DraftKings vs MGM Resorts: Revenue, Profit and Business Model
DraftKings reported $6.1B of revenue in FY2025 and $3.7M of net income. MGM Resorts reported $17.5B of revenue in FY2025 and $205.9M of net income.
Latest financial snapshot
DraftKings
- Latest revenue
- $6.1B (FY2025)
- Net income
- $3.7M
- Net margin
- 0.1%
- Revenue growth
- +58.0% a year, FY2020–FY2025
MGM Resorts
- Latest revenue
- $17.5B (FY2025)
- Net income
- $205.9M
- Net margin
- 1.2%
- Revenue growth
- +7.1% a year, FY2016–FY2025
Financial summary
DraftKings
DraftKings' revenue rose from $615 million in 2020 to $1.30 billion in 2021, $2.24 billion in 2022, $3.67 billion in 2023, $4.77 billion in 2024 and $6.05 billion in 2025. Net losses narrowed from about $1.5 billion in 2021 to $507 million in 2024, and 2025 ended with a net profit of about $3.7 million; Adjusted EBITDA more than tripled to about $620 million in 2025. In 2026, Q1 revenue rose 17% to $1.646 billion with $21.1 million of net income, but Q2 revenue fell 5% to $1.443 billion because of customer-friendly sports results and promotions for Sportsbook and Predictions. The company kept 2026 guidance of $6.5-$6.9 billion revenue and $700-$900 million Adjusted EBITDA, including $200-$300 million of incremental Predictions investment.
MGM Resorts
MGM reported 2025 revenue of $17.54 billion, up 1.7% from $17.24 billion in 2024, while net income attributable to MGM fell to $206 million from $747 million. Fourth-quarter 2025 revenue was $4.6 billion with Consolidated Adjusted EBITDA of $635 million, and BetMGM distributed $135 million to MGM in that quarter. MGM repurchased 37.5 million shares in 2025, cutting its share count by about 48% since the start of 2021. In Q2 2026, revenue reached a record $4.5 billion (+1%), net income attributable to MGM was $292 million versus $49 million a year earlier, and Consolidated Adjusted EBITDA was $610 million versus $648 million.
Revenue and profit by year
DraftKings
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.1B | $3.7M | 0.1% | +27.0% | Source |
| FY2024 | $4.8B | -$507.3M | -10.6% | +30.1% | Source |
| FY2023 | $3.7B | -$802.1M | -21.9% | +63.6% | Source |
| FY2022 | $2.2B | -$1.4B | -61.5% | +72.9% | Source |
| FY2021 | $1.3B | -$1.5B | -117.5% | +110.9% | Source |
| FY2020 | $614.5M | -$1.2B | -200.5% | — | Source |
MGM Resorts
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $17.5B | $205.9M | 1.2% | +1.7% | Source |
| FY2024 | $17.2B | $746.6M | 4.3% | +6.7% | Source |
| FY2023 | $16.2B | $1.1B | 7.1% | +23.1% | Source |
| FY2022 | $13.1B | $1.5B | 11.2% | +35.6% | Source |
| FY2021 | $9.7B | $1.3B | 13.0% | +87.5% | Source |
| FY2020 | $5.2B | -$1B | -20.0% | -60.0% | Source |
| FY2019 | $12.9B | $2B | 15.9% | +9.7% | Source |
| FY2018 | $11.8B | $466.8M | 4.0% | +8.9% | Source |
| FY2017 | $10.8B | $2B | 18.1% | +13.9% | Source |
| FY2016 | $9.5B | $1.1B | 11.6% | — | Source |
Where the revenue comes from
DraftKings
- Online Sportsbook (OSB)58
Gross gaming revenue and operator hold on sports wagers.
- iGaming (Online Casino)28
Net gaming revenue from online slots, table games, and live dealer games.
- Daily Fantasy Sports (DFS)7
Entry fee rake and contest administration fees.
- Jackpocket & Media/Advertising7
Lottery convenience fees, brand sponsorships, and podcast advertising.
MGM Resorts
- Casino GamingMajor
Slot, table-game, and other casino revenue across Las Vegas, regional U.S. properties, and Macau.
- Hotel RoomsMajor
Room revenue from MGM's owned, leased, and operated resort portfolio.
- Food, Beverage, Entertainment, And RetailMaterial
Restaurants, nightlife, shows, retail, attractions, and other resort spending.
- MGM ChinaMaterial
Revenue from MGM's Macau resort operations through MGM China.
- Digital GamingGrowth
Sports betting and iGaming revenue through BetMGM in regulated markets.
Business model and strategy
DraftKings
How it makes money
DraftKings earns most of its money from the house edge on bets and casino games. On its Sportsbook it prices odds so that, across many wagers, it keeps a share of the total amount bet (handle) as gross gaming revenue; multi-leg parlays carry a higher hold than single bets. Its iGaming (online casino) business, legal in only a handful of states, earns the statistical edge on slots and table games.
Growth strategy
Growth comes from new legal markets (Missouri launched in December 2025 and Alberta in 2026), higher-margin parlays and live betting, the Jackpocket and Predictions funnels in states without legal sports betting, and the 2026 Super App that puts every product in one app.
Competitive advantage
DraftKings' advantages are brand reach built during the DFS years, an in-house sportsbook technology stack inherited from SBTech, and a single account and wallet that cross-sells customers between Sportsbook, Casino, DFS, Jackpocket and Predictions. Together with FanDuel it holds the largest share of US online sports betting, which supports scale in marketing and data.
MGM Resorts
How it makes money
MGM Resorts earns money by operating integrated resorts and collecting spending on casino gaming, hotel rooms, food and beverage, entertainment, retail and conventions.
Growth strategy
MGM is pairing capital discipline with selective growth. In 2026 it sold the operations of MGM Northfield Park in Ohio for $546 million in cash and withdrew from the downstate New York (Yonkers) commercial casino license process, while continuing to fund Osaka, Dubai, Las Vegas luxury reinvestment and MGM Digital.
Competitive advantage
MGM's advantage is concentration: about 37,000 rooms and suites on the Las Vegas Strip, roughly a quarter of the market, connected by one MGM Rewards loyalty program. That scale lets it fill rooms with conventions, arena events and residencies, cross-sell guests between luxury and value properties, and feed BetMGM with an existing customer database.
Questions about DraftKings vs MGM Resorts
Which company has higher revenue — DraftKings Inc. or MGM Resorts International?
DraftKings Inc. reported $6.1B (FY2025), while MGM Resorts International reported $17.5B (FY2025). By last reported revenue, MGM Resorts International is the larger business, with DraftKings Inc. reporting a smaller revenue base.
What is the market cap of DraftKings Inc. vs MGM Resorts International?
DraftKings Inc.'s market capitalisation stands at $12.3B, while MGM Resorts International's is $8.5B. DraftKings Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to MGM Resorts International.
Which is more financially efficient — DraftKings Inc. or MGM Resorts International?
DraftKings Inc. generates $1.10M / employee in revenue per employee, while MGM Resorts International generates $225k / employee. DraftKings Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do DraftKings Inc. and MGM Resorts International make money?
DraftKings Inc. and MGM Resorts International generate revenue in fundamentally different ways. DraftKings Inc.: DraftKings earns most of its money from the house edge on bets and casino games. MGM Resorts International: MGM Resorts earns money by operating integrated resorts and collecting spending on casino gaming, hotel rooms, food and beverage, entertainment, retail and conventions.
Which company is valued higher relative to revenue — DraftKings Inc. or MGM Resorts International?
On a price-to-sales (P/S) basis, DraftKings Inc. trades at 2.0x P/S and MGM Resorts International at 0.5x P/S. DraftKings Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to MGM Resorts International. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is DraftKings Inc. bigger than MGM Resorts International?
By last reported revenue, MGM Resorts International ($17.5B (FY2025)) is the larger company compared to DraftKings Inc. ($6.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the DraftKings vs MGM Resorts overview