I'd say I was right.
Look at how many books have failed since then. Please include the ones that were absorbed by other books in "takeunders." Most if not all of the books that have failed were giving away the store, either with high bonuses, low juice, or both. Obviously they were all under-capitalized if at all, but their giveaway programs accelerated their demise.
Of the ones that are still out there, how many are solvent? Do you know? How many could pay out all of their customers tomorrow and still have a couple of dollars in the bank? I estimate only 15% of all books are solvent, I'd say that number is considerably lower for the Xmas everyday operations.
The only book to have any success with a low juice model is
pinnacle. I use the term book loosely. As I have explained many times Pinnacle is a gambling operation that uses their sportsbook to get their action down. Any money they make booking is gravy. If they break even on booking and make money gambling, they are happy. They probably make a little money on their incidental booking during a normal year. They also don't have the expenses of a full service book, namely a full phone staff and the monthly phone bill that comes with a telephone operation. Their customer service is 100% email. Try and get someone on the phone there if you have a problem, it may happen but it may be easier to get an audience with the Pope.
Math is math. A book that offers a 10 cent line has a theoretical hold of 2.4%. In a bad year that figure can easily drop below 1%. That's BEFORE expenses. The cost of operating offshore is very expensive. Money transfer fees can approach 1% of handle. Then there are little things like office, telecommunications, staff, marketing, bonuses, software, hardware, fraud, and a bunch of little stuff I am forgetting at this hour.
As I said in another thread, it takes no skill to sell dollar bills for 90 cents.