This is a great vehicle to take advantage of deregulation, with a full suite of assets that will benefit.
They have outperformed expectations, despite a really bad sports betting margin, and that highlights the benefits of a diversified model.
Poker operators are having to attract casual players who are not as profitable as the hard core and that is changing the economics of the business.
It is a competitive threat to other players like William Hill and Rank, but it's only mildly negative for them.
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