Twenty-one operators sit on this board. One of them publishes a number for the position it holds.
Flutter tells the SEC it holds 39% of US online sports betting and 27% of US iGaming across the states where FanDuel is live, and 30.9% of the Italian online market. Each figure carries a footnote naming the regulator data it was built from. It is the only disclosure of its kind on this board.
BetMGM states 13%, and its own footnote does the damage. The figure blends online with retail and the United States with Ontario, and adds that “internal estimates are used where operator-specific results are unavailable”.
DraftKings reports the share of the US population it is licensed to serve, which is a measure of reach. Caesars reports revenue and handle. Rush Street reports monthly active users and average revenue per user. Entain, Kindred, LeoVegas, Evoke, Kaizen, Super Group, Parimatch and Lottoland say nothing about position at all.
Tipico once claimed more than half of Germany. That was its 2022 report, on 2021 data. The 2024 report dropped the number and put nothing in its place.
Almost nobody measures it. Two regulators publish operator-level position, and that is the whole list. New Jersey computes a share column and prints it. Italy’s per-concessionaire figures reach the public through the trade press.
Everywhere else the door is shut. Britain, Denmark, Sweden, the Netherlands, Spain and Germany publish market totals by vertical and name nobody. Florida publishes nothing at all, and Florida is the largest market of one of the operators on this page.
So an operator outside New Jersey and Italy cannot buy the number. Its board cannot see it. Its auditors never test it. Its marketing director reports what can be counted inside the building, which is spend, installs and revenue.
Revenue answers a different question. A company can grow revenue through a year in which every rival grew faster, and nothing in its own reporting will say so.
Our read: this is why marketing budgets in this sector are argued on cost. A board that cannot see position has no way to separate an investment from an expense, so it treats the line as an expense and asks what can come off it. The measurement gap sets the conversation before anyone speaks.
Here is the question a board can put on the table this quarter. In the three markets that matter most to us, what share did we hold twelve months ago and what do we hold now. If nobody can answer from a source outside the company, that is the finding. It costs nothing to establish.
The operator with the strongest position is the one that publishes it. Expect that to spread. Expect the last to adopt it to be the companies with most to lose by the comparison.