As someone who's lived in North America most of my adult life and is a huge sports fan and even bigger fantasy sports fan I think PBH is really overhyped/misunderstood by a lot of Aussies.

They're not first movers and from what I can tell don't have a competitive advantage.  In fact I'd argue their competitors have the advantage of already having a large client base already playing fantasy sports on their sites.  Customer acquisition cost will be minimal for their competitors (fanduel etc).

I haven't delved into them extensively but for this reason I'm very bearish on them.