Prediction markets became the central theme of the 13th annual Truist Securities GLL Summit in Boston, where ten gaming companies gathered to assess market shifts and regulatory direction across the U.S. gambling industry. Truist analyst Barry Jonas summarized the event for investors in a November 24 report, emphasizing widespread attention on event contracts and how operators plan to approach the emerging category.
Operators Evaluate the Future of Predictive Trading
Jonas noted that many diversified gaming operators are adopting a cautious posture, waiting to see how major online sports betting (OSB) leaders perform before committing to prediction-market products. DraftKings offered the most specific timeline, stating its product is expected to debut in December or January in states without legalized OSB.
DraftKings leadership, according to Jonas, “maintains the view that predictive will be less attractive to the casual sports bettor, given exposure to sharp trading and a lack of promotional allowance.” They also suggested the product could motivate non-OSB states to legalize event contracts, while states with mature OSB markets might be reluctant to raise tax rates if prediction trading emerges as a competing alternative.
DraftKings described its strategy as involving “reasonable investment and shorter payback periods in prediction, given uncertainty on how the market evolves,” with profit margins expected to exceed OSB thanks to the “overall net fee on each side of contract … along with more limited promotional allowances.” Executives signaled no concerns about licensing risks and said communication with regulators continues. Brick-and-mortar operators, meanwhile, were characterized as content to let DraftKings take first-mover risk.
Las Vegas Trends, Regional Strength, and M&A Momentum
The summit also highlighted broader performance trends. Jonas pointed to a strong convention and sports calendar—boosted by the Las Vegas Grand Prix—as drivers of improved fourth-quarter results on the Strip. MGM Resorts International reported sequential improvement, while Caesars Entertainment noted “lingering leisure softness” affecting occupancy and room pricing. Caesars projected limited cash-flow growth into 2026 unless demand rebounds from Canada, southern California, and lower-end customers.
Several operators remained optimistic that upcoming events would support the early months of 2026. Regional operators reported consistently strong performance, with Jonas writing that “one operator attributed Regional strength to the value proposition of casinos with relatively minimal price increases … compared to other consumer discretionary offering.” The recent 43-day federal government shutdown had minimal impact aside from MGM noting it “didn’t help” MGM National Harbor.
Mergers and acquisitions surfaced as an active area, with Gaming & Leisure Properties (GLPI) and Vici Properties expecting new opportunities and positioned “at the low-end/or below their respective leverage targets.” Caesars continued working with Vici to resolve rent concerns, and Jonas anticipated a near-term solution that avoids rent reductions.
GLPI expressed confidence in Bally’s Chicago, even if Illinois legalizes slot routes, but was more cautious about Bally’s Las Vegas given the challenge of differentiation. It also identified the southeastern U.S. as promising for long-term expansion.
Other participants included Accel Entertainment, Churchill Downs, Light & Wonder, Penn Entertainment, Sportradar Group, and Wynn Resorts.
Source:
“Prediction markets dominate gaming summit in Boston”, cdcgaming.com, November 24, 2025
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