Jewel Stepper

About Jewel Stepper

White Hat Gaming paused the ads during the investigation and argued that HLTV’s audience is primarily adult and focused on professional competitive gaming rather than casual play, which tends to attract minors. 

HLTV corroborated this, highlighting its editorial tone as adult-oriented.

The ASA reviewed whether the ads were directed at under-18s through their placement or content. Its rules prohibit advertising through media where more than 25% of the audience is likely to be under 18. 

About Jewel Stepper

Specifically, 156 out of 229 accounts with no pending bets remained linked to BetStop users seven days after self-exclusion registration. Some accounts were non-compliant for periods extending up to 200 days.

Carolyn Lidgerwood, an ACMA member, stressed the importance of respecting self-exclusion decisions, stating “providers must respect that decision” and “must have robust systems in place”. 

These remarks align with a broader regulatory focus on harm-minimisation within online gambling, where adherence to self-exclusion protocols is under closer scrutiny.

What is Jewel Stepper?

By looking at four major gambling companies – Entain, Flutter, DraftKings and MGM Resorts International – it becomes clear why the sector should not be treated as a single trade.

Flutter has arguably the strongest online franchise of the four. Its share price fell from $282.33 on 18 September 2025, to $89.56 on 18 September this year, with a market valuation of $15.54 billion.

FanDuel remains the leading US sportsbook, while Flutter’s international businesses provide additional sources of growth. But that quality comes with high expectations.