Several other major players failed to file their 2025 reports by the deadline at the end of June, however, and at least one company which had filed reported losses. 

A gambling tax break put in place by the government late last year has not so far attracted any new market participants in Estonia.

OB Holding 1 OÜ, parent company of the OlyBet group established in 2020, posted revenues of €45 million for 2025, a rise of 6 percent on year. The company employed 83 people last year, and operated in Latvia, Lithuania, Croatia, Spain and France, as well as in Estonia.

OB Holding 1's reported profits rose to €31.12 million in 2025 from €24.6 million in 2024. The company paid €3.37 million in gambling tax. It also spent €4.68 million on marketing, down €1.6 million on 2024's figure.

Dreambox Games OÜ, which operates remote gambling in Estonia, Sweden and Denmark and also sports betting under the Chanz brand in Estonia, saw a revenue rise of close to 4 percent, to €4.69 million last year. Of that total, €3.59 million derived from sales in Estonia. The company employed an average of 21 people last year.

Dreambox Games' net profits totaled €322,000 in 2025. The company spent nearly €654,000 on advertising, gifts and donations and paid almost €507,000 in gambling tax.
Dreambox Games also reported the war in Ukraine and high inflation, as well as a shrinking Finnish market, where marketing to customers is prohibited, as challenges to the sector.

P.H. Primary OÜ, which operates under the Vivatbet brand, says it plans to gradually expand its operations. It reported steady growth in the remote gambling sector. P.H. Primary's revenue jumped from €460,000 in 2024 to €1.47 million in 2025, a more than three-fold rise. The company reported spending €129,000 on advertising, paid €88,000 in gambling tax and earned a profit of €239,000.

PAF parent company sees 16 percent revenue rise

AS Pafer, part of the international gambling group PAF and which operates online gambling and casino games aboard Tallink ferries, saw revenues rise by 16 percent last year, from €13 million to €15.13 million. AS Pafer reported 2025 profits of €4.39 million, up from €1.55 million in 2024.

The company listed the growth of online gambling services and more efficient cost management, and no dividends being paid out in 2025 as factors in this near tripling of profits.

The largest share of Pafer's revenues, at €9.9 million, derived from remote gambling, which grew by nearly 20 percent on the year, the company said. Pafer reported slot machine revenues of €4.637 million. Gaming tables, bingo and game development generated considerably more modest revenues, in the €150,000-€230,000 range.

Pafer paid out nearly €1.49 million in gambling tax and employed 30 people in 2025.

One-person band makes nearly €9 million in revenues

Befuria GO OÜ, founded in 2008 and owned by a Cyprus-registered parent company and, in terms of registered employees, a one-person band, also enjoyed sharp revenue rises last year, of nearly a hundred-fold.

Whereas sales revenues were €93,000 in 2024, last year the company reported revenues of €8.9 million. Over half of this (€5.6 million) derived from its casino operations, with the remaining €3.3 million coming from sports betting. It also turned a €21,000 loss in 2024 into a €1.76 million profit in 2025. Befuria GO paid €536,000 in gambling tax and spent €1.8 million on marketing last year.

Moon Technologies OÜ reported revenues of €2.397 million and a profit of €127,772 last year. Revenues grew steeply for the five-person company, which had posted just over €652,000 in revenue in 2023.

Alpache OÜ, which has been operating the GrandX online casino since 2020 and employed an average of three people in 2025, reported revenues of €467,675, a rise of 15 percent on the year, and a profit of €62,384 in 2025. The company spent more than €43,000 on marketing during the year, a 37 percent increase compared with 2024.

Meanwhile Vana Lauri OÜ, which generates most of its revenue in Finland, increased sales by 15 percent last year to €24.5 million, hiked profits from €2.8 million to €4.5 million, spent €2.98 million on marketing, paid €1.48 million in gambling tax, and employed eight people.

Betsafe owner firm faced losses, several firms fail to file reports

Not all companies in the sector saw revenues and profits rise. Triogames OÜ, which operates Betsafe and JallaCasino and belongs to Sweden's Betsson Group, saw revenues fall by 8 percent to €6.4 million last year, while profits declined 9 percent to €2.6 million. The company employed 18 people in 2025.

Several other major market players had not filed their annual reports for 2025 by the deadline at the end of June this year.

StayCool OÜ, which has operated under the Coolbet brand since 2015, had not submitted its 2025 annual report as of the filing deadline at the end of June. The four-person company's revenue in the first quarter of this year stood at nearly €39,000.

In 2024, StayCool generated revenues of €4.24 million, including €3.4 million from casino games and €551,000 from sports betting. Profits that year totaled nearly €396,000. StayCool's parent company is Malta-registered Vincent Group Ltd, which in turn is owned by Bermuda-based GAN Ltd.

Ninja Global OÜ also failed to file its annual report on time. The company's revenue last year stood at €41 million, profits €703,000.

Optiwin OÜ, which operates the Optibet and Nutz online casino and sports betting platform, has also failed to submit its annual report. According to the commercial register, its revenues exceeded €377,000 in the first quarter of this year.

Last year, Optiwin's revenues fell by 20 percent to €9.67 million. The company attributed the decline to intensifying competition in Estonia's remote gambling market. In 2024, it posted losses of €3.93 million.

Hitz Gaming, which has operated online casinos since 2021, has similarly failed to submit its annual report on time. In 2024, the company's revenue totaled €17.62 million while profits reached €1.9 million. It paid just over €1 million in gambling tax in 2024. In that same annual report, Hitz Gaming stated its aim was to become one of Northern Europe's leading casino operators. At the time, it employed 22 people.

OÜ Tonybet, which operates under that brand in several countries, has also failed to submit its annual report to the commercial register. Its revenues in the first quarter of this year stood at nearly €894,000. In 2024, the company posted revenues of €15.3 million and a net profit of €3.36 million.

Bombay Club and Resort OÜ has likewise not submitted its annual report, although revenues were reported at €242,000 in the first quarter of this year. In 2024, the company, which operates a noted high-roller venue in Tallinn's Old Town, generated €1.9 million in revenues, and ended the year with losses of €3.9 million.

Many firms licensed to operate gambling services in Estonia are registered overseas, meaning their financial results are not available from the Estonian commercial register.

The Riigikogu approved a tax amendment at the end of last year which cut the gambling tax on online casinos, with the aim of attracting more foreign online casino operators to Estonia and boosting gambling tax revenues.

This tax break has so far not been followed by any new players entering the Estonian market.

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