Recent news regarding the projected growth of the legal and regulated online betting industry was nothing but positive. The industry is expecting a significant growth in revenues: from its current number of $5.12 billion to $10.98 billion by 2029.
Which betting sites will still be around by then to reap these benefits is a much different question, however. Industry analysts have long forecast that eventually the US iGaming market will be reduced to just the major players, with perhaps only 4-6 brands surviving the purge and staying in the game for the long term.
Certainly, two of those spots are already locked up. In the latest statistical data covering market share in the US online betting industry, powerhouse brands FanDuel (38%) and DraftKings (35%) have nearly three-quarters of the market cornered. These behemoths aren’t going anywhere.
After them, the race for survival grows much tighter, as the other betting sites fight for the remaining scraps. Some have already made the choice to give up the ghost. The Score Bet, Fox Bet, 888 Sports, Betway, Fubo, WynnBET, SuperBook and Unibet are some of the bigger names who’ve departed from the US market. Tipico, Barstool and PointsBet all opted to sell their US assets to competitors.
Top Sportsbooks Expected to Dominate the US Market Over the Next Years
Which sports betting sites will still exist in 2025 and beyond? Let’s look at the top US contenders who may have what it takes to survive in the long run.
BetMGM (14.0%)
Looking at that number, you’d think BetMGM was a safe bet to survive. However, their market share has been dipping from its once lofty placing at 19%. Recent moves to acquire Tipico’s technology and the casino holdings of LeoVegas would appear to be positioning BetMGM to eventually part ways with tech partner Entain and deliver their own betting platform, which would definitely strengthen their product.
NJ.bet’s forecast: 85%
Bet365 (5.71%)
The British-based gambling giant has taken a measured approach to the US market, but Bet365 is ramping up impressively so far through 2024. Launched in five new states, Bet365 is now live in 11 states. It’s more than doubled the company’s market share from a year ago, up from 2.25% at the start of the year. Much of that has been driven by lucrative signup offers in these new states. Will those customers stick around for the long haul?
Another concern for Bet365 is that they hold less than 1% of the US online casino market. Demographics, though, are showing that Bet365 is the No. 1 sportsbook among those under the age of 25. The company’s emphasis on live streaming is a big reason for that.
NJ.bet’s forecast: 90%
Caesars (5.0%)
Caesars has stated a goal of gaining 10% of the US online gambling market. While the company is showing increases in some areas, overall they land between 5-6% in most states where Caesars is active. They are now operating two online casinos, one paired with the Caesars Sportsbook. The other, Caesars Palace, is a standalone app seeking to capitalize on the brand name of the company’s most famous brick and mortar casino resort.
NJ.bet’s forecast: 80%
ESPN Bet (3.2%)
After pairing with Penn Gaming and replacing Barstool Sportsbook in November of 2023, ESPN Bet boldly announced plans to gain 20% of the US market by 2027. Already, though, there’s worrisome indications. The early part of 2024 saw ESPN Bet’s market share slipping from 4.7% over the first quarter. Penn Gaming announced nearly 100 layoffs. The ESPN Bet app is drawing poor reviews from users.
NJ.bet’s forecast: 50%–60%
Fanatics (2.9%)
Another major player making the move into the US iGaming realm in the past year, the massive sports apparel company purchased the licenses of PointsBet to enter this realm. Like ESPN Bet, Fanatics has struggled to make inroads into the US iGaming market. There are reports – all vehemently denied by Fanatics officials – that company revenues are down 14% and that Fanatics CEO Steve Rubin is seeking to sell as much as $1 billion of stock in the company.
NJ.bet’s forecast: 50%-60%
BetRivers (2%)
There’s been some positive news on certain fronts coming from BetRivers in 2024. Owners Rush Street Gaming are reporting that in Michigan alone, the company was showing a 53% increase in online casino revenue from the final quarter of 2023 through the first quarter of 2024. Similar year over year increases were reported at their online casino operations in New Jersey and Pennsylvania. Overall, BetRivers showed a 34.1% increase in revenue across the board during the first quarter of 2024.
NJ.bet’s forecast: 70%
US Sportsbooks Survival Forecast Through 2025
Conclusion: Forecasting Online Sportsbooks Future
Based on our forecast, the US iGaming market will likely see a consolidation of the major players by 2025. FanDuel and DraftKings are virtually guaranteed to maintain their dominance with their significant market shares.
BetMGM, with an 85% likelihood of remaining strong, is positioning itself well despite a slight dip in market share.
Bet365, with a 90% forecast, is expanding rapidly and is particularly popular among younger bettors. Caesars, with an 80% chance, continues to leverage its strong brand.
Meanwhile, ESPN Bet and Fanatics face significant challenges, with forecasts of 50% and 60%, respectively.
BetRivers shows promising growth and has a 70% likelihood of staying competitive. The landscape will be shaped by strategic moves and market adaptability, determining who will thrive in the evolving market.
