Australian regulator filing reveals VGW’s $5.2B revenue — sweepstakes now rival top US brands
On 22 May, Virtual Gaming Worlds (VGW) submitted audited accounts to Australia’s corporate regulator, ASIC, for the financial year to 30 June 2025. Group revenue rose 19% to $5.2B; net profit climbed 33.5% to $470M. The filing lands as VGW faces rising legal challenges to the sweepstakes model in the US and a leadership crisis at home.
For the market, the numbers are a rare public window into a business that went fully private in August 2025 — after the financial year ended — when Escalante bought out minority shareholders at a $3.2B valuation. The deal followed regulatory headwinds in the US and limited liquidity for a company no longer listed on public markets.
According to Blask data, the group’s flagship asset — Chumba Casino (SW) — leads the US sweepstakes segment among 142 operators tracked under the (SW) tag, though demand remains under pressure on a YoY basis, with early signs of MoM stabilisation.
Chumba accounts for 71% of group revenue
The flagship brand Chumba Casino remains VGW’s primary revenue source. In FY2025, its revenue grew 25% to $3.7B, meaning a single brand accounts for roughly 71% of the group’s total. The rest of the portfolio — LuckyLand Slots, Global Poker, and other assets — saw more modest growth, up 6.6% to $1.5B.
Chumba’s $3.7B top line puts the brand on par with major licensed operators — not as a niche product, but as a standalone federal competitor. The key difference is that Chumba operates under a sweepstakes model and does not require a standard US gambling licence in every state. For comparison, Blask CEB puts FanDuel’s 2025 US CEB at around $7.5B.
Escalante criminal case and pressure on the sweepstakes model
VGW’s financial growth coincided with major corporate and legal turmoil. In January 2026, Laurence Escalante was removed as CEO and chairman after criminal charges in Western Australia — a matter VGW describes as personal and unrelated to operations — and Mats Johnson took over as interim CEO.
In parallel, pressure on sweepstakes casinos has intensified in the US. Certain states are reviewing the legality of the model, and VGW was forced to block access for New York residents even before going private.
Sweepstakes model reaches the scale of top iGaming brands
The sweepstakes market can now be tracked in real time, as Blask has launched segment tracking under the (SW) tag. Blask Index search data for both brands can be checked against VGW’s reported figures to test whether revenue growth tracks genuine player interest.
The FY2025 figures confirm that VGW’s business was growing rather than stagnating prior to delisting. The accounts cover a period before Escalante’s removal in January 2026 — any slowdown from US legal pressure or the leadership change will not show up until the next filing. Ultimately, the company’s future depends more on the sweepstakes model’s capacity to withstand the onslaught of US regulators.
