Gustavo Pifano (Portfolio Manager, Research Analyst) walks through the profit and loss statement of an online gaming operator.
Since the Supreme Court overturned PASPA in 2018, US online gaming operators have been investing heavily in player acquisition. Now, after more than six years of investment, the market leaders are inflecting towards profitability.
With promotional generosity becoming more rational and operating leverage taking effect, the online gaming sector is poised for sustainable growth, presenting attractive opportunities for equity managers like us.
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