The full picture for the US online casino market in 2025 is still coming into focus, but the direction of travel has been clear for some time. Across the seven states that currently allow regulated online casino gaming, monthly revenue consistently exceeded $700 million through most of the year, with October setting a new record at $874 million. On that trajectory, monthly revenue moving beyond $1 billion in 2026 looks increasingly realistic, even without a wave of new states opening up.
Looking further ahead, most industry forecasts continue to point toward steady rather than explosive growth. Annual expansion in the range of 5 to 9 percent over the next five years would place total US online casino revenue close to $11 billion by the end of the decade. Despite those projections, several publicly listed gambling companies saw their share prices soften during parts of 2025. That disconnect raises a familiar investor question: does recent weakness reflect short-term sentiment, or are there structural risks that deserve closer attention?
Flutter Entertainment remains the market bellwether
Any discussion of US online casino exposure inevitably begins with Flutter Entertainment. As the owner of FanDuel, the leading sportsbook brand in the United States, Flutter has also built a sizable online casino presence alongside its betting operations. In 2024, the group reported revenue of roughly $14 billion, with estimates commonly placing its US market share near 40 percent across regulated online gambling.
Despite that scale, Flutter’s share price declined sharply during 2025. Much of that move was driven by investor unease around two themes: tightening scrutiny of gambling advertising and the rapid rise of prediction markets. Platforms such as Kalshi and Polymarket gained momentum following favorable legal developments involving the Commodity Futures Trading Commission, prompting concerns about new forms of competition.
Some analysts at major investment banks have argued that the sell-off reflected sentiment more than fundamentals, describing the pullback as excessive relative to Flutter’s underlying position in the market. That view was echoed in JPMorgan’s analysis of Flutter’s stock, which framed the decline as disproportionate to the company’s long-term growth outlook. In that context, recent weakness appears less like a structural break 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 issue from external disruption to potential category expansion. Looking ahead, the 2026 FIFA World Cup in North America also represents a meaningful engagement catalyst across the broader betting and gaming landscape. For investors assessing exposure through a broader long-term investing strategy, Flutter’s scale, balance sheet strength, and ability to adapt continue to underpin its position as the sector’s primary reference point.
Regulation remains the key variable heading into 2026
Most analysts still expect steady growth across the US online casino sector, but that outlook comes with clear constraints. Chief among them is regulation. Online casino gaming remains legal in only a small number of states, and legislative expansion continues to move slowly.
That matters for long-term investors. Even if existing markets continue to grow, limited state-level expansion would act as a brake on the sector’s upside. Maine offers a recent example of both progress and delay. After a bill passed both chambers in 2025, Governor Janet Mills initially vetoed the legislation before signing a revised version in early 2026. The state’s tribal operators are now expected to launch online casinos later this year.
Because regulation advances unevenly, competition inside existing markets becomes more important. Operators differentiate through product design, payout speed, RTP transparency, payment methods and responsible-play tools. Having somewhere that consolidates those variables in one view, for example a real money casino comparison page, can be useful when you want to understand how operators compete across states. Pages like this typically present ranked lists with RTP ranges, published payout windows, game counts, banking options and “last updated” timestamps, which makes them a practical snapshot of what brands are prioritizing in the regulated market.
MGM and BetMGM offer a different form of exposure
For investors seeking diversification within the sector, MGM Resorts International presents a different profile. Unlike pure-play digital operators, MGM combines its BetMGM online joint venture with substantial physical assets on the Las Vegas Strip, alongside 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 north of $10 billion, and BetMGM is expected to contribute more meaningfully to group results as recent reporting periods are finalized.
While broader tourism data out of Las Vegas has been mixed, large operators have continued to emphasize premium experiences and higher-value visitation. Recent Las Vegas tourism reporting has highlighted softer headline visitor numbers, even as major Strip operators increasingly focus on high-net-worth guests and luxury-led revenue models. That strategic shift has helped support performance despite uneven macro signals.
For many affluent investors, exposure to online casino stocks tends to make the most sense as part of a diversified portfolio rather than a standalone thesis. Framed within a broader wealth management approach, the sector’s appeal lies in balancing regulatory risk, consumer behavior, and valuation discipline rather than chasing short-term momentum.
