In this article, we'll take a look at the 17 largest sports betting companies in the United States. If you want to skip the detailed analysis, you can go directly to the following page. 5 of America's largest sports betting companies.
sports betting market
Since the Supreme Court legalized sports betting in 2018, the U.S. sports betting market has grown into a $10 billion industry, according to research by Goldman Sachs. Americans will spend $45 billion annually on sports betting once the market matures, said Ben Andrew, head of European leisure and travel research at Goldman Sachs Research. Increased legalization of gambling activities is likely to further accelerate market growth. On March 11th, sports betting became legal in North Carolina, and in his first 12 hours since the state legalized sports betting, he bet a staggering $23.9 million. Stahl Carpenter, deputy executive director of the Lottery Commission's Division of Gaming Compliance and Sports Wagering, said North Carolina generated more than $11.5 million in actual wagers and an additional $12.3 million in promotional wagers. reported that it occurred.
According to another American Gaming Association report released on March 28, 2024, the U.S. commercial gaming industry's total revenue from casino games, sports betting, and iGaming was $5.82 billion in January 2023; This represents an increase of $4.9 compared to the previous year. %. The market growth can be attributed to the continued development of the sports betting and iGaming sectors. January revenue from casino slots, table games and retail sports betting was $3.82 billion, down 5.9% from 2022. Online gaming revenue, including iGaming and sports betting, was $1.98 billion, an increase of 34.4% from 2022. Also see the 20 most valuable gambling companies in the world and the 19 best gambling stocks to buy right now.
Key players in the sports betting market
Major players in the U.S. sports betting and gambling market include DraftKings Inc. (NASDAQ:DKNG), PENN Entertainment, Inc. (NASDAQ:PENN), Boyd Gaming Corporation (NYSE:BYD), and Caesars Entertainment. Inc. (NASDAQ:CZR).
DraftKings Inc. (NASDAQ:DKNG) is one of the world's leading gambling and sports betting companies. The company announced on March 7 that it will launch an online sportsbook in North Carolina. With the launch of the sportsbook in North Carolina, the sportsbook is now available in Canada, Ontario, and 27 states in the United States. DraftKings Inc. (NASDAQ:DKNG)'s sportsbook offers a variety of betting markets and features, including same-game parlays, special odds boosts, and in-game betting. This platform is safe and regulated to provide responsible gaming access to our customers.
PENN Entertainment, Inc. (NASDAQ:PENN) is one of the largest sports betting companies in the United States and owns the leading sports betting platform ESPN. The company announced on March 11 that its official sportsbook, ESPN BET, has launched in North Carolina as a legal sports betting market opens in the state. North Carolina residents now have access to mobile and web sports betting platforms. ESPN BET includes a variety of sports markets and leagues and offers features such as cross-sport parlays, straight bets, props, odds boosts, custom offers, and in-game betting.
Boyd Gaming Corporation (NYSE:BYD) is a leading American gambling and casino company. On February 8, the company announced its earnings for the fourth quarter of fiscal 2023. Earnings per share (EPS) were $1.66, beating expectations by $0.77. The company's revenue for the quarter totaled $954.41 million, beating estimates by $25.36 million. Below are some of the comments from Boyd Gaming Corporation (NYSE:BYD)'s Q4 2023 earnings call.
“Companywide revenue for the fourth quarter increased 3% to $954 million, driven by growth in our online division. EBITDAR for the quarter was $355 million, an increase from the record fourth quarter of last year. If you look at our real estate business, our gaming revenue, our revenue in the fourth quarter was down less than 1%, which was a notable improvement from the past few quarters. Trade grew at the strongest pace this year. Although this growth was offset by a decline in retail trade, this year – the year-on-year decline in retail trade was the smallest since the first quarter of 2023. , non-gaming revenue continued to grow in the quarter, increasing 1.5% year-over-year.”
Caesars Entertainment, Inc. (NASDAQ:CZR) is a leading American sports entertainment and gambling company. The company announced on March 11 that it will accept mobile sports betting across the Tar Heel State following successful sportsbook launches at Harrah's Cherokee Casino Resort and Harrah's Cherokee Valley River Casino & Hotel in North Carolina. It was announced that it would be. Caesars Entertainment, Inc. (NASDAQ:CZR) has become the first company in the state to offer mobile sports betting.
Now that we have covered the sports betting market and the major companies in the United States, let's take a look at the 17 largest sports betting companies in the United States.
methodology
To create a list of the 17 largest sports betting companies in the United States operating in the gambling and sports betting market, we considered various rankings from around the internet and used stock screeners from Finviz and Yahoo Finance. We screened companies to make sure there were no leaks. A leading company in the market. We then ranked the companies in ascending order of market capitalization as of March 29, 2024. For privately held companies, we ranked them using their official company statements or annual revenue from Forbes. For private companies for which financial data were not available, the number of employees was used to rank the list.
17 of America's largest sports betting companies
17. Circa Sports
Number of employees: 200-500
Circa Sports ranks on the list of largest sports betting companies in the United States. Nevada, Illinois, Colorado, and Iowa offer 24-hour gambling services with higher limits. The company is headquartered in Las Vegas, where he operates one of the largest sportsbooks.
16. Station Casino
Number of employees: 10,000
Station Casinos is a leading entertainment and gaming company. We offer traditional casino games, poker, slot machines, bingo, table games, race betting, sports betting, and more. The company is one of the largest sports betting companies in the United States.
15. GAN Limited (NASDAQ:GAN)
Market capitalization as of March 29: $57.29 million
GAN Limited (NASDAQ:GAN) ranks 15th on the list of the largest sports betting companies in the United States. The company owns the leading gaming platform GAN. The company offers online gaming solutions such as iGaming, sportsbooks, and real-money casino experiences. As of March 29, GAN Limited (NASDAQ:GAN) has a market capitalization of $57.29 million.
14. Canterbury Park Holding Corporation (NASDAQ:CPHC)
Market capitalization as of March 29: $115.99 million
Canterbury Park Holding Corporation (NASDAQ:CPHC) is a leading casino and gambling company. It owns Canterbury Park Racetrack and Card Casino in Minnesota. Its services include casino, poker, card games, live racing, and wagering. The horse racing book opens each day an hour before his first post. As of March 29, Canterbury Park Holding Corporation (NASDAQ:CPHC) had a market capitalization of $115.99 million.
13. Inspired Entertainment, Inc. (NASDAQ:INSE)
Market capitalization as of March 29: $285.52 million
Inspired Entertainment, Inc. (NASDAQ:INSE) is a leading gaming technology and entertainment company. We provide content and platforms to regulated lottery, gambling and gaming operators. As of March 29, Inspired Entertainment, Inc. (NASDAQ:INSE) was valued at $282.52 million.
12. Gambling.com Group Limited (NASDAQ:GAMB)
Market capitalization as of March 29: $339.84 million
Gambling.com Group Limited (NASDAQ:GAMB) is a leading sports betting media company. It helps sportsbooks and gambling companies reach and acquire customers. The company covers more than 15 domestic markets and was valued at $339.84 million as of March 29.
11. Rush Street Interactive, Inc. (NYSE:RSI)
Market capitalization as of March 29: $1.45 billion
Rush Street Interactive, Inc. (NYSE:RSI) ranks No. 11 on the list of largest U.S. sports betting companies. It offers services such as online casino, sports betting, and iGaming. The main gaming brands are BetRivers, PlaySugarHouse, and RushBet. As of March 29, Rush Street Interactive, Inc. (NYSE:RSI) had a market capitalization of $1.45 billion.
10. BetMGM
Annual revenue (2023): $1.96 billion
BetMGM is a joint sports betting company of MGM Resorts International (NYSE:MGM) and Entain Plc (OTC:GMVHF). The company specializes in responsible gambling, digital casinos, and sports betting. In 2023, BetMGM made his $1.96 billion in revenue.
9. PENN Entertainment, Inc. (NASDAQ:PENN)
Market capitalization as of March 29: $2.77 billion
PENN Entertainment, Inc. (NASDAQ:PENN) is a leading gambling and sports betting company in North America. The company operates 43 casinos and racetracks in more than 20 states. It also has a strong presence in online gaming and sports betting. ESPN Bet is the company's official sportsbook with a presence in 18 states and boasts a variety of sports markets and leagues. This sportsbook also offers features such as parlays between sports, straight his bets, props, and odds his boosts. As of March 29, PENN Entertainment, Inc. (NASDAQ:PENN) had a market capitalization of $2.77 billion.
8.Fanduel
Annual revenue (2023): $4.4 billion
Founded in 2009, FanDuel is one of the largest sports betting companies in the United States. The company provides services and products such as gaming, betting, daily fantasy sports, and sports betting. The main brands are FanDuel, Stardust Casino, and TVG. The company has locations in all 50 states and a customer base of 17 million people. The company's annual revenue in 2023 was $4.4 billion.
7. Hard Rock International
Annual revenue (2023): $5.9 billion
Hard Rock International ranks as the largest sports betting company in the United States. An entertainment company that provides gambling, casino, and sports betting services. Its main betting platform, Hard Rock Bet, is one of the best in the country. According to a report from Forbes, the company earned $5.9 billion in revenue in 2023.
6. Fanatics
Annual revenue (2023): $6 billion
Fanatics is a leading sports retail company offering sports merchandise, trading cards, sports betting, and iGaming services. The company is headquartered in Florida and has locations throughout the United States. The company's online sportsbook is available in over 15 states in the United States. According to Forbes magazine, the company had revenue of $6 billion in 2023. It ranks 6th on our list.
Click here to see the five largest sports betting companies in the United States.
Recommended articles:
Disclosure: None. 17 of the largest sports betting companies in the US Originally published on Insider Monkey.
