Accel Entertainment

Direct pricing power is constrained because economics per terminal are shaped by state tax on net terminal income and revenue splits with locations. Illinois’ VGT tax is now 35% NTI effective July 1, 2025, limiting operator take‑rate expansion.

Accel can optimize mix (game themes, terminal count per site where legal), deploy ticket‑in, ticket‑out, and leverage service quality to negotiate contract terms at renewal, but these are gradual levers. We do not see latent, monopolistic pricing power akin to toll‑like software or regulated monopolies.

Upside could emerge if Chicago ramps and Accel secures favorable contracts at scale, but that is execution‑ and timing‑dependent.