U.S. Gaming Reports

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.

1Q26 iLottery gross sales (wagers) increased +15% y/y but declined -2% q/q to $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 on an annual basis and was impacted by a combination of wager declines and an unfavorable product mix on a sequential basis. 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.

1Q26 U.S. Lottery tracker, with total sales flat y/y at $26.5 billion, as iLottery strength offset declining retail Instant Ticket sales and weaker multi-state jackpot activity.

Monthly U.S. online game performance report for May 2026, with Evolution rebounding to claim #1 Supplier Overall at 13.2% GGR and Games Global slipping from last month's lead.

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.