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German B2C and B2B transactional portals run on the framework we are developing! Q1 2026 results for major iGaming operators
Q1 2026 Financial Results for Major Operators offered a revealing snapshot of where the iGaming and wider gaming sector is heading. Across Codere Online, Light & Wonder, Flutter, Wynn Resorts, Full House Resorts and DraftKings, the quarter showed that growth is still available, but it is becoming more market-specific, margin-sensitive and execution-driven than in previous years.
That is the clearest takeaway from this reporting cycle. Revenue rose at several major businesses, but the quality of that growth varied sharply depending on geography, product mix, legal exposure and how mature each company’s core markets have become.
For investors, operators and industry watchers, the quarter underlined an important shift. Scale still matters, but profit conversion matters more. In practical terms, that means strong local positions in markets like Spain, Mexico and Brazil are proving highly valuable, while operators and suppliers exposed to legal charges, rising costs or mature US online betting conditions are facing a tougher path.
Codere Online found its momentum in Spain and Mexico
Codere Online delivered one of the quarter’s clearest profitability stories. The operator reported all-time high net gaming revenue of €64.4m in Q1, up 13% from €57m a year earlier, while IFRS revenue rose 11% to €60.3m.
What stood out even more was the improvement in earnings. Adjusted EBITDA climbed to €6m from €1.8m, while net income reached €7m, reversing a €0.7m loss from the same period last year.
The engine behind that performance was concentrated rather than broad-based. Spain produced revenue and NGR of €25.5m, both up 16%, while monthly active players increased 13% to 59,000. Mexico remained the bigger market by scale, delivering revenue of €30.4m and NGR of €34.6m, with active players up 20% to 98,200.
This matters because Codere’s results suggest that mature but still expanding regulated markets can produce both customer growth and improving earnings when execution is disciplined. Its smaller markets did not contribute much upside, with the other segment showing revenue decline and slightly lower active players, but the strength of Spain and Mexico more than compensated.
The company also ended the quarter with €56.2m in cash and zero debt, which gives it unusual balance sheet flexibility compared with many peers. Just as notable, management did not raise guidance despite a better-than-expected quarter, keeping its 2026 outlook at €235m to €245m in NGR and €15m to €20m in adjusted EBITDA. That suggests confidence, but also caution.
Light and Wonder showed the difference between operating strength and legal drag
Light & Wonder’s Q1 was a useful reminder that not all headline profit declines reflect weakness in the operating business. Revenue increased 2% to $790m, yet net income fell 37% to $52m, largely because of around $50m in legal reserve contingencies tied to legacy matters.
Underneath that pressure, the business looked healthier than the bottom line first suggests. iGaming revenue rose 18% to $91m and adjusted EBITDA from the segment increased 22% to $33m. Wagers processed through the company’s iGaming platform hit a quarterly record of $29.9bn, supported by North American momentum, first-party content and partner network growth.
This is important because Light & Wonder sits on the supplier side of the market, where recurring digital revenue is increasingly prized. The company’s comments around product innovation, talent and recurring revenue show how suppliers are trying to build durable positions that are less dependent on one-off equipment cycles.
There were mixed signals elsewhere in the portfolio. SciPlay revenue fell 7% to $187m, although direct-to-consumer revenue reached $50m and accounted for 27% of SciPlay revenue. Gaming revenue increased 3% to $512m, with strong growth in gaming operations and table products offset by weaker machine sales and systems revenue.
Adjusted performance arguably told the truer story. Consolidated adjusted EBITDA rose 5% to $327m, adjusted free cash flow jumped 86% to $207m and margin improved to 41%. Even so, the quarter also highlighted some real external pressures, including tariff-related cost risks, macroeconomic uncertainty and higher UK iGaming duties.
Flutter’s quarter captured the industry’s new geography of growth
Flutter Entertainment’s Q1 2026 numbers may be the clearest example of how the global gaming map is changing. Group revenue rose 14% to $4.30bn and adjusted EBITDA increased 20% to $616m, but the deeper story was the contrast between a maturing US business and a rapidly expanding international one.
In the US, revenue increased 6% to $1.76bn. That is still growth, but it is a more measured pace than investors once expected from FanDuel. Sports betting revenue rose only 1%, reflecting customer-friendly sports results and a more mature market backdrop, while iGaming revenue in the US grew 19%.
Internationally, the picture was much stronger. Revenue climbed 27% to $2.54bn, with sports betting up 22% and iGaming up 32%. The standout market was Brazil, where revenue surged 722%, driven by Flutter’s acquisition of NSX and the integration of Betnacional.
That performance explains why management has been so vocal about Brazil as a long-term opportunity. CEO Peter Jackson described the company as investing with conviction there, and pointed to upcoming integration of proprietary pricing capabilities to improve parlay products and promotions ahead of the World Cup.
Still, Flutter’s quarter was not without warnings. Increased costs pushed operating profit down 66% to $76m, pre-tax profit fell 34% to $234m and bottom-line net profit dropped 88% to $84m after a $132m negative foreign exchange impact. The company also cut full-year guidance, reducing expected group revenue to $18.31bn and adjusted EBITDA to $2.87bn.
Analysts at Citizens said there were signs of cracks in the US business, especially around handle growth and the burden of investment in new state launches, prediction markets and World Cup marketing. Whether those issues are temporary or structural remains one of the most important questions in online betting right now.
DraftKings showed what maturation looks like when monetisation improves
If Flutter’s US quarter was about slowing momentum, DraftKings’ was about more efficient monetisation. Revenue rose 16.8% to $1.65bn and adjusted EBITDA jumped 63.7% to $167.9m. Most notably, the company posted a second consecutive quarter of net profit, reaching $21.1m compared with a $33.9m loss a year ago.
The customer story was especially telling. Monthly unique payers fell 4.2%, partly because of the company’s exit from the Texas lottery market. Excluding that effect, MUPs increased 2%. At the same time, average revenue per payer rose 5% to $108. That means revenue quality, not just user growth, was central to the quarter.
Sportsbook was the biggest contributor. Revenue there rose 24.1% to $1.09bn, while handle increased only 1.5% to $14.08bn. Margin expanded from 6.4% to 7.8%, showing that improved hold was much more important than betting volume in driving growth.
iGaming revenue also rose, though at a slower pace of 8.9%, to $461.3m. Even so, it accounted for almost 28% of total group revenue, a significant share that reinforces how critical the vertical has become to DraftKings’ broader model.
Management kept full-year guidance unchanged, projecting revenue of $6.5bn to $6.9bn and adjusted EBITDA of $700m to $900m. DraftKings also used the quarter to signal strategic ambition in prediction markets, with CEO Jason Robins saying the company aims to establish a leadership position by year-end.
That ambition fits a broader industry pattern. As core US sports betting growth normalises, operators are looking for adjacent product categories and technology layers that can deepen engagement without relying solely on new state launches.
Wynn continued to grow while attention shifted toward the UAE
Wynn Resorts delivered a more traditional gaming and hospitality growth story in Q1. Group revenue increased 9.4% to $1.86bn, adjusted EBITDAR rose 5.5% and net profit improved strongly.
Macau remained the main source of revenue, with Wynn Palace generating $659.3m, up 23.0%, while Wynn Macau was broadly flat at $329.9m. In the US, Las Vegas revenue increased 5.9% to $661.9m, though Encore Boston Harbor dipped slightly.
The composition of revenue showed healthy core demand. Casino revenue rose 13.2% to $1.18bn, rooms revenue increased 5.8% to $290.4m and food and beverage revenue climbed 3.6% to $259.0m. Entertainment, retail and other revenue slipped 4.1% to $130.1m.
On the earnings side, operating profit rose 5.2% to $282.6m, while net profit attributable to the company reached $120.5m, up 65.8%. Those are solid numbers, but market attention is increasingly fixed on Wynn Al Marjan Island in the UAE.
CEO Craig Billings acknowledged a modest delay to the opening timeline because of logistical and shipping challenges linked to regional conflict. Even so, he stressed that construction continues, with over 22,000 workers on site, and described the challenges as manageable based on current conditions.
For the wider industry, Wynn’s commentary matters because the UAE is increasingly seen as one of the most strategically important future gaming markets outside the traditional US and Asian power centres.
Full House Resorts improved earnings despite a softer revenue comparison
Full House Resorts does not command the same global attention as Flutter or DraftKings, but its Q1 figures still revealed a useful lesson about portfolio transition. Revenue slipped slightly to $74.4m from $75.1m, yet operating income rose 218.4% to $2.4m and adjusted EBITDA increased 14.7% to $13.2m.
The year-on-year comparison was affected by the sale of Stockman’s Casino in April 2025 and the termination of a sports wagering partner agreement. Excluding Stockman’s, revenue actually increased 0.9%.
The company still posted a net loss, but it narrowed to $8.2m from $9.8m. Property-level growth helped drive the improvement, particularly at American Place, Chamonix and Bronco Billy’s, Rising Star and Silver Slipper Casino Hotel.
The Midwest and South segment remained the strongest division, with revenue up 3.8% to $59.4m and adjusted segment EBITDA up 13.1% to $14.8m. American Place was a major contributor, with revenue rising 7.1%.
In the West, revenue fell because of the Stockman’s sale and renovation-related disruption at Grand Lodge Casino, but profitability still improved. Chamonix and Bronco Billy’s reduced their adjusted property EBITDA loss by 42.0%, even though Chamonix is still in an early ramp-up phase.
Full House also highlighted pressure in contracted sports wagering, where one fewer active skin led to lower revenue and EBITDA. That serves as a reminder that small changes in market access arrangements can still materially affect smaller operators.
What the quarter says about the future of iGaming and sports betting
Taken together, these Q1 2026 financial results point to an industry that is still growing, but no longer in a uniform or easy way. The market is separating into leaders that can monetise efficiently, operators with strong local positions in high-potential regulated regions, and businesses that are being forced to absorb legal, macroeconomic or maturity-related pressure.
Several themes stand out clearly.
- market selectivity is increasing, with Spain, Mexico and Brazil emerging as standout growth markets,
- US online betting is entering a more mature phase, where margin, product quality and customer value matter more than pure user expansion,
- suppliers and operators alike are being tested on cost control, legal risk management and their ability to turn revenue into sustainable earnings.
There is also a more cultural point beneath the numbers. The iGaming sector is increasingly behaving like mainstream digital entertainment, where audience growth can plateau in mature markets and the next phase depends on product refinement, localisation and smarter monetisation rather than simple land grabs.
That makes the current moment especially interesting. Growth is still real, but it is no longer enough on its own. Q1 2026 showed that the companies likely to define the next chapter of the industry will be those that can combine expansion with profitability, navigate regulation and legal complexity, and adapt quickly as player behaviour changes from one market to the next.
For anyone tracking the Q1 2026 financial results for major operators, that is the central story. The sector is not slowing so much as becoming more disciplined, more global and more selective about where the next wave of value will come from.
