
Sports betting has taken off, with sports-focused outfits such as DraftKings competing with casino titans like Caesars and MGM Resorts to attract gamblers.
Since 2018, sportsbooks have generated $20 billion in gross revenue from more than $247 billion in bets across the 34 states, plus the District of Columbia, where sports betting is legal.
DraftKings, Inc., is the largest company with a sportsbook by market capitalization. The company is a relative newcomer, founded in 2012 as a fantasy sports platform. It has swayed investors with major media partnerships and by quickly launching sportsbooks in legal states after the Supreme Court allowed states to legalize sports wagering in 2018.
Read on for a full report into the biggest sports betting companies.
Key findings
- Flutter Entertainment, the owner of FanDuel, is the largest online sportsbook operator in the U.S. with a market capitalization of $31 billion as of Aug. 16, 2023.
- Sportsbooks have earned $20 billion in gross revenue on more than $247 billion worth of sports wagers since 2018.
- Most online sportsbooks are owned by companies that have other gambling and hospitality operations.
Biggest sports betting companies
Sports Betting Company | Market Cap (as of Aug. 16, 2023) |
---|---|
Flutter Entertainment (LSE:FLTR; OTC:PDYPF; OTC:PDYP.Y) | $31 billion (converted from British Pounds) |
MGM Resorts (NYSE:MGM) | $15.4 billion |
DraftKings (NASDAQ:DKNG) | $12.77 billion |
Caesars Entertainment (NASDAQ:CZR) | $11.54 billion |
Wynn Resorts (NASDAQ:WYNN) | $10.82 billion |
Bet365 | $3.6 billion (converted from British Pounds). (Revenue is for the financial year ending March 27, 2022). |
Penn National Gaming (NASDAQ:PENN) | $3.54 billion |
Rush Street Interactive (NYSE:RSI) | $968 million |
PointsBet (OTC:PBTHF) | $318 million (converted from Australian dollars) |
About the Author
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.