Deutsche Bank analyst Carlo Santarelli said a tracked group of US sportsbooks recorded a 9% year-on-year revenue decline in October 2024. Handle rose 8.8%, while hold fell to 7.1% from 8.5%; seven of the eight states in the group had lower gaming revenue. Santarelli said November’s hold had been favourable so far.
Operators can compare October revenue and promotional costs with handle growth across the states tracked.
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Deutsche Bank analyst Steven Pizzella described the gaming industry outlook as balanced over the next 12 months in an investor note dated 14 July. He cited regional casino revenue growth of 4.1% in May and risks including consumer volatility, regulation and economic uncertainty; he favoured Caesars Entertainment and Station Casinos.
Truist Securities analyst Barry Jonas said land-based gaming trends appeared more positive after a challenging 2024 and that operators were more optimistic about mergers and acquisitions. He said interest-rate cuts and anticipated changes at the Federal Trade Commission could create opportunities, while valuation expectations and bid-ask spreads would influence deals.
A Deutsche Bank analyst said a sale-leaseback of an unnamed Golden Entertainment casino resort property had become more likely, according to the report; Golden had not announced a transaction. The analyst’s hypothetical model assumes about $87m in rent against $174m of forecast 2025 property-level EBITDAR, and values Golden at $38 to $44 per share under the stated multiples.
Jefferies analyst David Katz said the US Supreme Court could hear prediction market disputes as soon as 2027, with the cases’ timing and selection uncertain. His report outlines four scenarios involving Kalshi and state challenges, and rates possible outcomes against the company from medium to very high probability.
Bank of America analyst Shaun Kelley said sports event contracts could either complement or disrupt sportsbook operators as prediction market firms enter the sector. He cited a possible CFTC roundtable and an expected decision on Crypto.com’s activity in late March or early April as potential sources of regulatory clarity; Nevada regulators have told Kalshi to stop operating in the state.