I am an EML shareholder so naturally I'm quite positive on...

I am an EML shareholder so naturally I'm quite positive on PBH (Their client in US).

they always say that in a mining boom its better to buy the suppliers of picks and shovels to the miners. I believe this also applies to this once in a lifetime opportunity.

what I like about PBH:

Established industry already - there is $150-$200 billion of illegal sportsbetting every year in the US with offshore bookies. the states are missing on a lot of tax revenue so all are keen to bring it back.

$200 million market capitalization with $75 million cash to spend.

management is highly experienced in Australian sportsbetting market.

group already projected to have $40 million revenue in CY 2019 (majority still coming from Australia)

australian division will break even next year.

PBH is 3rd largest in NJ market after only a 3 month period from launching in January this year. very impressive !!

each state number of licenses are limited so as PBH gains more licenses across the US its strategic appeal increases to an acquirer.

PBH currently have licenses in NJ (live), NY (conditional on legislation), Iowa (going live shortly), Colorado, and possibly Illinois.

from a stock perspective there will be a lot of newsflow including new licenses, a potential media deal, and regular updates as other states pass legislation.

PBH progress is a good yardstick for EML success in US so something to keep in mind.

Eventually all bookies get consolidated over time and I don't see PBH any different if they execute well.

good luck to holders