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FanDuel has kept its crown as the U.S. leader in online sports betting and iGaming, pulling in more revenue, earnings, and active users than any other publicly traded operator in the second quarter of 2025.
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Parent company Flutter Entertainment reported FanDuel’s $1.79 billion haul came from a mix of sportsbook and online casino play. The strong showing was helped by “sportsbook-friendly” results from April through June — a reversal of the unusually bettor-friendly outcomes seen in late 2024 and early 2025.
DraftKings, a long-time rival, followed closely with $1.5 billion in revenue, also a record for the company. BetMGM came in third at $692 million, with more than $449 million of that total coming from online casino gaming — the only top-three operator to see iGaming outpace sports betting.
FanDuel led in online slots and table games with $507 million in revenue, followed by BetMGM. DraftKings was third with $430 million. Together, the three operators continue to dominate both sides of the online gaming market.
Caesars Digital ranked fourth with $343 million in Q2 revenue, a 24% improvement over last year, driven by a 28% rise in sports betting net revenue. PENN Entertainment hit a personal best of $316 million across ESPN BET, Hollywood iCasino, and theScore Bet in Ontario.
Rush Street Interactive’s BetRivers platform posted $269 million — the highest in company history. While Fanatics, bet365, and Hard Rock do not share public U.S. financial data, they are expected to challenge the major players for share in the coming quarters. Collectively, these nine sportsbooks handle more than 99% of all legal sports bets in the country.On earnings, FanDuel again led with $400 million in adjusted EBITDA (AEBITDA), followed by DraftKings at $300 million. Together, they accounted for nearly 83% of the total AEBITDA reported by the six publicly traded online gaming operators.
BetMGM was third with $86 million, Caesars fourth with $80 million, and BetRivers generated $40 million despite the smallest revenue of the group. ESPN BET posted a $62 million loss as it continues investing ahead of the NFL season, when betting activity typically peaks.
FanDuel reported 3.5 million monthly active users for the quarter, with DraftKings close behind at 3.3 million — a figure that also includes its Jackpocket online lottery courier customers. BetMGM came in at around 900,000 MAUs, followed by ESPN BET (490,000), Caesars (450,000), and BetRivers (200,000).
With football season around the corner, operators will be looking to build on their second-quarter results, but for now, FanDuel’s dominance across revenue, profits, and player engagement keeps it firmly at the top of the U.S. market.