Right to the Source

Right to the Source is pleased to welcome Nigel Eccles, co-founder of FanDuel and now CEO of Sentient Studios, to join Robin Harrison and Ed Birkin this week.  Nigel walks through the recent court ruling in his long-running case against FanDuel's former board, discusses his new AI dealer venture and shares some sharp views on prediction markets and crypto gambling along the way. Inside the FanDuel lawsuit Nigel co-founded FanDuel in 2009 as a daily fantasy sports business. After PASPA was repealed in 2018, FanDuel merged its US assets with Flutter's. This created a new combined entity in which founders, early investors and employees held 40%.  The board, controlled by preferred shareholders, valued that stake at just $559 million, arguing PASPA's repeal had no impact on its worth. However, comparable companies like DraftKings saw valuations rocket in the same period.  Nigel and over 100 former employees and investors subsequently sued, arguing the board breached its fiduciary duty and engaged in fraud and secret commissions to strip value from common shareholders, before a later sale valued the same stake at $4.2 billion.  As iGB reported at an earlier stage of the case, the defendants have pushed back hard. They claimed Eccles himself mismanaged the company before the sale. Nigel walks through how the case has evolved since, from the early jurisdictional battles to the recent ruling in favour of the claimants. He also gives his honest expectation for how long it could still take to reach trial. Is AI dealer the future of live casino? As Martin Bjoerck recently reported, Nigel has now gone all in on the AI live dealer product. He has shut down his crypto casino BetHog to focus entirely on Sentient Studios and its AI-powered product.  He believes the category has real staying power. The group also agrees there is something missing from traditional live dealer tables and RNG products, which is a niche in the market for AI dealer to capitalise on. Listen in to hear what Nigel thinks will actually drive its growth. Along with a candid discussion on where crypto goes next in gambling, the conversation also throws up some interesting perspectives on prediction markets, a topic that clearly intrigues Ed. Chapters (00:00:12) - Frasier With Ed Birkin(00:01:27) - Nigel Eccles on the FanDuel Court Ruling(00:07:33) - Sportsbooks vs. MGM Resorts(00:08:56) - DraftKings: The valuation of the company(00:11:20) - Flutter vs DraftKings: The Betting Strategy(00:14:34) - Kings on Flutter's Share Split(00:19:46) - The New York Supreme Court's ruling in the Vanda Limited case(00:25:52) - Timeline for the Nassar case(00:27:06) - Pushing the UK's legal boundaries with prediction markets(00:33:25) - Separating Crypto From Gaming(00:37:05) - AI Dealer: Will it Replace Live Casino?(00:42:37) - Have AI Dealers Feasted on Their AI?(00:48:07) - Robot Dealer: AI and Trust(00:51:07) - Ed Has Said He Would Like to Talk To You For Half an

Robin Harrison and Ed Birkin are pleased to welcome Jack Crabtree, Head of Sales at GameCheck, to the latest episode. Jack joins the pair to explain the GameCheck business and discuss the impact fake games have on the industry. How GameCheck works and who it serves Jack explains how GameCheck detects fake or manipulated slot games running on unlicensed or grey market sites, sometimes with altered RTPs.  For operators offering genuine games, GameCheck offers the SEAL, an independent certification badge that signals authenticity. According to Jack, the seal sees particularly strong uptake in less regulated markets like Turkey.  As Robin previously reported, Brazil has become the biggest hotspot GameCheck monitors, with over 6,800 fake games detected in the market alone. Jack unpacks why Brazil's rapid growth has made it such fertile ground for rogue operators. The business works with both operators and suppliers, but it has recently shifted from a pure revenue protection model for suppliers to something more sustainable. Tune in to find out what that looks like. Revenue leakage for suppliers GameCheck and H2 Gambling Capital data puts the number of detected fake games globally at 8,500, though Jack suggests the real figure is likely higher.  The issue is most prevalent in grey or unregulated markets, and one particularly striking finding came from research with BetBlocker: most sites not listed on its blocklist turned out to be operating fakes. So how much revenue is actually leaking out of the industry because of this? Jack has a figure in mind, but you will need to listen in to hear it. Jack also references comments from Evolution's CEO, who has flagged game cloning as one of the single biggest sources of revenue leakage for the company, effectively reducing its RTP to zero on every cloned instance since it earns nothing from the activity.  With studios already under pressure from tightening margins and an oversaturated content pipeline, is this the next issue they cannot afford to ignore? Before wrapping up, listen out for the unfiltered chat that almost did not make the final cut. A hint: one of the hosts prefers Thundercats to He-Man. Chapters (00:00:12) - Jose Canseco and Mark McGuire(00:01:49) - Jack Crabtree on Game Check Podcast(00:02:50) - Are Fake Games Even Legitimate?(00:04:47) - Fake Poker: How Big Is the Problem?(00:07:55) - GameCheck: How many, how many fake games have we detected(00:13:27) - How Much Contact Do You Have With Regulators?(00:15:07) - Chemical suppliers vs operators(00:15:58) - James Jackson(00:18:16) - On the Certification Mark,(00:22:50) - Have We Seen Any Revenue Leakage From Studios?(00:24:21) - Are Pirated Games Being Accredited?(00:25:36) - Can it be used the other way around by regulators to enforce against(00:30:42) - Talking to players on the phone(00:32:34) - He Man vs Thundercats(00:34:51) - The Dissection Of The Podcast

It is episode 40. Robin Harrison and Ed Birkin mark the "Ruby anniversary" of Right to the Source, as Ed puts it, with a data-heavy episode covering the World Cup, UK politics and Evolution's turbulent few weeks. The pair also dive into the age-old Ronaldo versus Messi debate. World Cup driving a surge in handle Handle data across multiple markets shows the World Cup is driving serious volume. Ed takes Robin through New York, Sweden and Taiwan. One market literally doubled its sports betting handle in a single month during the tournament. Even so, the pair stress that the opportunity should be viewed as a customer acquisition tool rather than a pure margin play. Spotlight on the UK As a new prime minister comes into office, Ed and Robin discuss the fiscal position they will inherit. With income tax and employee national insurance off the table, Ed flags FOBTs as a likely easy target for tax rises. He thinks the industry, in particular the traditional retail book, should be watching closely. As Nicole Macedo reported, Evolution agreed a €4.75m regulatory settlement with the UK Gambling Commission after the regulator found its content on unlicensed sites. A follow up from the commission revealed it had gone as far as considering suspending Evolution's licence entirely, citing serious weaknesses in its anti-money laundering controls before the two sides reached the swift settlement. Separately, Evolution's $85m acquisition of Galaxy Gaming appears to have collapsed after two years of work. Tune in to hear what Robin makes of it. If you have enjoyed the series, feel free to show your appreciation as it hits the 40th episode mark. Chapters (00:00:10) - Bob Mortimer on the World Cup(00:05:32) - In the Elevator With Rich People(00:07:35) - World Cup Wagering: Up 48% Year on Year(00:08:57) - Sportsbooks: World Cup and prediction markets(00:11:08) - The Ben with the Bin in His Head(00:12:42) - Lawrence Fox on the Burnham policy(00:15:49) - Adam Levine on Evolution(00:17:12) - Evolution Games settles gambling commission case over unlicensed sites(00:19:18) - Evolution Gaming's Q2H1 earnings,(00:20:38) - On the Playtech deal(00:24:02) - Netflix: 90 Minutes Is Too Long(00:26:48) - UK slot stakes increase from 1 to 2 pounds(00:29:45) - "The World Cup is worth 1%"(00:36:34) - Ronaldo vs Messi: Who Is the Greatest Footballer of All(00:41:09) - Spain vs Argentina

Robin Harrison and Ed Birkin return after iGB L!VE to share some interesting numbers on the World Cup and Europe, starting with a Dutch gambling tax hike that has missed its target by some distance. From there, the pair also cover the latest updates on Ireland's new licensing regime. Prediction market activity during the World Cup H2 has been tracking prediction market activity throughout the tournament. By volume, DR Congo was the most backed country not to win the World Cup, while France, Spain and Portugal led the standings for teams most backed to win. There was also a very interesting finding in terms of the matches with the highest losing trades. Tune in to find out what the matches are. You will be surprised by their commonality, which in fact favours traditional sportsbooks the most. Yet, prediction markets appear to have been caught out by them this time. Dutch gambling tax hike reality check The Netherlands raised its gambling tax in two phases, from 30.5% to 34.2% in January 2025 and then to 37.8% in January 2026. The Dutch Treasury predicted these hikes would generate an additional €108 million in 2025 and €216 million in 2026.  The actual numbers came in far lower: just €2 million extra in 2025, with 2026 estimated at €57 million. Ed is careful to note it is not just the tax rate to blame. New deposit limits, advertising curbs and the fading of the post-Euro 2024 revenue spike all played a role in shrinking the taxable base.  What is harder to ignore is the impact on land-based venues, with casino and gaming hall visits down around 11% year on year and several operators citing the tax hike as a factor in closures. The pair hint that tax hikes do not always work as governments expect, and the UK should take note. While in Europe, the pair also discuss the new licensing regime under GRAI in Ireland, which took effect on 1 July. Currently 89% of online betting is onshore but only 35% of the total market, because all iGaming remains offshore and unregulated.  Platform providers like Pragmatic Solutions have already gone live to support operators through the transition. Check out the episode to find out H2's estimates of what the market could be worth as regulation extends further. iGB L!VE highlight: Africa Summit Robin's highlight from the show was the Africa Summit, which brought together regulators from across the continent, including Nigeria, South Africa and Kenya, alongside industry bodies such as the African Tax Administration Forum. The event coincided with a high-level session hosted by the African iGaming Alliance, where regulators discussed sustainable taxation, channelisation and player protection, and helped advance plans for a continent-wide Africa Safer Gambling Week. Ed, who moderated a tax panel at the summit, raises a pointed question before signing off: if operators in some markets quietly absorb or avoid punitive tax rates, can the industry still credibly argue against high taxation elsewhere? Check out the full Right to the Source series for data and insights.

Right to the Source welcomes its first guest in a while this week. Dan Phillips, CEO and Founder of NEL Advisory, joins Robin Harrison and Ed Birkin ahead of iGB L!VE to discuss product innovation and the recurrent grey market. Product innovation: evolution or illusion? Before diving into the industry talk, Dan shares what it was like starting out as a dealer at a basement casino in Soho in 1996. Thirty years on, he brings a seasoned perspective to one of the episode's central questions: has the industry actually innovated? Ed thinks not. Bet builders are just multiples repackaged, prediction markets are regulatory arbitrage, and live casino has been around forever. Robin argues that real innovation is iterative problem-solving rather than headline-grabbing product launches.  Dan lands somewhere in the middle: the industry is better at merging concepts than creating new ones. You cannot uninvent something, so the only sensible move is to embrace it. Where all three find common ground is on AI. Dan's view is that its real value lies in true personalisation, not in Amazon-style recommendations. Ed agrees the potential is there, having watched the industry talk about personalisation for 15 years without delivering it.  The grey market debate Do operators that built their businesses in unregulated markets deserve credit for eventually going legit? Ed, Robin and Dan all land in different places on this one. Tune in to find out where each of them stands, and the hint is that nobody fully agrees. Getting ready for iGB L!VE What is Open Space? As part of iGB Executive, the Open Space session at iGB L!VE brings operators, suppliers and product leaders into the same room for something deliberately different from a standard panel.  Taking place on Wednesday, 1 July, from 2:30pm to 4:00pm in the South Galleries at ExCeL London, the format is audience-led and runs under Chatham House rules - meaning no recording, no report, just open conversation. Dan will be facilitating, moving between breakout tables and prodding the debate where needed. Around 70 people have signed up, and when asked in advance what they wanted to discuss, 36% said AI, 12% customer engagement and retention and 11% payments.  The session will also feature live voting and open idea sharing. As Dan puts it, the point is to have conversations that simply do not happen on panels. Where to find your RTTS hosts Ed will be on the taxation and channelisation panel at 2:00pm on Wednesday 1 July as part of the Africa Summit, and on the prediction markets and World Cup panel at 2:00pm on Thursday 2 July.  Robin will be hosting a fireside chat at the Startup Accelerator on 30 June and MCing the Africa Summit on 1 July. If you see any of them, do go and say hello. If you want to revisit any previous episodes before the show, the full Right to the Source series is right here. See you at the show! Chapters (00:00:10) - Lewis and Clark(00:01:27) - Guests On The Podcast(00:02:36) - Dan Phillips on the Gambling Industry(00:03:30) - How to Get Out Of The Gambling Industry(00:08:23) - Coral's CEO on product innovation(00:09:34) - On Innovation in the Casino Industry(00:14:52) - Robin Quirk on IGB Live(00:16:19) - Robin Williams on Open Space(00:22:32) - Will AI Take Over the Slot Industry?(00:30:04) - Amazon Prime Film Review: Balls Up(00:30:52) - Mark Wahlberg on His Classics(00:32:38) - Mark Wahlberg on His Guest(00:33:42) - Have We Discovered a Regulated Market?(00:38:18) - Black Market and the Fair Play(00:45:10) - Mark Wahlberg On His Best 3 Movies(00:47:10) - IGB Live: Africa Panel and More