U.S. Gaming Reports

In 2Q26, total U.S. lottery sales increased +1% y/y and +1% q/q to $26.4 billion across the 46 U.S. jurisdictions we track in our report. Instant Tickets sales increased +1% y/y and +1% q/q to $19.0 billion with growth driven by iLottery sales. Retail Instant Ticket sales declined -1% y/y but increased +1% q/q, which was modestly ahead of the average trend of relative stable sales q/q in 2Q. Draw game wagers increased by +1% y/y and +2% q/q to $7.4 billion. See the report for results and commentary for the full year as well as analysis by main product type and our CY26 forecast.

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

We estimate total U.S. & Canada B2B EGM revenue increased +5% y/y and decreased -6% q/q to ~$1.3 billion in 1Q26. Aristocrat generated the most B2B EGM revenue in U.S. & Canada for the quarter driven by leadership among both leased and sold games. Aristocrat, Konami, and the Other group increased share over the prior year. See the report for market and competitive analysis by KPI for game sales, gaming ops, and systems segments as well as a comparison by R&D and Adj. EBITDA.

Eilers-Fantini's July 2026 U.S. & Canada Cabinet Performance Report highlights IGT's Rise 32 as the top-ranked Multi Screen Slant cabinet, posting a 100% hit rate for games performing above 1x zone. Aristocrat now owns the top 9 Premium Video Reel cabinets as Mars X Portrait and King Max advance to #8 and #9. Sega Sammy's Genesis Atmos reclaims #1 among Emerging Suppliers with over 1,000 slots placed. Everi's Player Classic Premiere returns to #1 in Core Mechanical Reel, and Light & Wonder's new Cosmic Sky debuts at #7 for New Premium Cabinets, New Themes.

IGT's Cash Eruption retains the #1 Overall rank for the sixth consecutive month, while Octoplay's Hold And Win series places four themes in the top 25 of both the Slots and NEW Slots segments. White Hat Studios, Light & Wonder, and Inspired all increased their share of Total GGR YoY, with White Hat Studios posting the largest gain — climbing from 7.7% to 10.7%. Light & Wonder leads all suppliers in % of Top Slot Themes at 11.4% with 96 themes above 1x, while Octoplay tops the NEW Slots ranks with six of the Top 25, ahead of Games Global's five. Top ranking NEW Slots this month include: • #6 - Gold Blitz Express - Games Global • #8 - Bigger Piggy Bank Superwheel - Inspired • #11 - Mystery of the Lamp Secret Bazaar - IGT • #15 - Divine Fortune Gold - Evolution Game performance data was captured from 35 casino sites across Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia.

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.

The June edition of our U.S. Online Casino Monitor is now live, with data current through May 2026. U.S. iCasino growth remains healthy but continues to normalize, with nationwide GGR rising +22% y/y in 12M through May-26 versus +15% in May itself. May marked the seventh consecutive month in which monthly growth trailed the longer-term trend, while state-level data continue to reinforce our view that operators remain focused on margin optimization over pure top-line growth. A central focus this month is how that disciplined backdrop is shaping competitive behavior. Early World Cup channel checks suggest better-than-expected iCasino cross-sell but only incremental revenue uplift despite bettor-friendly tournament results, while DraftKings appears to be following through on its casino-first strategy through sustained acquisition investment, setting up an important 2H26 test of whether stronger user acquisition ultimately translates into durable GGR share gains. We also take stock of the policy landscape at the halfway point of 2026. Maine remains the year’s only meaningful expansion milestone, while Virginia and D.C. have emerged as the most credible medium-term jurisdictions to watch. Elsewhere, legislators continue to show interest in regulatory tightening, though partisanship is making tax increases more difficult in states with split governments (e.g., Michigan).

Based on reported figures and our proprietary estimates, we estimate total U.S. & Canada Gaming Revenue increased +5% y/y but declined -2% q/q to $37.0 billion in 1Q26. See the Commercial Slot Revenue slide for more commentary, but annual results were driven by macro-economic health that continues to support slot GGR growth, expansion into under-penetrated markets, and expanded gambling offerings (sports betting, iGaming, select Route Ops, new casino growth). See the Total Slot and Table sections for our CY25 forecasts for each segment.

The Big 3, Aristocrat, Light & Wonder, and IGT, sweep all nine primary segment leads this month, with Arc Single anchoring Premium Video Reel, Cosmic Dual claiming Multi Screen Upright, and Rise 55 leading Portrait Slant. Aristocrat extends its Premium Video Reel hold further as Baron Portrait climbs in the segment behind the debut of Monopoly – Big Board Bucks. Among mid-tier and emerging suppliers, AGS' Spectra Sl75+ builds on its premium banking release, Everi strengthens across both mechanical reel segments, and new theme launches from Aruze, Ainsworth, and Gaming Arts drive cabinet footprint gains while improving indexed performance. Full segment rankings, new cabinet leaderboards, and mid-tier supplier breakdowns are in this month's report.