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In the second quarter of 2026, Flutter’s US revenue fell 6% to $1.683 billion, while sportsbook revenue fell 15%. US adjusted EBITDA fell sharply, and Flutter subsequently reduced its guidance. Despite this, FanDuel retained the number-one US sportsbook position, with Flutter reporting a 39% share of US sportsbook gross gaming revenue.
Ben Robinson, managing partner at Corfai, argues that the American listing achieved what it was supposed to achieve. The problems came afterwards. “The question was which arm of the K-shaped market Flutter would end up on. We have the answer now. Capital is concentrated in a narrow band of technology names and everything else is being marked on earnings.”
A US listing can improve access to capital without making the underlying business more attractive. London has a capital-markets problem. Gambling has an investment problem. The two overlap, but they are not the same thing.
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“As a trade organisation we are trying to work together with our regulator because we feel that we have a shared interest of getting a good legal market. And of course we’re talking to politicians to do something about putting illegal operators on notice. I think it is really positive at the moment in the Netherlands that the operators have really teamed up,” Petra continues.
Notably, she says competing with each other is not important at the moment, as working to fight the black market serves a bigger purpose.
Finally, after four years in the hot seat, is Petra still enjoying the job? “Absolutely. It’s challenging, it feels like you’re playing in the Champions League sometimes because a lot is asked of the people in the sector. You’ve got responsible gambling, anti-money laundering and, at the same time, you have to offer a fun experience. But it’s nice to be challenged,” she concludes.
What is Sasuntsi Davit?
This year, the team is responding with a new initiative, Hall 7. The launch of Hall 7 represents a stronger platform to drive the next phase of iGaming innovation.
Tech Race in Warsaw this September and Hall 7 at ICE in Barcelona this January are set to become sequential chapters of the same conversation. CTOs, CSOs and data leaders can expect to pick up where they left off four months later.
Both events are betting on the same idea proving useful for the industry. Getting a room full of exactly the right people together beats chasing them individually across the globe.
