Independent analysis of the global gaming industry — market developments, regulatory change, investment trends, and the issues shaping the sector's future. Written by Andrew Tottenham from nearly four decades at the industry's most senior advisory level.
Delivered directly to C-suite executives, investors, regulators, and advisers across the global gaming industry. Independent analysis from one of the sector's most experienced practitioners.
Online gambling regulators are in an invidious position. Their primary obligation is to protect consumers in their own jurisdiction — but what should they do when the threat to those consumers comes from operators licensed in other jurisdictions, or from no jurisdiction at all?
Read This Issue"Keep the regulated market sufficiently attractive that most consumers remain in it, make the unlicensed market sufficiently difficult and unprofitable to operate, and accept that some residual illegal activity will always exist. That is not a counsel of defeat."— Andrew Tottenham, The Tottenham Report, April 2026
The UK Gambling Commission has opened a consultation on the use of cryptocurrencies in gambling. A close examination of why the question has landed on a regulator's desk — and whether it is the right question to be asking.
Regulatory February 2026 · Issue 45The Austrian Supreme Court's recent decision on FIFA lootboxes is comfortingly familiar. Faced with the question of whether lootboxes constitute gambling, the court found a way to say no. A study in how law accommodates what it cannot easily regulate.
Regulatory January 2026 · Special CommentaryFollowing the November 2025 article on the closing window for Maltese-licensed operators, the ECJ has now delivered its judgment in Wunner (C-77/24). The implications are significant — and largely as forecast.
Regulatory January 2026 · Issue 44Much has been written about the rise of the online gambling black market. The relationship between safer gambling measures and the attractiveness of the unlicensed market is more nuanced than either side of the debate acknowledges.
Online Gaming December 2025 · Issue 43On the dynamics of how ideas spread, why investors pay the highest prices at the peak of a cycle, and what the New York State casino licence process tells us about herd behaviour in gaming markets.
Investment November 2025 · Issue 42For years, Malta has served as the springboard for online gambling operators wanting to reach European customers without local licences. Two Advocates General Opinions from the CJEU suggest the legal underpinning of this model is being removed.
Regulatory October 2025 · Issue 41The phrase echoing through G2E 2025 was "prediction markets." Companies like Kalshi are offering contracts on sporting event outcomes that are, at their core, indistinguishable from betting exchanges — yet are regulated as financial instruments.
Online Gaming September 2025 · Issue 40A television experiment in jury deliberation reveals how people ignore evidence that contradicts their prior view and seek information that confirms it. The implications for regulatory decision-making in gambling are uncomfortable.
Regulatory August 2025 · Issue 39On the critical difference between a business strategy and a business plan, and why so many gaming companies confuse the two. A reflection on working with the late Peter George and what genuine strategic thinking looks like in practice.
Strategy July 2025 · Issue 38Private equity firms have poured billions into gambling over two decades. Many are now finding the exit far harder than expected — the same characteristics that made gaming attractive to acquire are making it difficult to sell.
Investment June 2025 · Issue 37One man may have had more impact on the gambling industry than any other — Thomas Bayes, an eighteenth-century Presbyterian minister. How Bayesian probability underpins everything from game design to regulatory policy.
Strategy May 2025 · Issue 36On what a New York Times article about ADHD diagnosis reveals about the dangers of algorithmic risk-scoring — and why the gambling industry should be paying close attention to where AI-driven player-protection tools are heading.
Regulation April 2025 · Issue 35The regulated gaming industry faces multiple critical threats — from over-regulation driving customers to unlicensed operators, to AML checks alienating legitimate players. At some point, the industry needs to make its case more forcefully.
Regulatory January 2025 · Issue 32From the Wild West of 1990s internet gambling to the sophisticated unlicensed operations of today — a personal history of the online gaming industry and a practical assessment of the tools available to those trying to contain the black market.
Online Gaming March 2024 · Issue 22On the recent turnover of senior executives at major gaming companies — what it reveals about board expectations, talent development, and the recurring industry mistake of always looking outside rather than promoting from within.
Strategy February 2024 · Issue 21The gambling world is tying itself in knots about what is gambling and what is not. Sweepstake casinos, prediction markets, and lootboxes — a clear-eyed assessment of where the regulatory boundaries are being drawn, and where they are not.
RegulatoryAndrew Tottenham is regularly quoted in the international gaming trade press and has appeared on BBC television and radio discussing the economic, social, and regulatory dimensions of the global gaming industry.
A wide-ranging interview on the economics of the global gaming industry, the role of integrated resorts in national tourism strategies, and the challenges of effective regulation in a rapidly evolving sector.
Regular appearances as an industry expert during the passage of UK gambling legislation and the ongoing debate about online gaming regulation and responsible gambling frameworks.
Regularly cited in Gaming Intelligence, iGaming Business, Casino Journal, and other leading industry titles on topics including IR development, regulatory change, and market entry strategy.