I ignore ethics when investing. My thesis for ASX:ALL has always been a simple one and remains a simple one.

Australian's are prolific gamblers. They gamble money, rail, hail or pandemic.

Our 'club/pub' network is entrenched in our culture. Our decision makers at all levels (local council to federal government) remain, in my opinion, under the credo of 'can't beat em, join em', and so pokies remain, and will likely remain, at the numbers they are across the country. Arisocrat is the majority supplier of machines in this country, and maintains a healthy R&D spend in this space, keeping itself at the top.

Arisocrat also had the vision for being into online gambling early, and now draw significant revenues from this activity. They have expanded further into non-gambling mobile phone games also, as this is cheap to do and micro-transactions can generate meaningful amount of cash easily and quickly, and it is easy to pivot within this space.

I occasionally check-in on ASX:ALL and my only frustration is not being able to distinguish digital revenue by region - they tend to report it all together - this would enable me to distinguish my entire portfolio's revenue by region, as it is means by which I manage diversification.

[DISC: I hold for real'sies]