Lindar Media Reports £120 Million Revenue but Warns of Existential Challenges from Taxes and Market Pressure

Lindar Media, the parent company of the online casino and bingo brand MrQ, reported annual revenues of £120.3 million for the year ending December 31, 2025, according to its accounts published at Companies House. Although this growth represents a 24% increase from £96.9 million in the previous period, the company warns that the British fiscal and economic environment poses existential challenges to its profitability.

Financial Results and Cost Structure

During the reported period, Lindar Media recorded a gross profit of £19.8 million, a slight decline from £21.1 million in the previous 15-month cycle. Sales costs reached £100.4 million, while operating profit stood at £8.4 million compared to £11.3 million before. Profit after tax amounted to £7.7 million, exceeding £6.3 million from the previous period. Distributed dividends also grew to £9 million, up from £4.2 million. The workforce increased by 20 employees, rising from 93 to 113 staff.

According to Lindar Media, ongoing investment in its platform and technological support allowed the company to scale and capture greater market share, even under the pressure of living costs and the current record tax levels in the United Kingdom. Eilers & Krejcik Gaming, a sector analytics firm, estimates that MrQ holds approximately 2% of the fragmented British online casino market measured by gross gaming revenue (GGR).

Impact of the Rise in Remote Gaming Duty to 40%

As an operator focused solely on gaming, MrQ has been particularly affected by the UK government’s decision to nearly double the Remote Gaming Duty (RGD) to 40% from April 2026. Following the announcement in the Autumn Budget, Savvas Fellas, CEO of Lindar Media, stated to EGR:

"I know of no operator that can withstand a 40% rate and continue to see attractive results. Our structure is tight, but from our perspective, the numbers are clearly in the red." — Savvas Fellas, CEO of Lindar Media

In the report submitted to Companies House on September 28, Lindar Media emphasizes that the new tax level on RGD, corporation tax, and labor costs "continue to pose existential challenges" for future profitability.

Market Outlook and Profitability Projections

The company indicates that its results depend on gaming activity generated in the UK. The document highlights that the British market remains stagnant, reflecting the weakness of the economy and high inflation coupled with increased taxes. Directors foresee that a rise in market share in 2026 will help mitigate some of the negative pressures and expect to maintain profitability. The board's plan focuses on seeking savings and efficiencies to sustain operational margins, a strategy led by directors Savvas Fellas and Oded Keinan, who assert that the financial situation remains solid going forward.

Investment in Technology and Associated AI Risks

The report also warns of a "material risk" associated with artificial intelligence within the sector. To mitigate these threats, the company has allocated significant resources to develop its AI strategy at the group level.

Savvas Fellas, a former DJ and bingo affiliate, founded MrQ in 2018 with an approach based on proprietary technology. In 2025, the company moved to a co-working space in St Albans after investing £10 million in purchasing and renovating a former building of the Crown Prosecution Service.

Thanks to control over its own platform, MrQ launched several features aimed at differentiating its offering. In July, it introduced the internal digital currency 'Qoins', redeemable for free spins and prizes. In June, it rolled out the Q+ subscription at £10 per week, valid for seven days starting from Friday, providing rewards such as 200 free spins and refunds on bets.

Marketing Strategy and Positioning in the Online Casino Sector

MrQ intensified its promotional activity, becoming a shirt sponsor for AFC Bournemouth in the 2026-27 Premier League. Its brand campaign 'The Casino You Love to Hate' stood out in TV and outdoor advertising. According to Adam Ryan, the company's marketing director, "radical honesty has always been our superpower."

MrQ's evolution reflects the sector’s adjustment to increased taxes and the maturity of the casino market in the UK. Lindar Media bets on technological innovation and cost optimization as key drivers to survive the present regulatory and competitive challenges.