BOTB has announced a change to its tax regime, such that the company now expects to pay Remote Gaming Duty (RGD). As such, we update our forecasts accordingly – EBITDA reduces by £0.3m to £1.5m in FY18E and by £0.6m to £1.3m in FY19E. Despite this unfortunate news, we stress that trading should continue as normal (existing underlying forecasts are essentially unchanged) and BOTB should remain a profitable and cash-generative business. Indeed, the short-term posit
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