Softswiss Group, Rivalry and Gaming Innovation Group (GiG) saw significant stock gains during the month of August, attracting the interest of investors and analysts.

Each month, iGaming NEXT delves into the outstanding performance of one affiliate, operator, and supplier, shedding light on its significance within the market. Here are August’s best-performing stocks: Group

In the affiliate category, one standout performer was Group. Group’s stock exhibited substantial growth during August, with its share price climbing by 16%.

The stock started at $12.25 on 31 July and closed at $14.18 on 31 August, reflecting investor confidence and optimism in the company’s prospects.

This strong performance was underpinned by the company’s outstanding financial results, including record-breaking Q2 2023 revenue of $26m, a 63% year-on-year increase.

Adjusted EBITDA also saw substantial growth, surging by 161% to $9.4m.

Additionally, strong cash flow and free cash flow increases highlighted the company’s financial prowess.

When presenting his company’s growth roadmap, CEO Charles Gillespie highlighted the vast potential for expansion, particularly within the US market, where numerous states have yet to embrace regulation for iGaming and online sports betting.

He also highlighted untapped international markets, specifically citing Brazil and Japan as significant opportunities if regulatory landscapes evolve favourably.

Gillespie’s strategic insights underscore the company’s ambitious long-term vision and commitment to capitalising on emerging opportunities.

Beyond its notable performance in August, the stock exhibited an impressive six-month rally, surging by a remarkable 46% from $8.98 on 13 March to $13.15 on 12 September.

Investors and industry observers are closely watching the company’s growth trajectory as it continues to expand its presence in both domestic and international markets.


Within the operator segment, Rivalry stood out as one of the top-performing gambling stocks, boasting a 30% increase in value by the end of August.

Rivalry’s stock climbed from C$1.31 on 31 July to C$1.70 on 31 August.

The company’s performance in the stock market was mirrored by operational success.

Rivalry reported a 60% surge in revenue during Q2 2023 and announced that it plans to achieve profitability in the first half of 2024.

Furthermore, the company set a new record by generating revenue of C$8.5m during the second quarter.

CEO Steven Salz expressed optimism about Rivalry’s financial prospects, noting that the company would have already achieved profitability in the first two quarters of the year if operating at industry-average margins.

Notably, Rivalry has taken strategic steps to bolster its market presence, including the introduction of a same-game parlay product for esports.

These innovations, along with additional features planned for the third quarter, firmly establish the company as a leader in technical and product innovation within the gambling industry.

Rivalry has consistently aimed to offer a modern betting experience that resonates with younger consumers.

This approach has translated into tangible results, with the company’s stock showing a notable 74% increase over the past six months (12 March to 12 September).

Gaming Innovation Group

Amidst the somewhat subdued activity in the supplier segment, Gaming Innovation Group (GiG) emerged as one of the standout performers.

Listed on both the Oslo Stock Exchange and Nasdaq Stockholm, GiG displayed resilience in August, posting a 7% increase on the former and a 10% increase on the latter.

What solidified GiG’s performance was its impressive financial report, which revealed 40% year-on-year revenue growth, reaching €31.1m for Q2 2023.

Notably, this substantial growth was primarily attributed to a significant 22% increase in organic revenue.

Additionally, GiG’s adjusted EBITDA experienced significant growth, boasting a 68% year-on-year increase to €14m.

Aside from GiG’s strong financials, outgoing CEO Richard Brown highlighted the company’s progress in its strategic review and emphasised its readiness for the planned spin-off.

This strategic move aims to separate the GiG Media and GiG Platform and Sportsbook businesses into two distinct listed entities, with execution targeted for the first half of 2024.

Also in August, Richard Carter was appointed as the new CEO for the Platform and Sportsbook segment, while Jonas Warrer assumed the role of CEO for GiG Media.

Investors are certainly closely monitoring GiG’s journey, given the potential impact the upcoming transformation will have on the company’s value.

The quarterly reporting season had a significant impact on the stock market last month, as two out of three underperforming stocks faced substantial losses following disappointing financial results.

BetMakers Technology Group

In the supplier segment, BetMakers Technology continues to hold a prominent spot among the biggest losers.

Since iGaming NEXT began this series in May, the Australian B2B technology supplier has appeared every month as one of the top losers, with only one exception.

In August, BetMakers experienced a significant 27% decline in its stock value.

Most notably, the company witnessed a sharp 15% drop in its share price after reporting a negative adjusted EBITDA of A$27.9m for the 2023 fiscal year.

Despite achieving a 3.7% increase in revenue, which reached A$95m, the company ended up posting a loss of A$38.8m.

This decline followed significant organisational changes, including cost reductions and a reshuffling of management positions.

However, these actions have yet to win broader investor approval.

Looking ahead to the fiscal year 2024, BetMakers has laid out plans to streamline its operations even further, while also projecting modest low double-digit revenue growth.

Nevertheless, the company’s stock suffered a significant blow in August, adding to a cumulative loss of nearly 48% over the past six months.

Catena Media

Within the affiliate sector, another company that has repeatedly fallen short of expectations in recent months is Catena Media.

The affiliate business faced significant adversity in August, with its stock experiencing a substantial 28% decline.

The company’s stock turbulence was worsened by a severe market reaction to its Q2 2023 financial report on 22 August, which unveiled a concerning 16% drop in revenue, amounting to €16.9m.

Adjusted EBITDA also declined by 60% year-on-year to €2.6m.

The stock fell from SEK 20.40 on 21 August to its monthly low of SEK 16.14 on 23 August, before starting to recovering slightly.

Catena Media CEO Michael Daly attributed the Q2 performance to reduced marketing spending by betting operators in North America, impacting search volume and new depositing customers, particularly in sports.

However, given the strong performance of Catena Media rival Better Collective in the US market, investors and analysts were skeptical of this explanation.

Despite the challenging Q2 results, Daly remained undeterred in his optimism about the company’s financial goals for the period spanning from 2023 to 2025.

These objectives include achieving a net cash positive status by the end of the year, realising annual North American revenue of $125m by 2025, and attaining an adjusted EBITDA margin exceeding 50%.

While Catena Media’s shares have experienced a 40% loss over the past six months, they have shown signs of recovery, gaining 5% to date since closing at SEK 17.98 on 31 August.


Entain experienced the most significant decline in share value among operators in August, with a staggering 16% drop.

During this tumultuous month, the company’s share prices plummeted from £13.86 on 31 July to £11.58 on 31 August.

This sharp decline was triggered by Entain’s announcement on 10 August that it had set aside £585m to pay a potential settlement to the UK authorities over alleged bribery offences at its former Turkish betting business.

Entain anticipates that the financial penalty will be disbursed over a span of four years, following the formal establishment of a deferred prosecution agreement with the UK Crown Prosecution Service, which is expected to occur later this year.

Should Entain’s projection of the penalty amount prove accurate, it would constitute the second-largest fine ever imposed by UK authorities on a company for criminal wrongdoing under the deferred prosecution system, which introduced corporate plea arrangements.

This development has overshadowed Entain’s robust H1 2023 results. The operator achieved a substantial 11% increase in overall NGR, totalling £2.4bn, factoring in constant currency fluctuations.

Online revenue for the same period exhibited an impressive 12% surge, reaching £1.7bn.

Additionally, Entain’s underlying EBITDA grew by 6%, reaching £499.4m, while underlying operating profit experienced a remarkable 25% increase, reaching £307.4m compared to the previous year.