Digitalization is normally great for ROIC. The gambling industry should be the opposite. Digitalization should lower switching costs and allow gamblers to "shop lines". Casinos will be forced to compete on price crushing their already razor thin margins. $PENN $DKNG
Agreed TAM will expand, probably 5X to go in the US from here, by my calculations. The TAM expansion and digitalization has also allowed many new entrants further fragmenting the industry. TAM expansion does increase competition which is under analyzed in my opinion.