The 10 biggest online gambling companies of the last decade

The aim of this post is to illustrate the 10 largest internet gambling companies in the world over the past 10 years.

Most of the names on the list are pretty familiar, unsurprisingly. What is surprising is the volatility of the change in their market values over the decade.

A dynamic 10 year long bar chart time series is below. But as at 31 December 2024, these were largest (by market value) online gambling companies in the world. Value is in USD billions.

	Company	Brands, operations overview	Value
1	Flutter Entertainment	Listed on NYSE and owning a list of mega-brands including Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, Tombola and Sportsbet.	46.59
2	Draft Kings	Draft Kings have established a market leading position in the regulated US online gambling market since listing in 2020.	18.49
3	Evolution	Market leading provider of live dealer games. Also owns of RNG games developers including NetEnt, Red Tiger, Real Time Gaming.	16.01
4	Light & Wonder	Developer of RNG online casino games, formerly under the brand Scientific Games	7.59
5	Entain	Owner of a long list of acquired brands including: Bwin, PartyCasino, Ladbrokes, Coral, Sportingbet, Neds, BetCity and Gioco Gigitale.	5.43
6	Rush Street Interactive	Operates mainly in the US regulated online casino & sport betting market since listing in 2020. Brands include Rush Street, PlaySugarHouse & BetRivers.	3.10
7	Super Group	Operates a large collection of longstanding internet gambling brands: Betway, Jackpot City, Lucky Nugget, Platinum Play, Royal Vegas.	3.05
8	Playtech	Provider of online casino games, initially RNG and then live dealer.	2.73
9	Kindred Group	Owns 32Red, Bingo.com and the flagship Unibet brand. Was recently acquired by FDJ with purchase completing just before 2024 year end.	2.53
10	Betsson Group	In addition to Betsson brand, owns the likes of CasinoEuro, Betsafe, NordicBet and Guts.	1.79

Valuation Method

Values used for each company were market capitalisation at year end, in US dollars. The calculation was therefore:

• at 31 December for each year end, 2015, 2016 through until 2024,
• company share price,
• multiplied by total shares on issue,
• with value converted to USD using exchange rate at that time.

For a number of the companies on the list the calculation had already been done by companiesmarketcap.com. Otherwise manual calculations were done.

Inclusion Criteria

The two major inclusion criteria were:

1. Only businesses that derived a majority of revenue from online gambling, in either a B2C or B2B capacity were included.  Companies prominent in the online gambling industry, but also owning land based casinos (eg Caesars Entertainment, MGM Resorts) were excluded.
2. Only publicly listed companies were included to enable valuation transparency.

Notable exclusions

Using only listed companies, bet365 is the standout exclusion.

Using an estimated value, it would comfortably sit in the top half of the list now and for a good portion of the decade. Taking bet365’s 2024 results (pre-tax profit of £626 million) and applying an industry standard 15x earnings multiple a value of just over £9 billion is reached. The only thing keeping bet365 out of the list is an IPO.

Another business that would be on the list (for more recent years) if it weren’t private is Stake.

According to the Financial Times Stake generated AUD 2.6 million in gross gaming revenue in 2022. In July 2024, The Australian Newspaper estimated founder Ed Craven’s share in the business to be worth almost AUD 4 billion.

Decade time series