Ann: Quarterly Update and Appendix 4C, page-14

What this seems contingent on is whether the spend to gain a customer is a one off, or whether they need to keep spending on that same customer to retain them. Will the customer who has opened the account continue to bet with Top Betta, provided Top Betta does simple and cheap marketing like reminder emails? It doesn't matter much if the one off cost of gaining a customer is high, so long as once the customer is established they stick with Top Betta. If they're spending a lot to acquire customers, then those customers drift away then marketing costs are perennially high. If they stick, marketing costs can be cut significantly once scale is achieved.

Reaper