Pointsbet vs DraftKings. PBH $20+ Fair Value.

DKNG has been performing exceptionally well in the past 6 months, going from strength to strength, as more and more US states legalize gambling and sports-betting.

From the last quarterly report, DKNG had revenues of $322M for the quarter, while PBH has $44.6M Revenue for their quarter. Normalizing both into AUD, we have DKNG at $414M AUD Revenue vs PBH at $44.6M. Converting DKNG MC to AUD, we get $36.16B, while PBH is at $2.94B.

		Revenue (AUD)	Market Cap (AUD)	PCP Increase (%)	MC / Quarterly Revenue
1	DKNG	$414M	$36.16B	146%	87.3x
2	PBH	$44.6M	$2.94B	303%	65.9x

While they are similar to an extent, there are some differences, we can note that PBH has significantly higher PCP growth in comparison to DKNG. Furthermore, if we were to value PBH at DKNG's MC/Revenue, we would get a valuation of $3.89B, which is a share price equivalent of $18.90. I believe this should be even higher due to the explosive growth of PBH, which should warrant a substantially higher valuation at the current point in time.

We are not that far behind DKNG. Our growth will continue to flow higher as the economy re-opens and our revenue should approach potentially 1/5 - 1/6 of DKNG in no time. PBH has shown that it is catching up fast with its NBC support and range of endorsements. Fair value should be $20+ factoring in our higher growth rate.