Industry Analysis
Market data, M&A activity, regulatory trends and analysis of where UK online gambling is heading.
AGA says prediction markets have cost states $1 billion in tax revenue. Kalshi disagrees.
The American Gaming Association doubled its lost-tax estimate to over $1 billion. Kalshi pushed back the same day. The fight is whether sports event contracts are wagers or financial derivatives, and …
Fertitta buys Caesars for $17.6 billion. What it actually means for players
Fertitta Entertainment is buying Caesars in the largest casino acquisition in US history. The press release is glossy. The implications for player loyalty, online brands and bonus terms are messier th…
Spain just blocked Polymarket and Kalshi. The prediction market loophole is closing in Europe
Spain ordered ISPs to block Polymarket and Kalshi on 26 May after the gambling regulator opened formal sanction proceedings. Spain is now the fifth country to act this year. The 'we are not gambling' …
UK black market betting set to hit £33bn by 2028: what the H2GC numbers mean for affordability checks
H2 Gambling Capital forecasts UK illegal betting stakes nearly doubling from £17bn in 2025 to £33bn by 2028. That's one in five online stakes going offshore. The Betting and Gaming Council has weighed…
Kalshi calling itself a 'financial trader health' problem is a tell
Kalshi insists it is not a gambling product. It also just bought a Platinum membership at the National Council on Problem Gambling. You cannot keep both stories straight.
UK affordability checks: the real cost to casual players in 2026
The UKGC's affordability threshold moved up. The consultation said this would reduce friction for low-risk players. The data after four months suggests it has not, and the people paying for it are not…
UK casino market Q1 2026 — five trends shaping the rest of the year
Q1 2026 was the most consequential quarter for UK online gambling since 2022. We pull five trends from operator reporting, UKGC data and industry research that will shape the rest of the year for UK p…