Deep Descent

About Deep Descent

Colorado Vs Pittsburgh+5000

Vegas Vs Washington+5000

Vegas Vs Pittsburgh+5000

About Deep Descent

NSW government figures classify poker machines as the most harmful gambling format in the state, yet clubs continue to operate approximately 65,000 poker machines, benefiting substantially from tax rebates through the scheme.

Green MP Cate Faehrmann has criticised the arrangement, highlighting a conflict of interest where clubs reduce their tax liabilities while simultaneously cultivating community goodwill. 

She called the proposed changes “tinkering around the edges”. She questioned whether ClubGRANTS genuinely supports community projects, or functions as an indirect subsidy that lessens scrutiny of gaming revenue.

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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.