Impossible to tell in my opinion, and probably best not to think...

Impossible to tell in my opinion, and probably best not to think about it. My strategy is to hold a bundle of things I think are either undervalued or will grow quickly so they soon become undervalued at the current SP. Then sit back and let market do what it will do. Tabcorp must be having the ruler run over it by Entain, Flutter and the like. There is also a chance this doesn't work and all investors need to accept this risk.

Hopefully there is some downside protection here, with long licence dates in most states and no debt. Crazy licence bidding by management is the only major risk I can see of killing shareholder value.