# You Only Learn on the Way Down: Lessons from a $300M Reality Check

Page: https://stenobird.com/podcast/the-igaming-leader-7100266/you-only-learn-on-the-way-down-lessons-from-a-300m-reality-check
Text version: https://stenobird.com/podcast/the-igaming-leader-7100266/you-only-learn-on-the-way-down-lessons-from-a-300m-reality-check.md
Podcast: [The iGaming Leader](https://stenobird.com/podcast/the-igaming-leader-7100266)
Published: 2026-03-07T04:00:00+00:00
Episode link: https://share.transistor.fm/s/f41625ed
Audio file: https://media.transistor.fm/f41625ed/6ab763e7.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-igaming-leader-7100266/episodes/you-only-learn-on-the-way-down-lessons-from-a-300m-reality-check
Duration seconds: 3039

## Resource

In this episode of the iGaming Leader Podcast, Leo sits down with Charles Cohen, a serial entrepreneur who has experienced the industry's highest peaks and most isolating moments. From building beenz.com, one of the internet’s first digital currencies, to pioneering mobile-first gaming with Probability plc, Charles shares the raw reality of leadership when the "arc of the universe" refuses to bend to your will. Charles reflects on the "seasickness" of the .com bubble burst, where a $300 million valuation evaporated almost overnight, and the discipline required to stick to a "mobile-only" strategy when the rest of the industry was laughing at the idea. Now leading the Department of Trust, he discusses the evolution of player safety and why the most valuable lessons in a career are almost always learned on the way down. GUEST BIO Charles Cohen Founder & CEO, Department of Trust / NED Veikkaus Charles Cohen is a veteran technology entrepreneur who has founded, listed, and exited major businesses in both the UK and US. An Oxford PPE graduate, he rose to prominence as the founder of beenz.com before becoming the CEO of Probability plc, the pioneer of mobile-centric gambling games. Following Probability's acquisition by GTECH (now IGT), Charles spent nearly seven years as Vice President, leading global mobile and US sports betting expansion. Currently, he leads the Department of Trust, sits on the board of Veikkaus Oy, and serves on the UK Gambling Commission Industry Forum. Key topics discussed 00:00 – You can’t negotiate with reality: Adapting or walking away. 03:00 – Realising a $300M valuation no longer applies. 09:00 – The Founder’s Trap: Being a passenger on your own train. 11:00 – Closing offices and returning value honorably. 16:00 – Why Charles resisted the "reg…

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