Ann: Appendix 4C and Quarterly Activities Report, page-73

I'm sorry.. I think you have a point, but youre not making yourself clear. Where have they stated, indicated or even hinted that their business model is one whereby costs will forever be 150% of revenue??

I'll give you more credit than that.. Let's just say that you are worried about how much they are spending atm, and that you think it is unsustainable to do so for the short-medium term future... Well my response to that is that they are spending this money now to acquire customers (agree they are not loyal) in the form of marketing, and via set up costs in the US. These costs will only decrease in the future, and once they do, the revenue stream will still remain.

You talk about how customers only want the best odds.. Well you're also missing PBH's point of difference - spread betting. This counts for something among customers.