Ann: Q1 FY22 Investor Presentation, page-4

Looks like an overreaction. Market share has dropped but is that because of a growing market? Yes. And PBH is indeed growing from a dollar perspective.

How much did PBH's competitors spend to acquire that market share though is the question. I myself have 0 loyalty and will flip when it comes to bonus bets but after all these bonuses are exhausted, I will go back to using the platform with the best interface.

A point to note from the call - marketing spend in US was largely for cities outside of their existing territories.

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In the United States, U.S. marketing expense of US$ 27.6 million assisted in delivering 12-month rolling cash active clients to 30 September 2021 of 185,880, a 367% increase on the PCP. We continue to have a constant focus on our cost per acquisition and we're pleased that our working media CPA for first-time betters across all operational U.S. states, except Illinois, which was an in-person registration environment, again tracked below US% 500 for the quarter.It should be noted that a large portion of our U.S. marketing budget for the quarter is focused on audiences outside of our current seven live states. As I stated previously, whether it be for states that are future imminent launches or more national brand awareness, we continue to focus on building a brand and a database to assist in future acquisition efficiency.