Ann: FY19 Results Presentation, page-29

PBH appears to have solid results, though its continued success is reliant on whether the other 40 states are willing to legalise online sports betting. While it's likely that other minor states are willing to do so in time, there remains hurdles across the country due to the nation's historical relationship with gambling. I see there being hurdles in some states of the Deep South (especially with Alabama and Mississippi who both do not have state lotteries), Utah (religious reasons), Nevada (lobbying from the local casinos against competition) and an assortment of other states who may come under severe pressure from anti-gambling advocates (I feel that states like New York and California are particularly vulnerable should a community activist take up the cause). In spite of these challenges, there are still many areas to expand to and with the first signs of a US dollar surge, there could be many advantages as well. (Appreciating USD = More AUD when brought back home)

I'm looking to get in this, though am still waiting for the price floor. We will see and as always DYOR.