Betters Need A Real Giddy Up, page-134

Summary of analysis from TC (Gaming analyst) this morning

We still see a number of potentialcatalysts (all previously highlighted) for Betmakers in coming months :-

• Potential legislation permitting fixed odds horse racing in NJ

• Potential entry of FoxBet / other new players into Aus wagering mkt with Betmakers holding prominent B2B roles

• Potential for Matt Tripp (or others) to gain access to Tabcorp wagering assets and provide prominent B2B roles to Betmakers

• Potential for Matt Davey led SPAC to acquire a B2C wagering operator and provide B2B roles to Betmakers

Probably unlikely that all thisplays out, but seemingly a number of paths for BET to justify its currentvaluation. We retain our outperform recommendation on BET.