Jesse Learmonth:When investing in startups, one rule comes up: "Bet on the jockey, not the horse". @nextdotio

Uploaded May 2026 | Updated September 2026, 1 hour ago

In this episode of the NEXT.io Podcast, Jesse Learmonth joins us to discuss the current state of the iGaming startup ecosystem, what investors are actually looking for today, and why building new companies in gaming has become significantly harder.

Jesse Learmonth:When investing in startups, one rule comes up: Bet on the jockey, not the horse.

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$Kevin Mullally: The UAE opportunity 🎙️ NEXT.io Podcast #263 with Kevin Mullally, CEO, International Association of Gaming Regulators (IAGR) In this episode, Pierre sits down with Kevin to break down the current state of the UAEs iGaming market, the global battle against the black market, the fracture inside the American Gaming Association, and why prediction markets may be gamblings next regulatory crisis. Kevin Mullally built one of the most closely watched new gaming regulators in the world from scratch, in under six months. As the former CEO of the UAEs General Commercial Gaming Regulatory Authority (GCGRA) and now CEO of the International Association of Gaming Regulators (IAGR), Kevin brings a rare perspective on what modern regulation should look like and what the global industry is getting dangerously wrong. ⏰ Timestamps: 00:00 - Intro 00:42 - Sponsor messages 02:01 - Introduction: Kevin Mullally & UAE market overview 02:59 - Building the UAE regulator from scratch 05:31 - Rethinking regulation: compliance vs enforcement 08:46 - Policy goals: why the UAE regulates gaming 10:13 - UAE strategy: ecosystem over revenue 13:43 - Land-based market structure (Emirates approach) 16:47 - Licensing progress: Wynn, lottery & early milestones 18:32 - Online market structure & licensing model 22:25 - B2B opportunity: “technology should lead” 25:02 - Case study: Yolo & entering the UAE market 30:14 - Relationship-first approach to market entry 33:29 - IAGR: global regulation & role of collaboration 37:06 - The black market problem (global perspective) 39:14 - Regulation vs illegal markets: growing tension 44:43 - What works in fighting the black market 46:04 - Need for global collaboration 48:25 - Prediction markets vs regulation 50:01 - State rights, consumer protection & policy conflict 53:03 - Future of regulation: need for global dialogue 56:00 - Closing thoughts 🔔 SUBSCRIBE TO THE PODCAST Spotify: https://open.spotify.com/show/409DefE06IKPhZzhDIDpH3 Apple: https://podcasts.apple.com/us/podcast/next-io-podcast/id1515442333 CONNECT WITH NEXT.IO ✩ Website: https://next.io/ This episode of NEXT.io is brought to you by: Pragmatic Solutions – Leading iGaming platform technology https://pragmatic.solutions/ Pragmatic Play – Industry-leading content provider https://www.pragmaticplay.com/en/ Sponsored by: Hard Rock Games: https://www.hardrockgames.com/$

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