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As such, this bear case discounts either 1) adverse regulatory outcomes and/or 2) material loss of industry share. In addition to getting a license to offer games, operators also must get each person game authorized by the regulating body. This is a percentage of net revenues which equates to 10 ten% at the group level. Reside Casino rates are lower for Tier 1 operators (e.g. William Hill) but greater for smaller operators. A traditional DCF model will fade development, no matter how huge the market place opportunity or nicely positioned a firm may be.
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