Colombian Emergency TaxAssumption that an emergency tax on gross gaming revenue in Colombia will remain in effect represents a significant headwind that could materially reduce margins and earnings.
Legacy Tax Framework ImpactA prior temporary tax framework that imposed deposit-based levies and required elevated player bonuses was associated with reduced revenue and compressed margins, highlighting vulnerability to similar future measures.
Regulatory UncertaintyUncertainty around legislation for online sports betting and gaming creates regulatory risk that could delay market access, limit operations, or increase compliance costs.