SiGMA Market Report Europe October 2024: Key trends and insights

The latest SiGMA Market report, released to coincide with SiGMA Europe, targets Western Europe, specifically Germany, Sweden, the UK and Spain. provides an in-depth analysis of the Q3 2024 marketing activities of online gaming operators, with a focus on social media, SEO, affiliate marketing and market capitalisation.

Market leaders in Western Europe

ESPN Bet and Paddy Power are global leaders on X (formerly Twitter), while Unibet France and FDJ Parions Sport lead in Western Europe.

ESPN Bet and PokerStars top the global chart on Instagram, with FDJ Parions Sport and Codere leading in Western Europe.

Most active operators on affiliate sites

The report benchmarks the top online gambling advertisers/ brands on affiliate websites across the four countries. The findings show variations by country and whether focusing on betting or casino sites:

• Betting: Bet365 consistently ranks highly across the UK, Spain, and Germany. Betsson leads in Sweden.
• Casino: Bet365 again features prominently in the UK and LeoVegas is a leader in Sweden and Spain. Novoline is top ranked in Germany.

SEO benchmarking leaders

The report analyses search engine optimisation (SEO) performance across Germany and the UK, measuring the top 50 Google organic search results for betting- and casino-related keywords. Key findings:

Germany: Tipico leads for betting-related keywords, very closely followed by Bwin and Interwetten. NetBet is the top performer for casino keywords, followed by Tipico and Stargames.

UK: William Hill leads in betting, followed by Paddy Power and Ladbrokes; Paddy Power leads in casino-related keywords, followed by 888casino and NetBet.

SEO Affiliate Sites

Oddschecker.com and Olbg.com rank highly for betting-related keywords in the UK. Wettbasis.com and Sportwettenvergleich.net top the rankings in Germany. In Sweden, Bettingstugan.se and 1×2.se lead for betting.

Askgamblers.com and Gambling.com top the ranks for casino-related keywords in the UK. Gambling.com and Casinoonline.de rank highest in Germany. In Sweden, Sveacasino.se and Gambling.com top the ranks.

Betting apps in West Europe

The leading betting apps in selected West European countries are as follows:

Sweden – Svenska Spel leads– The app of Svenska Spel had the highest rank in Q3/2024. The apps of ATG and Bet365 follow on ranks 2 and 3.

Germany – Tipico leads – The app of Tipico had the highest rank in Q3/2024 in Germany. The apps of Bet365 and Betano follow on ranks 2 and 3.

UK – Bet365 leads – The app of Bet365 had the highest rank in Q3/2024. The apps of Paddy Power and Sky Bet follow on ranks 2 and 3.

Mobile app rankings

The report also analysed the ranking of betting apps in selected Western European countries. Key findings for Q3 2024:

• Sweden: Svenska Spel leads.
• Germany: Tipico leads.
• UK: Bet365 leads.

Market Capitalisations

Flutter leads the ranking with a market capitalisation of GBP 32.0 billion, followed by Evolution (GBP 15.6 billion) and Entain (GBP 4.8 billion). The average market cap of the companies analysed is GBP 4.29 billion.

P/E Ratios: Super Group shows the highest P/E ratio (394), while the average is 109.

Market Cap/Revenue Ratio: Evolution has the highest ratio (36), with the average being 12.

Future of online gambling in the region

The Western European online gambling market presents a dynamic and competitive landscape.  Established giants like Flutter and Bet365 show considerable market dominance. While the recent regulatory shifts in Germany have created a more standardised environment, competition remains intense. Sweden’s continued focus on responsible gambling underscores a persistent regulatory emphasis on player protection, creating challenges and opportunities for operators.  Meanwhile, the ongoing UK Gambling Act review hints at significant changes to come, potentially reshaping the market’s dynamics.

The report also highlights a vibrant ecosystem beyond the dominant companies. Smaller operators are effectively establishing niches by specialising and using targeted marketing strategies. Moving ahead, success in this market will hinge on adaptability. Companies need to integrate new technologies efficiently, comply with changing regulations (especially those encouraging responsible gambling), and predict consumer behaviour changes.  The SiGMA Market Reports are the result of a partnership between SiGMA Group and MECN’s Online Gambling Quarterly (OGQ).

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