Of course I'm making assumptions. So are you. That's the nature of predictive or futures markets.
However, I believe my assumptions are well founded. I have exact Entain revenue data through the end of the 23-24 season. I have exact turnover data since then through August 25. I am assuming that overall margins remain the same through May 28, which is probably generous given the clear trend from tote to FO markets.
I'm also aware of the annual growth in turnover to date. So, I am assuming that will remain similar for the balance of the guarantee period. The query of course was whether the online monopoly would change that but 2 months in there is no indication of that.
As well, Entain has already written down the value of its TAB NZ operations due to missed targets and market challenges.
And they face growing competition from casino licensing and other off shore marketers, especially where their pricing is not competitive.
Now if you want to buy a horse to race beyond the guarantee period, or breed a foal that won't even get to the races by then based on your assumptions, then good luck to you.