DAVY VIEW

Momentum in US sports betting undoubtedly negatively surprised us. There are a number of potential explanations for this. To compound the issue, FanDuel also lost share. In International, 2025 was something of an annus horribilis with a draconian tax hike in the UK and a politically motivated closure of the Indian online sector. As we stand today, the regulatory situation in Flutter’s three key International markets is more certain. US state data are finally beginning to show some green shoots in sports, and iCasino goes from strength to strength. Prediction markets remain a noisy distraction, with the only certainty being that their regulatory framework continues to tighten; just how tight that noose gets will likely be determined in the Supreme Court.