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Here are 1-2 brief analogies for Accel Entertainment (ACEL):

• Like Redbox for video gambling terminals, placing interactive gaming machines in thousands of local businesses.
• Imagine Dave & Buster's, but for adult gambling, distributed into local bars and convenience stores instead of large venues.

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• Distributed Gaming Terminal Services: Installation, maintenance, and operation of video gaming terminals in authorized non-casino locations.
• Redemption Device Services: Operation of devices that disburse winnings from gaming terminals and provide automated teller machine (ATM) functionality.
• Stand-Alone ATM Services: Operation of independent automated teller machines in both gaming and non-gaming locations.
• Amusement Device Services: Operation of non-gaming entertainment equipment such as jukeboxes, dartboards, pool tables, and pinball machines.

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Accel Entertainment (ACEL) Major Customers

Accel Entertainment (ACEL) sells primarily to other businesses rather than directly to individuals. Its major customers are the establishments that partner with Accel to host their gaming terminals, redemption devices, ATMs, and other amusement equipment.

Based on the company description, Accel Entertainment operates in various authorized non-casino locations. While specific customer company names are not disclosed, the categories of businesses that serve as their "licensed establishment partners" include:

• Restaurants, Bars, and Taverns
• Convenience Stores, Liquor Stores, and Grocery Stores
• Truck Stops

Accel Entertainment partners with thousands of such establishments, rather than relying on a few major named companies. Therefore, no specific public customer companies or their symbols can be provided from the given information.

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NCR Corporation (NCR)

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Andrew Rubenstein, Chief Executive Officer, President, and Chairman of the Board

Andrew Rubenstein co-founded Accel Entertainment in 2010. He currently serves as the Chief Executive Officer, President, and Chairman of the Board, though he is slated to transition to solely Chairman of the Board effective August 7, 2026. Before founding Accel, he was a Co-Owner and Partner of Seven, LLC, and also owned and operated Super Liquors, Inc., which was the largest liquor store chain in Central Illinois by revenue. Mr. Rubenstein began his career as a Consultant at Arthur Andersen Consulting. He identified a significant opportunity following the Illinois Video Gaming Act of 2009 and secured initial capital from a private group of backers to launch Accel Entertainment.

Brett Summerer, Chief Financial Officer

Brett Summerer was appointed Chief Financial Officer of Accel Entertainment in September 2025. He brings over 25 years of operational discipline and growth experience, including in regulated industries. Mr. Summerer's prior leadership roles include senior finance, operations, and IT positions at Kraft Heinz, Corning, and General Motors. Most recently, he served as CFO of Verano Holdings, a cannabis company, where he built a 70-person finance and IT team and led over 20 mergers and acquisitions transactions. He has held roles across public, private, and founder-led companies.

Mark Phelan, Chief Operating Officer and President – US Gaming

Mark Phelan was appointed Chief Operating Officer in February 2026 and has served as President – US Gaming since October 2023. He previously held the role of Chief Revenue Officer for Accel since 2017. Mr. Phelan is slated to succeed Andrew Rubenstein as Chief Executive Officer and President, effective August 7, 2026. His professional background also includes serving as a Managing Director at Piper Jaffray (an investment banking platform), CEO of M22 Capital LLC (a registered investment advisor), Director of Research and Portfolio Manager at SFG Asset Advisors, and Head of Asian Derivatives Trading at DRW Trading Group.

Derek Harmer, Chief Compliance Officer and General Counsel

Derek Harmer has served as Chief Compliance Officer and General Counsel for Accel Entertainment since 2012. In this role, he is responsible for overseeing the company's legal and regulatory compliance across the organization. Prior to joining Accel, Mr. Harmer served as President of Stadium Technology Group, a software and systems company specializing in race and sports book management systems. He began his career in the gaming industry as Deputy Attorney General, serving as in-house counsel to the Nevada Gaming Control Board and Nevada Gaming Commission.

Michael Pappas, Executive Vice President, Business Development and Governmental Affairs

Michael Pappas has served as Executive Vice President, Business Development and Governmental Affairs for Accel Entertainment since 2017. He brings over 45 years of experience in route gaming and amusements. Mr. Pappas is the Founder and Managing Member of Fair Share Gaming, LLC, and the Managing Partner of Fair Share Amusement Company, both of which were acquired by Accel in 2017. He also served on Accel's Board of Directors from 2017 until the company went public in November 2019.

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Key Risks to Accel Entertainment (ACEL)

1. Regulatory and Licensing Risks: Accel Entertainment operates within a highly regulated gaming industry, which subjects it to extensive governmental oversight by federal, state, and local authorities. This includes stringent requirements for licensing and regulatory screening of operators, suppliers, and key employees. Changes in these regulations, such as tax increases on distributed gaming revenue, or the inability to obtain, maintain, or renew necessary licenses, could materially and adversely affect the company's business, financial condition, and results of operations.
2. Geographic Concentration Risk: The company's business is substantially concentrated in a few key states, primarily Illinois, Montana, and Nevada. As of 2024, approximately 85% of its gaming operations were in Illinois. This significant geographic concentration makes Accel Entertainment highly vulnerable to adverse changes in local or regional economic conditions, shifts in consumer behavior, or specific regulatory developments within these states.
3. Competition and Economic Sensitivity: Accel Entertainment operates in a competitive gaming and entertainment landscape, facing challenges from other gaming operators and entertainment options. The company's success is dependent on its ability to maintain competitive advantages and market share. Furthermore, its operating results are sensitive to broader economic conditions and consumers' discretionary spending. Adverse economic conditions or a decrease in discretionary spending could lead to reduced gaming revenues and negatively impact the business.

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The widespread legalization and adoption of online casino gaming and sports betting poses a clear emerging threat to Accel Entertainment. As states increasingly authorize and expand online gambling options, players may shift from physical gaming terminals in bars, restaurants, and other non-casino locations to more convenient, accessible digital platforms. This parallels historical disruptions where online services (e.g., Netflix, YouTube) displaced physical or traditional models (e.g., Blockbuster, cable television).

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Addressable Markets for Accel Entertainment (ACEL)

Accel Entertainment, Inc. operates in the distributed gaming, ATM, and amusement device markets. The addressable market sizes for its main products and services are as follows:

Video Gaming Terminals (VGTs) / Distributed Gaming

Accel Entertainment's primary market for Video Gaming Terminals (VGTs) is Illinois, which boasts the largest distributed gaming network globally. In 2023, the net terminal income, representing the amount lost by players at video gaming terminals in Illinois, exceeded $2.8 billion. State and local tax revenue generated from video gaming in Illinois reached $900 million in 2023 and $997 million in fiscal year 2024. As of December 31, 2024, there were nearly 49,000 VGTs operating across almost 8,700 licensed establishments in Illinois. The broader U.S. domestic VGT distributed gaming market experienced a modest growth of 3.7% in 2024. Accel Entertainment is actively expanding its distributed gaming operations into additional states, including Nebraska, Georgia, Louisiana, and Nevada, thereby increasing its overall addressable market for distributed VGTs.

Redemption Devices (ATMs)

For redemption devices with ATM functionality, the addressable market is the United States. The U.S. ATM market size was estimated at approximately USD 4.5 billion in 2024. Projections indicate this market is expected to reach between USD 9.84 billion by 2033 and USD 12.7 billion by 2034. The U.S. ATM services market alone was valued at approximately USD 7.92 billion in 2025.

Other Amusement Devices

The market for other amusement devices, such as jukeboxes, dartboards, pool tables, and pinball machines, is primarily within North America, with the U.S. being a dominant component. The North America Amusement Machine Market was valued at approximately USD 6.37 billion in 2024. This market is projected to reach approximately USD 15.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.6% during the forecast period. The U.S. amusement machine market is anticipated to grow at a CAGR of 12.6% from 2025 to 2030. The U.S. market is expected to continue its dominance in North America, achieving a market value of $8,851 million by 2031.

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Accel Entertainment (ACEL) is anticipated to drive future revenue growth over the next 2-3 years through a multi-faceted strategy encompassing geographic expansion, strategic acquisitions that diversify its offerings, and organic growth within its established markets.

1. Geographic Expansion into New Markets: Accel Entertainment is actively expanding its footprint into new states and major cities. Notably, the company entered the Louisiana market through the acquisition of Toucan Gaming and LSM Gaming in November 2024, which is projected to contribute significantly to revenue in 2025. Additionally, Accel is seeing strong growth in developing markets like Nebraska and Georgia. A substantial future driver is the potential entry into the Chicago Video Gaming Terminal (VGT) market, with revenue generation for Accel expected as early as Q3 or Q4 2026, leveraging its existing infrastructure and regulatory relationships. The city estimates 2,500 new VGT locations in Chicago over the long term, presenting a highly attractive opportunity.
2. Strategic Acquisitions and Diversification into Casino Operations: The acquisition of Fairmount Holdings, which includes the FanDuel Sportsbook & Horse Racing in Illinois, in December 2024, represents a key expansion initiative that diversifies Accel's revenue streams beyond traditional distributed gaming terminals. Phase 1 of the new casino at Fairmount Park opened in April 2025, and a full-scale casino facility is targeted for late 2026 to early 2027, integrating sports betting, e-gaming, and horse racing. This new segment is anticipated to become a reportable segment in the second half of 2025 and contribute substantially to Adjusted EBITDA within five years.
3. Organic Growth through Location and Terminal Expansion in Existing Markets: Accel Entertainment continues to focus on driving steady organic growth within its core operational markets, such as Illinois, Montana, and Nevada. This includes optimizing its footprint, redeploying underperforming assets, concentrating investment into higher-yielding gaming machine placements, and increasing its overall number of gaming terminals and locations. The company has reported steady hold-per-day improvement and margin expansion in Illinois and Montana, and the rollout of ticket-in, ticket-out technology in Illinois is expected to enhance player convenience and operational efficiency.
4. Ongoing Accretive Tuck-in Acquisitions: Accel maintains an active pipeline for mergers and acquisitions, specifically targeting accretive "tuck-in" opportunities to increase its market share and further broaden its geographic reach. This disciplined capital allocation strategy aims to scale profitability in developing and new markets, with a long-term goal to increase the percentage of revenue generated outside of Illinois.

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Share Repurchases

• Accel Entertainment completed a multi-year share repurchase program by December 31, 2025, repurchasing 17,624,757 shares for $183.65 million.
• A share repurchase program of up to $200 million was initially approved on November 22, 2021, and subsequently replenished to up to $200 million on February 27, 2025.
• In fiscal year 2025, the company repurchased approximately 3.7 million shares of its common stock.

Outbound Investments

• Accel Entertainment acquired Fairmount Park – Casino & Racing in Collinsville, Illinois, for $35 million in a deal originating in July 2024.
• The company continues to evaluate additional opportunities that complement its core business, similar to the Fairmount acquisition.
• In Nevada, Accel acquired Dynasty Games and established a new route partnership with Rebel Convenience Stores, expanding its network.

Capital Expenditures

• As of September 30, 2025, Accel Entertainment's capital expenditures amounted to -$94.7 million USD.
• The business generally requires significant upfront capital expenditures for gaming terminals, amusement machines, software customization, and installation.
• For the Fairmount Park Phase II buildout, the total investment is projected at $85-95 million, with $30 million specifically allocated for Phase II, expected to be completed in time for the 2026 racing season.