casino gaming, and poker. It’s primed to lead the market for all three sectors and shows no signs of slowing down.

International Game Technology PLC (NYSE:IGT)

IGT is one of the old-school names in gambling, and 2023 was an epic year for the firm. It opened the year at $22.55 and has enjoyed an 18.27% stock price increase to $26.67 today.

The editorial team at Simply Wall St says it likes IGT for several important reasons. Most of IGT’s growth this year is down to “important strategic work executed over the last few years,” said IGT CEO Vince Sadusky.

Notably, it’s on the verge of selling key assets, which will generate cash, and it has seen interest from a private global equity investing firm with a rumored $5 billion price tag on some of its key gaming assets.

IGT’s future prospects depend on whether that sale goes through. If it does, that will mean the end of a large chunk of its gaming revenue, and if it doesn’t, the stock price may pull back. Either way, IGT will go on.

Light & Wonder (NASDAQ:LNW)

One of the biggest gainers in iGaming in 2023 is Light & Wonder. Its stock price started the year at $58.12 and is up over 50% at the time of writing.

What’s behind Light & Wonder’s rapid growth? The firm is relatively small compared to some of the others on this list ($7.88 BN), so a surge of capital bidding on stocks can send it higher quickly. Institutional investors have shown a lot of interest in L&W recently, which explains the dramatic price rise.

Why are these institutional investors so keen to own Light & Wonder stock? It has seen double-digit growth across all of its business segments, including record revenues in its iGaming products. In Q3 2023, it held a record of $70 million in revenue, a 21% increase of 2022 iGaming revenue. This is driven in large part by expansion in the US market.

Given its current trajectory and interest by institutional players, Light & Wonder likely has a bright future. Like the other companies on this list, it will benefit significantly from U.S. states legalizing online gambling.

Footnote:

- Illustrative charts are sourced on Yahoo Finance.
- This article does not necessarily reflect the opinions of the editors or management of EconoTimes