We are looking back at 2018 with mixed feelings about market development and sentiment, as well as AGOF alone. Even though, AGOF has mostly developed in a direction which we are very pleased with but, as you all know, and I will come back later to this point, one of our cornerstone investments failed to go through, which consequently forced us to restructure in order to enable repayment to investors. This entire process turned out to be very time-consuming and value deteriorating diverting our focus from screening and identifying new investment opportunities.
Looking at the broader market, regulations are still a hot topic. During the year there has been a lot of speculation from the other side of the Atlantic. US has yet again started to open as a market of interest. As for 2018, it was estimated that only 3% of total gambling revenues were generated online and the market was estimated to be worth USD 3.2bn. Even though a rapid growth is expected over the next 5 years, where market is forecasted to almost double, the online penetration is still estimated to remain at level as low as 6% by 2023. This should be put in the perspective that globally online gambling is estimated to be 15% of the total gambling market.
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