First SiGMA gaming market report, focus on Europe

First SiGMA gaming market report, focus on Europe

The first SiGMA Market Report has just been published online. The report is the result of a partnership between SiGMA Group and MECN’s Online Gambling Quarterly (OGQ) and targets Europe, specifically the UK, Germany, Sweden and Romania. It takes a closer look at the marketing activities of online gaming operators, focusing on social media, SEO, and affiliate marketing. The data was collected in September and October 2023 and the report provides an overview of:

  • The most active operators on affiliate sites in Europe.
  • The best-ranked operators and affiliates in Europe on Google.
  • The most active operators on social channels.
  • Market capitalizations and recent M&A deals.

Below are some first insights:

  • William Hill (overall), Winamax (Western Europe focus) and Fortuna Poland (Eastern Europe focus) are top on X/Twitter. On Instagram, Paddy Power leads in Western Europe, and Fortuna CZ does the same in Eastern Europe.
  • The leading operators on betting affiliate sites: Bet365 (UK), Bwin (Germany), Betsson (Sweden), Unibet (Romania).
  • The leading operators on casino affiliate sites: Casumo (UK), Novoline (Germany), LeoVegas (Sweden), Unibet (Romania).
  • The best-ranked operators for betting-related keywords are Willam Hill in the UK and Tipico in Germany. The best-ranked operators for casino-related keywords are Paddy Power in the UK and Novoline in Germany.
  • Flutter leads the ranking with a market capitalization of GBP 22.8 billion.
SiGMA Market Report
Top advertisers/brands (gambling websites) on affiliate websites (date of analyses 13/10/2023, source, Online Gambling Quarterly).

Affiliate benchmarking

An interactive dashboard is available showing the top online gambling advertisers/brands on affiliate websites in Europe.

The top online gambling advertisers/brands on affiliate websites in Europe Affiliates are one of the critical marketing and acquisition tools of most online gambling websites. The SiGMA market report includes vertical/segment- and country-specific analyses that show the operators most featured on the websites of key affiliates. The report adopted the following approach:

  • Affiliates in the top 50 on Google – For 20-30 betting- and casino-related keywords the data focused on the affiliate sites that were among the top 50 Google search results for key countries in the selected regions.
  • Subsequently, the analyses focused on the advertisers/brands (gambling websites) featured on each of the affiliate sites top-ranked on Google. The number of affiliates that are among the top 50 Google results varies from country to country and thus has an impact on the overall ranking of advertisers/brands featured.

Betting-specific affiliate benchmarking

UK – The analysis was based on 129 affiliate websites that made it into Google’s local top 50 search results for 20-30 betting-related keywords. Bet365, Unibet, and Betfred are leading this ranking.

Germany – The analysis was based on 75 affiliate websites that made it into Google’s local top 50 search results for 20-30 betting-related keywords. Bwin, Bet365, and Betway are leading this ranking.

Sweden – The analysis was based on 135 affiliate websites that made it into Google’s local top 50 search results for 20-30 betting-related keywords. Betsson and Unibet are leading this ranking.

Romania – The analysis was based on 83 affiliate websites that made it into Google’s local top 50 search results for 20-30 betting-related keywords. Unibet, Betano, and Superbet are leading this ranking.

Casino-specific affiliate benchmarking

UK – The analysis was based on 64 affiliate websites that made it into Google’s local top 50 search results for 20-30 casino-related keywords. Casumo, Bet365, and Videoslots are leading this ranking.

Germany – The analysis was based on 72 affiliate websites that made it into Google’s local top 50 search results for 20-30 casino-related keywords. Novoline, LaPalingo, and Bwin are leading this ranking.

Sweden – The analysis was based on 126 affiliate websites that made it into Google’s local top 50 search results for 20-30 casino-related keywords. LeoVegas and Betsson are leading this ranking.

Romania – The analysis was based on 81 affiliate websites that made it into Google’s local top 50 search results for 20-30 casino-related keywords. Unibet and Betano are leading this ranking.

SEO benchmarking

As in most online industries, the ranking in search engines is a crucial success factor. Therefore, the following analyses aim to shed light on which online gambling operators are performing well in SEO. To provide some answers, the following approach was applied:

  • The top 50 Google organic search results were analysed for several key markets/countries. The local Google search engines for each country and about 20-30 country- specific keywords were used.
  • A search result was produced ranking for every keyword/country/vertical and each website ranked was given a reciprocal number of “SEO points” regarding its rank (e.g., rank 1 = 50 points, rank 2 = 49 points, … , rank 50 = 1 point).
  • For the final ranking, the brand/website with the highest number of “SEO points” received the “SEO score” of 100. All other websites were given scores based on their “SEO points” in relation to the score of the top brand.

UK – SEO benchmarking

In October 2023, the UK SEO analysis included 25 betting- related keywords and 23 casino-related keywords.

Betting SEO analysis – William Hill leads the ranking

Across all 25 betting- related keywords, William Hill leads the SEO ranking, followed by Paddy Power and Sky Bet.

Casino SEO analysis – Paddy Power leads the ranking

Paddy Power leads SEO ranking across all 23 casino-related keywords, followed by 888casino and Betfair.

Germany – SEO benchmarking

In October 2023, the Germany SEO analysis included 20 betting-related keywords and 25 casino-related keywords.

Betting SEO analysis – Tipico leads the ranking

Tipico leads SEO ranking across all 20 betting-related keywords, followed by Bwin and Interwetten.

Casino SEO analysis – Novoline leads the ranking

Novoline leads SEO ranking across all 25 casino-related keywords, Novoline takes the first rank. Novoline was not able to get into search ranks 1 or 2 for any of the keywords analysed but had good rankings (e.g., ranks 3-10) for most of the keywords (“quantity instead of quality” – approach). Runners-up are Tipico and NetBet.

Top-ranked affiliate websites

So far, only a few affiliates (e.g., Oddschecker) have been able to establish their own (global) brand reputation. Therefore, the Google ranking is of key importance for most affiliates. To prepare the SEO ranking for affiliates, the same methodology as for the operators’ sites was applied.

Top-ranked affiliates – UK

The UK SEO analysis included 25 betting-related keywords and 23 casino-related keywords. For betting-related keywords, Olbg.com and Bookies.com reached the highest SEO score.

For casino-related keywords, Casino.org and Gambling.com reached the highest SEO score.

Top-ranked affiliates – Germany

The Germany SEO analysis included 20 betting-related keywords and 25 casino-related keywords. For betting-related keywords, Wettbasis.Com and Wettfreunde.Net reached the highest SEO score. For casino-related keywords, Casinoonline.de and Onlinecasinosdeutschland.com reached the highest SEO score.

Top-ranked affiliates – Sweden

The Sweden SEO analysis included 21 betting-related keywords and 28 casino-related keywords. For betting-related keywords, Bettingstugan.se and 1X2.se reached the highest SEO score. For casino-related keywords, Casino.org and Casinofeber.se reached the highest SEO score.

Social media benchmark analyses – number of followers

Overall, the Top 5 operators for highest number of followers on X (formerly Twitter) from the countries included in the analyses were Paddy Power, Bet365, Unibet, William Hill and FanDuel Sportsbook. The Top 5 operators for highest number of followers on Instagram from the countries included in the analyses were PokerStars, Barstool Gambling, FanDuel Sportsbook, Paddy Power and Wplay.

Market capitalizations

The SiGMA market report includes an analysis of the market capitalisation of some Europe-focused publicly traded companies active in the online gambling industry. The average market capitalization of the companies analysed is GBP 3.1 billion.

Flutter on top

Flutter leads the ranking with a market capitalization of GBP 22.8 billion. It is followed by Evolution (GBP 16.8 billion) and Entain (GBP 5.9 billion).

P/E ratios

The P/E ratio provides a good picture of the value of the company. Zeal/Tipp24 leads the ranking with a P/E ratio of 56. The average P/E ratio of the sample analysed is 22.

Market cap in relation to Q2/2023 revenues

The report also presents the market capitalization in relation to the most recent quarterly revenues (in this edition: revenues in Q2/2023). For operators, the net gaming revenues were taken, and for all others (tech providers, affiliates, et. al.), the revenue related to online gambling (if reported). In some cases, the revenues reported might not be entirely comparable, but the analysis indicates the market dynamics. Evolution has the highest market cap / revenue ratio. Evolution leads the ranking in market capitalization in relation to the most recent quarterly revenue with 44. The average ratio of the companies analysed is 12.

Disclaimer: The facts provided are believed to be correct at the time of publication but cannot be guaranteed. Data, findings, and recommendations are based on the best available information at the time of publication and are subject to change over time.

SiGMA Europe 2023 is only a few days away!

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