For the avoidance of doubt, I'm not saying all will be smooth...

For the avoidance of doubt, I'm not saying all will be smooth sailing from here but your comments just don't seem to be based on the available information. Maybe these new programs in the US will be a little more complex, but not much. I would suggest it is really more of a case of them being different, as opposed to more complex. EML isn't all of the sudden moving into the US market & launching programs across 50 states for the first time. The business EML bought in the US has been operating for 15 years & has been managing all sorts of different state laws (gift card laws, money laundering, money transmitter, escheat laws & many more) in every state for at least 10 years. The new laws EML betting pay-out cards will need to comply with will not be any more difficult for management to deal with than what they've already proven to be fully capable of dealing with. I'd argue that since EML management had the foresight to buy the business in the US (which already had most of the existing infrastructure to be ready for this opportunity) then maybe they have more depth than you give them credit for.

As far as managing complex relationships goes, seems like EML is doing a pretty good job with that so far in the US given the short time period between signing a contract with bet365 in the US & launching the program (looks like June in the most recent deck). Compare that to the previous times between signing contracts & launching with bet365 in other markets.

In my opinion, the facts just don't support the idea that management might be what holds this company back.