Online gaming sector leader FanDuel reigned supreme in the United States during Q2 2025, breaking records in revenue and earnings.
In the rapidly growing online sports betting and iGaming market of the United States, three operators have emerged as clear leaders in Q2 2025. FanDuel, BetMGM, and DraftKings have solidified their positions as the top performers, generating impressive revenue figures and expanding their customer base.
FanDuel, a part of Flutter Entertainment, led the pack with an estimated $1.9 billion in Q2 2025 revenue, marking a 32% year-over-year increase. The company's strong sports betting performance and growing customer engagement have helped it maintain its position as the market leader in sports betting revenue in the U.S. [3]
BetMGM, a joint venture between MGM Resorts and Entain, reported Q2 net revenue of $692 million, a 36% increase year-over-year. The company saw a 29% growth in iGaming revenue to $449 million and a 56% increase in online sports betting revenue to $228 million. BetMGM holds about 14% overall market share in gross gaming revenue (GGR), with 22% in iGaming and 8% in sports betting. [1]
DraftKings achieved Q2 2025 revenue with a 37% year-over-year increase, setting records, although the exact Q2 revenue was not explicitly stated. The company's adjusted EBITDA doubled previous highs, reflecting strong core business fundamentals, particularly in sportsbook performance. [5]
Collectively, these nine sportsbooks handle more than 99% of all legal sports bets in the U.S. Among them, FanDuel and DraftKings accounted for nearly 83% of the total adjusted EBITDA (AEBITDA) reported by the six publicly traded online gaming operators in Q2. [2]
Other notable performances include Rush Street Interactive's BetRivers platform, which achieved a record $269 million in Q2 revenue, and Caesars, which reported $343 million in Q2 revenue, a 24% increase year-over-year. BetRivers generated $40 million in Q2 revenue despite having the smallest revenue of the group. [4]
While FanDuel, BetMGM, and DraftKings dominate the market, Fanatics, bet365, and Hard Rock are expected to challenge the major players for market share in the coming quarters. ESPN BET, Caesars, and PENN Entertainment also reported significant user bases and revenues, with ESPN BET reporting 490,000 MAUs in Q2, Caesars reporting 450,000 MAUs, and PENN Entertainment posting a record $316 million in Q2 revenue across ESPN BET, Hollywood iCasino, and theScore Bet in Ontario. [0, 1, 6]
BetRivers reported 200,000 MAUs in Q2, and BetMGM reported around 900,000 MAUs in Q2. [1, 7]
As the market continues to evolve, these top performers are expected to maintain their strong positions, while new entrants aim to make their mark in the competitive landscape of online sports betting and iGaming in the U.S.
Technology played a significant role in the growth of these sports betting operators, as they leveraged advanced platforms to enhance user experience and increase engagement. For instance, FanDuel's strong sports betting performance can be attributed to its innovative technology solutions.
In the realm of sports, these online betting platforms have become key players, revolutionizing how Americans participate in and enjoy their favorite games, with FanDuel, BetMGM, and DraftKings leading the charge.
