This week’s stock data shows one bold statement: the pressure on several major online betting companies continues, while some operators move higher!
Brazil’s betting ban didn’t just disrupted a huge regulated market. The ban reduced measured demand for licensed brands and changed the competitive environment for offshore brands. However, the changes are not necessarily caused by the betting ban.
iGaming Sector: Weekly Stock Analysis
| Rank | Ticker | Company | Market Cap | Change | Volume | Revenue |
|---|---|---|---|---|---|---|
| 1 | FLUT | Flutter Entertainment plc | 13.84B | -2.21% | 2,714,070 | 17.16B |
| 2 | DKNG | DraftKings Inc. | 9.72B | -1.46% | 9,602,108 | 6.22B |
| 3 | SGHC | Super Group (SGHC) Limited | 5.74B | -2.17% | 1,591,584 | 2.43B |
| 4 | CHDN | Churchill Downs Incorporated | 5.57B | 4.99% | 1,845,671 | 2.99B |
| 5 | RSI | Rush Street Interactive, Inc. | 4.38B | -6.99% | 2,675,629 | 1.37B |
| 6 | BRSL | Brightstar Lottery PLC | 1.80B | -1.50% | 1,701,047 | 2.47B |
| 7 | ACEL | Accel Entertainment, Inc. | 893.13M | -0.90% | 252,919 | 1.39B |
| 8 | CDRO | Codere Online | 433.10M | 0.37% | 8,266 | 262.52M |
| 9 | MRDN | Meridian Holdings Inc. | 140.32M | 2.31% | 31,713 | 197.19M |
| 10 | INSE | Inspired Entertainment, Inc. | 98.84M | 6.53% | 335,789 | 281.40M |
| 11 | GRSD | Grandstand Limited | 52.33M | -3.29% | 287,214 | 163.42M |
| 12 | ROLR | High Roller Technologies, Inc. | 49.08M | – | 15,854 | 15.63M |
| 13 | BRAG | Bragg Gaming Group Inc. | 37.66M | 4.04% | 5,366 | 117.71M |
| 14 | SEGG | Sports Entertainment Gaming Global Corporation | 5.46M | -11.11% | 58,572 | 1.54M |
Flutter Entertainment (-2.21%)
Flutter remains the most straightforward case in this group, as it has the clearest confirmed direct impact from the ban. Its Betfair and Betnacional operations are in Brazil have been suspended and the company has quantified the impact over $70 million in lost 2026 revenue and $20 million in adjusted EBITDA.
This week’s -2.21% decline is consistent, but it doesn’t mean that investors are reacting specifically to the ban. The figures may reflect different measurements at this moment.
Super Group (-2.17%)
SGHC fell 2.17% to a $5.74B market cap. Its international business makes regulatory developments relevant, but its latest annual filing reports that South America accounted for only 1% of 2025 revenue.
DraftKings (-1.46%)
DraftKings declined 1.46%, with 9.60 million shares traded. Its business is primarily associated with the US betting market, so the Brazil ban is not an obvious direct revenue shock of the same kind as Flutter’s.
Codere Online (0.37%)
Codere Online rose 0.37% this week. Despite its Latin American footprint, its latest annual filing identifies Spain, Mexico, Colombia, Panama and Argentina as its operating markets; Brazil is discussed as a possible future expansion market rather than an established operating market.
Rush Street Interactive ( -6.99%)
RSI fell 6.99%, taking its market cap to $4.38B. It is the most striking negative performer among the five largest companies in this week’s table.
Bragg Gaming (4.04%)
Bragg gained 4.04%, despite the regulatory uncertainty. As a gaming technology supplier, its exposure would depend on whether Brazilian operators represent a meaningful portion of its customers, contracts or revenue.
The strongest piece of evidence-based Brazil risk in this group of stocks remains Flutter Entertainment which has announced halting its operations in Brazil and has provided quantified information on the financial consequences of this decision.
The latest Bleask Index has provided some more serious market-level concerns: the demand for licensed brand has dropped by 82% during the first week after the introduction of the measure while the offshore companies were unable to take on the lost demand.
The major conclusion is set that the ban has increased regulatory uncertainty across the sector, while the actual financial damage will depend on each company’s Brazil exposure.
