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U.S. Sports Betting Market Monitor – April 2026

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Published
May 2026
Format
PDF

The April edition of our U.S. Sports Betting Market Monitor is now live.

Early 2026 data continue to reinforce a market defined by margin discipline. State-reported results in March show handle trending negative y/y (-4% ) alongside broad-based promotional pullbacks, while elevated hold continues to drive strong NGR growth (+105% y/y on an easy comp). The shift from growth to margin optimization that we flagged in our CY26 Outlook remains clearly visible in the data.

Most operators are seeing softer handle growth alongside stronger NGR, though Fanatics and bet365 continue to stand out with sustained growth across both metrics. Competitive positioning is also shifting: BetMGM has ramped promotional intensity in early 2026, while Fanatics continues to moderate spend and has now pulled even with BetMGM on NGR share where trackable.

A central focus this month is the emerging interplay between prediction markets and OSB acquisition. Early 1Q26 earnings commentary suggests mixed impact on CAC, with some operators reporting little to no effect and pressure concentrated among those competing for lower-value OSB cohorts.

We also highlight a developing product and execution theme: live betting performance. DraftKings continues to lead in MLB moneyline uptime, per Bettormetrics, with Fanatics showing the largest year-on-year improvement and closing the gap with top-tier operators. More broadly, uptime gains are widespread, reinforcing ongoing improvements in live product quality across the market.

Additional topics this month include:

  • 1Q26 OSB earnings takeaways so far + 1Q26 earnings readthrough for DraftKings and FanDuel
  • Latest M&A speculation: would a PM operator acquire an OSB operator?
  • Updated operator-level benchmarking across share, hold, promo intensity, and acquisition trends through March 2026
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