The landscape of sports betting in the United States has undergone a significant transformation since the U.S. Supreme Court overturned the federal ban on sports betting in 2018. This decision paved the way for 38 states and the District of Columbia to legalize sports betting, with more states expected to follow suit. The legalization of online sports betting has further fueled the market’s growth, making it a lucrative industry for investors to explore.
Leading the pack in U.S. online sports betting is Flutter Entertainment, a prominent player in the U.K., Ireland, Australia, and the U.S. Through its popular online sports betting site, FanDuel, Flutter Entertainment has captured a substantial market share, estimated at around 48% as of 2025. The company’s strategic focus on customer acquisition and market expansion has yielded positive results, with consistent growth and a strong presence in key markets.
Another key player in the online sports betting arena is DraftKings, which boasts the second-largest online sportsbook in the U.S. DraftKings holds approximately 25% of the market share and operates in 25 states and Washington, D.C. As a pure online operator without brick-and-mortar establishments, DraftKings is well-positioned to capitalize on the growing trend of online sports betting in North America.
MGM Resorts, a major casino operator in the U.S. and Macau, has also made significant strides in the sports betting sector. Partnering with Britain’s Entain, MGM Resorts operates BetMGM in the U.S. and acquired LeoVegas to expand its global reach. While facing stiff competition from industry giants like FanDuel and DraftKings, MGM Resorts has maintained a stable market share and is exploring new opportunities in Japan and other markets.
Caesars Entertainment, known for its iconic Caesars Palace casino in Las Vegas, has diversified its portfolio through acquisitions and partnerships. With the acquisition of William Hill, Caesars entered the online sportsbook market in the U.S., rebranding as Caesars Sportsbook. Despite some share loss due to reduced ad campaigns, the company’s digital segment has shown promising growth, with a focus on expanding its online presence and enhancing profitability.
Penn National Gaming, a key player in the casino industry, ventured into online sports betting through strategic acquisitions. By acquiring stakes in BarStool and theScore, Penn National expanded its online sportsbook offerings in multiple jurisdictions. With a presence in 20 U.S. states and Ontario, Penn National has leveraged its media partnerships to drive organic growth and establish a competitive edge in the online sports betting landscape.
For investors seeking diversified exposure to the sports betting and online gaming industry, the Roundhill Sports Betting & iGaming ETF offers a comprehensive investment option. With a portfolio of over 30 industry-related stocks, including major players like Flutter Entertainment, DraftKings, and MGM Resorts, the ETF provides a simplified way to capitalize on the booming sports betting market. With a focus on international stocks and a moderate expense ratio, the ETF presents a compelling investment opportunity for those bullish on the future of sports gambling.
The evolving landscape of sports betting in the U.S. presents a wealth of opportunities for investors looking to capitalize on this burgeoning industry. With key players like Flutter Entertainment, DraftKings, MGM Resorts, Caesars Entertainment, and Penn National Gaming driving innovation and growth, the sports betting sector is poised for continued expansion and profitability in the coming years.
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