How Big Are Australia’s Biggest Betting Sites? Market Performance Across 2024 and the First Half of 2025

When comparing the big betting sites in Australia, there’s a reality that we need to clarify up front: the data isn’t always neatly aligned.

TAB is the only brand that publishes clear, Australia-specific financial results because its business is almost entirely domestic and it’s listed on the ASX. This gives us reliable annual and half-year figures that reflect the performance of its wagering and media operations on their own.

Sportsbet, Ladbrokes, and bet365 take a very different approach. Each of them operates in Australia but reports within much broader corporate structures. Sportsbet sits inside Flutter’s international portfolio, Ladbrokes is part of Entain’s global business, and bet365 releases group-wide accounts that rarely specify individual country performance. As a result, the numbers available for these operators often combine multiple markets, which makes it difficult to extract a clean “Australia-only” revenue figure.

Even so, there are useful ways to compare their relative scale. One of the clearer indicators comes from the share-of-clicks data that we have available. According to research published by Adthena in October 2025, Sportsbet accounts for about 33.46% of online clicks, Ladbrokes has 16.38% of the clicks, PointsBet approximately 12.62%, bet365 roughly 8.32%, and TAB about 5.64%. While these percentages do not represent revenue, they show a clear difference in online traffic distribution between TAB and the major international brands.

Because of these differences in how they report their revenue, the comparison across 2024 and the first 2025 relies on a mix of what is directly reported and what can be inferred. The broader year-to-year reporting from the online-only operators allows us to track trends like growth, shrinkage, or stability. When viewed together and compared with their click share, we can provide a neutral overview of how the biggest wagering brands in Australia are positioned.

The 2024 full-year results highlight a market that’s been in transition rather than straightforward growth, and they underline the contrast between the domestic business brand (TAB) with full transparency and the major online-only operator.

Let’s begin with Tabcorp Holdings, which, because of its nature as an Australian-listed company, provides the cleanest picture of the local wagering trends.

For the financial year running from July 2023 to June 2024 (FY24), Tabcorp reported AU$2.16 billion in Wagering & Media revenue, about 3% lower than the previous year. The decline came from lower wagering turnover, lower digital activity, and weaker media revenue tied to reduced racing and betting volumes. In simpler terms, TAB’s business held steady, but did not grow in that period, which reflects the broader market conditions during the time.

The next major reporting point comes from the first half of Tabcorp’s FY25 results (covering July to December 2024). Here, the company reported AU$1.33 billion in revenue, an increase of a little over 10% compared with the same period a year earlier. On the surface, this looks like a strong uplift, but it was largely driven by the acquisition of Tabcorp’s new Victorian wagering and betting licence, which allowed the company to recognise 100% of Victorian wagering revenue instead of the previous 50% via a joint venture.

If we don’t account for this change, the actual numbers continued to drop by a little over 4%. This shows that while the headline figures have improved, the domestic market was still relatively flat. So, how did the online-only operators perform during the same period?

Sportsbet, the largest wagering site in Australia based on the share-of-clicks data, publishes its figures as part of Flutter’s (its parent company) broader international reporting, which means the Australian segment isn’t disclosed separately.

Flutter’s full-year 2024 results show that its global business performed strongly, but the Australia region posted an 8% year-on-year revenue decline in the final quarter of 2024. The company attributed this to the weaker wagering margins in Australia and lower turnover, both of which point to more challenging conditions in the market.

Across the full year, Flutter’s revenue rose to more than US$14 billion (~A$21.5 billion), but Australia was one of the slower-performing regions within the group. This suggests that while Sportsbet remains the largest online betting operator in Australia by digital market share, its 2024 financial performance did not grow at the same rate as its global operations.

For the quarter ended 31 March 2025 (Q1 2025), Flutter reported group revenue of US$3.665 billion (~A$5.69 billion), up 8% year-on-year. For its Asia Pacific segment (which includes Australia), it was reported that Australian sportsbook revenue dropped by about 13% to US$313 million (A$486 million) in the same quarter.

Ladbrokes is a part of Entain’s global business group, which means that the Australian revenue is reported only at a high level. Entain’s worldwide Net Gaming Revenue reached £5.16 billion (~A$10.5 billion) in 2024, up 7% from the previous year. Within that total, the company noted that its Australian business grew by roughly 1%, effectively marking a flat year for the local operation.

This minimal growth shows that the Australian wagering market has matured, with strong competition across the major operators, and rising taxes and licensing costs. Ladbrokes remains one of the largest online-only wagering sites in Australia, but the 2024 numbers show that significant year-on-year expansion is no longer the norm.

For the half-year ended 30 June 2025 (H1 2025), Entain reported total group Net Gaming Revenue (NGR) of £3.15 billion (A$6.39 billion), up 10% year-on-year (constant currency basis). However, its reporting indicates that Australia contributed negatively. The Australian business reportedly fell by about 7% in that period.

Bet365 reports at a group level only and doesn’t split performance by country. For the 2023-24 reporting period, the company recorded £3.72 billion (A$7.54 billion) in revenue, an increase of around 9% compared with the prior year. This confirms that bet365 remains one of the biggest betting companies in the world in terms of turnover and scale.

However, because the operator doesn’t publish Australia-specific figures, its exact local contribution isn’t visible. The broader indicators, including its share of online traffic and its presence in the market, suggest that its Australian business is steady, but there’s no direct data showing whether it experienced growth, decline, or a flat year in 2024 and early 2025.

When the 2024 and early-2025 results are viewed side-by-side, the differences between the major operators become clearer. TAB remains the only brand where we can see a complete picture of Australian performance, and that transparency shows a business that is stable rather than expanding.

Its FY24 revenue softened slightly, and while the first half of FY25 delivered a noticeable lift, most of that improvement came from the acquisition of its new Victorian wagering licence rather than a surge in customer activity. It all suggests that TAB is operating in a large but no longer growing market at the pace seen a decade ago.

Sportsbet, Ladbrokes, and bet365 sit in a very different category. They dominate the online market collectively, but each operates under a global parent company that reports results in broader regions rather than as Australia-only businesses.

For both Sportsbet (via Flutter) and Ladbrokes (via Entain), the numbers indicate that their Australian sectors have entered a slower period. The final quarter of 2024 and the early months of 2025 showed softer margins, lower sportsbook revenue, and limited growth across the Australian segment. In Ladbrokes’ case, the Australian division grew only marginally in 2024 and contracted in the first half of 2025, reflecting conditions in a mature, highly competitive market.

Bet365 tells another story. It remains one of the largest betting operators globally, and its group revenue continues to grow, but without an Australia-specific breakdown, its local performance can only be judged through online activity and market presence.

Despite these differences, the broad picture is similar across all the major operators: the Australian market is large, active, and well-established, but not in a phase of rapid growth, which is contrary to the boom in the casino market.

Australia’s casino venues pulled in around AU$5.11 billion in revenue in the 2023 fiscal year, covering table games and gaming machines in licensed casinos. Meanwhile, poker machines (or “pokies”) in pubs and clubs remain an enormous part of the gambling scene in the country, with 87,749 machines operating in New South Wales alone in 2023-24, and the net profits to venues exceeded AU$8.4 billion. This figure highlights just how significant casino gaming remains within Australia’s overall gambling market.

For context, the online wagering sector (which includes sports betting and other digital bets) was estimated at around US$5.266 billion (~AU$7.8 billion-plus, depending on currency) in recent data.

These results show that the casino gaming sector is not only stable but growing again. This is in contrast to the wagering market, where the year-on-year numbers suggest a mature industry with limited room for expansion.

This upward movement highlights an important point: casino-style gaming remains one of the country’s strongest revenue pillars. Even as online wagering is flattening or even declining, the interest in pokies and casino-style games remains high.

The demand only increases for online players, and online Australian casinos typically generate far higher revenue than sports betting, mainly because they are used more frequently and operate on steadier margins.

The results across 2024 and the first half of 2025 show that Australia’s wagering market has entered a steady, even flattening phase. TAB remains the only operator that provides fully transparent, Australia-specific reporting, and its results point to a business that holds its ground, but is not expanding.

Its 10% FY25 half-year increase was driven by the structural changes to the Victorian licence rather than a surge in revenue.

Major online-only operators like Sportsbet, Ladbrokes, and bet365 continue to dominate the digital market, but their financial updates paint a similar picture. Growth has slowed in Australia, and margins have tightened, leading to softer revenue even as their global operations remain strong.

The numbers show that competition is still strong, but punter activity has settled down, and the major operators are now working in a market that benefits from incremental gains rather than big jumps.