Amelco Review
6.2/10Founder-owned London engineer, started 2006 in low-latency market data, that sold Fanatics its sportsbook and PAM code base (Jan 2023), licenses the platform Hard Rock Bet develops in-house, runs Tote's fixed-odds book inside the client's own PAM (live Apr 2025), and carries UKGC 39791, seven nameable US states, and Ontario supplier licensing into 2026.
Our read
An end-to-end stack that decomposes both ways, with racing-grade depth at Tote (25 sports, ~25,000 live events a month), held down by zero published SGP, cash-out, or market-depth detail and a 99% uptime homepage print.
UKGC since 2015, Maryland on the state register to 2028, six more nameable states plus Ontario, docked for the $10,000 NJ settlement (Dec 2024) and a 17-state claim with only 7 nameable.
A named Global Head of Trading, own models with financial-markets lineage, and disclosed inputs (Sportradar, Sporting Risk), while the dated NJ settlement (Dec 2024) marks the oversight seam in exactly that hybrid.
The Fanatics and Hard Rock code heritage, 20 founder-owned years, and £36.1M cash (FY2023) are priced against the dated NJ settlement (Dec 2024), a receded 2022-23 US client cohort, and small-company accounts with no public P&L.
Structural proof runs from an SEC-filed sub-license and an outright code sale to the Tote embedding and Xtremepush, Radar, and Paysafe tie-ins, with no public docs, sandbox, or timeline.
No pricing anywhere, offset by more documented commercial structure than any peer below Kambi, while the 50+ operators and 17 states figures have nothing nameable behind them.
Methodology. Our own score, a weighted average of six dimensions, tilted toward product and licensing. Weighted for sportsbook platforms (product 0.22, licensing 0.20, trading 0.18, trust 0.15, integration 0.13, commercials 0.12), which lets the register trail and delivery proof carry a file whose trust dimension absorbs the dated New Jersey settlement and the receded US client cohort. Read the full methodology
- A reference class no mid-tier rival can show: Fanatics purchased a copy of the core-code base for sportsbook and PAM (stated by its CEO at the Massachusetts Gaming Commission, Jan 2023, with a $100M+ value expectation reported) and rolled it across the states it took over from PointsBet, while Hard Rock Bet runs an Amelco-derived platform it develops in-house.
- Commercial range documented at a level nobody nearby matches: an outright code sale on a public commission record, an SEC-filed sub-licensing agreement (Golden Matrix, Oct 28, 2020), client-run platform licenses, white label, and managed trading.
- Twenty years old, founder-owned with no outside capital, and cash-rich: £36.1M at bank in FY2023 on the Companies House indexed record, up from £32.0M the year before.
- A real multi-register trail: UKGC 39791 since Mar 27, 2015, seven nameable US states including Maryland's contractor approval running to Jan 4, 2028, and an Ontario supplier license (Aug 2023).
- UK racing-grade product proven at scale: the Tote fixed-odds book covers 25 sports and about 25,000 live events a month (signed Aug 2, 2024, live Apr 2025) running inside Tote's own PAM, with a 2025 racing upgrade behind it and Fitzdares also on the platform.
- A dated supplier-level regulatory event: New Jersey's DGE settled with Amelco for $10,000 (Dec 2024) after a prohibited political market (Mar 2022) and two in-state college basketball bets (Jan 2023) reached players through the PlayUp stack it powered.
- The US footprint is wider on paper than in production: the homepage counts 17 US states while only 7 are nameable from registers and press, Amelco itself stated in 2025 that it does not currently operate in Colorado despite two Colorado vendor licenses, and the 2022-23 US client cohort is no longer in market.
- Disclosure runs thin for the tier: no pricing, no SLA terms, no published bet-builder, cash-out, or market-depth specifics, no public API docs, a 50+ operator figure with about five names behind it, a 99% uptime print below the 99.9%+ convention, and no EU B2B license at all while Europe is the declared 2026 expansion target.
US challenger brands, tribal operators, and market-access holders that want US-top-four-proven technology with a path to taking code control in-house, plus UK racing-first and heritage books in the Tote and Fitzdares mold.
Operators that need a documented white-label license umbrella, EU-licensed supply today, or published pricing, SLAs, and product-depth numbers before a shortlist conversation.
Markets & licensing
Amelco's register story splits into what sits on a register and what does not. On the registers: UKGC account 39791 held since Mar 27, 2015 and linked straight from the site footer, Maryland's approved sports wagering contractor list carrying Amelco from Jan 5, 2023 to Jan 4, 2028 (the one directly downloadable register document), a supplier trail across New Jersey (2018), Colorado (2020 and 2022), Indiana, Pennsylvania, Michigan, and Tennessee, and an Ontario AGCO supplier license announced Aug 2023. Not on any register: ten of the 17 US states the homepage counts (Jul 2026), which are nameable nowhere. One operational fact to hold: Amelco itself stated in 2025 that it does not currently operate in Colorado while holding two Colorado vendor licenses, so read the license trail as capability rather than a map of where it runs today. No EU or MGA license exists even though the vendor named Europe its 2026 expansion frontier.
The trail is real: Maryland on the state register to Jan 4, 2028, New Jersey supplier status since 2018, two Colorado vendor licenses, plus Indiana, Pennsylvania, Michigan, and Tennessee on the indexed record. What runs today is thinner than the paper. The 2022-23 US client cohort is no longer in market, the marquee wins run independently by design, and Amelco itself stated in 2025 that it does not currently operate in Colorado. Take the homepage's 17 states with that in mind and ask for the current per-state book of business.
The UK file is the clean one: licensed since Mar 27, 2015, the footer links straight to the register entry, and the reference deployments are current rather than historical. Tote's fixed-odds book went live in April 2025 covering 25 sports and about 25,000 live events a month inside Tote's own PAM, Fitzdares runs on the platform after its 2024 switch, and the 2025 racing upgrade targets exactly this market's Cheltenham-grade peaks.
- UK (UKGC)United Kingdom
- B2B supply through Amelco UK Limited, the company's home register · Account 39791 · licensed Mar 27, 2015 · footer-linked to the register entry
- Maryland Lottery and GamingMaryland
- Approved and operational Sports Wagering Contractor on the state's published list · Approved Jan 5, 2023 · expires Jan 4, 2028 · register document opened
- US state supplier registrationsNew Jersey, Colorado, Indiana, Pennsylvania, Michigan, Tennessee
- Software supplier and vendor registrations named in indexed press and register summaries · NJ 2018 · CO Jul 2020 + a second by Oct 2022 · Amelco stated in 2025 that it does not currently operate in Colorado
- Ontario (AGCO)Ontario
- Gaming-related supplier license · Announced Aug 2023 · license number not published
- European UnionEEA
- No MGA or other EU B2B license exists · Footer shows UKGC only (Jul 2026) · Europe is the declared 2026 expansion target
Licensing tier: Depth in exactly two countries and a gap where the growth plan points: the Maryland document is in hand, the UKGC and state entries are register-indexed, ten of the 17 US states Amelco counts are nameable nowhere, and the 2026 European push starts with no EU register trail at all.
The US live map receded after 2022-23: the client cohort from that era is no longer in market, so current US presence rests on Arkansas plus the independently run flagship forks.
No restricted-market list exists because the constraint is the inverse: outside the UK, seven US states, and Ontario, nothing is licensed, including all of the EEA (Jul 2026).
Sportsbook & verticals
A vendor's lineup often mixes its own builds with other companies' products plugged in. When the sportsbook is third party, a second company stands behind your contract.
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
Five routes into the same stack, all evidenced. Full end-to-end puts the operator on Amelco's proprietary PAM. The sportsbook also embeds into a client's own account layer, which Tote proved in production by running the fixed-odds book inside its in-house PAM from April 2025. White label is marketed as ready-to-launch with no umbrella arrangement documented. Sub-licensing exists on SEC paper through the Golden Matrix agreement (Oct 28, 2020). And at the extreme, Fanatics simply bought a copy of the code base and took development in-house. Open APIs and a modular backend are the stated integration surface, with managed trading, Xtremepush CRM, Radar geolocation, and Paysafe payments attachable around the core.
No public claim exists (Jul 11, 2026). The one dated window is Tote: signed Aug 2, 2024 and live with fixed-odds racing in April 2025, about eight months for an embedded build inside the client's own PAM.
Products & tools
One London-built stack sells as an end-to-end platform with its own PAM, a sportsbook embedded into the client's account layer, a white label, a managed trading service, and twice as the code itself: sold outright to Fanatics and licensed for sub-licensing in an SEC filing.
Sportsbook & iGaming Platform
An end-to-end betting platform carrying pre-match and in-play markets across all major sports, real-time odds and risk tooling, open APIs on a modular backend, full multi-currency support, and a proprietary in-house PAM that clients can take or skip.
- Runs both ways in production: full stack on Amelco's PAM, or embedded inside the client's own PAM the way Tote runs it (signed Aug 2, 2024, live Apr 2025)
- The Tote book covers 25 sports and about 25,000 live events a month, the one hard coverage number anywhere
- Racing product upgraded in 2025 with real-time feeds, dynamic race cards, and predictive pricing sized for Cheltenham and Grand National peaks
- Multi-tenant white-label generation shipped in 2017, on code lineage running back to the 2006 market-data libraries
- No published bet builder, cash-out, or market-depth specifics anywhere on the site (Jul 2026)
White Label, Licensing & Code Sales
The widest set of commercial structures on public record in this segment: ready-to-launch white label, client-run platform licenses, SEC-filed sub-licensing for resellers, and in the Fanatics case an outright sale of a copy of the core-code base.
- Fanatics purchased the sportsbook and PAM code base, announced Jan 4-5, 2023, with a $100M+ expected value reported and the actual price undisclosed
- Hard Rock Bet runs a licensed Amelco-derived platform it develops in-house, with no purchase announcement behind it
- Golden Matrix signed a Sportsbook Software License and Services Agreement (Oct 28, 2020) covering sub-licensing to resellers and operators, filed with the SEC
- White label marketed as ready-to-launch platforms built on proven technology (Jul 2026)
- No white-label umbrella brand or covering license arrangement is documented anywhere
Managed Trading & Sports Models
In-house trading specialists selling precision pricing, real-time market monitoring, and automated execution under a named Global Head of Trading, with an own Sports Models/Feeds line and bought-in pricing where clients take it.
- Matt Parr leads as Global Head of Trading (Jul 2026)
- Own models carry the financial-markets heritage of the 2006 founding team
- Sportradar market feeds sat inside the Amelco-powered PlayUp stack (Dec 2024)
- Sporting Risk partnership (Aug 2024) adds pricing across Europe, the UK, South Africa, and North America
- Risk ownership under managed trading is not specified publicly (Jul 2026)
Retail & Omnichannel
The pitch is connecting every touchpoint across betting shops, casinos, and hospitality venues, with a documented 2019-2020 US kiosk deployment and no current named retail venue.
- Retail kiosks and the BetWildwood mobile launch ran at Wildwood Casino in Cripple Creek, Colorado (2019-2020)
- Kiosk modules remain in the solution line-up (Jul 2026)
- Omnichannel wording spans shops, casinos, and hospitality venues (Jul 2026)
- No current named retail venue exists on the vendor's record
Platform & capabilities
Everything the product does out of the box. If a feature isn't listed, the vendor either doesn't offer it or doesn't say.
Risk maturity
Operators check this capability first, and depth varies enough between vendors to grade it.
The history
Sales decks get rewritten for every deal. A dated record doesn't.
Amelco was founded in March 2006 by financial-sector veterans as a low-latency market-data software house, incorporated as Amelco UK Limited (Companies House 05726453). The core libraries came first, a live in-play trading platform for betting customers followed in 2007, and the multi-tenant white-label sportsbook arrived in 2017. Ownership never left the founding family: Damian and Natalie Walton hold 50 percent each as persons with significant control, there has been no outside funding or M&A in 20 years, and the Companies House indexed summary shows £36.1M cash at bank for FY2023. The company runs from London, Warsaw, and Pécs with a LinkedIn-derived headcount around 222 (May 2026), and its US arm, Delaware-registered Amelco USA, LLC, is owned equally by founder Damian Walton and Rob Miller.
Brands & clients on the platform
Corporate
Leadership
Milestones
- 2006
Founded in March by financial-sector veterans as a low-latency market-data software house, incorporated as Amelco UK Limited (Companies House 05726453).
- 2007
Ships a live in-play trading platform for betting customers, the pivot from market data to betting technology.
- 2015
UKGC grants license 39791 (Mar 27), still the only license in the site footer as of Jul 2026.
- 2017
Launches the multi-tenant white-label sportsbook, the current platform generation.
- 2019-2020
Builds the US retail record at Wildwood Casino in Cripple Creek, Colorado, with retail kiosks and the BetWildwood mobile launch.
- 2020
Takes its first Colorado vendor license (Jul) and signs the SEC-filed sub-licensing agreement with Golden Matrix (Oct 28), with New Jersey supplier status held since 2018.
- 2023
Fanatics announces the core-code purchase (Jan 4-5), Maryland approves Amelco as a sports wagering contractor through Jan 2028 (Jan 5), and Ontario's AGCO supplier license lands (Aug).
- 2024
Tote chooses Amelco for fixed-odds betting across 25 sports (Aug 2), Sporting Risk signs on as a pricing partner (Aug), Fitzdares runs on the platform after an April switch from FSB, and the $10,000 New Jersey DGE settlement goes public (Dec 9-10).
- 2025
Tote's fixed-odds book goes live (Apr) and the racing product gets its upgrade (Nov).
- 2026
Radar geolocation partnership for North America (Jan), Europe and esports declared expansion targets, and Alberta positioning coverage (May) with the market set to open Jul 13 and no AGLC approval yet.
Where they're pushing next
- Europe, the declared 2026 expansion target, starting with no EU B2B license at all
- Alberta, opening Jul 13, 2026, with no AGLC approval as of Jul 2026
- Esports and next-gen iGaming, named 2026 investment areas in the Nov 2025 interview
- Further US states behind the Sporting Risk pricing partnership (Aug 2024)
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Amelco vs alternatives
No two vendors describe themselves the same way, which makes their own claims hard to line up. Every name here answers the same fields, so you can see where this one sits against the closest alternatives.
| Attribute | Amelco | OpenBet | Kambi | Aristocrat Interactive |
|---|---|---|---|---|
| Founded | 2006 | 1996 | 2010 | 2024 |
| Team | 222+ | 1,143+ | 1,000+ | 1,800+ |
| Sportsbook | Yes | Yes | Yes | Yes |
| Licenses | UK | UK | UK, Malta, Alderney +2 | UK |
| US market | Available | — | Available | — |
| Pricing | Not published | Not published | On request | Not published |
| Trading model | Hybrid | Dual | Managed | Managed |
| Bet builder | None published | Own product | Own engine | — |
| Sports | 25+ | — | 100+ | — |
| PAM included | Yes | Yes | Yes | Yes |
The take: OpenBet is the tier-1 alternative in the same US and UK lane, with tournament-scale delivery receipts and a published dual trading model where Amelco's spec stays private. Kambi sells outsourced trading with audited quarterly numbers and will never sell you its code. Aristocrat Interactive brings blue-chip funding to the US migration battles Amelco's forked code once won. Pick Amelco when code ownership, a client-run fork, or unusual commercial flexibility is the point, and price the disclosure gaps into the decision.
Pricing & terms
Amelco quotes pricing per project. Here's how the model and the terms are structured.
Five structures with no numbers attached: platform license, white label, managed trading, sub-licensing, and outright code sale
Turnkey
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.
Frequently asked
The things operators actually ask before signing.
Does Amelco still power Fanatics Sportsbook?+
Not as an ongoing platform supplier. Fanatics Betting and Gaming bought a copy of Amelco's core-code base for sportsbook and player account management, announced Jan 4-5, 2023, and FBG CEO Matt King told the Massachusetts Gaming Commission the company partnered with Amelco to purchase a proven code base already operating in the US and internationally. An expected value above $100M was reported, with the actual price undisclosed. Fanatics owns and develops that fork in-house, and it served as the foundation while Fanatics migrated the state footprint it acquired from PointsBet. For Amelco the deal is a marquee reference rather than recurring platform revenue.
Is Hard Rock Bet built on Amelco technology?+
Yes, on the dated record, but the relationship class differs from Fanatics. The Hard Rock logo sits on Amelco's home and about pages (Jul 2026), Hard Rock Bet was named an Amelco client in May 2025, and the vendor's Nov 26, 2025 interview cited helping partners like Fanatics and Hard Rock cement top-three rankings. The relationship traces to Hard Rock Digital's proprietary-platform build in 2021. This is a licensed platform that Hard Rock runs and develops in-house: Hard Rock's own materials call the stack proprietary without naming Amelco, and no purchase announcement exists, so it should be read as a license relationship rather than a Fanatics-style code sale.
Which US states is Amelco actually licensed or registered in?+
Seven are nameable from registers and press: New Jersey (software supplier, 2018), Colorado (vendor major, Jul 2020, and a second license by Oct 2022), Indiana, Pennsylvania, Michigan, Tennessee, and Maryland (approved sports wagering contractor, Jan 5, 2023 through Jan 4, 2028, on the state's published list). The homepage counts 17 US states (Jul 2026), and the other ten are nameable nowhere, presumably operator-side registrations or registration-lite states, so take the 17 with that in mind. What runs today is narrower still: Amelco itself stated in 2025 that it does not currently operate in Colorado despite the licenses it holds there.