The stock market this week reveals a clear trend: many significant online betting companies are under pressure, while some others are experiencing gains. Brazil's recent betting ban has not only disrupted a thriving regulated market but also impacted demand for licensed brands and altered the competitive dynamics for offshore operators. Nonetheless, some of these changes may not solely be attributed to the ban.
In the iGaming sector, the latest stock analysis shows the following:
1. **Flutter Entertainment plc (FLUT)** saw a market cap of $13.84 billion, down 2.21% with a volume of 2,714,070 shares and reported revenue of $17.16 billion. The company's operations are significantly affected by the Brazil ban, with a quantifiable impact of over $70 million expected in lost revenue for 2026 and $20 million in adjusted EBITDA.
2. **DraftKings Inc. (DKNG)** experienced a decrease of 1.46% in its market cap, now at $9.72 billion, with 9,602,108 shares traded and a revenue of $6.22 billion. While its business is mainly in the US, the Brazil ban does not pose an immediate revenue shock like it does for Flutter.
3. **Super Group (SGHC) Limited** dropped 2.17%, bringing its market cap to $5.74 billion. Despite its international interests, only 1% of its 2025 revenue came from South America.
4. **Churchill Downs Incorporated (CHDN)** had a notable increase of 4.99%, with a market cap of $5.57 billion, trading 1,845,671 shares and generating $2.99 billion in revenue.
5. **Rush Street Interactive, Inc. (RSI)** suffered the most significant loss at 6.99%, resulting in a $4.38 billion market cap from trading 2,675,629 shares and reporting revenue of $1.37 billion.
6. **Brightstar Lottery PLC (BRSL)** saw a slight decline of 1.50%, with a market cap of $1.80 billion and trading volume of 1,701,047 shares, yielding revenue of $2.47 billion.
7. **Accel Entertainment, Inc. (ACEL)** dropped 0.90% reaching a market cap of $893.13 million, with 252,919 shares traded and revenue of $1.39 billion.
8. **Codere Online (CDRO)** experienced a modest gain of 0.37%, bringing its market cap to $433.10 million. Despite a presence in Latin America, Brazil is viewed more as a potential future market rather than an existing one.
9. **Meridian Holdings Inc. (MRDN)** increased by 2.31%, with a market cap of $140.32 million from trading 31,713 shares and earning $197.19 million in revenue.
10. **Inspired Entertainment, Inc. (INSE)** rose 6.53% with a market cap of $98.84 million, trading 335,789 shares and reporting $281.40 million in revenue.
11. **Grandstand Limited (GRSD)** fell by 3.29%, leading to a market cap of $52.33 million and a revenue of $163.42 million on a trading volume of 287,214 shares.
12. **High Roller Technologies, Inc. (ROLR)** remains at a market cap of $49.08 million, with 15,854 shares traded and $15.63 million in revenue.
13. **Bragg Gaming Group Inc. (BRAG)** gained 4.04%, with a market cap now of $37.66 million and revenue reported at $117.71 million from 5,366 shares traded.
14. **Sports Entertainment Gaming Global Corporation (SEGG)** reported a decline of 11.11%, establishing a market cap of $5.46 million with a revenue of $1.54 million on 58,572 shares traded.
The most evident fallout from the Brazil ban can be seen in Flutter Entertainment’s results, which underscore the direct financial consequences of ceasing operations in the country. In contrast, the recent Bleask Index reveals deeper concerns, noting an 82% decline in demand for licensed brands after the ban went into effect, and many offshore operators have been unable to compensate for this loss. The overall impact of the ban on financial performance varies considerably based on each company's exposure to the Brazilian market.
