Gaming Equipment and Technology 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 EQUIPMENT AND TECHNOLOGY

Operators Keep Executing While the Whole Set Reprices Lower

This update covers share moves, company announcements and the transaction record for Gaming Equipment and Technology over September 14–28, 2026.

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 Equipment and Technology 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 EQUIPMENT AND TECHNOLOGY

   Cover slide introducing the Gaming Equipment and Technology bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Gaming Equipment and Technology, covering the two weeks of September 14–28, 2026. Over the following pages we walk through what changed across public markets, who moved and our read of why, what transacted, and what it means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING EQUIPMENT AND TECHNOLOGY Operators Keep Executing While the Whole Set Reprices Lower This update covers share moves, company announcements and the transaction record for Gaming Equipment and Technology over September 14–28, 2026. 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 Equipment and Technology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Sector-Wide Drawdown Against a Steady, Operational News Flow

   Summarizes the two-week period: a sector-wide drawdown across all seven covered names alongside a steady flow of operational news.

   Every one of the seven names we cover fell over this two-week window, with a sector median move of -9.4% against a +0.8% gain for the S&P 500. That gap tells us the pressure sat squarely with the sector rather than the broader market. At the same time, company announcements stayed operational — refinancing, guidance reaffirmations and product launches — rather than signaling distress. So the record points to a sector-wide repricing that outpaced its own news flow.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Sector-Wide Drawdown Against a Steady, Operational News Flow The two-week period in one page · 7 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 Equipment and Technology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 7 Covered Names Fell; The Median Move Was -9.4% The S&P 500 rose +0.8% over the same two-week period, so the pressure sat with the sector rather than the broader market. Every covered name moved in the same direction. 2 The Two Deepest Declines Came from Opposite Valuation Tiers Rush Street Interactive, Inc. (RSI), a Premium-tier name, fell -25.4%, and Inspired Entertainment, Inc. (INSE), a Discount-tier name, fell -23.1%. That extends the standing view that operating model and valuation tier do not line up neatly in this sector, where the CY2027E lens sits at a 5.1x median. 3 Company Announcements Stayed Operational Through the Selling Churchill Downs Incorporated (CHDN) closed amended and extended bank facilities and launched a new senior secured term loan B due 2033. Genius Sports Limited (GENI) reaffirmed 2026 guidance after Brazil's new betting rules and launched a consumer prediction-market platform. 4 Buyers Added No New Records to the Transaction Set Pricing references are unchanged from the start of the window: 33 trailing transactions at a median 10.7x EV/EBITDA, framed on EV/EBITDA and then stress-tested against EBITDA less gaming operations capex. -4.5% Best mover — Accel Entertainment, Inc. (ACEL) worst: RSI -25.4% · 0 up / 7 down of 7 covered -9.4% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Every Covered Name Fell; Only One Drawdown Has a Clear Record Behind It

   Shows each covered name's share-price move for the period and highlights that only one drawdown links clearly to a recorded catalyst.

   All seven covered names moved in the same direction this period, with Rush Street Interactive falling -25.4% and Inspired Entertainment falling -23.1% — the two deepest declines, and notably from opposite ends of the valuation tier. We link each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. So valuation tier alone does not explain who fell hardest this period.

   Everything on this page

   PUBLIC MARKET MOVERS Every Covered Name Fell; Only One Drawdown Has a Clear Record Behind It Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -9.4% · S&P 500 +0.8% · materiality bar ±14.1% (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 Equipment and Technology 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 -9.4% Rush Street Interactive, Inc. (RSI) -25.4% Shares moved following CNBC's September 18 report that prediction markets are competing for football wagering, with sportsbooks still holding about 80% of the action; Rush Street Interactive, Inc. Competition for wagering handle now comes from outside the sportsbook, and Premium-tier names have less room to absorb it. SECTOR-WIDE Inspired Entertainment, Inc. (INSE) -23.1% No notable in-window news was identified that clearly explains the move. The -23.1% decline was steeper than the -9.4% median across the covered names. Content and platform suppliers can reprice sharply when the whole covered set is under pressure at once. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Refinancing, Regulation and Prediction Markets Shaped the Period's News

   Lists the highest-impact company announcements and industry catalysts recorded during the two-week period.

   Churchill Downs closed amended and extended bank facilities and launched a new senior secured term loan B due 2033, tightening its financing runway. Genius Sports reaffirmed 2026 guidance after Brazil's new betting rules took shape and launched a consumer prediction-market platform, extending its regulatory and product reach. Each 'why it matters' read here is ours, and every event links back to its underlying filing or article. So the period's catalysts were operational and regulatory, not distress signals.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Refinancing, Regulation and Prediction Markets Shaped the Period's News 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 Equipment and Technology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire Churchill Downs closes amended and extended revolver and term loan A and adds a new term loan B Long build cycles behind historical horse racing machine estates and venue capacity are funded up front. Our read: financing capacity remains available to operators with contracted, long-dated cash flows. Capital structure work, not M&A, was the financing story of the period. Sep 28 · NEWS · Business Wire Genius Sports says Brazil's new betting rules have limited impact and reaffirms 2026 guidance Gaming tax and regulatory change in a core market sits directly between wagering activity and supplier economics. Jurisdictional rule changes test the revenue mix before they test the growth rate. Sep 18 · NEWS · CNBC Prediction markets take a share of football wagering while sportsbooks hold most of the action Event contracts are competing for the same handle that drives demand for official data, trading and content. Sportsbooks still hold about 80% of the action, per the CNBC report. Suppliers with official data and trading capability can serve both channels. Sep 17 · NEWS · Business Wire Genius Sports launches Prediction.com, a consumer platform for comparing prediction markets The launch puts a data and trading business into the event-contract channel rather than only supplying it. Our read: rights and trading capability travel further than any single distribution point. Owners of official data are testing whether they can capture more than distribution economics. Sep 14 · NEWS · Business Wire Genius Sports CEO issues a note arguing American wagering demand will hold up Management put a public position on demand durability in the same window as the prediction-market debate, which signals where the company expects future volume to come from. Commentary is being used to frame the handle debate, not just report on it. Sep 14 · NEWS · GlobeNewsWire Churchill Downs launches a senior secured term loan B due 2033 Pushing maturities out to 2033 matches funding to the long earn-back on capital-intensive gaming operations assets. Long-dated debt tends to follow long-dated, contracted revenue.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Records This Period; The Trailing Set Still Frames Price

   Confirms no new M&A transactions were recorded this period and restates the trailing precedent set that continues to frame valuation.

   No new transactions entered the record this period, so the comparison set holds at 33 recorded deals with a median 10.7x EV/LTM EBITDA. We frame pricing on EV/EBITDA and then stress-test it against EBITDA less gaming operations capex. Because the trailing set is unchanged, it continues to anchor how we'd frame any new deal conversation today. So acquirers and targets alike are working from the same reference points as two weeks ago.

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   M&A & STRATEGIC ACTIVITY No New Records This Period; The Trailing Set Still Frames Price September 14–28, 2026 · precedent transactions: 33 recorded deals · median 10.7x EV/LTM EBITDA 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 Equipment and Technology 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. Buyers continue to price against 33 trailing transactions at a median 10.7x EV/EBITDA. 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. 33 Recorded precedent transactions the reference set buyers and sellers price against 10.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Broad Drawdown and a Steady Operating Record Mean Now

   Translates the drawdown and steady operating record into implications for owners, acquirers and advisors.

   For owners and operators, this period tested the fundamentals that separate names over a cycle — recurring participation revenue versus outright product sales, and win per unit per day across the installed base. For acquirers, the reference set is unchanged at 33 trailing deals and a 10.7x median, even as public marks moved. For advisors, the clearest evidence this period was regulatory and competitive, exemplified by Genius Sports reaffirming guidance against Brazil's new betting rules. So the throughline is that prices moved together while operating records did not.

   Everything on this page

   WHAT IT MEANS What a Broad Drawdown and a Steady Operating Record Mean Now 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 Equipment and Technology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 5.1x 7 companies in the study 3 valuation tiers Standing thesis: Gaming Equipment and Technology Spans Operations and Adjacent Data and Platform Models FOR OWNERS & OPERATORS Revenue Mix and Contract Cover Are What This Period Tested Prices moved as a group while company news stayed operational. The measures that separate names over a cycle are the familiar ones: recurring participation revenue versus outright product sales, win per unit per day across the installed base FOR ACQUIRERS The Reference Set Is Unchanged; The Public Marks Are Not No transactions were added to the record, so the comparison set remains 33 trailing deals at a median 10.7x EV/EBITDA, stress-tested against EBITDA less gaming operations capex. FOR ADVISORS Lead with Jurisdictional Cover and Contracted Revenue The period's evidence is regulatory and competitive. Genius Sports Limited (GENI) reaffirmed 2026 guidance against Brazil's new betting rules

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states the important notice governing its use.

   Every figure in this update links to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. We hold to a fixed source-reliability order — SEC filings, press releases, then established outlets — and never draw on video or social platforms. This structure is what lets us separate observed fact from our own calibrated read. So readers can trace any number in this deck back to its original source.

   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 Equipment and Technology 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. No covered name fell below the floor in 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_20260929T112928Z_466_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 · cnbc.com

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