There is value in this business in a consolidating online market. There may be a lot of online operators but only 2-3 will make money in the Aussie market. Classic Aussie oligopoly. The traditional physical business is problematic but there will always be the demand for the TAB in the Hotels (gambling and alcohol together) and can promote the online business. Finally, with high interest rates there is a cyclical downturn in gambling overall.
Ann: 1Q24 Update, page-7
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