Call to action
Former UK Prime Minister and Chancellor of the Exchequer Gordon Brown issued an impassioned plea for higher taxes on the gambling industry in The Guardian this week.
In a heartfelt opinion piece, Brown describes “Dickensian levels of poverty” blighting the lives of 4.5 million children in the UK, calling it “a national scandal and a stain on our country’s soul.”
His central argument is that increasing taxes on gambling could fund a decisive national effort to tackle the escalating crisis of child poverty.
He points to a study from the Resolution Foundation, which shows that “almost 500,000 children can be lifted out of poverty by 2029-30 at a total cost of £3.5bn.”
“Inaction will cost more,” he argues, suggesting that failing to address child poverty will lead to far greater costs down the line in health, education, social care, and economic productivity.
In contrast, he makes the contentious argument that “the gambling industry is a licence to print money,” pointing to the sector’s high margins and multi-billion-pound revenues.
Betting and gaming generated £11.5bn last year, he argues, while incurring “only £2.5bn in tax.” As much as £3bn more than that could be raised, he argues, by “taxing it properly”.
Brown points to higher tax rates in other jurisdictions — 40% in Austria, 50% in Pennsylvania, and 35% in the Netherlands (where, notably, the government recently admitted that increasing the tax rate on gambling operators had failed to raise additional revenue).
In the UK, Brown says, raising the general betting duty from 15% to 25% could raise £450m, hiking land-based slot machine duties from 25% to 50% could raise £880m, and applying a 50% levy (“much less than the 80% tax on cigarettes and the 70% tax on whisky”) could raise £1.6bn more.
“Gambling levies aren’t the only source of revenue that could pay to alleviate child poverty,” Brown concludes.
“But this should be one straightforward budget choice. The government can fulfil today’s unmet needs by taxing an undertaxed sector. Gambling won’t build our country for the next generation, but children, freed from poverty, will.”
Au contraire
In response to Gordon Brown’s recommendations, The Spectator’s Ross Clark set out a palpably different point of view.
“Higher gambling taxes won’t solve child poverty,” the headline of this article bluntly argues, pointing out that “The government last year spent £313bn on welfare, £137.8bn of it on children and people of working age.
“Given that the latter bill is forecast to rise to £161.7bn by 2029/30, a couple of extra billion from the gambling industry is not going to make much of a difference — it would quickly be lost in the general welfare budget,” he suggests.
Clark tells tales of how backbench Labour MPs recently “ganged up on the government and blocked £5bn of cuts to Personal Independence Payments and other out-of-work benefits,” which Clark suggests are being “doled out in mushrooming proportions”.
He also argues that towards the end of his opinion piece, “Brown seems to flip on the purpose of his proposed gambling taxes. He starts laying into the gambling industry, writing that ‘its most addictive practices are responsible for social harm that costs the NHS and other public services more than £1bn a year’.”
This, Clark suggests, begs the question “what exactly does Brown want: does he want to discourage gambling or does he want to raise extra revenue, because the two aims are in obvious conflict.
“If you discourage an activity through taxing it heavily, you then suppress its revenue-earning potential, just as the government is discovering through its windfall tax on oil and gas production and VAT on private school bills.”
A look at gambling industry headlines from the Netherlands this week also appears to provide further evidence for this line of argument.
A 50% levy on gambling, Clark says, “is very much entering the realm of punitive taxation,” and “a government which took that route should not be surprised to see revenues shrink.”
Instead of Brown’s plan to hike taxes, this author sees only one way out of the UK’s current “fiscal mess”, which is to cut public spending, something which “is not going to happen under this government.”
So, it seems in the much-anticipated autumn budget, the gambling sector is likely to find itself stuck firmly between a rock and a hard place — along with the rest of the British economy.
Have your say
Finally, and sticking with the UK’s tax troubles, The Independent called upon its readers to have their say on just how Chancellor Rachel Reeves should plug the £50bn (or however big it really is) hole in Britain’s public finances.
Responses were varied, with many calling for higher taxes and others warning this would stifle innovation and investment, thereby creating the opposite of the intended effect.
One reader was blunt in their contribution: “We are poorer. We cannot afford the nice things anymore. If you want anything resembling the level of public services we used to enjoy, you have to be willing to pay more for them.”
Others blamed Brexit and the £100bn annual negative impact it continues to have over the UK’s economy.
Meanwhile, one reader attempted to put the conundrum into a bit more perspective, suggesting that “Despite the ridiculous metaphor of a ‘black hole’, £41bn is a tiny proportion of the £1,200bn budget. All that is required are minor tweaks.
“Presentation is everything, so attacking pensioners and children was pure stupidity. Everyone agrees the whole system needs radical reform. Labour is committed to that in its manifesto and needs to get on with it to have any chance of survival.”
This article offers an interesting glimpse into how the general public views the big questions at hand.
West Virginia’s attorney general issued an ambiguous opinion on the legality of against-the-house DFS on Wednesday (6 August).
The West Virginia Lottery Commission sent a cease-and-desist letter to PrizePicks in 2022, which claimed the operator’s against-the-house DFS product violated state gaming laws.
More recently, West Virginia speaker of the house Roger Hanshaw requested the Mountain State’s chief legal advisor JB McCuskey to draw up an opinion if this is the case.
It comes hot the heels of an aggressive opinion by Californian attorney general Rob Bonta, which effectively argued all paid-fantasy sports were illegal.
West Virginia opinion fails to settle matter
The West Virginia attorney general has now issued his opinion on the subject, which concludes against-the-house DFS is sports wagering under West Virginia law.
However, he also highlighted DFS is explicitly excluded from the state’s sports wagering definition and said it is unclear if the Commission actually has the regulatory authority to draw up a definition.
McCuskey wrote: “Based on the facts in PrizePicks’ letter, its single-player game wouldn’t meet the Lottery Commission’s definition of DFS.
“But the game’s failure to meet the Lottery Commission’s standard isn’t dispositive, as it’s unclear whether the Act’s grant of rulemaking authority extends to providing definitions to exclusionary terms.”
The news, first reported by SBC Americas, marks the second time the state AG has issued a DFS opinion following on from one drafted in 2016.
However, that opinion dwelled significantly on a defunct piece of legislation to make its case, which never actually became law.
The most recent letter concluded: “Daily Fantasy Sports are not subject to the penalties in West Virginia Code… because the Legislature excluded them from the definition of ‘sports wagering.’
“But in failing to define Daily Fantasy Sports in the West Virginia Lottery Sports Wagering Act, the Legislature left ambiguity that only it can resolve.
“Because of this ambiguity, we cannot say whether the unlicensed operation of the game described in the PrizePicks letter violates West Virginia Code… Likewise, lacking sufficient evidence of the game’s ‘chance’ or ‘skill,’ we cannot say whether the game constitutes a prohibited private lottery under other West Virginia statutes.”
MIXI Australia has raised its takeover bid for PointsBet to A$1.25 per share in cash and declared the offer unconditional, accelerating the Japanese group’s push to acquire the ASX-listed betting operator.
PointsBet’s board today (8 August) unanimously recommended that shareholders accept the improved MIXI offer, which is now open for prompt settlement.
Each director has already accepted the deal in respect of their own holdings, and the board confirmed it supports the bid “in the absence of a superior proposal.”
The revised offer represents a 44.6% premium to PointsBet’s last closing price before takeover speculation began in February.
The new bid also increases the offer price from the original A$1.20 per share, first lodged in July, and drops all remaining conditions — offering shareholders near-immediate payment upon acceptance.
MIXI Australia said it will “use its best endeavours” to pay accepting PointsBet shareholders 10 business days after the date of acceptance of the increased offer.
Compared to the initial bid, MIXI’s new offer also waived the 50.1% minimum acceptance condition, increasing the likelihood of a successful outcome.
‘Best and final’ price
MIXI Australia, a subsidiary of Tokyo-listed MIXI, described the A$1.25 price as “best and final,” unless it acquires more than 50% of PointsBet shares.
Should it cross that threshold, the company reserves the right to raise the offer again, with all shareholders entitled to any increased price regardless of when they accept.
MIXI already has a 28.2% stake in PointsBet, including acceptances received via its Institutional Acceptance Facility. The offer is open until mid-August unless extended.
MIXI’s revised bid is expected to further consolidate support in the face of an unsolicited, stock-only counteroffer from Betr, which was received by PointsBet on 17 July.
The Betr proposal offers 3.81 Betr shares for each PointsBet share, but is subject to shareholder approval and regulatory clearance.
PointsBet has advised shareholders to take no action in relation to the Betr offer while it prepares a formal response.
PointsBet previously said the Betr bid provides no cash certainty, hinges on highly speculative synergies, and underestimates potential revenue dis-synergies from the merger.
The company suggested Betr’s valuation assumptions were overly optimistic.
By contrast, MIXI’s revised offer comes with no financing conditions, backed by cash reserves from the parent group.
We speak to Shalva Bukia, CPO at SPRIBE to learn more about its new Aviator Challenges tool and how it’s super-charging KPIs for operators in Africa and beyond.
NEXT: Can you give us an overview of the new Aviator Challenges and what makes this feature so exciting for players and for operators?
Shalva Bukia: Challenges is a new tool that we’ve added to the Aviator promo box, and it’s a game-changer.
It allows operators to launch Missions, Races and Tournaments, bringing an additional competitive layer to the Aviator experience, as well as more social interaction and a fresh twist on the experience for players to enjoy.
The deeper engagement and added value Aviator Challenges bring to players also benefits operators, who can enjoy a boost to key metrics such as retention and the number of bets per session.
We’ve debuted Aviator Challenges with our operator partners in Africa and will be undertaking a global rollout over the coming weeks and months.
NEXT: Why did you decide to launch Aviator Challenges in Africa first? What makes the market an ideal testing ground for the feature?
SB: We decided to debut Aviator Challenges in Africa because the market is perfect for load testing.
The limited infrastructure, prevalence of feature phones and high cost of data to consumers mean that Aviator Challenges had to work within pretty tight market parameters, but we knew that if it worked in Africa, it would work anywhere.
We recently concluded our testing and checks phase with our operator partners across the region; everything went as planned, so we are now in a position to launch Aviator Challenges on a global scale and with full confidence in the performance and reliability of the feature.
NEXT: What types of challenges can operators create, and how much control do they have over the in-game experience?
SB: There are three core Challenges that operators can deploy. Missions see players complete a task before a deadline to claim a prize.
These are great for daily task-format promotions. Races are similar to Missions but with a limited prize pool.
This creates a strong sense of FOMO among players while helping operators stay in control of promotional budgets.
Then we have Tournaments, which take the classic format loved by players. Operators have full control over the Challenges and Tournaments they create and run at a local level, while network-wide Challenges and Tournaments are run and managed by SPRIBE.
Operators can also choose the type, timing, prize format (including auto-paid free bets), names and descriptions, as well as colours and branding, so that tasks are unique to them.
This means Challenges can be designed for and deployed to specific player segments.
NEXT: How do Aviator Challenges enhance player engagement and retention? And what does the early player data show in terms of behaviour and patterns?
SB: Aviator Challenges supercharged both. The operators that have gone live with it have seen an immediate and profound impact on player behaviour.
We have paid close attention to metrics like short-term retention and number of bets per player, both of which increased substantially following the launch of Aviator Challenges.
But to get the most out of Aviator Challenges, and to maintain the high levels of engagement it can generate, operators need to be creative in how they market the game and Challenges, that they properly segment audiences while creating well-balanced prize zones and rewards alongside mixing up the types of tasks they require players to complete.
African operators that took this approach enjoyed much higher-than-average metrics than the regional average.
But this is the same with our Rain Promo feature, so it should be easy for operators to replicate this approach with Challenges.
NEXT: How easy is it for operators to activate and manage Aviator Challenges via their existing SPRIBE integration?
SB: To ensure that all Challenges functionality is available and working correctly, operators need to make a small update to their API.
This is mostly to enable the automatic rewarding of free bets and other prizes, but this is an important part of the Challenges functionality.
But this means Challenges is only currently available to those with direct integrations with SPRIBE, but for those that are, the changes are minimal.
Of course, it’s been designed this way as we want as many of our operator partners – we have more than 5,500 in total – to be able to deploy Aviator Challenges without delay.
NEXT: What’s next for Aviator Challenges, and will we see the tool appear in any other games or markets in the future?
SB: We are in the final stages of rolling out a regional network of Aviator Tournaments that will bring together large player pools from participating operators.
The first network Tournaments will take place in Africa before being launched globally.
We are also in the final stages of completing the infrastructure required to offer Challenges to operators in Europe and Asia, with Latin America to follow after that.
And yes, Challenges will be making an appearance in other SPRIBE games, including our soon-to-launch Trader title – we are also working on cross-game Challenges that can be played across our entire portfolio of games.
Shalva has over 15 years of experience in UX/UI Design with a focus on Fintech and iGaming. He has worked with large Georgian companies and helped FTSE 250 listed banks with internet banking and fintech projects.
Shalva has been involved in start-ups for over a decade, including co-founding sadili.ge – a food delivery startup that was ranked in the top three innovative businesses of the year in Georgia (Geocell Business Award).
As CPO at SPRIBE, Shalva is responsible for product development including Product R&D, UI/UX Design and working with the design and development teams. He is also part of the senior management team and responsible for communicating with clients, partners & daily operations.
Better Collective said it will establish esports as a separate business unit from Q2 2025, led by its HLTV and FUTBIN platforms.
As previously announced, Better Collective will report esports as a standalone business segment from its Q2 2025 results, reflecting the company’s enhanced focus on the vertical.
The move follows the company’s new operating model, which operates on three global business units; Publishing, Paid Media, and Esports.
Since entering the esports space in 2020, Better Collective has established a presence in the sector through its acquisition of platforms HLTV and FUTBIN.
In 2024, the esports segment contributed €20m to Better Collective’s revenue, with a profitability margin of 60%.
The company said separating the segment will provide investors and partners with clearer visibility while allowing product teams to move faster on fan-focused innovation.
Jesper Søgaard, Better Collective co-founder and co-chief executive, said: “We see esports as a powerful growth engine for Better Collective going forward. With HLTV and FUTBIN, we own two of the most respected and influential community platforms in global esports, giving us a rare opportunity to serve millions of passionate fans and grow alongside the scene.”
Better Collective highlights popularity of platforms
HLTV operates as a Counter-Strike media and community platform, drawing around 350 million monthly page views on average and 26 million unique users over the last twelve months.
The platform recorded 540 million monthly page views in June.
Meanwhile, FUTBIN serves as a platform for EA Sports FC players, delivering approximately 10 billion impressions per month, 4 billion monthly page views and 160 million monthly visits.
The platform holds around an 80% market share in its category.
Søgaard added: “By establishing esports as its own segment, we sharpen our strategic focus, increase transparency, and create room to invest even faster in new features, content, and partnerships, so we can unlock the full potential of these communities.
“Platforms that are deeply embedded in the fabric of esports are hard to replicate, and we are committed to nurturing them for the long‑term benefit of fans, partners, and shareholders alike.”
Better Collective will publish its Q2 2025 interim report, including the first separate esports disclosure, after market close on 20 August.
Wynn Resorts reported a modest revenue rise in Q2 2025, as challenges in Macau weighed on record performance in Las Vegas.
The company posted operating revenue of $1.74bn for Q2, up slightly from $1.73bn in the same period last year.
However, net income fell to $66.2m, down from $111.9m a year earlier. Diluted earnings per share dropped to $0.64 from $0.91 in Q2 2024.
Adjusted Property EBITDAR came in at $552.4m, a decline from $571.7m in the same quarter last year.
“Our second quarter results evidenced continued strength across our business and were distinguished by a new second quarter record for adjusted property EBITDAR in Las Vegas,” said Wynn Resorts CEO Craig Billings.
“In Macau, while VIP hold negatively impacted results, we generated healthy market share and significant free cash flow.”
Las Vegas shines
Wynn’s Las Vegas operations were the clear standout performer in the quarter, generating $234.8m in adjusted property EBITDAR, a 2% year-on-year increase and a new Q2 high.
Revenue in the city rose to $638.6m, up $10m from the same period last year.
In contrast, rivals MGM Resorts and Caesars Entertainment both reported a decline for their Las Vegas operations in their Q2 results.
During the earnings call, Billings credited Wynn’s resilience to its strategic focus: “Being at the luxury end of the market helps and our premium positioning absolutely helps. And I think that’s the most resilient component of the customer base.”
Despite macroeconomic headwinds such as tariffs, the company remains bullish on the outlook.
“We saw the forward booking pace accelerate as July progressed, and our group and convention business looks strong heading into the fourth quarter and 2026. 2026 is shaping up to be a record year for both group room nights and revenues,” Billings added.
Encore Boston Harbor also posted modest gains, with revenue rising to $215.7m and EBITDAR increasing to $63.9m.
However, results in Macau told a different story.
Revenue at Wynn Palace fell to $539.6m, down from $548m last year, while adjusted property EBITDAR dropped significantly to $157.2m from $184.5m.
VIP table game win percentages at the property came in at 2.86%, well below the expected range and prior-year figures.
Wynn Macau saw a slight uptick in revenue, rising to $343.8m, and EBITDAR held steady at $96.5m. While VIP hold improved compared to last year, mass market table game win remained flat.
Progress in the UAE
Wynn continues to make headway on its ambitious UAE development, Wynn Al Marjan Island, which is now pouring the 61st floor of its tower.
The company said it had finalised key food and beverage partnerships and agreed to terms with several high-profile retail tenants.
The project, which is 40% owned by Wynn, received a further $58.2m cash contribution this quarter, bringing Wynn’s total investment to date to $741.1m.
“We’re building and opening much like any integrated resort. We’re building and opening a small city,” Billings said during the earnings call. “There’s a ton of infrastructure that we have to put in place even outside of the building.”
Billings currently anticipates being the sole operator of a gaming resort in the UAE when the property opens in 2027, adding that the timeline for potential competition depends on regulatory decisions and how fast other operators can execute.
Nonetheless, Billings emphasised that Wynn has modeled the project assuming a competitive environment and is confident in its performance either way.
“We operate in the two most competitive gaming markets in the world, and we punch well above our weight… If we are the sole operator for an extended period of time, then obviously, we feel even better.”
Growth elsewhere on hold
With Wynn focused on completing its UAE development, the company has paused other global expansion plans.
In June, it formally withdrew from the downstate New York casino licence race. As for Thailand, where regulatory momentum has cooled, Billings said the company is content to wait.
“Our priority right now is the UAE,” he stated. “We have plenty of growth opportunities,” he added, pointing to land banks next to Wynn’s current resorts in the UAE but also in the US.
“But honestly, the amount of work and effort required to get Wynn Al Marjan open is a lot. And so that’s where our focus is right now.”
Mid-tier Australian bookmakers PlayUp and CrossBet are rumoured to be close to an M&A deal, according to industry sources.
PlayUp and CrossBet, both operators in the fast-consolidating Australian wagering market, are rumoured to be in the final stages of negotiating an M&A transaction, according to sources who spoke to NEXT.io under condition of anonymity.
The deal is said to be approximately two weeks away from completion and could either see the companies merge, or PlayUp sell certain assets to CrossBet.
The potential move, which has not been confirmed by either party, is the latest twist in PlayUp’s storied history of close-run M&A transactions, including the dramatic 2021 collapse of FTX’s $450m purchase of its US division, which is still being fought over in court.
While PlayUp sued its ex-US CEO Laila Mintas for allegedly scuppering the deal, earlier in the year the Nevada District dismissed all claims against her, leaving the case solely about the executive’s $100m counterclaims against the business.
This was followed last month by the judge ordering a rare forensic probe into PlayUp CEO Daniel Simic’s devices after finding he breached previous orders and may have tampered with key documents, with the examiner due to begin work this week.
NEXT.io understands PlayUp has retained the services of an expert adept at structuring M&A deals to minimise risk from an ongoing lawsuit.
CrossBet, its majority shareholder Altor Capital, and PlayUp have so far not responded to NEXT.io’s requests for comment on the matter.
Collapse of PlayUp/AdRabbit reverse-takeover
The rumoured deal follows a March 2024 announcement that Israel-based AI advertising and marketing company AdRabbit was to enter into a reverse takeover with PlayUp, which would have seen the operator receive $35m in equity.
Under the plan, the combined group would have rebranded to PlayUp and installed Simic as director and CEO.
However, in a letter submitted to the Australian Federal Court dated 11 November 2024 and purportedly written by AdRabbit CEO Moshe Cohen, he supposedly told PlayUp its proposed reverse takeover was in jeopardy due to a New South Wales fine that had left it with concerns about the viability of the operator’s gambling licence.
The letter allegedly said: “As we have previously emphasised, AdRabbit requires the resolution of this matter before we can proceed with the transaction. Our primary concern is the potential for this legal situation to jeopardise PlayUp’s licensing status, which could have a cascading effect on the business operations and, ultimately, the viability of our investment.”
However, in an affidavit submitted as part of Mintas’ legal battle with PlayUp, the AdRabbit CEO claims never to have written the letter, or authorised anyone to do it on his behalf.
He said: “I have been provided with a copy of a letter dated November 11, 2024 that was submitted to the Federal Court of Australia purporting to have been sent on behalf of AdRabbit and signed by me.
“There were negotiations with PlayUp in 2024. We undertook a due diligence process which ended around June 2024 and AdRabbit elected not to proceed any further and there has been no further business between PlayUp and AdRabbit.
“In October/November 2024 I did not instruct someone to draft on my behalf the AdRabbit Letter. The signature affixed to the AdRabbit Letter is not my signature.
“I did not authorise anyone to affix my signature to the AdRabbit Letter. I declare under penalty of perjury under the laws of the United States of America the foregoing is true and correct.”
Proposed IG Acquisition Corp deal falls through
The collapse of the AdRabbit deal came in the wake of another failed M&A transaction, first announced in September 2022, which would have seen Nasdaq-listed special purpose acquisition company IG Acquisition Corp purchase PlayUp for $399.7m.
The SPAC eventually backed out of the agreement, announcing in a January 2023 8-K SEC filing it had terminated the deal and liquidated its trust.
This came, the SPAC said, after PlayUp failed to provide the required financial statements.
It said: “Under Section 7.13 of the BCA, the Company is required to use its commercially reasonable efforts to deliver its audited financial statements prepared in accordance with the auditing standards of the PCAOB and presented in accordance with IFRS (the ‘Company Financial Statements’) by October 31, 2022.
“Despite SPAC’s repeated requests for the Company Financial Statements, the Company has failed to deliver the Company Financial Statements and has provided no indication of when the Company Financial Statements will be delivered or if they will be delivered at all. The Company’s breach of Section 7.13 of the BCA constitutes a Terminating Company Breach.”
Flutter Entertainment delivered a 25% year-on-year increase in adjusted EBITDA to $919m in Q2 2025, prompting an increase in its full-year guidance.
The growth was driven by an 11% year-on-year rise in average monthly players to nearly 16 million and a 16% revenue uplift, bringing total revenue to $4.19bn in Q2 2025.
However, net income dropped 88%, mainly due to one-off charges and higher taxes.
In the US, revenue rose 17% year-on-year to $1.8bn. Sportsbook revenue increased 11%, while iGaming jumped 42%.
The segment delivered adjusted EBITDA of $400m, benefiting from favourable sports results and strong operating leverage.
International operations also performed strongly, with revenue up 15% year-on-year to $2.4bn and adjusted EBITDA up 13% to $591m.
iGaming revenue surged 27%, driven by performance in the UK and Ireland, Southern Europe and Africa, and Asia Pacific.
Sportsbook revenue rose a more modest 4%, though this was tempered by strong comparatives from the 2024 European Football Championships and less favourable year-over-year sports results.
Key developments
Q2 was marked by several key developments. Flutter completed the acquisition of Snai, making it the largest operator in Italy.
It also closed its deal for NSX in Brazil, securing a strong position in a promising growth market, and acquired the remaining 5% stake in FanDuel from Boyd Gaming, bringing its ownership to 100%.
It also executed two major customer migrations, integrated operations in Italy and Brazil, and gained additional US index inclusion.
Thoughts on prediction markets…
During the Q2 earnings call, Flutter also addressed emerging topics in the industry, including prediction markets and rising state taxes.
On prediction markets, CEO Peter Jackson reiterated that Flutter is exploring the segment.
“With prediction markets, it’s clearly a fast-moving space. And for those of you on the call who are a bit less familiar with our International business, it’s worth remembering that we’ve got sort of two decades experience of operating the world’s largest betting exchange, the Betfair Exchange.
“We offer this product in lots of markets around the world, and it shares some similar characteristics of the event contracts, which will obviously be helpful to us as we consider the landscape and any developments.
“But as you say, we’re evaluating the various regulatory developments and assessing the potential opportunities this may present for FanDuel. Naturally, we’ve got a lot of important stakeholders that we need to consider, and so we’re watching this space very closely.”
Pressed on the risks of investing in prediction markets given the possibility of political change in the US, Jackson declined to speculate.
“We’re not going to sort of speculate on the different ways in which we’re assessing this opportunity and what the potential of costs and pros and cons of the different opportunities are. It’s just not worth speculating at this time.”
…and tax hikes
Despite the upbeat numbers, Jackson also acknowledged headwinds, particularly rising gaming taxes in key US states such as the Illinois surcharge.
“We think it really will hurt the sort of recreational customers and ultimately risk fuelling the black market,” he said during the earnings call.
Flutter will introduce a $0.50 per bet fee in Illinois starting 1 September to offset the tax, but expects this to be a state-specific measure.
Reflecting on Q2 momentum, CFO Robert Coldrake added: “We did slightly beat our expectations for Q2.”
However, he added: “We’re going to take a reasonably prudent approach given the seasonality of the business, and we’re really pleased with the underlying fundamentals.”
Upgraded guidance
Flutter has upgraded its full-year 2025 guidance to reflect recent developments.
It now expects group revenue and adjusted EBITDA of $17.26bn and $3.3bn at the midpoint, representing 23% and 40% year-on-year growth, respectively.
The upgrade incorporates a $100m positive impact from US sports results, a $40m adverse impact from gaming tax changes in Illinois, Louisiana, and New Jersey, nearly fully mitigated by savings from the renegotiated Boyd market access deal, and a $20m benefit from the timing of its anticipated Missouri launch, now expected in early December.
The US outlook has been revised upward, with expected revenue and adjusted EBITDA of $7.58bn and $1.25bn, respectively, reflecting 31% and 146% growth.
International revenue and EBITDA guidance remain unchanged at $9.68bn and $2.3bn, representing growth of 17% and 11%, respectively.
Analysts are divided
Analyst reaction was largely positive. Truist raised its price target from $340 to $350 and reiterated its Buy rating, citing a “strong beat” in Q2, particularly in the US, where EBITDA came in 42% ahead of the Street’s estimates.
Citizens Bank also upgraded its price target from $323 to $345, maintaining a Market Outperform rating.
“Quarter after quarter, the CEO highlights during earnings calls its discipline around the strategy and letting its global product offerings speak for themselves,” analyst Jordan Bender wrote.
“Management is positioning the business to capture the full potential of organic and inorganic growth, as well as synergies associated with the acquisitions and tech platform integrations to drive tailwinds for EBITDA in the next several years.”
However, not all observers were convinced. Regulus Partners offered a more skeptical view, pointing out that Flutter’s 17% US growth significantly lagged behind that of DraftKings and BetMGM.
“Organic performance in Q225 has been saved by US online casino customers, who have grown ARPU by c. 10% through increased player frequency; while this is strong operational progress that can move the dial at group level, it is not likely to be a sustainable flywheel for growth, in our view,” the firm said.
GeoLocs, the specialist geolocation platform for the iGaming, Sports Betting and iLottery industries, has partnered with identity verification provider Shufti to deliver a seamless and secure user experience for both operators and players in regulated markets worldwide.
The integration of GeoLocs’ precise geolocation technology with Shufti’s robust identity verification solutions allows operators to onboard players faster while maintaining full compliance with local regulations. The partnership reduces friction in the registration and verification process, enabling a smoother journey from sign-up to gameplay.
Will Whitehead, commercial director at GeoLocs, commented: “We’re excited to be working with Shufti to bring a more seamless, secure experience to clients and players alike. Both of our technologies have been built with compliance and UX at their core, and this partnership allows us to combine strengths—making onboarding and verification faster, smoother, and more robust for operators in regulated markets.”
With regulatory frameworks tightening in both emerging and established jurisdictions, the collaboration ensures that operators have access to integrated tools that deliver high standards of security, compliance, and user experience.
Roger Redfearn-Tyrzyk, SVP of sales at Shufti, added: “We’re proud to be teaming up with GeoLocs to support operators in delivering frictionless onboarding and a high level of regulatory compliance. Our joint capabilities mean operators can verify users quickly and accurately while GeoLocs ensures they are playing from permitted locations—creating an end-to-end experience that puts both security and user satisfaction first.”
This partnership underscores both companies’ commitment to innovation and player-centric technology in the fast-evolving iGaming space.
Why are more players turning to crypto casinos, and how are operators adapting? Mike Danshin, 1win Crypto CMO, takes us inside the fastest-growing corner of iGaming.
Q: How would you describe the current state of crypto adoption in iGaming?
Adoption depends on the level of regulation in each country. In Central and Western Europe, strict rules slow things down. India is also heavily regulated, but in a different way. The main issue is high crypto taxes, which most players simply can’t afford.
Meanwhile, in regions with less formal regulation, like parts of South America, crypto casinos are growing fast. There, the gambling industry often operates in the gray zone, and crypto solves real problems such as access to international transactions.
Some jurisdictions have taken a stricter path. The UK, for example, has a tight regulatory framework with capped betting limits and little room for crypto-based flexibility.
At the same time, many operators focus on gray areas like Northern Cyprus, where there’s high demand and much looser oversight.
On the other hand, Curaçao and Gibraltar offer more flexible licensing, so they’re popular with crypto-first operators.
And then there’s El Salvador, which made Bitcoin legal tender and introduced a dedicated digital assets law, creating one of the most crypto-friendly environments in the world.
Q: What factors have driven the rise of crypto casinos?
A big reason is that more people are getting paid in crypto. It’s easier to deposit straight from your wallet than convert to fiat, deal with banks, and report every step.
And this isn’t about anonymity, as some might think. It’s about convenience and speed: fewer steps, fewer restrictions, instant access.
Q: Where are crypto casinos growing the fastest, and why?
Mostly in markets where traditional online gambling is restricted or lacks clear regulation. And in countries where people need access to funds from abroad.
For instance, in Eastern Europe, Belarus, and Ukraine are emerging as promising markets where crypto is becoming a practical alternative.
Licensing hubs like Curaçao and Malta also play a major role. They’re not big player markets themselves, but their flexible frameworks let operators target multiple regions.
Q: What makes players choose crypto casinos over traditional platforms?
First of all, withdrawals are simpler, and there are fewer restrictions.
Compare that to markets like the UK, where regulations now limit slot stakes to £5 per spin, and just £2 for players under 25. High rollers don’t like that, so many are moving to crypto platforms.
There’s also the gamification element. Some platforms let players stake tokens, use NFTs for bonuses, or even participate in play-to-earn models. For a lot of people, it’s no longer just about gambling, it’s about being part of a bigger ecosystem.
Q: How different is the crypto audience from traditional players?
They’re younger and more willing to take risks. Crypto doesn’t feel like “regular money” to them, so the way they play is more aggressive.
Q: What marketing approaches work best for crypto casinos?
The players themselves form a community. They expect a consistent tone, trustworthiness, and engagement that fits the culture they’re part of.
Ambassadors matter because people trust real people. And the product itself is crucial, no marketing strategy can make up for a weak platform.
Q: How do you build credibility?
By staying visible and open. Respond to feedback, address issues quickly, and involve recognisable figures. Transparency is what keeps players loyal.
Q: Where do you see the crypto casino market in the next 3–5 years?
I expect to see clearer, more structured licensing, especially at the local level. Right now, regulation is inconsistent and slows down progress.
Hybrid models will dominate. Big operators won’t fully switch to crypto, but they’ll integrate on-ramp solutions so players can deposit with crypto without leaving the platform.
Instead of rebranding their flagship products, they’ll likely launch separate crypto-focused projects for emerging markets while keeping their main businesses under traditional licenses.
Q: Will traditional casinos adopt crypto at scale?
Partially, yes. Adding crypto payment options will become standard. But full transition? Very unlikely. It’s much easier for established operators to spin up a new crypto brand for specific markets than to overhaul an existing licensed operation.
In the end, the real divide won’t be between fiat and crypto, it’ll be between regulated and unregulated jurisdictions.
And to be fair, the term “crypto casino” itself is quite fluid. It can mean anything from a fully decentralised, token-based platform to a traditional casino that simply accepts USDT. That range creates even more nuance in how the market evolves.