The full picture of the US online casino market in 2025 is still in focus, but the direction of travel has been clear for some time. Across the seven states that currently allow regulated online casino gaming, monthly revenues consistently exceeded $700 million through most of the year, with October setting a new record of $874 million. On this path, monthly revenues exceeding $1 billion in 2026 seems increasingly realistic, even without the opening up of new states.
Looking to the future, most industry forecasts still point to steady rather than explosive growth. Annual expansion in the 5 to 9 percent range over the next five years would bring total U.S. online casino revenues closer to $11 billion by the end of the decade. Despite these expectations, several publicly listed gambling companies have seen their share prices fall through parts of 2025. This disconnect raises a familiar question for investors: Does the recent weakness reflect short-term sentiment, or are there structural risks that deserve greater attention?
Flutter Entertainment remains the market leader
Any discussion about online casino exposure in the US inevitably starts with Flutter Entertainment. As the owner of FanDuel, the leading sports betting brand in the US, Flutter has also built a significant online casino presence alongside its betting operations. In 2024, the group reported revenues of around $14 billion, with estimates typically placing its US market share at close to 40 percent across regulated online gambling.
Despite this range, Flutter’s stock price fell sharply throughout 2025. Much of the move was driven by investor unease around two topics: tightening scrutiny of gambling ads and the rapid rise of prediction markets. Platforms like Calci and PolyMarket have gained momentum after favorable legal developments involving the CFTC, raising concerns about new forms of competition.
Some analysts at major investment banks have argued that the sell-off reflects sentiment more than fundamentals, calling the decline excessive compared to Flutter’s underlying position in the market. This view was echoed at JP Morgan Flutter stock analysiswhich portrayed the decline as disproportionate to the company’s long-term growth prospects. In this context, the recent weakness looks less like a structural collapse and more like a valuation reset within a still-expanding sector.
FanDuel has already signaled its intention to explore participation in prediction markets, reframing the problem from external disruption to potential category expansion. Looking to the future, the 2026 FIFA World Cup in North America also represents an important catalyst for participation across the wider betting and gaming landscape. For investors evaluating exposure through a broader, long-term investment strategy, Flutter’s size, balance sheet strength and adaptability continues to support its position as a key reference point for the sector.
Regulation remains the key variable until 2026
Most analysts still expect steady growth in the online casino sector in the United States, but these expectations come with obvious limitations. The most important of which is organization. Online casino gaming is still legal in a few states, and legislative expansion continues to move slowly.
This is important for long-term investors. Even if existing markets continue to grow, limited expansion at the country level would act as a brake on the sector’s upside. Maine provides a recent example of both progress and delay. After a bill passed in both chambers in 2025, Gov. Janet Mills initially vetoed the legislation before signing a revised version in early 2026. Tribal operators in the state are now expected to launch online casinos later this year.
Because regulation advances unevenly, competition within existing markets becomes more important. Operators differentiate through product design, payment speed, RTP transparency, payment methods, and responsible play tools. Having a place that integrates these variables into one presentation, For example Our real money casino comparison page can be useful when you want to understand how operators compete across states. Pages like this typically offer ranked lists with RTP ranges, published payment windows, game counts, banking options, and “last updated” timestamps, making it a practical snapshot of what brands prioritize in the regulated market.
MGM and BetMGM offer a different form of exposure
For investors seeking diversification within the sector, MGM Resorts International offers a different profile. Unlike pure digital operators, MGM combines its BetMGM online joint venture with significant physical assets on the Las Vegas Strip, along with international exposure through Macau, the world’s largest casino market by revenue.
BetMGM operates as a joint venture between MGM and Entain, meaning public market exposure typically involves holding shares in both parent companies. MGM’s market capitalization remains above $10 billion, and BetMGM is expected to contribute more meaningfully to the group’s results upon the completion of the latest reporting periods.
While broader tourism data from Las Vegas was mixed, major operators continued to focus on premium experiences and higher-value visits. recently Las Vegas tourism reports It highlighted a decline in prime visitor numbers, even as major sector operators increasingly focus on high-net-worth guests and luxury-led revenue models. This strategic shift has helped support performance despite mixed macro signals.
For many wealthy investors, exposure to online casino stocks tends to make sense as part of a diversified portfolio rather than a standalone thesis. Within a broader approach to wealth management, the sector’s appeal lies in balancing regulatory risk, consumer behavior and valuation discipline rather than chasing short-term momentum.
