Online Gaming & Sports Betting
Digital gaming platforms offering online casino and sports wagering.
Market snapshot
These figures describe Casinos & Gaming (2.8.2), the segment that Online Gaming & Sports Betting sits within. They are not figures for Online Gaming & Sports Betting on its own.
- Market size
- ~$113B
- Growth
- ~4.3%CAGR (2017–22, nominal)
- Companies
- ~2,514 firms
67.1% of firms have fewer than 20 employees: 1,687 micro-businesses, below most mandates.
- 20–99
- 32639%
- 100–499
- 26332%
- 500+
- 23829%
Revenue per firm near $45M is the tell: this is a scale business, a handful of operators (Caesars, MGM, Penn, Boyd) plus a large tribal sector running integrated resorts where gaming, hotel, and food-and-beverage revenue combine. The defining shift is digital. Legalized sports betting and iGaming (DraftKings, FanDuel) bolted a fast-growing, marketing-heavy layer onto land-based play. Casino hotels are counted here rather than under lodging, because the gaming floor, not the room, is the business.
NAICS 713210, 713290, 721120. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
Business model & economics
Revenue model
Gaming win plus hotel, F&B, and entertainment; digital wagering
Key economics
- Revenue per firm
- $44,858,324
- Revenue per employee
- $237,045
- Employees per firm
- 190.4
- Recurring revenue
- Low
- EBITDA margin
- Strong on gaming; digital marketing-cost heavy
- Capex intensity
- High
play-driven, but loyalty programs build frequency
Characteristics
- Scale-driven: payroll is only 20% of revenue, so the cost base is assets, not headcount
- Deep strategic-buyer pool: 238 firms exceed 500 employees, so a scaled asset has trade buyers
- Online sports betting and iGaming are the defining growth trend.
- Land-based gaming is capital-intensive and consolidated.
- Loyalty programs and integrated resorts drive frequency.
NAICS 713210, 713290, 721120. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
M&A deal context
Who’s acquiring
- Scaled casino operators
- Digital gaming & sports-betting platforms
- Gaming REITs and asset investors
What’s driving deals
- Online sports betting and iGaming expansion.
- Consolidation across land-based gaming.
- Separation of gaming operations from real estate via REITs.
Find Online Gaming & Sports Betting acquisition targets
Search Acquisera’s index for companies classified under Online Gaming & Sports Betting (2.8.2.4) and build a targeted deal pipeline.
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