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Investing.com -- Citizens adjusted its gaming coverage following the Global Gaming Expo and ahead of third-quarter earnings, expecting weaker results from Las Vegas operators and U.S. online gaming due to unfavorable betting outcomes.
The brokerage named Flutter Entertainment as its top pick for online gaming, citing its leading U.S. and international position, scale, and balance sheet.
It also recommended Genius Sports, highlighting its progress toward cash flow generation, and Super Group, which it said trades at an attractive multiple with catalysts ahead.
For brick-and-mortar exposure, Citizens pointed to PENN Entertainment, where it expects upside from project returns, capital allocation, and a possible ESPN Bet exit. It also sees catalysts for Churchill Downs, including growth from historical racing machines and projects tied to the 2026 Derby.
Citizens downgraded Bragg Gaming to Market Perform from Market Outperform, saying risks tied to the loss of its largest client BetCity and higher taxes in Europe outweigh recent progress in the U.S. and Brazil. It expects Bragg to see negative revenue growth and limited cash flow expansion over the next two years.