FanDuel Once Again Tops US Sportsbook Operators In Q2 Earnings

FanDuel led all U.S. sportsbook operators in Q2 2025 with record income of $1.79 billion.


- DraftKings was 2nd with $1.5 billion in revenue and $300 million in adjusted EBITDA, while BetMGM put 3rd with $692 million in profits.


- FanDuel and DraftKings together created almost 83% of the combined adjusted EBITDA amongst leading U.S. online gaming companies.


FanDuel generated a second-quarter company record of more than $1.79 billion from its sportsbook and iCasino, parent business Flutter Entertainment during the company's second-quarter incomes outcomes recently. It represented a 17% year-over-year increase from the second quarter of 2024.


DraftKings, FanDuel's day-to-day dream sports pioneer-turned online video gaming market share competitor, was second among the six leading openly traded online video gaming operators in income for Q2 2025. It reported $1.5 billion in profits, also a second-quarter record for the company.


The 2 U.S. market share leaders attributed the success in part to "sportsbook-friendly" outcomes between April and June. American gamblers had unusually rewarding runs in October and December 2024 along with March 2025, a pattern that ended this spring.


BetMGM ended up third in the second quarter with $692 million in earnings. The joint online video gaming endeavor between MGM Resorts and Europe-based Entain produced $449 million of its Q2 revenue for online gambling establishment gaming, the only one of the top 3 earners to see more earnings from online casino gaming than sports betting.


FanDuel led with $507 million in profits from online slots and table games, followed by BetMGM. DraftKings was 3rd with $430 million in iGaming profits.


Other operators make gains


Caesars' digital platforms reported $343 million in Q2 income, great for fourth 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 incomes.


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 greatest mark in business history.


Q2 2025 Gaming Operator Performance


Fanatics, bet365, and Hard Rock are projected to match the aforementioned operators for income and market share but do not reveal their U.S. financials openly. Combined, these 9 sportsbooks accept more than 99% of all legal sports bets put in the U.S.


Top two operators make considerable earnings gains


Earnings and consumer totals separated the 2 U.S. market leaders even further from their competition.


FanDuel reported $400 million in Q2 adjusted profits before interest, taxes, depreciation, and amortization (AEBITDA), one of the most of any of the six openly traded online video gaming platforms. DraftKings was second with $300 million.


Combined the two produced almost 83% of the AEBITDA reported by the 6 operators. The metric offers a much better photo of how well a business carries out from its core operations.


BetMGM was once again third, with $86 million in Q2 AEBITDA. Caesars was 4th with $80 million. BetRivers created $40 million in AEBITDA in the second quarter, doing so regardless of less earnings than any of its competitors.


ESPN BET reported an AEBITDA loss of $62 million in the quarter as the business continues to buy its platform ahead of the 3rd and fourth quarters. Sportsbooks tend to produce many of their income during the 2nd half of the fiscal year due to football, America's many wagered-upon sport.


FanDuel reported 3.5 million regular monthly active users (MAUs) during the quarter. DraftKings was 2nd with 3.3 million, a figure that also consisted of consumers of its Jackpocket online lotto carrier.