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. Technology suppliers offer more complexity due to the range of products they can provide and how these products can be utilized by multiple operators. Technology suppliers are protected in terms of taxation and regulation, with the ability to be multinational and not exposed to a singular market. 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 further barriers and opportunities for unregulated operators. Regulatory landscapes create hurdles for operators, including license fees, taxes, product fees, gross profit tax, and KYC requirements. These operational challenges make scale and leverage vital, giving Flutter and DraftKings an advantage in the regulated U.S. market.