https://www.superdataresearch.com/bl...l-games-market
That appears to be including expansion numbers, but LoL is routinely in the top 5 on PC revenue on Superdata, and routinely ahead of WoW's western numbers.
To boot, they were also a $1B+ company in 2019 -
https://www.millenium.gg/news/10506.html
They've fallen from their throne when LoL was literally everywhere, but it remains immensely popular and profitable. WoW, by comparison, has the benefit of having just launched an expansion so it's riding a huge wave of publicity off the back of that (and huge revenue from expansion sales), so comparing WoW at an expansion launch to LoL during a normal release period isn't exactly a 1:1 comparison.
They're expanding more overall because they're a company that had a single game, and basing your revenue stream on a single product, even a juggernaut like LoL, is a bad move. That's why we see the card game, a shooter (that's apparently doing very well), the turn-based RPG in development, the fighting game in development, a MMO just starting production (that they'd talked about before), a mobile version of LoL in moba form etc.
Blizzard is still an absolute juggernaut, and likely worth much more than Riot overall, but Riot's quickly catching up in terms of having a library of games across multiple platforms/genres that stand to provide either short-term revenue (non online/F2P games like the turn based RPG coming up, and potentially the fighting game) or longer term revenue (LoL mobile, TFT, Valorant, their MMO etc.). Considering they're a few decades behind Blizzard in terms of age, the fact that they're in the position they are right now is a pretty huge win for them.