Where does Paddy Power rank among the world’s biggest gambling companies

As betting continues to grow through different online streams, BusinessPlus.ie takes a look at the biggest gambling companies in the world.

Earlier this week, Flutter confirmed that it continues to be the main beneficiary of the legalisation of gambling in the US through its subsidiary FanDuel.

The Paddy Power and Betfair owner reported annual revenues of £9,514m, bolstered by turnover of £3,603m in the US, representing growth of 26% year-on-year, thanks to FanDuel.

Betfair’s decision to list on the New York Stock Exchange should consolidate it position as the world’s largest bookmaker, but it has a number of competitors trying to close the gap.

Flutter – $35.3bn market capitalisation

Flutter‘s substantial growth has been powered by FanDuel, which has a 51% revenue share of the American sports betting market, although the group continues to grow revenue in the UK & Ireland and other territories.

Overall the group grew revenues by 25% in 2023, with the US now accounting for more than a third of its business as gambling legalisation continues on a state-by-state basis.

In addition to FanDuel, Paddy Power and Betfair, Flutter also owns betting companies such as TVG, PokerStars, SktBet, Sisal and Adjarabet following a spree of acquisitions.

DraftKings – $17.5bn

DraftKings has become very popular in the US with its fantasy sports games for the NFL, NHL, NBA, MLB, PGA and UFC among others and sports betting, which it now offers in 24 US states.

The group reported 2.3m average monthly unique paying customers in Q3, an increase of 40% year-on-year, as it continues to grow interest in its sportsbook and iGaming products, while average revenue per player was $114.

For the full year, DraftKings forecast revenues of up to $3.7bn with adjusted earnings of $350-450m, and the group expects to bring in turnover of $4.5-4.8bn this year.

MGM Resorts – $14.6bn
Entain – $7.7bn

Casino operator MGM Resorts and Coral and Ladbrokes owner Entain have partnered on the BetMGM online sportsbook, which brought in revenues of $458m in Q3. The companies aim for their joint venture to grow its US market share to 20-25%.

MGM Resorts, one of the leading lights on the Las Vegas strip, brought in revenues of $13.1bn in 2022 with earnings of $2.2bn,

Entain reported group revenue of £4.3bn in 2022 with underlying earnings of £993.2m, representing annual increases of 10% and 13%, respectively, and beyond the US, the group is prioritising growth in Brazil, New Zealand and eastern Europe.

Caesars Entertainment – $10bn

Like MGM Resorts, Caesars Entertainment manages a number of resorts and casinos under its Caesars, Harrah’s and Horseshoe brands, and it also offers sports betting though Caesara Digital.

Caesars reported revenues of $10.8bn in 2022, with its Vegas operations accounting for around 40% of income, while making a loss of $899m, but Caesars Digital would go on to turn a profit in Q2 last year.

Penn Entertainment – $3.5bn

Penne Entertainment operates casinos and an online sportsbook in the US and has entered into a joint venture with US sports broadcaster ESPN to create ESPN Bet, giving the company a significant platform among sports fans.

In 2022, Penn reported revenues of $6.4bn and adjusted earnings of $1.8bn, and the group kept up that pace in the first half of 2024 with revenues of $3.2bn and adjusted EBITDA of $999.2m.

ESPN Bet is now operational in 17 US states, and Penn offers online sports betting in 27 states.

Bet365 – $3.4bn revenue

Privately owned by the Coates family, brought in revenues of $3.4bn in the 12 months to March 2023, up 19% year-on-year driven by growth in sports betting (+15%), iGaming (+31%) and a 29% increase in new customers.

However, the Stoke-based group made a £24.5m operating loss due to costs associated with expansion into new markets, including the US, and a 11% hike in staff costs after growing its headcount by 26% to 7,567 employees.

Beyond sports betting, Bet365 also offers online casino, poker and bingo.

888 – £365.3m

Revenue at William Hill owner 888 fell 8% to £1.7bn in 2023 as the company was hampered by safer gambling measures in the UK, where revenue similarly declined 8% to £658m.

The group’s retail operations experienced a 3% increase to £535m after investment in self-service betting terminals and gaming cabinets.

A16% decrease in international revenue was due to the group’s exit from dotcom markets, although operations in Italy and Spain both experienced double-digit revenue growth.

(Pic: Getty Images)