Flutter Entertainment generated $16.38 billion in revenue in 2025, while Evolution AB generated EUR 2.07 billion. At first glance, the figures could suggest companies in the same business at different scales. Operationally, they are not comparable in that way.

Flutter takes bets from players across Europe, the Americas and Asia Pacific. Evolution has never taken a bet from a player; it supplies live roulette tables and other casino content to the companies that do. That distinction illustrates the difficulty of comparing listed gambling companies by ticker alone. The category includes businesses with very different operating models, and several of the companies commonly grouped together are not public limited companies.

DraftKings, Rush Street Interactive, Churchill Downs and Light & Wonder are US corporations. Evolution is a Swedish aktiebolag.

For anyone comparing headline numbers, that variety means revenue can come from different activities: players placing wagers at an operator, licensees buying content and machines from a supplier, or play inside physical venues.

Revenue scale does not explain the business mix

Revenue size is the least useful starting point. Each company reports revenue, but the total does not show whether it comes from taking wagers, supplying games or operating physical venues. The more meaningful differences appear in the casino and wagering lines.

In the United States, the consumer-facing online casino market consists of a relatively short list of apps. Legal Sports Report identifies the following nine among its best mobile casino apps: FanDuel, DraftKings, BetRivers, BetMGM, Caesars Palace, Bally, bet365, Fanatics and Hard Rock. The list is available at Legal Sports Report.

Grouping those apps by the companies that report their financial results is more informative. FanDuel belongs to Flutter, while BetRivers belongs to Rush Street Interactive. BetMGM operates through a joint venture between MGM Resorts and Entain, meaning its results reach the market through two sets of company accounts rather than one.

The size of the online casino line varies significantly. DraftKings generated $1.80 billion from iGaming in 2025 and $3.83 billion from its sportsbook. Churchill Downs generated $1.39 billion from racetracks and historical racing machines and does not have a comparable online casino revenue line.

Three businesses under one label

The following figures cover the year ended December 31, 2025.

Reading across the business descriptions rather than down the revenue column changes the comparison. Light & Wonder and Evolution are both suppliers serving operators, even though they appear among companies of different sizes. Churchill Downs sits between them by revenue but has a substantially different operating model.

Companies that take the wager

For online operators, the company is closely tied to the app, so the central question is the proportion of revenue from sports betting versus casino products.

DraftKings generated approximately 63% of its 2025 revenue from sportsbook activity and 30% from iGaming. The respective figures were $3,827 million and $1,805 million, compared with total revenue of $6,055 million. The remaining $423 million was reported as other revenue. These figures come from the company's annual report on Form 10-K, including the filing available through the SEC.

Flutter's mix was more weighted toward casino in the fourth quarter of 2025. The group generated $2,593 million from sportsbook and $2,011 million from iGaming. Casino therefore represented approximately 42% of the quarter's $4,737 million in revenue.

Rush Street Interactive was the most concentrated of the three. Online casino and online sports betting generated $1,127.5 million of its $1,134.4 million in 2025 revenue. Retail sports betting and all other activities together contributed less than $7 million.

The three companies therefore represent one broad product category but have different internal weightings: DraftKings was more sportsbook-oriented, Flutter was more casino-oriented, and Rush Street Interactive had almost no retail sports betting revenue. A comparison based only on total revenue does not show those differences.

Companies that supply the games

Evolution's customers are licensees rather than players. The company develops and operates live-dealer tables and slot content, then charges operators that distribute the games to their own users. Its income statement therefore reflects a business-to-business content model rather than direct gaming win from players.

The scale of Evolution's operation is also physical. At the end of 2025, it had approximately 2,000 live tables, compared with about 1,700 a year earlier, and roughly 22,500 employees working in studios across four continents. Evolution holds a business-to-business license from the Malta Gaming Authority, numbered MGA/B2B/187/2010.

Its revenue mix was heavily weighted toward live games. Live games generated EUR 1.77 billion of 2025 net revenue, compared with EUR 294 million from RNG titles. Live studios therefore accounted for close to 86% of the company's business.

Light & Wonder operates at another point in the same supply chain. It reported $3.3 billion in consolidated revenue and $276 million in net income for 2025. Its fourth quarter included record North American gaming-machine unit shipments of 7,000 and $234 million in machine sales.

For suppliers such as Evolution and Light & Wonder, exposure depends on the number of licensed operators and the amount of content or equipment those operators purchase. It is not directly determined by the result of a particular weekend of sporting events.

Companies that own venues and physical assets

Churchill Downs shows that a substantial share of regulated gambling revenue still comes through physical venues. Its 2025 net revenue was $2,925.9 million. Results filed with the SEC in February 2026 divided that amount into three segments: Live and Historical Racing at $1,394.7 million, Gaming at $1,042.9 million, and Wagering Services and Solutions at $488.2 million. The relevant filing is available through the SEC.

Within Live and Historical Racing, the Churchill Downs racetrack generated $262.4 million, while the company's Louisville historical racing venues generated another $217.1 million.

That operating model has different constraints from an app-based business. Growth can depend on opening venues, adding historical racing machines and expanding racetracks, which involves construction schedules and state approvals rather than downloads and user acquisition. TwinSpires horse racing handled $1,981.0 million during the year.

Listings, currencies and reporting rules

A company's listing location affects the regulator responsible for its disclosures, its reporting schedule and the currency used in its accounts. Flutter trades on the NYSE under FLUT and has a secondary London listing under FLTR. It reports in US dollars.

DraftKings trades on the Nasdaq Global Select Market and had 492,991,385 Class A shares outstanding as of February 10, 2026. Rush Street Interactive trades on the NYSE, while Churchill Downs trades on the Nasdaq.

Evolution reports in euros, while its shares trade in Swedish kronor on Nasdaq Stockholm. Light & Wonder is listed on both Nasdaq and the Australian Securities Exchange and recorded transition costs for the ASX arrangement during 2025.

Entain, the London-listed company that owns half of the BetMGM joint venture, adds another currency and a UK reporting calendar to the same industry. A genuine like-for-like comparison therefore requires reconciliation across two accounting frameworks and three currencies before the operating models are compared.

Geography is another part of the mix

Two operators can offer similar products while facing different regulatory conditions because the licensing map affects the business as much as the product mix.

Rush Street Interactive provides the clearest example. Its 2025 accounts reported $79.6 million in revenue from the United States and Canada and $154.9 million from Latin America, including Mexico. Latin America therefore represented just under 14% of total revenue.

The company operates BetRivers in North America and RushBet in South America. Its annual Form 10-K reports the two geographic markets separately. DraftKings does not provide an equivalent geographic split. Its business is predominantly domestic, and its filing states that, as of February 10, 2026, all 33 US jurisdictions with legal online sports betting were live, with DraftKings operating in 27 of them.

Flutter is more internationally distributed. Its International segment generated $9.42 billion in 2025 revenue, compared with $6.97 billion from the US. In the fourth quarter, revenue included $876 million from the UK and Ireland, $898 million from Southern Europe and Africa, $350 million from Asia Pacific, $175 million from Central and Eastern Europe, and $87 million from Brazil.

That geographic spread also brings different regulatory effects. Flutter exited the Indian market during 2025. Evolution's year-end commentary said that development in Europe was “not good, burdened by unfavorable regulatory movements,” while noting that Asia had returned to growth and identifying the USA and Latin America as 2026 priorities. Those company-stated priorities and the state-level legal map are the concrete items to follow into the next reporting cycle.

Where like-for-like comparisons break down

Three of the nine US casino apps listed above belong to companies whose financial information cannot be lined up directly against a public-company Form 10-K. bet365 is privately held, Fanatics is part of a private group, and Hard Rock International is owned by the Seminole Tribe of Florida. A comparison limited to listed companies therefore excludes part of the consumer market.

The terminology creates another problem. Handle, gross win and net revenue are different measurements, and companies do not always emphasize the same one. DraftKings reported $53.55 billion in sportsbook handle in 2025 against $3.83 billion in sportsbook revenue. Flutter's group handle in the fourth quarter alone was $25.7 billion, compared with $4.74 billion in revenue.

Even the number of states depends on the document being consulted. Legal Sports Report identifies seven states with live real-money online casinos, while DraftKings' 10-K lists eight US jurisdictions with iGaming statutes, with Maine providing the additional jurisdiction. A statute on the books is not the same as a live market, and the legal position in several states remains subject to change. Any change in that map alters the live-state counts cited here, which is why the as-of dates attached to each figure matter when interpreting results.

The nine-app roster cited above comes from Legal Sports Report, which also maintains a Facebook presence. The relevant source article was published by FinTechZoom.

The most accurate conclusion is therefore a taxonomy rather than a verdict. Sorting the companies by revenue places Flutter first and Rush Street Interactive last, but that ranking does not explain what either company does. The term “online casino PLC shares” describes a category of businesses rather than one operating model. Meaningful comparison requires asking what each company sells, to whom it sells it and which regulator governs the activity.