Waterhouse VC

February Newsletter | The counter to offshore leakage is giving the regulated market the conditions to compete. New Zealand shapes up as the test case. For Waterhouse VC, it is a signal of opportunity. If they get it right, others will pay attention. waterhousevc.com/news-archive/f…

Allwyn International has published its preliminary unaudited results for FY2025. -Total revenue was €8.9b. -GGR was €8.6b. -Net revenue rose 4% year-on-year to €4.1b. -Adjusted EBITDA increased 4% to €1.5b, representing a margin of 38.5%.

Fortuna Entertainment Group is entering the Lithuanian market by acquiring a 70 percent stake in TOPsport, Lithuania's leading operator, which boasts a 50%+ market share. Details on the purchase price and specific transaction terms have not been disclosed.

The Wall Street Journal is reporting that prediction market Kalshi has hit a $22b valuation in an ongoing investment round. Kalshi has doubled the previous $11b valuation it achieved in 2025.

Are you a start up in the wagering industry looking for funding or investment? We have a Pitch Us portal for ambitious companies in the wagering space. Submit your pitch here: waterhousevc.com/pitch

AI-powered betting platform @gambly and sports analytics firm @UnabatedSports are merging to form Gambly Ventures, Inc. The merger will combine Gambly’s AI-powered betslip technology with Unabated’s betting analytics platform.

The UK’s Betting and Gaming Council estimates that as much as €70m (AU$113.7m) was wagered with unlicensed operators during this year’s Cheltenham Festival, one of the UK’s largest racing events on the calendar. According to the BGC Cheltenham holds around €1.16b in turnover.

Portugal’s regulated online gambling market reached a new high in Q4 2025. The regulated market generated €337.6m (US$389.4m) in gross revenue, a 13.6% increase on Q3 2025 and a 4.5% increase year-on-year. Casino games accounted for €214m in revenue, up 15% year-on-year.

Gambling. com Group has reported higher revenue and adjusted EBITDA in both the fourth quarter and full-year 2025. -4Q 2025 revenue was $46.2m, up 31% year-on-year. -Adjusted EBITDA reached $15.5m. -Gross profit rose 19% to $39.3m.

DraftKings has announced that it is launching a new “super app” that will enable users to access its online sportsbook and prediction markets segments on the same platform. CEO Jason Robins believes the expanded app will enable DraftKings to scale its brand nationwide.

This years NCAA mens basketball tournament is expected to exceed $4b in turnover, approximately 6.7% higher than last year’s $3.7b. Including prediction markets the figure could exceed $5b.

Are you a start up in the wagering industry looking for funding or investment? We have a Pitch Us portal for ambitious companies in the wagering space. Submit your pitch here: waterhousevc.com/pitch

Swedish operator Betsson has agreed to acquire Rhino Entertainment Group’s licensed B2C business in Canada, as well as a group of B2B-focused technology assets. The total purchase price is €64.5m (US$73.9m). The purchase price includes an upfront payment of €51.3m (US$58.8m).

Colombia has introduced a new 16% VAT on online betting activities under a government decree aimed at increasing tax revenue. The measure forms part of the government’s 2026 budget package and applies to online wagers placed within the country.

Waterhouse VC Analyst Oscar Silver was recently a speaker at @nextdotio Summit New York. Oscar spoke on the Australian gambling panel.

Global prediction market trading volume increased by more than 400% between 2024 and 2025, with trading volume reaching $64 billion in 2025. Sports event contracts accounted for more than 80% of prediction market trading activity.

Sports betting, fantasy, and prediction markets operator Underdog has announced the acquisition of Aristotle Exchange. Underdog was already offering prediction markets through a Crypto. com partnership, but the acquisition allows them to offer their own prediction markets.

Are you a start up in the wagering industry looking for funding or investment? We have a Pitch Us portal for ambitious companies in the wagering space. Submit your pitch here: waterhousevc.com/pitch

Prediction market operator Kalshi has announced a new partnership with Brazilian financial institution XP Inc. to bring regulated prediction markets to Brazil. The partnership positions XP as the first financial institution to bring prediction markets to the country.

Podcast | @tomwaterhouse was recently on the Finance Friends Podcast. Tom sat down with Fabian unpacking his journey from oncourse bookmaker to venture capital investor. buzzsprout.com/2401763/episod…

February Newsletter | The counter to offshore leakage is giving the regulated market the conditions to compete. New Zealand shapes up as the test case. For Waterhouse VC, it is a signal of opportunity. If they get it right, others will pay attention. waterhousevc.com/news-archive/f…