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TSG Group’s Q1 2025 financial results: strong profitability and solid cash generation despite market and product challenges
In Q1 2025, Ten Square Games demonstrated the strength of its business model by delivering strong profitability and solid cash flow despite a decline in bookings from its main titles. It was a period of intense focus on product quality, finalizing the roadmap for necessary changes in each project, and conducting large-scale testing of new features. The company continues to lay the groundwork for improved monetization over the long term. At the same time, TSG Store delivered record results, and the development of two prototypes accelerated.
TSG Group in Q1 2025
In Q1 2025, bookings across the Group’s games totaled PLN 90.5 million, marking a decline compared to both Q4 and Q1 2024. This was primarily due to decreases in the Group’s two main titles. At the same time, both Wings of Heroes and Real Flight Simulator maintained their positive momentum, recording growth in bookings.
Adjusted EBITDA came in at PLN 30.5 million, representing a 7.5% increase q-o-q and an 11.0% increase y-o-y. This result was largely driven by the decision to reduce marketing spend. While this decision has a short-term negative impact on bookings, it is expected to improve the effectiveness of future user acquisition investments over the long term.
The Group continues to closely monitor and optimize its operating costs. As a result, TSG Group reported a net profit of PLN 27.5 million for the reporting period – significantly higher than in both Q4 and Q1 2024. A key strength of the Group’s business model remains its robust cash-generating capacity. As of the end of Q1 2025, TSG Group held cash and cash equivalents of PLN 172.4 million.
– Q1 2025 brought mixed results for our operations. On one hand, we recorded weaker performance in our two main titles, due to the slower-than-expected pace of implementing changes. On the other hand, we delivered strong financial results, achieved a record-high share of TSG Store in Group bookings, continued growth in Wings of Heroes and Real Flight Simulator, and intensified prototypes development. Despite the challenges in our core titles, we believe in the chosen strategy and are already seeing the first positive effects – even if they are not yet reflected in financial results. In the near term, our goal is to improve team efficiency and consistently build the foundation for the Group’s long-term value growth.” – said Andrzej Ilczuk, CEO of Ten Square Games S.A.
Flagship titles: laying the foundation for future growth
In Q1 2025, the teams behind Fishing Clash and Hunting Clash focused on improving player retention and enhancing the overall user experience. Bookings in both titles were affected by a reduced number of new locations added to the games compared to previous quarters, as well as a strategic reduction in marketing spend. The implementation of structural changes in both projects is taking longer than originally planned, meaning their impact will become visible at a later stage. As a result, bookings in Fishing Clash dropped to PLN 52.6 million, and in Hunting Clash to PLN 18.6 million.
The reduced marketing spend stemmed from the broad scope of changes being implemented in the core titles, which focused primarily on player retention and engagement. At the same time, work was underway to prepare both games for further changes in monetization. Investments in user acquisition during this period would not have delivered the expected return, which is why both teams focused on reworking the early stages of gameplay – the first 7 days of a player’s experience. The goal of these changes is to increase new user retention, establish regular gameplay habits, and better tailor offers to players at various levels of experience. By introducing advanced segmentation and personalizing the player experience, the Group expects to improve key monetization metrics in the long run, enabling a return to increased advertising spend on user acquisition above the levels seen in Q1 2025.
Wings of Heroes maintained its strong growth momentum, with bookings reaching PLN 7.3 million (+2.9% q-o-q; +149.5% y-o-y). The game received a range of technical and functional improvements. The most significant changes focused on the early stages of gameplay to make it easier for new players to get started. The team also worked on implementing a Battle Pass system – a new player progression path which launched on April 1.
Real Flight Simulator also sustained its positive trend in bookings, which reached PLN 5.3 million in Q1 2025 – up by 1.1% q-o-q and 6.8% y-o-y.
TSG Store: record results and a growing role in the Group’s business model
TSG Store has become one of the key pillars supporting the Group’s profitability. In March 2025, the platform’s share of the Group’s total bookings exceeded 19%. In the case of Fishing Clash, not only was the 25% target share reached in February 2025, but it was also surpassed in March, reaching over 26%. Intensified efforts by the Hunting Clash team since the beginning of the year translated into a strong increase in TSG Store’s share of that game’s bookings – reaching 17.5% in March. TSG Store achieved its best results in history, both overall and across individual products.
Ongoing development efforts and recent regulatory changes that expand developers’ ability to promote their own sales platforms significantly boost the potential for further growth of TSG Store’s share in Group bookings in the coming quarters.
New Games: Trophy Hunter nears global launch, real Combat Simulator advances
Around the turn of Q2 and Q3 of 2025, Trophy Hunter – a new hunting title from the TSG portfolio – is set to launch globally. The game targets a broader, more casual audience than Hunting Clash. It is a dynamic, skill-based game featuring fast-paced gameplay and progression centered around arena-based duels. Trophy Hunter uses a hybrid monetization model combining in-app purchases with ads and includes robust social features designed to foster an active player community.
At the same time, Real Combat Simulator, developed by TSG’s Italian studio Rortos, continues to evolve. In recent months, the game has been enhanced with additional aircraft models – M346, F18, and A10 – as well as new gameplay features. A multiplayer mode, planned for release in June, is expected to significantly boost the game’s appeal. The team is also working on communication systems between pilots and refining the realism of all gameplay elements. In addition, work is underway on a dedicated tutorial for new players entering the world of advanced flight simulators. The game is currently in a testing phase and is steadily approaching commercial readiness.
Incentive program and profit distribution to shareholders
In May 2025, the General Meeting of Shareholders approved a new incentive program for the years 2025 – 2029, aimed at increasing the Company’s value and market capitalization. The program consists of three tranches, each tied to a three-year period: 2025–2027 (Tranche I), 2026–2028 (Tranche II), and 2027–2029 (Tranche III). Participants may be granted up to 323.8 thousand shares in total – equivalent to approximately 5% of TSG’s share capital – provided that two independent conditions are met: a financial performance condition (weighted at 80%) and a market-based condition (weighted at 20%).
The performance condition for Tranche I assumes the achievement of an ambitious, cumulative Adjusted EBITDA target of PLN 438 million for the years 2025 – 2027. The market-based condition requires that TSG’s share price on the Warsaw Stock Exchange outperform the WIG index by at least 10 percentage points during the respective period.
-In 2025, we’re executing many key projects simultaneously. Our top priorities are changes in our core games and ensuring continued development of Wings of Heroes. These initiatives demand full team focus. At the same time, we’re intensively working on the development of two new prototypes – both of which currently rely primarily on internal resources rather than significant financial investment. This allows us to responsibly consider larger investments in new ventures no earlier than next year. That’s why we’ve decided to recommend a record dividend payout to our shareholders. – said Andrzej Ilczuk, CEO of Ten Square Games.
The General Meeting approved the Management Board’s recommendation to pay out PLN 100 million in dividends. The dividend record date is June 20, 2025, with the payment scheduled for June 27, 2025.
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Atlaslive, a premier iGaming platform provider, today released a comprehensive analysis of the European gambling market transformation, revealing that the industry’s €123.4 billion revenue base is undergoing unprecedented digital evolution. The analysis, based on latest market intelligence from European Gaming & Betting Association in partnership with H2 Gambling Capital, identifies mobile gaming as the dominant force reshaping player engagement across the continent.
Mobile Revolution Drives Market Transformation
Atlaslive’s analysis reveals that mobile devices now generate 58% of Europe’s online gambling revenue in 2024, with projections indicating this figure will surge to 67% by 2029. This mobile-first transformation represents a fundamental shift in how operators must approach platform development and player acquisition strategies.
“The data unequivocally demonstrates that the future of European gambling is mobile-first,” said Anastasiia Poltavets, CMO at Atlaslive. “Operators who fail to prioritize mobile optimization and user experience will find themselves increasingly marginalized in a market where player expectations have fundamentally evolved.”
Online Gambling Accelerates Toward 45% Market Share
The analysis identifies online gambling as the clear growth engine of the European market, with digital channels expected to command 45% of total gambling revenue by 2029, up from 39% in 2024. This €66.8 billion online market projection represents a 6.9% compound annual growth rate, significantly outpacing the 1.8% growth expected in land-based gambling.
Key growth drivers identified by Atlaslive include:
- Casino games leading digital adoption: €21.5 billion in 2024, growing to €30.8 billion by 2029
- Sports betting momentum: €13.7 billion online revenue with 6.9% annual growth trajectory
- Lottery digital transformation: Strongest growth potential at 7.7% annually, reaching €10.4 billion by 2029
Geographic Disparities Signal Untapped Opportunities
Country-by-country analysis reveals significant market maturity variations across Europe, presenting strategic opportunities for technology providers and operators.
Digital Leaders:
- Sweden: 68.3% online share
- Finland and Denmark: Both at 68.1% online share
- Strong mobile adoption and regulatory frameworks driving digital-first engagement
Growth Markets:
- Italy: Europe’s largest market at €21.0 billion with only 21.7% online penetration
- Germany: €14.4 billion market with 22.6% online share indicating substantial digital expansion potential
- France: €14.0 billion market with significant room for online growth
Strategic Implications for Industry Stakeholders
The Atlaslive analysis identifies several critical success factors for market participants:
For Operators:
- Mobile-native platform architecture becomes non-negotiable
- Omnichannel integration essential for capturing cross-platform player value
- Geographic expansion strategies should prioritize markets with low online penetration
For Technology Providers:
- Platform scalability must accommodate sustained high-growth environments
- Cross-jurisdictional compliance capabilities increasingly valuable
- Mobile-first development methodologies essential for competitive positioning
Market Resilience Demonstrates Industry Maturity
Despite digital transformation, analysis confirms the continued relevance of land-based gambling, which maintains €75.5 billion in 2024 revenue and projects steady 1.8% annual growth. This dual-track evolution demonstrates industry maturity and the enduring appeal of gambling experiences.
“The European gambling market is demonstrating remarkable sophistication in its evolution,” added Anastasiia Poltavets. “Rather than simple digital displacement, we’re witnessing the emergence of a truly integrated ecosystem where online and land-based channels complement and enhance each other.”
To explore the full report, regional breakdowns, and strategic insights for 2025 and beyond, visit: https://atlaslive.tech/blog/the-european-gambling-revolution-euro1234-billion-market-transforms-in-the-digital-age.
This document is provided to you for your information and discussion only. This document was based on public sources of information and was created by the Atlaslive team for marketing usage. It is not a solicitation or an offer to buy or sell any gambling-related product. Nothing in this document constitutes legal or business development advice. This document has been prepared from sources Atlaslive believes to be reliable, but we do not guarantee its accuracy or completeness and do not accept liability for any loss arising from its use. Atlaslive reserves the right to remedy any errors that may be present in this document.
About Atlaslive
Atlaslive, formerly known as Atlas-IAC, underwent a rebranding campaign in May 2024. It is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.
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Clarion to introduce ICE Research Institute to industry opinion-formers as part of AI presentation at Gaming In Spain conference
A senior Clarion Gaming team led by Director of Industry Insight and Engagement, Ewa Bakun has been invited to speak at the Gaming in Spain conference, organised by Willem van Oort and taking place in Madrid on 26 June.
The presentation which will also see contributions from Clarion Gaming’s Liliana Costa, has the working title AI on ICE – cooperating with the Spanish and global research institutions to understand the impacts of Artificial Intelligence in the sector.
Looking ahead to the event Ewa Bakun said: “The invitation to speak at Gaming In Spain provides a perfect environment to officially introduce the ICE Research Institute which as part of its remit is funding academic exploration of AI ethics and applications in the gambling sector.
“As part of the relocation of ICE from London to Barcelona, Clarion Gaming together with Fira Barcelona have agreed a programme of collaboration with the objective of building a legacy which goes beyond the very significant economic impact of staging the world’s biggest gambling technology show in the city.
“An annual investment fund has been allocated with the ICE Research Institute (IRI) offering grants to scientific and academic institutions to fund research on prevention and sustainability.
“The IRI is investing in research that generates hard data and provides a robust scientific base to inform decision making. Working closely with institutional stakeholders both in Spain and on the international stage the ICE Research Institute will promote cross-border scientific cooperation to ensure the ethical adoption of AI in the gambling industry.”
Gaming in Spain founder Willem van Oort, creator of the successful Gaming in Holland and Gaming in Germany communities said: “Gaming In Spain provides essential business intelligence on the Spanish iGaming market and I am delighted to be able to include Ewa and colleagues from Clarion Gaming to provide an update on the work that’s being undertaken by the ICE Research Institute.
“The vision is to foster closer cooperation between research institutions and the industry resulting in evidence-based decisions and debates. The ethical adoption of AI in gambling is arguably one of the most contentious and topical debates impacting the industry and I am looking forward to learn more about the pioneering work being supported by the ICE Research Institute as part of the ICE Legacy Project.”
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96% of SPFL players know where to find support for gambling issues after EPIC and William Hill sessions
A survey of SPFL players that attended the competition’s new gambling harm prevention education programme has shown that 96% of players are now confident that they know where to seek support if they are worried about their gambling behaviour, thanks to the knowledge provided to them as part of William Hill’s first season as title sponsors.
With the intention of ensuring that players and staff across all four divisions understand the importance of safer gambling, the programme has reached nearly 800 players and a further 160 staff members, as 37 clubs hosted talks during the 2024/25 season from two former professional footballers with their own past issues of gambling-related harm to share.
The two ex-pros – former Wales U21 and Wrexham striker Marc Williams and Scotland-capped former Liverpool defender Dominic Matteo – were seconded to clubs by EPIC Global Solutions; leaders in gambling harm prevention whose client base includes all 72 EFL clubs, MLB teams and the vast NCAA college sports network.
As a result of the sessions, alongside virtually every player now knowing where to seek support if they are worried about their gambling behaviour, 93% confirmed they now have a good or excellent level of awareness of professional athletes’ vulnerability to harmful gambling – an increase from 70% having that level of knowledge before the session.
The same post-session figure – 93% – also believed they had a good or excellent level of awareness around gambling and professional integrity, which rose from 74% before the session.
Neil Doncaster, SPFL group chief executive, said: “These figures show the real impact that EPIC’s gambling harm awareness programme has had with SPFL clubs and its players, which is great to see.
“We’ve had extremely positive feedback from our members on how informative the sessions have been and it’s excellent it has reached so many players and staff members across our game in its first season.
“We’re proud to continue to support this partnership alongside William Hill and look forward to seeing it develop further in the seasons ahead.”
Among the players to take part in the series of talks was Hibernian’s Kieron Bowie, who made his Scotland debut in Monday’s 4-0 win over Liechtenstein. Speaking after hearing how Marc Williams’ professional career was affected by issues with problem gambling, he admitted:
“In this industry, obviously you have a lot of free time; you’re in hotels overnight or you’re away on international duty and you’re left to your own devices, doing whatever on your phone. It’s easy to get roped into that, especially in this environment where there’s a lot of gambling, like cards on the buses and all that sort of stuff, so it’s easily done.
“I think seeing what he went through just reassures that that’s not the path you want to go down.”
The education programme will continue for a second season in 2025/26, with a focus on extending the audience to include SPFL clubs’ academies and women’s squads, as well as engaging with community trusts and supporter groups to ensure the message is also accessible to fans of all 42 clubs.
Per Widerstrom, CEO of evoke, the parent group of William Hill, said: “The education programme is a fundamental element of our sponsorship. It’s really important that we balance the passion of players and fans with gambling responsibly, and I am delighted to see such good progress made during our first year of sponsorship.
“We now look forward to next season and extending the programme to academies, women’s squads and supporters”
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