Overview Key strengths Key risks Strong market position in the highly regulated Australian lotteries and Keno sector. License renewal risks, including renewal on less favorable terms or outright loss of license. Exclusive or long-dated state and territory licenses that create high barriers to entry. Geographic expansion into less favorable offshore jurisdictions. Low capital intensity and fixed-cost base, with stable cash flow owing to the habitual nature of lotteries. Exposure to demographic shifts as well as changes in consumer preferences. Long record of EBITDA and earnings margin stability through economic cycles. We believe the group's state and territory licenses create significant barriers to entry in the lotteries market in Australia. These licenses are exclusive or long-dated, enhancing TLC's competitive position. Consequently,
