FanDuel led all U.S. sportsbook operators in Q2 2025 with record income of $1.79 billion.
- DraftKings was second with $1.5 billion in earnings and $300 million in changed EBITDA, while BetMGM put 3rd with $692 million in income.
- FanDuel and DraftKings together created almost 83% of the combined adjusted EBITDA amongst top U.S. online gaming companies.
FanDuel generated a second-quarter company record of more than $1.79 billion from its sportsbook and iCasino, parent company Flutter Entertainment announced throughout the company's second-quarter earnings results recently. It represented a 17% year-over-year boost from the second quarter of 2024.
DraftKings, FanDuel's day-to-day dream sports pioneer-turned online gaming market share competitor, was second amongst the 6 leading openly traded online gaming operators in income for Q2 2025. It reported $1.5 billion in income, likewise a second-quarter record for the company.
The two U.S. market share leaders attributed the success in part to "sportsbook-friendly" results in between April and June. American gamblers had uncommonly lucrative runs in October and December 2024 along with March 2025, a pattern that ended this spring.
BetMGM completed third in the 2nd quarter with $692 million in profits. The joint online gaming endeavor between MGM Resorts and Europe-based Entain generated $449 countless its Q2 income for online casino gaming, the only one of the leading 3 earners to see more profits from online casino video gaming than sports betting.
FanDuel led with $507 million in earnings from online slots and table games, followed by BetMGM. DraftKings was third with $430 million in iGaming earnings.
Other operators make gains
Caesars' digital platforms reported $343 million in Q2 earnings, great for 4th place. The net revenues represented a 24% year-over-year gain from Q2 2024, enhanced by a 28% year-over-year enhancement in sports betting net earnings.
PENN Entertainment produced $316 million in Q2 profits throughout its ESPN BET sportsbook, Hollywood iCasino, and Ontario-based theScore Bet platforms, also a business second-quarter record. Rush Street Interactive's BetRivers platform reported $269 million in second-quarter profits, the highest mark in business history.
Q2 2025 Gaming Operator Performance
Fanatics, bet365, and Acid rock are projected to measure up to the aforementioned operators for earnings and market share but do not divulge their U.S. financials publicly. Combined, these 9 sportsbooks accept more than 99% of all legal sports bets put in the U.S.
Top two operators make significant revenue gains
Earnings and client overalls distinguished the 2 U.S. market leaders even further from their competition.
FanDuel reported $400 million in Q2 adjusted revenues before interest, taxes, devaluation, and amortization (AEBITDA), the many of any of the six publicly traded online video gaming platforms. DraftKings was second with $300 million.
Combined the two generated nearly 83% of the AEBITDA reported by the six operators. The metric offers a much better photo of how well a business performs from its core operations.
BetMGM was again third, with $86 million in Q2 AEBITDA. Caesars was 4th with $80 million. BetRivers produced $40 million in AEBITDA in the second quarter, doing so despite less profits than any of its rivals.
ESPN BET reported an AEBITDA loss of $62 million in the quarter as the company continues to purchase its platform ahead of the 3rd and fourth quarters. Sportsbooks tend to produce most of their revenue throughout the second half of the calendar year due to football, America's the majority of wagered-upon sport.
FanDuel reported 3.5 million regular monthly active users (MAUs) during the quarter. DraftKings was second with 3.3 million, a figure that likewise included clients of its Jackpocket online lotto carrier.
