Key Players
Competitive Landscape
Rivalry turns on licence count, iGaming depth in the few US states that permit online casino, payments and the ability to carry higher duties. Flutter held 39% of US sportsbook and 27% of US iGaming gross gaming revenue in the second quarter of 2026 through FanDuel. BetMGM moved to an EBITDA profit of USD 220 million in 2025 on net revenue of USD 2.8 billion, up 33%.
bet365 grew revenue 9% to GBP 4.0 billion in the year to March 2025, with casino up 25% against 5% for sports, although pre-tax profit fell to GBP 349 million. DraftKings returned a full-year 2025 net profit of USD 3.7 million, the first since listing in 2020, before swinging to a USD 67.6 million loss in the second quarter of 2026.
Some groups are narrowing US exposure. Super Group said in July 2025 that the group would exit online casino in New Jersey and Pennsylvania, a year after Betway left US sports betting. Penn Entertainment agreed to end the ESPN BET partnership on 1 December 2025, with a relaunch of the US sportsbook as theScore Bet planned for the same date.
Company developments mapped to drivers, trends and opportunities (2026-2036)
| Development | Driver | Trend | Opportunity |
|---|---|---|---|
| August 2026: evoke shareholders approved the Bally's Intralot acquisition | UK duty increase | Consolidation among UK-facing operators | Shared platform and marketing costs |
| August 2026: Flutter cut 2026 revenue guidance after weaker US sportsbook results | Sport outcomes and US investment | iGaming growth offsetting sportsbook volatility | Online casino legalisation in more US states |
| July 2026: Betsson made Latin America the largest region | New Latin American licensing | Revenue mix moving to locally regulated markets | Argentina, Peru and Colombia |
| February 2026: BetMGM reported a USD 220 million 2025 EBITDA | US state legalisation | iGaming-led US profitability | Further state launches |
Source: Future Market Insights, Online Gambling Market Report, 2026-2036.
Flutter earned USD 2,643 million of second-quarter 2026 revenue outside the US against USD 1,683 million in the US, FDJ United generates about two thirds of revenue in France, and Betsson's two largest regions are Latin America and Central and Eastern Europe and Central Asia.
Who leads the online gambling market?
Flutter reported the largest revenue among the profiled listed operators, USD 16,383 million in 2025, and FanDuel held the top US sportsbook share at 41% in the fourth quarter of 2025. Leadership differs by country, and no source ranks operators by global online gross gaming revenue.
Which companies lead on recent, visible product activity?
Flutter, DraftKings, BetMGM, Entain, bet365 and Betsson report separate sportsbook and online casino revenue, the clearest product disclosures in the profiled group.
What should buyers evaluate before approving a supplier?
Payment providers, media partners and B2B suppliers should confirm an operator's licence in each target market, the enforcement record, stake and deposit limit controls, and exposure to scheduled duty changes such as the April 2027 UK remote betting rate.
How is competition expected to change through 2036?
Further consolidation is likely as the 40% remote gaming duty in Britain and rising Brazilian tax rates raise the scale needed to stay profitable. Mid-sized groups are likely to sell or scale back operations, and the largest operators are likely to push into each new US iGaming state.
Representative Company Overview
| Company | Positioning | Recent Development |
|---|---|---|
| Flutter Entertainment | Global multi-brand operator including FanDuel | August 2026: reported Q2 revenue of USD 4,326 million |
| DraftKings | US sportsbook and iGaming operator | August 2026: reported Q2 revenue of USD 1,443 million |
| MGM Resorts International | Co-owner of BetMGM with Entain | February 2026: BetMGM reported 2025 net revenue of USD 2.8 billion |
| evoke plc | Owner of William Hill, 888 and Mr Green | August 2026: shareholders approved acquisition by Bally's Intralot |
| FDJ United | French-led lottery and online gaming group including Unibet | March 2025: renamed after acquiring Kindred |
Research Methodology
The companies listed represent the current market structure and are not a ranking. Inclusion reflects active participation in licensed online gambling, with renamed or acquired entities shown under current names. Primary interviews and desk research on regulator statistics and company disclosures inform the analysis, which is cross-checked against regulator and operator data.
