How iGaming operators should approach market analysis in 2025: Max Tesla’s perspective

Running an iGaming operation without proper market analysis is like heading into a high-stakes poker game without knowing the rules. Traditional methods of tracking performance have served well in the past, but will they remain effective in 2025? Blask CEO and co-founder Max Tesla believes it’s time for a shift in how we think about analytics. While universal metrics provide a foundation, operators need to go further — benchmarking against competitors, understanding market capacity, and looking beyond internal data.

Analytics is evolving. It’s no longer just about counting what happens inside your company. It’s about asking, How do our internal numbers compare to the wider market? Are our results good, or are we simply falling behind in a competitive landscape? Take growth as an example: a 2% annual increase might feel like a win until you realize competitors are achieving 5–10%. Without context, we’re just guessing. This is why “health metrics” matter — they help you assess your true standing and create strategies to close the gap.

Benchmarking: the secret to smarter decisions

Benchmarking is where things get interesting. It’s not just about measuring your performance — it’s about putting it into perspective. By comparing your metrics to industry averages, you can identify gaps and opportunities that internal data alone might miss. For example:

• If your eFTD rates are below average in a key market, it might mean rethinking your onboarding process or promotional offers.
• If your GGR is growing faster than competitors in one region, it’s a signal to double down on what’s working.

It’s not just numbers for numbers’ sake. Benchmarking moves us from isolated analysis to understanding how we stack up against the competition. It’s the only way to make informed decisions in a market as dynamic as iGaming.

The usual metrics: a good place to start

Let’s start with the basics. There are universal metrics that every industry relies on, and for good reason — they work. But in iGaming, they’re just the starting point:

• Market share
  How big is your piece of the pie compared to everyone else? This is a foundational metric for understanding your competitive position. However, market share insights are often only accessible to larger companies, as these calculations typically depend on reports from regulators or industry publications. These reports usually highlight the top five to ten brands in a market, as anything beyond that is rarely of interest. For smaller operators, this can mean relying on alternative metrics to gauge market positioning.
• Customer acquisition cost (CAC)
  How much are you spending to bring in a new player? In iGaming, this might include affiliate payouts, ad campaigns, and welcome bonuses.
• Customer lifetime value (CLV)
  This tells you how much a player is worth during their time on your platform. Balancing CAC and CLV is critical — if you’re overspending to acquire players who don’t stick around, you’ve got a problem.
• Return on investment (ROI)
  The ultimate question: is what you’re spending delivering results? ROI is your reality check for campaigns and initiatives.

These metrics are a good foundation, but they don’t always tell the whole story in iGaming. That’s where industry-specific metrics come in.

Metrics tailored to iGaming

iGaming is different — it’s fast-paced, competitive, and influenced by regional quirks. Operators need metrics that reflect these unique dynamics. Here’s where I think the focus should be:

• Blask Index: a barometer for market interest
  Blask Index analyzes billions of search queries to track player interest across brands and regions. It’s a pulse check for what’s happening in the market, helping you see not just where you stand, but where trends are heading.
• Estimated first-time deposits (eFTD)
  New player activity is critical for growth. eFTD gives you insights into how well you’re converting interest into action.
• Estimated gross gaming revenue (eGGR)
  GGR shows you how your revenue stacks up. Comparing your GGR to industry averages lets you see whether you’re ahead of the curve or playing catch-up.

These metrics don’t just measure performance — they highlight the opportunities and challenges unique to the iGaming world.

From metrics to meaningful insights

At the end of the day, metrics are tools, not solutions. Whether you’re relying on universal measures like CAC and CLV or digging into industry-specific metrics like Blask Index, the goal is the same: to understand your performance in a way that drives smarter decisions. For iGaming operators, that means looking beyond your own data to see the bigger picture. How does your brand perform compared to others? Where are the opportunities you haven’t tapped into yet? By combining tailored metrics with actionable insights, operators can move from reactive strategies to proactive growth. After all, in iGaming, the stakes are always high — so why not play with the best possible hand?

If you’re interested to get more insights on AI usage and innovations in iGaming industry, we recommend checking Max’s earlier interview with CasinoRIX.