About the series

Method and rules

iGaming Market Notes is an analyst series about how money moves through the online gambling industry. One note takes one budget line or one customer behaviour and works through what the available evidence supports, in plain language and under a thousand words. We started numbering in early 2026 and publish only when a note clears its evidence bar, which is why the archive grows slowly.

What counts as evidence

Listed operators' filings and earnings calls first, because audited numbers argue better than anyone's opinion. Regulator statistics and published enforcement records second. Affiliate network disclosures and platform policy documents third. Conversations across the industry inform where we look, and never appear as numbers. Estimates are labeled as estimates in the note that uses them, and a note that would rest mainly on estimates does not run.

Why notes die in draft

Roughly one drafted note in three never publishes. The usual cause is that the interesting claim turns out to rest on a single unverifiable source, and a series like this is only worth reading if the boring version of that story is told instead, or nothing is. The two autumn drafts named on the archive page are both currently stuck at exactly this bar.

On naming companies

Notes name companies when the analysis requires a concrete example, an operator whose filings illustrate a cost structure, or a supplier that defines a category. Nobody pays to appear, nobody can pay to be removed, and no note carries affiliate links or gambling offers. Where we state a view about a named company, the reasoning sits in the same paragraph so a reader can weigh it.

Corrections

Factual errors get corrected in place, with a dated revision line in the note's kicker. Disagreements with our reading of the evidence are not corrections, though the persuasive ones have changed later notes. The series has no comments section, the archive page is the front door, and everything else is in the notes themselves.