A Look at iGaming’s Growth in 2023

The iGaming industry is one of the world’s fastest-growing industries, and significant continued growth is expected over the coming years.
Much of this stems from the relaxed attitude toward socially accepted online gambling activities, such as sports betting, casino gaming, bingo, lotteries, and competitive poker on fully licensed and regulated iGaming platforms.
Here is a closer look at the revenue growth in Q4 2023 reported by market-leading brands, including FanDuel, BetMGM, and Caesar’s Palace.
Continued growth for leading iGaming brands in Q4 of 2023
Flutter Entertainment, the parent company of several industry-leading iGaming brands, such as FanDuel, recently reported impressive revenue growth for Q4 in 2023 – an incredible 11% growth compared to last year, netting around $2.8 billion.
One of the key growth areas, which saw its revenue climb as high as $1.7 billion, was in the sports betting sector. In comparison, the same fourth-quarter results by the end of December 31, 2022, reached an impressive $1.6 billion.
There were also similar favorable results in revenue from Flutter Entertainment’s gaming products and services sector, which reportedly earned $1.1 billion – a whopping 15% increase year-over-year.
These impressive financial results have cemented FanDuel’s position as one of the market leaders in the iGaming sector in the United States for sports betting and online casino gaming. Incredibly, FanDuel’s gross revenue in Q4 accounted for nearly 45% of the total net revenue generated by all fully licensed and regulated iGaming platforms operating legally across the United States.
The number of frequent real money bettors across Flutter Entertainment’s entire brand portfolio also climbed by 12% compared to the previous end of the Q4 period, with the official FanDuel website alone boasting a significant 33% increase in active monthly players.
One key factor driving the surge in the growth of active monthly players was the launch of FanDuel in Kentucky, which legalized online sports betting activities on state-licensed iGaming sites like FanDuel on September 28, 2023.
However, online casino gambling activities are still not yet legally permitted in Kentucky. The recent Q4 revenue findings mean that FanDuel is the United States’ second-largest iGaming operator, with just over a quarter (26%, as of the fourth quarter) of the market share and second only to BetMGM.
Projections for FY2023 (full-year revenue figures for the whole of 2023) for Flutter Entertainment’s entire operations are estimated to be around $4.7 billion. The leading iGaming business has already had a pressing start to the new fiscal year by listing on the New York Stock Exchange in late January, trading under the symbol ‘FLUT.’
The company was previously listed on Euronext Dublin and the London Stock Exchange but delisted from Euronext to exclude itself from regulatory scrutiny the leading exchange could impose on Flutter Entertainment.
Caesars Entertainment also reported an impressive 29% growth in digital revenue for the same period as Flutter, although reporting a slight 0.1% decline in overall revenue from the previous year. The company also had to restructure debt to pay down loans due in 2025.
Why is the iGaming industry booming for companies like FanDuel?
The iGaming industry in many US states is now a well-oiled machine. In other words, states like Nevada, Delaware, Michigan, and Pennsylvania, to name a few, now have a mature online gambling licensing and regulation system and some of the best legal frameworks in place to protect everyone involved, from the players to the operators.
This has led to swathes of new operators making their way into the market, with some even trying to circumnavigate legislation. Casino affiliate sites have now become a huge part of the industry, rating sites and showing customers where to avoid. This has led to many in these states searching for new online casinos on Casino.org and other affiliate sites in an attempt to make sure they aren’t stung by rogue operators.
Despite facing macroeconomic challenges, the industry is booming and stands among the fastest-growing sectors of the global economy, Today’s most reputable US online casinos attract players with cutting-edge computer-generated games, sophisticated live dealer options, above-average RTP payout rates, and sports betting markets featuring some of the most competitive odds in the industry.
Deposits are processed instantly, withdrawal times are faster and more secure than ever, and overall security on trusted US iGaming platforms has reached an all-time high.
Players of legal age can now access these sites 24/7 from nearly any location using any modern Wi-Fi or internet-connected device, including smartphones, tablets, desktops, or laptops.
Final note
Fully licensed and regulated iGaming platforms are now more convenient than ever, offering enticing bonuses with low wagering requirements and improved customer service. Additionally, advancements like cloud computing, superfast internet, more efficient web browsers, and artificial intelligence drive the industry’s legitimacy, growth, and expansion.