Overseas marketing.

Watching some hockey and noticed a familiar name. Now, marketing never means profits but good to see they are truly expanding overseas. Didn’t notice any other betting ads though that may be a psychological bias.

Sold out of PBH today at $4 on the markets uptick. Should have sold out immediately after their latest 4C but wanted to complete my own due diligence that thesis was busted.

In the end the fact that despite operating in more markets, burning more on marketing and having more "active customers" (bullshit metric they use) their handle and market share were lower meant thesis was busted and time to sell. Add in some management red flags with companies closely associated with PBH directors been contracted by PBH (dodge look IMO even if legal).

I had them holding 5% market share with a blue sky of 10% but that seems unrealistic now and any kind of profitability still years off meaning at least one more cap raise but likely more.

I originally bought for $3 so still made a decent profit although why didn't I sell at $16!? Hindsight is a killer.

Welcome aboard Rapstar! Good valuation and straw.

I agree that there is a lot of growth already built into the price but I think the potential is huge. Under a "best case" scenario I see it being worth 5 times what it is now.

Even under the less successful scenaios I think we can be confident that the business will be much bigger in 5 years than it is now.