The Top 5 iGaming Brands Earning Billions in 2024

Blask is an analytics platform that monitors the global online gambling industry. Last year, they launched the All Brands dashboard — a tool that aggregates data from nearly 2,000 brands across 45 countries. The goal is simple: to understand who’s earning what, and where.

At the heart of the system is a metric called the Competitive Earning Baseline, or CEB. It estimates how much revenue a brand could generate based on demand, competition, and overall market conditions. This isn’t just dry data from public reports — unlike many studies, it accounts for both well-known operators and those that don’t disclose financials.

CEB is broken down into three tiers — minimum, average, and maximum — giving a realistic picture of revenue potential under different scenarios. It’s not precise to the cent, but it’s widely considered one of the clearest tools for market analysis.

In 2024, the five top-earning iGaming companies showcase very different strategies. Some, like Bet365 and Betway, operate on multiple continents, adapting to a wide variety of audiences. Others, like W88, focus exclusively on a single region — in this case, Vietnam — and still come out ahead. Hollywoodbets follows a similar model, staying rooted in Africa and seeing strong results.

Interestingly, scale doesn’t always equal higher income. Sometimes it’s more effective — and more profitable — to dominate a single market rather than spread resources globally. These focused strategies often lead to steadier growth and easier business management.

Each company has carved out its own path. Some are expanding aggressively, others are staying focused and agile. But they all share one thing: deep understanding of their target markets and the ability to adapt. Most major players have also recognized the critical importance of mobile apps. For example, 1win, one of the market’s rising leaders, has built its app with maximum functionality — a fact reflected in its portfolio and growing reputation. Other top brands have followed suit.

The iGaming industry is clearly evolving — and fast. In 2023, Betpawa dropped out of the top five in total revenue. Still, it remains a standout in player acquisition. Its Acquisition Power Score is unmatched, making it a major force in attracting new users.

Meanwhile, other brands surged ahead. Hollywoodbets nearly doubled its earning potential — up 92%. W88 posted a 54% gain, and Betway saw a 24% increase. The numbers speak for themselves: these brands adapted quickly and solidified their market positions.

Bet365, however, saw a downturn. Revenue dropped 17% — from $1.18 billion to $974 million. It’s still the top earner, for now. But the gap between first place and the rest is narrowing fast. The competition is heating up, and the next chapter in this race will be one to watch.