In these analyses, the OGQ takes an in-depth look at the following topic: Market capitalization of key companies in the online gambling industry.
The data research highlights market capitalization figures, P/E ratios, and their relationship to recent revenues across leading public companies in the sector.
The figures provide context on market valuation trends, differences between operators and service providers, and performance extremes.
The data stems from March 2025 and relies on revenue inputs from Q4 2024.

Top 10 Companies – Market Capitalization (in GBP billion)

The chart ranks major publicly listed companies in the online gambling sector by market capitalization as of March 22, 2025. Flutter remains the top performer, followed by DraftKings and Evolution. The average market capitalization is GBP 3.1 billion, but the median is just GBP 0.4 billion, indicating a skewed distribution favoring the top few.

  1. Flutter – GBP 32.95 billion
    Flutter is the dominant global online gambling group, owning brands like PokerStars, Betfair, and FanDuel. Its diversified portfolio and strong U.S. presence drive its valuation leadership.

  2. DraftKings – GBP 14.92 billion
    DraftKings is a major U.S.-based sports betting and fantasy platform. Its aggressive expansion and digital-first model underpin its high market capitalization.

  3. Evolution – GBP 12.83 billion
    Evolution specializes in live casino and B2B technology for gambling operators. Its innovation in gaming tech and global client base make it highly valued.

  4. MGM – GBP 6.92 billion
    MGM Resorts is a U.S. casino giant with a growing digital and online betting arm via BetMGM. It bridges traditional casinos and online gaming.

  5. Caesars – GBP 4.47 billion
    Caesars Entertainment has a strong U.S. retail casino presence and is expanding rapidly in iGaming. Its value stems from brand strength and omni-channel strategy.

  6. Entain – GBP 4.25 billion
    Entain owns major brands like bwin, Ladbrokes, and partypoker. With operations across multiple continents, it combines sports betting and gaming expertise.

  7. Super Group – GBP 2.64 billion
    Super Group owns Betway and Spin brands, serving global markets. It gained attention with high revenue growth but shows a notably inflated P/E ratio.

  8. Playtech – GBP 2.31 billion
    Playtech is a leading gambling tech provider offering software and platforms for gaming operators. Its B2B focus and strong tech base sustain its valuation.

  9. Penn National – GBP 2.05 billion
    Penn is a U.S. gaming company with both land-based and digital betting operations, including the ESPN BET partnership. Its hybrid model attracts investors.

  10. Rush Street – GBP 1.93 billion
    Rush Street Interactive is a digital gaming operator active in North America. Its focus on regulated U.S. markets and iGaming differentiates it in the sector.

Super Group and Evolution show extreme ratios – Spring 2025

This chart compares the P/E ratios and market capitalization to revenue ratios of selected online gambling companies. The results highlight notable outliers and industry valuation extremes.

  • Super Group shows a P/E ratio of 1019, making it the most overvalued based on earnings, far above the industry norm.

  • The average P/E ratio across the sample is 359, while the median is 17, again suggesting the impact of a few high outliers.

  • Evolution leads the market cap/revenue ratio ranking with 25, followed by DraftKings (14) and Flutter (11).

  • The average market cap/revenue ratio is 8, with a median of 6, indicating moderate overall valuation multiples.

More info about this analysis: Market capitalization of key companies in the online gambling industry. Please find more data and the methodology applied in the current edition of the OGQ Magazine. Also, find more content in our data section.