Accel Entertainment is the leading distributed gaming operator in the U.S., installing, operating, and servicing video slot, poker, and keno machines at non-casino retail locations like bars, convenience stores, truck stops, and fraternal organizations. Accel owns the machines, handles all cash management, maintenance, and regulatory compliance, and splits revenue with the location partner — who pays nothing upfront and receives a turnkey, high-margin revenue stream. Accel operates roughly 27,000 gaming terminals across more than 4,400 locations in 10 states. Illinois is the dominant market at roughly 72% of revenue, with Montana contributing another ~12%. Revenue is driven by terminal count and win per day per terminal, which reflects player traffic, game quality, and location quality. In markets like Illinois where revenue splits are set by statute, competition centers on service quality, game selection, and location relationships rather than pricing. In negotiated-split markets like Montana, Nevada, and Nebraska, Accel competes more directly on technology, content, and service. Accel also owns Grand Vision Gaming, a Montana-based manufacturer of proprietary gaming terminals that supplies machines across several of Accel's routes. In late 2024, Accel expanded into Louisiana via acquisition and opened a brick-and-mortar racino near St. Louis in early 2025, marking a step beyond the distributed model. Accel's growth strategy focuses on organic terminal growth, optimizing location mix, expanding in developing markets like Nebraska and Georgia, and pursuing bolt-on M&A in fragmented markets.