Here are summaries and links to research content we published since our last roundup.

BetMGM became the first major US sportsbook operator to explicitly name prediction markets as a reason for cutting guidance, lowering 2026 revenue to $2.9-3.1B from $3.1-3.2B and EBITDA to the low end of the $300-350M range on the back of rising CPAs from Kalshi and peers. Our note argues this turns a structural concern into a measurable one for BETCO, whose affiliate economics sit downstream of sportsbook volumes, while BETCO's own prediction market pivot on Action Network and VegasInsider is not yet showing traction (VegasInsider's hub ranks position 34 for the core keyword and captures about 16 monthly visits). We maintain our Underperform rating, noting BETCO trades at 13.8x NTM EV/EBIT versus 8.0x for GAMB and 5.7x for G2M, with buybacks and insider pro rata sales propping up the share price even as SEO traffic falls ~4% vs Q4 and ~14% Y/Y. Read more

A career page scan of Smart Eye and its subsidiaries flagged a second open Resident Engineer position in Detroit, which we cross-referenced against LinkedIn data and SEYE's disclosed design-win pipeline to identify the likely customer and infer timing for the upcoming production ramp. The addition of a second on-site engineer is a workload signal consistent with a program moving from integration into start-of-production support, pointing to Stellantis as the most probable anchor customer. This post was originally exclusive to our Premium subscribers but is now unlocked for everyone. Read more

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This analysis represents the independent views of Lind Research and is based on publicly available information believed to be reliable, but no warranty is given as to its accuracy or completeness. Nothing herein is investment advice or a recommendation. We publish openly, and companies do not influence our conclusions. Lind Research may hold positions in securities discussed.

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