In this interview with Andrew Geoghegan on Ausbiz, Tom Waterhouse discusses Flutter’s recent stock activity, his focus on suppliers rather than operators, and the complexity of U.S. wagering market regulations, as well as the presence of offshore unregulated operators.

The U.S. gambling market currently has a product gap, with 18 states not having legal online sports betting - most notably California and Texas. Winning bets are taxed in the U.S., which creates barriers for consumers and therefore opportunities for unregulated operators.