Aristocrat Leisure is moving closer to fully winding down its UK and EU white-label operations, a development that had sparked industry speculation earlier this year.
Speaking to ASX investors, CEO and Managing Director Trevor J. Croker confirmed the company is “scaling back its white label activities in the UK while keeping its eye on international opportunities.”
Aristocrat acquired its white-label portfolio through the $1bn purchase of NeoGames in 2023, which included the B2C/B2B network of Aspire Global, itself acquired by NeoGames in 2022 for €400m. This formed the backbone of Aristocrat’s Interactive division, housing its B2C white label network, later integrated into Aspire Interactive, including a wide-ranging white label platform.
Three years post-acquisition, Aristocrat is now shifting focus. Early in 2026, affiliates reportedly received notifications that UK white-label services would be phased out. These services included sportsbook and casino front- and backend support, customer service, platform management, and retention programs.
The move coincides with a new UK online gambling tax regime, which observers say puts pressure on white-label operators trying to maintain margins.
The decision may also be influenced by rising taxes across Europe, including the UK’s planned 40% online gaming levy in April.
Despite the European withdrawal, Aristocrat’s FY25 financial results show continued strength. Revenue grew 11% to AU$6.3bn (£3.3bn), up from AU$5.6bn the previous year, with an EBITDA margin of 40.1%-41.7%, which Croker attributed to “favourable mix and improved operating leverage.” Net profit rose 12% to $1.6bn (2024: $1.42bn).
“These strong financial results were achieved while making important investments in technology and capabilities to drive our success into the future,” Croker said.
“We also made appropriate organisational changes, restructuring our group functions, including the product and technology groups, to increase coordination and alignment across businesses.”
Globally, Aristocrat sees opportunities in North America, Australia, and emerging B2B markets like the UAE, where the General Commercial Gaming Regulatory Authority (GCGRA) has recently issued B2B licences.
“We also see continued organic growth potential in gaming markets such as Asia, where demographic and income trends support long-term growth; in Europe, where we are underpenetrated; and new market openings such as the UAE, due to launch in 2027.”
While the UK white label exit marks a significant shift, Aristocrat remains focused on growth in markets with high long-term potential.