FanDuel Once Again Tops US Sportsbook Operators In Q2 Earnings
FanDuel led all U.S. sportsbook operators in Q2 2025 with record earnings of $1.79 billion.
- DraftKings was 2nd with $1.5 billion in income and $300 million in adjusted EBITDA, while BetMGM put third with $692 million in income.
- FanDuel and DraftKings together created almost 83% of the combined adjusted EBITDA among leading U.S. online gaming business.
FanDuel created a second-quarter business record of more than $1.79 billion from its sportsbook and iCasino, parent business Flutter Entertainment announced during the business's second-quarter incomes outcomes recently. It represented a 17% year-over-year increase from the 2nd quarter of 2024.
DraftKings, FanDuel's day-to-day fantasy sports pioneer-turned online video gaming market share rival, was 2nd amongst the six leading openly traded online video gaming operators in income for Q2 2025. It reported $1.5 billion in profits, likewise a second-quarter record for the company.
The two U.S. market share leaders associated the success in part to "sportsbook-friendly" outcomes in between April and June. American wagerers had unusually successful runs in October and December 2024 as well as March 2025, a trend that ended this spring.
BetMGM ended up third in the 2nd quarter with $692 million in income. The joint online gaming venture in between MGM Resorts and Europe-based Entain generated $449 countless its Q2 profits for online casino video gaming, the only one of the leading three earners to see more profits from online casino video gaming than sports betting.
FanDuel led with $507 million in profits from online slots and table video 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 profits, for fourth place. The net incomes represented a 24% year-over-year gain from Q2 2024, boosted by a 28% year-over-year enhancement in sports betting net profits.
PENN Entertainment generated $316 million in Q2 revenues throughout its ESPN BET sportsbook, Hollywood iCasino, and Ontario-based theScore Bet platforms, likewise a company second-quarter record. Rush Street Interactive's BetRivers platform reported $269 million in second-quarter profits, the highest mark in company history.
Q2 2025 Gaming Operator Performance
Fanatics, bet365, and Hard Rock are forecasted to match the previously mentioned operators for earnings and market share but do not divulge their U.S. financials publicly. Combined, these nine sportsbooks accept more than 99% of all legal sports bets put in the U.S.
Top two operators make significant profit gains
Earnings and consumer totals distinguished the 2 U.S. market leaders even further from their competitors.
FanDuel reported $400 million in Q2 adjusted earnings before interest, taxes, devaluation, and amortization (AEBITDA), the most of any of the six publicly traded online video gaming platforms. DraftKings was second with $300 million.
Combined the two created nearly 83% of the AEBITDA reported by the six operators. The metric offers a much better image of how well a company performs from its core operations.
BetMGM was again 3rd, with $86 million in Q2 AEBITDA. Caesars was fourth with $80 million. BetRivers generated $40 million in AEBITDA in the second quarter, doing so in spite of less profits than any of its competitors.
ESPN BET reported an AEBITDA loss of $62 million in the quarter as the company continues to buy its platform ahead of the 3rd and 4th quarters. Sportsbooks tend to generate the majority of their earnings 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) throughout the quarter. DraftKings was second with 3.3 million, a figure that also consisted of clients of its Jackpocket online lottery game carrier.