Macquarie Bullish on US iGaming as the Sector’s Revenues Soar

Financial services firm Macquarie has expressed strong confidence in the US iGaming sector, citing its strong performance amid a mixed period for sports betting.

The iGaming Industry Is in a Good Spot

Macquarie said that US online casino gaming is on the rise, despite its limited reach compared to sports betting. Whereas over half of all states now offer at least some form of betting, only a few have ushered in iGaming so far.

Recent results suggest that the online gambling sector’s overall Q1 EBITDA figure has exceeded expectations by 9%, suggesting a healthy and growing industry. However, further data reveals that the iGaming growth outpaces the growth of sports betting, showing a disparity between operators.

Macquarie cited Rush Street Interactive (RSI) as one of the top performers, saying that its EBITDA has exceeded previous expectations by 25%. This has caused the company to adjust its 2026 forecasts, increasing the EBITDA projections by 9%. Super Group, on the other hand, exceeded expectations by 5%, boosting its forecasts by 1%.

At the same time, sportsbook giants such as DraftKings and Flutter (FanDuel) had to decrease their EBITDA forecasts for the year.

According to Macquarie, the disparity was due to a variety of factors, including the challenges sportsbooks faced by the prediction markets sector. Additionally, Macquarie cited the volatility associated with betting as an additional reason.

Experts also noted that the divide suggests stronger structural growth and margin visibility among iGaming companies.

Data Shows Disconnect Between Forecast Changes and Share Price Movements

In the meantime, Macquarie added that recent results show that slight underperformance could have a disproportionate effect on a company’s share price. It cited Sportradar, whose shares plummeted by 23%, despite only a 1% decrease in projected EBITDA.

On the contrary, over-performance tends to encourage investor confidence, as proven by RSI, whose projected 2026 EBITDA growth of 9% spurred a 22% share price spike.

However, Macquarie said that this apparent disconnect between the share price and projections is not only due to the projected earnings changes, but also based on a variety of other factors.

In any case, Macquarie remained bullish on RSI and raised its target price for the company to $30.