@twee Worth keeping in mind the last year comparison includes the ARR boost from the Hong Kong acquisition, it was $1.7m without it.

Overall it was a funny update, some deliberate obfuscation going on to avoid actually providing an ARR number which I suspect is to avoid quantifying the Stake impact until LeoVegas is fully on-boarded. Also the wording of "new deals and contract expansions, expected to contribute at least an additional $2m in annualised revenue, in addition to contract extensions" suggests ARR may actually be higher assuming RTH is passing on price increases. Let's wait and see what things look like at FY26 report but if LV isn't delayed I think it could be stronger than "middling".

Nonetheless I think it's a good update to hopefully continue to demonstrate the loss of Stake was a unique circumstance and the underlying growth momentum of the business remains intact. I agree with you though that any substantial share price movement will come when they demonstrate the business cleanly scaling which hasn't happened yet but with bulk of Managed Trading Service and RAS Asia build behind them it should start to emerge moving forward.

Good point on the Hong Kong inclusion.

If the logic on the Stake contract loss is if we don't mention it and sign someone else instead then it has no impact and our statement in December was legit - well I'm going to close my eyes and pretend I'm invisible.

The way I read it, it's cleat that LV will be delayed, "UK brands to roll out by Q1 FY27 ... once complete, will deliver a material increase in annualised revenue" . Hence my FY26 middling expectation. Perhaps there will be some indication of the materiality of the LV deal going forward and that seems to be the crux of the investment in the short to medium term.

@twee Yeah, I'd prefer more detail on both Stake and LV but I'm sure there are some commercial confidence considerations as well. My notes from 1H26 conference all was CFO said they are "roughly the same size" for RTH. LV will have better economics though given RTH now delivering completely in-house rather than outsource managed trading.

Not sure that language implies a delay with LV, I thought it was promising they are already up and running with their Swedish brands. I think the clarification of "once complete" is just to highlight that RTH generate revenue on net win of turnover so despite the agreement going live from 1 May the increase in revenue isn't until launch.

Discl: Held IRL 2.60% and in SM

I decomposed and rearranged the anouncement to make it a bit clearer to digest as it had many bits and pieces across the announcement. I didn’t read this as a new deal announcement, more like a trading and contract update, really, nothing more. My takeaways:

• New Deals - new customer, new Asian commercial agreements, other deals, potentially more deals before EOFY26
• Contract Extensions were positive - 5 year extension, increasing contract value, new launching, all very healthy
• LeoVegas Deployment - given the early Nov 2025 deal signing, a 6M go-live + a further 3-4M to rollout, is not unreasonable, given that about 2-4 weeks would have been lost over Christmas/New Year.
• This was thus a positive, all round update as it showed that there is positive momentum

My take on the Stake loss back then, based on @Winifeedback from management, was that it was a fundamental product misfit with what Stake ended up having to do, so I moved on from that. Other than the Stake loss, there really hasn’t been anything negative, certainly not this update, that has caused me to revisit my thesis. 

I have topped up as the price drifted down, the last top up was at $0.70. I am also comfortable with my current 2.6% allocation which reflects the relative risk position. Have thus not topped up further at these levels and will probably not add until at least the FY26 results are announced and the business trajectory becomes clearer. 

Chart Review

• Not the prettiest chart but this is same trend in a decent chunk of my portfolio
• Downside levels from here are ~$0.54, then ~$0.43 - with this update and if dips again to those levels, I might nibble again then

NEW DEALS

Altenar

• Signed agreement and completed the technical integration with UK-based online sports betting software company Altenar
• 3 customer brands already live, more in the pipeline
• RAS will deliver pre-race data, race day data and an Oddsline service to Alternar’s UK and international sportsbook customers. 
• Services provided are in addition to the RAS’ existing platform deals with Playbook Engineering , Pragmatic Play and Openbet.

RAS Asia

• Signed multiple new commercial agreements reflecting strong momentum - Asian business is performing ahead of expectations

Others

• Signed several other deals with new clients for services relating to Wagering Technology and Enhanced Information Services
• Further deals expected to close before EOFY 2026

CONTRACT EXTENSIONS

TABtouch

• Extended international content agreement with TABtouch for a further 5 years, including expanded scope to include enhanced data and content for Australian thoroughbred, harness and greyhound racing
• RAS will provide race previews, runner comments and content enhancements across all jurisdictions

Fairplay

• Increased the value of its full trading solution contract with Fairplay in the UK

Laserbet

• Supported launching of its first external brand on RAS’ Wagering 360 platform, accessing data and content and RAS’ managed trading services.

DEPLOYMENT

LeoVegas

• Commercial agreement went live on 1 May 2026, initially launching with BetMGM Sweden, with their major UK brands to roll out by 1QFY2027 - once rollout complete, will deliver a material increase in annualised revenue
• Will provide pre-race data, its signature enhanced content, official race day data from all major global rightsholders, and a fully Managed Trading Service delivered through a unified integration