Gaming: All In: Your Weekly Gaming Round-up

Research evidence excerpt

Gaming: All In: Your Weekly Gaming Round-up

J P M O R G A N Europe Equity Research

03 July 2026

Gaming

All In: Your Weekly Gaming Round-up

European Leisure, Hotels & Gaming Gaming shares outperformed last week after two difficult weeks, with Entain

(-5%) the notable laggard on UK Machine Gaming Duty hike Estelle Weingrod AC

concerns (here). Policy headlines were mostly negative – Ohio introduced an (44-20) 7742-8502

OSB rollback bill, the MLB Players Association pushed to ban player props, estelle.weingrod@jpmorgan.com

J.P. Morgan Securities plc

Kentucky moved to raise the betting age to 21 from mid-July, and Colorado AC Karan Puri

is stripping credit-card funding – while overseas, the UK is set to raise UKGC

(44-20) 7742-8342

licence fees ~25% from Oct’26 amid renewed calls for a modernised karan.puri@jpmorgan.com

Gambling Act, and Australia signalled tighter ad rules. Positively, NY OSB J.P. Morgan Securities plc

printed strong results this morning (+86% y/y GGR; handle +47% y/y) and Avni Garg

Italy June iGaming grew a solid +14% y/y, with Lottomatica separately (91-22) 6157-3431

flagging strong volumes and a favourable payout for June. avni.garg@jpmchase.com

J.P. Morgan India Private Limited

Prediction-market news was mixed: MA expanded its Kalshi suit (adding Specialist Sales contact details:

under-age allegations), MI temporarily barred Kalshi sports contracts, NJ

Olivia Petronilho - Specialist Sales -

advanced a 9% PM surtax and NC added a new 6% PM tax; meanwhile European Consumer

Polymarket sued New Mexico officials, Kalshi challenged a proposed $5m (44-20) 3493-3709

OH fine while seeking dismissal of New Mexico tribes’ claims, and MD’s olivia.b.petronilho@jpmorgan.com

regulator faced scrutiny over its anti-contract push. Commercial momentum