Looking back at 2025: The year in review

Summary

2025 was a whirlwind for the gambling and iGaming sector — rapid consolidation, big-ticket M&A, sharper regulation and a single theme that never left the headlines: prediction markets. From blockbuster acquisitions and IPOs to tax hikes and legal revelations, the industry saw transformations that will shape strategy and regulation for years to come.

Key Points

Prediction markets went mainstream: Kalshi, Polymarket and others raised large funds, gained regulatory traction and drew investment from big players (NYSE owner, CNN partnership, Coinbase moves).
Major consolidation and megadeals dominated M&A — examples include Apollo’s $6.3bn IGT/Everi deal, Allwyn/OPAP €16bn merger, and Bally’s/Intralot €2.7bn combination.
Regulatory and tax shifts hit operators: UK remote gaming duty rose to 40% and multiple US states probed or regulated prediction markets; sweepstakes bans advanced in New Jersey and New York.
Playtech was revealed as the entity behind the 2021 Evolution prohibited markets report, a bombshell that continued to reverberate through Q4.
Operators expanded, exited and restructured by market — notable moves included Flutter’s Snaitech buy, Bet365 speculation and Betsson’s revenue milestone.
Public listings and private-equity activity accelerated (Hacksaw Stockholm IPO, Brightstar take-private of AGS, Cirsa/Cisa IPO activity).
Industry stress points emerged: gambling charities faced funding crises and several high-profile legal and bribery allegations surfaced.
Big US brands (FanDuel, DraftKings, Fanatics) launched prediction market products, signalling incumbents’ shift into the space.

Content summary

January kicked off with heavy M&A chatter and notable corporate moves, and the loss of a respected industry figure. February and March brought major acquisitions, no-action positions that cleared the path for prediction markets, and company exits from specific jurisdictions.

From April to July the storylines multiplied — investigations into the Evolution report (Black Cube reveal), further acquisitions (Novomatic, Light & Wonder deals), IPOs and billion-dollar transactions. Regulators across US states began probing prediction markets while companies adapted to new taxation and compliance pressures.

August to October saw continued consolidation, the revelation that Playtech produced the Evolution report, and huge deals from Flutter, Apollo and Allwyn. Prediction markets gained pace with institutional investment and new entrants from traditional sports-betting operators.

In November the UK’s Autumn Budget shock — a 40% remote gaming duty — forced operators to rethink strategy. December closed the year with mainstream sportsbooks rolling out prediction products, Kalshi reaching an $11bn valuation and the formation of a prediction-market trade body.

Context and relevance

This roundup matters because it bundles a year of structural change into clear themes you can act on: prediction markets moving from niche to mainstream; consolidation reshaping competitor sets; and regulation and taxation forcing business-model changes. If you work in strategy, compliance, M&A, product or government affairs in iGaming or adjacent fintech, the trends here will influence decisions in 2026 — from market entry and pricing to lobbying and product roadmaps.

Why should I read this?

Short version: if you care about where iGaming and betting are headed next year, this saves you hours. Big deals, tax shocks and the rise of prediction markets all change the playing field — know what that means for growth, risk and regulation without slogging through a dozen separate stories.