The May edition of our U.S. Sports Betting Market Monitor is now live.
Early Apr-26 data point to modest stabilization in OSB handle growth, with state-reported handle improving to +1% y/yafter several months of softer trends. Promotional pullbacks also eased in select states, though elevated hold continued to drive healthy revenue growth, with GGR and NGR rising +23% and +25% y/y, respectively. While the results suggest some easing in reinvestment-related headwinds, we do not view April as a clear inflection point: Apr-26 hold remained elevated, May-25 presents a difficult comp, and tighter player recycling dynamics may pressure near-term handle growth.
A central focus this month is how competitive strategies continue to diverge in newer OSB markets. Using aggregated Missouri and Kansas data—together roughly equivalent to New Jersey on an adult population basis—we examine the increasingly distinct playbooks emerging across operators. Bet365 remains firmly in land-grab mode, DraftKings appears increasingly efficient at scale, FanDuel’s elevated promo intensity may reflect a more defensive posture, and Fanatics continues to gain share while moderating reinvestment.
We also spotlight bet365’s Apr-26 Michigan launch, which ranked as both the largest launch-month promo outlay in Michigan history and the operator’s most aggressive tracked U.S. launch on a per-adult basis. Michigan’s dual OSB-iCasino structure, with its materially higher pLTV ceiling, likely explains the elevated acquisition intensity and may provide an early read on how long operators remain willing to pursue aggressive share acquisition in more mature markets.
