High Leverage And Low Equity RatioSignificant leverage raises refinancing and interest-rate exposure risks and limits strategic optionality. With constrained equity buffers, adverse jackpot cycles or regulatory costs could force tougher capital allocation choices, potentially pressuring dividends, M&A capacity or investment pacing over the medium term.
Falling Active CustomersA declining active base signals weaker customer engagement and raises the cost of reactivation. If lapses persist beyond jackpot cycles, growth and organic sales recovery could slow, requiring higher marketing spend or promotions to restore participation and compressing long-term margin sustainability.
Regulatory & Licence UncertaintyLicence expiries and regulatory distortions are long‑dated structural risks that can alter market access, product economics or competitive dynamics. Potential licence renegotiation or policy shifts could increase costs, limit exclusivity or invite new entrants, materially affecting revenue and long-term margins.