Daily Price Movement / General Discussion, page-20526

I think the mistake your all making is looking at the Total Addressable Market and projecting percentage penetration.

You can see from slowing growth figures that each market reaches saturation quite quickly as the entire product offering only appeals to a limited demographic.

All that will happen is that more completion will canbabalise markets and reduce average spend per customer but also pressurise margins .

In my view it's actually impossible for them to make a profit as simple calculations demonstrate that customer acquisition costs can never be recovered