Flutter calls for regulation to win World Cup betting battle

Scale of the opportunity
The illegal market threat
What needs to happen

Flutter’s Dan Taylor warns the illegal market could outstrip $60bn in legal World Cup wagering.
The op-ed comes as Flutter navigates a difficult 2026, including a FanDuel leadership change and a sliding share price.
The Netherlands and UK are cited as live examples of over-regulation driving channelisation losses.

Flutter Entertainment president and CEO of Flutter International Dan Taylor has called on governments, regulators, technology platforms and licensed operators to act together to protect the regulated betting market during the 2026 FIFA World Cup, warning that the illegal sector is winning major ground.

The piece, published on 10 June on Flutter’s website and first appearing in EGR Global, frames the tournament as both the largest regulated betting event in history and a critical stress test for the regulated model.

It arrives at a charged moment for Flutter: the company’s share price has fallen by more than half in 2026, FanDuel recently underwent a leadership change, and a decision on whether to exit the London Stock Exchange is expected before the end of the quarter.

Scale of the opportunity

Analysts at H2 Gambling Capital estimate approximately $60bn could be legally wagered globally during the tournament. Flutter expects stakes across its brands to be double those recorded at Qatar 2022, with around 10 million customers betting across its portfolio.

Dan Taylor, President of Flutter Entertainment and CEO of Flutter International, said:

“This summer’s World Cup across the US, Canada and Mexico is not just set to be the biggest soccer tournament in history. Expanded to 48 teams and 104 matches, it will almost certainly become the largest regulated betting event the world has ever seen.”

Taylor drew on his experience across multiple regulated markets to make the case for the model. He added:

“I’ve spent years running betting businesses across many of the world’s largest regulated markets, from Australia to Brazil, the US to the UK and many more in between. One thing I’ve learned — and the evidence is consistent — is that well-regulated markets work better for customer protection, sports integrity, tax revenues and job creation.”

Taylor is no passive observer. He was appointed to the Flutter group president role in May as part of a restructure that saw him take on oversight of FanDuel alongside his existing international responsibilities.

Christian Genetski, who joined FanDuel in 2015 and served as its president since 2022, was named to lead the US business following the departure of Amy Howe.

Flutter reported Q1 2026 group revenue of $4.304bn, up 17% year-on-year, though full-year guidance was trimmed. FanDuel held a 39% sportsbook gross gaming revenue market share in the US.

The group is also reviewing its secondary London listing, with a decision expected before the end of Q2 — a move that would leave Flutter listed solely on the NYSE.

The illegal market threat

Taylor’s sharpest warnings concern the pace at which unlicensed operators are growing. He pointed to UNODC data suggesting illegal wagering during the World Cup could exceed legal volumes globally.

Taylor said:

“A risk far greater to consumers than competition between licensed operators is the rapid, largely unchecked growth of offshore illegal betting sites that bypass consumer protections, avoid taxation, offer no meaningful responsible gambling safeguards and, in many cases, have direct links to criminality.”

He noted these operators are targeting customers in markets where they have no right to operate, frequently transacting in cryptocurrencies to avoid scrutiny.

The concern is grounded in live market data. In the Netherlands, the Dutch gambling regulator KSA confirmed the illegal online market generated approximately €617m in the first half of 2025, edging ahead of the €600m recorded by licensed operators in the same period.

In the UK, H2 Gambling Capital projects black market stakes will surge from £17bn in 2025 to more than £33bn by 2028, with almost one in five online pounds potentially flowing to unlicensed operators within three years.

Taylor commented:

“These aren’t isolated cases, but a warning.”

Flutter flagged the UK Remote Gaming Duty increase from 19% to 40%, effective 1 April, as a risk that could push some players toward unregulated operators in its most recent results.

What needs to happen

Taylor’s prescription is systemic. He argued that payment processors, hosting companies and advertising networks must be brought into enforcement frameworks rather than treated as passive infrastructure.

“Illegal operators are already outspending licensed ones on digital advertising in several markets. When unlicensed sites can advertise freely, process payments without friction and reach consumers through the same channels as legitimate businesses, the regulatory framework is only as strong as its weakest link.”

He was direct on what closer collaboration must look like. Taylor added:

“Closer cooperation between regulators and the platforms controlling digital distribution isn’t optional. It’s essential.”

Taylor also rejected the argument that tight regulation and commercial success are incompatible, citing Flutter’s presence across Brazil, Spain, the UK, the US and Canada as evidence. Taylor said:

“We’ve never viewed strong regulation and commercial success as mutually exclusive. That’s worth saying clearly, because it’s often lost in political debate.”

With the tournament running until 19 July, the next six weeks will offer a live test of whether the regulated market can hold its ground.

For Flutter, whose own recovery plan at FanDuel is tied in part to the World Cup and the NFL season as conversion catalysts, the stakes extend well beyond the policy debate.

Taylor concluded:

“In our industry, the illegal market tears up such rulebooks, is playing without a referee, and faces no consequences at the final whistle. Closing that gap requires governments, regulators, technology platforms and licensed operators to line up together.”

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