The Biggest Sports Betting Companies

Since 2018, sportsbooks have generated $47 billion in gross revenue from nearly $555 billion in bets across 38 states.

By Jack Caporal – Updated Aug 21, 2023 at 2:41 PM EST | Fact-checked by Margo Winton Parodi

Key Points

Sportsbooks generated $47B in gross revenue from $555B in bets since 2018 across 38 states.
Flutter Entertainment, owner of FanDuel, leads the U.S. market with a $39.2B market cap.
DraftKings holds market presence in 26 states, driving significant sports betting engagement.

A sports betting board. — Image source: Getty Images

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Data source: Fool.com
Sports Betting Company	Market Cap (as of Dec. 22, 2025)
Flutter Entertainment (LSE:FLTR; OTC:PDYPF; OTC:PDYP.Y)	$39.2 billion (converted from British Pounds)
MGM Resorts (NYSE:MGM)	$10.3 billion
DraftKings (NASDAQ:DKNG)	$17.4 billion
Caesars Entertainment (NASDAQ:CZR)	$5.1 billion
Wynn Resorts (NASDAQ:WYNN)	$13.3 billion
Bet365	$4.6 billion (converted from British Pounds). (Revenue is for the financial year ending March 31, 2024).
Penn National Gaming (NASDAQ:PENN)	$2.1 billion
Rush Street Interactive (NYSE:RSI)	$4.5 billion
PointsBet (OTC:PBTHF)	$399 million (converted from Australian dollars)

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About the Author

Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.

TMFJackCap

Jack Caporal has no position in any of the stocks mentioned. The Motley Fool recommends the following options: long January 2025 $25 calls on Penn Entertainment and short January 2025 $30 calls on Penn Entertainment. The Motley Fool has a disclosure policy.

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Flutter Entertainment

Flutter Entertainment (LSE:FLTR; OTC:PDYPF; OTC:PDYP.Y) is a sports betting and gaming behemoth with operations in the UK, Ireland, Australia, and the U.S. It runs the most popular online sportsbook in the U.S., FanDuel.

Flutter estimates that it commands a 47% share of the U.S. online sportsbook market and 27% of the iGaming market as of the third quarter of 2025. In 2022, FanDuel became the first U.S. online sportsbook to generate a profit. And it generated $478 million adjusted EBITDA in the third quarter of 2025.

Flutter also operates big international online gambling platforms, including Betfair, Sportsbet, PokerStars, and Sky Betting & Gaming.

Flutter operates online sportsbooks via FanDuel in 19 states and the District of Columbia.

MGM Resorts

MGM Resorts (MGM +0.05%) operates a sports betting and online gaming segment under BetMGM. It has a variety of partnerships, including with Buffalo Wild Wings, the National Basketball Association (NBA), National Hockey League (NHL), Major League Baseball (MLB), and a range of professional sports teams.

In the second quarter of fiscal year 2023, BetMGM reported its first positive EBITDA quarter. In the third quarter of 2025, it reported an EBITDA of $41 million.

BetMGM estimates that it is third in U.S. market share for sports betting and iGaming. It offers sportsbooks in 23 states, plus the District of Columbia and Puerto Rico. MGM Resorts has a sprawling international presence as well.

DraftKings

Founded in 2012 as a platform for fantasy sports, DraftKings, Inc., (DKNG -2.52%) quickly became a household name for fantasy sports and eventually sports betting by inking deals with big hitters, including the MLB, NHL, and ESPN. It also received investments from Fox Sports (an investment now owned by Disney) and the Kraft Group, which owns the New England Patriots.

DraftKings was the first sportsbook to market in New Jersey, launching after the Garden State legalized sports betting in 2018.

DraftKings went public via a special purpose acquisition company (SPAC) in 2020.

The company operates mobile sports betting in 26 states and Washington, DC. In the third quarter of fiscal year 2025, DraftKings had 3.6 million average monthly unique paying customers. Average revenue per unique paying customer was $106.

Rush Street Interactive

Rush Street Interactive (RSI) (RSI -0.73%), which operates the BetRivers sportsbook, is another relative newcomer to the gambling scene and was founded in 2012. The company has partnerships with multiple professional sports teams, as well as the Spanish football league La Liga.

In the third quarter of 2025, RSI reported revenue of $278 million, up 20% year-over-year. Average revenue per monthly active user was $265 in the US and Canada during that quarter.

The company was first to market for online gambling in Indiana, Colorado, and Illinois. RSI operates online sportsbooks in 15 states, along with Ontario, Mexico, Peru, and Colombia.

PointsBet

Founded in Australia, PointsBet (PBTHF +69.97%) offers online sports betting in Australia, Canada, Ireland, and the United States.

In 2024, Fanatics Betting and Gaming acquired PointsBet's US operations, and now all of the company's former U.S. business operates under Fanatics.

For fiscal year 2025, PointsBet posted a normalized EBITDA of around $7.5 million compared to a $1.2 million loss in 2024.

Investing in sports betting: Bet or fold?

The sports betting industry has room to grow, with more states eyeing legalization and major media networks with millions of viewers partnering with sportsbooks.

At the same time, competition is heating up and consolidation appears to be accelerating. Some sportsbooks have spent heavily -- sometimes generating a loss -- on promos to attract bettors in new markets and on media partnerships.

There are few pure sports betting plays given that many sportsbooks are operated by companies that also run casinos as resorts. For investors, that opens up portfolio options and space to maneuver to gain exposure to sports betting without going all-in on the nascent industry.

Motley Fool analysts have put together ideas to get started investing in sports betting stocks. It's up to you to decide if you want a piece of the action.

Sources

Axios (2023). ”Exclusive: NBCU and PointsBet extend betting deal by two years.”
Company SEC filings and investor presentations.
Sportshandle.com (2023). “Legal US Sports Betting Revenue, Handle And Tax Totals Since PASPA Repeal.”

Caesars Entertainment

Caesars Entertainment, Inc., (CZR -0.70%) manages resorts and casinos branded under Caesars, Harrah's, Horseshoe, and Eldorado. Caesars Entertainment also offers digital gaming, including online sports betting, which it offers in 33 North American jurisdictions.

The company generated roughly $1.3 billion in net revenue from sports betting for the trailing 12 months in the third quarter of 2025 and an adjusted EBITDA of $171 million.

Caesars Digital segment, which includes its online sportsbook and iGaming, posted its first quarter of positive adjusted EBITDA in the second quarter of 2023.

Wynn Resorts

Wynn Resorts, Ltd., (WYNN -1.96%) is a holding company that operates multiple segments in the casino space, including Wynn Interactive, which the online sportsbook WynnBet falls under.

While Wynn Resorts posted operating revenue of $1.8 billion in the third quarter of 2025, Wynn Interactive, which includes its online sportsbook, seems to be a minimal part of the business picture at this point.

In 2023, WynnBet closed in eight of the states it operated in. Then in 2024, it sold its New York sports betting license to Penn Entertainment. It currently appears to have a mobile presence in Nevada and in-person betting at its casino hotel in Boston.

Bet365

Bet365 is a private British online gambling company founded in 2000. The company has sportsbooks in 14 states, Canada, and across Europe and Asia.

While Bet365 is private, it does post some financial information. In the fiscal year ending March 31, 2024, it earned $4.6 billion in revenue, a 9% increase year over year. Sports betting revenue increased 11% during that period.

Penn Entertainment

Penn Entertainment, Inc., (PENN -4.07%) owns and operates casinos across the U.S., plus an online sportsbook. It aimed to shake up the sports betting scene with its acquisition of sports media company Barstool Sports, only to shed ownership of it three years later and reraise with a $2 billion deal with ESPN, rebranding its app as ESPN Bet.

However, in November 2025, Penn and ESPN terminated the agreement, with Penn migrating to theScore platform and ESPN signing a new agreement with DraftKings.