Peter Smith
What has made online gaming platforms so attractive to Wall Street investors? What are the publicly traded casino companies to watch and why? Why are regulations in this industry a significant factor in what platforms to invest in? Here’s a look at how online gaming became the darling of not only Wall Street but also investors on global stock exchanges.
From the Gaming Floor to the Online World
The Ridotto (now known as The Casinò di Venezia), founded in Venice in 1683, is believed to be the world’s oldest gaming house. Over the centuries, casinos expanded across the globe. It made sense that casinos would eventually become available online. This was made possible by the Free Trade and Processing Zone Act in Antigua and Barbuda.
Microgaming was the first provider to offer an online option, called The Gaming Club, which launched in October 1994. It offered a few basic table games and a couple of slots, but it started the trend that took off over the next 30 years.
In 1997, two sets of Israeli brothers, the Shakeds and the Ben-Yitzhaks, created the online gaming site Casino-on-Net. Their company name, Virtual Holdings, was rebranded in the early 2000s as 888 Holdings, referencing the good luck that number presented.
888 Holdings was one of the first online gaming providers to launch an IPO. It was listed on the London Stock Exchange (LSE) in 2005 at £1.75 ($2.30) per share, with a market cap of over £500 million ($658 million).
Playtech Holdings was listed on the London Stock Exchange a year later at £3.33 ($4.40) per share, and the company was valued at that time at £550 million ($724 million).
The advantage online gaming has over land-based casinos is that it has a global reach. Online casino platforms don’t have geographical borders, so they have a much larger market. The savvy ones create sites that attract players of other cultures who speak different languages. These operators have significantly lower overheads as they don’t require expensive locations or lots of staff.
iGaming regulations vary across the globe (more on that shortly), and in New Zealand, the concept of safe, legal environments for players is a priority. To aid investors in making informed provider choices, platforms like NZCasino curate and review licensed online casinos within this compliant framework.
With the industry’s shift online, experts suggest casino shares are the stocks to watch this year.
The Wall Street Darlings
After 888 Holdings and Playtech Holdings held their successful IPOs, other prominent online gaming platform providers listed on global exchanges.
What are investors looking for in publicly traded casino companies? One that has a high-margin digital business model that is scalable globally with combined gambling activities like sportsbook and casino.
These four publicly traded casino companies are the darlings of Wall Street for their ability to keep growing and attracting new investors.
Flutter Entertainment (NYSE: FLUT) (LSE: FLTR)
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. While it’s primarily listed on the New York Stock Exchange (NYSE), it has a secondary listing on the LSE.
It’s attractive to new investors because its platform, FanDuel, is present in 23 US states. It has an extensive global reach, with investment over £7.6 billion ($10 billion) in sportsbook innovation, and it has scalable technology platforms.
In 2025, Flutter Entertainment’s market cap was around £28 billion ($37 billion); it’s currently reinvesting earnings to expand its technology and create new brands.
DraftKings (NASDAQ: DKNG)
DraftKings began as a fantasy football site in 2012. In August 2018, it launched the first legal mobile and online sportsbook in New Jersey. It was listed on the NASDAQ in 2020 and turned its first profit in 2024.
Strategic partnerships with ESPN, NBCUniversal, and Amazon give the platform exclusive marketing and operational advantages.
Analysts are predicting a 32% YOY gain by the end of 2025. Its market cap hovers around £13.6 billion ($18 billion). DraftKings doesn’t pay dividends; instead, it focuses on acquisitions and technology investment.
Evolution Gaming (STO: EVO)
Inspired by the land-based casinos in Monte Carlo, Swedish entrepreneurs Jens von Bahr, Fredrik Österberg, and Richard Hadida launched Evolution Gaming in 2006.
Initially listed on the NASDAQ in 2015, it moved to the NASDAQ Stockholm (STO) in June 2017. Its strong quarter-on-quarter growth in its European core market makes it an attractive investment, while its geographic expansion into the newly regulated Latin America market is being watched closely.
Evolution AB’s current market cap is £10 billion ($13.6 billion). It pays moderate dividends to its shareholders; the rest is reinvested in technology advancement, particularly in the live dealer arena.
Entain (LON: ENT)
Gaming VC Holdings S.A. began in Luxembourg in 2004 as an online gaming platform for the German-speaking market. In 2010, it reorganized in the Isle of Man as GVC Holdings. In 2020, it rebranded as Entain and listed on the LSE.
Entain is well known for its diversified portfolio of brands, including Ladbrokes, BetMGM, and Eurobet. Its forward-looking growth strategy, focused on regulated markets, appeals to investors. Entain has a solid focus on innovation, sustainability, and regulatory compliance.
Entain pays regular dividends and has a market cap of £4.5 billion ($5.9 billion).
The Online Gaming World of Regulations
There are strong moves in place for a regulated gaming industry. Regulators in the online gaming market are especially focused on fair-play algorithms, responsible-gaming safeguards, and data privacy. Listed companies that partner with the following gaming authorities demonstrate their willingness to follow regulations, which in turn helps promote online gaming market growth.
Here are three regulators whose decisions can influence publicly listed iGaming companies:
The Malta Gaming Authority
The Malta Gaming Authority (MGA) is considered the pioneer in regulating online gambling. Its base in Central Europe allows it to govern a broad area. Its well-established license framework is attractive to a global audience of platforms. The MGA focuses primarily on integrity, transparency, and fairness, but has been criticized for its more lenient take on regulations.
Malta offers tax efficiencies, so it is attractive as a base for many operators. As it’s continually evolving to meet EU standards, regulatory issues should be in its past.
The UK Gambling Commission
The UK Gambling Commission (UKGC) oversees all of the gambling in Great Britain, and unlike the MGA, has a very heavy focus on regulation. Consumer protection is its core focus. It enforces transparency in player spending, robust age security measures, and charges a levy to all operators to help fund gambling addiction treatments.
In 2025, the UKGC introduced a series of reforms, including the removal of autoplay, strict marketing opt-ins, and mandatory stake limits.
New Zealand’s Department of Internal Affairs
The New Zealand Department of Internal Affairs (DIA) oversees all of the domestic gambling regulations. It splits its focus between the land-based casinos and NZ online casinos. It’s tightly regulated, with only licensed operators allowed. There are strict controls on advertising, and harm minimization is at its core.
New Zealand’s approach is more conservative and cautious compared to the MGA and UKGC. This encourages DIA-approved aggregators such as NZCasino to review and compare licensed operators in the country.
Invest in iGaming Stocks
In the early 2000s, online gaming sites were viewed as platforms of chance and were often considered unfavorable. Within a decade, some of the biggest names in the industry, Flutter Entertainment, DraftKings, Evolution Gaming, and Entain listed on their respective stock exchanges, rapidly increased in value, and provided unexpectedly high returns to investors.
As the industry grows and begins to follow stricter regulations, the digital gambling market has become even more attractive to Wall Street investors. Scalability, emerging markets, and advances in gaming technology will be the next casino investment trends, making these solid investment opportunities.
Remember, as with all investments—especially in regulated industries—share prices can be sensitive to policy changes and market sentiment. Ensure you do your due diligence before investing in the online gaming market.
Peter Smith
