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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.

Frank Fantini, founder and publisher emeritus of Eilers-Fantini, thinks the change began before Covid. “There is a tendency to look at the world as pre-Covid and post-Covid,” he says. “But the decline in gaming began earlier than that with the slowdown in new jurisdictions and new projects.”

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Dutch MPs have raised similar concerns before. In December 2025, CDA MP Straatman asked the state secretary whether websites advertising as “Beste casino’s zonder Cruks” should be taken offline immediately. 

In a written response published in January 2026, Arno Rutte, the state secretary at the time acknowledged that enforcement against such sites remained limited, particularly for domains not registered under the .nl extension.

According to KVA, KT van Bruggen, the current state secretary for Justice and Security, has pointed out the urgency of implementing effective countermeasures to limit access to such illegal platforms.

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There’s no singular culprit for the Mid-Atlantic’s August casino woes but several likely factors.

The first is the ongoing cannibalization of in-person gaming by online casinos. The Mid-Atlantic is home to four of the country’s eight legal iGaming states: Delaware, New Jersey, Pennsylvania, and West Virginia.

While in-person casino revenue declined in Delaware, New Jersey, and Pennsylvania, iGaming reported GGR growth in each jurisdiction. iGaming revenue in New Jersey was up 4.4%, Pennsylvania’s online casinos saw GGR climb almost 6%, and Delaware iGaming surged 35%.