A great outline of the business in this presentation here (issued April 2018)

EML Payments provide prepaid cards (think gift cards). These can be the physical kind, or virtual (to use online) or mobile (for use in company apps).

Also do salary packaging products, allowing companies to provide non-cash benefits to empoyees. And also loyalty programs.

It is essentially a payments processing business. With $30m plus invested into back-end IT infrastructure.

Meaningful regulatory & complaince barriers to entry

Manage 1,100 card programs in 19 countries 

The volume of debit transactions -- Gross Debit Vilume (GDV) -- was up 348% in FY17 and 86% in HY18.

Revenue and EBITDA have been growing very strongly in recent years; up 100% and 135% per annum since 2015.

EML Payments has entered into a multiyear agreement with GVC Holdings for the provision of branded reloadable loyalty cards for their European online gaming brands.

GVC is one of the worlds largest gaming and sports-betting groups, operating in 20 regulated jurisdictions. It owns Ladbrokes, bwin and Coral brands, amongst others, and transacted around 9 billions pounds in wagers in FY17.

At this stage, the timing of the rollout is yet to be finalised, but will have the same GDV to revenue conversions as its other programs. It wont impact the current year's earnings, and the company will update the market on its guidance at its AGM in November.

It is however a big win, likely to be material to earnings and validates the value of its offering.

Full announcement here

From 10-foot investor -- click here