International betting executives advocate for new wagering options in U.S, page-4

Wagering business TopBetta is one that MHOR has backed heavily. Spenceley thinks it could be a $300 million company.

"They'll be turning over $1 billion next year, it's insane," he says. "These guys are going to disintermediate Tab and Tatts pretty quickly. That whole tote thing is owned by Tab and Tatts and these guys have been building around it. They're doing better odds to the punter, more margin to the corporate bookmaker, and these guys make 2 to 6 per cent."
Because it is publicly available information, "I got a software programmer in and we're scraping their pool sizes on a daily basis. I can tell you, today, what they're going to do on the next quarterly update."
Gary Rollo, who co-founded MHOR and is its chief investment officer, built a momentum tracking tool that they use to look at the rate of earnings revisions and price. If the price has expanded and consensus is flat, the stock is getting crowded.
"It's as important to know what other fund managers think, as it is to know the business. You might know the business backwards but it's the fund managers that set the price."

Spenceley's interview with The Australian Financial Review comes a day after Amazon's launch in Australia. He disagrees it was a fizzer, because it was expanding its range frequently through day one of trading. He owns no retail stocks, having exited Adairs.
Doing diligence on Asaleo Care, he spent $200 on Airtasker getting someone to drive around Sydney photographing the prominence of Sorbent toilet paper on Coles shelves.
"The big theory was Coles were shutting them out in a big dispute. I created an Airtasker task for someone to go to 20 or 30 Coles' and then take photos. That's probably less scientific but again, it's sort of thinking outside the box. Is there a problem? Let's go and do a meaningful statistical analysis of this."

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