Recent financial filings reveal that Chumba Casino has achieved remarkable revenues exceeding A$5 billion, as its parent company, VGW, experienced significant growth prior to its privatization in 2025.
Chumba Casino, a leading sweepstakes casino in the United States, reported a revenue of A$5.2 billion (approximately $3.7 billion) for the fiscal year that concluded on June 30, 2025. This information was disclosed in financial statements submitted on May 22 to Australia's corporate watchdog and highlighted by local media.
The reported figures come just ahead of founder Laurence Escalante's successful initiative to take the company private, with a valuation estimated at A$3.2 billion ($2.3 billion).
This impressive revenue underscores the substantial scale of the U.S. sweepstakes casino market, despite increasing scrutiny and legislative challenges faced by operators in various states.
Chumba Casino's revenue growth outpaced that of VGW, marking a 25% increase from A$4.16 billion ($2.98 billion) reported for FY2024.
VGW, which also manages LuckyLand Slots, LuckyLand Casino, Global Poker, United Slots, and Monopoly Match, posted a total revenue of A$7.3 billion ($5.2 billion), reflecting a 19% year-over-year increase. The company's profit surged by 33.5%, rising from A$491.6 million to A$656 million ($470 million).
Moreover, VGW's cash reserves reached approximately A$1 billion in FY2025, a notable increase from A$548.5 million in June 2024.
Escalante first approached the VGW board regarding a buyout in November 2024. After an initial offer was rejected, he made a higher bid, leading to shareholders overwhelmingly approving his acquisition of the remaining 30% of shares in August 2025, granting him full control of the company.
Escalante contended that privatization would better equip VGW to handle the growing regulatory and competitive challenges, particularly in the U.S. The company's 2024 annual report acknowledged the increasing regulatory risks associated with its operations in the U.S.
In its statement, VGW noted, “If operations in the U.S. or Canada face regulatory challenges, VGW’s core business and operational capabilities may be significantly impacted.”
Arguments for the privatization also included the potential to restructure the company's operational and tax frameworks, including relocating its headquarters from Australia to Guernsey, a jurisdiction with more favorable tax conditions.
Despite VGW's ongoing financial success, the company has encountered mounting pressures in the U.S. Over the past year, the number of states where it is ineligible to operate has increased from four to eleven, affecting key markets like California and New York. VGW also exited Canada in August 2025.
This year, states such as Indiana, Maine, Tennessee, Oklahoma, and Louisiana have enacted prohibition laws, potentially limiting VGW's access to 16 states, compared to just four in the 2025 figures.
These challenges come as Escalante stepped down from his CEO position earlier this year following his arrest and charges related to family violence and drug offenses. Mats Johnson, the former chief marketing officer, has assumed the role of acting CEO.