Betting on Growth: iGaming Stocks to Watch in 2025

The iGaming industry is charging into 2025 with massive momentum. Publicly traded leaders like Flutter Entertainment, DraftKings, Entain, and Aristocrat Leisure are capitalizing on global regulatory expansion, new markets in Canada, Mexico, and Brazil, and consumer demand for fast, mobile-first experiences.

Investors aren’t just seeing these companies as speculative plays—they’re reading them as indicators of where the digital entertainment economy is headed next. From mobile apps to sportsbook integrations and international partnerships, the iGaming giants are navigating a fast-evolving space with strategy and innovation.

Flutter Entertainment’s Dominance

Flutter Entertainment is positioning itself as the undisputed titan of the iGaming universe. With a market cap exceeding £24 billion and brands like FanDuel, Paddy Power, Betfair, and PokerStars under its control, Flutter has both the portfolio and scale to dominate global betting. In Q1 2025, Flutter reported group revenue of £2.4 billion, up 16% year-over-year.

The company’s U.S. division, FanDuel, delivered £908 million in revenue, accounting for nearly 38% of total earnings—driven by increased sportsbook handle and strong iGaming penetration.

Flutter’s decision to publicly list FanDuel on the NYSE has sparked heightened investor enthusiasm, with analysts forecasting FanDuel’s standalone valuation to potentially reach $35 billion. As Ontario and U.S. states continue liberalizing their betting laws, Flutter’s hybrid model of physical and digital operations places it ahead of competitors in terms of market adaptability.

DraftKings’ Strategic Expansion

DraftKings continues to be the poster child for aggressive, data-backed expansion. The company posted $1.42 billion in Q1 2025 revenue, a 53% increase from the previous year. With a 25% share of the total online sportsbook market in the U.S., DraftKings is expanding in Canada, Mexico, and Brazil through joint ventures and licensing deals.

DraftKings also reported a record monthly unique payer (MUP) count of 3.5 million, up 37% YoY. Meanwhile, average revenue per MUP increased by 14%, thanks to enhanced product offerings and deeper engagement strategies. Notably, its acquisition of Jackpocket for $750 million is giving it a lottery-driven funnel into broader gaming segments.

Entain’s Global Tech Arsenal

Entain, owner of Ladbrokes, bwin, and BetMGM (in partnership with MGM Resorts), reported net gaming revenue of £2.4 billion for H1 2025. It’s investing aggressively in its proprietary technology stack to fuel international growth, particularly in Ontario, Brazil, and India. With BetMGM holding 19% of the iGaming market share in North America, Entain’s cross-border footprint is now among the largest.

Entain has committed over £100 million into safer gambling initiatives, earning recognition in key markets like Ontario. The firm is banking on its Advanced Responsibility & Care (ARC) platform to reinforce investor and regulatory confidence. Analysts now peg Entain’s 2025 EBITDA at £1.2 billion, reflecting expected growth from new European licensing wins.

Aristocrat Leisure’s Digital Evolution

Australia’s Aristocrat Leisure is transforming its legacy slot machine empire into a digital-first powerhouse. Its Pixel United subsidiary—comprising Plarium, Product Madness, and Big Fish Games—contributed AU$1.4 billion to the company’s total AU$3.3 billion revenue for the first half of FY2025.

Its online real-money gaming division, Anaxi, now partners with U.S. and Canadian operators to deliver integrated content platforms. In 2025, Aristocrat is increasing R&D spending by 12% to improve cross-device compatibility and mobile-first experiences. The stock has climbed 22% year-to-date, with analysts forecasting further growth if Brazilian and Mexican markets open further to international content suppliers.

Mobile Gaming’s Share of Wallet

Mobile is the heart of iGaming’s surge. In 2025, 72% of all online bets are being placed via mobile devices—up from 66% just two years ago. Flutter’s FanDuel and DraftKings have both reported that over 85% of total user activity is now mobile-driven. This behavioral shift is influencing product design, ad spend, and UX strategies across the board.

DraftKings’ new “Live Bet Stream” feature has increased session time by 23% among users under 35, while FanDuel’s real-time cash-out features have enhanced engagement and decreased churn. The transition to mobile-centric betting is also leading operators to pursue lighter, data-efficient apps tailored for international markets like Brazil and India.

Ontario’s Regulatory Model

Ontario continues to be the blueprint for regulated iGaming. Since launching its legal iGaming market in April 2022, Ontario has amassed over 1.6 million active player accounts and generated CA$2.4 billion in handle in Q1 2025 alone. Operators like BetMGM, Caesars, and FanDuel dominate the province’s competitive scene, thanks to rigorous compliance standards and a player-first ecosystem.

As international markets continue to embrace regulated online gambling, the global iGaming sector is experiencing unprecedented growth, with countries across Europe and North America leading the charge.

Gambling.com Group Drives Ontario’s iGaming Boom With Bold Expansion Strategy

Central to the evolving North American iGaming narrative is Gambling.com Group (GAMB), a rapidly scaling digital betting affiliate operator. The company’s Canadian ambitions are underscored by its CAD 1 billion+ projected first-year Ontario gaming revenue and recent strategic acquisitions across Canada in 2024.

GAMB’s affiliate partnerships are reinforcing Ontario’s regulated sports betting market, with platforms like Gambling.com, 4Gambling.com, and CanadianGamingBusiness.com amplifying visibility.

Since Ontario’s market opened in April 2022, online gambling revenues have exceeded USD 3.20 billion for the 2024–25 fiscal year, validating the region’s status as a regulatory model. GAMB is seizing this momentum to anchor its broader North American expansion.

As Ontario continues setting global benchmarks for consumer protection and industry growth, GAMB’s trajectory provides a critical signal for investors tracking the digital gambling revolution.

As international markets embrace regulated online gambling, including Ontario’s robust iGaming system, investors are keeping a close eye on stocks like Gambling.com (GAMB) that are strategically aligned with this momentum. Check out the top online casinos in Ontario to explore the platforms fueling this growth and understand the market dynamics in action.

Brazil, Mexico, and the LATAM Frontier

Brazil’s federal online betting law has finally been implemented, opening a market of over 210 million people. Analysts project the Brazilian iGaming market to exceed $3.5 billion in annual revenue by 2027. Flutter, DraftKings, and Entain have all expressed interest in licensing deals with Brazilian operators.

Mexico is another key battleground. Entain already operates Caliente.mx, the country’s largest sportsbook, which generated over $200 million in revenue in 2024. DraftKings has recently acquired a 51% stake in a local tech provider to better localize content and payment solutions.

Combined, the Latin American market is projected to grow at a CAGR of 18.3% from 2025 to 2028, presenting a golden opportunity for shareholders looking beyond North America.

Technology as a Growth Engine

AI and machine learning are transforming iGaming’s backend and user experience. From predictive analytics to responsible gambling tools, the sector is using tech to reduce churn, boost loyalty, and customize promotions.

Flutter’s SmartStake model analyzes user risk and dynamically adjusts deposit limits. Aristocrat is using AI to optimize RTP mechanics on its mobile slot offerings. Meanwhile, DraftKings has incorporated algorithmic pricing models that fine-tune odds in real-time during live events.

These tools are increasing session duration and ARPU while reassuring regulators of ethical compliance. Investors are rewarding these moves—Flutter’s share price is up 19% in 2025, while DraftKings has gained over 24% YTD.

Investor Sentiment and Capital Flows

2025 is proving to be a bullish year for iGaming equities. Institutional investors are upping their stake in Flutter and DraftKings, viewing them not just as gaming plays but as digital infrastructure companies. Fidelity and BlackRock both increased their DraftKings holdings by 7% and 5% respectively in Q2 2025.

Entain’s consistent dividends and EBITDA growth make it appealing to yield-focused investors, while Aristocrat’s tech diversification reduces volatility. Market volatility has prompted a flight to sectors with real earnings and scalable models—criteria that these companies meet in full.

Stock Performance Snapshot

DraftKings stock is up 24.8% YTD, trading at $48.72 as of June 2025. Flutter, trading at £170.30, has climbed 19% YTD. Entain is up 13%, buoyed by consistent quarterly performance and strong showings in BetMGM’s profitability reports.

Aristocrat shares, listed on the ASX, have jumped 22%, with strong returns from its digital gaming segment. Analysts project Aristocrat’s FY2025 EPS to hit AU$1.92, up from AU$1.58 in 2024. These movements reflect broader confidence in regulated growth, user acquisition, and product innovation.

The Future of iGaming Investment

As iGaming continues to mature, it’s becoming a strategic investment class rather than a speculative punt. With global revenue projected to hit $140 billion by 2028, and regulated markets like Ontario providing blueprints, companies that master product, compliance, and scale are reaping consistent investor rewards.

Retail investors are also getting in through ETFs that include iGaming leaders, while private equity firms are evaluating acquisitions of regional operators. The intersection of technology, entertainment, and finance is turning iGaming into one of the most dynamic sectors for long-term portfolio growth.