Ann: Appendix 4C and Investor Update, page-10

quarterly update looks ok to me. NJ turnover is annualising at $4 billion and growing. that means PBH is annualising over $200 million in bets in NJ alone !!

they are now about to launch in Illinois/Chicago where they finally have the same standing start as the big players such as Fanduel and DraftKings, as mobile registrations are prohibited for 18 months. this means you have to register at a local track or casino and PBH has the most well known and closest location to downtown Chicago !!

Illinois is a bigger market than NJ !!

Iowa launch is also imminent. (1H of FY2020)

so far, it seems all signs are on track for over $1 billion of turnover within 2 years !!

if anyone who bought this stock was expecting little to no cash burn, then they obviously have not done their homework. investors must also remember that PBH pays for licenses and fitout costs for their retail locations, hence the higher spend next quarter.

this is all very positive and quite an exciting long term growth story in the soon to become the largest betting market
in the world !!

enjoy the ride.