RE: Rise?8 Mar 2019 14:40
IMO the short answer is that the FY 2018 results confirmed that the expansion in the US, while a potential game changer, will take some time to mature ("current expectation is that the New Jersey sportsbook will generate a positive contribution 18 to 30 months post-launch") while the cost of the regulatory, tax and product fee changes are having a substantial and immediate adverse impact on the results (“approximately £118m had they applied for the full year 2018 - representing c.26% of Group EBITDA)”.
I haven’t seen any analysis by a broker and would welcome any links if available.
I bought on basis that PPB would use its proven track record to capture significant profitability in the US and other nascent markets while growing its on-line business. I’m going to hold for the present and wait on further trading updates.