Deutsche Bank-iGaming Monthly DB Sports Betting iCasino Monthly - Every...-119406345

T2se3r0Ot6kwoPaT2se3r0Ot6kwoPaDistributed on: 23/12/2025 11:02:47 GMTDistributed on: 23/12/2025 11:02:47 GMT23 December 2025Deutsche BankResearch North America United States Consumer Gaming & Lodging Industry iGaming Monthly Date Industry Update DB Sports Betting / iCasino Monthly - Everything You Need in One PlaceNovember iGaming Market RecapOur iGaming industry monthly piece includes:1. Our GGR / Handle / Hold Focus Tracker2. State-by-state sports betting GGR performance3. Our sports betting state forecasts and TAM projections4. Same-store GGR performance and our same-store outlook5. Sports betting hold percentages6. Sports betting parlay mix and parlay hold metrics7. Sports betting promotional activity trends8. Sports betting per capita metrics9. OSB & iCasino operator trackers, including QTD growth, and GGR shares10. OSB handle shares by State and sequential changes by operator11. State tax rates (statutory / effective) and collections12. A state-by-state recap of iCasino performance trends and market shares13. A look at the iCasino impact on Brick & Mortar gaming14. Our iCasino TAM forecastSummary of Online Sports Betting TrendsIn November, our focal state OSB subset GGR increased 21.3% Y/Y (ex Tennessee), a deceleration from the 48.3% Y/Y growth experienced in October, and an acceleration from the 13.7% Y/Y decline in September. November hold of 11.7% was up ~130 bps Y/Y, while handle expanded 8.3% Y/Y, on a +2.2% Y/Y handle comparison. On a two-year stack basis, November handle grew 9.5%, a deceleration from the October two-year stack of up 25.2% and the September two-year stack of up 19.4%.Looking ahead, the handle comparison for December is +6.0%. We note, if we hold the November two-year handle stack constant of +9.5%, for December, handle is implied to expand ~12.5% Y/Y. From a hold perspective, the December comparison is 5.8%.Steven Pizzella, CFAResearch Analyst+1-212-250-9817Deutsche Bank Securities Inc.IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 23 December 2025Gaming & LodgingiGaming MonthlyPage 2Deutsche Bank Securities Inc.Reviewing the OSB Promotional DataBased on the six states we track that provide detailed promotional color, four of which have reported November results (PA / MI / CT / KS), promotions were up ~7.5% Y/Y in November. Given handle was up ~4.0% Y/Y, across this subset, in November, promotions as a percentage of handle were up ~10 bps Y/Y (~3.0% in November, 2025, versus ~2.9% in November, 2024). From a GGR perspective, from this subset, promotions represented ~23% of GGR in November of 2025, relative to ~27% in November of 2024.Overall, Novem