Ann: Appendix 4C and Investor Presentation - Q2 FY22, page-62

What a report. Big colorful letters, shapes, celebrities, big bitties and all the itties ... All that visual appeal made me think I was reading a sports magazine not a financial report..
The important financial information is right down the bottom, page 23 of 27.
The first set of graphs, percentages make things look great but wait, that's only betting win % which has nothing to do with financials, company value or profits.

The way these con artists market their betting platform to poor, lower class desperate people is the same way they present their financial report, with the important information in the fine print.

All in all almost $100 Million lost this quarter. Cost of sales, administration and staff costs alone account for 80% of customer receipts. With that alone it makes for a poor business model. Sales and marketing costs of $65 Million are essential to even receive the initial customer receipts. People are generally not predispositioned to spend their cash betting on sports games. Most people are sensible and PBH can only make any money if it rams their business model down the throat of these vulnerable people through aggressive sales and marketing.

This whole business model is widely taboo in society and across many cultures, betting is not embraced and PBH will not last.