This week’s stock performance is noticeably weaker across the major betting operators, which is partially connected with the final stage of Brazil’s nationwide betting shutdown.
Brazil’s MP 1.394/2026 bans the operation, offering, intermediation and advertising of fixed-odds betting, including online sports betting and gaming. Betting platforms will become unavailable from October 6, following the October 5 deadline for customers to withdraw their balances.
iGaming Sector: Weekly Stock Analysis
| Rank | Ticker | Company | Market Cap | Change | Volume | Revenue |
|---|---|---|---|---|---|---|
| 1 | FLUT | Flutter Entertainment plc | 12.98B | -2.17% | 2,509,892 | 17.16B |
| 2 | DKNG | DraftKings Inc. | 9.23B | -3.93% | 17,857,186 | 6.22B |
| 3 | SGHC | Super Group (SGHC) Limited | 5.72B | -0.97% | 3,391,497 | 2.43B |
| 4 | CHDN | Churchill Downs Incorporated | 5.30B | 1.64% | 1,194,510 | 2.99B |
| 5 | RSI | Rush Street Interactive, Inc. | 4.64B | 0.30% | 1,859,083 | 1.37B |
| 6 | BRSL | Brightstar Lottery PLC | 1.81B | -0.40% | 2,419,389 | 2.47B |
| 7 | ACEL | Accel Entertainment, Inc. | 880.14M | 2.36% | 422,852 | 1.39B |
| 8 | CDRO | Codere Online Luxembourg, S.A. | 431.96M | -1.86% | 29,675 | 262.52M |
| 9 | MRDN | Meridian Holdings Inc. | 151.20M | 3.64% | 48,931 | 197.19M |
| 10 | INSE | Inspired Entertainment, Inc. | 91.33M | -5.59% | 406,364 | 281.40M |
| 11 | ROLR | High Roller Technologies, Inc. | 53.93M | -0.61% | 31,151 | 15.63M |
| 12 | GRSD | Grandstand Limited | 53.75M | 2.72% | 145,010 | 163.42M |
| 13 | BRAG | Bragg Gaming Group Inc. | 37.48M | 3.45% | 9,053 | 117.71M |
| 14 | SEGG | Sports Entertainment Gaming Global Corporation | 7.64M | 1.96% | 26,596 | 559.59K |
Large-Cap Leaders
- Flutter Entertainment plc (-2.17%): Flutter Entertainment is definitely the most evident example of the exposures resulting from the Brazilian shutdown. The operator Betfair of flutter has confirmed its Brazilian cessation of activities.
Flutter has also evaluated the possible financial damage: If the Brazilian operations are suspended until the end of 2026, the impact of this on Flutter`s revenue could reach $70 million, and $20 million on adjusted EBITDA. These figures qualify the -2.17% weekly decline in the stock of Flutter as a remarkable event. The capitalization decreased to 12.98 billion, and revenues are 17.16 billion. - DraftKings (-3.93%): DraftKings showed the biggest drop from the well-known operators in the gain of 3.93%, the highly significant amount was traded – 17.86 million shares. The market capitalization of DraftKings is now at $9.23 billion compared to $12.28 billion in the previous round.
The Brazilian picture is not as simple for DraftKings as for Flutter. The company is much more connected to the US market compared to its counterparts. - Super Group (-0.97%): Super Group went down 0.97% and has the market value of $5.72 billion. The brand of Super Group, Sportingbet, has quite a solid international brand, including Brazil, the shutdown in Brazil is relevant for the company.
- Rush Street Interactive (0.30%): RSI rose 0.30%, despite the negative performance of several larger operators. The company’s latest results showed continued strong growth, with Q2 2026 revenue reaching $393.8 million, up 46% year-on-year.
Mid-Tier
- Churchill Downs (+1.64%): The strongest performer among the five largest companies. Its business exposure is less directly tied to Brazil’s online betting ban.
- Brightstar Lottery (-0.40%): Relatively limited movement, consistent with its broader lottery-focused business.
- Accel Entertainment (+2.36%): One of the stronger performers, despite the overall weakness among major betting operators.
- Codere Online (-1.86%): Other company with international online betting exposure, making the Brazilian restrictions potentially more relevant.
- Meridian Holdings (+3.64%): The strongest gain among the larger lower-cap names.
Small-cap
- Inspired Entertainment ( -5.59%): The largest decline.
- High Roller Technologies (-0.61%)
- Grandstand (+2.72%)
- Bragg Gaming (+3.45%)
- Sports Entertainment Gaming Global (+1.96%)
The latest week’s numbers reveal a significant decline in a number of key gambling stocks. The biggest losses were registered by the leading online operators.
It is obvious that the major market risk is the uncertainty that arises as a result of a sudden transition from regulation to prohibition rather than revenue lost from Brazil. At present, the proposed legislative changes require the Congress’s approval within the next 120 days and there are already 42 propositions submitted to Congress so far, which means that the future remains highly uncertain.
