Holiday Ride

How to play Holiday Ride

In the second quarter of 2026, Flutter’s US revenue fell 6% to $1.683 billion, while sportsbook revenue fell 15%. US adjusted EBITDA fell sharply, and Flutter subsequently reduced its guidance. Despite this, FanDuel retained the number-one US sportsbook position, with Flutter reporting a 39% share of US sportsbook gross gaming revenue.

Ben Robinson, managing partner at Corfai, argues that the American listing achieved what it was supposed to achieve. The problems came afterwards. “The question was which arm of the K-shaped market Flutter would end up on. We have the answer now. Capital is concentrated in a narrow band of technology names and everything else is being marked on earnings.”

A US listing can improve access to capital without making the underlying business more attractive. London has a capital-markets problem. Gambling has an investment problem. The two overlap, but they are not the same thing.

What is Holiday Ride?

The clearest example is the bonus structure, where the sequel widens the range of upgrades tied to its three free-spin tiers. Free spins activate when three, four or five scatter symbols land. Three scatters award seven Duck Hunt Spins, four scatters trigger eight Hawk Eye Spins and five scatters unlock ten Big Game Spins. Each tier grants progressively more upgrade selections, which is where the sequel’s expanded potential is concentrated rather than in the base game.

Nolimit City has also leaned harder into optional purchase mechanics, a defining part of its recent output. Duck Hunters 2 offers an extensive collection of optional purchase features. These span direct bonus buys, targeted feature purchases, and a booster menu that resets starting conditions.

the sequel is evidence of a studio comfortable returning to proven mechanical families

What is Holiday Ride?

“If a customer finds black market sites that have all their preferred betting and gaming options, convenience dictates they will transfer a broad range of their expenditure there. Consumer recycling means that banning or restricting key products has a broader distortive impact on the entire market,” the report noted.

Notably for highly engaging verticals light online slots, if players are receiving a smaller-than-expected RTP (return to player), or bonuses have been restricted, they could again transition to an illegal offering where there are no such restrictions.

As has been flagged in previous reports, Regulus highlighted that the top 1% of active customers accounts for almost 50% of black market revenue across Europe. This follows a similar trend across licensed gambling as the report highlights “online gambling is a consumer discretionary expenditure item. This means a large proportion of expenditure is concentrated into a relatively small number of players.”