Ann: Half year results presentation, page-6

Yeah - it would be a bit strange if they went ahead with the buyback with such a big debt burden at least before they see how FY19 turns out. They are expecting some really good synergies, and some rescue from regulators in the wagering space. However that seems very well factored in. I suspect we are seeing a need to pay more for marketing, to try to keep punters engaged, especially the younger ones. After all there is crypto, facebook type games, GSW shares, and a whole pile of other speculative stuff that can safely extract your excess cash. ;-)

You can see where aristocrat leisure sees the future going with their recent acquisitions too as far as pokies are concerned.

In a totally different space - AGL today has had to spend up big to try to keep their customers, it has impacted their consumer divisions earnings significantly today. Similar problem I suspect to Wagering's.