Part 2 : Operator review
Chart 6 : Denmark estimated overall market shares ( 2017 )
Sources : Danske Spil , company reports , report estimates
higher or lower by a matter of single figure percentage points . With the first we would suggest that its market share must sensibly range between 12.5 % and 17.5 % while in the latter ’ s case , it might sensibly range between 7.5 % and 12.5 %.
Looking at the last of the top four players in Denmark Bet365 , our estimates must necessarily involve more educated guesswork . Based simply on our Kindred / Unibet estimate we would suggest placing Bet365 also at between 12.5 % and 17.5 % of the total market with a central estimate of 15 %.
Mr Green The latest big name operator to enter the Danish market is Mr Green which bought out the Dansk Underholdning licensed business in February of last year . This includes the Danish-facing gaming brands Bingosjov , Bingoslottet and Balletbingo . Mr Green said on acquisition that Dansk Underholdning had achieved
Danske Spil 31 %
Kindred / Unibet 15 %
Bet365 15 %
Betsson / Betsafe / Nordicbet 10 %
LeoVegas 3 %
Others 26 %
In its most recent update , Mr Green told a capital markets day audience in late May that Denmark was worth 5 % of total group revenue in April
revenues of € 3.9m in 2016 or DKK29m . That would equate just about 1 % of the 2016 market total of DKK2.97bn .
Subsequently , the Mr Green brand was launched at the very end of December . In its most recent update , Mr Green told a capital markets day audience in late May that Denmark was worth 5 % of total group revenue in April .
On acquisition , Mr Green said the existing business was growing ahead of the market at 27 % a year . Assuming this momentum continued into 2017 , it is a fair guess that this translated into overall market share growth . Jesper Kärrbrink , chief executive at Mr Green Ltd , who called Denmark the “ missing piece ” of the company ’ s Nordic puzzle , suggested the acquisition route had “ cut short the market entry process ” by six months by adding a “ skilled Danish team ”.
Still , we will have to wait for later quarterly releases from Mr Green to see what the company says about its Danish revenues before estimating any market share growth . As it stands we can estimate the Danish businesses were worth at least DKK34m and up to DKK68m , or between 1 % and 2 % of the total market in 2017 .
Total market shares With Danske Spil and LeoVegas ’ absolute figures anchoring our estimates for the rest of the market , we arrive at the market share percentages shown in Chart 6 .
Others We have excluded Mr Green from Chart 6 due to the uncertainty around current market share . Likewise in the ‘ others ’ bucket are such big global betting names as Betfair , 888 , GVC , JackpotJoy and Stars Group . None has been so bold as to give a figure for gaming in Denmark . It can be assumed that each has a market share of at least as much as LeoVegas or Mr Green and maybe more . However , without any guidance for any of them , we have opted against pinning a market share percentage on any of them .
14 Denmark : Insights and data on Europe ’ s pioneer model for igaming regulation