@NZRacing the billion pounds quoted as assets are largely Intangible Assets. Intangible assets being things like brands, trademarks, copyright and even software. The latter I would imagine wouldn't be much as they are leveraging off their Group software. Perhaps one of the intangible assets is the monopoly license they have to trade in NZ given to them courtesy of the NZ Government. That must be worth a fair amount. It is intangible as it is only a license, not a physical asset and can't be traded.