Citizens projects online gaming earnings and valuation trends for 2026
Citizens' 2026 online gaming outlook puts covered companies at about 11.5 times forward EV to EBITDA, below its one-year average of 12.5 times and three-year average of 14.6 times. The firm expects North American real-money online gaming EBITDA to exceed $1bn in 2025 and says operators' focus is shifting towards efficiency as prospects for new US state legalisation remain limited in 2026.
The forecasts inform investors and operators assessing valuations, earnings expectations and cost priorities across online gaming.