There’s a structural reordering underway in the global gambling industry — and it’s playing out in the valuation tables, not at the roulette wheel.
According to the 2025 Brand Finance Gaming Report, the top 25 gaming brands now hold a combined value of $60.8 billion, the majority of which is concentrated in U.S.-based online betting platforms. The traditional prestige of Las Vegas is being overshadowed by digital-first operators whose balance sheets are built on user acquisition efficiency, brand engagement, and loyalty ecosystem performance, rather than real estate or resort EBITDA.
This is more than just a passing trend. It’s a fundamental revaluation of what drives worth in the modern gaming sector. Today, brand equity is the new hard asset, and the platform — not the property — is king.
The U.S. sports betting and iGaming sector is now generating over $12 billion annually, with a projected compound annual growth rate (CAGR) of 9.8%, heading toward $22 billion by 2030. And while casino giants in Las Vegas and Atlantic City still dominate in physical GGR, they’re falling behind in customer retention metrics, digital wallet share, and product stickiness.
Digital operators, on the other hand, thrive on agility. They scale faster, iterate faster, and create stronger behavioral hooks through personalized in-app experiences, rewards gamification, and live betting functionality. Their brand value doesn’t come from architecture — it comes from algorithmic precision and cultural relevance.
The financial markets have responded accordingly. Investors are pricing growth not in terms of square footage or food & beverage margins, but in monthly active users (MAUs), lifetime value (LTV), and churn rates. The industry’s value center has migrated from the Strip to the screen.
Legacy operators can still compete — but only if they evolve. The next frontier isn’t in expanding floor space; it’s in expanding brand presence across devices, channels, and verticals.
In a capital-intensive industry that once relied on destination appeal, we are now witnessing the triumph of distribution, data, and design. The companies that master those three will define the next era of gaming.
