What the latest state data tells us about US gaming

Research evidence excerpt

What the latest state data tells us about US gaming

Goldman Sachs Gaming

positive signal on both metrics: (1) yoy growth in daily active users has accelerated

strongly, and (2) we estimate that the World Cup has already boosted the LTM run-rate

of app downloads by a MSD % in the US/UK/Italy, with DKNG outperforming in the US

and Flutter outperforming internationally.

Breaking down the key numbers this month:

n Same-state OSB handle growth: c.-1% yoy in May vs. -2% Jan-Apr

o FanDuel c.-8% yoy, DraftKings c.-4% yoy, BetMGM c.-4% yoy, Fanatics c.+25%

yoy

n OSB hold: In May, win margins were broadly in line with the LTM average, though

down slightly yoy. FanDuel retained the highest margins vs. peers driven by higher

parlay mix. In June, we note that the New York weekly data suggests

customer-friendly sports results, though with stronger associated handle

performance.

n OSB GGR market share in May:

o FanDuel: c.38% (+1pp mom but down -3pp yoy on a same-state basis)

o DraftKings: c.33% (down -1pp mom and -3pp yoy on a same-state basis)

o BetMGM: c.6.5%, consistent with performance in recent months

o Fanatics: c.8%, expanding +1pp yoy

o Bet365’s GGR market share stepped up in Apr/May, inflated by high promos in

Michigan post their launch in the state.

n OSB promotional intensity: Broadly stable as a % of handle in May, with FanDuel

slightly higher than DraftKings/BetMGM/Fanatics.

n OSB NGR market share: Over the latest 3 months of data (Feb-Apr), FanDuel market

share is tracking at 41%, DraftKings at 32%, and BetMGM/Fanatics at c.7-8% each.

n iGaming GGR growth: +15% yoy in May, consistent with the growth rates in

Mar/Apr.

o Live vs. slots: Data from Pennsylvania suggests that while iGaming GGR

growth in both Slots and Live has decelerated in 2026, the deceleration has