Digital Gaming Digest – September and 3Q26 Performance, Trends, and Tidbits

September digital gaming trends were mixed, as overall GGR increased 8% y/y to $2.38b. By product, OSB GGR was +5% y/y to $1.36b (handle +3% y/y, hold +20bps y/y), while iGaming GGR of $1.01b was +13% y/y, with September's growth rate similar to August's +12%. Five key takes: (1) September OSB hold finished at 8.6%; while up 20bps y/y, it was still unfavorable vs. hold that is typically about 10%; (2) OSB handle growth was +3% y/y in September, better than August's -1% y/y, but consistent with the slow levels observed throughout 2026 ex-World Cup; (3) October initial checks are encouraging, with NY/WV weekly data indicating handle tracking +4%/13% y/y; (4) iGaming GGR growth was stable in September at +13% y/y, vs. August's +12% and July's +16%, and WV iGaming GGR is tracking up ~25% y/y in October; (5) FanDuel market-making revenue appears to be tracking ahead of plan, with potential for $25-50m of upside in 3Q26. 3Q total digital GGR was +9% y/y to $6.7b. OSB GGR was +6% y/y (same-st