Read what I wrote above. IPO was peak gambling time. So you paid...

Read what I wrote above.

IPO was peak gambling time. So you paid peak price.
Cost of acquisition of new gamblers was about $200 and they were spending $1000 if I recall correctly.
That means that for every $1 the company put in, it was getting $5 (after friction costs of board and executive compensation, administration and R&D and all taxes).
So that looked very attractive.
Gambling market did change. More taxes, higher rates and cummulative inflation of 20% since 2020 meant less disposable income for discretionary spending, and gambling is the biggest discretionary there is.