Grizzly Bulls
Financial research concept

Online Gaming Monthly Unique Payers

measure average monthly real-money paying-user scale across an online gaming platform under the issuer's product and engagement rules.

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
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. MUPs measure paying-user scale, not registered accounts
  2. Product scope matters before comparing player counts
  3. Part of the Online Sports Betting & iGaming Economics
  4. See It in Company Research
  5. Continue Research

Online gaming monthly unique payers (MUPs) measure the average number of distinct users who complete at least one qualifying real-money paid engagement during a month.

DraftKings reported 3.6M MUPs in Q2 2026, up about 9% year over year.

MUPs measure paying-user scale, not registered accounts

DraftKings includes users with qualifying paid engagement across Sportsbook, iGaming, Fantasy, Lottery, Prediction Markets, and other offerings on its technology. A user who deposits funds but never completes a real-money paid engagement is not counted.

That makes MUPs more useful for operating analysis than a simple account-registration count, but it is broader than a sportsbook-only or iGaming-only active-user metric.

Product scope matters before comparing player counts

DraftKings can count one payer at the platform level even when that customer uses multiple products. Flutter's iGaming average monthly players are instead reported by product category under a different methodology.

Use MUPs with average revenue per monthly payer to separate user-scale growth from monetization. Do not treat the two companies' active-player measures as a standardized user series.

Primary source: DraftKings 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
  • Player scale and monetizationCurrent relationship
    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 PayersCurrent concept
  • 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
  • iGaming revenue and sportsbook margin bridge
    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 RevenuePromotional Spend Margin ImpactSports Results Margin ImpactStructural Revenue Margin

See It in Company Research

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Compare average monthly paying-user scale while preserving which products, promotional users, and real-money engagements each issuer includes.

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