Casino Without iCasino: The Rise of Reveal Gaming

EKG’s special topic report, Casino Without iCasino: The Rise of Reveal Gaming, examines how casino-style games are reaching U.S. states that have not legalized online casino. The report covers three routes: pari-mutuel-powered gaming (PPG) settled on live horse races through ADW licenses, Hard Rock’s Florida games settled on past motor races under the Seminole compact, and the first casino games built on live sports data. Built on EKG’s ADW Slots Market Model, Oregon Racing Commission hub data, hands-on product testing in Florida, and EKG channel checks, the report sizes the PPG opportunity, maps state-by-state access, and assesses the platforms, operators and suppliers entering the category. Key findings: A real-money casino channel already exists in closed states. PPG brands are live in 22 states, including California, New York and every state that has banned sweepstakes casinos. Game Play Network, the largest PPG platform, handled $535M through its Oregon hub in the 12 months to June 2026 and accounted for all of the Oregon hub system’s growth. Florida shows the scale of demand. Seminole sports net win moved from a $1.6B pre-launch forecast to roughly $2.9B in the cycle Hard Rock’s casino-style games launched, with $3.2B forecast for next year. EKG estimates the games are running at about $2.4B of annualized GGR, about a third of what a licensed Florida iCasino market would produce. EKG sizes PPG at $2B to $5B of annual GGR at maturity. The range depends on how far the product closes the gap with instant-settlement games. The floor from displaced sweepstakes demand alone is $1.3B; California and New York are 59% of it. Institutional entry has started. EKG channel checks indicate a leading PPG brand is being acquired by a major regulated operator, major content suppliers that stayed out of sweepstakes are evaluating PPG, and the first sweepstakes operator has launched a real-money product on ADW infrastructure.

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).

In this 44-page report we look in depth at 20 of the leading casino apps in the UK market, and provide analysis, ratings and rankings for each of them highlighting relative and absolute strengths and weaknesses. Can bet365 hold on to the top spot?