This week’s iGaming stock report highlights a notable downturn across the sector, as nearly all listed companies experienced a drop in their stock values. The exception was Bragg Gaming, which was the sole company among the four smallest to record gains.
In the larger operator segment, the situation was more severe. DraftKings stood out by achieving the highest trading volume, while Sports Entertainment Gaming Global faced the steepest percentage decline. The overall trend indicates a persistent weakness affecting multiple firms rather than issues confined to individual companies.
**iGaming Sector: Weekly Stock Analysis**
| Rank | Ticker | Company | Market Cap | Change | Volume | Revenue |
|——|——–|————————————–|————|———|————-|———-|
| 1 | FLUT | Flutter Entertainment plc | 13.12B | -0.76% | 2,026,587 | 17.16B |
| 2 | DKNG | DraftKings Inc. | 9.38B | -2.12% | 19,035,710 | 6.22B |
| 3 | CHDN | Churchill Downs Incorporated | 5.69B | -0.55% | 790,539 | 2.99B |
| 4 | SGHC | Super Group (SGHC) Limited | 5.63B | -1.51% | 2,154,868 | 2.43B |
| 5 | RSI | Rush Street Interactive, Inc. | 4.29B | -2.32% | 1,458,220 | 1.37B |
| 6 | BRSL | Brightstar Lottery PLC | 1.74B | -2.06% | 1,929,371 | 2.47B |
| 7 | ACEL | Accel Entertainment, Inc. | 883.39M | -1.63% | 493,224 | 1.39B |
| 8 | CDRO | Codere Online Luxembourg, S.A. | 429.69M | -1.87% | 13,073 | 262.52M |
| 9 | MRDN | Meridian Holdings Inc. | 140.32M | -2.38% | 62,872 | 197.19M |
| 10 | INSE | Inspired Entertainment, Inc. | 86.19M | -3.54% | 314,214 | 281.40M |
| 11 | ROLR | High Roller Technologies, Inc. | 53.49M | – | 19,550 | 15.63M |
| 12 | GRSD | Grandstand Limited | 48.06M | -0.74% | 182,247 | 163.42M |
| 13 | BRAG | Bragg Gaming Group Inc. | 39.53M | 2.46% | 2,590 | 117.71M |
| 14 | SEGG | Sports Entertainment Gaming Global | 4.68M | -8.67% | 33,781 | 1.54M |
**Large-Cap Leaders**
**Flutter Entertainment (-0.76%)** has seen a relatively modest decline compared to several of its counterparts. The company is notably exposed to Brazil's gambling market, with predictions that a betting ban there could lead to a revenue decrease of around $70 million and a $20 million drop in adjusted EBITDA if the restrictions persist through the end of the year.
**DraftKings (-2.12%)** recorded substantial trading activity, surpassing Flutter’s volume by more than ninefold. However, the company's strong U.S. presence makes the impact from Brazil’s situation less visible, complicating direct correlations between the downturn and the Brazilian market.
**Super Group (-1.51%)** has experienced additional value losses. Notably, its brand Sportingbet is amongst those adversely affected by the Brazilian shutdown. Nonetheless, historical data indicates that Super Group’s revenue from South America was only 1% in 2025, suggesting limited overall impact.
**Churchill Downs (-0.55%)** managed to fare the best among the major players, thanks to its diversified business model encompassing racing and gaming, which reduces its vulnerability to regulatory challenges in Brazil.
**Rush Street Interactive (-2.32%)** continues to experience downward pressure with no specific data linking its revenue losses to the Brazilian ban, yet the drop is noteworthy.
**Smaller Companies: Mixed Performance**
**Brightstar Lottery (-2.06%)** recorded a decline just above 2%, placing it among the weaker mid-cap firms, although its lottery operations limit its exposure to Brazil’s online betting restrictions.
**Accel Entertainment (-1.63%)** remains weak, but its focus on land-based gaming dilutes any concerns related to Brazil.
**Codere Online (-1.87%)** faces relevance due to its Latin American operations, but the lack of evidence for significant revenue loss from Brazil complicates assessments of its financial health.
**Meridian Holdings (-2.38%)** had the largest decline reported in this group, excluding Inspired Entertainment’s higher percentage loss.
**Inspired Entertainment (-3.54%)** experienced the most significant drop among companies with market caps above $50 million, although there is no direct link to Brazil.
**Grandstand (-0.74%)** shows only a minor decrease. Contrarily, **Bragg Gaming (+2.46%)** was the only company to post gains, benefiting from its technology-supplier model, which might insulate it from Brazil-related impacts depending on client and contract types.
**Sports Entertainment Gaming Global (-8.67%)** saw the largest decline, which should be taken cautiously given its low market capitalization of $4.68 million, making it especially susceptible to volatility and not necessarily reflective of broader market trends.
**High Roller Technologies** did not report any changes this week, preventing assessment of its recent performance.
Data indicates ongoing pressure across various organizations within the iGaming stock arena this week. SEGG and INSE were hit the hardest among the smaller players, while larger firms like RSI and DraftKings also reported losses. In contrast, Flutter Entertainment and Churchill Downs showed relatively resilient performances.
Brazil remains a significant concern for international online betting companies, but it does not account for all losses experienced by the sector. The Blask Index reveals a downturn in Brazil's licensed betting market, though this does not imply every listed company suffered similar losses. Next week's analysis will focus on distinguishing between firms with confirmed Brazilian risks and those affected by overall sector weakening.
