MoatScopeMoatScope

Casinos & Gaming

Casino operators, sports betting, iGaming and gaming equipment.

Companies
32
With a moat
44%
Average quality
37
1 wide moat · 13 narrow moat · 18 no moat · Open in screener →
Updated 27 Sep 2026

Casinos & Gaming covers casino resorts, regional casinos, racetracks and wagering, online sports betting and casino games, and gaming-equipment makers. MoatScope covers 31 companies here. One has a wide moat, 12 a narrow moat and 18 none.

How the industry makes money

Casino resorts earn from gaming, hotel rooms, restaurants and entertainment; regional casinos depend more on local players. Online operators earn a share of each wager, and equipment makers supply slot machines and game content.

Where the moats are

Gaming licenses, counted as intangible assets, appear in 11 of the 13 moat-rated companies, and efficient scale in six, where only a few licenses exist in a market, as in Macau and Singapore.

  • Churchill Downs: the Kentucky Derby and Oaks at its namesake Louisville racetrack, alongside regional gaming properties across the United States.

The narrow-moat group includes Las Vegas Sands, Wynn Resorts, DraftKings, Light & Wonder, Melco, Super Group and Boyd Gaming. MGM Resorts, Caesars and PENN carry no moat.

What wears moats down

Regulators set taxes and license terms and can change them, online betting competes with physical casinos, new markets bring new competitors, and heavy debt magnifies downturns.

What to watch

  • Gaming revenue trends in Macau, Singapore and Las Vegas.
  • Legalization and tax rates for online betting.
  • Leverage at the casino operators.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Casinos & Gaming into 6 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Casino operators

Casino resorts and regional casinos in the US.

US market · $97.1B total revenue in 2025 · source: American Gaming Association 2025 commercial…. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Commercial and tribal gaming revenue (AGA, NIGC). Members' revenue also includes hotels and dining, so their shares read high.

#BusinessMarket shareRevenue
1MGM · MGM Resorts International13.5%$13.1B
2CZR · Caesars Entertainment, Inc.10.4%$10.1B
3PENN · PENN Entertainment, Inc.5.8%$5.7B
4WYNN · WYNN RESORTS LTD3.5%$3.4B
5BYD · BOYD GAMING CORP3.5%$3.4B
6BALY · Bally's Corp2.5%$2.4B
7RRR · Red Rock Resorts, Inc.2.1%$2.0B
8GENI · Genius Sports Ltd0.7%$669M
9CNTY · CENTURY CASINOS INC /CO/0.6%$573M
10MCRI · MONARCH CASINO & RESORT INC0.6%$545M
All other companies56.2%$54.6B

Macau & Singapore casino resorts

Integrated casino resorts in Macau and Singapore.

Asia-Pacific market · $37.9B total revenue in 2025 · source: Company reports. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Total revenue (gaming and non-gaming) of all six Macau concessionaires and both Singapore resorts.

#BusinessMarket shareRevenue
1LVS · LAS VEGAS SANDS CORP34.4%$13.0B
2Galaxy Entertainment Group
Listed outside the US (HKEX) · Macau Business, Galaxy Q4 & annual 2025 results
15.7%$5.9B
3MLCO · Melco Resorts & Entertainment LTD13.6%$5.2B
4MGM · MGM Resorts International
MGM China
11.8%$4.5B
5WYNN · WYNN RESORTS LTD
Wynn Palace and Wynn Macau
9.8%$3.7B
6SJM Holdings
Listed outside the US (HKEX) · AGBrief, SJM 2025 results
9.5%$3.6B
7Genting Singapore (Resorts World Sentosa)
Listed outside the US (SGX) · AGBrief, Genting Singapore 2025 results
5.1%$1.9B
All other companies0.1%$38M

Online betting & iGaming

Sports betting and online casino apps in the US.

US market · $27.6B total revenue in 2025 · source: American Gaming Association. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Sports betting and iGaming gross gaming revenue (AGA). Companies report revenue after promotions, so their shares read a little low.

#BusinessMarket shareRevenue
1FLUT · Flutter Entertainment plc25.2%$7.0B
2DKNG · DraftKings Inc.
US revenue
21.4%$5.9B
3BetMGM
Not covered by MoatScope · Entain 2025 full-year results
10.1%$2.8B
4CZR · Caesars Entertainment, Inc.
Caesars Digital
5.1%$1.4B
5PENN · PENN Entertainment, Inc.
Interactive
4.7%$1.3B
6RSI · Rush Street Interactive, Inc.4.1%$1.1B
7BYD · BOYD GAMING CORP
Online
2.6%$708M
8BRAG · Bragg Gaming Group Inc.
US revenue
<0.1%$12M
All other companies26.7%$7.4B

Online betting & iGaming outside the US

Sports betting and online casino apps outside the US: the UK and Ireland, Europe, Australia, Latin America and elsewhere.

Outside the US market · $109.9B total revenue in 2024 · source: H2 Gambling Capital · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 total for regulated markets only (unlicensed offshore betting, about half of online gambling, is left out); company revenue is for 2025.

#BusinessMarket shareRevenue
1FLUT · Flutter Entertainment plc
Flutter International (Sky Bet, Paddy Power, PokerStars, Sisal, Sportsbet)
8.6%$9.4B
2Entain (ex-US)
Listed outside the US (LSE) · Entain 2025 full-year results
6.4%$7.0B
3bet3654.9%$5.4B
4Evoke (888 / William Hill)
Listed outside the US (LSE) · interactive investor, Evoke results
2.0%$2.2B
5SGHC · Super Group (SGHC) Ltd1.7%$1.8B
6FDJ United (Kindred online)
Listed outside the US (Euronext Paris) · iGaming Business, FDJ United FY2025
0.9%$1.0B
7ROLR · High Roller Technologies, Inc.<0.1%$20M
All other companies75.5%$82.9B

Gaming equipment & lotteries

Slot machines, casino systems, lottery operations and route gaming.

5 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1LAWIL · Light & Wonder, Inc.$3.3B
2BRSL · Brightstar Lottery PLC$2.5B
3ACEL · Accel Entertainment, Inc.$1.3B
4INSE · Inspired Entertainment, Inc.$304M
5GLXZ · Galaxy Gaming, Inc.$31M

Racing & wagering

Racetracks and pari-mutuel wagering.

2 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. The published total is the amount wagered, not operators' revenue.

#BusinessRevenue
1CHDN · Churchill Downs Inc$2.9B
2CPHC · Canterbury Park Holding Corp$60M

Companies

CompanyMoatQualityMarket
LVS
LAS VEGAS SANDS CORP
Narrow49Macau & Singapore casino resorts34.4%$24.6B
DKNG
DraftKings Inc.
Narrow36Online betting & iGaming21.4%$17.6B
FLUT
Flutter Entertainment plc
Narrow39Online betting & iGaming
+ 1 other market
25.2%$13.4B
WYNN
WYNN RESORTS LTD
Narrow43Casino operators
+ 1 other market
3.5%$7.8B
MGM
MGM Resorts International
None27Casino operators
+ 1 other market
13.5%$7.2B
LAWIL
Light & Wonder, Inc.
Narrow49Gaming equipment & lotteries—$7.1B
SGHC
Super Group (SGHC) Ltd
Narrow59Online betting & iGaming outside the US1.7%$6.5B
CZR
Caesars Entertainment, Inc.
None25Casino operators
+ 1 other market
10.4%$5.9B
CHDN
Churchill Downs Inc
Wide62Racing & wagering—$5.7B
RRR
Red Rock Resorts, Inc.
Narrow56Casino operators2.1%$5.2B
BYD
BOYD GAMING CORP
Narrow54Casino operators
+ 1 other market
3.5%$5.2B
RSI
Rush Street Interactive, Inc.
None43Online betting & iGaming4.1%$4.2B
BRSL
Brightstar Lottery PLC
Narrow41Gaming equipment & lotteries—$2.3B
MCRI
MONARCH CASINO & RESORT INC
None53Casino operators0.6%$2.0B
PENN
PENN Entertainment, Inc.
None13Casino operators
+ 1 other market
5.8%$2.0B
MLCO
Melco Resorts & Entertainment LTD
Narrow33Macau & Singapore casino resorts13.6%$1.7B
GENI
Genius Sports Ltd
Narrow37Casino operators0.7%$1.6B
ACEL
Accel Entertainment, Inc.
None42Gaming equipment & lotteries—$881M
BALY
Bally's Corp
None9Casino operators2.5%$676M
MSC
STUDIO CITY INTERNATIONAL HOLDINGS Ltd
Narrow19Macau & Singapore casino resorts—†$495M
CDRO
Codere Online Luxembourg, S.A.
None32Casino operators0.2%$401M
INSE
Inspired Entertainment, Inc.
Narrow49Gaming equipment & lotteries—$84M
CPHC
Canterbury Park Holding Corp
None35Racing & wagering—$82M
BRAG
Bragg Gaming Group Inc.
None33Online betting & iGaming<0.1%$70M
ROLR
High Roller Technologies, Inc.
None16Online betting & iGaming outside the US<0.1%$60M
GRSD
GRANDSTAND Ltd
None31Casino operators0.2%$48M
GLXZ
Galaxy Gaming, Inc.
None57Gaming equipment & lotteries—$40M
FLL
FULL HOUSE RESORTS INC
None19Casino operators0.3%$36M
TBTC
TABLE TRAC INC
None58Casino operators<0.1%$25M
CNTY
CENTURY CASINOS INC /CO/
None23Casino operators0.6%$22M
VIPZ
VIP Play, Inc.
None24Casino operators<0.1%$14M
SEGG
Sports Entertainment Gaming Global Corp
None12Casino operators<0.1%$5M

32 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † STUDIO CITY INTERNATIONAL HOLDINGS Ltd: Consolidated by Melco (MLCO); counted under MLCO.

Price versus fair value for every company is in the screener.

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