High Roller stock slides despite prediction markets push
Table of contents
- High Roller Technologies reports Q1 2026 net revenues of $3.4m, down 35% year-on-year, as the company reduces casino marketing spend.
- The NYSE-listed operator has signed a definitive agreement with Crypto.com | Derivatives North America and secured three strategic marketing partnerships ahead of its planned US prediction markets launch.
- A $25m registered direct offering and a separate $1m strategic investment from Saratoga Casino Holdings have swung working capital to a positive $18.1m.
High Roller Technologies (NYSE: ROLR) has reported its first-quarter 2026 financial results and provided a detailed update on its planned US prediction markets launch, disclosing a strengthened balance sheet, a definitive deal with Crypto.com, and a growing network of media distribution partnerships.
The company reported Q1 net revenues of $3.4m, a 35% decline from $5.2m in the same period last year. High Roller attributed the drop to a deliberate exit from certain markets and a significant reduction in customer acquisition spending in its online casino vertical, as it repositions around prediction markets.
ROLR shares have fallen sharply in 2026, dropping from a January high of $22.14 to around $8.50 ahead of the Q1 results release, a decline of more than 60%. A brief rally followed the announcement of the CDNA definitive agreement in April before those gains were surrendered over subsequent sessions.
The Q1 earnings release has not reversed the trend, with investors appearing to weigh the prediction markets pipeline against continued revenue contraction in the core casino business and the absence of a confirmed launch date.
Seth Young, Chief Executive Officer at High Roller Technologies, said:
“This was a transformative quarter for High Roller as we significantly strengthened our balance sheet and announced major planned growth initiatives. In a short period of time, we have secured a definitive agreement with CDNA to enter the prediction markets category, established our consumer-facing ROLR brand, and built a network of strategic marketing and distribution partnerships designed to support scale, among other achievements.”
Financials improve
Despite the revenue decline, operating metrics moved in the right direction. Total operating expenses fell 28% to $6.4m, down from $8.9m in Q1 2025, driven by lower direct costs and reduced advertising spend. Loss from operations narrowed to $3.0m from $3.7m a year earlier.
Adjusted EBITDA improved by $1.7m to negative $1.3m, compared with negative $3.0m in Q1 2025. Working capital swung from a $3.7m deficit at the end of December 2025 to a positive $18.1m by March 31, 2026, with $23.1m in cash and restricted cash and no debt on the balance sheet.
The improvement was underpinned by two capital raises completed during the quarter. High Roller closed a $25m registered direct offering priced at $13.21 per share, issuing 1,892,506 shares, with proceeds earmarked for sales and marketing, geographic expansion, and product development.
Separately, Saratoga Casino Holdings made a $1m strategic investment via private placement, marking its first step into the online gaming sector. The company also confirmed it has regained compliance with NYSE American continued listing standards, resolving a prior stockholders’ equity deficiency.
Prediction markets push
On the product side, High Roller has moved quickly to build out its US prediction markets infrastructure since formalizing its agreement with Crypto.com | Derivatives North America (CDNA) in April. CDNA is registered with the Commodity Futures Trading Commission as both a designated contract market and a derivatives clearing organisation.
Under the arrangement, High Roller plans to operate as a CFTC-registered Introducing Broker, offering CDNA event contracts across finance, sports and entertainment under the consumer-facing ROLR brand, with ROLR.com serving as the primary digital destination.
The company has engaged an unnamed Big 4 consultancy to manage the licensing and regulatory approval process.
On the marketing side, it has signed definitive agreements with Lines.com (owned by Spike Up Media), Forever Network, and Leverage Game Media. Forever Network reported more than 20 billion impressions in 2025 and a global reach of 450 million people.
High Roller has also created the new role of Head of Applied AI, appointing Nicholis Muller to lead compliance automation, product personalisation, and customer engagement initiatives ahead of launch.
Per a FalconX estimate cited by the company, prediction market trading volumes grew nearly four times to $64bn in 2025, are on pace to exceed $325bn in 2026, and could surpass $1.1trn by 2030.
Young added:
“We have a clear plan, clear timing, we’re bullish, and we’re in full-on execution mode. We plan to communicate further updates in due course as we trend towards this exciting new launch.”
For investors and operators watching the prediction markets space, High Roller’s execution timeline will be closely scrutinised. The company has moved from a binding letter of intent in January to a definitive agreement and a full brand and distribution build-out in under five months, with no specific launch date yet disclosed.
Regulatory licensing remains the critical outstanding variable, and the competitive landscape is increasingly crowded, with well-capitalised platforms including Kalshi and Polymarket already active in the US market.
High Roller Technologies was founded in 2021 and listed on NYSE American under the ticker ROLR. The company initially operated as a B2C online casino and sportsbook operator across regulated markets in Europe and North America, building its business through white-label partnerships and proprietary brands.
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