Tom Waterhouse discussed how the UK Budget is reshaping wagering economics, with higher taxes and tighter regulation compressing bookmaker margins and indirectly pushing customers toward offshore operators offering better pricing and fewer constraints. He then drew a parallel with Australia, where offshore leakage persists despite a mature regulated market, driven by more competitive offshore product and pricing. His broader point was that regulation doesn’t suppress demand, it redirects it — and when domestic conditions become less competitive, offshore markets inevitably pick up share.

Watch the full interview: