Question of the Day - 04 April 2026

As it's been for a long time, Las Vegas Sands has the highest market valuation, somewhere between $35 billion and $36.3 billion, depending on the share price at the close of trading. 

The number-two highest-valued company is where it gets interesting. 

In a story that only a year ago could have been our April Fool's joke yesterday, Ingame business writer Daniel O'Brien, who specializes in prediction markets, compared valuations at the top. Surprisingly, he found that the prediction market Kalshi "is worth more than any online gambling company, as it's reportedly fundraising at a $22 billion valuation."

The fundraising report came from the Wall Street Journal. A different report earlier this month held that Polymarket is also trying to fund at a similar valuation.

Of course, Kalshi and Polymarket taking the second and third spots depends on whether or not you believe they're gambling companies. We do. 

If Kalshi's $22 billion sticks, it would be worth well more than Flutter Entertainment, which owns FanDuel and FanDuel Predicts. O'Brien noted that Flutter was worth $50 billion on August 31, but the rise of Kalshi and other prediction markets during football season caused its share price to plunge; at the current valuation, Flutter is now worth around $18.6 billion.

DraftKings, too, dropped dramatically, all the way down to $12.3 billion, a little over half of Kalshi.

Wynn Resorts comes in after DraftKings at $10.4 billion. Then MGM Resorts at around $9.5 billion. Caesars Entertainment is a distant fifth at $5.5 billion.