Ann: Appendix 4C and Quarterly Activities Report, page-66

If you read what I wrote carefully I said that their spending is unsustainable. You also make the assumption that these 'customers' are sticky and loyal when they aren't. Most gamblers or early adopters at least are using multiple sites and search for the best odds. There is no such thing as a customer for life or customer loyalty here.

Yes the execution risk is massive. And the numbers are out of whack. I.e. expenses are rising faster than revenue so it's not scalable notwithstanding setup costs ect.

I find it funny every keeps saying I'm missing the point when i've clearly stated that their model is unsustainable. So revenue increases 100% but costs increase 150%.
Turnover doesn't mean much when your margin varies so much (unlike an APT), so let's look at revenue - 17m.