Aristocrat Entertainment’s entry into the real money online gaming space is a matter of when not if and it’s strategy is likely to be to build the business through acquisitions, J.P. Morgan analyst Don Carducci wrote in a note commenting on the company’s latest earnings report.

“We assume multiple acquisitions of small-to-medium size, as cash remains ALL’s lever for digital & additional investment/acquisitions to vertically integrate a strategy,” he wrote.

J.P. Morgan expects digital gaming revenue growth will rise 4.5 percent in H1,2021 to $1.09 billion and for the second half to be up 8.2 percent supported by new social gaming titles.