gAMB Deep value play on prediction markets & US Gambling Growth

165M of commitments. EBITDA doesn’t pay debt. FCF does. You can’t say the undrawn facility can pay off the debt when they both mature at the same date. You are also forgetting the second half of the 40m that may be liable for odds holding shareholders. This is not debt, but it’s a commitment. Do you understand what a commitment is? If you expect the company to dedicate its entire adjusted ebitda numbers to pay debt. Then sure, perhaps they can. I mean with adjusted ebitda management can take 0 cash salary and 100m stock salary and pay off debt. But it damages the business in the long term. You should at least focus on adjusted FCF. But sure agree to disagree. The problem with the refinancing argument is suddenly no company on earth has any credit risk because you can always argue they can refinace their debt. It’s an unrebuttable statement that solely depends on optimism. Most companies end up refinancing the debt. But some do not. Some may even refinance but the terms are significantly worse. I think the execution risks are high, whereas bulls think they’re non existent.