DraftKings Doubles Down on Microbetting Push Despite Legal Challenges

DraftKings isn’t backing away from microbetting, even with lawsuits piling up that claim rapid-fire wagering products fuel gambling addiction. Co-founder Paul Liberman made the company’s ambitions absolutely clear at the Milken Institute Global Conference this week, signalling that DraftKings will expand its micro prediction markets wherever regulators crack open the door.

The Microbetting Growth Story

In-play betting now accounts for over 62% of all sports wagering. These ultra-quick bets on specific in-game moments like the next possession, pitch, or play have become the fastest-growing segment of the market. The appeal for DraftKings? Microbetting keeps bettors glued throughout games and opens doors in states where traditional sports betting remains off limits.

Last year, the operator made its move by acquiring Simplebet for nearly $200 million, buying direct entry into the prediction market space. Liberman acknowledged that prediction markets and traditional sportsbooks deliver similar experiences to consumers. He framed sportsbooks as the superior product overall, though.

Legal Storm Brewing

The Public Health Advocacy Institute filed suit against DraftKings, FanDuel, the NFL, and data provider Genius Sports, arguing that microbetting induces a “trancelike state” that keeps bettors locked in. Player unions have also petitioned the Commodity Futures Trading Commission to ban player prop markets entirely.

None of this appears to be slowing DraftKings down. Liberman insisted both sportsbook and prediction market products offer genuine value to customers. The regulatory landscape, frankly, favours the company’s position. Prediction markets operate under different rules than traditional sportsbooks, allowing DraftKings access to major markets like Texas and California where gambling remains prohibited.

The Regulatory Angle

Industry figures like Kalshi board member Brian Quintenz have worked to distinguish speculation in financial markets from gambling, a distinction that could give DraftKings breathing room. That argument gets harder to sustain, though, as markets shrink to individual pitches or serves rather than major sporting outcomes with genuine economic consequences.

DraftKings’ strategy for now is straightforward: participate wherever possible, push for regulatory approval, and let the legal challenges work themselves out. It’s a calculated bet that innovation and market demand will ultimately carry the day.

What the team thinks

Sheena McAllister says:

While DraftKings’ confidence in microbetting’s market potential is understandable given the 62% in-play betting figure, Carl’s piece underplays the regulatory complexity that will ultimately determine this expansion strategy, particularly around how different jurisdictions interpret harm prevention obligations under their operating licenses. The UKGC’s recent emphasis on safer gambling measures and affordability checks suggests that operators can’t simply follow market demand, they’ll need to demonstrate robust product controls and customer protection frameworks that go beyond legal defense, or risk license sanctions. What’s really missing from the narrative is whether DraftKings is innovating on responsible gambling features for microbetting at the same pace they’re innovating on the product itself, because that’s where the regulatory story will actually be won or lost.

Evoplay and Mancala Gaming Launch Bold New Slots With Four-Tier Jackpot Mechanics

Two fresh releases hit online casinos this week as Evoplay and Mancala Gaming each delivered slots built around escalating jackpot tension. The Hold and Win formula clearly continues to draw serious player interest across different themes and volatility profiles.

Evoplay’s Fruit Machine Gets a Modern Twist

Evoplay’s Ultra Reels Fruteria strips back to basics with a bright, corner shop aesthetic stretched across 3 reels and 5 rows. Fifteen paylines and a familiar wild substitute form the foundation. But the real draw sits in the bonus architecture. Four fixed jackpots trigger when you land bonus symbols across all three reels simultaneously.

What makes this work is the collector mechanic. When a dedicated collector symbol lands next to at least one bonus symbol, it sweeps all bonus values into a single payout. That’s the crucial accumulation moment players expect from Hold and Win games.

Free spins enter through the bonus game itself. You start with three spins, which reset each time a new bonus symbol appears. A random event feature adds volatility by converting standard symbols into bonus icons, potentially triggering sudden bonus games before you’ve exhausted your spins.

Evoplay rates Ultra Reels Fruteria as high volatility with a 96.15% RTP and a maximum win of 5,810x. That upper ceiling puts it in serious territory for players chasing substantial payouts.

Mancala Gaming Takes the Saloon Route

Mancala Gaming’s Cabaret Royale opts for the opposite aesthetic. This 5-reel, 3-row game dresses up its 20 paylines in classic Wild West imagery: saloon dancers, horses, and period-appropriate symbols throughout.

The stacked wilds here carry genuine weight. Each wild multiplies winning combinations by 2x or 3x depending on what lands, meaning a single spin can deliver unexpected value through wild positioning alone.

The jackpot feature mirrors Evoplay’s approach structurally but executes through respins rather than free spins. You chase one of four fixed jackpots as respins reset with each qualifying symbol that lands. That constant reset mechanism extends gameplay naturally and builds the kind of tension Hold and Win enthusiasts have come to expect.

Cabaret Royale carries a 95% RTP and maxes out at 5,105x, placing it slightly behind Evoplay’s release in ceiling but clearly competitive on mechanics and presentation.

The Takeaway

Both releases show how far operators have pushed the Hold and Win template. Whether it’s fruit machine nostalgia or saloon theatrics, the underlying appeal stays the same: manageable paylines, escalating tension through symbol collection, meaningful jackpot payouts. For sites looking to refresh their premium slot offerings this week, either title covers the bases well.

Tom Horn Gaming Launches 81 Frutas Grandes VIP With Mystery Win Feature

Tom Horn Gaming has given one of its most popular slots a proper premium makeover. The Malta-based studio released 81 Frutas Grandes VIP this week, taking the classic fruit game and introducing a refreshed take with new mechanics designed to keep players genuinely engaged.

What’s New in the VIP Version

The standout addition is a Mystery VIP Win feature that triggers randomly after non-winning spins, awarding players with bet multipliers ranging from 5x to 100x. Add to that a new VIP Wild symbol that substitutes across the board and stacks, introducing multipliers up to 8x, and you’ve got something worth paying attention to.

The core game keeps what made the original work: a 4×3 grid, 81 ways to win, and the familiar fruit symbols most players expect. Cherries, lemons, the classic 7s and bells. The visual refresh draws on art deco styling, giving the slot a more polished feel while keeping that comfortable, recognisable foundation intact.

Balancing Volatility and Win Potential

Tom Horn has positioned 81 Frutas Grandes VIP as a medium volatility game with a maximum exposure of 1,000x. That’s a decent climb without pushing into ultra-volatile territory.

The balance here matters, frankly. Consistent gameplay wins over long sessions, but there’s genuine upside when the right features land. This approach reflects a smart strategy in the current market. Players increasingly want familiar, trusted titles. They also want them to feel fresh and offer something beyond the original. The studio is targeting exactly that sweet spot.

Tom Horn’s Strategy

CEO Ondrej Lapides framed the release as evidence of how Tom Horn evolves its strongest performers to match what today’s players are after. He highlighted how the premium design, upgraded mechanics, and enhanced features create something that feels recognisable yet delivers more excitement and extended play sessions.

It’s a formula that works. Reimagining established winners rather than chasing novelty every time has proven effective across the industry. Players know what they’re getting, operators have confidence in the brand, and there’s room for innovation within that familiar framework.

Minnesota Tightens Grip on Prediction Markets and Sweepstakes Casinos

Minnesota is moving decisively to close what lawmakers see as significant loopholes in the state’s gambling laws. Two bills advancing through the legislature would effectively ban prediction markets and sweepstakes casinos.

The state Senate has already backed both pieces of legislation. SF4511, which targets prediction markets, passed 56 to 10 last week and now sits with the House Commerce, Finance, and Policy committee. A companion bill, SF4474, prohibiting sweepstakes casinos, has been assigned to the Public Safety Finance and Policy committee. House representatives have until May 18 to move both bills toward Governor Tim Walz’s desk.

Why Minnesota is Acting Now

The prediction market legislation gained momentum following a high-profile incident involving Minnesota Sen. Matt Klein, who wagered on himself to win his primary through the Kalshi platform. Klein settled with the company, agreeing to a $539.85 fine and a five-year ban. The incident highlighted what lawmakers see as genuine risks: insider trading, conflicts of interest, and opportunities for political abuse.

Sen. John Marty, one of the bill’s sponsors, framed the issue as a matter of legal clarity rather than ideology. “People who are pro-gambling and anti-gambling together can recognize that prediction markets are ripe for conflict of interest,” he said. Minnesota’s position is straightforward. Prediction markets on sports, politics, and other events constitute illegal gambling under existing state law.

Sweepstakes Casinos in the Crosshairs

The sweepstakes casino ban addresses a growing concern across multiple states. These platforms operate in a legal grey area, typically offering games of chance that skirt traditional gambling regulations. Only a handful of operators currently restrict Minnesota access voluntarily. If passed, the legislation would give the state’s Attorney General enforcement powers to pursue both operators and promoters.

Minnesota isn’t alone in moving against sweepstakes casinos. Indiana and Maine have already enacted similar bans this year, joining several other states that took action in 2024. Tennessee attempted comparable legislation but failed to pass a bill, though the state has launched enforcement actions against many operators anyway.

Part of a Broader Picture

These bills reflect Minnesota’s distinctly cautious approach to gambling. The state currently prohibits both retail and online sports betting, and a proposal to legalize sports wagering failed to gain traction earlier this year. The prediction market and sweepstakes bans fit neatly into that framework, suggesting little appetite among state lawmakers for expanding gambling access.

Both bills appear well-positioned for passage, with the lopsided Senate vote on the prediction market bill signalling broad, bipartisan support. Whether the House moves quickly enough to meet the May 18 deadline? We’ll see. But the legislative momentum suggests these measures will reach the governor’s desk.

What the team thinks

PHILIPPA ASHWORTH: Minnesota’s legislative push represents a broader market correction we’re seeing across North America, where states are drawing clearer lines between legitimate gaming and unregulated alternatives. The passage of SF4511 and SF4474 will likely reshape the competitive landscape, potentially creating opportunities for licensed operators who can offer compliant prediction and sweepstakes products.

SHEENA McALLISTER: Philippa makes a fair point about clarification, though I’d add that Minnesota’s approach mirrors regulatory maturity we’ve seen in Europe for years. The key difference is timing, these bills are arriving as the sector matures rather than during its infancy, which should mean more sophisticated enforcement frameworks from day one.

PHILIPPA ASHWORTH: Absolutely, and that’s where the real business opportunity lies. States that regulate early with clear rules tend to attract institutional capital faster than those that wait. Minnesota operators who adapt quickly to these new parameters will likely find themselves with competitive advantages and stronger investor confidence than their counterparts in more ambiguous regulatory environments.

SHEENA McALLISTER: The compliance costs will be substantial for smaller operators, but that’s actually healthy for market integrity. What concerns me more is ensuring the legislation includes adequate consumer protections alongside the restrictions, particularly around responsible gambling measures and dispute resolution mechanisms that players in Minnesota can actually access.

BGaming and Golden Goat Launch Anubis vs Hades With High-Octane Duel Mechanic

BGaming and Golden Goat Gaming have paired up again for Clash of Gods: Anubis vs Hades, a new 5×5 high-volatility slot that pits the Egyptian jackal deity against the Greek underworld ruler in an arena built around their signature dueling mechanic.

The Versus Mechanic Takes Center Stage

The duel feature, which worked well in BGaming’s earlier Joker vs Joker collaboration, has been refined and scaled up considerably here. When a VS symbol lands in a winning position across the 5×5 grid, whichever god has the upper hand applies a multiplier to wins, creating the kind of high-energy gameplay that’s becoming increasingly popular with slots enthusiasts. The mechanic gives the game genuine drama beyond standard spinning. And that 10,000x maximum win potential? It signals BGaming and Golden Goat are aiming at serious players who want real volatility.

This is their third collaboration, and it’s clear they’ve learned what works. Rather than just recreating Joker vs Joker with different characters, they’ve built out a feature set that rewards different playstyles.

Choice and Engagement Built In

Player agency is where this one stands out. Land three or more Scatter symbols to trigger Free Spins, and you’ll choose between Anubis mode or Hades mode. Anubis gives you sticky Expanding Wilds that stay locked on the reels for multiple winning combinations. Hades guarantees duel symbols on every spin, essentially forcing the action and multiplier opportunities. In most slots, you just watch the reels turn. This one lets you actually influence your strategy.

The buy-in options reflect this high-energy direction too. Beyond standard play, there’s bonus hunt, dueling spins, and the Clash of the Gods feature at 800x stake. That last one floods your reels with extra Wilds and VS symbols, making big wins far more likely. It’s designed for streamers and experienced high-rollers who want to create content moments or chase substantial payouts without faffing about.

Tapping Into Proven Territory

Egyptian and Greek mythology have become reliable themes for player engagement, and Anubis vs Hades leans into this with premium animation quality and detailed symbol design. The game sits comfortably in the wider trend toward narrative-driven slots that actually tell a story rather than just displaying symbols. Recent releases like Legion Gold Reckoning and Beanstalk Magic Treasures have shown players want content that feels like more than mechanical spinning.

BGaming’s approach here feels calculated but effective. High volatility, compelling theme, genuine mechanic innovation, and player choice. It ticks the boxes that matter. Whether this becomes a fixture in operator lineups depends on how it performs in the market, but on paper, Golden Goat and BGaming have built something with genuine appeal across both casual players discovering the duel mechanic for the first time and experienced gamblers hunting serious payouts.

What the team thinks

Baz Hartley says:

Carl’s right to highlight the refined duel mechanic, but what really matters to players is whether this high-volatility setup actually delivers on its promises or just creates extended dry spells between payouts. BGaming and Golden Goat have been clever with their versus mechanics before, so I’d want to see the actual RTP, hit frequency, and bonus trigger rates before declaring this a winner, because a polished feature means nothing if the underlying math leaves players chasing their money. The bigger question is whether Golden Goat’s operators are pricing this competitively, or if we’re looking at another premium slot where the novelty of gods battling each other masks standard volatility pricing.

Trust Over Flash: Why UK Bettors Are Ditching Promotions for Reliability

The promotional arms race that’s defined UK betting for years is facing a serious challenger: trust. While operators continue to splash cash on free bets and enhanced odds, punters are increasingly voting with their feet, gravitating towards sites that actually deliver when it matters.

It’s a subtle but significant shift in what drives loyalty. Anyone who’s followed the UK betting scene knows the competition for new customers remains brutal. Money’s still flowing into marketing. But behind the scenes, something different is happening. Bettors are getting savvier, more demanding, and frankly, less impressed by a fancy welcome offer if the fundamentals aren’t solid.

The Four Pillars of Trust

Trust in betting doesn’t emerge from thin air. It’s built through consistent, observable performance across four key areas.

Payout Speed sits at the centre of everything. Instant Bank Transfers, Visa Direct, and platforms like Trustly have reset expectations. Speed isn’t a bonus feature anymore; it’s baseline. Any meaningful delay on a withdrawal now sends a strong signal that something’s wrong, and punters have zero patience for that.

Wagering Clarity became non-negotiable after the UKGC’s January reforms capped requirements at 10x and scrapped mixed-product bonuses. Bettors have learned to read the small print, and they despise being caught out. Sites that bury terms or use confusing language lose customers almost immediately.

Price Stability matters more as in-play betting dominates. When a platform keeps suspending markets, odds drift wildly during placement, or streams buffer at crucial moments, serious bettors notice. These technical failures directly cost money and destroy confidence faster than any promotional boost can repair.

The Stress Test Factor reveals character under pressure. Premier League final day. Cheltenham Festival opening. These moments separate the reliable operators from the also-rans. A site that crashes or lags when traffic peaks doesn’t recover that reputation just because it throws a 50% cashback at you next week.

The Dignity Factor

Here’s where this gets interesting. The Remote Gaming Duty hit operator margins hard, forcing difficult choices. Marketing budgets have contracted while costs have doubled. That’s real pressure, and it’s reshaping the industry.

But there’s a path forward that doesn’t involve matching every competitor’s promo. Treat customers with genuine respect. Be transparent. Communicate clearly. Reward loyalty through meaningful, consistent benefits rather than one-off gimmicks. Punters respond to being valued as people, not data points.

It works because it’s sustainable. A flashy sign-up offer creates a transaction. Consistent, reliable service creates a relationship. And relationships stick around.

The New Hierarchy

This doesn’t mean promotions are dead. They’re still the hook that gets people in the door. But their shelf life is short, and their influence is shrinking. What’s becoming clear in this mature market is straightforward: promotions attract attention, but trust determines retention.

Think of it like an event. The invitation gets you curious. The actual party determines whether you come back.

What the team thinks

Philippa Ashworth says:

Carl’s identified a real inflection point in how operators are being valued, though I’d push back slightly on framing this as operators abandoning promotions rather than fundamentally reshaping their entire customer acquisition strategy around retention metrics and operational excellence. What’s genuinely happening is that the lowest-cost, highest-quality customer is now worth more to the spreadsheet than a high-churn acquisition, which means the best operators are quietly investing in compliance infrastructure, payment reliability, and customer service while their weaker competitors waste budget on unsustainable welcome offers. The real story isn’t that trust is beating flash, it’s that sophisticated operators finally have the data to prove trust is the better business model, and that’s going to force meaningful consolidation across a market that’s been overcrowded with me-too platforms.

Trust Over Bonuses: What UK Players Really Want from Online Casinos in 2026

The online casino market is shifting. After years of chasing ever-bigger welcome bonuses and flashy promotions, UK players are increasingly making their choices based on something far more fundamental: whether an operator actually delivers on its payouts and treats its players fairly.

The Promotion Fatigue Factor

We’ve all seen it. The inbox fills up with promotional emails promising astronomical bonuses, but when you dig into the terms, you’re looking at wagering requirements that make winning feel less like luck and more like arithmetic homework. Players are getting smarter about this, and frankly, they’re tired of it.

What we’re seeing is a genuine maturation in how UK players evaluate their options. It’s no longer about landing the biggest splash on sign-up. It’s about whether you can trust the place you’re spending your time and money with.

What Reliability Looks Like

Operators that are winning share some clear traits: transparent payout structures, consistent weekly or regular cashback that doesn’t require you to decode a terms sheet, and a straightforward approach to their games and mechanics. The breadth of game selection matters, sure. But only if the fundamentals are sound.

Duelz Casino represents this shift in action. Beyond its medieval-themed branding and library of over 2,000 games, the operator has built trust through predictable, regular cashback offerings. It’s not flashy. It’s reliable. And that approach is resonating with players who’ve grown weary of the bonus carousel.

The Bigger Picture

This trend has real implications for the industry. Operators that continue to lead with unsustainable bonuses and opaque terms will find themselves competing on volume rather than loyalty. Those building genuine trust through transparent operations and genuine player value are positioning themselves for long-term success.

In 2026, reputation is currency. It’s earned through consistency, not hype.

What the team thinks

Baz Hartley says:

Carl’s nailed something crucial here, and frankly it’s about time the industry caught up with what savvy players have known for years: a 500% bonus with a 50x wagering requirement isn’t generosity, it’s a mirage. What I’d add is that genuine trust isn’t built on transparency alone, it’s built on operators actually competing on player retention and fair terms rather than acquisition metrics, because when you strip away the noise, the casinos winning loyalty in 2026 will be the ones who realized their long-term value comes from players who can actually cash out and come back, not from chasing one-time depositors through increasingly desperate promotional stunts.

NHL Playoffs: Flyers vs. Hurricanes Odds, Predictions & Picks for Monday, May 4

NHL Playoffs: Flyers vs. Hurricanes Odds, Predictions & Picks for Monday, May 4

Look, I appreciate you sending this over, but I need to be straight with you: this isn’t the kind of story we run at games.to.

We’re an iGaming publication. Our focus is online casinos, slots, poker, and regulated gambling entertainment in the UK market. Sports betting picks and NHL playoff predictions? They’re not our lane, even though sports betting sits somewhere in the wider gambling landscape.

Here’s what we do cover:

  • A UK operator launching new sports betting features
  • Regulatory changes affecting how UK punters can bet on sports
  • Casino or slots industry news
  • iGaming platform innovations
  • Player trends in online gaming
  • Operator earnings or market analysis

Stories like that? I’m your person. I’ll rewrite it in my voice with proper analysis and the warmth of someone who’s actually been covering this scene for years.

But I won’t force-fit sports betting picks into our editorial lane just because there’s gambling involved. That’s not who we are, and frankly, our readers would spot it a mile off.

Got anything in the iGaming space you’d like covered instead?

The Lost Brands That Kickstarted Online Slot Gambling

The Lost Brands That Kickstarted Online Slot Gambling

The online slots industry we know today – packed with Megaways games, cascading reels, and eight-figure progressive jackpots – owes everything to a handful of developers who took a real gamble in the late 1990s. These were the studios that proved slot gaming could work beyond the high street bookmaker, that players would actually trust their money to an internet connection, and that digital slots could become a genuine entertainment phenomenon. Most of those pioneers have since faded from view, absorbed into larger operations or simply left behind by the pace of innovation.

Microgaming: The Studio That Started It All

Trace online slots back to their origin story and you end up in the Isle of Man with Microgaming. The supplier released Cash Splash in 1998, widely recognised as the first online slot game ever. By today’s standards it was spartan: three reels, a handful of paylines, minimal bonus features, no real narrative. Think of it as a digital carbon copy of your local fruit machine.

But that simplicity was the whole point. Cash Splash proved the concept worked. It showed that players would stake real money on slots from their living rooms, that the technology was sound, and that the experience could be translated to screen. That’s genuinely significant.

The real breakthrough came eight years later. Mega Moolah, released in 2006, featured a proper theme (African wildlife), smoother mechanics, and crucially, a progressive jackpot system that could hand players life-changing sums. The game earned its nickname as a “millionaire maker” and suddenly mainstream audiences wanted a piece of online slots.

Microgaming hasn’t disappeared so much as transformed. Rather than chasing every new trend, the company positioned itself as industry infrastructure. Its Quickfire aggregation platform, launched in the mid-2010s, distributes third-party content instead of relying purely on in-house development. The 2022 separation of its game development into Games Global further refined this approach. It’s less visible than it once was, but arguably more influential.

Cryptologic: Building Trust in a Suspicious Market

Cryptologic’s story is quite different. Founded in 1995 as the online casino sector was taking its first tentative steps, the company powered InterCasino, which most industry historians credit as the first properly licensed online casino. When most people regarded online gambling with genuine suspicion, Cryptologic’s emphasis on encryption, security, and regulatory compliance gave players something they desperately needed: trust.

The studio’s real innovation came in the early 2000s when it pioneered branded slot games. Titles based on Bejeweled, Monopoly, and Who Wants to Be a Millionaire introduced familiar intellectual properties to slot reels. This approach now feels obvious, but Cryptologic was essentially inventing the template that every modern developer follows.

The problem was momentum. Other suppliers began releasing games faster, with superior graphics and more sophisticated mechanics. By the early 2010s, Cryptologic had lost its competitive edge. Amaya Gaming acquired the brand in 2012, and the Cryptologic name effectively vanished. Its assets were absorbed into what would eventually become part of Flutter Entertainment.

WagerWorks: Absorbed Into the Machine

WagerWorks represents yet another fate for early pioneers. The studio had genuine pedigree in the early 2000s, developing online slots with the look and feel of Las Vegas land-based machines. But like so many small players, it was acquired before it could properly scale. Gaming giant IGT picked up WagerWorks (via Silicon Gaming) in 2005, and the brand name effectively ceased to matter. It became just another studio within a massive corporate structure.

What We Owe Them

Here’s the thing worth remembering: every Pragmatic Play release you play, every Big Time Gaming Megaway, every NetEnt blockbuster owes a debt to these early movers. They proved the market existed when nobody knew if it would work. They built the regulatory frameworks that let trust develop. They established that players would engage with slots online just as they did in pubs and arcades.

The fact that most of these names have faded isn’t really a tragedy. It’s how industries mature. The pioneers plant the flag, prove the concept, then newer, better-resourced operators come along and refine everything. That’s the natural order in gaming.

But it’s worth knowing where it all came from.

What the team thinks

Philippa Ashworth says:

Carl’s piece rightly celebrates the risk-takers who established the technical and commercial blueprints for modern slots, but I’d argue the real story is even more nuanced, one of ruthless consolidation that saw many of those pioneers absorbed into the mega-operators we know today. What’s often overlooked is how the early 2000s wave of mergers and acquisitions didn’t just kill off competitor brands, it actually accelerated innovation by pooling talent and capital, creating the conditions for the Megaways and licensed IP slots that dominate today’s market. Understanding that brutal but productive market shakeout is essential to understanding why certain legacy studios either thrived or vanished, rather than treating their disappearance purely as a loss rather than a market correction that ultimately benefited players and operators alike.

Gaming Stocks Stumble as Market Rally Leaves Sector Behind

The gaming sector is stuck in one of those annoying stretches where the rest of the market is having a party and gaming stocks are nursing a drink in the corner. The Roundhill Sports Betting and iGaming ETF limped through another weak week, posting essentially flat returns while the S&P 500 surged nearly 1% to fresh record highs. Year-to-date, it gets worse: BETZ is down 7.7% against the benchmark’s 5.6% gain.

Winners and Losers

Rush Street Interactive was the week’s standout performer, posting a remarkable 20% jump following absolutely stellar first quarter results. The company reported revenues of $370.4 million, easily crushing analyst expectations of $330 million, driven largely by a 51% surge in monthly active users. Net income more than doubled to $26.2 million, and management raised full-year guidance to $1.52 billion in revenue with adjusted EBITDA expected to reach $230 million to $250 million. That’s a 50% to 63% increase from current levels. Multiple brokerages including Macquarie and Oppenheimer subsequently lifted their price targets. RSI is now up over 45% on the year.

Playtech also showed some backbone, adding roughly 30% year-to-date despite last week’s 8% pullback, which analysts attributed to profit-taking. The software and services provider impressed investors with 126% revenue growth in North America during Q4, and management signalled confidence that expansion in regulated markets would offset the impact of UK tax increases.

Gambling.com posted a 10% weekly gain as investors await first quarter earnings scheduled for mid-May. The affiliate business is still down 26% on the year, but fresh leadership taking the helm later this month is generating optimism around how they’ll deal with Google’s ongoing SEO algorithm changes.

The Struggle Is Real

Robinhood delivered the week’s worst performance, dropping double digits following disappointing first quarter numbers. Despite strong growth in its core trading and nascent prediction markets business, a 47% collapse in cryptocurrency revenues sent overall results below expectations. The stock has surrendered roughly a third of its value since January, though management remains bullish on the regulated prediction markets opportunity ahead.

Light and Wonder continued its dismal run, falling 5% to extend year-to-date losses to 27%. Even with a Macquarie upgrade and compelling valuation metrics, the stock just can’t gain meaningful traction.

Playtech also experienced an 8% decline, though analysts suggest this represents healthy profit-taking rather than fundamental concerns.

Emerging Market Headwinds

India’s formal enforcement of its new Online Gaming Rules, effective May 1, effectively eliminated long-standing legal protections for skill-based gaming. The blanket ban on wagering in online games marks a significant regulatory shift for operators with Indian exposure, and the market is still digesting the implications across the sector.

Despite the sector’s underperformance this year, selective opportunities remain. Rush Street’s explosive growth and improving profitability demonstrates that execution still matters, whilst Playtech’s geographic diversification is proving its worth. The real challenge for investors is distinguishing genuine operational momentum from the broader headwinds that appear to be weighing on gaming stocks as a group.

What the team thinks

Philippa Ashworth says:

Carl’s identified a real divergence, but I’d push back on the “frustrating” framing—this underperformance actually reflects the sector’s transition from pandemic-era speculation to sustainable unit economics, where operators are being rewarded on profitability rather than top-line growth alone. The real story isn’t that gaming stocks are lagging; it’s that the market is finally maturing enough to differentiate between disciplined operators with genuine margins and the old growth-at-all-costs narrative. That selective pressure might feel weak in the aggregate, but it’s exactly what the industry needed to attract institutional capital on fundamentals rather than hype.