clear path to $80 million ebtda by 2022/23, page-12

I note in absolute terms revenue rose $25 million in 2017 and $23 million in 2018 and Wilsons is assuming rises of $23 million in 2019 and $22 million in 2020. The forecast rise is only $9 million in 2021 (though they note they have not allowed for Pointsbet or the Bet 365 partnership in FY 21). You may be right that 2021 is low, but substantial rises in absolute terms become smaller percentage increases as the company gets larger. You rely more on organic growth and it is harder to grow rapidly by small takeovers or winning market share from a small base. The big upside is obviously tapping into the recently legalised US online sports betting market.