Perennial U.S. sports betting and iGaming market share leader FanDuel maintained that title in 2025’s second quarter, leading all major American publicly traded online gaming companies in revenue, earnings, and monthly active users.
- FanDuel led all U.S. sportsbook operators in Q2 2025 with record revenue of $1.79 billion.
- DraftKings was second with $1.5 billion in revenue and $300 million in adjusted EBITDA, while BetMGM placed third with $692 million in revenue.
- FanDuel and DraftKings together generated nearly 83% of the combined adjusted EBITDA among top U.S. online gaming companies..
FanDuel generated a second-quarter company record of more than $1.79 billion from its sportsbook and iCasino, parent company Flutter Entertainment announced during the company’s second-quarter earnings results last week. It represented a 17% year-over-year increase from the second quarter of 2024.
DraftKings, FanDuel’s daily fantasy sports pioneer-turned online gaming market share rival, was second among the six leading publicly traded online gaming operators in revenue for Q2 2025. It reported $1.5 billion in revenue, also a second-quarter record for the company.
The two U.S. market share leaders attributed the success in part to “sportsbook-friendly” outcomes between April and June. American bettors had unusually profitable runs in October and December 2024 as well as March 2025, a trend that ended this spring.
BetMGM finished third in the second quarter with $692 million in revenue. The joint online gaming venture between MGM Resorts and Europe-based Entain generated $449 million of its Q2 revenue for online casino gaming, the only one of the top three earners to see more revenue from online casino gaming than sports betting.
FanDuel led with $507 million in revenue from online slots and table games, followed by BetMGM. DraftKings was third with $430 million in iGaming revenue.
Other operators make gains
Caesars’ digital platforms reported $343 million in Q2 revenue, good for fourth place. The net revenues represented a 24% year-over-year gain from Q2 2024, boosted by a 28% year-over-year improvement in sports betting net revenues.
PENN Entertainment generated $316 million in Q2 revenues across its ESPN BET sportsbook, Hollywood iCasino, and Ontario-based theScore Bet platforms, also a company second-quarter record. Rush Street Interactive’s BetRivers platform reported $269 million in second-quarter revenue, the highest mark in company history.
Q2 2025 Gaming Operator Performance
Fanatics, bet365, and Hard Rock are projected to rival the aforementioned operators for revenue and market share but do not disclose their U.S. financials publicly. Combined, these nine sportsbooks accept more than 99% of all legal sports bets placed in the U.S.
Top two operators make significant profit gains
Earnings and customer totals differentiated the two U.S. market leaders even further from their competition.
FanDuel reported $400 million in Q2 adjusted earnings before interest, taxes, depreciation, and amortization (AEBITDA), the most of any of the six publicly traded online gaming platforms. DraftKings was second with $300 million.
Combined the two generated nearly 83% of the AEBITDA reported by the six operators. The metric gives a better picture of how well a company performs from its core operations.
BetMGM was again third, with $86 million in Q2 AEBITDA. Caesars was fourth with $80 million. BetRivers generated $40 million in AEBITDA in the second quarter, doing so despite less revenue than any of its competitors.
ESPN BET reported an AEBITDA loss of $62 million in the quarter as the company continues to invest in its platform ahead of the third and fourth quarters. Sportsbooks tend to generate most of their revenue during the second half of the calendar year due to football, America’s most wagered-upon sport.
FanDuel reported 3.5 million monthly active users (MAUs) during the quarter. DraftKings was second with 3.3 million, a figure that also included customers of its Jackpocket online lottery courier.
BetMGM reported around 900,000 MAUs, followed by ESPN BET (490,000), Caesars (450,000), and BetRivers (200,000).
