Ann: Appendix 4C and Investor Update, page-23

they won't burn that much cash next quarter. but they will raise again in 9+ months. growth capital for fast growing companies with huge market opportunities is seen as very positive by investors.

net revenue margin for bookies in Nevada has historically averaged 5% and PBH should fluctuate around that. pretty standard.

the score have an existing business and a large database of users but are yet to launch in NJ or anywhere yet. they also signed a licensing agreement at various states with PENN today. they are loss making and have similar revenues to PBH from providing a different service. listed in Canada.

I would say PBH is 12 months ahead of them in the US sportsbetting market, has more experience in operating a sports betting book and has significantly more cash to spend.

but there will be many operators and competition will be fierce. so far based on NJ success, PBH is being rewarded by Australian investors for the opportunity that lays ahead.