Google Search VisibilityPersistent Google Search problems that allow low-quality spam content to surface continue to undermine organic visibility and reduce effectiveness of search-driven marketing.
Margin Pressure From Traffic DiversificationShifting traffic away from search has increased acquisition and operating costs, putting pressure on profitability and contributing to more conservative valuation assumptions.
United Kingdom Tax ImpactRising United Kingdom gambling taxes are likely to compress operator acquisition budgets, weakening demand for the company's UK affiliate and marketing services.