Blask analyzed 55 iGaming markets where the combined Competitive Earning Baseline (CEB) for July–September 2026 exceeded $50 million, and found new leaders by search demand share in nine of them. Blask's CEB methodology is a modeled estimate of projected revenue. In 22 markets (40%) June's leader kept first place, in 24 the top three stayed the same in the same order, and in 31 the lineup or order changed.
In France, Sweden and the UAE, other brands briefly held first place, but by September the operators that led the rankings in June had regained the top spot.
Turkey saw three leaders change over the quarter. Merit King was first in June and July, Nesine overtook it in August, and Jojobet became the leader in September. In Japan, a new brand held first place every month of the quarter after Rainbet dropped out of the top three. In Belgium, Bangladesh and New Zealand, the leaders kept switching with gaps of roughly one to two percentage points in share.
In Spain, bwin overtook bet365 in August (13.1% vs 12.2%) and kept first place in September. In Switzerland, Swiss Casino moved ahead in August, passing Swisslos, which had 27.3% in June.
The most notable shift was in Germany. In June, Tipico led the market with a 21.6% share; in July, Vulkan Vegas overtook it, and by September the new leader's share had grown to 35%. NV Casino took second place based on September results. By modeled revenue, Vulkan Vegas is also first: average monthly CEB for the quarter was about $44 million, versus roughly $38 million for NV Casino and Tipico.
Search demand share and CEB are calculated from different data, so they can be compared to see where interest in a brand diverges from the revenue estimate. Affiliates should check September rankings against their own operator lists and comparison pages, especially in markets where the second and third positions shifted.
