17 Biggest Sports Betting Companies in the US

Meerub Anjum
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In this article, we will look into the 17 biggest sports betting companies in the US. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Sports Betting Companies in the US.

Sports Betting Market

According to research by Goldman Sachs, the US sports betting market has grown into a $10 billion industry since the Supreme Court legalized the practice in 2018. Ben Andrew, the head of leisure and travel research at Goldman Sachs Research in Europe, forecasts that Americans will spend $45 billion on sports betting annually, once the market matures. The increase in the legalization of betting practices can further amplify the market growth. On March 11, sports betting became legal in North Carolina, and the state wagered a staggering $23.9 million in the first 12 hours of the legalization of sports betting. The Deputy Executive Director of the Game Compliance and Sports Betting Division of the Lotter Commission, Sterl Carpenter, reported that over $11.5 million were generated from actual paid wagers, with an additional $12.3 million in promotional wagers in North Carolina.

Another report by the American Gaming Association, released on March 28, 2024, shows that the US commercial gaming industry's collective revenue from casino games, sports betting, and iGaming was $5.82 billion for January 2023, representing a year-over-year increase of 4.9%. The market growth can be attributed to the continued development of sports betting and iGaming verticals. Revenue in January from casino slots, table games, and retail sports betting amounted to $3.82 billion, down 5.9% from 2022.  Online gaming, which includes iGaming and sports betting, generated a revenue of $1.98 billion, up 34.4% from 2022. You can also look at the 20 Most Valuable Gambling Companies in the World and the 19 Best Gambling Stocks to Buy Now.

Key Players in the Sports Betting Market

Some of the major players in the sports betting and gambling market in the United States 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 leading gambling and sports betting companies in the world. On March 7, the company announced the launch of its online sportsbook in North Carolina. With the launch of the sportsbook in North Carolina, the sportsbook is now available in Canada, Ontario, and 27 US states. The sportsbook by DraftKings Inc. (NASDAQ:DKNG) offers various betting markets and features such as same-game parlays, special odds boosts, and in-game betting. The platform is safe and regulated to provide customers access to responsible gaming.

PENN Entertainment, Inc. (NASDAQ:PENN) is one of the biggest sports betting companies in the US and owns the leading sports betting platform ESPN. On March 11, the company announced that its official sportsbook, ESPN BET, has been launched in North Carolina amid the opening of the legal sports betting market in the state. Residents in North Carolina now have access to the mobile and web sports betting platform. ESPN BET includes various sports markets and leagues, and offers features such as cross-sport parlays, straight bets, props, odds boost, custom offers, and in-game wagering.

Boyd Gaming Corporation (NYSE:BYD) is a leading gambling and casino company in the US. On February 8, the company announced its earnings for the fiscal fourth quarter of 2023. It reported an earnings per share (EPS) of $1.66 and surpassed estimates by $0.77. The company's revenue for the quarter reached $954.41 million, beating estimates by $25.36 million. Here are some of the comments from Boyd Gaming Corporation's (NYSE:BYD) Q4 2023 earnings call:

"During the fourth quarter, company-wide revenues rose 3% to $954 million, driven by growth in our Online segment. EBITDAR for the quarter was $355 million, down slightly from a record fourth quarter last year. Looking at property operations, gaming revenues for the fourth quarter were down less than 1%, a notable improvement from the last several quarters. During the quarter, play from our core customers grew at the strongest rate of the year. While this growth was offset by lower retail play, the year-over-year decline in retail play was the smallest we have seen since the first quarter of 2023. And non-gaming revenue for the quarter continued to grow, rising 1.5% over prior year."

Caesars Entertainment, Inc. (NASDAQ:CZR) is a leading sports entertainment and betting company in the United States. On March 11, the company announced that it will now be accepting mobile sports wagers across the Tar Heel State, after the successful launch of its sportsbook in North Carolina at Harrah’s Cherokee Casino Resort and Harrah’s Cherokee Valley River Casino & Hotel. Caesars Entertainment, Inc. (NASDAQ:CZR) became the first company in the state to offer mobile sports wagering.

Now that we have discussed the sports betting market and the key players in the US, let's have a look at the 17 biggest sports betting companies in the US.

Methodology

To create our list of the 17 biggest sports betting companies in the US, we reviewed various rankings on the internet and screened for companies operating in the gambling and sports betting market by using the Finviz and Yahoo Finance stock screeners to ensure we did not miss any major companies in the market. Then, we ranked the companies in ascending order of their market cap as of March 29, 2024. For private companies, we utilized their annual revenue, sourced from official company statements or Forbes, to rank them. For private companies with unavailable financial data, we utilized their number of employees to rank them on our list.

17 Biggest Sports Betting Companies in the US

17. Circa Sports

Number of Employees: 200-500

Circa Sports is ranked on our list of the biggest sports betting companies in the US. It provides a 24-hour betting service with higher limits in Nevada, Illinois, Colorado, and Iowa. The company is headquartered in Las Vegas and operates one of the largest sportsbooks there.

16. Station Casinos

Number of Employees: 10,000

Station Casinos is a leading entertainment and gaming company. It provides services such as traditional casino gaming, poker, slot machines, bingo, table games, race betting, and sports wagering. It is one of the biggest sports betting companies in the US.

15. GAN Limited (NASDAQ:GAN)

Market Cap as of March 29: $57.29 million

GAN Limited (NASDAQ:GAN) is ranked 15th on our list of the biggest sports betting companies in the US. The company owns the leading gaming platform GAN. The company offers online gaming solutions, including iGaming, sportsbooks, and real-money Casino experience. As of March 29, GAN Limited (NASDAQ:GAN) has a market cap of $57.29 million.

14. Canterbury Park Holding Corporation (NASDAQ:CPHC)

Market Cap 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 offerings include casino, poker, card games, live racing, and wagering. The racebook opens daily one hour before the first post. As of March 29, Canterbury Park Holding Corporation (NASDAQ:CPHC) has a market cap of $115.99 million.

13. Inspired Entertainment, Inc. (NASDAQ:INSE)

Market Cap as of March 29: $285.52 million

Inspired Entertainment, Inc. (NASDAQ:INSE) is a leading game technology and entertainment company. It offers content and platforms to regulated lottery, betting, and gaming operators. As of March 29, Inspired Entertainment, Inc. (NASDAQ:INSE) is valued at $282.52 million.

12. Gambling.com Group Limited (NASDAQ:GAMB)

Market Cap 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 national markets and is valued at $339.84 million, as of March 29.

11. Rush Street Interactive, Inc. (NYSE:RSI)

Market Cap as of March 29: $1.45 billion

Rush Street Interactive, Inc. (NYSE:RSI) is ranked 11th on our list of the biggest sports betting companies in the US. It provides services, including online casinos, sports betting, and iGaming. Its major gaming brands are BetRivers, PlaySugarHouse, and RushBet. As of March 29, Rush Street Interactive, Inc. (NYSE:RSI) has a market cap 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 generated a revenue of $1.96 billion.

9. PENN Entertainment, Inc. (NASDAQ:PENN)

Market Cap 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 has 43 casinos and racetracks in over 20 states. It also has a strong presence in online gaming and sports betting. ESPN Bet is the company's official sportsbook present in 18 states, boasting various sports markets and leagues. The sportsbook also offers features such as cross-sport parlays, straight bets, props, and odds boosts. As of March 29, PENN Entertainment, Inc. (NASDAQ:PENN) has a market cap of $2.77 billion.

8. FanDuel

Annual Revenue (2023): $4.4 billion

Founded in 2009, FanDuel is one of the biggest sports betting companies in the US. The company provides services and products, including gaming, wagering, daily fantasy sports, and sports betting. Its major brands are FanDuel, Stardust Casino, and TVG. The company has a presence across all 50 states and a customer base of 17 million. In 2023, the annual revenue of the company was $4.4 billion.

7. Hard Rock International

Annual Revenue (2023): $5.9 billion

Hard Rock International is ranked among the biggest sports betting companies in the US. It is an entertainment company, providing gambling, casino, and sports betting services. Its leading betting platform, Hard Rock Bet, is one of the best in the country. In 2023, the company generated $5.9 billion in revenue, as reported by Forbes.

6. Fanatics

Annual Revenue (2023): $6 billion

Fanatics is a leading sports retail company that provides sports collectibles, trading cards, sports betting, and iGaming services. The company is headquartered in Florida and has a presence all around the country. Its online sportsbook is available in over 15 US states. In 2023, the company generated a revenue of $6 billion, according to Forbes. It is ranked 6th on our list.

Click here to see 5 Biggest Sports Betting Companies in the US.

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Disclosure: None. 17 Biggest Sports Betting Companies in the US is originally published on Insider Monkey.

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