H2 Gambling Capital

Veikkaus’ 2025 gross win in Finland reached €918m, down 2% YoY. Lottery & slots saw a slight decline, partly offset by the new daily draw game Milli. Online casino & betting remained broadly stable after Pitkäveto platform improvements. Monthly GGR & Market Share now live.

H2 dataset and regulatory updates across Europe, Africa and North America. Recent highlights include strong online momentum in Denmark, record figures in Lithuania, continued online casino growth in Italy, and lottery growth in Mauritius. More details in the H2 Comment Schedule.

Total GGY £4.29bn. Ex-lotteries: £3.24bn (+8% YoY, -1% QoQ). • Online: £2.01bn (+12% YoY), led by remote casino £1.40bn (+14%) • Land-based: £1.23bn (+2% YoY) • Betting: £592m (flat YoY) Trend: online growth continues; land-based mixed. #UKGambling #GamingIndustry

Market gross win fell 3% YoY to NZ$2.71bn in FY2025. • Betting was the only growth segment (+6%). • Casinos declined (-8%). • Gaming machines remain the largest segment (37% share). FY2026 shows mixed trends: machines resilient, casinos still soft. #GamingIndustry #NZ

FDJ: Q4 lottery gross win €523m (GGR €1.49bn), -5% YoY / +3% QoQ. FY25 lottery revenue €2.10bn (+2%). Q4 retail SB €131m revenue (GGR €289m), +2% YoY / +52% QoQ; FY -3%. Taxes cut €27m in Q4. 2026F: Lottery GGR €6.16bn (+3%), Retail SB €1.01bn (+3%).

The Spelinspektionen reports record Q4 gross win of SEK 7.81bn (+3% YoY / +16% QoQ), with online at SEK 4.95bn (+7% YoY) - now 63% of the market. FY 2025: SEK 28.2bn (+1% YoY). Excluding Casino Cosmopol (closed Q2), growth was +2%.

Virtual betting gross win: €69.5m +16% YoY | -3% MoM Estimated split: Land-based €50.6m Online €18.9m FY2026 forecast: €798m (+10% YoY) Land-based €574m | Online €234m Horse race betting: €4.3m (+15% YoY) Updated dataset now live.

Super Bowl LX betting handle fell 19% YoY across NV, NY, NJ, PA, CO & OR. But elevated hold margins offset lower volumes: NY/NJ/PA 31% CO 28% OR 15% NV 7.4% Blended hold: 24.1%. Estimated total handle: ~$1.41bn Implied GGR: ~$340m Lower handle, stronger margins.

Italy fixed-odds sports betting hits a record in Jan 2026: €330m gross win ⬆️ +28% YoY ⬆️ +68% MoM (off weak Dec base) Online: €205m (+29% YoY) | 62% share Retail: €125m (+26% YoY) | 6-year high H2 forecasts €2.94bn for FY2026 (+9% vs 2025). Dataset now live.

Super Bowl wagering in Nevada hit a 10-year low: $133.8M handle, 7.4% hold. But that’s not the full story. Retail-heavy mix + 7.5% drop in Las Vegas visitation skew the numbers. Meanwhile, Kalshi + Polymarket saw $555M in trading volume. Headline ≠ national trend. #SuperBowl

Colombia Update: Coljuegos 2025 Annual Report incorporated into the H2 National Dataset. Jan–Nov territorial lottery data confirmed (full year pending). H2 forecasts FY25 sales at COP 3.79trn (+7% YoY). Slots -2% YoY; bingo seats +7% YoY. Latest dataset available on H2GC.

Dec-25 commercial gross win projected at ~$2.23bn (+114% YoY), with hold at 12.2% and handle up 5% to ~$18.3bn. FY25 handle set to reach $196bn (+18%) and gross win $19.7bn (+29%). US iGaming topped $1bn in December for the first time. Now live on H2GC.

MBS delivered record revenue for a fourth straight quarter, with Q4 revenue of US$1.60bn (+41% YoY) and gaming gross win of US$1.20bn (+52% YoY). Full-year 2025 gaming gross win reached US$4.21bn.

H2 has extended its monthly online market data to the UK. For 2025, we estimate 92% of GGY is channelled onshore. By 2030e, onshore channelisation falls to 84%, with the offshore market more than doubling to ~£1.5bn following online tax increases. #UKGambling #iGaming

Belgium’s Loterie Nationale posted record 2025 sales of €1.67bn (+7% YoY), driven by strong Euromillions jackpots and a Lotto relaunch. Digital reached ~30% of sales (€494m). H2 forecasts ~€1.68bn in 2026. #H2GamblingCapital #BelgiumInsights

Last week at ICE Barcelona, 65,000+ attendees discussed global gambling trends. Key themes: offshore/illegal markets, Serbia tax vs GGR, Macau +4% 2026 growth, Finland’s new Gambling Act. Updates: h2gc.com

Full year 2025 online GGR reached R$53.4bn (+30% YoY), with 71.5% onshore channelisation. Looking ahead, H2 forecasts a 2026 onshore headwind from the social welfare gambling ban, with channelisation easing to 67%.

Italy’s latest betting figures highlight the impact of fewer online licensees, alongside new land-based data from Australia & Chile. Portugal posted record online results, while Brazil analysis explores how welfare restrictions could shape channelisation into 2026. #H2

Norway’s Gambling Authority has released 2024 data, now reflected in the H2 model. Key takeaways: • Lottery sales +8% YoY (Eurojackpot +23%) • Terminal gaming declined • iGaming gross win NOK 1.3bn (+14%) Total regulated gross win: NOK 13.0bn in 2024, forecast +7% in 2025.

Revised down 2025 onshore Philippines iGaming forecasts after e-wallet delinking and softer e-games trends. • Q4 e-games GGR ~PHP40bn (-4% QoQ, -13% YoY) • 2025 e-games GGR ~PHP189bn (+51% YoY) • 2026 onshore GGR ~PHP173bn (-9% YoY)