Insights
Sharp thinking on strategy, product, and the business of regulated markets.
Expand or Deepen?
When growth slows, the instinct is to find a new market. That instinct is often wrong, not because expansion is bad, but because the timing is. Most founders consider market entry before they have extracted the full value from what they already have.
Build vs. Buy Is the Wrong Question.
Most founders treat build vs. buy as a cost analysis. It’s actually a competitive positioning decision, and the cost spreadsheet systematically leads you to the wrong answer.
Regulated Markets Aren’t a Growth Opportunity. They’re a Cost You’re Mistaking for a Moat.
Regulation creates market access. Access is not advantage. The iGaming industry has been confusing the two, and Flutter’s $860 million EBITDA hit is the proof.
Regulated Markets Are Not the Growth Opportunity.
Why the iGaming industry’s consensus growth strategy creates a race to the bottom, and what it tells every founder in a regulated market about the difference between access and advantage.