Category 03
Casinos, online gambling, and sports betting
Public operators and suppliers with direct revenue from casinos, online gambling, sportsbooks, gaming machines, or wagering data.
Classification and underwriting
- Category definition
- Public operators and suppliers with direct revenue from casinos, online gambling, sportsbooks, gaming machines, or wagering data.
- Inclusion rules
- casinos
- online gambling
- sportsbooks
- gaming machines
- wagering data
- Exclusion rules
- video games without real-money wagering
- Value-chain roles
- casino operator
- sportsbook operator
- iGaming operator
- gaming supplier
- wagering data provider
- Exposure measurement
- Gaming revenue share by channel, jurisdiction, license, property, and digital product.
- Core operating signals
- handle
- hold
- active players
- promotional intensity
- property visitation
- license coverage
- Underwriting variables
- customer acquisition cost
- state tax rates
- property leverage
- online market share
- supplier concentration
- Failure conditions
- license loss
- promotional overspend
- hold normalization
- property demand shock
- tax-rate escalation
- Monitoring triggers
- state revenue reports
- license action
- promo changes
- active-player trends
- debt refinancing
- Portfolio use
- Cyclical and regulatory exposure separated between digital wagering, physical properties, and suppliers.
Casinos, online gambling, and sports betting company research
Latest annual filing available through SEC EDGAR. Fiscal periods and currencies remain separate.
| Company | Revenue | Operating margin | Net margin | Operating cash flow | Assets | Liabilities | Annual filing |
|---|---|---|---|---|---|---|---|
| DKNG · DraftKings Inc. | USD 6.1 B | -0.3% | 0.1% | USD 663 M | USD 4.5 B | USD 3.9 B | 10-K · 2025-12-31 |
| FLUT · Flutter Entertainment plc | USD 16.4 B | 0.2% | -2.5% | USD 1.2 B | USD 29.3 B | USD 19.6 B | 10-K · 2025-12-31 |
| MGM · MGM Resorts International | USD 17.5 B | 5.7% | 1.2% | USD 2.5 B | USD 41.4 B | USD 38.1 B | 10-K · 2025-12-31 |
| CZR · Caesars Entertainment, Inc. | USD 11.5 B | 16.2% | -4.4% | USD 1.3 B | USD 31.6 B | USD 28 B | 10-K · 2025-12-31 |
| LVS · LAS VEGAS SANDS CORP | USD 3.6 B | 19.4% | 10.8% | USD 3 B | USD 21.9 B | USD 20 B | 10-K · 2025-12-31 |
| PENN · PENN Entertainment, Inc. | USD 7 B | -9.7% | -12.1% | USD 508 M | USD 14.3 B | USD 12.4 B | 10-K · 2025-12-31 |
Research coverage only. No row identifies a holding, ranking, recommendation, target price, or performance result.