Grizzly Bulls
Financial research concept

iGaming Revenue

captures revenue from online casino products separately from sportsbook, prediction-market, fantasy, and other gaming activity.

By Lee BaileyPublished Sep 29, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Sep 29, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
10 connected conceptsPart of the reviewed Online Sports Betting & iGaming Economics; issuer definitions remain distinct where disclosed.
Company examples
2 reviewed companiesRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. iGaming revenue has different volume economics from sportsbook
  2. Similar product labels still require scope checks
  3. Part of the Online Sports Betting & iGaming Economics
  4. See It in Company Research
  5. Continue Research

iGaming revenue is revenue generated by online casino products such as digital slots and table games under the issuer's product definition.

DraftKings reported $461.9M of iGaming revenue in Q2 2026, up 7.5%. Flutter reported $577M of U.S. iGaming revenue, up 14%.

iGaming revenue has different volume economics from sportsbook

Sportsbook analysis often starts with wager volume and realized hold. Flutter explicitly says it does not use stakes to track iGaming because online casino outcomes do not have the same sporting-result variability.

For iGaming, player scale and revenue are the more useful operating pair. Flutter said its Q2 U.S. growth was driven by a 14% increase in iGaming average monthly players.

Similar product labels still require scope checks

DraftKings and Flutter operate in different jurisdiction mixes and apply their own product and revenue classifications. DraftKings also reports a broad platform MUP measure, while Flutter provides product-category AMPs.

Keep iGaming revenue separate from sportsbook revenue and from other gaming revenue. Cross-company comparisons should align geography, acquisition effects, currency, and product scope before drawing conclusions.

Primary sources: DraftKings Q2 2026 earnings release and Flutter Q2 2026 Form 10-Q.

Part of the Online Sports Betting & iGaming Economics

Connect paying-user scale and monetization with sports wagering volume, sportsbook revenue and realized margin, iGaming revenue, and the structural, sports-result, and promotional drivers of sportsbook hold.

Browse the full operating model in Company Analysis →
Where this concept fits
  • iGaming revenue and sportsbook margin bridgeCurrent relationship
    iGaming revenue is tracked separately from sports betting, while Flutter decomposes realized sportsbook margin into underlying structural margin, period sports-result effects, and promotional-spend effects. Those drivers explain hold movement without creating a standardized cross-operator margin formula.
    iGaming RevenueCurrent conceptPromotional Spend Margin ImpactSports Results Margin ImpactStructural Revenue Margin
  • Player scale and monetization
    Monthly Unique Payers measure DraftKings platform-level paying-user scale, ARPMUP measures average revenue across that payer base, and Flutter iGaming AMPs isolate product-category player activity under a different methodology. These user metrics are complementary but not standardized synonyms.
    iGaming Average Monthly PlayersAverage Revenue per Monthly PayerMonthly Unique Payers
  • Sports volume, revenue, and realized margin
    DraftKings Sports Consumer Volume measures settled customer wagers or trades across Sportsbook and Prediction Markets, Sports Net Revenue Margin relates current sports revenue to that broader volume, and Flutter sportsbook revenue provides a cleaner sportsbook-only revenue view. Current DraftKings sports scope must not be treated as pure sportsbook handle or revenue.
    Sports Consumer VolumeSports Net Revenue MarginSportsbook Revenue

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

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Compare iGaming revenue

Compare online casino revenue while keeping jurisdiction mix, promotional reinvestment, player growth, and issuer product scope visible.

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