Ann: Q2 FY23 - Appendix 4C and Investor Presentation, page-124

Too much competition against players with deeper pockets. All they do is buy market share through deals for punters and if they drop the deal, the punter moves to the next deal elsewhere.

And in the meantime they burn cash at a furious rate whilst making losses. Its not a great business model. Its a pretty simple game, you need to be cash flow positive, you need to be profitable, sure it can take time but you need to see progress towards this, they blow out every time. Modelling your valuation off revenue aint the best.