The Biggest Sports Betting Companies

Since 2018, sportsbooks have generated $20 billion in gross revenue from more than $247 billion in bets across 34 states.

By Jack Caporal - Updated 21 August 2023 at 14:41 pm Image source: Gett y-images

Sportsbooks are becoming more popular, and companies like DraftKings are competing with casinos like Caesars and MGM Resorts to attract gamblers.

Since 2018, sportsbookmakers have taken in $20 billion of the more than $247 billion in betting in 34 states and the District of Columbia, where sports fees are legal.

DraftKings is the largest sportsbook company by market capitalization. The company is a relatively new company, founded in 2012 as a fantasy sports platform. After the Supreme Court allowed states to legalize sports fees in 2018, it gained investor attention thanks to major media partnerships and the rapid launch of sportsbooks in legal states.

Continue reading our full report on the biggest companies in sports betting.

Key findings

Key findings

• Flutter Entertainment, which owns Fanduel, is the largest online sports board operator in the United States with a market capitalization of $31 billion as of August 16, 2023.
• Since 2018, sports bookmakers have earned $20 billion in total revenue from sports fees of more than $247 billion.
• Most online sports boards belong to companies that also have other gambling and hotel activities.

The biggest sports betting companies

Biggest sports betting companies

Data source: Fool. com

Sports review companies	Market capitalization (as of August 16, 2023)
space} {space	space} {space
space} {space	space} {space
space} {space	{space}
space} {space	space} {space
space} {space	space} {space
{space}	{space}
space} {space	space} {space
space} {space	space} {space
{space}	space} {space

Flutter Entertainment

Flutter Entertainment

According to Flutter, it accounts for 47 % of US online sports boards and 23 % in the Igaming market by the second quarter of 2023. In the first half of 2023, Fandoel's profit was $ 100 million in EBITDA. In 2022, Fandoel made a profit for the first time as a US online sportsbook.

Flatters also control the main international online gambling platforms, including bet fair, sports beds, Poxters, Skybokking & AMP; gaming.

Flutter controls sports online men through Fandecel in 32 states and Colombia County.

MGM Resorts (NYSE: MGM) manages sports charges and online games called BETMGM. The company has some partnerships, including Buffalo Wild Wings, National Basketball Associations (NBA), National Hockey League (NHL), Main Baseball League (MLB), and many professional sports teams. It is.

MGM Resorts

MGM Resorts

In the second quarter of FY2023, EBITDA became a profit for the first time in the bed MGM.

According to Bet MG, it is third in US sports charges and Igaming, and is the number one in the Igaming market.

BETMGM offers a sportsbook maker in 24 states and the special Colombia ward. MGM Resorts also shows an extensive presence internationally.

Draft Kings (NASDAQ: DKNG), which was established in 2012 as a platform for fantasy sports, quickly became a worl d-famous fantasy sport, and eventually sports betting, with major companies such as MLB, NHL, ESPN. The transaction was established. In addition, the company has been invested by Fox Sports (now owning Disney) and a craft group that owns New England Patriots.

DraftKings

DraftKings

Draft Kings became the first sports book maker and entered the New Jersey market in 2018 with "GARDEN LEGALISED SPORTS BETS".

The company operates a mobile sports betting in 21 states. In the second quarter of 2023, the average monthly unique ptinging customer for the fiscal year was 20 million, which was 44 % larger than last year. The average income of a unique customer of a single customer is $ 137, which is more than $ 33 last year.

Caesars Entertainment, Inc, (Nasdaq: CZR) operates Caesars, Harrah's, Horseshoe, Eldorado brand resort and casinos. Caesters Entertainment also provides digital gambling, including online sports, and is provided in 22 jurisdictions in North America.

Caesars Entertainment

Caesars Entertainment

From April to June 2023, the company received $ 159 million from a $ 2. 5 billion sporting fee. This exceeds $ 121 million at the same time in 2022.

Caesars Digital sector, which connects online sportsbook and iGaming, set Q2 2023 adjusted EBITDA to be Q1 positive.

Wynn Resorts, Ltd, (NASDAQ: WYNN) is a holding company that operates several sectors of casinos across Wynn Interactive, including Wynnbet Online Sports Book.

Wynn Resorts

Wynn Resorts

Wynnbet is available in 12 states.

BET365 - A privately held British company engaged in online gambling founded in 2000. It has sportsbooks in New Jersey, Colorado, Ohio, Virginia, Iowa, Ontario (Canada), Europe, and Asia.

BET365 is considered a private company, but it does release some economic information. Revenues for 2022 are expected to be $3. 4 billion, up 2. 9% from last year. However, profits plummeted 90% to $60 million as the company spent huge ways to acquire buyers in the expanded market. IGAMing revenues increased 25%, but sports fee revenues still fell 2%.

Bet365

Bet365

Penn Entertainment Inc. (NASDAQ:Penn) owns and operates casinos in the United States and also operates online bookmakers. After acquiring sports media company Barstool Sports, it tried to shake up the sports betting market, but it adamantly gave up its affiliation rights for three years and resumed its position with ESPN for the required amount of $2 billion.

The terms of Penn's general partnership with ESPN allow Penn to pay ESPN $1. 5 billion over 10 years, and ESPN can buy a significant number of Penn promotions during the same period. In return, Penn will acquire the trademark rights to ESPN BET to use in rebranding its sportsbook. Separately, ESPN will launch ESPN BET exclusively on its platform.

Penn Entertainment

Penn Entertainment

While Penn had positive clean earnings and EBITDA in the second quarter of 2023, its interactive sector, which combines online sports, iGaming and other online segments, has proven a change in EBITDAR and volume damage of $12, 8 million. This is on top of another $20, 8 million in annualized calculations.

Penn offers online sports in 27 states.

Rush Street Interactive (RSI) (NYSE:RSI), which manages Betrivers' sportsbook, is another relatively new company in the gambling arena, founded in 2012. The company has partnerships with several professional sports teams and the Spanish soccer league, La Liga.

In the second quarter of fiscal 2023, RSI's net loss was $167 million, compared to $283 million in the same quarter of fiscal 2022. The average revenue per monthly active user was $359, or 11% on an annualized basis.

Rush Street Interactive

Rush Street Interactive

The company was the first to enter the online gambling market in Indiana, Colorado and Illinois. RSI operates sports online clubs in 15 states, Ontario, Mexico and Colombia.

PointBet (OTC: PBTHF), founded in Australia, offers online sports in 14 states and igaming in four.

The cornerstone of the company's strategy in the United States is its partnership with NBCUiversal, which, in exchange for PointsBet, will provide PointsBet to media companies and become NBC's exclusive partner in sports ratings.

PointsBet

PointsBet

The new agreement between the two companies, signed in 2023, will allow NBCUiversal to partner with other sports bookmakers and give PointsBet more opportunities to be integrated into NBC's regional networks and Comcast Network. It will also allow PointsBet to reduce the amount of money it spends on marketing in the United States.

This is consistent with PointsBet's strategy of focusing on operations in states where it believes it can get the most revenue and not trying to operate in the maximum number of states.

In the second quarter of fiscal 2023, PointsBet processed bets on sporting events in the United States for just over $1 billion, 100% more than last year.

PointsBet's loss in normalized EBITDA metrics for the first half of fiscal 2023 was $149. 1 million, compared to a loss of $126 million in the first half of fiscal 2022.

The sports betting industry is set to grow even more in the future.

At the same time, competition seems to be intensifying and consolidation is accelerating. Some sportsbooks spend a lot of money on advertising promotions and media partnerships to attract bettors in new markets.

Investing in sports betting

Investing in sports betting: Bet or fold?

Since many sportsbooks are operated by companies that also include casinos and resorts, there are few pure sports rates. For investors, this opens up more opportunities to choose a portfolio and room to maneuver to access sports betting without relying on an emerging industry.

Motley Fool - analysts have collected ideas to start investing in a collection of sports bookmakers. Only you can decide whether to get in on the action.

{space}.

Axios (2023). "Exclusive: NBCU and PointsBet extend contract with rates by 2 years."

Sources

• Company documents filed with the Securities and Exchange Commission and investor presentations.
• Sporthandle. com (2023). "Revenue from legal sports fees in the U. S., bets at time of PASPA lift, and taxes."