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What is Penguin Vacation?
Enforcement publicity may lack context, and some settlements may involve errors rather than systemic recklessness. But the sector cannot control how its opponents use these cases. It can only reduce the supply.
At a moment when the industry needs to persuade politicians that regulated gambling is capable of managing risk responsibly, repeated failures in long-established areas such as AML and safer gambling amount to political self-harm.
The Commission may sometimes load the gun, but operators keep providing the ammunition.
About Penguin Vacation
As the U.S. warms to the idea of online sports betting, the NCAA has taken steps to protect its athletes. Deputy General Counsel of the NCAA, Naima Stevenson Starks sat down with Calvinayre.com’s Becky Liggero Fontana to explain her organisation’s stance towards betting involving student athletes and maintaining the integrity of those competitions.
Stevenson Starks shared those concerns that the NCAA has towards online sports betting in the U.S.:
“The two [concerns] are the integrity of athletic competition, and how that could potentially be impacted by a proliferation of legalized sports wagering. And then the second is really the health and well-being of student athletes.“
What is Penguin Vacation?
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.
