Top 10 US Sportsbook Operators and Their Owners in 2025

Since the repeal of PASPA in 2018, the US sports betting market has undergone an extraordinary transformation. States have raced to open their doors, unlocking unprecedented opportunities for operators and investors. 

With billions of dollars at stake and new US markets emerging, new players and established giants compete fiercely for market share. To succeed in this high-stakes market, grasping what sets the top players apart is non-negotiable.

US Sportsbook Brands Rankings and Owners

Before diving into brand owner details, here’s a quick snapshot of the top 10 sportsbook operators dominating the US market. 

Our ranking is based on a combination of key factors. Market share and revenue weigh heavily, with operators like FanDuel and DraftKings leading in total betting handle and gross gaming revenue. Geographic reach also plays a significant role, with companies licensed in more states benefitting from a larger customer base. 

The following table highlights each brand, its parent company, and what sets it apart in a fiercely competitive industry. 

Parent Companies Behind the Top US Sportsbook Brands

From innovative betting features to strategic media partnerships, these operators are shaping the future of sports betting in America.

DraftKings Inc.

DraftKings Inc. has come a long way since its founding in Boston, Massachusetts, in 2012. What began as a daily fantasy sports platform quickly became a major player in the U.S. sports betting market. The company’s transformation gained momentum after the 2018 Supreme Court decision (PASPA), opening the doors for states to legalise sports betting. DraftKings didn’t waste time launching its first legal online sportsbook in New Jersey shortly after, setting the tone for its rapid national expansion.

DraftKings’s focus on technology and innovation is a key driver of its success. The company delivers a user-friendly experience across its platforms. Combined with strategic moves to build brand trust, it has become a household name among sports bettors.

Notable highlights:

• 2023 Revenue: $3.665 billion (up 63.6% from 2022).

• Owned Brands: Golden Nugget Online Gaming (acquired May 2022).

• Key Collaborations: Major sports leagues, including the NFL and MLB.

• Competitive Edge: DraftKings’s journey from a fantasy sports upstart to a sportsbook giant is a case study in adapting to opportunity with precision and speed.

Flutter Entertainment PLC

Flutter Entertainment plc, based in Dublin, Ireland, is a global giant in sports betting and gaming. Formed in 2016 through the merger of Paddy Power and Betfair, the company expanded its reach further by acquiring The Stars Group in 2020 (PokerStars). In the US, Flutter has made its mark with FanDuel, its flagship brand, which has emerged as a dominant player in the online sports betting market.

What sets Flutter apart is its financial strength and impressive portfolio, which includes household names like Paddy Power, Betfair, and PokerStars. By combining the strength of its established brands with cutting-edge technology, Flutter has created a user experience that resonates with bettors. Its ability to adapt and innovate has positioned the company as a leader in this competitive space.

Notable Highlights:

• 2023 Revenue: $11.8 billion.

• Owned Brands: Betfair, Paddy Power, PokerStars, Sky Betting & Gaming, Sportsbet.

• Key Partnerships: Collaborations with major sports leagues like the NFL and NBA.

• Competitive Edge: Flutter’s blend of strategic investments and bold moves ensures its continued success in the US sports betting market.

MGM Resorts International

Established in 1986 and headquartered in Las Vegas, Nevada, MGM Resorts International has long been a prominent name in the casino and hospitality industry. With decades of experience operating land-based casinos, MGM has successfully transitioned into the digital realm through BetMGM, a joint venture with Entain plc. 

This move has allowed MGM to integrate its physical and online offerings, providing a comprehensive gaming experience for its customers. The synergy between its established brick-and-mortar presence and its digital platform has been a key differentiator in the competitive US market.

Notable Highlights:

• 2023 Revenue: $16.2 billion, a 23% increase from 2022.

• Owned Brands: MGM Grand, Bellagio, Mandalay Bay, and The Mirage, among others.

• Key Partnerships: Official gaming partnerships with major sports leagues, including the NBA, NHL, and MLB.

• Competitive Edge: MGM's strategic expansion into online sports betting and its strong physical presence highlight its adaptability and commitment to meet evolving consumer preferences.

Caesars Entertainment Corp.

Established in 1937 in Reno, Nevada, Caesars Entertainment, Inc. has grown into the largest casino entertainment company in the United States. With a vast network of casinos, including renowned names like Caesars Palace, Harrah’s, and Horseshoe, the company has transitioned into the digital space with its sportsbook offerings.

A key driver of its success is the Caesars Rewards program, which integrates rewards across both casino and sportsbook platforms, creating a loyal customer base. 

This synergy between physical casinos and online betting has been fundamental to its growth. Coupled with its longstanding reputation in the gaming industry and strategic partnerships, Caesars continues to be a prominent player in a competitive marketplace.

Notable Highlights:

• 2023 Revenue: $10.3 billion.

• Owned Brands: Caesars Palace, Harrah’s, Horseshoe, Tropicana, and others.

• Key Partnerships: Official sports betting partner of the NFL and NHL.

• Competitive Edge: Caesars’ approach highlights how a strong physical presence and digital innovation drive success in today’s gaming market.

bet365 Group Ltd.

Established in the United Kingdom in 2000, Bet365 Group Ltd. has earned its reputation as a global pioneer in online sports betting technology. Known for its innovative approach and wide range of betting options, the company has set benchmarks in the global betting industry, offering features like in-play betting and live streaming that have become industry standards. When Bet365 entered the US market, it brought this legacy with it, focusing on delivering a consistent user experience tailored to the preferences of American sports bettors.

What truly sets Bet365 apart is its ability to combine a vast selection of betting markets with an intuitive platform that appeals to new and experienced users. This dedication to quality and reliability has helped the brand establish itself in a highly competitive field.

Notable Highlights:

• 2023 Revenue: £3.72 billion ($4.65 billion).

• Owned Brands: Primarily operates under the Bet365 name, offering sports betting, casino, and poker.

• Key Partnerships: Official global partner of the UEFA Champions League, cementing its presence in the world’s biggest football tournaments.

• Competitive Edge: Bet365’s formula is simple yet powerful: advanced technology, a focus on user experience, and a commitment to staying ahead of the curve.

Fanatics Inc.

Fanatics Inc. started in 1995 as a small retail store in Jacksonville, Florida, focused on local team merchandise. Today, it’s a global leader in licensed sports apparel and merchandise, generating an impressive $8 billion in revenue in 2023. Building on its strong foundation, Fanatics recently entered the US sports betting market by acquiring PointsBet’s US operations for $225 million in June 2023. This acquisition gave Fanatics access to key state licences, including Michigan, New York, and Pennsylvania.

What sets Fanatics apart is its ability to blend its merchandise business with its sportsbook. The FanCash Rewards program is a standout feature, allowing users to earn rewards on bets that can be redeemed for sports gear. This clever way to bridge retail and gaming sectors was a smart move. With a focus on innovative cross-promotion strategies and strong connections to sports leagues, Fanatics is carving out a unique place in the US market.

Notable Highlights:

• 2023 Revenue: Approximately $8 billion.

• Owned Brands: Fanatics Collectibles, including the Topps trading card brand.

• Key Partnerships: Official merchandise provider for the NFL, NBA, MLB, and NHL.

• Competitive Edge: Fanatics’ unified integration of betting and merchandise makes it a unique player in the US sports betting sector.

PENN Entertainment

Founded in 1982, PENN Entertainment has grown into one of the most prominent names in the US gaming and racing industry. The company has established a strong foothold in the brick-and-mortar gaming space with a network of 43 properties across 20 states, including brands like Hollywood Casino and L’Auberge.

In 2023, PENN reported revenues of $6.36 billion, reflecting a stable performance compared to the previous year. However, the company's net loss was $490 million, a significant decline from the $221.2 million profit recorded in the previous financial year. That same year (2023), the company took a bold step forward by partnering with ESPN to launch ESPN Bet, rebranding the Barstool Sportsbook. This 10-year agreement gives PENN exclusive rights to the ESPN Bet brand, leveraging ESPN’s enormous reach and credibility to strengthen its digital presence. 

Notable Highlights:

• 2023 Revenue: Approximately $6.36 billion.

• Owned Brands: Hollywood Casino, L’Auberge, theScore Bet Sportsbook and Casino.

• Key Partnerships: Exclusive 10-year deal with ESPN for ESPN Bet.

• Competitive Edge: PENN’s integration of a vast physical footprint with new digital opportunities, such as ESPN Bet, highlights its commitment to innovation.

Rush Street Interactive (RSI)

In operation since 2012, Rush Street Interactive has made a name for itself as a rising star in the US online gaming market. Operating primarily under the BetRivers brand, RSI has focused its efforts on regional markets, thriving in mid-sized states where competition is less intense. This strategy, combined with a strong emphasis on creating a user-friendly experience and building customer loyalty, has helped the company stand out in the crowded US market.

In 2023, RSI's revenues were $691 million, a 17% increase over the previous year. Alongside BetRivers, the company operates the PlaySugarHouse brand, broadening its reach. A key collaboration with Infront Bettor has further enhanced RSI’s ITF data and streaming offerings, providing the company with a greater competitive advantage.

Notable Highlights:

• 2023 Revenue: $691 million.

• Owned Brands: BetRivers and PlaySugarHouse.

• Key Partnerships: Collaboration with Infront Bettor for official ITF data and streams.

• Competitive Edge: RSI’s regional focus and commitment to customer satisfaction continue to drive its growth in the ever-expanding US sports betting market.

PointsBet Holdings Ltd.

Established in Victoria, Australia, PointsBet Holdings Ltd. has built a strong reputation for innovation in sports betting, particularly as it expands into the US market. Known for its unique 'PointsBetting' system, which adjusts winnings or losses based on how accurate a bettor’s prediction is compared to the final result, the company offers a high-risk, high-reward wagering style that appeals to seasoned bettors looking for something different. Furthermore, its mobile-first approach makes it popular among mobile, on-the-go bettors.

Strategic partnerships have been key to PointsBet's success. Notable collaborations include becoming an NBA Authorized Sports Betting Operator and working with Genius Sports to enhance data integration and fan engagement. With a focus on innovation and customer experience, PointsBet continues to carve out a significant niche in the competitive US market.

Notable Highlights:

• 2023 Revenue: AUD 245.49 million (16.74% growth year-over-year).

• Owned Brands: Operates primarily under the PointsBet brand.

• Key Partnerships: Authorized Sports Betting Operator of the NBA; data integration partnership with Genius Sports.

• Competitive Edge: PointsBet’s unique offerings and strategic focus on mobile betting make it a significant player in the US sportsbook space.

Entain PLC

Established in 2004 and headquartered in the UK, Entain PLC has emerged as a global leader in the iGaming industry, with a notable presence in the US market. While it does not directly own a top 10 sportsbook brand in the US, its joint venture with MGM Resorts, BetMGM, has been a success. Beyond BetMGM, Entain owns a strong portfolio of international brands, including Bwin, Ladbrokes, and Coral, which are well-known for their sports betting and gaming offerings across Europe and other markets.

Entain’s strategy in the US focuses on innovation, responsible gaming, and partnerships that enhance its offerings. Its sophisticated use of data analytics and personalised user experiences has been key to engaging American bettors. With a strong commitment to technology, Entain continues to position itself as a forward-thinking operator in a competitive market.

Notable Highlights:

• 2023 Revenue: £3.83 billion (8% year-over-year growth).

• Owned Brands: BetMGM (via a joint venture with MGM Resorts), bwin, Ladbrokes, Coral.

• Key Collaborations: Major partnerships through BetMGM with sports leagues like the NFL and NBA.

• Competitive Edge: Entain’s diverse portfolio and innovative approach solidify its reputation as a leader in the US and global iGaming markets.

Why Knowledge of Parent Companies Matters

Knowing the companies behind the big US sportsbook brands can provide valuable insights for new entrants looking to carve out their own success in the market. Parent companies set the tone for everything, from branding and technology to marketing strategies and regulatory compliance. Studying how these industry leaders operate can reveal the blueprint for building a competitive sportsbook and sustained success in the US and beyond.

For instance, parent companies like Flutter Entertainment and MGM Resorts bring global expertise and resources to their US brands. Moreover, their ability to scale, form partnerships, and integrate technology offers valuable insights into how to manage the complexities of the US market. These lessons can guide new brands in areas such as market entry, customer acquisition, and operational efficiency.

Market Shares and Competitive Overview

The US sportsbook market is dominated by a handful of key players, each backed by a powerful parent company. FanDuel, under Flutter Entertainment, holds the leading position, driven by its broad reach and innovative features. Behind Flutter, DraftKings has been steadily narrowing the gap with aggressive growth strategies and a strong brand presence.

BetMGM, a joint venture between MGM Resorts and Entain, and Caesars Sportsbook also play leading roles, using their extensive land-based casino networks and established reputations to maintain steady growth. With each major company focusing on technological innovation and user acquisition, the market remains in a growth phase full of opportunities for new entrants and established operators alike.

Other Key Insights for Investors

Understanding what drives success is essential for investors exploring the US sportsbook market. The operators with the greatest impact combine cutting-edge innovation with a deep focus on the user experience. Technology is at the heart of this, with features like live betting and intuitive bet builders influencing how people engage with sportsbooks. Further to this, integrated mobile apps and AI-powered odds-setting create personalised experiences that attract new bettors and keep them returning to the platform.

Media partnerships and strategic branding are also significant considerations in the US market. Deals like FanDuel’s high-profile collaborations with TV networks or ESPN BET’s rebranding efforts showcase the power of visibility. These partnerships amplify brand recognition and tap into dedicated fan bases, helping sportsbooks enhance their presence in an increasingly competitive space.

Equally important is a focus on creating trust and loyalty. Operators who balance engaging features with initiatives that genuinely prioritise the player experience set themselves apart. From targeted advertising that speaks to specific audiences to efforts in responsible gaming, these efforts contribute to long-term growth and credibility.

These insights highlight what it takes for investors to succeed. It’s about blending innovation with strategy and recognising that a sportsbook’s success isn’t just about placing bets; it’s about delivering an experience that resonates with its audience.

Pitfalls and Opportunities in the US Market

With its vast audience and gradual shifts towards deregulation in the legislative environment, the US sports betting market offers exciting opportunities for visionary operators and investors. But competition is fierce, with established giants like FanDuel, DraftKings, and BetMGM dominating the arena. Breaking through requires significant investment in customer acquisition and a keen understanding of what drives loyalty. Add to that the patchwork of state regulations, each with its own compliance demands, and it’s clear that entering this market demands strategic planning and technological expertise.

Yet, the opportunities are immense for those with the right tools and vision. Under-penetrated states continue to open their doors to sports betting, creating fresh markets ripe for innovation. Emerging technologies can give iGaming professionals a real edge. In addition, partnerships with media companies and sports leagues can amplify reach and boost brand credibility, helping new entrants stand out in a crowded space.

With the right technology and strategic approach, the US market becomes an open playing field for those ready to compete and succeed.

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Disclaimer

This information is not intended to be legal advice and is solely extracted from open sources. It should not be relied upon as a substitute for professional legal advice and Altenar does not accept any liability concerning its use.