Gaming and Wagering Operations Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS

Digital Names Lead a Broad Pullback While Deal Flow Stays on the Sidelines

This update covers the two-week period September 14–28, 2026: the movers, the company news behind them, and transaction activity across gaming and wagering operations.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS

   Cover page introducing the bi-weekly Gaming and Wagering Operations industry and M&A update for September 14–28, 2026.

   This bi-weekly update covers Gaming and Wagering Operations for September 14–28, 2026 — what changed, who moved and why, what transacted, and what it means for the sector. We built it so operators, acquirers and advisors can get the two-week read in one sitting.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS Digital Names Lead a Broad Pullback While Deal Flow Stays on the Sidelines This update covers the two-week period September 14–28, 2026: the movers, the company news behind them, and transaction activity across gaming and wagering operations. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Competition for Online Volume Set the Tone for a Broad Two-Week Pullback

   Summarizes the two-week period showing a broad pullback led by online operators against a small S&P 500 gain.

   Eleven of twelve covered names fell over the two-week period, with the median move at -9.0% versus +0.8% for the S&P 500 — a clear divergence from the broader market. The sharpest declines sat with the online operators: Rush Street Interactive at -25.4% and Flutter Entertainment at -23.9% led, with Super Group at -15.6% and DraftKings at -14.8% close behind. Coverage through the window tied much of this to competition for online sportsbook and prediction-market volume, and what spending against it does to margins. Land-based funding work continued in parallel, with Churchill Downs launching a $500 million term loan B due 2033. So what: online growth is being repriced by the market even as land-based financing activity keeps moving.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Competition for Online Volume Set the Tone for a Broad Two-Week Pullback The two-week period in one page · 12 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 11 of 12 Covered Names Fell; The Median Move Was -9.0% The median covered name moved -9.0% over the two-week period, while the S&P 500 returned +0.8%. Only one covered name finished higher. 2 The Online Operators Took the Sharpest Marks Rush Street Interactive, Inc. (RSI) at -25.4% and Flutter Entertainment plc (FLUT) at -23.9% led the declines, with Super Group (SGHC) Limited (SGHC) at -15.6% and DraftKings Inc. (DKNG) at -14.8%. 3 Prediction-Market Competition Ran Through the Online Headlines Coverage on Sep 18 put sportsbooks at about 80% of expected football-season action, with upstarts chasing the rest. Follow-up pieces on Sep 23 and Sep 25 focused on spending behind prediction markets and what it does to margins. 4 Land-Based Balance-Sheet Work Carried on Through the Window Churchill Downs Incorporated (CHDN) launched a $500 million senior secured term loan B due 2033 on Sep 14, keeping the funding side of property economics moving while equity sentiment turned. +4.8% Best mover — CDRO worst: RSI -25.4% · 1 up / 11 down of 12 covered -9.0% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Where the Selling Concentrated: Online Books First, Then the Rest of the Set

   Shows where the two-week selling concentrated across the 12 covered names, led by online operators.

   Online books absorbed the sharpest marks this period: Rush Street Interactive fell -25.4% and Flutter Entertainment fell -23.9%, with Super Group down -15.6% and DraftKings down -14.8%. Against a sector median of -9.0% and a materiality bar of 13.5%, several of these moves cleared the threshold for a sector-relative flag. The S&P 500's +0.8% return over the same window underscores how concentrated the pressure was in gaming and wagering names specifically. So what: the selloff reads as a sector-specific repricing tied to recorded filings and headlines, not a broad market move.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Selling Concentrated: Online Books First, Then the Rest of the Set Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -9.0% · S&P 500 +0.8% · materiality bar ±13.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -9.0% Rush Street Interactive, Inc. (RSI) -25.4% Shares moved following the Sep 18 CNBC report that upstart prediction markets are chasing sportsbook volume, with books still taking about 80% of the action; same-day coverage marked a 7.7% fall to $23.30. When upstarts chase the same handle, the Premium-tier online multiple is what gets tested first. SECTOR-WIDE Flutter Entertainment plc (FLUT) -23.9% Shares moved following the Sep 24 report of a new one-year low, trading as low as $85.85, and coverage on Sep 23 and Sep 25 in which Flutter slipped alongside DraftKings as prediction-market spending plans drew margin doubts. A one-year low in a Core-tier online name shows growth being repriced ahead of property cash flow. SECTOR-WIDE Super Group (SGHC) Limited (SGHC) -15.6% The available evidence suggests a step-by-step repricing rather than one event: coverage marked a 3.2% fall to $13.44 on Sep 15, then closes of $12.8 and $12.52, against a one-year range of $8.46 to $15.86. A Discount-tier name can drift lower on valuation commentary alone, without a company announcement. COMPANY-SPECIFIC Codere Online Luxembourg, S.A. (CDRO) +4.8% No notable in-window news was identified that clearly explains the move. Codere Online Luxembourg, S.A. (CDRO) was the only covered name to rise, at +4.8% against a median move of -9.0%. A Premium-tier gainer inside a broad pullback shows the online cohort is not trading as one block. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Funding, Floor Quality and Player Protection

   Details the period's highest-impact company events, from funding to floor quality and player protection.

   This period's headline events centered on funding activity and operational quality rather than transactions — Churchill Downs' $500 million term loan B due 2033 stood out as a specific, dated funding action. Other coverage in the window addressed floor quality and player-protection themes alongside the prediction-market narrative shaping online names. Each event on this page links back to its underlying filing or article, so the read stays traceable to source. So what: the operating story beneath the price moves is about funding discipline and platform quality, which matters more for underwriting than the headline stock reaction alone.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Funding, Floor Quality and Player Protection The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · GlobeNewsWire Melco's Morpheus is the first Macau hotel awarded Three MICHELIN Keys in the 2026 guide Non-gaming quality is how Macau operators defend mass visitation and rated play, and it sits alongside the non-gaming commitments attached to the concession regime. In Macau, hotel and dining recognition is part of the case for mass-market trip frequency. Sep 21 · NEWS · Business Wire DraftKings puts its chief executive in front of investors at a consumer conference Management chose to take the online growth question directly to investors during a period when the online cohort was being marked down. It signals a company willing to defend its position in person. When the online story is contested, access to management becomes part of the equity story. Sep 17 · NEWS · Business Wire A licensing-led venue expansion plan was released under the DKNG symbol on Sep 17 The release describes growing a venue footprint through licensing rather than buying assets, which is one route to adding gaming positions without committing acquisition capital. Licensing-led distribution is an alternative to acquisition when capital is being held back. Sep 17 · NEWS · GlobeNewsWire Monarch's Reno resort collects five restaurant awards, placed in the top 10% worldwide Food and beverage strength is a practical driver of trip frequency in a locals market, where the loyalty database does the work of filling the floor. For locals-market operators, non-gaming amenity quality feeds database marketing and repeat visits. Sep 14 · NEWS · Business Wire DraftKings rolls out new responsible-engagement tools, customer initiatives and education Player-protection investment lands directly on acquisition tactics and promotional design, which are the same levers that set contribution margin after promotions. Protection tooling is becoming part of the running cost of acquiring and keeping regulated volume. Sep 14 · NEWS · GlobeNewsWire Churchill Downs launches a $500 million senior secured term loan B due 2033 The loan market stayed open to a Core-tier operator while equity sentiment in the sector weakened. Funding terms are part of how property economics get defended through a softer stretch. Lenders are still underwriting owned-floor cash flow even when the equity marks move against the group.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions This Period; The Existing Record Still Sets the Reference

   Confirms no new transactions closed this period and reiterates the standing 40-deal precedent record.

   No new transactions were recorded in this two-week window, so the standing precedent set — 40 recorded deals — remains the reference for how the market is pricing gaming and wagering assets. We are not re-presenting old transactions as news; this page simply confirms the record is unchanged. So what: acquirers and advisors should keep running pricing conversations off the trailing multiple set until a new transaction resets it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions This Period; The Existing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 transactions remains the reference for pricing, and this window's corporate activity ran through the loan market rather than through change of control. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisors

   Translates the period's evidence into implications for operators, acquirers and advisors.

   For operators, this period's coverage put revenue quality — specifically competition for online handle — at the centre of the conversation. For acquirers, the absence of new transactions means the trailing record of 40 deals and the sector's CY2027E EV/EBITDA median of 7.9x still govern pricing conversations. For advisors, the operating evidence behind online growth — and what spending against prediction-market competition does to margins — is the theme worth leading client conversations with. So what: the two weeks changed prices more than they changed the underlying operating questions.

   Everything on this page

   WHAT IT MEANS What This Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.9x 16 companies in the study 3 valuation tiers Standing thesis: Gaming and Wagering Operations splits between destination casino resorts and adjacent listed vehicles FOR OWNERS & OPERATORS Revenue Quality Is What the Period Rewarded The window's coverage put competition for online handle at the centre of the sector conversation. FOR ACQUIRERS The Reference Set Is Unchanged, so the Standing Lens Still Governs With no transactions added this period, pricing conversations run off the trailing record of 40 transactions and the sector study's CY2027E EV/EBITDA median of 7.9x. FOR ADVISORS Lead with the Operating Evidence Behind Online Growth The period's theme is competition for online volume and what spending against it does to margins, documented in the Sep 18, Sep 23 and Sep 25 coverage.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sourcing and methodology behind every figure and claim in the update.

   Every figure in this update links back to the filing, press release or market-data record it was taken from, and driver attributions use calibrated language reflecting our read of the recorded evidence. This page lists the sources drawn on for the period so the analysis stays fully traceable. So what: clients can verify any claim in this deck against its original source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Gaming and Wagering Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 4 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T111525Z_465_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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