Casanova

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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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The MP blamed the Minns Labor government’s reforms for the losses, claiming: “The gambling industry understands exactly what this government’s approach means and they love it: more reviews, more delays and more record losses.

“The question for Chris Minns is simple: how much more harm is he prepared to tolerate before he stands up to the gambling lobby?” she asked. 

The reforms, announced at the end of August, introduced a package of what it referred to as “evidence-based” legislation. 

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Playtech commissioned Black Cube’s investigation, which Evolution has described as a “smear campaign” involving secretly recorded interviews with staff members.

The dossier accused Evolution of supplying games into banned and sanctioned markets, including territories under US sanctions such as Iran and Syria.

The supplier had so far stood behind Black Cube’s investigation, and previously described it as “undertaken lawfully” to understand and verify “concerns of significant regulatory and commercial importance”.