Boyd, FanDuel, and MGM Resorts are among companies set to announce second-quarter earnings releases, announcements that help stakeholders better understand a frenetic stretch for the gaming industry.
Jul 18, 2025 • 15:37 ET • 4 min read
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In 2025’s second quarter, Illinois increased its sports betting tax, California banned prop-style daily fantasy sports platforms and the federal government dramatically increased tax liabilities for large gamblers.
These were just some of the major developments facing the United States’ major publicly traded casino and sportsbook operators.
Shareholders will get a better perspective on how companies face these challenges – and others – when second-quarter earnings reports are released beginning next week. Along with the aforementioned developments, here are the four biggest stories to follow in the upcoming earnings season.
Key takeaways
- Boyd sold its 5% stake in FanDuel.
- Caesars and MGM Resorts will give a Nevada gaming perspective.
- PENN Entertainment and ESPN BET face another critical earnings quarter.
- FanDuel and DraftKings hope for a more profitable Q2.
Boyd’s FanDuel stake sale
Earnings release July 25
In a frenetic second quarter, regional casino operator Boyd Gaming made headlines by selling its 5% stake in FanDuel, the U.S. iGaming and sports betting market share leader, for $1.755 billion. The sale is at the forefront of analysts’ minds as the industry gets better clarity on the deal’s timing and impact.
Boyd will also be the first Nevada-based casino operator to reveal its quarterly financials. Nevada gaming revenues and in-person attendance declined year-over-year. High prices, economic worries and U.S. foreign policy are among the factors analysts attributed to the decline, topics Boyd officials will likely address next week.
Caesars and MGM Resorts give clearer Vegas picture
Caesars earnings release July 29; MGM earnings release July 30
While Boyd, an operator focused on Las Vegas-area locals, will give a piece of the Nevada gaming picture, the state’s two largest private employers will provide a much broader perspective.
The biggest Vegas Strip operators are far more impacted by out-of-town travelers than a smaller regional operator such as Boyd. After dismissing economic and travel worries during Q1, the second quarter should give a better status check on how MGM Resorts, Caesars and major casino operators in general are dealing with the current macroeconomic and political environments.
Another critical quarter for PENN and ESPN BET
Earnings release Aug. 7
Penn Entertainment’s Q2 earnings announcement marks one year before the casino operator and its ESPN BET partner Disney have to make a key decision about the sportsbook’s future. Either side can opt out of the deal in August 2026 and with the book still trailing many of its rivals, PENN indicated it needs to increase market share – and fast.
As with all other U.S. sportsbooks, football season is far and away the highest-generating quarter. PENN execs will outline during next month’s Q2 earnings release how it’s prepping for Q3 and Q4, the most important stretch in the sportsbook’s existence.
Disney and PENN officials hyped the coming ESPN standalone streaming service, which will integrate with the eponymous sportsbook ahead of 2025’s football season. The sportsbook app also improved interface speed, bet offerings and targeted promos, but it remains to be seen if this is enough to catch up with its competitors.
FanDuel, DraftKings look for ‘bounce back’ quarter
Flutter earnings release Aug. 7; DraftKings earnings release TBA
After suffering “unfavorable” sporting outcomes in the past two quarters, the two U.S. sports betting market share leaders look to regain the upper hand against bettors in their Q2 earnings reports.
A nearly unprecedented run of NFL favorites in October and December 2024, along with a similarly chalky March Madness tournament earlier this year, sliced tens of millions in projected profits from the U.S.’ major sportsbooks. Initial state-level revenue reports indicate April through June results were far more favorable for the books, but analysts will watch closely to see not just the books’ return on track but how far they can extend profit margins when sports outcomes are more to their liking.
