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About Treasure Explorer
“This successful investigation clearly demonstrates the scale that the illegal gambling market has now reached,” said Mathias Dahms, president of the DSWV.
Dahms highlighted the significant dangers unlicensed operators pose to player protection and the overall integrity of the licensed market. He cited the absence of controls such as deposit limits, identity verification and player suspension tools.
He also called for continued rigorous enforcement efforts alongside strict regulation to safeguard consumers, adding: “Anyone who wants to strengthen player protection must therefore consistently crack down on illegal services and strengthen legal ones.”
About Treasure Explorer
“Japan is acting cautiously, after observing missteps from other jurisdictions. They are proceeding in the way that best suits them,” she adds.
The factor that led some operators to drop out of the licensing race could be the “uncertainty” created by regulations that “didn’t seem set in stone”, says Leckert.
“Some of them [investors] that were looking at Japan were looking at a big IR licence or nothing. With Tokyo and Yokohama being out of the mix, maybe some weren’t as interested anymore and decided to sit back, and wait and see how regulation and licensing shake out.”
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Beynon says sports betting companies have suffered particularly badly because the market is questioning both future earnings and the size of the eventual opportunity. More iGaming-focused companies such as Rush Street Interactive and Super Group have generally performed better operationally, helped by stronger earnings growth and profitability.
The lesson is simple: gambling still attracts capital when the money is visible. It is less attractive when the payoff lies far in the distance.
The biggest new uncertainty in US sports betting is prediction markets. The American Gaming Association estimates that Americans will legally wager $29.5 billion in betting handle through US regulated commercial sportsbooks during the 2026 NFL season, broadly unchanged from the $29.4 billion handle recorded in 2025. These figures refer to the amount wagered, not sportsbook revenue.
