So theI understand the issue with TLC holding all the cards with the licenses, most of them not expiring before 2028 and also with a large likelihood that they will be extended. However, TLC and Jumbo may be like more a love-hate relationship. Like China and Australia when it comes to iron ore. Somehow they can't be without each other. I mean TLC benefits from Jumbo's OZ Lotto momentum.
However, isnt Jumbo mostly about SaaS in Lotto. That is the division that is growing much faster than the lottery side. It is also higher margin. So all in all it is the SaaS that is driving valuation, margins and growth....One buys Jumbo because of the SaaS business, which is also attractive given the shift from offline to online lotto.
Meanwhile TLC is maybe a super capital light business when it comes to lotto retail but it is also much less growth....
So, all in all, margins should go up as SaaS grows much faster and the higher fees to be paid to TLC is a headwind on margins but just temporary...
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So the I understand the issue with TLC holding all the cards...
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