SECRET TREASURE

What is SECRET TREASURE?

Online gambling more broadly remains illegal, with no sign of legalisation in either the short or long term. If anything, the government appears to be moving further away from the activity, and is actively considering website blocking to prevent illegal gambling in the country.

But through its love of pachinko, social gaming in Japan offers a strikingly different story.

Across some 8,000 pachinko parlours in Japan, machines filled with metallic balls fill expansive spaces, similar to slot machines on a casino floor. Winning balls are tallied and exchanged for non-cash prizes at the parlour, which can then be taken to nearby third-party exchange outlets for cash.

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Flutter has arguably the strongest online franchise of the four. Its share price fell from $282.33 on 18 September 2025, to $89.56 on 18 September this year, with a market valuation of $15.54 billion.

FanDuel remains the leading US sportsbook, while Flutter’s international businesses provide additional sources of growth. But that quality comes with high expectations.

Beynon describes Flutter as “the highest-quality online betting franchise globally”, with FanDuel’s leadership position providing “significant long-term value”. The problem is that the market is increasingly questioning how much future earnings growth can be generated from that position as the industry matures.

What is SECRET TREASURE?

“They are people losing their jobs and communities losing long-established high-street businesses,” David wrote.

In his interview Done framed these closures as part of a broader decline in high street retail venues. He predicted that by 2030, betting shops could disappear entirely. 

“I believe that by 2030 we will have no betting shops. The high street will be dead. We’ve already worked it out that with the increases in taxes and salaries and other wages it won’t be worth operating,” he said.