High Roller bets on prediction markets after B2C exits
Table of contents
- Online casino operator posts Q4 revenue of $4.7 million as it withdraws from certain markets.
- The company plans to enter Ontario and US prediction markets through a Crypto.com partnership.
- Full-year revenues declined 11.9% to $20.5 million amid strategic transformation.
High Roller Technologies is banking on prediction markets and geographic expansion to offset revenue losses from discontinued B2C operations, according to the operator’s latest financial results.
The Las Vegas-based company reported net revenues from continuing operations of $4.7 million in Q4 2025, down from $5.9 million in the prior-year quarter. Full-year revenues fell 11.9% to $20.5 million from $23.2 million in 2024.
Strategic repositioning
Seth Young, chief executive at High Roller Technologies, said:
“2025 capped a period of significant transformation for High Roller as we improved operational efficiency, refined our geographic footprint, and positioned the business for the next phase of growth as we expand into one of the most compelling new regulated categories — US prediction markets.”
The operator intentionally ceased B2C operations in several markets throughout 2025 in response to regulatory changes. Despite the revenue decline, adjusted EBITDA from continuing operations improved $1.9 million to a loss of $427,000, compared to a loss of $2.3 million in Q4 2024.
Full-year loss from operations narrowed to $6.2 million from $8.5 million in 2024, driven by cost reductions and operational improvements. High Roller posted net income from continuing operations of $690,000 in 2025, reversing a net loss of $8.6 million in the prior year.
Expansion plans
High Roller is preparing to enter the Ontario iGaming market after submitting its operator licence application to the Alcohol and Gaming Commission of Ontario in May 2025. The company has also secured partnerships with multiple service providers, including Kindbridge Behavioral Health for responsible gambling support.
The operator’s most significant growth initiative centres on regulated US prediction markets through a binding partnership with Crypto.com | Derivatives North America. Industry analysts estimate the mature US prediction markets sector could exceed $1 trillion in annual trading volume.
Young said:
“Our planned entry into new, regulated igaming markets like Ontario is a natural extension of our core expertise, while our planned entry into the regulated US prediction market space is a tremendously exciting, high-upside strategic opportunity.”
Financial position
High Roller strengthened its balance sheet in early 2026 with a $25 million registered direct offering, completed in January. The company operates premium online casino brands High Roller and Fruta, offering more than 6,000 games from over 90 providers across multiple regulated markets.
The operator’s prediction markets strategy comes as the sector attracts significant attention from traditional gaming operators and financial technology firms. High Roller expects the Crypto.com partnership to provide access to a federally regulated market under Commodity Futures Trading Commission oversight.
Total operating expenses decreased 16% to $26.6 million in 2025, down from $31.7 million in 2024, primarily through reduced direct operating costs and advertising spend. The company continues to pursue additional licensing opportunities in Alberta once that Canadian province opens its regulated iGaming market later in 2026.
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