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I had this same problem buying my first (and probably my last) book from them for my iPad. I tried syncing, closing the app, restarting iPad, etc. I got a receipt, the app showed that my accounmt had purchased the book, but I did not have it on my device!
A note to them about the problem early yesterday gave me a immediate robot response and that evening, still not receiving a response to the email, I turned on Kobo reader app and the book started downloading. Very poor access compared to any other bookstore.
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