This weeks iGaming stock data shows a broad pullback. All listed companies reported stocks decline, except Bragg Gaming which was the only clear gainer among the four smallest companies.
The companies in the largest operator sector, moved much lower. DraftKings recorded the highest trading volume and Sports Entertainment Gaming Global posted the steepest percentage decline. Compared with the previous week’s figures, the pattern suggests continued weakness across several parts of the sector, rather than a decline limited to one company.
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 Corporation | 4.68M | -8.67% | 33,781 | 1.54M |
Large-Cap Leaders
- Flutter Entertainment (-0.76%) – Flutter’s decline was relatively modest compared with several peers. Its Brazil exposure remains material to monitor. After the betting ban in Brazil, company estimated that if it lasts through year-end could reduce 2026 revenue by approximately $70M and adjusted EBITDA by $20M.
- DraftKings (-2.12%) – DraftKings reportedly achieved the most trades within the group, exceeding Flutter by over nine times. DraftKings’ core business in the United States makes the impact on the company’s revenue due to Brazil less evident, meaning that any decline cannot be directly linked to the shutdown.
- Super Group (−1,51%) – Super Group has further dropped in value. Blask notes that Sportingbet is one of the licensed brands affected by the shutdown. However, proving the brand impact does not mean that the entire impact translates to Super Group as a parent company. According to Blask, Super Group made only 1% of South American revenue in 2025, which is why the negative impact of the group should be minimal based on historical data.
- Churchill Downs (−0.55%) – Churchill Downs was the least affected by the decline among the five biggest companies. Its diversified racing, casino, and gaming business means that the company has less direct exposure to Brazil’s online gambling restrictions.
- Rush Street Interactive (−2.32%) – RSI has seen a continuous drop. The decline phenomenon is notable, but Blask provided no data proving any loss of revenue due to Brazil ban.
Smaller companies: mixed performance
- Brightstar Lottery (-2.06%): A decline of just over 2% places it among the weaker mid-cap names, although its lottery-focused business is less directly exposed to Brazil’s online betting shutdown.
- Accel Entertainment (-1.63%): Continued weakness, but its land-based gaming focus makes the connection to Brazil less direct.
- Codere Online (-1.87%): Its Latin American footprint makes regional regulation relevant, but Brazil should not be treated as a confirmed source of direct revenue loss without evidence that it was operating there.
Meridian Holdings (-2.38%): The largest decline among the reported moves in this part of the list, excluding Inspired Entertainment’s larger percentage loss. - Inspired Entertainment (-3.54%): The biggest decline among the companies with market caps above $50 million in the lower-cap group. Its movement warrants attention, but there is no evidence here linking it directly to Brazil.
- Grandstand (-0.74%): A relatively small decline.
- Bragg Gaming (+2.46%): The only positive performer apart from the unreported ROLR change in this week’s table. Its technology-supplier model means any Brazil impact would depend on its customer and contract exposure.
- Sports Entertainment Gaming Global (-8.67%): The steepest reported decline overall. With a market capitalization of just $4.68 million, the stock may be especially volatile, and its movement should not be read as evidence of a broad industry trend.
- High Roller Technologies: No weekly change was supplied, so its performance cannot be assessed from this table.
Data from this week shows that the pressure is ongoing for many organizations in the iGaming stock group, with SEGG and INSE being hit hardest among smaller companies while RSI and DraftKings saw losses among their larger peers. Flutter has suffered a lesser drop along with Churchill Downs, who has managed to show resilience.
Brazil remains a credible risk factor for online betting companies in the international landscape, but it cannot explain all losses suffered. The Blask Index confirms a downturn in the licensed betting market in Brazil, but we cannot assume that the revenue fell in each of the listed companies in similar percentages.
The main aspect of next week’s analysis will be the difference between companies with confirmed Brazilian risks and those that lost money because of the weakening of the sector.
