This article explains why naming a single largest sports betting company is not straightforward and outlines a practical, metrics-based approach to comparing operators. It is written for sports enthusiasts, analysts, and anyone who needs a reproducible method to rank operators by revenue, handle, or user metrics. You will learn which sources to trust, how to normalize different reports, and which checks to run when you see claims about market leadership.

Largest depends on the metric you choose, such as revenue, handle or active users.

Audited annual reports and regulator datasets are the most reliable sources for comparisons.

U.S. market growth in 2024 notably shifts global operator rankings toward U.S.-exposed firms.

What counts as the largest sports betting company?

Definitions: revenue, handle, active users, market share for sports betting companies

As soon as someone asks who the largest sports betting companies are, they face a basic problem: size depends on the metric you choose. Revenue measures the money a company books in a reporting period, handle measures the total amount wagered through its platform over the same period, active users count how many customers placed bets, and market share expresses a companys slice of a specific market. Each metric highlights a different dimension of scale, so a single operator can lead one measure and lag another.

Who is the largest sports betting company?

There is no single answer without defining the metric; audited revenue leaders, handle leaders, and active user leaders can differ depending on reporting scope and market exposure.

Revenue captures financial scale and investor-relevant size, handle shows transactional reach and customer activity, active users measure audience scale, and market share ties an operator to a geographic market or product mix. Private companies and public groups report on different calendars and sometimes combine sports with casino or other products, which changes how those numbers read in comparisons.

If you want to know which company earns the most revenue, audited annual reports and consolidated group statements usually give the authoritative answer for that metric. If you care which platform sees the most betting activity on a given weekend, handle is more relevant. And if you are tracking customer reach or brand penetration, active users and product penetration matter. Because the United States set new annual commercial sports betting revenue records in 2024, U.S. exposure strongly affects which operators look largest on revenue measures American Gaming Association State of the States 2025 (see coverage on ESPN ESPN).

Which metrics analysts and regulators use to rank sports betting companies

Audited revenue and profit figures

Analysts and serious researchers typically start with audited annual reports when comparing operator revenue. These filings present consolidated income statements and notes that reveal the scope of reporting, product splits, geographic revenue allocation, and accounting conventions to watch.

Regulator and association datasets: handle and product mix

Regulators and industry associations publish datasets that show handle, tax collections, and product mix by jurisdiction; these datasets help you see where betting activity occurs and which product lines dominate in different markets, such as sports versus casino. For regional context, consult regulator publications which aggregate market-level figures and month-to-month or year-to-year trends UK Gambling Commission industry statistics and U.S. statistics aggregators rg.org.

Active user counts and product penetration as alternative metrics

Active user counts and product penetration rates often appear in company investor decks or regulator reports and are useful when assessing customer reach. Beware that companies may define active users differently, and figures in investor presentations can be timelier but less detailed than audited accounts.

When reading any of these sources, check for the latest audited year, the scope of businesses included in consolidated results, and the split between sports and non-sports revenue. Regulator datasets and association reports are valuable complements because they report handle and market-level activity that corporate accounts do not always disclose.

Current operator leaders by revenue and what their filings show

Flutter Entertainment and FanDuel's contribution

Group-level audited reporting can make one operator appear larger because it aggregates multiple brands and markets. Flutter Entertainments FY2024 annual report positions the group as a leading online sports betting operator by revenue, with FanDuels U.S. performance a major contributor to that outcome Flutter Entertainment Annual Report 2024.

DraftKings' FY2024 performance

DraftKings published fiscal year 2024 results that show continued year-over-year revenue growth and expanding U.S. online sportsbook scale, which is central to how the company ranks among U.S.-facing operators DraftKings FY2024 results.

Because public groups report on consolidated bases and private operators release audited accounts less frequently, comparing firms requires careful attention to the reporting period and which products are included in reported revenue.

quick verification steps to confirm revenue leadership

Latest audited year
Consolidated revenue
Product split
Geographic revenue note

Use each check to confirm scope

bet365s most recent publicly available audited financial statements (FY2022/23 published in 2024) place the privately held group among the largest global online sportsbooks, though more recent audited figures have not been published as of the last available accounts bet365 Financial Statements.

When comparing these operator filings, remember that group-level leaders can mix multiple brands and regions, so a company that looks largest by revenue may have a different product or geographic footprint than a competitor that leads on handle or active users.

Close up photorealistic shot of an audited annual report page with financial tables and a magnifying glass highlighting revenue lines on a dark navy background for sports betting companies

The United States has become a primary growth engine for global operators; U.S. commercial sports betting posted a new annual revenue record in 2024, which magnifies the scale of operators with major U.S. exposure and can shift global rankings toward those firms American Gaming Association State of the States 2025.

Europe saw overall online gambling growth through 2024 and sports betting remained an important product category, but the share of sports betting versus other products varies across markets and regulatory environments, so a Europe-focused operator can be very large regionally without matching a U.S.-focused group's global revenue scale EGBA Key Figures 2023 (see related market analysis Grand View Research).

Because an operators geographic footprint matters, a company that concentrates on the U.S. market can dominate revenue measures if U.S. betting revenues grow faster than other regions, while a Europe-focused operator may show strong handle or user penetration in specific countries.

A practical framework for comparing sports betting companies

Step 1: Decide which metric matters for your question

First, pick the metric that answers your purpose: investors usually prioritize audited revenue and profit figures; regulators and market researchers often focus on handle and market share; product managers and marketers may care most about active users and retention.

Funded Plays Challenges

See verification steps

Step 2: Source audited reports and regulator data

Prioritize the latest audited annual reports for revenue comparisons, and use regulator and association datasets for handle and market share context. Check that the audited report reconciles group revenue to segment or regional disclosure when possible Flutter Entertainment Annual Report 2024. For additional reading, see Funded Plays.

Step 3: Adjust for fiscal calendars and product mix

Normalize figures across different fiscal years by noting the reporting dates and, if necessary, pro rating or aligning the periods. Adjust for mixed product portfolios by extracting sports-only revenue or separating out casino and other non-sports income before ranking operators.

Quick checks to run when you compare companies include: latest audited year, whether consolidated revenue includes multiple brands, the explicit sports versus non-sports split, and geography breakdowns by country or state. Use regulator datasets to cross-check handle and estimated market share where audited sports-only revenue is not reported.

Decision criteria: what to weigh when you ask 'who is largest'

When revenue matters most

Use revenue as the primary criterion when your aim is financial scale, investor comparisons, or when assessing a companys contribution to consolidated profit and tax footprints. Audited revenue is the least ambiguous metric for financial comparisons.

When handle or active user counts matter

Choose handle if you care about market activity, liquidity or the total flow of bets. Choose active users when audience reach, customer engagement, or product penetration are the questions you need to answer.

Weighing global reach versus concentrated market strength

Decide whether a broad global footprint or a concentrated, high-margin market is more relevant to your purpose. A firm with concentrated strength in a large market like the U.S. can appear larger on revenue than a firm with a more diversified but lower-margin global footprint.

Typical errors and pitfalls when ranking operators

Comparing different reporting periods

A common mistake is comparing figures from different fiscal years or mixing audited data with corporate press releases that cover different time spans. This leads to misleading rank orders unless you normalize the periods.

Verify claims with primary filings

When reviewing operator claims, pause to confirm the reporting period, whether figures are audited, and if sports-only revenue is isolated from other gambling products.

See verification steps

Ignoring product mix and non-sports revenue

Including casino or other non-sports revenue without adjustment can make an operator look larger in sports betting than it actually is; always seek sports-only breakdowns or use regulator handle data to estimate the sports share.

Relying on unverified or promotional figures

Promotional figures, press releases, and selective metrics in marketing materials are useful for timely context but should not replace audited reports or regulator datasets when you need rigorous comparisons.

Practical examples: comparing Flutter, DraftKings and bet365

How to read a table of audited revenue and product splits

When you open an audited annual report, look for consolidated revenue lines, notes that break out revenue by segment or brand, and tables that show geographic revenue. These lines let you isolate sports revenue where available and allow a cleaner comparison across operators.

Comparing a US-focused operator to a Europe-focused operator

To compare a U.S.-focused company with a Europe-focused company: extract sports-only revenue where possible, align the reporting periods, and then compare on the chosen metric. Use regulator handle data to cross-check activity levels in key markets.

A sample comparison checklist to reproduce

Step through: obtain each operators latest audited report, note the reported year, find the sports-only revenue or closest proxy, check regulator handle data for major markets, and adjust for currency and reporting period differences. For Flutter, DraftKings and bet365 specifically, use their cited audited reports and statements as the primary source for revenue and product disclosure Flutter Entertainment Annual Report 2024. Also see how how Funded Plays evaluations work for a reproducible checklist.

bet365s FY2022/23 audited statements remain a useful comparator for a privately held operator with a slightly older published account, while DraftKings and Flutter provide more recent public filings that reflect U.S. growth trends bet365 Financial Statements.

Conclusion and where to check for the latest rankings and data

In short, who is the largest sports betting company depends on whether you mean revenue, handle, active users, or market share. For revenue-focused comparisons, rely on audited annual reports; for activity and market-level context, use regulator and association datasets; and for customer reach, use active user metrics from credible disclosures.

Monitor audited annual reports, regulator publications, and association reports on an ongoing cadence to keep rankings current. When you track operator size, document the metric, the reporting period, and any adjustments you make so your comparisons remain transparent and reproducible. For more guidance, see our blog.

How should I define largest when comparing sports betting companies?

Define the metric first, such as revenue, handle, active users, or market share, then use audited reports or regulator datasets corresponding to that metric.

Are audited annual reports the best source for comparisons?

Yes, audited reports are the primary source for reliable revenue comparisons, while regulator datasets help with handle and market share checks.

Can private operators be compared directly with public groups?

They can, but you must align reporting periods and check that private audited statements cover the same product and geographic scope as public filings.

Tracking operator size is an ongoing process. Use audited reports for revenue, regulator datasets for activity, and keep your comparison assumptions explicit so others can reproduce your findings. Regularly revisit primary sources to account for new filings and changing market dynamics.