Wow, experiencing significant buyers remorse with this one.  

1) Revenue up about 126%

2) Expenses up 266%!  Ok, there has been significant investments in USA.  

3) Churn.  Registered clients grew by 122K over pcp, yet this converted to just 56K active clients.   Churn looks very high, and this is a real concern, as marketing costs are $168 per registered client.

I don't like the high churn rate, and PBH is up against Draft kings and Fan Duel.   Tough competition with deep pockets.   PBH may suceed, but given they are not the top dog, the probability of this is below 50% IMHO.   

This is very early days, but what catches my eye is:

1) Australian market growing at 66%, with evidence of scaling through slowing cost growth.  

2) PBH has access in 11 US states (subject to enabling legislation), with a proven ability to win licences in partnerships or standalone.  9 of the 11 states are yet to commence operations.

3) Founder led, with an experienced management team, with significant skin in the game.  

With a very small market share, in a rapidly growing industry, driven by online / realtime / interactive betting, pointbet has a a huge opportunity.  

4) Google trends and App downloads indicate there was a healthy uptick in searches / downloads early September, which co-incides with teh announcement of their ambassador, Allen Iverson, which is a positive sign that management are executing well on their marketing campaign.  

5) Regulated competition.  Sportsbet will only have 2 or 3 competitors in each state, as the regulators will restrict the number of players.