The global gambling industry has shown it’s tough as nails in the face of market volatility caused by former President Donald Trump’s 10% universal tariffs. While stocks initially fell — Flutter down 14.9% and DraftKings 6.7% — markets stabilized after a 90-day tariff pause was announced, and Penn Entertainment and Caesars are up over 17%.

Analysts at Macquarie and Citizens Capital Markets point to historical trends that show gambling is resilient during downturns. In the 2008-2009 crisis, UK digital gambling revenues fell 1-2% and US land-based revenue 8%.

Experts say that economic pressure could actually boost gambling activity and legalization efforts, as consumers look for cheap entertainment and states look for new tax revenue. As Jordan Bender says, “low-cost, content-driven entertainment tends to gain wallet share during recessions.”

Despite macroeconomic uncertainty, the sector remains strong — underscoring gambling’s reputation as a crisis-resistant industry.