Wolf Cub

About Wolf Cub

The company cited a 100% uplift in Mexico’s average audience versus the 2022 World Cup, which had led to “excellent new customer acquisition” during the tournament.

The supplier’s total B2B revenue increased 14% YoY to €394.8 million, while adjusted EBITDA
increased 75% to €128.1 million.

The only market to report a loss for B2B during the period was the UK, down 8% to €59 million. Playtech said the market was impacted by “certain customer-specific changes and increased Remote Gaming Duty”.

How to play Wolf Cub

Although three-quarters of respondents rated their VIP data as good or very good, 71% reported data spread across multiple systems. Half admitted sometimes making decisions with incomplete or outdated information. 

“Silent churn” was prevalent, with nearly half (46%) stating that VIP players often or very often became inactive without prior warning. Around 48% had no indicators of players’ behavioural signals or health. Co-author Viktoriia Grygorenko, CEO at The Playa, called this finding the “clearest commercial case in the report”.

“Every other finding – portfolio overload, fragmented data, reactive workflow, no behavioural signal – resolves here, in revenue that walks out without notice, without warning and without anyone getting the chance to intervene.” 

How to play Wolf Cub

The move initially appeared to work. Flutter had a market capitalisation of about $36 billion when it began trading in New York in January 2024, rising to roughly $50 billion by June the following year. Flutter’s value later fell sharply as investors lowered their earnings expectations.

In the second quarter of 2026, Flutter’s US revenue fell 6% to $1.683 billion, while sportsbook revenue fell 15%. US adjusted EBITDA fell sharply, and Flutter subsequently reduced its guidance. Despite this, FanDuel retained the number-one US sportsbook position, with Flutter reporting a 39% share of US sportsbook gross gaming revenue.

Ben Robinson, managing partner at Corfai, argues that the American listing achieved what it was supposed to achieve. The problems came afterwards. “The question was which arm of the K-shaped market Flutter would end up on. We have the answer now. Capital is concentrated in a narrow band of technology names and everything else is being marked on earnings.”