# Gambling — company-by-company sector analysis

> Gambling: Flutter Entertainment plc owns the largest revenue base; Rush Street Interactive, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Gambling has underperformed S&P 500 by 22.3% over 52 weeks and 1.1% over 13 weeks. 5 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself. Flutter Entertainment plc leads with revenue of $17,048 million, based on 9 of 10 comparable companies through Mar 2026.

### Is the Gambling sector outperforming S&P 500?

Gambling has underperformed S&P 500 by 22.3% over 52 weeks and 1.1% over 13 weeks. 5 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself.

### Which Gambling company is largest by revenue?

Flutter Entertainment plc leads with revenue of $17,048 million, based on 9 of 10 comparable companies through Mar 2026.

### Which Gambling company is growing fastest?

Rush Street Interactive, Inc. has the fastest current revenue growth at 28.3%, across 9 of 10 comparable companies.

### Which Gambling company has the strongest 4-Factor Sector Score?

Super Group (SGHC) Limited ranks first at 72.6/100 with 76.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Gambling company reports the most CAPEX?

Brightstar Lottery PLC reports the largest latest CAPEX at $110 million, with 10 of 10 companies comparable.

### Which Gambling company has the least gross debt?

Rush Street Interactive, Inc. has the lowest comparable gross debt at $0 million. Flutter Entertainment plc has the highest at $12,560 million.

### Which Gambling company has the lowest comparable PEG?

Brightstar Lottery PLC has the lowest comparable Guarded PEG at 0.29, among 3 of 10 companies that pass the metric’s comparability rules.

### How much history does this Gambling comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Gambling has underperformed S&P 500 by 22.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.1%. 5 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Rush Street Interactive, Inc. is the strongest against the sector itself at +31.6%.

13-week sector return versus NIFTY 500: 1.1%
52-week sector return versus NIFTY 500: -22%
Stocks leading NIFTY: 5/10
Stocks leading sector: 5/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹55.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Super Group (SGHC) Limited (SGHC): 73/100 — Favorable setup; evidence 76%
   - Growth & earnings 27.4/35 | Capital efficiency 18.9/25 | Valuation 10.2/20 | Relative strength 16.1/20
   - Exact sum: 27.4 + 18.9 + 10.2 + 16.1 = 72.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Rush Street Interactive, Inc. (RSI): 70/100 — Favorable setup; evidence 76%
   - Growth & earnings 30.3/35 | Capital efficiency 16.1/25 | Valuation 9.8/20 | Relative strength 14.0/20
   - Exact sum: 30.3 + 16.1 + 9.8 + 14 = 70.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Meridian Holdings Inc. (MRDN): 60/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 22.8/35 | Capital efficiency 12.1/25 | Valuation 9.5/20 | Relative strength 16.0/20
   - Exact sum: 22.8 + 12.1 + 9.5 + 16 = 60.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Accel Entertainment, Inc. (ACEL): 53/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 15.8/35 | Capital efficiency 10.9/25 | Valuation 15.1/20 | Relative strength 11.4/20
   - Exact sum: 15.8 + 10.9 + 15.1 + 11.4 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Inspired Entertainment, Inc. (INSE): 49/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.9/35 | Capital efficiency 11.5/25 | Valuation 11.5/20 | Relative strength 6.0/20
   - Exact sum: 19.9 + 11.5 + 11.5 + 6 = 48.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. DraftKings Inc. (DKNG): 41/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 21.6/35 | Capital efficiency 3.8/25 | Valuation 8.5/20 | Relative strength 7.2/20
   - Exact sum: 21.6 + 3.8 + 8.5 + 7.2 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Churchill Downs Incorporated (CHDN): 38/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 14.2/35 | Capital efficiency 10.5/25 | Valuation 8.1/20 | Relative strength 5.6/20
   - Exact sum: 14.2 + 10.5 + 8.1 + 5.6 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Brightstar Lottery PLC (BRSL): 37/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 8.3/35 | Capital efficiency 11.0/25 | Valuation 16.2/20 | Relative strength 1.8/20
   - Exact sum: 8.3 + 11 + 16.2 + 1.8 = 37.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Flutter Entertainment plc (FLUT): 31/100 — Adverse evidence; evidence 76%
   - Growth & earnings 8.2/35 | Capital efficiency 7.6/25 | Valuation 9.2/20 | Relative strength 6.0/20
   - Exact sum: 8.2 + 7.6 + 9.2 + 6 = 31
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Codere Online Luxembourg, S.A. (CDRO): 45/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 14.8/35 | Capital efficiency 6.9/25 | Valuation 8.8/20 | Relative strength 14.0/20
   - Exact sum: 14.8 + 6.9 + 8.8 + 14 = 44.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Flutter Entertainment plc is the scale leader at $17,048 million, 170.9% ahead of DraftKings Inc.. Rush Street Interactive, Inc.'s growth is 28.3% from a $1,242 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Flutter Entertainment plc is the scale benchmark; Rush Street Interactive, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Flutter Entertainment plc's growth falls below Rush Street Interactive, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Flutter Entertainment plc · $17,048 million | 170.9% versus #2 · DraftKings Inc. | 8/8 recent comparable periods | 9/10 companies · 184 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Flutter Entertainment plc (FLUT): ₹17.0K Cr
2. DraftKings Inc. (DKNG): ₹6.3K Cr
3. Churchill Downs Incorporated (CHDN): ₹2.9K Cr
4. Brightstar Lottery PLC (BRSL): ₹2.5K Cr
5. Super Group (SGHC) Limited (SGHC): ₹2.3K Cr

### Revenue growth — fastest growers
1. Rush Street Interactive, Inc. (RSI): 28%
2. DraftKings Inc. (DKNG): 26%
3. Super Group (SGHC) Limited (SGHC): 21%
4. Flutter Entertainment plc (FLUT): 19%
5. Meridian Holdings Inc. (MRDN): 12%

### 20-quarter Revenue history
- FLUT: Jun 2021 ₹2.2K Cr | Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 — | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹4.3K Cr
- DKNG: Jun 2021 ₹298 Cr | Sep 2021 ₹213 Cr | Dec 2021 ₹473 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹466 Cr | Sep 2022 ₹502 Cr | Dec 2022 ₹855 Cr | Mar 2023 ₹770 Cr | Jun 2023 ₹875 Cr | Sep 2023 ₹790 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.6K Cr
- SGHC: Jun 2021 ₹421 Cr | Sep 2021 ₹362 Cr | Dec 2021 ₹368 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹442 Cr | Mar 2023 ₹368 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹378 Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹445 Cr | Sep 2024 ₹449 Cr | Dec 2024 ₹520 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹578 Cr | Mar 2026 ₹612 Cr
- RSI: Jun 2021 ₹123 Cr | Sep 2021 ₹123 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹254 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹370 Cr
- CHDN: Jun 2021 ₹515 Cr | Sep 2021 ₹393 Cr | Dec 2021 ₹365 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹583 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹769 Cr | Sep 2023 ₹573 Cr | Dec 2023 ₹561 Cr | Mar 2024 ₹591 Cr | Jun 2024 ₹891 Cr | Sep 2024 ₹629 Cr | Dec 2024 ₹624 Cr | Mar 2025 ₹643 Cr | Jun 2025 ₹934 Cr | Sep 2025 ₹683 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹663 Cr
- BRSL: Jun 2021 ₹1.0K Cr | Sep 2021 ₹984 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹601 Cr | Dec 2023 ₹681 Cr | Mar 2024 ₹661 Cr | Jun 2024 ₹613 Cr | Sep 2024 ₹586 Cr | Dec 2024 ₹651 Cr | Mar 2025 ₹583 Cr | Jun 2025 ₹630 Cr | Sep 2025 ₹629 Cr | Dec 2025 ₹668 Cr | Mar 2026 ₹587 Cr
- ACEL: Jun 2021 ₹202 Cr | Sep 2021 ₹193 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹228 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹297 Cr | Mar 2024 ₹302 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹302 Cr | Dec 2024 ₹318 Cr | Mar 2025 ₹324 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹330 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹352 Cr
- CDRO: Jun 2021 ₹40 Cr | Sep 2021 — | Dec 2021 ₹40 Cr | Mar 2022 — | Jun 2022 ₹51 Cr | Sep 2022 — | Dec 2022 ₹64 Cr | Mar 2023 — | Jun 2023 ₹75 Cr | Sep 2023 — | Dec 2023 ₹87 Cr | Mar 2024 — | Jun 2024 ₹102 Cr | Sep 2024 — | Dec 2024 ₹99 Cr | Mar 2025 — | Jun 2025 ₹105 Cr | Sep 2025 — | Dec 2025 ₹105 Cr | Mar 2026 —
- INSE: Jun 2021 ₹42 Cr | Sep 2021 ₹78 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹74 Cr | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹57 Cr
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹50 Cr

### 20-quarter Revenue growth history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 — | Dec 2022 37% | Mar 2023 38% | Jun 2023 31% | Sep 2023 — | Dec 2023 17% | Mar 2024 16% | Jun 2024 20% | Sep 2024 27% | Dec 2024 14% | Mar 2025 7.9% | Jun 2025 16% | Sep 2025 17% | Dec 2025 26% | Mar 2026 17%
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 136% | Dec 2022 81% | Mar 2023 85% | Jun 2023 88% | Sep 2023 57% | Dec 2023 44% | Mar 2024 53% | Jun 2024 26% | Sep 2024 39% | Dec 2024 13% | Mar 2025 20% | Jun 2025 37% | Sep 2025 4.5% | Dec 2025 43% | Mar 2026 17%
- SGHC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -17% | Dec 2022 20% | Mar 2023 -0.5% | Jun 2023 24% | Sep 2023 25% | Dec 2023 -10.0% | Mar 2024 11% | Jun 2024 7.0% | Sep 2024 19% | Dec 2024 31% | Mar 2025 26% | Jun 2025 30% | Sep 2025 24% | Dec 2025 11% | Mar 2026 18%
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 20% | Dec 2022 27% | Mar 2023 20% | Jun 2023 15% | Sep 2023 15% | Dec 2023 17% | Mar 2024 34% | Jun 2024 33% | Sep 2024 36% | Dec 2024 31% | Mar 2025 21% | Jun 2025 22% | Sep 2025 20% | Dec 2025 28% | Mar 2026 41%
- CHDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -2.5% | Dec 2022 32% | Mar 2023 54% | Jun 2023 32% | Sep 2023 50% | Dec 2023 17% | Mar 2024 5.5% | Jun 2024 16% | Sep 2024 9.8% | Dec 2024 11% | Mar 2025 8.8% | Jun 2025 4.8% | Sep 2025 8.6% | Dec 2025 6.7% | Mar 2026 3.1%
- BRSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 7.7% | Dec 2022 4.2% | Mar 2023 1.0% | Jun 2023 3.3% | Sep 2023 -43% | Dec 2023 -38% | Mar 2024 -38% | Jun 2024 -42% | Sep 2024 -2.5% | Dec 2024 -4.4% | Mar 2025 -12% | Jun 2025 2.8% | Sep 2025 7.3% | Dec 2025 2.6% | Mar 2026 0.7%
- ACEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 38% | Dec 2022 45% | Mar 2023 49% | Jun 2023 29% | Sep 2023 7.5% | Dec 2023 6.8% | Mar 2024 3.1% | Jun 2024 5.5% | Sep 2024 5.2% | Dec 2024 7.1% | Mar 2025 7.3% | Jun 2025 8.7% | Sep 2025 9.3% | Dec 2025 7.2% | Mar 2026 8.6%
- CDRO: Jun 2021 33% | Sep 2021 — | Dec 2021 -2.4% | Mar 2022 — | Jun 2022 28% | Sep 2022 — | Dec 2022 60% | Mar 2023 — | Jun 2023 47% | Sep 2023 — | Dec 2023 36% | Mar 2024 — | Jun 2024 36% | Sep 2024 — | Dec 2024 14% | Mar 2025 — | Jun 2025 2.9% | Sep 2025 — | Dec 2025 6.1% | Mar 2026 —
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 -5.1% | Dec 2022 — | Mar 2023 8.3% | Jun 2023 11% | Sep 2023 32% | Dec 2023 — | Mar 2024 -4.6% | Jun 2024 -5.1% | Sep 2024 -21% | Dec 2024 -20% | Mar 2025 -3.2% | Jun 2025 6.7% | Sep 2025 12% | Dec 2025 4.6% | Mar 2026 -5.0%
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 25% | Sep 2023 22% | Dec 2023 120% | Mar 2024 127% | Jun 2024 290% | Sep 2024 273% | Dec 2024 109% | Mar 2025 72% | Jun 2025 10% | Sep 2025 15% | Dec 2025 8.7% | Mar 2026 16%

## Operating Economics & Margin Trend

What the numbers say: Brightstar Lottery PLC leads opm at 21.6%; Inspired Entertainment, Inc. leads margin change at +13.5 percentage points.

Investor read: Brightstar Lottery PLC sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Brightstar Lottery PLC · 21.6% | 0% versus #2 · Churchill Downs Incorporated | 2/8 recent comparable periods | 9/10 companies · 174 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Brightstar Lottery PLC (BRSL): 22%
2. Churchill Downs Incorporated (CHDN): 22%
3. Super Group (SGHC) Limited (SGHC): 20%
4. Inspired Entertainment, Inc. (INSE): 16%
5. Rush Street Interactive, Inc. (RSI): 12%

### Margin change — fastest expanders
1. Inspired Entertainment, Inc. (INSE): +13.5 pp
2. Meridian Holdings Inc. (MRDN): +6.5 pp
3. Rush Street Interactive, Inc. (RSI): +5.9 pp
4. DraftKings Inc. (DKNG): +3.7 pp
5. Super Group (SGHC) Limited (SGHC): +2.7 pp

### 20-quarter OPM history
- FLUT: Jun 2021 -11% | Sep 2021 -12% | Dec 2021 -4.2% | Mar 2022 -6.3% | Jun 2022 4.8% | Sep 2022 — | Dec 2022 0.8% | Mar 2023 -0.5% | Jun 2023 7.4% | Sep 2023 -5.4% | Dec 2023 -19% | Mar 2024 3.7% | Jun 2024 10% | Sep 2024 3.0% | Dec 2024 7.4% | Mar 2025 6.1% | Jun 2025 9.3% | Sep 2025 -22% | Dec 2025 5.4% | Mar 2026 1.8%
- DKNG: Jun 2021 -108% | Sep 2021 -257% | Dec 2021 -78% | Mar 2022 -124% | Jun 2022 -66% | Sep 2022 -91% | Dec 2022 -27% | Mar 2023 -51% | Jun 2023 -7.9% | Sep 2023 -36% | Dec 2023 -3.6% | Mar 2024 -12% | Jun 2024 -2.9% | Sep 2024 -27% | Dec 2024 -10% | Mar 2025 -3.3% | Jun 2025 10% | Sep 2025 -24% | Dec 2025 7.6% | Mar 2026 0.4%
- SGHC: Jun 2021 18% | Sep 2021 17% | Dec 2021 13% | Mar 2022 13% | Jun 2022 13% | Sep 2022 9.2% | Dec 2022 -0.4% | Mar 2023 1.4% | Jun 2023 12% | Sep 2023 7.6% | Dec 2023 -13% | Mar 2024 4.2% | Jun 2024 4.4% | Sep 2024 5.5% | Dec 2024 19% | Mar 2025 17% | Jun 2025 12% | Sep 2025 22% | Dec 2025 17% | Mar 2026 20%
- RSI: Jun 2021 -9.9% | Sep 2021 -14% | Dec 2021 -28% | Mar 2022 -37% | Jun 2022 -18% | Sep 2022 -14% | Dec 2022 -17% | Mar 2023 -14% | Jun 2023 -8.7% | Sep 2023 -6.9% | Dec 2023 -1.8% | Mar 2024 0.7% | Jun 2024 1.9% | Sep 2024 2.8% | Dec 2024 5.1% | Mar 2025 5.7% | Jun 2025 9.0% | Sep 2025 7.0% | Dec 2025 8.8% | Mar 2026 12%
- CHDN: Jun 2021 26% | Sep 2021 17% | Dec 2021 9.5% | Mar 2022 13% | Jun 2022 34% | Sep 2022 16% | Dec 2022 2.4% | Mar 2023 21% | Jun 2023 29% | Sep 2023 20% | Dec 2023 19% | Mar 2024 21% | Jun 2024 37% | Sep 2024 20% | Dec 2024 20% | Mar 2025 21% | Jun 2025 35% | Sep 2025 14% | Dec 2025 19% | Mar 2026 22%
- BRSL: Jun 2021 23% | Sep 2021 22% | Dec 2021 18% | Mar 2022 24% | Jun 2022 22% | Sep 2022 20% | Dec 2022 21% | Mar 2023 24% | Jun 2023 24% | Sep 2023 27% | Dec 2023 29% | Mar 2024 33% | Jun 2024 29% | Sep 2024 19% | Dec 2024 28% | Mar 2025 24% | Jun 2025 22% | Sep 2025 29% | Dec 2025 25% | Mar 2026 22%
- ACEL: Jun 2021 12% | Sep 2021 9.6% | Dec 2021 8.9% | Mar 2022 11% | Jun 2022 12% | Sep 2022 8.7% | Dec 2022 9.0% | Mar 2023 9.4% | Jun 2023 10% | Sep 2023 8.7% | Dec 2023 8.6% | Mar 2024 8.5% | Jun 2024 7.3% | Sep 2024 7.2% | Dec 2024 6.5% | Mar 2025 8.0% | Jun 2025 8.0% | Sep 2025 7.7% | Dec 2025 8.7% | Mar 2026 7.7%
- INSE: Jun 2021 -23% | Sep 2021 19% | Dec 2021 3.9% | Mar 2022 11% | Jun 2022 17% | Sep 2022 21% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 17% | Sep 2023 13% | Dec 2023 10% | Mar 2024 -3.4% | Jun 2024 12% | Sep 2024 15% | Dec 2024 20% | Mar 2025 2.6% | Jun 2025 9.8% | Sep 2025 11% | Dec 2025 17% | Mar 2026 16%
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 8.0% | Dec 2022 -18% | Mar 2023 -3.1% | Jun 2023 -4.8% | Sep 2023 35% | Dec 2023 15% | Mar 2024 15% | Jun 2024 0.3% | Sep 2024 -2.4% | Dec 2024 -0.2% | Mar 2025 -0.2% | Jun 2025 -5.3% | Sep 2025 -0.8% | Dec 2025 -188% | Mar 2026 6.3%

### 20-quarter Margin change history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.0 pp | Sep 2022 — | Dec 2022 +5.0 pp | Mar 2023 +5.8 pp | Jun 2023 +2.6 pp | Sep 2023 — | Dec 2023 −19.5 pp | Mar 2024 +4.2 pp | Jun 2024 +2.8 pp | Sep 2024 +8.4 pp | Dec 2024 +26.1 pp | Mar 2025 +2.4 pp | Jun 2025 −0.9 pp | Sep 2025 −25.0 pp | Dec 2025 −2.0 pp | Mar 2026 −4.3 pp
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +41.7 pp | Sep 2022 +166.1 pp | Dec 2022 +50.7 pp | Mar 2023 +73.0 pp | Jun 2023 +58.4 pp | Sep 2023 +54.4 pp | Dec 2023 +23.6 pp | Mar 2024 +38.8 pp | Jun 2024 +5.0 pp | Sep 2024 +9.0 pp | Dec 2024 −6.4 pp | Mar 2025 +8.5 pp | Jun 2025 +12.9 pp | Sep 2025 +3.5 pp | Dec 2025 +17.6 pp | Mar 2026 +3.7 pp
- SGHC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.0 pp | Sep 2022 −8.0 pp | Dec 2022 −13.8 pp | Mar 2023 −11.5 pp | Jun 2023 −1.2 pp | Sep 2023 −1.6 pp | Dec 2023 −12.1 pp | Mar 2024 +2.8 pp | Jun 2024 −7.5 pp | Sep 2024 −2.1 pp | Dec 2024 +31.3 pp | Mar 2025 +13.0 pp | Jun 2025 +7.7 pp | Sep 2025 +16.8 pp | Dec 2025 −1.8 pp | Mar 2026 +2.7 pp
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.0 pp | Sep 2022 +0.5 pp | Dec 2022 +11.3 pp | Mar 2023 +23.5 pp | Jun 2023 +9.2 pp | Sep 2023 +7.0 pp | Dec 2023 +15.3 pp | Mar 2024 +14.3 pp | Jun 2024 +10.6 pp | Sep 2024 +9.7 pp | Dec 2024 +6.9 pp | Mar 2025 +5.0 pp | Jun 2025 +7.1 pp | Sep 2025 +4.2 pp | Dec 2025 +3.7 pp | Mar 2026 +5.9 pp
- CHDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.0 pp | Sep 2022 −0.8 pp | Dec 2022 −7.1 pp | Mar 2023 +8.4 pp | Jun 2023 −4.9 pp | Sep 2023 +3.2 pp | Dec 2023 +16.5 pp | Mar 2024 0.0 pp | Jun 2024 +7.6 pp | Sep 2024 +0.4 pp | Dec 2024 +1.4 pp | Mar 2025 −0.4 pp | Jun 2025 −1.9 pp | Sep 2025 −5.7 pp | Dec 2025 −1.8 pp | Mar 2026 +0.6 pp
- BRSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 −1.6 pp | Dec 2022 +3.3 pp | Mar 2023 0.0 pp | Jun 2023 +1.5 pp | Sep 2023 +7.2 pp | Dec 2023 +7.9 pp | Mar 2024 +9.1 pp | Jun 2024 +5.4 pp | Sep 2024 −8.2 pp | Dec 2024 −1.1 pp | Mar 2025 −9.1 pp | Jun 2025 −7.1 pp | Sep 2025 +10.2 pp | Dec 2025 −2.5 pp | Mar 2026 −2.4 pp
- ACEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −0.9 pp | Dec 2022 +0.1 pp | Mar 2023 −1.4 pp | Jun 2023 −2.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 −0.9 pp | Jun 2024 −2.7 pp | Sep 2024 −1.5 pp | Dec 2024 −2.1 pp | Mar 2025 −0.5 pp | Jun 2025 +0.7 pp | Sep 2025 +0.5 pp | Dec 2025 +2.2 pp | Mar 2026 −0.3 pp
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +40.7 pp | Sep 2022 +1.4 pp | Dec 2022 — | Mar 2023 −4.3 pp | Jun 2023 +0.1 pp | Sep 2023 −8.1 pp | Dec 2023 — | Mar 2024 −10.5 pp | Jun 2024 −5.8 pp | Sep 2024 +2.0 pp | Dec 2024 +9.7 pp | Mar 2025 +6.0 pp | Jun 2025 −1.8 pp | Sep 2025 −3.2 pp | Dec 2025 −3.4 pp | Mar 2026 +13.5 pp
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −13.7 pp | Sep 2023 +26.7 pp | Dec 2023 +32.3 pp | Mar 2024 +18.0 pp | Jun 2024 +5.1 pp | Sep 2024 −37.1 pp | Dec 2024 −14.7 pp | Mar 2025 −15.1 pp | Jun 2025 −5.6 pp | Sep 2025 +1.6 pp | Dec 2025 −188.1 pp | Mar 2026 +6.5 pp

## Profit Scale & Acceleration

What the numbers say: Churchill Downs Incorporated leads with $392 million of TTM profit, 2.1% above Super Group (SGHC) Limited. Rush Street Interactive, Inc. shows ≥100% on the scoring scale (345% uncapped) growth from a $89 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Churchill Downs Incorporated sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Churchill Downs Incorporated · $392 million | 2.1% versus #2 · Super Group (SGHC) Limited | 5/8 recent comparable periods | 9/10 companies · 185 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Churchill Downs Incorporated (CHDN): ₹392 Cr
2. Super Group (SGHC) Limited (SGHC): ₹384 Cr
3. Brightstar Lottery PLC (BRSL): ₹290 Cr
4. Rush Street Interactive, Inc. (RSI): ₹89 Cr
5. DraftKings Inc. (DKNG): ₹54 Cr

### Profit growth — fastest growers
1. Rush Street Interactive, Inc. (RSI): 100%
2. Super Group (SGHC) Limited (SGHC): 100%
3. Accel Entertainment, Inc. (ACEL): 19%
4. Churchill Downs Incorporated (CHDN): -7.8%
5. Brightstar Lottery PLC (BRSL): -34%

### 20-quarter Net profit history
- FLUT: Jun 2021 ₹-516 Cr | Sep 2021 ₹-224 Cr | Dec 2021 ₹-137 Cr | Mar 2022 ₹-105 Cr | Jun 2022 ₹19 Cr | Sep 2022 — | Dec 2022 ₹-84 Cr | Mar 2023 ₹-111 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹-262 Cr | Dec 2023 ₹-902 Cr | Mar 2024 ₹-177 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹-789 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹209 Cr
- DKNG: Jun 2021 ₹-305 Cr | Sep 2021 ₹-545 Cr | Dec 2021 ₹-330 Cr | Mar 2022 ₹-465 Cr | Jun 2022 ₹-217 Cr | Sep 2022 ₹-450 Cr | Dec 2022 ₹-242 Cr | Mar 2023 ₹-397 Cr | Jun 2023 ₹-77 Cr | Sep 2023 ₹-283 Cr | Dec 2023 ₹-44 Cr | Mar 2024 ₹-143 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹-294 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹-258 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹17 Cr
- SGHC: Jun 2021 ₹76 Cr | Sep 2021 ₹58 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹-181 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹86 Cr
- RSI: Jun 2021 ₹-14 Cr | Sep 2021 ₹-19 Cr | Dec 2021 ₹-38 Cr | Mar 2022 ₹-52 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹26 Cr
- CHDN: Jun 2021 ₹108 Cr | Sep 2021 ₹61 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹83 Cr
- BRSL: Jun 2021 ₹365 Cr | Sep 2021 ₹101 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹253 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹63 Cr
- ACEL: Jun 2021 ₹12 Cr | Sep 2021 ₹11 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹15 Cr
- CDRO: Jun 2021 ₹-13 Cr | Sep 2021 — | Dec 2021 ₹-55 Cr | Mar 2022 — | Jun 2022 ₹-17 Cr | Sep 2022 — | Dec 2022 ₹-30 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹-2 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 ₹-3 Cr | Sep 2025 — | Dec 2025 ₹4 Cr | Mar 2026 —
- INSE: Jun 2021 ₹-44 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-1 Cr
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-88 Cr | Mar 2026 ₹2 Cr

### 20-quarter Profit growth history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 237% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 364% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -88% | Sep 2025 — | Dec 2025 -1.3% | Mar 2026 -38%
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 147% | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SGHC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 312% | Sep 2022 -41% | Dec 2022 -68% | Mar 2023 — | Jun 2023 -90% | Sep 2023 -68% | Dec 2023 -272% | Mar 2024 — | Jun 2024 -103% | Sep 2024 -18% | Dec 2024 — | Mar 2025 34% | Jun 2025 — | Sep 2025 967% | Dec 2025 201% | Mar 2026 46%
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 400% | Dec 2025 217% | Mar 2026 136%
- CHDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 214% | Sep 2022 -6.6% | Dec 2022 -98% | Mar 2023 271% | Jun 2023 -58% | Sep 2023 7.0% | Dec 2023 5,700% | Mar 2024 -49% | Jun 2024 47% | Sep 2024 8.2% | Dec 2024 24% | Mar 2025 -3.8% | Jun 2025 3.8% | Sep 2025 -41% | Dec 2025 -28% | Mar 2026 7.8%
- BRSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -91% | Sep 2022 191% | Dec 2022 -128% | Mar 2023 -43% | Jun 2023 165% | Sep 2023 -58% | Dec 2023 — | Mar 2024 91% | Jun 2024 -5.6% | Sep 2024 -65% | Dec 2024 837% | Mar 2025 -53% | Jun 2025 -124% | Sep 2025 260% | Dec 2025 -64% | Mar 2026 5.0%
- ACEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 100% | Dec 2022 86% | Mar 2023 -44% | Jun 2023 -55% | Sep 2023 -55% | Dec 2023 23% | Mar 2024 -22% | Jun 2024 50% | Sep 2024 -50% | Dec 2024 -50% | Mar 2025 114% | Jun 2025 -53% | Sep 2025 160% | Dec 2025 100% | Mar 2026 0.0%
- CDRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 —
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -64% | Dec 2022 — | Mar 2023 -150% | Jun 2023 0.0% | Sep 2023 -67% | Dec 2023 -50% | Mar 2024 — | Jun 2024 -83% | Sep 2024 0.0% | Dec 2024 3,250% | Mar 2025 — | Jun 2025 -900% | Sep 2025 -167% | Dec 2025 -112% | Mar 2026 —
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -200% | Sep 2023 -200% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -150% | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Brightstar Lottery PLC reports $110 million of CAPEX; Brightstar Lottery PLC has the highest covered intensity at 18.7%. Coverage is only 10 of 10 companies and 180 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Brightstar Lottery PLC · $110 million | 86.4% versus #2 · Churchill Downs Incorporated | 8/8 recent comparable periods | 10/10 companies · 180 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Brightstar Lottery PLC (BRSL): ₹110 Cr
2. Churchill Downs Incorporated (CHDN): ₹59 Cr
3. Flutter Entertainment plc (FLUT): ₹25 Cr
4. Accel Entertainment, Inc. (ACEL): ₹23 Cr
5. DraftKings Inc. (DKNG): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity
1. Brightstar Lottery PLC (BRSL): 19%
2. Churchill Downs Incorporated (CHDN): 8.9%
3. Inspired Entertainment, Inc. (INSE): 7.0%
4. Accel Entertainment, Inc. (ACEL): 6.5%
5. Flutter Entertainment plc (FLUT): 0.6%

### 20-quarter CAPEX history
- FLUT: Jun 2021 ₹23 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹25 Cr
- DKNG: Jun 2021 ₹4 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr
- SGHC: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹2 Cr
- RSI: Jun 2021 ₹0 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- CHDN: Jun 2021 ₹17 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹59 Cr
- BRSL: Jun 2021 ₹73 Cr | Sep 2021 ₹47 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹110 Cr
- ACEL: Jun 2021 ₹9 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹23 Cr
- CDRO: Jun 2021 ₹0 Cr | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 —
- INSE: Jun 2021 ₹3 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹4 Cr
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- FLUT: Jun 2021 1.0% | Sep 2021 1.9% | Dec 2021 1.8% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 — | Dec 2022 1.6% | Mar 2023 0.6% | Jun 2023 1.0% | Sep 2023 0.8% | Dec 2023 2.7% | Mar 2024 0.6% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 1.5% | Mar 2025 0.5% | Jun 2025 0.9% | Sep 2025 0.3% | Dec 2025 0.8% | Mar 2026 0.6%
- DKNG: Jun 2021 1.3% | Sep 2021 2.3% | Dec 2021 1.1% | Mar 2022 2.2% | Jun 2022 1.3% | Sep 2022 1.0% | Dec 2022 1.4% | Mar 2023 0.9% | Jun 2023 0.3% | Sep 2023 1.3% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.2% | Mar 2026 0.4%
- SGHC: Jun 2021 0.2% | Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.8% | Jun 2022 0.0% | Sep 2022 0.7% | Dec 2022 0.5% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 1.2% | Jun 2025 1.0% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 0.3%
- RSI: Jun 2021 0.0% | Sep 2021 0.8% | Dec 2021 1.5% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0%
- CHDN: Jun 2021 3.3% | Sep 2021 5.9% | Dec 2021 11% | Mar 2022 15% | Jun 2022 19% | Sep 2022 25% | Dec 2022 33% | Mar 2023 24% | Jun 2023 23% | Sep 2023 33% | Dec 2023 32% | Mar 2024 26% | Jun 2024 15% | Sep 2024 20% | Dec 2024 21% | Mar 2025 12% | Jun 2025 9.1% | Sep 2025 8.8% | Dec 2025 7.5% | Mar 2026 8.9%
- BRSL: Jun 2021 7.0% | Sep 2021 4.8% | Dec 2021 6.8% | Mar 2022 6.9% | Jun 2022 7.8% | Sep 2022 6.9% | Dec 2022 8.3% | Mar 2023 8.9% | Jun 2023 9.4% | Sep 2023 5.2% | Dec 2023 6.3% | Mar 2024 5.3% | Jun 2024 6.4% | Sep 2024 5.1% | Dec 2024 6.9% | Mar 2025 13% | Jun 2025 16% | Sep 2025 10% | Dec 2025 11% | Mar 2026 19%
- ACEL: Jun 2021 4.5% | Sep 2021 4.1% | Dec 2021 5.7% | Mar 2022 3.6% | Jun 2022 2.6% | Sep 2022 7.5% | Dec 2022 5.0% | Mar 2023 7.2% | Jun 2023 6.8% | Sep 2023 6.6% | Dec 2023 7.4% | Mar 2024 7.0% | Jun 2024 5.8% | Sep 2024 5.6% | Dec 2024 3.5% | Mar 2025 8.3% | Jun 2025 7.7% | Sep 2025 6.4% | Dec 2025 4.4% | Mar 2026 6.5%
- CDRO: Jun 2021 0.0% | Sep 2021 — | Dec 2021 0.0% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 —
- INSE: Jun 2021 7.1% | Sep 2021 3.8% | Dec 2021 4.7% | Mar 2022 10% | Jun 2022 8.5% | Sep 2022 5.4% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 3.8% | Sep 2023 11% | Dec 2023 15% | Mar 2024 6.5% | Jun 2024 4.0% | Sep 2024 5.2% | Dec 2024 — | Mar 2025 15% | Jun 2025 13% | Sep 2025 7.0% | Dec 2025 — | Mar 2026 7.0%
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 4.0% | Jun 2024 2.6% | Sep 2024 4.9% | Dec 2024 6.5% | Mar 2025 2.3% | Jun 2025 4.7% | Sep 2025 2.1% | Dec 2025 4.0% | Mar 2026 0.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Super Group (SGHC) Limited has the clearest covered balance-sheet capacity with $334 million net cash and gross debt of $104 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Rush Street Interactive, Inc. · $0 million | 100% versus #2 · Meridian Holdings Inc. | 8/8 recent comparable periods | 9/10 companies · 175 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Rush Street Interactive, Inc. (RSI): ₹0 Cr
2. Meridian Holdings Inc. (MRDN): ₹19 Cr
3. Super Group (SGHC) Limited (SGHC): ₹104 Cr
4. Inspired Entertainment, Inc. (INSE): ₹352 Cr
5. Accel Entertainment, Inc. (ACEL): ₹581 Cr

### Net debt — lowest net debt
1. Super Group (SGHC) Limited (SGHC): ₹-334 Cr
2. Rush Street Interactive, Inc. (RSI): ₹-332 Cr
3. Meridian Holdings Inc. (MRDN): ₹3 Cr
4. Accel Entertainment, Inc. (ACEL): ₹307 Cr
5. Inspired Entertainment, Inc. (INSE): ₹311 Cr

### 20-quarter Gross debt history
- FLUT: Jun 2021 ₹4.6K Cr | Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.5K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹12.7K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹12.6K Cr
- DKNG: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr
- SGHC: Jun 2021 — | Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹104 Cr
- RSI: Jun 2021 ₹2 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- CHDN: Jun 2021 ₹2.0K Cr | Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.9K Cr
- BRSL: Jun 2021 ₹7.2K Cr | Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.1K Cr
- ACEL: Jun 2021 ₹345 Cr | Sep 2021 ₹328 Cr | Dec 2021 ₹342 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹502 Cr | Sep 2022 ₹521 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹538 Cr | Jun 2023 ₹518 Cr | Sep 2023 ₹512 Cr | Dec 2023 ₹543 Cr | Mar 2024 ₹540 Cr | Jun 2024 ₹566 Cr | Sep 2024 ₹554 Cr | Dec 2024 ₹595 Cr | Mar 2025 ₹581 Cr | Jun 2025 ₹595 Cr | Sep 2025 ₹595 Cr | Dec 2025 ₹607 Cr | Mar 2026 ₹581 Cr
- INSE: Jun 2021 ₹330 Cr | Sep 2021 ₹321 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹331 Cr | Sep 2024 ₹376 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹361 Cr | Jun 2025 ₹389 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹352 Cr
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹19 Cr

### 20-quarter Net debt history
- FLUT: Jun 2021 ₹3.6K Cr | Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹10.9K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹11.0K Cr
- DKNG: Jun 2021 ₹-1.6K Cr | Sep 2021 ₹-1.6K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-922 Cr | Jun 2022 ₹-607 Cr | Sep 2022 ₹-632 Cr | Dec 2022 ₹-454 Cr | Mar 2023 ₹-203 Cr | Jun 2023 ₹-175 Cr | Sep 2023 ₹-246 Cr | Dec 2023 ₹-266 Cr | Mar 2024 ₹-126 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹540 Cr
- SGHC: Jun 2021 — | Sep 2021 ₹-311 Cr | Dec 2021 ₹-311 Cr | Mar 2022 ₹-280 Cr | Jun 2022 ₹-214 Cr | Sep 2022 ₹-246 Cr | Dec 2022 ₹-253 Cr | Mar 2023 ₹-99 Cr | Jun 2023 ₹-233 Cr | Sep 2023 ₹-232 Cr | Dec 2023 ₹-235 Cr | Mar 2024 ₹-282 Cr | Jun 2024 ₹-299 Cr | Sep 2024 ₹-252 Cr | Dec 2024 ₹-329 Cr | Mar 2025 ₹-291 Cr | Jun 2025 ₹-333 Cr | Sep 2025 ₹-406 Cr | Dec 2025 ₹-448 Cr | Mar 2026 ₹-334 Cr
- RSI: Jun 2021 ₹-371 Cr | Sep 2021 ₹-359 Cr | Dec 2021 ₹-298 Cr | Mar 2022 ₹-260 Cr | Jun 2022 ₹-227 Cr | Sep 2022 ₹-223 Cr | Dec 2022 ₹-204 Cr | Mar 2023 ₹-174 Cr | Jun 2023 ₹-150 Cr | Sep 2023 ₹-175 Cr | Dec 2023 ₹-171 Cr | Mar 2024 ₹-193 Cr | Jun 2024 ₹-197 Cr | Sep 2024 ₹-220 Cr | Dec 2024 ₹-233 Cr | Mar 2025 ₹-232 Cr | Jun 2025 ₹-242 Cr | Sep 2025 ₹-278 Cr | Dec 2025 ₹-341 Cr | Mar 2026 ₹-332 Cr
- CHDN: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.7K Cr
- BRSL: Jun 2021 ₹6.6K Cr | Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr
- ACEL: Jun 2021 ₹166 Cr | Sep 2021 ₹148 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹286 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹282 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹286 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹330 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹310 Cr | Mar 2026 ₹307 Cr
- INSE: Jun 2021 ₹305 Cr | Sep 2021 ₹284 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹274 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹275 Cr | Jun 2023 ₹269 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹292 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹307 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹343 Cr | Sep 2025 ₹359 Cr | Dec 2025 ₹330 Cr | Mar 2026 ₹311 Cr
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-16 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr

## Return On Capital Employed

What the numbers say: Super Group (SGHC) Limited leads ROCE at 15.9%, 3.3 percentage points above Rush Street Interactive, Inc.. Rush Street Interactive, Inc. has the strongest latest improvement at +5.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Super Group (SGHC) Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Super Group (SGHC) Limited · 15.9% | 26.2% versus #2 · Rush Street Interactive, Inc. | 5/8 recent comparable periods | 10/10 companies · 186 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Super Group (SGHC) Limited (SGHC): 16%
2. Rush Street Interactive, Inc. (RSI): 13%
3. Meridian Holdings Inc. (MRDN): 3.0%
4. Accel Entertainment, Inc. (ACEL): 2.9%
5. Inspired Entertainment, Inc. (INSE): 2.6%

### ROCE change — fastest improvers
1. Rush Street Interactive, Inc. (RSI): +5.2 pp
2. Meridian Holdings Inc. (MRDN): +3.1 pp
3. Super Group (SGHC) Limited (SGHC): +3.0 pp
4. Inspired Entertainment, Inc. (INSE): +2.1 pp
5. DraftKings Inc. (DKNG): +1.9 pp

### 20-quarter ROCE history
- FLUT: Jun 2021 — | Sep 2021 -1.1% | Dec 2021 -0.4% | Mar 2022 -0.7% | Jun 2022 0.6% | Sep 2022 0.0% | Dec 2022 0.1% | Mar 2023 -0.1% | Jun 2023 1.1% | Sep 2023 -0.7% | Dec 2023 -3.0% | Mar 2024 0.6% | Jun 2024 1.8% | Sep 2024 0.5% | Dec 2024 1.4% | Mar 2025 1.1% | Jun 2025 1.7% | Sep 2025 -3.7% | Dec 2025 1.2% | Mar 2026 0.4%
- DKNG: Jun 2021 — | Sep 2021 -20% | Dec 2021 -12% | Mar 2022 -15% | Jun 2022 -8.9% | Sep 2022 -15% | Dec 2022 -7.8% | Mar 2023 -15% | Jun 2023 -2.4% | Sep 2023 -11% | Dec 2023 -1.7% | Mar 2024 -5.7% | Jun 2024 -1.2% | Sep 2024 -12% | Dec 2024 -5.5% | Mar 2025 -1.7% | Jun 2025 5.0% | Sep 2025 -9.9% | Dec 2025 5.6% | Mar 2026 0.2%
- SGHC: Jun 2021 — | Sep 2021 17% | Dec 2021 13% | Mar 2022 69% | Jun 2022 20% | Sep 2022 5.1% | Dec 2022 -0.3% | Mar 2023 1.1% | Jun 2023 9.2% | Sep 2023 5.1% | Dec 2023 -8.0% | Mar 2024 2.4% | Jun 2024 3.1% | Sep 2024 3.6% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 16% | Dec 2025 13% | Mar 2026 16%
- RSI: Jun 2021 — | Sep 2021 -6.2% | Dec 2021 -32% | Mar 2022 -16% | Jun 2022 -8.4% | Sep 2022 -7.1% | Dec 2022 -11% | Mar 2023 -9.5% | Jun 2023 -6.6% | Sep 2023 -5.7% | Dec 2023 -1.8% | Mar 2024 0.8% | Jun 2024 2.2% | Sep 2024 3.4% | Dec 2024 6.5% | Mar 2025 7.4% | Jun 2025 8.5% | Sep 2025 6.3% | Dec 2025 8.6% | Mar 2026 13%
- CHDN: Jun 2021 — | Sep 2021 2.5% | Dec 2021 1.4% | Mar 2022 1.9% | Jun 2022 6.0% | Sep 2022 1.9% | Dec 2022 0.3% | Mar 2023 2.9% | Jun 2023 4.5% | Sep 2023 2.2% | Dec 2023 1.8% | Mar 2024 2.1% | Jun 2024 5.3% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.1% | Jun 2025 5.0% | Sep 2025 1.5% | Dec 2025 1.9% | Mar 2026 2.2%
- BRSL: Jun 2021 — | Sep 2021 2.1% | Dec 2021 1.9% | Mar 2022 2.6% | Jun 2022 2.4% | Sep 2022 2.4% | Dec 2022 2.6% | Mar 2023 2.9% | Jun 2023 2.8% | Sep 2023 1.9% | Dec 2023 2.3% | Mar 2024 2.7% | Jun 2024 2.2% | Sep 2024 1.4% | Dec 2024 2.2% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 2.7% | Dec 2025 2.5% | Mar 2026 1.8%
- ACEL: Jun 2021 — | Sep 2021 3.6% | Dec 2021 3.2% | Mar 2022 3.9% | Jun 2022 4.3% | Sep 2022 3.6% | Dec 2022 3.8% | Mar 2023 4.2% | Jun 2023 3.9% | Sep 2023 3.3% | Dec 2023 3.2% | Mar 2024 3.2% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 2.4% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 2.8% | Dec 2025 3.1% | Mar 2026 2.9%
- CDRO: Jun 2021 — | Sep 2021 -105% | Dec 2021 -105% | Mar 2022 -24% | Jun 2022 -46% | Sep 2022 -20% | Dec 2022 -31% | Mar 2023 -6.8% | Jun 2023 -15% | Sep 2023 -2.4% | Dec 2023 -7.1% | Mar 2024 1.3% | Jun 2024 3.4% | Sep 2024 2.1% | Dec 2024 5.3% | Mar 2025 2.3% | Jun 2025 5.7% | Sep 2025 2.1% | Dec 2025 4.5% | Mar 2026 0.0%
- INSE: Jun 2021 — | Sep 2021 7.0% | Dec 2021 1.1% | Mar 2022 3.0% | Jun 2022 5.8% | Sep 2022 7.2% | Dec 2022 5.5% | Mar 2023 2.0% | Jun 2023 5.9% | Sep 2023 5.5% | Dec 2023 3.7% | Mar 2024 -0.9% | Jun 2024 3.7% | Sep 2024 4.4% | Dec 2024 4.5% | Mar 2025 0.5% | Jun 2025 2.5% | Sep 2025 3.0% | Dec 2025 3.2% | Mar 2026 2.6%
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.2% | Dec 2022 -6.9% | Mar 2023 -1.1% | Jun 2023 -1.6% | Sep 2023 13% | Dec 2023 11% | Mar 2024 4.3% | Jun 2024 0.1% | Sep 2024 -1.1% | Dec 2024 -0.1% | Mar 2025 -0.1% | Jun 2025 -1.6% | Sep 2025 -0.3% | Dec 2025 -90% | Mar 2026 3.0%

### 20-quarter ROCE change history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −3.1 pp | Mar 2024 +0.7 pp | Jun 2024 +0.7 pp | Sep 2024 +1.2 pp | Dec 2024 +4.4 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 −4.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.7 pp
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.7 pp | Dec 2022 +4.4 pp | Mar 2023 +0.8 pp | Jun 2023 +6.5 pp | Sep 2023 +3.7 pp | Dec 2023 +6.1 pp | Mar 2024 +8.9 pp | Jun 2024 +1.2 pp | Sep 2024 −1.1 pp | Dec 2024 −3.8 pp | Mar 2025 +4.0 pp | Jun 2025 +6.2 pp | Sep 2025 +2.1 pp | Dec 2025 +11.1 pp | Mar 2026 +1.9 pp
- SGHC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.6 pp | Dec 2022 −13.5 pp | Mar 2023 −67.4 pp | Jun 2023 −10.8 pp | Sep 2023 0.0 pp | Dec 2023 −7.7 pp | Mar 2024 +1.3 pp | Jun 2024 −6.1 pp | Sep 2024 −1.5 pp | Dec 2024 +23.3 pp | Mar 2025 +10.5 pp | Jun 2025 +12.0 pp | Sep 2025 +12.7 pp | Dec 2025 −2.5 pp | Mar 2026 +3.0 pp
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +21.2 pp | Mar 2023 +6.0 pp | Jun 2023 +1.8 pp | Sep 2023 +1.4 pp | Dec 2023 +8.9 pp | Mar 2024 +10.3 pp | Jun 2024 +8.8 pp | Sep 2024 +9.1 pp | Dec 2024 +8.3 pp | Mar 2025 +6.6 pp | Jun 2025 +6.3 pp | Sep 2025 +2.9 pp | Dec 2025 +2.1 pp | Mar 2026 +5.2 pp
- CHDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −1.1 pp | Mar 2023 +1.0 pp | Jun 2023 −1.5 pp | Sep 2023 +0.3 pp | Dec 2023 +1.5 pp | Mar 2024 −0.8 pp | Jun 2024 +0.8 pp | Sep 2024 −0.2 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp
- BRSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.7 pp | Mar 2023 +0.3 pp | Jun 2023 +0.4 pp | Sep 2023 −0.5 pp | Dec 2023 −0.3 pp | Mar 2024 −0.2 pp | Jun 2024 −0.6 pp | Sep 2024 −0.5 pp | Dec 2024 −0.1 pp | Mar 2025 −0.9 pp | Jun 2025 −0.3 pp | Sep 2025 +1.3 pp | Dec 2025 +0.3 pp | Mar 2026 0.0 pp
- ACEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.6 pp | Mar 2023 +0.3 pp | Jun 2023 −0.4 pp | Sep 2023 −0.3 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −1.1 pp | Sep 2024 −0.6 pp | Dec 2024 −0.8 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.7 pp | Mar 2026 −0.1 pp
- CDRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +85.3 pp | Dec 2022 +74.5 pp | Mar 2023 +17.5 pp | Jun 2023 +31.7 pp | Sep 2023 +17.3 pp | Dec 2023 +23.4 pp | Mar 2024 +8.1 pp | Jun 2024 +18.0 pp | Sep 2024 +4.5 pp | Dec 2024 +12.4 pp | Mar 2025 +1.0 pp | Jun 2025 +2.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.8 pp | Mar 2026 −2.3 pp
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +4.4 pp | Mar 2023 −1.0 pp | Jun 2023 +0.1 pp | Sep 2023 −1.7 pp | Dec 2023 −1.8 pp | Mar 2024 −2.9 pp | Jun 2024 −2.2 pp | Sep 2024 −1.1 pp | Dec 2024 +0.8 pp | Mar 2025 +1.4 pp | Jun 2025 −1.2 pp | Sep 2025 −1.4 pp | Dec 2025 −1.3 pp | Mar 2026 +2.1 pp
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +9.7 pp | Dec 2023 +17.5 pp | Mar 2024 +5.4 pp | Jun 2024 +1.7 pp | Sep 2024 −14.0 pp | Dec 2024 −10.7 pp | Mar 2025 −4.4 pp | Jun 2025 −1.7 pp | Sep 2025 +0.8 pp | Dec 2025 −89.4 pp | Mar 2026 +3.1 pp

## Valuation Against Growth & Quality

What the numbers say: Brightstar Lottery PLC has the lowest comparable Guarded PEG at 0.29×, 64.2% below Accel Entertainment, Inc.. Only 3 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Brightstar Lottery PLC · 0.29× | 64.2% versus #2 · Accel Entertainment, Inc. | 0/8 recent comparable periods | 3/10 companies · 11 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Brightstar Lottery PLC (BRSL): 0.3
2. Accel Entertainment, Inc. (ACEL): 0.8
3. Churchill Downs Incorporated (CHDN): 2.4

### P/E — lowest P/E
1. Inspired Entertainment, Inc. (INSE): 4.8
2. Brightstar Lottery PLC (BRSL): 15.0
3. Churchill Downs Incorporated (CHDN): 16.6
4. Accel Entertainment, Inc. (ACEL): 18.2
5. Super Group (SGHC) Limited (SGHC): 22.3

### 20-quarter Guarded PEG history
- CHDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 — | Mar 2025 0.8 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BRSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 0.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ACEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 3.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.8
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 76.7 | Jun 2025 140.8 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 360.3
- SGHC: Jun 2021 — | Sep 2021 668.0 | Dec 2021 17.4 | Mar 2022 97.4 | Jun 2022 7.2 | Sep 2022 7.9 | Dec 2022 7.5 | Mar 2023 5.4 | Jun 2023 16.1 | Sep 2023 28.4 | Dec 2023 — | Mar 2024 47.6 | Jun 2024 305.7 | Sep 2024 593.5 | Dec 2024 25.6 | Mar 2025 24.0 | Jun 2025 41.7 | Sep 2025 30.4 | Dec 2025 27.9 | Mar 2026 22.3
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 457.3 | Mar 2025 134.0 | Jun 2025 74.5 | Sep 2025 81.9 | Dec 2025 62.7 | Mar 2026 70.2
- CHDN: Jun 2021 — | Sep 2021 42.5 | Dec 2021 37.9 | Mar 2022 34.0 | Jun 2022 15.3 | Sep 2022 14.8 | Dec 2022 18.5 | Mar 2023 17.9 | Jun 2023 29.9 | Sep 2023 24.6 | Dec 2023 24.6 | Mar 2024 27.6 | Jun 2024 25.8 | Sep 2024 24.6 | Dec 2024 23.5 | Mar 2025 19.8 | Jun 2025 17.4 | Sep 2025 17.6 | Dec 2025 21.5 | Mar 2026 16.6
- BRSL: Jun 2021 — | Sep 2021 24.4 | Dec 2021 12.4 | Mar 2022 10.7 | Jun 2022 23.6 | Sep 2022 8.8 | Dec 2022 16.4 | Mar 2023 24.4 | Jun 2023 23.7 | Sep 2023 61.4 | Dec 2023 35.1 | Mar 2024 21.0 | Jun 2024 19.6 | Sep 2024 34.7 | Dec 2024 9.2 | Mar 2025 11.2 | Jun 2025 16.6 | Sep 2025 10.8 | Dec 2025 12.1 | Mar 2026 15.0
- ACEL: Jun 2021 — | Sep 2021 26.4 | Dec 2021 39.5 | Mar 2022 25.4 | Jun 2022 18.0 | Sep 2022 10.7 | Dec 2022 9.5 | Mar 2023 12.2 | Jun 2023 17.0 | Sep 2023 22.4 | Dec 2023 19.4 | Mar 2024 23.1 | Jun 2024 18.0 | Sep 2024 22.8 | Dec 2024 26.1 | Mar 2025 20.2 | Jun 2025 29.4 | Sep 2025 22.1 | Dec 2025 19.0 | Mar 2026 18.2
- CDRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 448.1 | Dec 2024 77.5 | Mar 2025 138.1 | Jun 2025 423.5 | Sep 2025 250.2 | Dec 2025 228.0 | Mar 2026 —
- INSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16.6 | Sep 2022 16.4 | Dec 2022 17.4 | Mar 2023 21.0 | Jun 2023 25.4 | Sep 2023 31.5 | Dec 2023 41.2 | Mar 2024 328.7 | Jun 2024 — | Sep 2024 — | Dec 2024 4.1 | Mar 2025 3.5 | Jun 2025 3.9 | Sep 2025 4.8 | Dec 2025 — | Mar 2026 —
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 81.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 73.5 | Dec 2023 15.1 | Mar 2024 11.9 | Jun 2024 36.9 | Sep 2024 116.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Inspired Entertainment, Inc. leads both ev/ebitda at 6.34× and p/bv at 0.5×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Inspired Entertainment, Inc. · 6.34× | 0.2% versus #2 · Accel Entertainment, Inc. | 5/8 recent comparable periods | 10/10 companies · 138 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Inspired Entertainment, Inc. (INSE): 6.3
2. Accel Entertainment, Inc. (ACEL): 6.4
3. Super Group (SGHC) Limited (SGHC): 9.8
4. Churchill Downs Incorporated (CHDN): 11.9
5. Rush Street Interactive, Inc. (RSI): 13.2

### P/BV — lowest P/BV
1. Inspired Entertainment, Inc. (INSE): 0.5
2. Meridian Holdings Inc. (MRDN): 1.9
3. Flutter Entertainment plc (FLUT): 2.0
4. Brightstar Lottery PLC (BRSL): 2.8
5. Accel Entertainment, Inc. (ACEL): 3.3

### 20-quarter EV/EBITDA history
- FLUT: Jun 2021 — | Sep 2021 — | Dec 2021 58.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 20.5 | Mar 2023 103.3 | Jun 2023 179.3 | Sep 2023 382.4 | Dec 2023 53.3 | Mar 2024 48.7 | Jun 2024 40.1 | Sep 2024 42.7 | Dec 2024 25.8 | Mar 2025 22.8 | Jun 2025 28.4 | Sep 2025 40.0 | Dec 2025 34.4 | Mar 2026 19.3
- DKNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 66.8 | Mar 2026 35.9
- SGHC: Jun 2021 — | Sep 2021 15.5 | Dec 2021 12.2 | Mar 2022 17.8 | Jun 2022 7.6 | Sep 2022 8.8 | Dec 2022 5.9 | Mar 2023 25.6 | Jun 2023 15.3 | Sep 2023 20.0 | Dec 2023 10.8 | Mar 2024 17.1 | Jun 2024 84.7 | Sep 2024 133.4 | Dec 2024 11.4 | Mar 2025 8.5 | Jun 2025 13.4 | Sep 2025 14.8 | Dec 2025 13.3 | Mar 2026 9.8
- RSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 140.5 | Jun 2024 32.6 | Sep 2024 20.4 | Dec 2024 19.7 | Mar 2025 12.3 | Jun 2025 13.7 | Sep 2025 16.8 | Dec 2025 13.8 | Mar 2026 13.2
- CHDN: Jun 2021 — | Sep 2021 28.4 | Dec 2021 27.6 | Mar 2022 25.7 | Jun 2022 22.0 | Sep 2022 22.0 | Dec 2022 28.1 | Mar 2023 26.3 | Jun 2023 25.8 | Sep 2023 21.0 | Dec 2023 20.0 | Mar 2024 18.4 | Jun 2024 17.3 | Sep 2024 16.5 | Dec 2024 15.9 | Mar 2025 13.7 | Jun 2025 12.7 | Sep 2025 12.8 | Dec 2025 14.0 | Mar 2026 11.9
- BRSL: Jun 2021 — | Sep 2021 9.3 | Dec 2021 8.5 | Mar 2022 8.3 | Jun 2022 7.4 | Sep 2022 6.5 | Dec 2022 10.8 | Mar 2023 7.8 | Jun 2023 8.5 | Sep 2023 9.0 | Dec 2023 10.4 | Mar 2024 9.2 | Jun 2024 10.2 | Sep 2024 12.5 | Dec 2024 14.0 | Mar 2025 22.7 | Jun 2025 64.8 | Sep 2025 18.1 | Dec 2025 13.7 | Mar 2026 33.6
- ACEL: Jun 2021 — | Sep 2021 35.0 | Dec 2021 11.4 | Mar 2022 9.9 | Jun 2022 9.6 | Sep 2022 7.4 | Dec 2022 6.6 | Mar 2023 6.9 | Jun 2023 7.4 | Sep 2023 7.4 | Dec 2023 6.9 | Mar 2024 7.7 | Jun 2024 7.2 | Sep 2024 7.8 | Dec 2024 7.8 | Mar 2025 7.2 | Jun 2025 7.9 | Sep 2025 7.1 | Dec 2025 6.7 | Mar 2026 6.4
- CDRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 184.8 | Dec 2024 53.0 | Mar 2025 47.2 | Jun 2025 46.9 | Sep 2025 34.4 | Dec 2025 43.3 | Mar 2026 —
- INSE: Jun 2021 — | Sep 2021 21.2 | Dec 2021 10.0 | Mar 2022 29.1 | Jun 2022 28.0 | Sep 2022 183.7 | Dec 2022 6.7 | Mar 2023 41.3 | Jun 2023 44.3 | Sep 2023 5.9 | Dec 2023 5.7 | Mar 2024 13.8 | Jun 2024 13.7 | Sep 2024 8.8 | Dec 2024 4.2 | Mar 2025 15.0 | Jun 2025 11.8 | Sep 2025 7.5 | Dec 2025 4.1 | Mar 2026 6.3
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17.6 | Dec 2022 97.7 | Mar 2023 — | Jun 2023 — | Sep 2023 18.3 | Dec 2023 9.7 | Mar 2024 7.9 | Jun 2024 21.4 | Sep 2024 18.6 | Dec 2024 19.9 | Mar 2025 24.4 | Jun 2025 24.0 | Sep 2025 14.1 | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- FLUT: Jun 2021 — | Sep 2021 2.6 | Dec 2021 2.0 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.7 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.8 | Mar 2024 3.7 | Jun 2024 3.3 | Sep 2024 4.1 | Dec 2024 4.3 | Mar 2025 4.0 | Jun 2025 5.0 | Sep 2025 4.8 | Dec 2025 4.2 | Mar 2026 2.0
- DKNG: Jun 2021 — | Sep 2021 10.7 | Dec 2021 6.7 | Mar 2022 5.9 | Jun 2022 3.0 | Sep 2022 4.7 | Dec 2022 3.9 | Mar 2023 8.6 | Jun 2023 12.1 | Sep 2023 17.0 | Dec 2023 19.6 | Mar 2024 25.9 | Jun 2024 14.0 | Sep 2024 17.7 | Dec 2024 18.0 | Mar 2025 18.6 | Jun 2025 21.1 | Sep 2025 25.4 | Dec 2025 27.0 | Mar 2026 17.7
- SGHC: Jun 2021 — | Sep 2021 8.0 | Dec 2021 8.2 | Mar 2022 45.3 | Jun 2022 4.8 | Sep 2022 4.6 | Dec 2022 2.7 | Mar 2023 3.6 | Jun 2023 2.4 | Sep 2023 3.1 | Dec 2023 2.7 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 3.0 | Dec 2024 5.4 | Mar 2025 5.0 | Jun 2025 8.3 | Sep 2025 8.9 | Dec 2025 7.5 | Mar 2026 7.5
- RSI: Jun 2021 — | Sep 2021 12.4 | Dec 2021 11.8 | Mar 2022 6.1 | Jun 2022 4.4 | Sep 2022 3.8 | Dec 2022 4.2 | Mar 2023 4.0 | Jun 2023 4.2 | Sep 2023 6.4 | Dec 2023 6.0 | Mar 2024 8.5 | Jun 2024 12.2 | Sep 2024 13.0 | Dec 2024 15.8 | Mar 2025 12.5 | Jun 2025 11.6 | Sep 2025 14.9 | Dec 2025 13.2 | Mar 2026 14.1
- CHDN: Jun 2021 — | Sep 2021 27.1 | Dec 2021 29.9 | Mar 2022 26.5 | Jun 2022 12.0 | Sep 2022 11.2 | Dec 2022 14.3 | Mar 2023 13.7 | Jun 2023 12.2 | Sep 2023 9.7 | Dec 2023 11.3 | Mar 2024 11.0 | Jun 2024 9.9 | Sep 2024 9.1 | Dec 2024 9.1 | Mar 2025 7.5 | Jun 2025 6.8 | Sep 2025 6.5 | Dec 2025 7.8 | Mar 2026 5.7
- BRSL: Jun 2021 — | Sep 2021 4.1 | Dec 2021 4.8 | Mar 2022 3.8 | Jun 2022 2.8 | Sep 2022 2.0 | Dec 2022 3.2 | Mar 2023 3.8 | Jun 2023 4.5 | Sep 2023 4.1 | Dec 2023 3.9 | Mar 2024 3.0 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 3.8 | Dec 2025 3.0 | Mar 2026 2.8
- ACEL: Jun 2021 — | Sep 2021 7.0 | Dec 2021 7.7 | Mar 2022 6.8 | Jun 2022 5.5 | Sep 2022 3.8 | Dec 2022 3.7 | Mar 2023 4.3 | Jun 2023 4.8 | Sep 2023 4.7 | Dec 2023 4.4 | Mar 2024 4.9 | Jun 2024 4.1 | Sep 2024 4.6 | Dec 2024 3.6 | Mar 2025 3.3 | Jun 2025 3.8 | Sep 2025 3.5 | Dec 2025 3.5 | Mar 2026 3.3
- CDRO: Jun 2021 — | Sep 2021 0.8 | Dec 2021 3.5 | Mar 2022 — | Jun 2022 2.4 | Sep 2022 — | Dec 2022 4.5 | Mar 2023 — | Jun 2023 7.0 | Sep 2023 — | Dec 2023 5.7 | Mar 2024 — | Jun 2024 18.3 | Sep 2024 — | Dec 2024 11.7 | Mar 2025 — | Jun 2025 16.1 | Sep 2025 — | Dec 2025 10.8 | Mar 2026 9.3
- INSE: Jun 2021 — | Sep 2021 -2.2 | Dec 2021 -3.2 | Mar 2022 -4.7 | Jun 2022 -4.0 | Sep 2022 -4.5 | Dec 2022 -3.8 | Mar 2023 — | Jun 2023 -4.8 | Sep 2023 -4.3 | Dec 2023 -3.4 | Mar 2024 -3.2 | Jun 2024 -3.1 | Sep 2024 -3.2 | Dec 2024 -72.9 | Mar 2025 -104.4 | Jun 2025 0.6 | Sep 2025 -28.1 | Dec 2025 0.3 | Mar 2026 0.5
- MRDN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.3 | Dec 2022 2.6 | Mar 2023 3.9 | Jun 2023 2.7 | Sep 2023 2.4 | Dec 2023 3.0 | Mar 2024 1.2 | Jun 2024 3.3 | Sep 2024 3.0 | Dec 2024 2.4 | Mar 2025 2.4 | Jun 2025 2.0 | Sep 2025 1.3 | Dec 2025 2.6 | Mar 2026 1.9

## Market action

Rush Street Interactive, Inc. has the strongest one-year price move in Gambling at +58.6%. It also leads on Mansfield relative strength against the S&P 500 at +29.6%. 5 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Rush Street Interactive, Inc. (RSI): 59%
2. Super Group (SGHC) Limited (SGHC): 41%
3. Codere Online Luxembourg, S.A. (CDRO): 13%
4. Accel Entertainment, Inc. (ACEL): -1.0%
5. Churchill Downs Incorporated (CHDN): -16%

### Strongest relative strength versus NIFTY 500
1. Rush Street Interactive, Inc. (RSI): 30%
2. Meridian Holdings Inc. (MRDN): 20%
3. Super Group (SGHC) Limited (SGHC): 17%
4. Codere Online Luxembourg, S.A. (CDRO): 6.9%
5. Accel Entertainment, Inc. (ACEL): 0.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Flutter Entertainment plc (FLUT) — market value ₹18.9K Cr; latest fundamentals Mar 2026
- DraftKings Inc. (DKNG) — market value ₹12.2K Cr; latest fundamentals Mar 2026
- Super Group (SGHC) Limited (SGHC) — market value ₹7.6K Cr; latest fundamentals Mar 2026
- Rush Street Interactive, Inc. (RSI) — market value ₹7.1K Cr; latest fundamentals Mar 2026
- Churchill Downs Incorporated (CHDN) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- Brightstar Lottery PLC (BRSL) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- Accel Entertainment, Inc. (ACEL) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Codere Online Luxembourg, S.A. (CDRO) — market value ₹423 Cr; latest fundamentals Mar 2026
- Inspired Entertainment, Inc. (INSE) — market value ₹188 Cr; latest fundamentals Mar 2026
- Meridian Holdings Inc. (MRDN) — market value ₹178 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Gambling company is the biggest?

Flutter Entertainment plc is the largest, with trailing-twelve-month revenue of $17,048 million, ahead of DraftKings Inc. at $6,292 million. That covers 9 of 10 companies with comparable reporting through Mar 2026.

### Which Gambling company is growing fastest?

Rush Street Interactive, Inc. has the fastest revenue growth at 28.3% year on year, across 9 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Gambling company has the best profit margins?

Brightstar Lottery PLC has the highest operating margin at 21.6%, from 9 of 10 comparable companies. Inspired Entertainment, Inc. shows the biggest recent improvement, at +13.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Gambling company makes the most profit?

Churchill Downs Incorporated earns the most, at $392 million of trailing-twelve-month net profit, from 9 of 10 comparable companies. Rush Street Interactive, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Gambling company earns the highest return on capital?

Super Group (SGHC) Limited leads on return on capital employed at 15.9%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Gambling stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Brightstar Lottery PLC screens cheapest at 0.29×. Only 3 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Gambling company has the strongest balance sheet?

Rush Street Interactive, Inc. carries the lowest comparable gross debt at $0 million, from 9 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Gambling company is investing most in new capacity?

Brightstar Lottery PLC reports the largest capital spending at $110 million, across 10 of 10 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Gambling sector beating the market?

Gambling has underperformed S&P 500 by 22.3% over the last 52 weeks and 1.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Gambling stock has the strongest price momentum?

Rush Street Interactive, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Gambling company scores highest for research priority?

Super Group (SGHC) Limited scores 72.6 out of 100 with 76.2% evidence confidence, from 27.4 points on growth and earnings, 18.9 on capital efficiency, 10.2 on valuation and 16.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Gambling companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Gambling sector?

The 10 Gambling companies on this page carry $55,833 million of combined market value. Flutter Entertainment plc is the largest at $18,920 million, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Gambling sector's P/E ratio?

The median price-to-earnings ratio across the 10 Gambling companies on this page is 70.2×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Gambling sector performing?

5 of the 10 covered Gambling companies are beating S&P 500 on Mansfield relative strength. The sector itself is 22.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Gambling stocks are listed in the US?

This comparison covers 10 listed Gambling companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/gambling