PBH:ASX 
SOI 130,284,520
Escrow 22,216,235
Options 21,676, 092 – Various strike prices between 25c and $3.05
Total 174,176,847
SP 5.88
MC 971,906,806

Release of the quarterly report in conjunction with an announcement informing the market that PBH had secured Kansas Market Access resulted in an initial surge up to $6.10 before dumping down to $5.00 before closing out the day at $5.58.
I had been taking some off the table on the run up to highs selling on the 16th of Jan before buying back some on the 21st which I think I put out on my Twitter @RealYowie During the mornings trade, and after the above mentioned release, I found myself stopped out at mid $5.50s before it dumped right down to 5 flat. I felt the reaction was a bit over the top so bought at $5.10 and then a few more parcels up to $5.20 my target for the day was $5.63 which would of been just about bang on the 20day MA and did intend selling some out if it didn’t hit but the last half hour volume kept me in, the subsequent action overnight in the US might see me regretting not sticking to that plan.

Now to the quarterly report.

During the quarter PGH spent $10.9M on customer acquisition which using the total registered client growth of 122109 puts the price per customer acquisition at $89.26 which is high and will require future analysis vis the registered/active user metric to determine how many of these new users are sticky. The formulation of customer acquisition costs are through bonus bets, money back offers, early payouts etc which are fairly standard across the industry. The average active users account cash balance is $94.75 which as the company grows presents unique opportunity common to this business model and others, (think insurance companies).

Of particular interest 80% of clients are still AU based however turnover was 184.8 (AU) vs 112.5 (US) so despite only accounting for 20% of the client base the US resulted in 38% of the turnover. PBH currently has access to 12 US states (subject to legislation and licensure) with an addressable market of US$5.2 billion so the growth potential really is significant

Cash burn next quarter is quite high at $39.5M against cash at hand of $157M which is where I feel the selloff had its origin. The business model is capex intensive and will remain so for the immediate future however this space is particularly acquisitive; 
https://en.m.wikipedia.org/wiki/List_of_mergers_and_acquisitions_in_online_gambling

Acquisition is ultimately where I feel this is going, they have a strong team and so long as they continue to execute on their plan I will remain bullish and continue to trade this name.