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Angelozzi observed particular opportunity in Spain, where he estimated Cirsa holds 6% of the online market, suggesting it’s more fragmented and less developed than in Italy.

“These two markets have been growing and will continue to grow very nicely [for] online, Spain even more than Italy,” he commented.

“Cirsa has incredible knowledge of the market, the consumers in general, also of the business. You will see a company with a huge understanding of the market, of the consumers, with an incredible retail platform, which can be leveraged for online.

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“Japan is acting cautiously, after observing missteps from other jurisdictions. They are proceeding in the way that best suits them,” she adds.

The factor that led some operators to drop out of the licensing race could be the “uncertainty” created by regulations that “didn’t seem set in stone”, says Leckert.

“Some of them [investors] that were looking at Japan were looking at a big IR licence or nothing. With Tokyo and Yokohama being out of the mix, maybe some weren’t as interested anymore and decided to sit back, and wait and see how regulation and licensing shake out.”

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Land-based gross profit dipped 0.7% to R2 billion, however, with the company’s investment in the segment increasing over the period.

Bengtsson said the revenue gains from recent investment efforts should translate into improved operating leverage as the casino business continues to grow.

“The sustainability in the operational improvements and in our market share gains are clearly there,” he said. “Those are real, and they are happening right now.