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What is Wizard Of Gems?
A new report commissioned by Euromat, and produced by Regulus Partners and Helios, estimates that Europe’s black market has sustained a compound annual growth rate of 18% between 2019 and 2026, and will be worth up to €13 billion by the end of the year.
The report assesses black market activity across 28 European jurisdictions, including the UK, Netherlands and Germany. According to estimates across a mature black market ecosystem, 25 operators account for approximately 64% of relevant black market traffic.
Thanks to the “rapid growth of crypto currencies” and globally recognisable branding through marketing and sponsorships, this handful of operators are generating the majority of illegal gambling traffic across Europe.
About Wizard Of Gems
Beynon describes Flutter as “the highest-quality online betting franchise globally”, with FanDuel’s leadership position providing “significant long-term value”. The problem is that the market is increasingly questioning how much future earnings growth can be generated from that position as the industry matures.
DraftKings is a different proposition. Its share price went from $43.30 on 18 September 2025, to $21.75 upon market closure last week. Beynon says it “arguably offers the greatest operational upside if it can continue converting strong customer growth into sustained profitability”. Its prediction market strategy could also become an advantage if the new market proves complementary to sportsbook betting.
MGM Resorts International’s investment case is supported by Las Vegas, regional casinos, property assets and its 50% interest in BetMGM. Its own share price has been on a different journey to its online pureplay peers, having increased by 5% in a year, to $37.81 on 18 September.
About Wizard Of Gems
Once the deal is completed, current Lottomatica shareholders are expected to own around 67.5% of the share capital, with Cirsa’s shareholders owning the remaining 32.5%.
Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each of their shares in Cirsa.
Meanwhile Blackstone, Cirsa’s largest shareholder, is expected to become the largest shareholder of the combined company, maintaining around 24% of the share capital.
