Given the recent direction of travel, we are not surprised by reports that UK gambling companies will agree to stop advertising during live sports events. Such a development may raise further concerns about the regulatory environment in the sector’s largest geography. However, it is a necessary development, in our view, and nudges the sector towards a more sustainable footing. We also suspect the return on TV advertising is more modest than other channels. Should the agreement be confirmed, we do not expect to make material changes to our near-term estimates.
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