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Madsen knows from experience how difficult it can be to escape gambling when access remains readily available.

“I’m trying to address every stage: prevention, support for people who are already struggling, and then action against the illegal sites.”

He does not believe illegal gambling can simply be eliminated. But he believes it can be made harder to operate. That may be the more realistic role for companies such as Trace2Trace as the illegal market evolves: not replacing regulators or enforcement agencies, but providing the intelligence needed to see beyond the individual URL. For Madsen, the motivation remains deeply personal: “I know very well what gambling addiction can do to people.”

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Europe, excluding the UK, grew 2%. Overall, regulated revenue for B2B accounted for 83% of overall revenue across the segment, marking 21% growth, compared to unregulated.

Speaking during the follow-up analyst call, Playtech CEO Mor Weizer said regulated revenue would continue to grow, although the company would “continue to support those markets that we believe over time will become regulated”.

“Unregulated is not illegal,” he asserted. “We will continue to support those markets that we believe over time will become regulated.

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“The Commission’s approach to reporting may well create the inaccurate impression that the industry is inherently non-compliant,” he adds. A more balanced account might place failures alongside the majority of licensees that pass assessments or lead on customer wellbeing, although Waugh considers such a shift unlikely.

The “too easy to get a licence” argument doesn’t necessarily hold up to scrutiny, to be fair. Andrew Bentley, co-founder and CEO of regulatory technology startup LiSense, is one who rejects the suggestion.

“There are significant checks on individuals and businesses before a licence is granted,” he says. “The UK Gambling Commission has set out what it expects. If you want a licence in the UK, you need to meet those expectations.”