Virtual Gaming Worlds (VGW) – the operator behind Chumba and other sweepstakes casino brands – reported record revenue for the year ending June 30, 2025. That’s according to audited accounts filed with Australia’s corporate regulator.
The filings showed VGW generated approximately A$7.3 billion (US$4.76 billion) in revenue and A$656 million (US$428 million) in net profit.
These results represent the company’s full reporting period before its ownership structure changed in August 2025. This was when founder Laurence Escalante acquired the remaining minority shareholding and took full control of VGW.
FY2024 vs FY2025 Performance
The FY2025 results show continued year-on-year growth compared to FY2024:
- FY2024 revenue: A$6.1 billion (US$4.08 billion)
- FY2024 net profit: A$492 million (US$329 million)
- FY2025 revenue: A$7.3 billion (US$4.76 billion)
- FY2025 net profit: A$656 million (US$428 million)
This represents approximately 19% revenue growth and 33% profit growth year-on-year.
It’s also worth noting that A$5.2 billion (US$3.4 billion) of the total revenue – or 71% – came from VGW’s Chumba brand. This was the very first online sweepstakes casino launched in 2012 and is still a dominant brand.
Currently, VGW operates:
Escalante’s family office also runs Kickr Games Pty Ltd which recently oversaw the closure of its social sportsbook Kickr in March. However, GetGud, a skill-based game app was launched only a month later.
Escalante Consolidated Control then Stepped Back as CEO
Escalante took full control of VGW in summer last year after acquiring the remaining minority shareholder stakes. His argument at the time was that this would give the company greater flexibility to face increasing uncertainty in the sweepstakes space. For example, more than ten US states have passed new restrictions on sweepstakes-style gaming over the last two years, including New York and California, gradually narrowing the vertical’s market.
VGW was valued at around A$3.2 billion (US$2.09 billion) during the transaction period, while its latest financial results point to strong growth in both revenue and profit, raising questions about the valuation at the time of the buyout.
The period also marked a shift in leadership after Escalante was arrested on assault and drug-related charges in his home country of Australia in January this year. He has denied the allegations but still faces ongoing criminal proceedings. Following this, the 44-year old stepped back from his role as CEO, with former Chief Marketing Officer Mats Johnson taking over day-to-day leadership.
Overall, VGW’s latest results underline the scale of its still-dominant sweepstakes casino empire, with multi-billion-dollar revenues despite the rising regulatory pressure in the sweeps space.
Even with the leadership change and allegations against Escalante, it’s unlikely that VGW and the Chumba sister sites will be significantly thrown off course in the near term.
Disclaimer: USD figures are approximate and based on AUD/USD exchange rates during the relevant financial periods rather than current rates.
Author: Alex Windsor
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