The profits behind online casinos can be staggering, but exactly how much owners earn depends on traffic, game offerings, and business strategy.
Last Update17 Sep, 2025
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Online casinos have completely revolutionized the gambling industry. With the advent of cutting-edge technology, online casino platforms are now more accessible than ever. As an increasing number of people turn to online gambling, the question of how much online casino owners earn has become a topic of interest.
As a curious person, I have often wondered how much the most prominent online casino owners earn. Therefore, to better understand the dynamics of online casino profits, I’ve compiled a list of the top 10 online casino owners by revenue in 2022. If you are interested in the financial side of online gambling, read on to learn more.
Headquartered in Dublin, Ireland, Flutter Entertainment is a multinational sports betting, gaming, and entertainment company operating in several markets worldwide. The gaming company was formed by merging two major gambling companies, Paddy Power and Betfair, in 2016. The company has since expanded its operations, acquiring numerous well-known brands, including the Stars Group and Sky Betting and Gaming.
Flutter Entertainment has also gained prominence in the US, operating under FanDuel Group. As per Flutter Entertainment’s business review in its financial statement for 2022 (the preliminary results), the company’s US market has been projected to be worth more than $40 billion by 2030. It is also worth noting that, as of 2022, the market is already valued at £263 billion outside the US, with an estimated 9% CAGR (compound annual growth rate) over the next five years.
Owing to a solid performance in the US after a chain of acquisitions, the Group’s revenues in the year 2022 also increased by 27% to £7.69 billion.
Bet365 is a British online gambling company that has been in operation since 2000. The brand was founded by Denise Coates, the majority shareholder and CEO, alongside her brother, John Coates. The company is headquartered in Stoke-on-Trent, England, and has over 7,000 employees.
As of 2016, Bet365 is among the world’s largest online gambling companies. The company has expanded its markets in numerous countries, including the US and Canada, where Bet365 operates in Colorado, New Jersey, Ohio, and Ontario. The company also has a majority stake in Stroke City Football Club, a professional football club based in Stoke-on-Trent.
According to an official financial review published by the company, its revenue grew from $3.35 billion in 2021 to $3.41 billion in 2022, demonstrating a 25% increase in gaming revenue. Interestingly, this growth was achieved despite an approximate 90% drop in profit compared to the previous year, attributed to the company’s expansion into new markets and investing funds to enhance its product offerings.
The Stars Group, now a subsidiary of Flutter Entertainment, was a Canadian provider of technology-based products in the international gaming and interactive entertainment industries. Headquartered in Toronto, Ontario, the company markets its products under Sky Betting & Gaming, Full Tilt, BetEasy, PokerStars, PokerStars Live, PokerStars Casino, and PokerStars Sports brand names. According to estimates by Regulus Partners, the real-money casino gaming sector of the UK-based online gaming market it yielded around £2.9 billion in revenues in 2017, growing at a 16% compound annual growth rate from 2014 to 2017.
Regarding the company’s acquisition, in October 2019, Flutter Entertainment announced that it would acquire the Stars Group for $6 billion. The sale of the company to Flutter Entertainment was completed in May 2020, and the all-share merger created one of the largest betting and gambling companies worldwide.
Established by a group of four American businessmen led by Steve Barlow, Entain is a UK-based online gambling and sports betting company, previously known as GVC Holdings. Since its establishment in 2004, they have evolved to become one of the world’s most prominent online gaming companies. The company’s portfolio of brands includes names like Ladbrokes, bwin, BetMGM, Coral, Eurobet, and PartyPoker. Apart from having an online presence, the company also operates several retail betting shops across numerous countries.
For 2022, Entain’s annual revenue increased by 12% YoY (year-on-year), totalling £4.29 billion ($5.11 billion). Additionally, its underlying EBITDA for the same year was 13% higher than the previous year, amounting to £993 million. Entain’s gross income rose 11% from £2.43 billion to £2.71 billion.
Kindred Group, formerly Unibet Group, is an online gambling operator founded in 1997. It is headquartered in Malta and listed on the Nasdaq Stockholm Stock Exchange. Founded by Anders Ström, who served as the company’s first CEO, the operator comprises nine brands, including 32Red, Maria Casino, Unibet, Bingo.com, and Highroller.
Although Kindred Group is registered in Malta, the company also has key offices in London, Gibraltar, Stockholm, and the US, apart from smaller establishments throughout Europe and Australia. In 1999, the company went digital and launched its first website in English and Swedish. Over the last 25 years, Kindred has gained significant market share in key regulated markets worldwide.
Regarding its financials, according to the company’s year-end report from January to December 2022, its total revenue amounted to £1.07 billion.
William Hill is an international bookmaker and gambling company based in the UK. The company was founded in 1934 by businessman William Hill. The brand conducts business from its London headquarters and smaller offices in Leeds, Malta, Gibraltar, Sofia, and Manila. It was previously publicly listed on the London Stock Exchange until Caesars Entertainment Acquired it in April 2021. Later, in July 2022, William Hill was subsequently acquired by 888 Holdings.
William Hill’s business performance (before the acquisition) for the 52 weeks ending on December 27, 2022, has been detailed in the FCA (Financial Conduct Authority) results. The net revenue generated by the standalone business in 2022 was £1.23 billion, a mere fraction below the £1.24 billion generated in 2021.
888 Holdings, formerly Virtual Holdings Limited, is an international company based in Gibraltar. The company was established in 1997 by two sets of brothers, Ron and Shay Ben-Yitzhak and Aaron and Avi Shaked. With headquarters in Gibraltar, the Group operates from 15 offices worldwide and has over 12,000 employees internationally.
888holdings operates several online gambling platforms, including William Hill, Mr Green, 888sport, 888casino, and 888poker. The Group also operates Sports Illustrated’s SI Casino and Sportsbook brands in the United States in collaboration with Authentic Brands Group.
According to 888 Holdings’ Annual Report and Accounts 2022, the Group reported a revenue of £1,239 million, up 74% from the previous year.
LeoVegas Group is an international iGaming company founded in 2011 in Stockholm by Gustaf Hagman and Robin Ramm-Ericson. The Group provides online casino services and sports betting via ten brands, namely LeoVegas, BetMGM, BetUK, Slot Boss, and Pink Casino, within ten jurisdictions.
The Group continues to expand its operations, currently employing over 1000 individuals in Europe, with its main office in Stockholm and its operations centre in Malta. LeoVegas has received numerous accolades for its innovative approach to online gaming, including the “Online Casino of the Year” award for six consecutive years at the Global Gaming Awards.
In September 2022, MGM Resorts International acquired LeoVegas for $607 million, with 96% of shareholders approving the agreement. According to LeoVegas’s annual report for 2022, the company recorded a total revenue of €394,659.
Betfair is a UK-based international gambling company that operates the world’s largest online betting exchange. Based in England, the company was established in 2000 by businessmen Edward Wray and Andrew Black. They have since grown to become one of the leading providers of online sports betting and gaming services. The company conducts its business operations from its head offices in London, alongside smaller offices in Dublin, Ceuta, Malta, and Leeds.
2016 Betfair merged with Irish gambling company Paddy Power, creating Flutter Entertainment. Flutter Entertainment now operates various global brands, such as Sky Betting & Gaming, Sportsbet, and FanDuel, with Betfair being the most prominent technology and shared services hub. Determining Betfair’s earnings for 2022 can be challenging, as it is now a part of Flutter Entertainment.
Paddy Power is an Irish gambling company founded in 1988 due to a merger of three bookmakers, David Power, John Corcoran, and Stewart Kenny. The company offers a range of products and services, including sports betting, online casino games, poker, and bingo. Paddy Power is mainly known for its humorous and often controversial marketing campaigns. In 2016, Paddy Power merged with Betfair to create Flutter Entertainment, which, as mentioned, is now among the world’s largest online gambling companies.
Determining the precise earnings of Paddy Power alone is difficult since it is now a part of Flutter Entertainment, which also includes other brands like Betfair and FanDuel.
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