The 10 biggest publicly traded iGaming companies range from Betsson, valued at an estimated $1.3 billion, up to Aristocrat Leisure, valued at more than $24 billion. The list mixes consumer brands you might already know, like DraftKings and FanDuel's parent Flutter Entertainment, with suppliers working behind the scenes, like Evolution and Playtech, whose software and live studios power other companies' casino floors. Here is the full ranking, what each company does, and how honest we can be about the exact numbers.
| Rank | Company | Approx. valuation |
|---|---|---|
| 1 | Aristocrat Leisure | $24B+ |
| 2 | Flutter Entertainment | $18.1B |
| 3 | Evolution | $16B |
| 4 | DraftKings | $11.6B |
| 5 | Light & Wonder | $7.1B |
| 6 | Super Group | $6.8B |
| 7 | Entain | $4.5B |
| 8 | FDJ United | $4.5B |
| 9 | Playtech | $1.4B |
| 10 | Betsson | $1.3B |
Who are Betsson, Playtech, and FDJ United?
These three sit at the bottom of the top 10, worth an estimated $1.3 billion to $4.5 billion each, but each one has been around longer than most people assume.
Betsson is the oldest name on this list by a wide margin. The company's own history traces back to 1963 in Sweden, generally described as starting out in the bingo and slot machine business (Wikipedia), decades before anyone had heard of online gambling. It is worth an estimated $1.3 billion today.
Playtech, at an estimated $1.4 billion, is not really a casino brand at all. It is what the industry calls a B2B supplier: it builds the slot and casino software that other companies' apps run on. If you have ever spun a slot on somebody else's casino site, there is a decent chance Playtech built the game underneath it, even if you never saw the Playtech name.
FDJ United, worth an estimated $4.5 billion, has a different kind of history again. It grew out of France's state-run national lottery, before the French government privatized the company and sold most of its stake to the public.
Why do Entain and Super Group sound unfamiliar even though their brands don't?
Because both companies changed their names, and that changed how recognizable they are next to the brands they own.
Entain, worth an estimated $4.5 billion, the same figure as FDJ United, used to be called GVC Holdings. It rebranded to Entain in December 2020 (Wikipedia). Under either name, it owns household betting brands like Ladbrokes and Coral, and it co-owns BetMGM together with MGM Resorts in the US.
Super Group, worth an estimated $6.8 billion, is the parent company behind Betway. It skipped the usual path to the public markets. Instead of a traditional IPO, it went public through a SPAC merger, essentially combining with a company that was already listed rather than running its own stock market debut from scratch.
What changed at Light & Wonder and DraftKings?
Both companies looked very different a decade ago than they do now.
Light & Wonder, worth an estimated $7.1 billion, was known as Scientific Games until 2022. That year it sold its legacy lottery business and rebranded around digital gaming, completing the name and ticker change on Nasdaq that April (iGaming Business). The old Scientific Games name stayed with the lottery arm it sold, not with the company on this list.
DraftKings, worth an estimated $11.6 billion, is proof that some of the biggest names in the industry started small. The company launched in 2012 as a daily fantasy sports business, reportedly out of a Boston-area apartment, years before it could legally take a single sports bet in most states (Wikipedia). Three former VistaPrint colleagues built it into one of the biggest publicly traded names in American sports betting.
Why do Evolution and Flutter Entertainment sit near the very top?
Because one built a category almost nobody else could compete in, and the other became the parent of one of the biggest sportsbook apps in the US.
Evolution, worth an estimated $16 billion, does not run a single consumer casino app of its own. Instead, its human dealers, filmed live in HD studios, power the live casino streams behind most of its rivals' sites. If you have played a live blackjack or roulette table online, there is a real chance Evolution was filming it, even on a competitor's app. We covered how Evolution built that position when it acquired NetEnt, one of the deals that shaped where the company stands today.
Flutter Entertainment, worth an estimated $18.1 billion, is the parent of FanDuel, one of the two biggest sportsbook apps in the US. Flutter itself was born from the merger of Paddy Power and Betfair, and its stable of brands also includes PokerStars, which reached Flutter by a longer road: Amaya Gaming's purchase of PokerStars eventually became part of The Stars Group, which Flutter later acquired. In 2024, Flutter completed a move of its primary stock listing from the London Stock Exchange to the New York Stock Exchange, a decision backed by 98% of shareholders (iGaming Business), cementing its position in the US market where FanDuel does much of its business.
What makes Aristocrat Leisure the single biggest name on this list?
Because it made the same jump from hardware to software that a lot of the industry has tried, and few have pulled off at this scale.
Aristocrat Leisure, worth more than an estimated $24 billion, the highest valuation on this list, started out as a physical slot machine manufacturer in Australia, founded in 1953 (Wikipedia). It spent decades building the machines you would find on a real casino floor before growing into a supplier of mobile games and digital casino technology sold worldwide, without ever running its own consumer-facing online casino brand the way DraftKings or Betsson do. That shift, from one country's slot machine floor to a worldwide digital supply business, is a big part of why it tops a ranking of public iGaming companies rather than a rival hardware maker.
Scrub through the full top 10
Move the slider from rank 10 up to rank 1 to see every company from this list, its approximate valuation, and what it is known for.
Rank
#10 of 10
Approx. valuation
$1.3 billion
Type
Operator
Known for
Roots back to 1963 in Sweden's bingo and slot machine business.
Figures are rounded, approximate market capitalization estimates gathered around when this article was written. Public company valuations move with the market and can look different by the time you read this. This is a reference tool, not financial or investment advice.
Are these company valuations exact?
No, and it is worth being upfront about that before you quote any number from this article. These are rounded, approximate market capitalization figures gathered around when this article was written, not audited financial statements. Two companies on this list, Entain and FDJ United, land at the exact same estimated $4.5 billion here, a tie rather than an error, and a good reminder of how rounded these figures really are. Public company valuations move with the stock market every single trading day, so by the time you read this, the order further down the list could easily have shifted even if the companies at the very top stay roughly the same.
What does this ranking say about the wider iGaming industry?
It says the industry is much bigger than the handful of apps and websites most players ever see. For every consumer-facing brand like DraftKings or Betsson, there is a supplier like Evolution or Playtech working behind the scenes, and the technology and corporate side of the business is worth tens of billions of dollars on its own. The next time you spin a slot or place a bet, there is a decent chance a company from this list built it, powers it, or owns it outright, whether or not its name ever shows up on your screen.
If you are building something in this industry yourself rather than just reading about who owns it, see our pricing page for what it costs to launch a white label casino platform, or read about the people behind some of these companies next.
Key takeaways
- Aristocrat Leisure tops the list at more than an estimated $24 billion, having grown from a physical slot machine manufacturer into a major supplier of mobile games and digital casino technology.
- Flutter Entertainment, the parent of FanDuel and the product of the Paddy Power and Betfair merger, completed a move of its primary stock listing from London to New York in 2024.
- Evolution and Playtech do not run their own consumer-facing casino apps. They supply the live dealer studios and slot software that power other operators' brands instead.
- Entain, formerly GVC Holdings, and FDJ United are tied in this ranking at an estimated $4.5 billion each, a reminder that these are rounded, approximate figures rather than audited results.
- DraftKings and Super Group (Betway's parent) both reached the public markets by unconventional routes, DraftKings from a small daily fantasy sports startup, Super Group through a SPAC merger instead of a traditional IPO.
- These are approximate, rounded valuations as reported around when this article was written. Public company market caps move with the stock market and can look different by the time you read this.
