In just a few short years, sports betting has gone from something that was confined mainly to a select few casinos to a massive international industry worth billions. As the Canadian and U.S. governments have changed their policies on sports betting, more legal betting sites in Canada and across the continent have arrived. Sports betting is now a legitimate business and one that is worth familiarizing yourself with.
The sports betting ecosystem is diverse, with numerous major companies that serve the Canadian and American markets. There are several multi-billion-dollar companies in the space and more that will likely soon cross that threshold. So, who are the enterprises that have managed to make a market in this space? Let’s look at some of the critical innovative enterprises that have managed to become essential sports betting power players.
FanDuel was launched in 2009 in Edinburgh, but it is an American betting company that has recently also arrived in Ontario. They are a massive company with thousands of employees that is a multi-billion-dollar business. In specific markets where it is legal, FanDuel specializes in daily fantasy, where bettors can make picks on players’ performance during a day and earn a chance at large cash prizes. They also have conventional sports betting offerings and an industry-leading mobile app. They have continued to grow every year and are poised to continue to be a powerful sports betting enterprise.
DraftKings is widely considered to be FanDuel’s biggest rival. The two companies share similarities, given that they both have daily fantasy and sports betting features. In fact, they once almost merged, but the merger was blocked by the FTC because the two companies combined for such a large share of the daily fantasy market. DraftKings was launched in 2012 in Boston and have spread across the continent into markets where sports betting is legal and regulated. They have partnerships with several major sports leagues and a huge market cap of more than $12 billion.
MGM Resorts International
MGM Resorts International is a major Vegas institution known for its famous resort and casino in Sin City. However, they have adapted to the new world of sports betting with aplomb and released their betting platform, BetMGM, to widespread acclaim. The platform has an incredible interface, live streaming partnerships, and an excellent mobile app that can be downloaded onto iPhones or Androids. They are one of the Vegas companies that have best identified the crucial changes that digital gambling heralded, and they have grown a lot because of it. They have a market cap of $15.93 billion.
Penn Entertainment is a gambling company that operates dozens of casinos and properties across the country. While they have been operating since the 1980s, they’ve embraced the changes that online gaming has brought by buying into the American and Canadian markets with betting apps. Penn purchased Barstool Sports, a multi-media company known for their personalities, and theScore, a Canadian brand known for displaying live score results and stats. They converted both into successful betting apps. This has proved a wise decision as both apps have carved out large market shares in the United States and Canada. They have a market cap of $4.1 billion.
Bet365 has been one of the biggest players in the world of sports betting for well over a decade now. The British enterprise launched in 2000 led by owner and founder Denise Coates, who remains in charge today. Bet365 is a private company that generates billions of dollars of revenue and has more than 5,000 employees. They serve markets across the world and are smart about obtaining licensing in key markets. They have released a mobile platform that is one of the top in the industry.