Belgian operator strengthens its financial position, eyes Brussels casino, and prepares for shareholder changes
The Liège-based operator Gaming1 has unveiled ambitious plans to reach €1 billion in revenue within the next five years. Supported by strong financial performance and a potential reshaping of its shareholder structure, the group is accelerating its European expansion while positioning itself on key strategic opportunities, including the Brussels casino concession.
Strong Financial Foundations
A solid balance sheet enables strategic flexibility
Gaming1 is operating from a position of clear financial strength. The company recently carried out a €150 million capital reduction in favor of its shareholders—an uncommon move in Belgium that reflects its robust financial health.
Despite this distribution, the group retains more than €500 million in capital, confirming the solidity of its structure. This strength supports continued growth, with projected revenue of around €500 million by 2025, nearly 40% of which comes from international operations.
Since the entry of CVC Capital Partners in 2021, Gaming1 has scaled significantly, evolving from a leading domestic operator into a company with strong international ambitions.
Aiming for €1 Billion in Revenue
Expansion across key European markets drives growth strategy
Gaming1’s objective is clear: double its revenue and become a leading European operator.
To achieve this, the group has focused on six strategic Western European markets: Belgium, the Netherlands, France, Switzerland, Portugal, and Luxembourg. This consolidation phase is expected to conclude by the end of 2026.
However, the competitive environment remains intense. Gaming1 still operates at a smaller scale compared to major players such as Kindred Group, Flutter Entertainment, and Entain, all competing in a European market exceeding €120 billion.
Success will depend heavily on technological capabilities and digital performance, which are increasingly decisive in the sector.
CVC Exit on the Horizon
Shareholder transition could reshape long-term strategy
Another major development is the expected exit of CVC within the next one to two years.
Several scenarios are being considered, including a potential IPO, the entry of a strategic industrial partner, or the arrival of a new investment fund. At the same time, the founding families have expressed a desire to regain control of the company and prioritize long-term strategic direction.
This upcoming shareholder transition is likely to play a key role in defining Gaming1’s next phase.
Strategic Interest in Brussels Casino
Domestic opportunities remain central to growth
While expanding internationally, Gaming1 continues to monitor opportunities in its home market.
The group has confirmed it is reviewing the Brussels casino concession, following a European tender relaunched by the city. The contract is estimated at €750 million over 15 years and is currently operated by Viage.
This move highlights Gaming1’s ambition to strengthen its land-based operations alongside its digital offering, reinforcing its omnichannel strategy.
Regulatory Challenges in Belgium
Illegal operators and tax pressure raise concerns
Despite its strong outlook, Gaming1 has raised concerns about the Belgian regulatory framework.
The company is calling for greater tax stability and a more competitive regulatory environment. A key issue is the rise of illegal operators, particularly active on social media, who bypass the restrictions imposed on licensed companies by the Belgian Gaming Commission.
In this context, directing players toward regulated platforms remains a critical challenge, especially as digital channels become the main driver of industry growth.
A Decisive Turning Point
Gaming1 positions itself to become a European leader
Gaming1 is entering a pivotal stage in its development.
With strong financial backing, clear European ambitions, and strategic positioning on key assets such as the Brussels casino, the group is aiming to significantly scale its operations.
The key question remains whether the Belgian regulatory environment will allow it to compete effectively with global leaders—and ultimately achieve its goal of becoming a major European gaming operator.
