How to read a gambling company's results and know what they say. The course covers the documents in a results package and the order to read them, the vocabulary (handle, GGR, NGR, hold, actives, adjusted EBITDA, free cash flow, customer balances, net debt) and where definitions differ enough to change a conclusion, an operator's results in five numbers with the checks that turn them into an independent view, a supplier's results as a map of the industry's growth, the balance sheet, cash flow and notes where trouble shows before the headline (customer balances, leverage and covenants, goodwill and impairments, provisions, cash conversion, related parties, regulatory disclosures), and comparing companies on a rebuilt common basis and reading the sector across a results season.
Written for analysts, journalists, competitors, suppliers deciding which customers to prioritise, and anyone in the industry who wants to know how the business is actually going. It assumes basic familiarity with company accounts.
The through-line: the tables before the narrative, the definitions before the comparison, and the cash before the adjusted profit.