Cash Generation & FCF ConversionMaterial and improving operating cash flow and strong free cash flow conversion across 2024–2025 provide durable internal funding for dividends, buybacks and reinvestment. Reliable cash generation reduces reliance on external financing, supports capital allocation flexibility and underpins earnings quality over months.
Conservative Balance Sheet / Low LeverageA conservatively financed balance sheet with very low leverage and growing equity materially lowers refinancing and solvency risk. This de-risking versus historical peaks gives management scope for shareholder returns, selective M&A and to absorb sportsbook volatility without jeopardizing operations over the medium term.
In-house Tech & Product Capability (Apricot)Bringing Apricot IP and engineering capacity in-house enhances product velocity, reduces vendor dependency and lowers incremental platform costs long term. Strong internal tech capability supports margin resilience, faster feature rollouts (AI, trading), and scalable product improvements that strengthen competitive positioning.