The Largest Gambling Companies in the World (2026, by Revenue)

The short answer: by full-year 2025 revenue, MGM Resorts International is the largest gambling company in the world at $17.54 billion, just ahead of Flutter Entertainment at $16.38 billion. Las Vegas Sands, Caesars Entertainment and Allwyn complete the top five.

This ranking of the largest gambling companies uses revenue, not market cap, and covers the whole industry: casino resorts, lotteries, online betting and gaming, and suppliers. Flutter is the largest online-first betting and gaming company by a wide margin, and on its 2026 guidance it is close to taking the overall top spot.

Ask five websites which gambling company is the biggest and you will get five different answers. One ranks by market cap, another mixes 2022 quarterly numbers with annual ones, and a third leaves out Flutter altogether. If you are pricing a B2B deal, sizing a partner or pitching an operator, that noise is a problem. Below you will find the full top 15, how each figure was built, what each company actually earns its money from, and what the ranking means if you sell to, partner with or compete against these groups.

The 15 largest gambling companies by revenue (FY2025)

Non-USD figures are converted at the Federal Reserve’s 2025 annual average rates (€1 = $1.1306, £1 = $1.3192, $1 = HK$7.7956, $1 = RM4.2809, A$1 = $0.6450). Growth rates are in each company’s reporting currency. *bet365’s year ends in March 2025 and Aristocrat’s in September 2025.

How this list was built

Everything here comes from each company’s own annual results, SEC filings and stock exchange announcements (for example MGM’s FY2025 earnings release, Flutter’s FY2025 results and Las Vegas Sands’ Q4 2025 release), plus trade coverage from outlets such as iGaming Business, CDC Gaming and SBC News for the private companies. Nobody paid to be included.

A few rules keep the ranking honest:

• Revenue, not market cap. Market cap tells you what investors think a company is worth on a given day. In 2026 that number has swung wildly (more on that below), while revenue shows how much business a group actually does.
• Latest audited full year. For most groups that is calendar 2025. bet365 (year to March 2025) and Aristocrat (year to September 2025) report on different calendars, so their figures are the closest full year available.
• Group level, no double counting. Sands China is part of Las Vegas Sands, MGM China is part of MGM, and Genting Singapore sits inside Genting Berhad, so they are not listed separately. BetMGM is a 50/50 joint venture that neither MGM nor Entain consolidates, so its $2.8 billion of 2025 revenue is not in either parent’s number.
• Headline reported revenue. Each company is ranked on the revenue line it reports. That is mostly net revenue after promotions. The one big exception is noted in Allwyn’s entry.
• Whole industry, companies only. Land-based, lottery, online and supplier groups all count, because this is a ranking of gambling companies by revenue rather than a list of online operators. State lotteries such as China’s welfare and sports lotteries and member-owned bodies such as the Hong Kong Jockey Club handle enormous volumes, but they are not commercial companies that report revenue on the same basis, so they are left out.

Who is number one in 2026: MGM or Flutter?

On 2025 numbers, MGM wins by about $1.2 billion. On a trailing 12-month basis to June 2026, the gap is much smaller: MGM sits at roughly $17.76 billion and Flutter at roughly $17.19 billion.

Flutter’s full-year 2026 guidance points to about $17.91 billion in revenue at the midpoint. That was cut by $395 million in August, when the company also reported a Q2 net loss of $296 million and a sharp drop in FanDuel’s US sportsbook revenue.

At the same time it announced a change at the top: Peter Jackson stepped down as CEO at the end of September 2026 and Dan Taylor, previously head of Flutter International, succeeded him. Even after the guidance cut, if Flutter lands near its midpoint and MGM keeps growing in the low single digits, the two will finish 2026 very close. The handover to an online-first company at the top of the table is a matter of when, not if.

It also matters what “largest” measures. A big share of MGM’s, Sands’ and Wynn’s revenue comes from hotel rooms, food, entertainment and retail, not gaming. Flutter, DraftKings and bet365 earn almost all of their revenue from betting and gaming. If you only counted gambling revenue, Flutter would already be first.

1. MGM Resorts International

• FY2025 revenue: $17.54 billion, up 1.7% from $17.24 billion
• Headquarters: Las Vegas, Nevada
• Listing: NYSE: MGM
• Revenue mix: Las Vegas Strip $8.4 billion (down 4%), MGM China $4.5 billion (up 11%), plus US regional casinos and MGM Digital

MGM is still the largest gambling company in the world by revenue, but the growth now comes from Macau rather than Las Vegas. Strip revenue fell in 2025 while MGM China grew double digits. MGM also operates more Las Vegas properties and hotel rooms than anyone else, although much of the underlying real estate is owned by REITs such as VICI Properties.

Why it matters to you: MGM buys at enormous scale across slots, systems, payments and hospitality tech. Its online exposure runs through BetMGM, which it co-owns with Entain, so digital suppliers usually deal with BetMGM rather than MGM directly.

2. Flutter Entertainment

• FY2025 revenue: $16.38 billion, up 17%
• Headquarters: New York (operational HQ) and Dublin (registered)
• Listing: NYSE: FLUT (secondary listing in London)
• Revenue mix: US $6.97 billion, International $9.42 billion
• Brands: FanDuel, Paddy Power, Betfair, Sky Bet, PokerStars, Sportsbet, Sisal, Snai, Betnacional

Flutter is the largest online betting and gaming company in the world and has owned 100% of FanDuel since buying out Boyd Gaming’s 5% stake in July 2025. In Q4 2025, FanDuel held around 41% of US sportsbook GGR and 28% of US iGaming GGR. 2026 has been harder. Flutter exited real-money gaming in India after the 2025 ban, booked a $556 million impairment and expects about $250 million less revenue in 2026 as a result. In Q2 2026, FanDuel’s US sportsbook revenue fell 15% while its online casino revenue rose 14%, and the group swung to a net loss.

Why it matters to you: Flutter runs mostly in-house tech, so supplier opportunities sit in content, data, payments and local market entry. For affiliates, its brands dominate the US, UK, Ireland, Italy and Australia, which makes it the single most important commercial relationship in many markets. A new CEO and a reset of FanDuel spending also mean commercial terms are under review.

3. Las Vegas Sands

• FY2025 revenue: $13.02 billion, up 15.2% from $11.30 billion
• Headquarters: Las Vegas, Nevada
• Listing: NYSE: LVS (majority owner of Sands China, HKEX: 1928)
• Revenue mix: Macau $7.47 billion, Marina Bay Sands $5.59 billion

Despite the name, Las Vegas Sands no longer runs any casino in Las Vegas. It sold the Venetian and Palazzo in 2022 and now earns all of its revenue in Asia. Marina Bay Sands in Singapore was the standout of 2025, with revenue up about 32%. The company is controlled by Miriam Adelson and her family, who are regularly ranked as the richest casino owners in the world.

Why it matters to you: Sands is a pure land-based story with no meaningful online business, so its procurement is about gaming machines, table systems, hospitality and Asian market expertise.

4. Caesars Entertainment

• FY2025 revenue: $11.49 billion, up 2.1%
• Headquarters: Reno, Nevada
• Listing: Nasdaq: CZR
• Revenue mix: Regional $5.76 billion, Las Vegas $4.05 billion, Caesars Digital $1.41 billion (up 21%)

Caesars is the biggest US-focused casino operator, with about 50 properties and the Caesars Rewards loyalty program tying them together. Las Vegas revenue fell nearly 5% in 2025, which was offset by regional growth and a fast-growing digital arm. The company still posted a net loss for the year because of high interest costs and lease obligations.

Why it matters to you: Caesars Digital is one of the few US online operators still growing at more than 20%, and it leans on its land-based database to cross-sell online. That makes it a natural buyer for CRM, retention and iGaming content.

5. Allwyn

• FY2025 revenue: €8.99 billion total revenue (about $10.16 billion), up 4%. Net revenue was €4.11 billion (about $4.65 billion)
• Headquarters: Lucerne, Switzerland (Allwyn AG)
• Listing: Euronext Athens as Allwyn AG, after completing its merger with OPAP in March 2026
• Brands and businesses: UK National Lottery, OPAP, Lotto Italia stake, Austria’s Casinos Austria, Czech Sazka, PrizePicks (62.3%)

Allwyn is the largest lottery-led gambling group in the world. Note the basis: its headline “total revenue” sits close to its €8.63 billion of gross gaming revenue, while its own “net revenue” measure takes further deductions. On net revenue it would drop to about 14th, so read its position with that in mind. The group is moving fast. It closed the PrizePicks deal in January 2026, and Q1 2026 net revenue rose 21% to €1.2 billion as online casino grew 29%.

Why it matters to you: Allwyn is buying into US fantasy and expanding iGaming across Europe, so it is an active acquirer and a growing buyer of online platforms, content and compliance tooling.

6. Wynn Resorts

• FY2025 revenue: $7.14 billion, flat year on year
• Headquarters: Las Vegas, Nevada
• Listing: Nasdaq: WYNN
• Properties: Wynn and Encore Las Vegas, Encore Boston Harbor, Wynn Palace and Wynn Macau, Wynn Al Marjan Island (UAE, under construction)

Wynn is a premium land-based operator. It closed its US online sportsbook, WynnBet, in 2023 and 2024, so some ranking pages that still list it as a betting brand are out of date. Its next big growth story is Wynn Al Marjan Island in Ras Al Khaimah, which is set to be the first licensed casino resort in the UAE. Trailing revenue to June 2026 had already climbed to about $7.41 billion.

Why it matters to you: If you work in Middle East market entry, compliance or hospitality tech, Wynn’s UAE project is the one to watch.

7. PENN Entertainment

• FY2025 revenue: $6.96 billion, up 5.8%
• Headquarters: Wyomissing, Pennsylvania
• Listing: Nasdaq: PENN
• Brands: Hollywood Casino, Ameristar, L’Auberge, theScore Bet

PENN runs more than 40 regional casinos and racetracks across about 20 US states. Its online business runs on theScore’s in-house tech. PENN and ESPN ended their ESPN Bet partnership in late 2025, years ahead of schedule, and US accounts moved back to theScore Bet. The share price then fell about 30% in the first half of 2026.

Why it matters to you: PENN owns its betting tech stack, so the opportunities are in marketing, media partnerships and content rather than platform supply.

8. Entain

• FY2025 revenue: £5.26 billion (about $6.94 billion), up 3%; net gaming revenue £5.33 billion
• Headquarters: Douglas, Isle of Man (main offices in London)
• Listing: LSE: ENT
• Brands: Ladbrokes, Coral, bwin, Sportingbet, partypoker, Eurobet

Entain is the largest UK-listed betting group and co-owns BetMGM with MGM. BetMGM’s own revenue reached about $2.8 billion in 2025, up 33% at constant currency, but it sits outside Entain’s reported number. Entain’s 2025 results also carried a £488 million impairment linked to higher UK gambling taxes.

Why it matters to you: The UK tax rise is pushing Entain and its peers to cut costs and renegotiate supplier and affiliate deals, which is worth knowing before you price a contract.

9. Genting Berhad

• FY2025 revenue: RM27.71 billion (about $6.47 billion), flat
• Headquarters: Kuala Lumpur, Malaysia
• Listing: Bursa Malaysia: GENTING
• Revenue mix (leisure and hospitality): Singapore RM8.04 billion, Malaysia RM7.13 billion, US and Bahamas RM5.60 billion, UK and Egypt RM1.99 billion

Genting is the parent of Genting Malaysia (Resorts World Genting) and Genting Singapore (Resorts World Sentosa), plus Resorts World Las Vegas and UK casinos. Revenue was flat mainly because the ringgit strengthened against the Singapore dollar, pound and US dollar. The group also has plantation and power businesses, but leisure and hospitality makes up about 82% of revenue.

Why it matters to you: Genting is the main gateway to Southeast Asia’s regulated land-based casino market and won one of the three downstate New York casino licences for Resorts World New York City in December 2025.

10. Galaxy Entertainment Group

• FY2025 revenue: HK$49.2 billion (about $6.31 billion), up 13%
• Headquarters: Hong Kong, with operations in Macau
• Listing: HKEX: 0027
• Properties: Galaxy Macau, StarWorld Macau, Broadway Macau

Galaxy is the largest Macau-native operator and one of six concessionaires licensed until 2032. Net profit rose 22% to HK$10.7 billion in 2025. Some ranking pages still quote a single 2022 quarter for Galaxy, which makes it look ten times smaller than it is.

Why it matters to you: Macau’s concessionaires are under pressure to grow non-gaming and international visitors, which drives spending on entertainment, hospitality systems and marketing.

11. DraftKings

• FY2025 revenue: $6.05 billion, up 27%
• Headquarters: Boston, Massachusetts
• Listing: Nasdaq: DKNG
• Products: Online sportsbook, iGaming, lottery (Jackpocket), daily fantasy, predictions

DraftKings is the second-largest US online operator behind FanDuel and the fastest grower in this top 15. It has also been the most exposed to the rise of prediction markets and event contracts. When it guided 2026 revenue to $6.5 to $6.9 billion in February, below analyst expectations, the stock dropped and the whole sector followed.

Why it matters to you: DraftKings is pushing into predictions and lottery, so it is one of the more active buyers of new product, data and compliance capability in the US.

12. bet365

• Latest revenue: £4.0 billion (about $5.28 billion) for the year to March 2025, up 9%
• Headquarters: Stoke-on-Trent, UK
• Ownership: Private, controlled by the Coates family
• Revenue mix: Sports betting up 5%, casino gaming up 25%

bet365 is the largest privately owned online gambling company in the world. Revenue keeps climbing, but pre-tax profit fell to £349 million from £596 million as it spent heavily entering new regulated markets, including Brazil, Peru, Serbia and several US states. Its results for the year to March 2026 had not been published at the time of writing; last year’s were released in late December.

Why it matters to you: bet365 builds almost everything in-house and is known for tough commercial terms, but its fast expansion into newly regulated markets creates demand for local compliance, payments and licensing help.

13. Melco Resorts & Entertainment

• FY2025 revenue: $5.16 billion, up 11.3%
• Headquarters: Hong Kong
• Listing: Nasdaq: MLCO (controlled by Melco International Development)
• Properties: City of Dreams and Studio City (Macau), City of Dreams Manila, City of Dreams Mediterranean (Cyprus)

Melco is a Macau concessionaire with an unusually international footprint, including City of Dreams Mediterranean, which it promotes as Europe’s largest integrated resort. Revenue has nearly quadrupled since 2022 as Macau recovered.

Why it matters to you: Cyprus gives Melco a regulated European base, which is relevant if you supply land-based tech or responsible gambling services in the EU.

14. Aristocrat Leisure

• FY2025 revenue: A$6.30 billion (about $4.06 billion) for the year to September 2025, up 11%
• Headquarters: Sydney, Australia
• Listing: ASX: ALL
• Businesses: Aristocrat Gaming (slot machines), Product Madness (social casino), Aristocrat Interactive (real-money iGaming, including NeoGames)

Aristocrat is the only pure supplier in the top 15 and, by market cap, often the most valuable gambling company of all. Its gaming segment alone made A$3.96 billion, and EBITDA margin rose to 41.7%. The full-year inclusion of NeoGames has turned it into a serious iGaming platform and content player. Its results for the year to September 2026 are due in November.

Why it matters to you: For operators, Aristocrat is a key content and platform vendor. For other suppliers, it is both a competitor and a potential acquirer. See how it compares in our guide to the best casino software providers.

15. FDJ United

• FY2025 revenue: €3.49 billion (about $3.95 billion), down 2.7% pro forma
• Headquarters: Boulogne-Billancourt, France
• Listing: Euronext Paris: FDJU
• Brands: FDJ lottery and Parions Sport in France, plus Kindred’s Unibet and 32Red

FDJ United is the French national lottery operator, renamed after it bought Kindred for €2.45 billion. French lottery and retail betting grew 1.4% to €2.54 billion, while Kindred’s revenue fell nearly 12% as it pulled out of some markets and absorbed higher taxes.

Why it matters to you: FDJ United is consolidating Kindred’s tech and brands, so expect platform migrations and supplier reviews across its European markets.

Just outside the top 15

Four more names cleared $2 billion in 2025 revenue and could move into the list as currencies and deals shift:

• Light & Wonder ($3.31 billion, up 4%): slot and table game supplier, now listed only on the ASX after leaving Nasdaq in November 2025
• Brightstar Lottery ($2.51 billion): the former IGT lottery business, renamed after IGT’s gaming and digital arm merged with Everi in 2025
• Evolution (€2.12 billion, about $2.39 billion, down 4.3%): the world’s largest live casino supplier, with an adjusted EBITDA margin of 66%
• Super Group ($2.23 billion, up 22%): owner of Betway and Spina Zonke

The largest online gambling companies by revenue

If you only want online-first groups, strip the casino resorts and lotteries out of the same revenue data. These are the biggest operators whose business is mainly online betting and gaming:

BetMGM (about $2.8 billion in 2025) would sit between bet365 and Super Group, but it is a joint venture rather than a standalone group. For the size of the online market these companies compete in, see our iGaming industry statistics.

Who is FanDuel’s biggest competitor?

DraftKings. FanDuel (owned by Flutter) and DraftKings together take the large majority of US online sportsbook revenue, with FanDuel holding around 41% of sportsbook GGR in Q4 2025 and DraftKings a clear second. BetMGM, Caesars Sportsbook, Fanatics and bet365 make up most of the rest. Since 2025, prediction market platforms such as Kalshi have become a second kind of competitor, offering sports event contracts outside state betting licences.

Largest by revenue vs largest by market cap

If you have seen a list topped by Aristocrat or Las Vegas Sands, it was probably ranked by market cap. The two rankings tell very different stories in 2026.

Online betting stocks have been hit hard this year. Flutter and DraftKings each lost more than half their value over six months, and PENN and Caesars fell about 30%, as investors worried that prediction markets such as Kalshi and Polymarket would take share from regulated sportsbooks. Flutter’s revenue still grew, but its market cap shrank. Short sellers reportedly made more than $2 billion betting against it by May.

For B2B decisions, revenue is the more useful measure. It tells you how much a group spends, how many markets it runs and how much leverage it has in a negotiation. Market cap tells you how confident investors feel, which affects M&A appetite and budgets, but changes week to week.

Who is the largest gaming company in the world?

It depends which kind of “gaming” you mean. The word is used for both video games and gambling, which confuses a lot of searches. The largest video game company is Tencent, and the console giants are Sony, Microsoft and Nintendo. None of them are gambling companies. In gambling, “gaming” means casino and betting, and the largest company by revenue is MGM Resorts, with Flutter close behind.

Who owns FanDuel, BetMGM and the other big brands?

A lot of the brands you see every day roll up into a handful of the groups above:

Who owns FanDuel?

Flutter Entertainment (100% since July 2025), which also owns Paddy Power, Betfair, Sky Bet and PokerStars.

Who owns BetMGM?

A 50/50 joint venture between MGM Resorts and Entain.

Who owns Ladbrokes, Coral and bwin?

Entain.

Who owns Unibet and 32Red?

FDJ United (via Kindred).

Who owns theScore Bet?

PENN Entertainment (ESPN Bet was retired in late 2025).

Who owns the UK National Lottery, OPAP and PrizePicks?

Allwyn.

Who owns Betway?

Super Group.

Who owns DraftKings?

DraftKings is an independent public company (Nasdaq: DKNG) with no parent group; see entry 11 above.

Where these companies make their money

Three things stand out when you look at the top 15 together:

1. Asia is the land-based growth engine. Sands, Galaxy, Melco, Genting, and the Macau arms of MGM and Wynn all grew faster in Asia than in Las Vegas. The Strip actually shrank for both MGM and Caesars in 2025.
2. Online is where the top of the table is changing. Flutter grew 17% and DraftKings 27%, against low single digits for most land-based groups. Expect online-first companies to take more spots in the top 10 over the next few years, even if 2026 growth is slower.
3. Tax and regulation now move revenue as much as customers do. India’s real-money ban cost Flutter, UK tax rises hit Entain and FDJ United, and the opening of Brazil’s regulated market pulled bet365 and others into heavy spending. You can track these changes in our monthly iGaming regulation news roundup.

What this ranking means for you

If you are an operator, these groups set the benchmarks you are measured against, from promotional spend to payment costs. Their scale lets them negotiate supplier rates you probably cannot match, so look at where they build in-house (Flutter, bet365, PENN) and where they buy (Caesars, Allwyn, the Macau operators) to find the gaps. Our breakdown of iGaming payment costs shows what smaller operators actually pay by comparison.

If you are an affiliate, concentration is the risk. In the US, two groups take most of the sportsbook market. In the UK, Flutter, Entain and bet365 dominate. When one of them cuts costs, as Entain is doing after the UK tax rise, revenue share and CPA terms usually feel it first. Diversify across groups, not just brands, because many brands share one owner. Our iGaming SEO guide covers how to build traffic that is not tied to one operator’s terms.

If you are a supplier, the biggest buyers in 2026 are the ones in motion: Allwyn integrating PrizePicks and OPAP, FDJ United absorbing Kindred, Wynn opening in the UAE, Flutter under a new CEO, and DraftKings building out predictions. Companies in the middle of a merger, a leadership change or a new market launch are the most open to new vendors. To see how platform vendors stack up against each other, compare white label casino platforms in our directory.