Angler Gaming plc is the Group’s investment holding company within the iGaming industry. It holds a broad investment portfolio that spans a large part of the iGaming value chain, combining a proprietary technology platform with both B2C and B2B businesses and an innovative, AI-driven affiliate product.
A diversified iGaming investment portfolio
The Group’s portfolio focuses on four complementary parts of the iGaming value chain:
- A proprietary iGaming software platform;
- An innovative B2C offering with a focus on recreational, long-term-value customers;
- An innovative, AI-driven affiliate marketing and casino search product;
- Support to B2B partners.
Proprietary software platform
The importance of a proprietary, state-of-the-art iGaming platform cannot be overestimated. It puts Angler Gaming in a rather rare position: it allows full control over the offering, greatly improves agility and speed of change, and ensures differentiation in the B2B offering. The platform comprises an extensive number of modules.
The prioritisation of further development of the proprietary iGaming platform has paved the way for formalising software development as a separate, self-contained technology unit within the Group, expected to be completed in 2026. Once completed, all resources supporting this software product will be centralised in one entity for more streamlined and efficient operations and a clearer strategic focus.
Fully focused on the B2B business segment, the platform serves both external B2B partners and the Group’s B2C entity, PremierGaming Ltd, developing innovative features that support efficiency and regulatory compliance while giving B2B partners full control over the customisation they require for their licences and business needs.
Innovative B2C offering
The Group’s entity fully focused on the B2C / direct offering of iGaming to players is PremierGaming Ltd. Its strategy is to offer all types of interactive games online — betting, casino, card games and others — under gaming licences granted by relevant competent authorities. PremierGaming holds a Malta licence (since 2018) granted by the Malta Gaming Authority and a Swedish licence (since 2019) granted by the Swedish Gaming Authority (Spelinspektionen).
In Sweden, a focus market, PremierGaming operates under two main brands, ProntoCasino.se and ProntoSport.se. The brands target recreational, entertainment-focused customers aged 30–60, both men and women, who play games and live casino occasionally. PremierGaming takes a prudent, low-risk approach to marketing, repeating campaigns predominantly when the Customer Lifetime Value by margin exceeds the marketing cost for that campaign — making Customer Lifetime Value a key KPI. The Group estimates a stable environment in the Swedish online gambling and betting market as more players shift to online offerings and acceptance of licensed online casino and betting continues to grow.
Affiliate marketing and casino search product
The Group’s entity fully focused on the affiliate marketing and casino search product is Marlin Media Ltd. Marlin Media acts as a bridge between online gambling operators and potential players; its business model is lead-generation fees based on the monetisation by operators of links it displays.
At the end of 2025, Marlin Media launched its first proprietary, AI-powered casino search engine, marvn.ai, marking a major milestone in its technology-led growth strategy. Marvn.ai offers an extensive feature set and compares positively with competing search and chatbot products.
B2B support
For its B2B partners, the Group provides extensive support that is competent, reliable and fast, ultimately resulting in increased efficiency for partners and a better player experience for their players.
Strong business model
Throughout the years, Angler Gaming has refined a business model that continues to deliver results. Its key components are:
- Maintaining competitive advantage and differentiation through a proprietary, fully-owned and fully partner-configurable Gaming Platform, continuously updated with the latest functionality and technologies;
- Maintaining low operational cost for both B2C and B2B segments, enabling a multi-brand strategy and scalability at lower incremental cost, supported by data-driven marketing and CRM;
- Monitoring and actioning, on a daily basis, multiple key performance indicators such as the number of new depositing customers, cost per new depositing customer and customer life-time value per market, channel and product;
- Ensuring easy, fast and cost-efficient launch of White Label Solutions (B2B) and in-house brands (B2C);
- Maintaining a small, agile and efficient organisation composed of diverse, highly qualified and motivated employees;
- Using a proven model for buying and integrating customer databases and brand assets — with no need to take over or increase staff, and a time to market of approximately 1–3 months after a signed agreement;
- Evaluating the number of new customers and ARPU daily when using traditional marketing (TV commercials, online banners, Google Ads, etc.), to minimise investment risk and boost growth;
- Focusing on both B2C and B2B for a better understanding of customers and changes in customer behaviour;
- Offering a strong casino and betting product on both mobile and desktop, with bingo as part of the offer when applicable;
- Being active globally and continuously evaluating new products, markets and acquisitions;
- Utilising growth opportunities in affiliate marketing.
Guiding growth drivers
Angler Gaming is guided by the following growth drivers:
- More and more people globally gaining access to modern internet technology and secure online payment methods;
- A continued and accelerating shift from offline to online gaming;
- The expectation of further growth of the global gaming market;
- The deployment of an efficient and robust AML framework and responsible-gaming tools and technologies, in line with regulations.
Track record and shareholder value
2025 was characterised by strong profit growth alongside continued investment in the competitive proprietary iGaming Platform and an innovative AI casino search engine. Year-on-year for 2025:
- Gross profit increased 5.07%;
- EBIT increased 36.56%, with the EBIT margin up 79.23%;
- Net profit and earnings per share increased 164.71%;
- Customer deposits increased 9.33%;
- Revenue decreased 23.81%, reflecting the renegotiated B2B partner agreements that took effect from 1 January 2025.
Since 2018, Angler Gaming’s shareholders have received €28,343,500 in total by way of distributed dividends. For the 2025 financial year the Board of Directors does not recommend a dividend; while the business is developing well and cash flow is healthy, the focus is on increasing sales, investing in the ongoing innovative projects and building up additional cash flow.
Share structure and ownership
At the end of 2025, Angler Gaming plc had 74,984,995 issued ordinary shares. All issued shares are of the same class, carrying the same rights and one vote per share. Angler Gaming plc has over 10,000 shareholders.
A note on risk
When considering an investment in Angler Gaming plc, you should also be aware of the risks connected with the industry and the business. Angler Gaming operates in a global market, and the online gaming industry is subject to differing levels of regulation. The business is also exposed to exchange-rate fluctuations, changing consumer behaviour, and the Group’s ability to operate in a highly competitive and constantly evolving industry.