The August edition of our U.S. Sports Betting Market Monitor is now live. 3Q25 is off to a strong start, with operator hold margins trending above 2Q25’s high water mark. We highlight Fanatics’ near-term NGR share parity potential with BetMGM, while also sizing the handle hit from an emerging threat: prop betting restrictions. Elsewhere, DFS+ leader PrizePicks has pivoted almost entirely to PVP contests, reshaping that market and stoking M&A speculation. And in prediction markets, FanDuel is maneuvering around the regulatory edge as Kalshi expands into spreads and totals and Polymarket prepares to target populous non-OSB states like CA and TX.
