• The US market’ s state-by-state rollout is lacklustre, but plenty of money is still being made in sweeps.
• The UK’ s spring budget passed without mentioning gambling reform. That silence may indicate there is continued stability.
• Thailand is exploring regulation. And so are several other Southeast Asian markets.
• The UAE’ s emerging regulatory framework positions it as the next significant frontier.
• India is a sleeping giant.
• Unregulated and crypto-fuelled platforms are booming. Operators in over-regulated jurisdictions like Germany, the Netherlands and parts of the US are increasingly drawn to sweepstakes and crypto casino models. For founders, understanding where regulatory tailwinds or constraints exist is something that can make or break the narrative.
“ Despite the uncertainty, there’ s a strong argument that this could be one of the best windows we’ ve seen in years”
• The US market’ s state-by-state rollout is lacklustre, but plenty of money is still being made in sweeps.
• The UK’ s spring budget passed without mentioning gambling reform. That silence may indicate there is continued stability.
• Thailand is exploring regulation. And so are several other Southeast Asian markets.
• The UAE’ s emerging regulatory framework positions it as the next significant frontier.
• India is a sleeping giant.
• Unregulated and crypto-fuelled platforms are booming. Operators in over-regulated jurisdictions like Germany, the Netherlands and parts of the US are increasingly drawn to sweepstakes and crypto casino models. For founders, understanding where regulatory tailwinds or constraints exist is something that can make or break the narrative.
SO, WHAT’ S THE TRADE?
Here’ s how we see it: 1. Liquidity remains elevated. This supports risk assets in the short term.
2. Quality will be rewarded. Capital hasn’ t gone; it’ s just more discerning.
3. Inflation risk is real. If inflation spikes again, the Fed may be forced into hawkish territory, tightening conditions.
4. The fundamentals of iGaming are intact. Recurring revenue, global expansion and digital scalability continue to attract serious attention. The landscape is shifting. For those who are ready, it’ s not a threat – it’ s an edge.
POSITION WITH PURPOSE
Yes, things look calm – April’ s inflation read was 2.33 %. Markets are climbing. Liquidity is flowing. But under the surface, risks remain. Inflation could return. Treasury demand could weaken. The Fed’ s balancing act is delicate. Still, we’ re optimistic. We’ re not fully deployed, but we’ ve invested more in the last six months than in years. That should tell you something. For founders thinking about growth, capital raises or an exit, this may be your window. And for the right companies, that window could open even wider in the months ahead.
Preparation beats prediction. It always does.
“ Despite the uncertainty, there’ s a strong argument that this could be one of the best windows we’ ve seen in years”
BEN ROBINSON is managing partner of Corfai and an entrepreneur, investor and adviser with over 25 years of experience in iGaming, payments, tech and media. Since entering iGaming in 2009, Ben has led a global publishing business, cofounded and exited a crypto exchange and, through establishing RB Capital and Corfai, completed over 20 transactions and raised millions in investment capital.
iGB L! VE 2025 • ISSUE 138 • 71