Entain and Flutter Entertainment now carry valuations that rival the FTSE 100’s miners and oil majors, and their earnings calls draw the same scrutiny once reserved for gold producers and energy trusts. What was once dismissed as a frivolous corner of the consumer market — mobile gaming, streaming, online betting — has become one of the fastest-growing revenue categories tracked on the London Stock Exchange. Investors who follow LSE-listed names have learned to treat “digital leisure” as a serious asset class, with recurring cash flows and the kind of high margins that make analysts sit up. The companies behind that growth range from FTSE-listed giants to small-cap studios still proving their models.

That category has also…