I sent out an update on following their Q4 report. Sadly, so far, our caution has been proved correct, and 2025 does not seem to be any different. See link here: lindresearch.com/p/betco-sof… Key takeaways: ➡️ As the results in BETCO’s Q4 ’24 report were already known, the most important new information related to the guidance for 2025 and beyond. Overall, management expects a flat development during the year, burdened by the Brazilian market. ➡️ We also believe that Media Partnerships are a key driver. Still, management finds that the issue is deliberately omitted from their communications, as there are still active partnerships that are not compliant with Google policy. ➡️ On the brighter side, BETCO expects to have excellent cost control, strengthen cash conversion, and focus more on paying down debt than on new M&A. ➡️ As stated only six months ago, the guided revenue for 2025 is about 20% below what the company expected to earn in 2024. This shows the inherent issue with a business susceptible to Google updates and new iGaming regulations. ➡️ We still see a significant downside risk from today’s share price levels. Given that 2025 is expected to be very rocky for the company, we expect the same for the share price. Therefore, we have adjusted our price target down further.