The 2026 listed iGaming scorecard: who's left after the delistings

The universe of publicly traded gambling companies has narrowed sharply over the past two years. A run of take-privates, cross-border mergers and relistings under new parents has removed several familiar tickers from public markets, even as the underlying industry has kept growing. For investors, the effect is a thinner, more concentrated set of ways to get exposure to regulated gambling. For the industry, it is a reminder that capability is consolidating into fewer, larger hands.

The operators still on the board

Among operators, the large-cap pure-plays remain the anchor of the listed universe. Flutter Entertainment trades on the NYSE and took full ownership of FanDuel in July 2025 after buying out Boyd Gaming’s minority stake in a deal that implied a FanDuel valuation of roughly $31bn. Entain remains listed in London, DraftKings on the Nasdaq, and Betsson and Super Group (Betway) continue as investable operator plays. Italy’s Lottomatica Group and France’s FDJ United — the renamed FDJ, now holding the former Kindred brands after its 2024 acquisition — round out the European operator tier. evoke, the company formerly known as 888 Holdings, still trades in London under the EVOK ticker.

The supplier tier

Suppliers make up the most closely watched part of the listed field, because they sit upstream of every operator. Evolution remains the dominant live-casino name on Nasdaq Stockholm; Light & Wonder, Playtech and Aristocrat Leisure anchor the platform and content side; and Bragg Gaming offers a smaller-cap content-and-platform exposure. In sports data, Sportradar and Genius Sports both trade in New York, with Sportradar having absorbed IMG Arena’s betting-rights portfolio in late 2025. On the sportsbook-technology side, Kambi continues on Nasdaq Stockholm.

The affiliate segment is its own cluster of listed names: Better Collective, Gambling.com Group, Catena Media, Raketech and Gentoo Media — the affiliate business spun out of the former Gaming Innovation Group — are all still public, though several trade well below prior highs. Their sister company, GiG Software, listed independently on Nasdaq First North after the 2024 split.

Who has left

The delisting column is what makes the 2026 picture distinct. Kindred left public markets when FDJ completed its acquisition in October 2024. Everi and IGT’s gaming and digital businesses were taken private by Apollo in a roughly $6.3bn transaction that closed in July 2025, folding them into a private company that continues to operate under the IGT name. The lottery remnant of the old IGT relisted as Brightstar Lottery under a new NYSE ticker. OPAP ceased to trade as an independent company when its merger with Allwyn closed in March 2026, creating one of the largest listed lottery groups in the world.

Others never made it to public markets or have exited them: NeoGames was absorbed by Aristocrat, Snaitech was sold by Playtech to Flutter for about €2.3bn, and Tipico and Betclic now sit inside the privately held Banijay Gaming. Large private operators such as bet365, Games Global and EveryMatrix remain outside the reach of public-market investors entirely.

What the thinning means

Two things follow from a shrinking pool of listed pure-plays. The first is scarcity value: with fewer ways to buy the theme, capital concentrates on the survivors, which can support richer multiples for the largest names even as smaller caps struggle for coverage and liquidity. The second is strategic. Private capital has shown it will pay to take suppliers off the market, betting that licence-protected, cash-generative assets are worth more in patient private hands than public equity will credit. As long as that gap persists, the delisting column is likely to keep growing.

One pending deal illustrates the trend still in motion: Evolution’s proposed acquisition of table-game IP owner Galaxy Gaming has had its merger deadline extended into mid-2026 as remaining gaming approvals are worked through. If it completes, another small-cap supplier leaves the board.

For anyone building a portfolio around the sector, the practical takeaway is that the listed universe is now weighted toward a handful of large operators, a concentrated supplier tier, and a fragile affiliate cluster — with the interesting mid-market increasingly owned by funds rather than shareholders. The full deal record behind this shift is set out in our State of European iGaming 2026 report, and the companies themselves are profiled in the supplier directory.

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