Don't you find it odd, that for a "revolutionary e-Sport tournament" gaming company (as they keep including in ASX announcements) to not have a single app?
Arcade X? Nope.
Cloudzen? Nope.
Their only platform is a web based service, servicing nothing more than HTML5 games. How do they intend to launch the triple-A titles that people keep mentioning, when their existing technology doesn't even support it. It has nothing to do with needing 5G bandwidth. The most common resolution for smart phones at the moment is 720p, largely because it drains the phone too quickly. 4G is more than capable of that, so I don't buy the "waiting for 5G" excuse.
I agree with everything else you said though. Comparing EM1 to ESH or any other gaming related stock is just idiotic. Each company must be assessed on its own merits. And that is a big "if" the money is flowing through EM1 as opposed to TIM / Crowd1. Keen to see the 4C announcement. Also keen to see if MTN has actually paid any of their invoices yet.
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