Not a great start for my 2025 pick! The question is, do these confrontations with regulators materially impact the business. We will find that out in due course.

I noticed in the company’s disclosure, that the regulator forced them to disclose this recent issue. I get the impression this is like the Wild West and there is a lot of ongoing friction with regulators. I am hoping that’s part of life but that it doesn’t stop them from growing.

The news today is certainly a wake up call. I’ll be eagerly waiting for the Q4 results next year to see if the growth thesis remains intact.

The market is not always stupid and there are no doubt analysts that understand the global and evolving regulatory environment of online casinos better than me.