The global markets took a proper kicking last week, and gaming stocks weren’t spared the pain. With tensions flaring up in the Middle East, the S&P 500 dropped 1.9%, marking its fourth consecutive week in the red. The Roundhill Sports Betting & iGaming ETF followed suit, sliding 1.88% as investors dumped anything carrying a bit of risk.

It wasn’t all doom and gloom though. A couple of operators managed to buck the trend entirely.

Bragg Gaming Defies the Selloff with 40% Surge

Bragg Gaming Group put in an absolute blinder last week, soaring 40% while everything around it was going south. The catalyst? Strong fourth quarter results that showed the company’s strategy is starting to pay off properly.

Overall revenue growth was modest at 1.9% year on year, but dig into the numbers and you’ll see where the real action is happening. Brazil delivered a stonking 42.1% increase, while recurring U.S. revenues jumped 55%. That’s the kind of growth that gets investors excited.

What really caught the market’s attention was Bragg’s shift toward higher margin proprietary content. It now makes up a bigger chunk of the revenue mix, up 20.8% year on year. Operating losses narrowed to just €0.1 million from €0.7 million the previous year, despite regulatory headwinds in the Netherlands putting a dampener on things.

The company also announced it’s bringing Thomas Winter onto the board, which is a proper coup. Winter founded Golden Nugget Online Gaming before steering it through a $1.5 billion acquisition by DraftKings, so he knows his way around the North American market.

Bragg’s also going all in on artificial intelligence, targeting 90% of future launches to include AI enhancements by 2027. To fund this push, they’re trimming the workforce by 12% globally.

The market clearly reckons the strategy makes sense. The stock recovered all its 2026 losses in one fell swoop.

Century Casinos Claws Back Some Ground

Century Casinos managed a 3% gain last week, which looks like a technical bounce after getting absolutely hammered the week before. The stock had plunged over 9% following disappointing fourth quarter results that missed on both revenue and earnings.

The loss making operator is now exploring strategic alternatives, including potentially offloading its Polish operations. One to watch if you’re interested in restructuring plays.

Rush Street Interactive Extends Its Rally

Rush Street Interactive added another 2% last week, bringing year to date gains to a tidy 6.5%. There wasn’t any major news driving the move, but the stock’s been on a decent run since delivering solid fourth quarter numbers in February.

Analysts are warming to the name as well. Freedom Capital kicked off coverage earlier this month with a buy rating and a $25 price target. That’s helped keep momentum going even as broader markets wobbled.

Skillz Plunges to Fresh Lows

It was a grim week for Skillz, which collapsed over 17% and is now down nearly 38% year to date.

There wasn’t any specific news, but the stock got caught up in Friday’s market rout, dropping 16% in a single session to hit a new 52 week low.

Skillz has been volatile for a while now, tumbling from a high of $9.11 back in August. The company took a major hit last year when Tether Studios pulled the plug on licensing agreements for popular titles including Solitaire Cube and 21 Blitz.

With a market cap barely above $30 million, thin trading volumes, and no path to profitability in sight, this is about as risky as it gets in the gaming space.

Genius Sports Slides Into Penny Stock Territory

The troubles keep piling up for Genius Sports, which dropped another 15% last week. The stock’s now down a brutal 59% year to date and has slipped below $5, officially entering penny stock territory.

The rot set in after disappointing fourth quarter results earlier this month. The company posted a loss of 8 cents per share when analysts were expecting a 3 cent profit. Full year losses widened to $111.6 million from $63 million in 2024, blamed on non recurring expenses related to NFL warrants and litigation costs.

The 2026 revenue guidance of $810 million to $820 million also fell well short of the $873 million analysts had penciled in. That’s not the kind of miss that inspires confidence.

Making matters worse, investors are deeply skeptical about the $1.2 billion acquisition of Legend announced last month. The market’s worried about both the cost and the integration challenges of such a large deal. Management tried to defend the move on the earnings call. Clearly didn’t convince the doubters.

Market Outlook Remains Uncertain

The broader picture for gaming stocks remains clouded by geopolitical uncertainty and a general rotation out of riskier assets. While individual stories like Bragg Gaming’s turnaround can still drive strong performance, the sector as a whole is likely to remain under pressure until market sentiment improves.

For investors, it’s a market that rewards careful stock picking and punishes anything that looks even slightly dodgy. Quality names with clear paths to profitability are holding up reasonably well. Speculative plays and companies missing expectations are getting absolutely mullered.