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    David Bain

    former Managing Director and Senior Research Analyst at B. Riley Securities

    David Bain is a former Managing Director and Senior Research Analyst at B. Riley Securities, specializing in gaming, leisure, and lifestyle sectors with a focus on companies such as Celsius Holdings and Doubledown Interactive. Over his career, he has issued over 340 price targets with an average target met ratio of 48% and an average upside of 42%, including top recommendations like a 99% return on Celsius Holdings. Bain began his finance career more than 20 years ago, holding senior roles at firms including Roth Capital Partners, Sterne Agee, and Merriman Curhan Ford before joining B. Riley Securities in 2021, and later transitioning to become CFO at Acres Technology in 2023. He holds a JD from Loyola Law School, an MBA from Pepperdine University, maintains FINRA registrations, and is active in professional legal and business associations.

    David Bain's questions to Gambling.com Group (GAMB) leadership

    David Bain's questions to Gambling.com Group (GAMB) leadership • Q2 2025

    Question

    David Bain of B. Riley Securities asked about the typical recovery time from past Google algorithm changes and for key performance indicators (KPIs) to better understand the growth in the OddsJam and OpticOdds businesses.

    Answer

    Co-Founder and CEO Charles Gillespie estimated a typical recovery from Google updates takes one to three months. For the data businesses, he explained that OddsJam (B2C) growth is driven by a meaningful increase in average revenue per user, while OpticOdds (B2B) is signing new clients and increasing revenue per client. He also noted the broad customer base for OpticOdds, which extends beyond just operators.

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    David Bain's questions to DoubleDown Interactive (DDI) leadership

    David Bain's questions to DoubleDown Interactive (DDI) leadership • Q2 2025

    Question

    David Bain from B. Riley Securities asked about the M&A process for Wow Games, questioning if it was opportunistic and how it impacts future M&A strategy. He also inquired about any observed player shifts from regulatory actions against sweepstakes casinos and the parent company's capital return policy.

    Answer

    CFO Joseph Sigrist characterized the Wow Games acquisition as an opportunistic move that leverages their core strengths without altering their broader M&A search criteria or timeline. He stated there has been no quantifiable positive impact from regulatory actions against sweepstakes competitors and declined to comment on the capital return activities of their parent company, W.

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    David Bain's questions to DoubleDown Interactive (DDI) leadership • Q3 2024

    Question

    David Bain of B. Riley Securities inquired about the company's direct-to-consumer (D2C) strategy, its impact on cost of revenue, the current D2C revenue mix, and how the company mitigates player friction while pursuing this initiative.

    Answer

    CFO Joseph A. Sigrist confirmed that D2C efforts are a key strategic focus and have contributed to improved gross margins. He emphasized that the company is proceeding cautiously to avoid creating player friction, given their high-value player base, and is prioritizing a smooth transition over speed to avoid negatively impacting revenue.

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    David Bain's questions to Inspired Entertainment (INSE) leadership

    David Bain's questions to Inspired Entertainment (INSE) leadership • Q3 2024

    Question

    David Bain from B. Riley Securities inquired about the 2025 outlook, noting that consensus estimates seem low given numerous growth drivers like the William Hill contract, Interactive growth, and Hybrid Dealer. He also asked about the company's capital allocation priorities between M&A and potential share repurchases.

    Answer

    Executive A. Weil acknowledged the positive catalysts but stated that while the company is comfortable with the current 2025 consensus, he would not provide more explicit guidance at this time. Regarding capital allocation, Weil explained that potential acquisitions could be debt-financed, meaning M&A and share buybacks are not necessarily in conflict with one another.

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    David Bain's questions to GOLDEN ENTERTAINMENT (GDEN) leadership

    David Bain's questions to GOLDEN ENTERTAINMENT (GDEN) leadership • Q3 2024

    Question

    David Bain from B. Riley Securities sought clarification on the drivers behind the expected Q4 margin stability, asked about the impact of comparing against last year's F1 and Super Bowl events, and later followed up on potential tavern expansion outside Nevada.

    Answer

    Charles Protell, President and CFO, explained that most assets are expected to see stabilization in revenues and costs, with the STRAT being the main exception due to its new culinary union contract. Blake Sartini, Founder, Chairman and CEO, noted that the company is better positioned for F1 this year from a cost perspective but acknowledged the Super Bowl presents a tough Q1 comp. On tavern expansion, Sartini confirmed it is a potential opportunity and that there is a path for the company to operate brick-and-mortar taverns in other states, though nothing is imminent.

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    David Bain's questions to FULL HOUSE RESORTS (FLL) leadership

    David Bain's questions to FULL HOUSE RESORTS (FLL) leadership • Q3 2024

    Question

    David Bain asked for insights into the expected margin ramp for the Chamonix property in 2025 and questioned the effectiveness of recent marketing initiatives, seeking details on repeat business from new players.

    Answer

    Executive Daniel Lee explained that Chamonix's revenue has significant room to grow against a relatively fixed cost base, which should drive margin expansion over the next 2-3 years, comparing its potential to half of Monarch's performance. He detailed the trial-and-error process of direct mail campaigns and the hiring of a new VP of Advertising to optimize future spend. Executive Lewis Fanger added that new room product and local events should help mitigate historical winter seasonality, and noted that customer reaction and repeat visitation trends are strong.

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    David Bain's questions to EVRI leadership

    David Bain's questions to EVRI leadership • Q1 2024

    Question

    Questioned if the termination of the stock repurchase program signals confidence in the merger's closure and asked if there have been discussions with IGT systems customers about accelerating cashless adoption post-merger.

    Answer

    The repurchase program was terminated not to signal confidence but to preserve cash for a potential special dividend to shareholders, a priority over buybacks. While they believe the merger creates opportunities for smoother cashless integration with IGT systems, they have not had specific discussions with customers yet as they must operate independently pre-close.

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