Jefferies analysts forecast Macau gross gaming revenue of up to $30.7 billion in 2025. They cited October’s revenue tally, events, new properties and player incentives as factors supporting the estimate.
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A Jefferies analyst said US prediction-market platforms have expanded under lighter federal oversight but face legal challenges in several states, according to the report. David Katz said cases in Nevada, Ohio, Massachusetts and California could affect whether event contracts are treated as financial products or gambling; he suggested the US Supreme Court could consider one or more cases as early as 2027.
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.
Analysts discussed gaming-company outlooks and market figures in notes dated 29 January to 2 February, the report said. Macau's gaming bureau reported January gross gaming revenue of MOP22.6 billion, up 24% year over year and equal to 91% of 2019 levels; analysts also cited New York online sports betting hold of 4.7% for the week.
Analysts reviewed prediction markets, Bally's Chicago casino timeline, New Jersey's December gaming revenue and the 2026 outlook for digital operators in notes cited in the roundup. One analyst said Bally's was seeking a 12-month extension to its temporary casino licence, while another reported New Jersey December casino gross gaming revenue of $216.1 million and sports betting revenue of $116.3 million.
Jefferies analyst Kai Erman said SciPlay’s performance is an investor concern for Light & Wonder, while expecting the unit to be no greater an impediment in 2027 than in 2026. Erman considered 6% revenue growth for SciPlay optimistic against Light & Wonder’s expectation that it would grow more slowly than the wider market, and said a turnaround could take up to a year.
The pace of gambling revenue growth and the drag from Light & Wonder's SciPlay social-casino unit were investor concerns, according to Jefferies Equity Research analyst Kai Erman. He acknowledged uncertainty around SciPlay but thought it unlikely to pose more of an impediment in 2027 than in 2026.