Market ExpansionThe acquisition of SuprNation provides entry into the real money iGaming market, offering a sustainable growth opportunity with positive secular trends.
MonetizationThe company's ability to monetize its base, converting nearly 7% of its active users into active payers, is impressive, tracking at over 3x the industry average.
ProfitabilityDoubleDown operates a very profitable capital-light business, with robust profitability and FCF generation supported by high player retention.
ValuationDoubleDown Interactive is seen as an attractive special situation with the potential for a significant value unlock due to its cash position and valuation being well below its peers.