Thomas Barwick We go into the granulars of the OTA market and competition in our Expedia (EXPE) article here.  Investment Thesis Booking Holdings (NASDAQ:BKNG) is the largest player in the OTA market. BKNG's dominance in the European market and its shift toward the merchant model have been key drivers of its superior margins. The company's strategic focus on expanding its customer base and leveraging its network effect for further growth in offerings has contributed to its excellent fundamentals.   EXPE ...