Listed European operator · Market entry · Large European market
A one-shot licensing window, called no-go.
A market said to be growing 20% a year, a four-week window - and published numbers inflated by player winnings.
c.€330m gross gaming revenue
1,517 consumers surveyed
40 industry interviews
Corporate strategy
C-suite
Online gambling
The challenge
The country’s grey online-gambling market had little robust public data. The chief executive of a major listed operator needed an independent answer before a licensing window closed for 18 months; the surface story supported entry.
The work
Fieldwork was run personally in the local capital city. Two commissioned surveys and 40 interviews rebuilt the market bottom-up and found the regulator’s card-payment data had failed to remove player winnings. Effective tax, demographic decline and impending TV competition were put into an entry P&L.
The result
The market sized at c.€330m gross gaming revenue - fast-growing at 20% per annum, however at the bottom of published size estimates, and already heavily contested - and the entry case showed two years of losses and single-digit margins thereafter. Findings went to the CEO and executive team a week before the deadline; the decision was not to enter.
Engagements were won and led by Elliot Ronald and delivered by teams under his direction at Lion Strategy or its predecessor firm, Hambalt. Client confidentiality is absolute; cases are anonymised except where the work is already on the public record.