Online Sports Betting Reports

The August edition of our U.S. Online Casino Monitor is now live, with data current through July 2026. U.S. iCasino growth remains healthy but continues to moderate. Nationwide GGR increased +16% y/y in July, with T3M growth at +17% and T12M at +20%. More importantly, the mix of growth continues to shift toward slots: in Pennsylvania, July slots handle rose +13% y/y while tables fell -3%, extending a broader pattern of slots strength alongside softer tables activity. A central focus this month is what happens to sportsbook-to-iCasino cross-sell as football returns. 2Q26 earnings added support to the softness we have been tracking: FanDuel, BetMGM and Penn each cited some pressure on sportsbook-driven casino activity. At the same time, direct casino acquisition is carrying more weight—FanDuel direct casino AMPs grew 26% y/y, RSI described recent North American player growth as iCasino-led, and Penn’s standalone Hollywood Casino app reached record quarterly revenue. With the World Cup producing only a modest iCasino read-through, peak football season now provides a more meaningful test of the traditional cross-sell engine. Competitive dynamics are also getting more interesting. The FanDuel-DraftKings-BetMGM triopoly controls roughly 62% of early-3Q26 GGR, but remains below prior levels as Fanatics and Hard Rock defend recent gains. Those gains increasingly have product support: our 1H26 testing ranked Hard Rock #2 and Fanatics #4 overall, while DraftKings is beginning to show early signs of a GGR-share rebound after an extended decline. Also inside: Margin discipline holds: July bonusing rose, but remained below early/mid-2025 levels. Ohio still a long shot: a friendlier governor alone likely won’t unlock iCasino. DraftKings UA improves: 24% of standalone iCasino app downloads in 3Q26 through August. Game performance: Cash Eruption widened its July GGR-share lead over Huff N Even More Puff Grand.

The August edition of our U.S. Sports Betting Market Monitor is now live, with data current through June nationally and July where state-reported data are available. The World Cup’s earnings benefit became much more visible in July. Preliminary state-reported data show handle up 29.2% y/y, GGR up 29.0% and NGR up 24.8% across the current sample. Unlike June, stronger hold allowed elevated demand to translate much more effectively into revenue, while bonusing growth moderated. The June-July step-up remains primarily World Cup-driven rather than evidence of a broader market reacceleration, but July provides the clearest read yet on the tournament’s positive 3Q contribution. Attention now turns to the football acquisition battle. bet365 enters the season with the richest welcome offer we observed—$365 in bonus bets following $10 of qualifying wagering—while FanDuel is pairing a $350 offer with increased customer reinvestment as it looks to rebuild share. DraftKings starts from a lower $200 offer, but management said it is prepared to increase acquisition investment if the favorable economics seen in 2Q26 persist into football. The broader implication is a more expensive acquisition environment and greater pressure on customer payback periods, particularly for operators already spending heavily on paid UA. The 3Q26 earnings setup is also worth watching closely. July benefited from the World Cup, while the later NFL kickoff leaves 16 fewer regular-season games in September than usual. In a typical year, July-August accounts for roughly half of 3Q handle, so this year’s quarter is somewhat more weighted toward the stronger early months—a modest positive given the start to 3Q—but the smaller NFL slate could also make September results more sensitive to weekly hold and game outcomes. Flutter estimates the schedule shift alone will reduce 2026 revenue by $75mm and adjusted EBITDA by $50mm. We also revisit the prediction market impact on OSB following 2Q26 earnings. DraftKings and RSI continue to report no discernible sportsbook impact, while FanDuel still estimates a low-single-digit effect on handle growth. BetMGM remains the clearest outlier, with PMs still cited as its primary OSB macro headwind, while Penn expects PM operators to contribute to a football acquisition “arms race” as the category enters its first full NFL / CFB season at scale. Additional topics this month include: • OSB loyalty and product, including FanDuel’s Rewards rollout, DraftKings’ Crown Cash changes and why Fanatics’ FanCash remains best-in-class in our internal testing • How sportsbooks are beginning to borrow selectively from prediction market UX, including percentage odds, price charts and live-product features • Updated competitive analysis showing challenger brands accounting for more than 40% of OSB app downloads in 2026 through July, led by sustained scaling from bet365 and Fanatics

This monthly report provides a digest of legislative and regulatory developments for the emerging market for regulated sports betting in the United States. New features this month include updates to our 50 state legislative outlook; quick takes on the latest sports betting policy developments in Texas, Minnesota, and Georgia, and an analysis of a legal challenge to Wisconsin's OSB via compact model.

The July edition of our U.S. Online Casino Monitor is now live, with data current through June 2026. U.S. iCasino growth remains healthy but continues to normalize. Nationwide GGR increased +20% y/y in June, ahead of the recent T3M rate of +17% but still below T12M growth of +22%. June’s reacceleration therefore does not materially change the broader moderation trend, while Pennsylvania data continue to show slots carrying market expansion as tables soften. A central focus this month is the realized iCasino impact of the World Cup. GGR growth accelerated modestly versus the pre-tournament trend, with DraftKings showing the clearest directional over-index and BetMGM posting a smaller positive read-through. Most other sportsbook-led brands held trend or decelerated, suggesting customer-friendly sports results did not translate into a broad same-month recycling surge. The outcome also reinforces our view that operators generally stopped short of treating the World Cup as a major iCasino promotional event. We also examine widening operator dispersion through the lens of early 2Q26 earnings. RSI materially outpaced EKG’s estimated +17% U.S. iCasino GGR comp, while Caesars and BetMGM trailed despite constructive underlying company KPIs. At the same time, the policy dynamics are shifting: tax-increase risk has receded for now, while Pennsylvania-led regulatory reform—including potential deposit, advertising and VIP restrictions—has become the more consequential near-term watch item. Also inside: FanDuel and DraftKings earnings setup: FanDuel est. 2Q26 iCasino GGR +12% and DraftKings +2%—both below-market Continued evidence that weaker OSB economics may be creating headwinds for traditional sportsbook-to-iCasino cross-sell Game performance spotlight: Huff N Even More Puff Grand narrows Cash Eruption’s GGR-share lead to just 2bps

The July edition of our U.S. Sports Betting Market Monitor is now live The 2026 World Cup delivered record U.S. soccer NGR, ahead of expectations and driven by strong SGP and in-play activity—with a catch. Channel checks suggest little to no benefit landed in 2Q26, while the stronger-margin knockout rounds produced a much more constructive start to 3Q. Preliminary state-reported data underline that split: June handle rose roughly 26% y/y across our select-state cohort, but player-friendly results compressed net hold to 5.0% and left NGR down 40% y/y. A central focus this month is the readthrough for 2Q26 earnings. State-reported data directionally point to muted handle growth across most public operators as bonusing growth continued to moderate, with lower hold creating an additional NGR headwind for FanDuel and DraftKings (BetMGM’s OSB results broadly tracked that signal). Because most of the World Cup’s expected revenue benefit falls in 3Q26, we expect earnings calls to emphasize current trading, record soccer activity, and post-quarter momentum more than the reported quarter itself. We also look ahead to the NFL season, where sportsbook product teams are prioritizing in-play SGP growth and more flexible parlay formats. Fanatics’ On the Clock and Caesars’ Flex Parlay are among the products to watch, reinforcing a critical OSB advantage over prediction markets: greater parlay depth and combinability. Additional topics this month include: • World Cup live-betting uptime analysis, including Hard Rock’s improvement following its Kambi Odds Feed+ integration • Proprietary analysis showing the U.S. OSB GGR-share race tightening below DraftKings and FanDuel • Updated UA analysis showing challenger brands accounting for more than 40% of OSB app downloads in 2026 through June

In this 38pp report we provide the results of our real-world testing of 15 of the leading sports betting apps in the UK and provide detailed analysis of the findings and implications for the UK market.

This monthly report provides a digest of legislative and regulatory developments for the emerging market for regulated sports betting in the United States. New features this month include updates to our 50 state legislative outlook; quick takes on the latest sports betting policy developments in Michigan, Pennsylvania, and Nebraska; and an analysis of Ohio's recently introduced OSB reform bill.

This monthly report provides a digest of legislative and regulatory developments for the emerging market for regulated sports betting in the United States. New features this month include updates to our 50 state legislative outlook; quick takes on the latest sports betting policy developments in Wisconsin, North Carolina, and Rhode Island, and an analysis of OSB reform proposals considered in this year's legislative sessions.

Monthly U.S. sports betting policy monitor for May 2026, with updates on Texas, Oklahoma, and Missouri and an analysis of Michigan's online gambling tax increase proposal.

Proprietary testing and ranking of U.S. sports betting apps in 1H26, with DraftKings retaining its #1 ranking for the fourth consecutive report and leading four of five scoring categories.