U.S. Gaming Reports

Based on reported figures and our proprietary estimates, we estimate total U.S. & Canada Gaming Revenue increased +5% y/y and +3% q/q to $38.1 billion in 2Q26. See the Commercial Slot Revenue slide for more commentary, but annual and sequential results were driven by macro-economic health that continues to support 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 CY26 forecasts for each segment.

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 EKG’s Prediction Markets Monitor is now live, with PM data current through mid-August 2026 and OSB data through June-July 2026. The World Cup step-up in U.S. sports prediction market activity has proven substantial. On EKG’s Handle-Analog basis, U.S. sports PM activity reached $5.6bn in Jun-26, or 30% of combined PM-OSB handle, before remaining similarly strong at $6.0bn in July. Kalshi now ranks No. 3 in both consolidated U.S. handle and handle-per-adult productivity, behind only DraftKings and FanDuel in EKG’s proprietary framework. Competitive dynamics continue to broaden beneath the market leader. Kalshi remained the world’s largest tracked prediction market by Contract Volume for a third consecutive month, while Robinhood and Polymarket U.S. reached record volumes around the World Cup and Novig has debuted with meaningful early scale. Looking ahead, August has brought a normal post-World Cup slowdown, but U.S. football and European club soccer are now ramping, with promotional intensity already beginning to build ahead of the fall acquisition cycle. A central focus this month is the rapid emergence of combos as a critical sports PM battleground. Combos are approaching 50% of Kalshi sports Contract Volume, while the U.S. combo segment now represents roughly 37% of total U.S. prediction market Contract Volume. Kalshi currently commands 97% share of that segment, but Polymarket U.S., Novig, Underdog, and others are increasingly building around multi-leg products—making combo depth, pricing, and liquidity an increasingly important source of competitive differentiation. Additionally, we take a deeper look at what 2Q earnings say about the economics of prediction markets. Robinhood generated $156mm of PM revenue in 2Q26, Coinbase crossed $100mm of annualized PM revenue, and Flutter expects roughly $50mm of 2026 market-making revenue and EBITDA benefit. At the same time, there remains no consensus on the winning market structure: some operators are moving toward greater vertical integration, while others are emphasizing third-party exchanges, proprietary market-making, or multi-venue distribution. We’re also preparing to launch the PMI Databook Dashboard, EKG’s institutional-grade prediction markets data and competitive intelligence platform. Built on daily cross-platform data, common definitions, and a unified category / sport / league taxonomy, the Databook Dashboard enables deeper operator benchmarking, ongoing market monitoring, and exportable underlying data. Selected views are featured throughout this month’s Monitor as a preview of the platform. Other features of this month’s report: Market-maker channel checks and competitive intelligence Updated proprietary estimates of Contract Volume share by consumer-facing brand Updated policy outlook covering CFTC rulemaking, state taxation, Congress, and the evolving path toward potential Supreme Court review

2Q26 iLottery gross sales (wagers) increased +13% y/y and remained flat q/q at $3.6 billion. The annual increase was driven by eInstant and Draw growth across most markets and new market contributions. GGR benefited from wager growth y/y along with marginal increases in the mix of Draw games and hold rates both y/y and q/q. See the report for commentary on nationwide trends, analysis by jurisdiction, market share by platform provider, a legislative update regarding new potential jurisdictions, and our CY26 forecast.

Aristocrat led casino replacement sales this quarter, anchored by the Baron family, with Light & Wonder close behind on Cosmic strength. IGT held the lead in the overall route market, while Aristocrat claimed the top spot in key U.S. route markets including Illinois VGT and Georgia COAM. The premium lease market extended its growth, led by Aristocrat's Monopoly Big Board Bucks launch and Lightning 10 Year Storm, with Light & Wonder's Ultimate Fire Link Triple Nova building momentum behind them. Multiscreen cabinets staged a comeback, taking four of the top ten cabinet slots. Bluberi held most of its recent share gains, with Beacon+ again a top ten seller — the only vendor outside the Big 3 to place a cabinet in the top ten. Full replacement share, route market results by jurisdiction, and complete top ten cabinet rankings are in this quarter's report.

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.

In this 50-page report, exclusively available to Enterprise Tier subscribers, we use our proprietary methodology and nationwide testing group to test, score, and rank the performance of U.S. casino apps. In our latest round of testing—conducted across the core markets of New Jersey, Pennsylvania, and Michigan late in 1H26—DraftKings retained their top ranking while Hard Rock Bet jumped to #2, their first top-5 finish ever. FanDuel and Fanatics maintain their third and fourth place rankings, respectively, while Golden Nugget slipped to fifth.

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