The July edition of our U.S. Sports Betting Market Monitor is now liveThe 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

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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