This is the best written explanation of wager share I have read so far.
I also came to your ‘volatility was good with rev share’ idea, but as you say, also non-bundling is an advantage we no longer have.
Some one on this forum also added that the 35% wager share is calculated on ‘profit’, which means, in accounting terms: cash flow – non cash flows
And of course non cash flows can be manipulated (legally).
I’m not sure if it really is based on profit, but even if it’s based on Cash Flow, than there’s still a disadvantage, as cash flow = gross revenue – bonus costs etcetere – operational costs (hiring staff, …)
The operational costs aren’t in the calculation with rev share of course. But again, I can be wrong here?
In short, rev share has 3 advantages compared to wager share:
1. Bundling
2. No negatives carried over
3. Calculated on net revenue instead of cash flow/profit.