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The broader competitive landscape.

Betfair's growth was impacted by the maturing of the exchange, which leveled out as people became more interested in sportsbook due to the variety of markets and products available. It was more attractive to become a sportsbook customer. Over time, Betfair and Paddy Power realized that Sky Bet could overtake them if they didn't act. They seized the opportunity to bring Sky Bet under their umbrella, which turned out to be a successful acquisition.

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I'm curious about the thinking behind some of the trade-offs you mentioned. Specifically, the strategy of pursuing and acquiring new hero brands instead of developing or expanding existing brands by leveraging the existing platform. What were the trade-offs, and why did the acquisition strategy prevail?

The local hero concept was important. Italy is a retail-driven market, and while we're not saying to buy shops, being a local hero brand is crucial. People know, trust, and are aware of the brand. We could restructure the market and create better products to grow the business, but we lacked brand awareness to build a Paddy Power or Betfair brand from scratch.

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