The market case

The market beneath us doubles by 2030.

Gross gaming revenue, global payments, the still-opening map, and the counterweight. Every market figure cites its source and its date.

01 · The market

A market that keeps moving online.

Global gaming revenue, and the share of it that runs through an online channel.

2024$712B
2030$1,031B
Online, 202441%
Online, 203051%

Gross gaming revenue across all channels, 2024 actual to 2030 forecast; online share of that total. Source: H2 Gambling Capital, published 30 April 2026.

02 · The layer

We invest in about a twentieth of it.

Global gaming revenue, all channels $1,031B
Online $530B
Paid to the layer beneath the operator $53–80B

Gross gaming revenue across all channels, 2030 forecast. Source: H2 Gambling Capital, published 30 April 2026; the 2030 figure is that firm’s forecast, not ours. The supplier-layer band is modeled: published revenue-share ranges applied to online GGR. Consumer market data is shown as context only.

03 · The other market

Money movement is its own market, apart from gaming.

The third anchor sits inside a market with no relationship to gaming at all.

2024$2.5T
2029$3.0T

Global payments revenue, 2024 actual to 2029 forecast. Source: McKinsey Global Payments Report 2025, covering 50 countries representing 95% of global GDP.

04 · Still opening

The map is not finished.

U.S.-based with international reach.

Brazil2025
MissouriDec 2025
AlbertaJul 2026
Maine2026
Finland1 Jul 2027
UAESpring 2027
JapanQ3 2030

Dates as announced by the relevant regulator or operator; status verified 28 August 2026. Ink marks a market already live; accent marks a market that has not opened yet.

05 · It cuts both ways

Regulation opens markets. It closes them too.

We do not back consumer gambling operators.

India banned all real-money online gaming in August 2025. The sector has written down $840M of assets since.

India banAug 2025
Sector write-downs$840M

The India ban and the write-down total are the firm’s own figures, as presented in its LP deck; verified 28 August 2026 — not third-party data like the figures above.