Gary McFarlane
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Editor-in-chief at cryptonews.com
and also equity research writer at gamblinginsider.com
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Articles by Gary McFarlane
What Kalshi’s LeBron Market Reveals About Betting on News: 11x Your Money in 303 Milliseconds
The trade-by-trade record of Kalshi’s “LeBron James’s next team” market shows nobody traded ahead of the scoop. And then, within milliseconds (or deciseconds if you will), automated traders swept up every cheap contract within a third of a second of the news being posted that he was moving to the Philadelphia 76ers. They locked in the opportunity for an elevenfold payout collected faster than any human could read the headline.
ADI Predictstreet’s $6.9B Blockchain Generates Only $7,248 a Day
Prediction market startup ADI Predictstreet, which, seemingly out of nowhere, became a FIFA partner, values its network in the billions. But Gambling Insider’s investigation reveals a venue that earns just ~$7,000 in daily fees, settles in someone else’s dollar, and answers to three keyholders it has not identified. When ADI Predictstreet appeared on the display boards at the FIFA World Cup this summer, it sold itself as more than a betting operator.
The Strange Case of ADI Predictstreet, IHC and the Abu Dhabi Royal Family
Why is ADI Predictstreet so guarded about its connections to International Holding Company (IHC) and the Abu Dhabi royal family? That’s the question we have been seeking answers to over the past couple of weeks. Here’s what we found out. Abu Dhabi downtown with palm trees in the background (Image: Shutterstock) ADI Predictstreet was the official prediction markets partner to the FIFA World Cup 2026 and remains in a multi-year partnership with FIFA.
Kalshi Parlay Bettors Lose More Than Headline Numbers Show — Money Betting Against Them is Masking it
Bloomberg reports Kalshi parlay players losing as much as $294 million since the start of the year, but the actual number is probably a lot more. Gambling Insider investigates. image by evan_huang (Shutterstock) A widely cited measure of what bettors lose on prediction market parlays lumps together two opposite groups: the recreational customer backing a parlay and the flow betting against them.
PENN Posts Record Retail Q2 as Digital Losses Narrow to $9.5 Million
PENN’s four regional divisions combined to generate $1.505bn in revenue for a retail segment record. Adjusted EBITDAR rose 5.6% to $517.2m, lifting the retail margin to 34.4%. PENN shares closed up 2.6% at $20.13. June 23, 2023, Brazil.
Flutter Margins Hit as US Sportsbook Falters, Guidance Cut, Peter Jackson Leaves End Sept
Flutter revenue was up, but profit down. What's more, management slashed guidance, and CEO Peter Jackson announced he is leaving at the end of September. The market didn't like what it heard. Flutter owns the FanDuel brand (Image: Shutterstock) Flutter Entertainment (FLUT) published its second-quarter 2026 results before the U.S. market opened on Wednesday, Aug. 5, and the verdict arrived within hours.
Wynn Resorts Q2 Beats on Macau Hold as Las Vegas and Boston Earnings Slide
Wynn Resorts (WYNN) Q2 2026 earnings results comfortably cleared Wall Street's second-quarter bar on both the top and bottom lines. But the beat was narrower in quality than the headline suggests. Wynn Macau (Image: Shutterstock) Released after the closing bell on August 4, 2026, the Wynn Resorts results showed total operating revenues of $1.86 billion, a 6.9% increase over the $1.74 billion booked in Q2 2025 and roughly $25 million ahead of the $1.83 billion consensus.
WSOP Patch Wars: How Poker’s New Owners Decide Which Rivals Get Seen on TV
As the World Series of Poker Main Event final table begins today, Monday, August 3, all eyes are on the cards… and the players’ patches. Here’s why. Las Vegas, Nevada, USA | May 29, 2026 | Giant World Series of Poker Sign Isolated | WSOP Sign Inside Paris Hotel Casino Las Vegas near the Champagne Ballroom with Hallway and No People WSOP under GGPoker’s ownership introduced a secret approval process for sponsor logos, and the brands shut out are the ones competing with its owner.
Kalshi’s Penny Parlay is the Worst Bet in America — and the Smallest Bettors are Buying it
Trade-level data from Kalshi shows that losses on multi-leg bets scale almost perfectly with how long the odds are and how small the stake is. Buyers of sub-2 cent combos lost 92 cents of every dollar; bettors staking under $5 lost three to five times more per dollar than those staking $100 or more. Put simply, the cheapest ticket on Kalshi is the most expensive bet in America.
Churchill Downs Q2 Results See Record Kentucky Derby Quarter, Puts 8 Casinos On the Block
Churchill Downs Inc. delivered all-time record revenue and earnings on the back of the 152nd Kentucky Derby — and, in a filing made the same evening, disclosed it is exploring the sale of eight regional gaming properties. Churchill Downs Incorporated (CHDN) posted the biggest quarter in its 150-year history on Wednesday, with the 152nd running of the Kentucky Derby driving all-time record revenue and adjusted EBITDA.
Caesars Files Last Public Quarter with Fertitta Acquisition Pending; Regional Strength Hides Las Vegas Slide
Revenue edged past consensus, and the net loss narrowed, but adjusted EBITDA missed — and with the Fertitta take-private pending, there was no earnings call to explain any of it. The second quarter of 2026 is the last Caesars Entertainment (CZR) will report as a public company. It reported it the way a company on its way out of the market does: with a press release at 4 p.m. No conference call, no guidance, no executives taking questions. The absence is itself the story.
BetMGM Q2 2026 Earnings: Prediction Markets and Customer Win Rates Weigh on Results
BetMGM's inability to compete against the prediction markets threat is impacting top-line growth, as net revenue grew by just 3% in Q2 2026 BetMGM, the 50/50 joint venture between MGM Resorts International and Entain, released its second-quarter 2026 business update on July 28, delivering revenue and earnings that came in below consensus forecasts.
Crypto Casino Investigation: How Big (or Small) is the Industry?
Gambling Insider investigates what's behind the controversy surrounding the radically different claimed sizes of the crypto casino industry. To help us, we ran the numbers at the blockchain analytics platform Dune. The crypto casino industry is growing fast, but how big is it really? (image: Shutterstock) Crypto casinos should be transparent, right, because the transaction data is on a public blockchain? Not so fast.
Boyd Gaming Q2 Earnings Navigates Las Vegas Softness with Midwest Muscle
Boyd Gaming wrestles with an uneven regional picture, but strength in the Midwest and South and the promise to return $150 million per quarter to investors keep shareholders onside. Boyd Gaming (Image: Shutterstock) Boyd Gaming (BYD) released its second-quarter 2026 financial results after the closing bell on Thursday, delivering a mixed but ultimately stable report that highlighted the company’s geographical diversification.
Las Vegas Sands Q2 Earnings: Hold Volatility, World Cup Headwinds Mask Underlying Growth
Las Vegas Sands was down on its luck in Q2 2026, but it is gaining market share in Macau and printing cash at Marina Bay Sands in Singapore. View of the Venetian buildings in Cotai, Macau, owned by Las Vegas Sands.
Evolution Q2 2026 Earnings: Americas Surge, Europe Regroups, Galaxy Deal in Doubt
Evolution results disappoint despite Americas revenue strength and RNG bounce back. Plus, new doubts emerge on deal in US to buy Galaxy. KONSKIE, POLAND - September 15, 2021: Evolution Gaming Group AB logo displayed on mobile phone hidden in jeans pocket Evolution AB (EVO) released its Q2 2026 earnings results today, which slightly missed analyst consensus expectations.
How Matchbook-Powered Prediction Markets Could Shake Up the Industry
Matchbook has partnered with ADI PredictStreet to bring regulated prediction markets to major jurisdictions – it could be a game-changer. We spoke exclusively to company insiders. ZHONGSHAN China-July 19 2025: 2026 World Cup soccer in the outdoor at horizontal composition. Prediction markets are the gambling industry’s most disruptive force right now, and Matchbook could be the dark horse that rocks the current established order.
Exclusive: ADI Predictstreet Source Reveals Trading Numbers, Strategic Gameplan
ADI Predictstreet is the new kid on the prediction market block — its trading volume may be small, yet in exclusive comments to Gambling Insider, insiders claim it has a winning strategy Gambling Insider can reveal that ADI Predictstreet, the official prediction market of the FIFA World Cup 2026, has generated around 126,000 trades in its first 18 days since launch, “demonstrating early consumer demand despite the platform’s nascency”, according to a source familiar with the matter.
Kalshi and ADI Predictstreet – Who Are the Real World Cup Winners?
Gambling Insider can reveal that, contrary to reports in the New York Times and Bloomberg, the partnership between ADI Predictstreet and Kalshi is not as enmeshed as some believed. When asked whether it was accurate that Kalshi is providing market-making services to ADI Predictstreet, sending volumes its way, and discussing plans to invest in ADI Predictstreet’s ADI Chain, the answer was unequivocal no.
Caesars, MGM Resorts, Bally’s, Evoke: Gaming Analysts Bender and Beynon Assess What Comes Next
The Evoke acquisition by Bally’s comes hot on the heels of take-private moves on MGM Resorts and Caesars by Barry Diller’s People Incorporated and Tilman Fertitta, respectively. Fertitta is the US ambassador to Italy and owner of the Golden Nugget, Houston Rockets, plus a portfolio of hundreds of restaurants. So what is afoot?
JPYR and the Future of Stablecoins in Japan and Beyond Original
Image caption: From left to right: Shunsuke Saito (Editor in Chief: Cryptonews Japan), Kengo Shoda (STABLECOIN CLUB), and Ryunosuke Hidaka (STABLECOIN CLUB) Cryptonews.com caught up with the co-founders Kengo and Ryunosuke from the STABLECOIN CLUB , as it lays out the stall for its plan to become the premier digital asset vehicle to take the Yen global. Stablecoins are gaining traction worldwide, especially in Japan.
Bally’s Q1 Intralot-Fueled Revenue Surges 28% But Refinancing Costs Weigh
Bally's revenue rockets as its online casino business in the UK and Spain surges, yet its deleveraging efforts led to a $161.9 million loss. Bally’s has reported strong Q1 2026 net revenue of $755.72 million, a 28.3% year-over-year surge compared to Q1 2025 ($611.07 million), driven primarily by Intralot-fueled interactive digital expansion and property consolidation.
Gambling.com Cuts 25% of Jobs in AI-First Shift as Q1 Earnings Hurt By Rising Costs
Gambling.com earnings show a firm that's accelerating its AI-first restructuring as it cuts jobs and seeks to wean the business off volatile SEO.
DraftKings, FanDuel Lean Into Prediction Markets on Q1 Earnings Calls; BetMGM, Penn, Caesars Forge Different Paths
Online gambling industry earnings in Q1 2026 revealed a strengthening tilt toward prediction markets and improving digital margins. Digital-first companies such as DraftKings and Flutter are increasingly utilizing predictions verticals to target users in non-legal sports betting jurisdictions. The companies are also getting involved in market making on the exchanges, as they were eager to point out during Q1 2026 earnings calls.
Catena Media Q1 Earnings Beat But SEO Risks Weigh on Stock
Affiliate and media gambling industry group Catena Media’s Q1 2026 results delivered solid earnings across the board, but it wasn't enough to stop the stock price from selling off. For the quarter ending March 31, 2026, Catena Media (CTM) reported net revenue of €12.3 million ($14.4 million), topping consensus estimates of €11.8 million and registering a robust 25.5% increase compared to Q1 2025 (€9.8 million). Bottom-line profitability metrics also demonstrated substantial upside.
DraftKings Q1 2026 EBITDA Explodes 599% to $167.9M, Revenue Jumps 17% YoY
DraftKings revenue jumped 17% YoY and EBITDA exploded 599% to $167.9 million as the company presses its "advantage" in prediction markets US iGaming giant DraftKings turned in a 17% year-over-year revenue increase in Q1 2026 to $1,646 million, along with an enormous 599% increase in adjusted EBITDA, up from $24 million in Q1 2025 to $167.9 million.
Kambi Q1 2026 Results Boosted By Canada Lottery Wins and AI Advances, Stock Soars
Kambi stock soars 21% after releasing Q1 2026, which confirmed its winning ways with AI and success in Canadian lotteries, as it bags more selections B2B Sportsbook technology company Kambi Group reported a revenue beat of €43.5 million ($50.85 million) today, representing a 5% year-over-year increase. The net revenue outperformance was driven largely by the full integration of major partners, such as the Ontario Lottery and Gaming Corporation (OLG), and by a robust operator trading margin.
Rush Street Interactive Delivers Blowout Revenue in Q1 2026 Results
Rush Street Interactive's casino-first strategy is paying off big time as user acquisition explodes in Latin America and the company eyes opportunities in Alberta Rush Street Interactive’s (RSI) Q1 2026 earnings beat across the board, on revenue, EPS, and EBITDA. Net revenue was 12% ahead of forecasts at $370.4 million, EPS $0.14 vs $0.11 expected, and EBITDA $60.2 million vs the $48 million consensus estimates.
Caesars EPS Shocker Masks Record Q1 2026 For Digital Growth
Caesars Entertainment beat on net Revenue and EBITDA, but EPS is held back by interest payments, even while digital segment performance breaks records Caesars Entertainment’s (CZR) Q1 2026 results are a tale of two cities – net revenue beat analyst consensus forecasts, coming in at $2.87 billion, against the predicted $2.85 billion, which was 3% better than the $2.79 billion for the same period last year. But EPS was a very different story.
Sportradar Earnings Take IMG Arena Hit But ‘Shadow’ Market Allegations Dominate
Switzerland-based sports data services supplier Sportradar Group AB released Q1 2026 earnings today that missed on all key metrics. However, revenue was up on the same period last year, from €311 million ($364 million) to €346.5 million this quarter. The numbers missed analyst forecasts.
Betsson Operating Income Plummets 47% as Tax Hikes Hurt and B2B Stalls
Betsson AB, the Swedish B2c and B2B gaming group, missed across the board on its Q1 2026 earnings results. €285 million ($333.86 million) revenue fell short of the €298 million that analysts had expected. EPS was 26% off target at €0.19 compared to the €0.26.9 expected. It was none better on EBIT. A forecast €63.5 million EBIT came in at just €49.0 million (our table below shows the EBITDA estimate).
Boyd Gaming Q1 2026 Earnings a Mixed Bag, But Midwest and South Shine
Although Boyd Gaming's 2026 first-quarter earnings results were underwhelming, the Midwest and South point the way to future growth Boyd Gaming (BYD) reported a decidedly mixed bag in its Q1 2026 results. Net revenue of $997.4 million for the quarter was fractionally behind the $991.6 million registered the previous year and the analyst consensus of $998.8 million. Adjusted EPS of $1.60 was a more substantial underachievement, falling short of the $1.71 analyst estimate.
PENN Crushes Forecasts as iCasino Growth Jumps 15% YoY
PENN Entertainment earnings were a blowout on revenue and EPS as iGaming soars and the company readies for its assault in Alberta. PENN Entertainment beat on its top- and bottom-lines in Q1 2026 results released this morning. Total revenue of $1.779 billion handily blew out of the water the consensus forecast of $1.745 billion. Although the company reported an official GAAP loss of $2.8 million, its adjusted EPS smashed expectations, beating the $0.06 forecast by 83% to $0.11.
Evolution AB Q1 2026 Revenue Drops as Europe Struggles But Americas Bloom
Evolution AB has a great growth story to tell, but its Q1 2026 earnings were held back by regulatory headwinds in the saturated European market. Swedish gaming supplier Evolution AB saw its Q1 2026 results fall below expectations on revenue, EBITDA and EPS, as European headwinds held back performance. Net revenue for the quarter was down from €520.9 million ($611.93 million) to €513 million, while EBITDA declined to €335.3 million (a -0.80% miss vs. consensus).
Brag House Gamified Predictions May Have Lock on The Cool Kids at College
Brag House is creating a marketplace for college sports fans to become active participants in athletes' commercial journeys as NIL proliferates. If you are into college sports and attend an American university, you may already know this – the Gen Z gaming platform Brag House is cool, fun, and rewarding for players and spectators alike. It is a prediction platform for amateur eSports where anyone can place a ‘Brag’ about the outcome of video game contests.
Bragg Gaming 2025 Earnings Soft But AI and Americas Growth Fuel Upside
Bragg's strong PAM turnkey technology platform, AI transformation plans, and solid growth paths in Canada, the US and Brazil allow investors to look past European headwinds Bragg Gaming Group’s (BRAG) Q4 2025 earnings results missed analyst forecasts for EPS and EBITDA. Revenue missed too, but was still at a record €27.7 million ($31.9 million), up from Q4 2024’s €27.2 million.
Century Casinos Operational Profit Jumps 117% But Q4 EPS Underwhelms
Century Casino reported a net loss per share of $0.61 in a big miss on analyst estimates, but it is making improvements on operations, plus offloading its Polish business will help it meet deleveraging goals Land-based casino operator Century Casinos (CNTY) released Q4 FY 2025 results showing operational profitability swinging back toward the positive. But its bottom line remains deeply scarred by the massive non-cash impairment charges taken in 2024 and ongoing high leverage.
Gambling.com Q4 2025 Earnings Miss But Shift From SEO to Subscriptions Drives Growth
Gambling.com (GAMB) missed on revenue, EPS, and EBITDA, but its successful shift away from an overreliance on organic search toward higher-margin sports data services may be the bigger story. The affiliate and media company reported revenue slightly behind the forecast of $47.3 million at $46.2 million. Adjusted EBITDA was a shade below expectations, at $15.5 million versus the $15.6 forecast, while EPS was -5.6% behind analyst estimates, coming in at $0.17 versus the $0.18 predicted.
Inspired Entertainment Q4 2025 Margin Wins on iGaming Pivot But Debt Hammers Earnings
Inspired Entertainment EBITDA margin came in strong at 42% for Q4 2025, as the pivot to high-margin iGaming pays off. Inspired Entertainment (INSE) reported a record EBITDA margin of 42% (Q4 2025) in its iGaming growth engine, with revenue in the segment up 53% year-over-year . Q4 2025 revenue came in at $77.2 million, 2.1% ahead of analyst consensus estimates. Margin for full-year 2025 was 37%. Things weren’t so bright on the earnings side.
Bally’s Q4 EPS Loss Shows Debt Drag Despite Intralot
Bally's Q4 2025 EPS loss of -$1.02 and soft revenue, signal that debt continues to weigh despite Intralot transaction's balance sheet infusion, but Chicago holds growth hopes Las Vegas (United States); July 11th 2011: Sign of Bally's Las Vegas Hotel and Casino in Las Vegas Strip (Shutterstock) The Queen Merger effect continues to feed through to the bottom line, but not enough to stop Bally’s announcing results that missed forecasts across the board.
Entain FY 2025 Results Outperform Thanks to BetMGM Profits And Cost Cutting
Entain's FY 2025 results outperformed, with group revenue of £5.32 billion ($7.11 billion) and £1.16 billion in underlying EBITDA, soothing worries about the UK April tax hike. Entain PLC (ENT) has delivered strong financial results for full-year 2025, released before the bell on the London Stock Exchange today.
XRP, XLM, ADA – Zombie Crypto to Avoid or Bear Market Fortresses? Original
Do you know how many Zombie protocols are lurking in your portfolio? Chances are, it will be quite a few, but you probably can’t face taking the time to or going through the pain of surveying the desolate scene. Fortunately for you, we looked at the top 50 cryptocurrencies by market capitalisation to see how many Zombies we could find. To do that, we started by using the treasury-to-fee ratio.
Flutter Q4 Results Let Down Wall Street, Stock Drops
Flutter Entertainment (FLUT) missed its Q4 2025 targets at a critical juncture for the business, failing to calm already choppy waters marked by regulatory headwinds, stiff competition, challenges in prediction markets, and high debt. Group revenue came in at $4.74 billion, missing the consensus forecast of $4.90 billion, confirming that December volumes were sufficient to offset the poor hold rate in October-November due to ‘customer-friendly’ results.
PENN Earnings Beats Suggest Early Positive ESPN Exit Impact
PENN Entertainment (PENN) beats on earnings, revenue and EBITDA as the termination of the ESPN deal bears fruit and the HG Vora settlement beds in. PENN Entertainment’s (PENN) Q4 2025 earnings release provided investors with their first clean opportunity to assess the early termination of its 10-year partnership with ESPN – the news is positive. As predicted by analysts, losses per share have widened, but not as much as some had feared.
Genting Malaysia Dividend Surprises as Q4 2025 EPS Beats on Strong Cash Flow
Genting Malaysia dividend of RM0.05 (5 sens) is a cut on 2024 but much better than expected, suggesting strong cash position for Queens site redevelopment. Konskie, Poland - August 11, 2025: Genting Malaysia Berhad company logo displayed on mobile phone Genting Malaysia Bhd’s (GENM) Q4 2025 revenue beat expectations, at RM(Malaysian Ringgit) 3.218 billion ($823 million) against a forecast of RM3.12 billion, thanks to its Empire Resorts consolidation efforts.
Solana, Ethereum L2s (and XRP?) Just Got a Huge Buy Signal From Citrini Research
Everyone is talking about the Citrini Research report that sent the market into a tailspin yesterday. Buried in its 7,000 words of wisdom is a huge buy signal for Solana and Ethereum Layer 2s. The report, entitled The 2028 Global Intelligence Crisis, is a work of fiction that explores a future scenario in which AI disruption leads to what it describes as a “negative feedback loop with no natural brake”. JUNE 2028. The S&P is down 38% from its highs. Unemployment just printed 10.2%.
Solana, Ethereum L2s (and XRP?) Just Got a Huge Buy Signal From Citrini Research
Everyone is talking about the Citrini Research report that sent the market into a tailspin yesterday. Buried in its 7,000 words of wisdom is a huge buy signal for Solana and Ethereum Layer 2s. The report, entitled The 2028 Global Intelligence Crisis, is a work of fiction that explores a future scenario in which AI disruption leads to what it describes as a “negative feedback loop with no natural brake”. In short, AI is going to displace white collar workers at an unprecedented rate.
Why Tokenized Yield-Bearing Gold Stablecoin GLDY Will be Great For Bitcoin Original
Bitcoin is evolving into something very different from its original speculative form, and a tokenized yield-bearing gold stablecoin, Streamex GLDY, launching on 25 February, shines a light on what that future holds. Market watchers will have noticed that gold has been trading like Bitcoin these past few weeks, displaying the sort of volatility once reserved for digital assets. On 30 January, spot gold fell by as much as 12% intraday, a day after printing its all-time high of $5,592.85 per ounce.
Raketech Q4 2025 Revenue Collapses 45% But Losses Narrow
Raketech Q4 revenue fell to €5.73 million , but aggressive cost-cutting saw it beat on EPS estimates, while full-year EBITDA margins improved to 15.9% Cost reduction business finance concept. Budget management and cost management. Optimization, Strategy, Economic cost savings. Costs icon on wooden block. Gaming market technology company Raketech (RAKE) saw revenue take a heavy hit across the board – down 45.5% in Q4 (€5.7 million/$6.72) and down 47.4% for the full year (€27.0 million).
Kambi Price Slips on €42.7M Revenue That Misses Estimates, But EBITA and EPS Improve
Kambi Q4 and FY 2025 revenue misses – the gambling tech firm has more cost-cutting to do, as well as work to turn partnerships into profits. Gambling technology and services company Kambi Group (KAMBI) reported Q4 and full-year 2025 results today, with revenue that missed forecasts by -0.5%, coming in at €42.7 million ($49.86 million) against a forecast of €42.9 million.
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