The S&P 500 Index ended its eight-week winning streak and plunged over 2.59% last week amid the crash on Friday. Meanwhile, gaming stocks, which have consistently underperformed broader markets this year, bucked last week’s sell-off, and the Roundhill Sports Betting & iGaming ETF gained almost 1%.
MGM Resorts and Boyd Gaming were among the major gainers last week, while Corsair Gaming and Playtika Holdings were among the major losers.
Major Gainers
MGM Resorts (NYSE: MGM) +8.79%
MGM Resorts was the biggest gainer in our coverage of gaming stocks last week. The stock rose nearly 9%, extending its year-to-date (YTD) gains to 30%. Last week’s rise could be attributed to the acquisition offer from billionaire Barry Diller’s firm People Incorporated (formerly known as IAC).
The firm, which already holds a 26.1% stake in MGM, submitted a proposal to acquire the remaining outstanding shares of MGM Resorts at $48.3 a share, valuing the company at $18 billion. The offered price was a premium to MGM’s prevailing share price, leading to a spike in the stock.
In its statement, MGM said that its board “will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the Company and all of its shareholders.”
Boyd Gaming (NYSE: BYD) +6.28%
Boyd Gaming stock rose over 6% last week and turned positive for the year. Last week, Texas Capital Securities initiated coverage of Boyd with a strong Buy rating and a price target of $106, well above the stock’s mean target price of $92.
In his note, Texas Capital analyst David Bain said Boyd Gaming stock is undervalued, trading below its historical valuations and those of its peers. He noted that Boyd’s current leverage ratios are quite benign, which provides it with ample “dry powder” to pursue acquisitions.
Bain highlighted Boyd’s highly disciplined, ROI-focused management team as uniquely positioned to capitalize on potential opportunistic asset sales from Caesars Entertainment and noted that the company could swoop in to buy up high-value regional properties if Caesars shakes up its portfolio following the proposed acquisition by Fertitta Entertainment.
Entain Plc (LSE: ENT) +6.22%
Entail Plc shares rose by more than 6% last week, helping it narrow its YTD loss to 26%. The gains could be attributed to People’s bid for MGM. Notably, Entain and MGM jointly own and operate BetMGM, one of the leading and fastest-growing online sports betting and gaming platforms in the United States.
Deutsche Bank analysts noted that a change of control or restructuring at MGM would inevitably require a strategic reassessment of the BetMGM joint venture. Speculation that this corporate activity could finally crystallize the true value of the BetMGM partnership or even reignite direct buyout interest for Entain’s stake boosted sentiments and supported ENT’s price action last week.
Biggest Losers
Corsair Gaming (NYSE: CRSR) –25.78%
Corsair Gaming, one of the biggest gainers over the preceding two weeks, lost over a quarter of its market capitalization last week. While there was likely some profit-taking in the stock after the stellar May rally, sentiment was dampened by Craig-Hallum’s downgrade. On Monday, the brokerage cut CRSR’s rating from a “Buy” to “Hold” and set a price target of $10. The sell-off only deepened on Friday amid the broad-based sell-off in tech and artificial intelligence (AI) stocks.
Notably, CRSR’s May rally was driven by optimism over its AI pivot. Last month, Corsair announced a portfolio of AI-powered workstations and servers named Corsair PRO. Subsequently, the company’s creator brand, Elgato, announced Model Context Protocol (MCP) support for its popular Stream Deck. This allows the device to act as a physical controller for AI agents like NVIDIA G-Assist, letting users trigger complex, multi-step AI tasks with voice commands or a single keypress.
However, after the 75% rally the previous week, the stock came under pressure last week as markets questioned whether the bump was really supported by fundamentals.
Playtika Holdings (NYSE: PLTK) –18.04%
Playtika Holdings stock plummeted over 18% last week, extending its YTD loss to 21.7%. There wasn’t any major company-specific news last week, but lingering concerns over the company’s sagging growth and weak balance sheet seem to have prompted the sell-off.
Notably, earlier this year, Playtika announced a “review of strategic alternatives to maximize shareholder value.” The company has formed a special committee of independent directors that is tasked with “conducting a comprehensive review and evaluation of strategic alternatives across its portfolio.”
The stock rallied after the announcement, on hopes that the company might be put up for sale. However, there hasn’t been much progress on that front, which has put pressure on the stock.
Robinhood (NYSE: HOOD) –12.55%
Robinhood, which was among the major gainers in the preceding week, lost nearly 13% last week. Over half of the losses occurred on Friday amid a broader market slump.
As a high-beta growth stock, Robinhood is historically highly sensitive to overall market sentiment. When tech and financial sectors slide, HOOD typically takes a harder hit than the rest of the market.
Meanwhile, last week, Robinhood completed the acquisition of WonderFi, allowing it to formally launch its app and regulated crypto trading services in Canada. Furthermore, it unveiled the “Robinhood Advisor Network” in partnership with TradePMR, aiming to connect users with independent financial advisors.
Robinhood has been diversifying its business beyond stock and cryptocurrency trading. Prediction markets have been a key growth-driver for the popular retail trading app. Notably, while Robinhood’s cryptocurrency trading business sagged in Q1 2026, its prediction market business continues to flourish.
The company saw record volumes in its prediction markets in the quarter and is gearing up for the joint venture with Susquehanna to launch its CFTC-regulated prediction market exchange and clearinghouse.
Major Gaming Industry Developments
Allwyn released its Q1 2026 earnings last week. The company’s total revenue rose 21% year-over-year (YoY) to €1.2 billion, while adjusted EBITDA rose 26% to €441 million. The company is now the world’s second-largest listed gaming entertainment company following a merger with Greece’s OPAP last year.
Last week, Bally’s Intralot announced that it has reached an agreement to acquire Evoke, the parent company of betting brands William Hill and 888. The talks for the deal have been ongoing for over two months.
The gaming industry is currently witnessing a spate of M&A activity, and last month, Fertitta Entertainment agreed to acquire Caesars Entertainment in a $17.6 billion deal. As part of the deal, Caesars shareholders will receive $31 per share in cash, and Fertitta will assume $11.9 billion of Caesars’ outstanding debt.
Major Prediction Market Developments
Talking of prediction markets, Polymarket has launched an internal investigation and publicly accused its chief rival, Kalshi, of corporate espionage. Polymarket marketing executives compiled a file alleging that Kalshi has suspiciously “copycatted” a dozen distinct product launches and marketing campaigns, sometimes within hours of Polymarket’s planning.
On the regulatory side, as part of the budget, Illinois approved a sports prediction market tax. It is the first-of-its-kind tax in the US, and operators are subject to a tiered, per-trade tax. The rate is set at 1.75% of the value of each trade for the first 5 million wagers in a fiscal year, which then doubles to 3.5% beyond that threshold.
Notably, while the prediction market industry is witnessing strong growth, there is a turf war between states and the Commodity Futures Trading Commission (CFTC) over the regulation of prediction markets.
Last week, Polymarket filed a federal lawsuit against the state of Minnesota over its newly passed law, which seeks to criminalize prediction market operations and advertising starting August 1.
Prediction markets have also been plagued by insider trading allegations, and last week Polymarket said that it is ending its paid relationship with George Santos. For context, ahead of President Trump’s February 2026 State of the Union address, Santos publicly announced his intention to attend. However, authorities are investigating allegations that he simultaneously placed bets on Kalshi, betting that he would not attend.
Last week, Senator Elizabeth Warren, along with lawmakers like Senator Amy Klobuchar and Representative Jamie Raskin, pressed the CFTC and the Office of Government Ethics (OGE) over alarming reports that federal employees and political insiders are using non-public government information to profit on prediction markets.
“Taken together, these are concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity,” said Warren in her letter.
