Bragg Gaming Group Inc (BRAG) 2024 Q2 法說會逐字稿

Good morning, everyone. My name is Jayal and thank you for joining the second quarter of 2024 earnings conference call for Bragg Gaming Group. Shortly, I'll hand the call over to Bragg Gaming Group CEO, Matevz Mazij, who will comment on Bragg's second quarter performance, and Bragg's interim CFO, Robbie Bressler, who will review and discuss the company's second quarter financial results.

大家早安。我叫 Jayal，感謝您參加 Bragg Gaming Group 2024 年第二季財報電話會議。很快，我會將電話轉交給布拉格遊戲集團首席執行官Matevz Mazij，他將評論布拉格第二季度的業績，以及布拉格臨時首席財務官羅比·布雷斯勒(Robbie Bressler)，他將審查和討論公司第二季的財務表現。

If you have not already done so, you can follow this earnings call presentation from Bragg's investor website at investors.bragg.group. That's investors plural with an S, then go to the events and presentation section. On this call, there will be a review of Bragg's financial and operating results for the second quarter of 2024. Following these prepared remarks, the conference call will be opened to a question and answer period.

如果您還沒有這樣做，您可以透過布拉格的投資者網站 Investors.bragg.group 關注此財報電話會議演示。這是帶有 S 的投資者複數形式，然後轉到活動和演示部分。此次電話會議將對布拉格 2024 年第二季的財務和營運業績進行審查。在這些準備好的發言之後，電話會議將進入問答階段。

Before we get started, I have some brief cautionary remarks regarding certain statements that may be made on this call. Certain statements made on this conference call and the responses to various questions may constitute forward-looking information or future-oriented financial information within the meaning of applicable securities laws.

在我們開始之前，我對本次電話會議中可能發表的某些言論提出一些簡短的警告。本次電話會議中所做的某些陳述以及對各種問題的答覆可能構成適用證券法含義內的前瞻性資訊或面向未來的財務資訊。

Statements about expected growth, prospective results, strategic outlooks and financial and operational expectations, opportunities and projections rely on a number of assumptions concerning future events, including markets and economic conditions, business prospects or opportunities, future plans and strategies, technological developments and anticipated events, trends and regulatory changes that may affect the company and its subsidiaries and their respective customers and industries.

有關預期成長、預期結果、策略展望以及財務和營運預期、機會和預測的陳述依賴於有關未來事件的許多假設，包括市場和經濟狀況、業務前景或機會、未來計劃和策略、技術發展和預期事件、可能影響公司及其子公司及其各自客戶和行業的趨勢和監管變化。

While the company believes these assumptions to be reasonable, they are subject to a number of risks, uncertainties and other factors which may are outside of the company's control and which could cause the actual results, performance or achievements of the company to be materially different.

雖然公司認為這些假設是合理的，但它們受到許多風險、不確定性和其他因素的影響，這些因素可能超出公司的控制範圍，並可能導致公司的實際結果、業績或成就出現重大差異。

There can be no assurance that these assumptions or estimates are accurate or that any of these expectations will provide, will prove to be correct. For a complete discussion of these risk factors, please refer to Bragg Gaming Group's recently filed press release and other publicly available disclosure.

無法保證這些假設或估計是準確的，或這些預期中的任何一個將被證明是正確的。有關這些風險因素的完整討論，請參閱布拉格遊戲集團最近提交的新聞稿和其他公開披露的資訊。

Good morning, everyone -- Good morning, everyone. My name is Matevz Mazij. I'm Chairman and CEO of Bragg. On this call, I'm going to make some initial comments and I'll run through some key operational highlights from the second quarter of 2024.

大家早安——大家早安。我叫馬特夫茲‧馬齊吉。我是布拉格的董事長兼執行長。在這次電話會議上，我將發表一些初步評論，並將介紹 2024 年第二季的一些關鍵營運亮點。

Then I'm going to pass the line over to Robbie Bressler, our interim CFO, who joined us during the second quarter and who will take you through the company financials. After our financial recap, I'll be talking more about some of our main strategic and operational focus area before wrapping up with our outlook and summary and we'll then open up the call to your questions.

然後我將把這條線轉給我們的臨時財務長羅比·布雷斯勒(Robbie Bressler)，他在第二季加入我們，將向您介紹公司的財務狀況。在我們的財務回顧之後，我將更多地討論我們的一些主要策略和營運重點領域，然後結束我們的展望和總結，然後我們將開始回答您的問題。

Turning now to recent operational highlights. As you are no doubt aware, in the first quarter of 2024, we convened a board-run special committee to review possible strategic alternatives for Bragg, including a potential sale, merger, acquisition or additional investment into the business. This process is still ongoing and comes against the backdrop of increased M&A activity in the iGaming sector, activity which has driven additional interest in Bragg.

現在轉向最近的營運亮點。您無疑知道，在 2024 年第一季度，我們召集了一個由董事會運作的特別委員會，審查布拉格可能的策略選擇，包括潛在的出售、合併、收購或對業務的額外投資。這個過程仍在繼續，並且是在 iGaming 領域併購活動增加的背景下進行的，這些活動增加了人們對布拉格的興趣。

I want to reiterate that the board will not provide any further updates on the process until we have a material development to report on. In the meantime, management continues to focus on business growth, delivering on its strategic objectives and maintaining our utmost commitment to clients and business partners alike.

我想重申，在我們有重大進展需要報告之前，董事會不會提供有關該流程的任何進一步更新。同時，管理層繼續專注於業務成長，實現其策略目標，並保持對客戶和業務合作夥伴的最大承諾。

The company continues to be well-placed to capitalize on opportunities across iGaming content and technology globally. During the second quarter, we announced the appointment of Robbie Bressler, who joins us on the call today as Interim Chief Financial Officer. Robbie has a wealth of experience across the iGaming and financial services industries, including from his time at Bally's Corporation and Ernst & Young.

該公司繼續處於有利位置，可以利用全球 iGaming 內容和技術的機會。在第二季度，我們宣布任命羅比·布雷斯勒 (Robbie Bressler)，他今天加入我們的電話會議，擔任臨時財務長。Robbie 在 iGaming 和金融服務業擁有豐富的經驗，包括他在 Bally's Corporation 和 Ernst & Young 的工作經驗。

In May, we announced that Neill Whyte, formerly of Digital Gaming Corporation or DGC, joined us in the capacity of Chief Commercial Officer in order to lead the next stage of growth at Bragg. Neill is joined by Garrick Morris, also previously of DGC, as Senior Vice President for Commercial for US and Canada to drive the US rollout forward, something I will talk more about in today's presentation.

5 月，我們宣布前 Digital Gaming Corporation 或 DGC 員工 Neill Whyte 加入我們，擔任首席商務官，以領導 Bragg 下一階段的發展。Neill 與曾在 DGC 任職的 Garrick Morris 一起擔任美國和加拿大商業高級副總裁，推動美國的推廣，我將在今天的演講中詳細討論這一點。

I can also announce that we have recently bolstered our legal team and completed our executive leadership team with the appointment of experienced iGaming industry lawyer, Tommaso Di Chio, as our Chief Legal and Compliance Officer. I welcome Robbie, Neill, Garrick, and Tommaso to the team. And after Robbie has taken you through our second quarter financial results, I will take a moment to give you a snapshot of the highly experienced executive leadership we have now in place, ready to deliver the next stage of Bragg growth and to support any outcome of the strategic review.

我還可以宣布，我們最近加強了我們的法律團隊，並任命經驗豐富的 iGaming 行業律師 Tommaso Di Chio 擔任我們的首席法律與合規官，完善了我們的執行領導團隊。我歡迎羅比、尼爾、加里克和托馬索加入團隊。在羅比向您介紹了我們第二季度的財務業績之後，我將花一點時間向您簡要介紹一下我們現在擁有的經驗豐富的執行領導層，他們準備好實現布拉格的下一階段增長並支持任何結果戰略審查。

Turning to our rollout across the United States, we've capitalized on our existing relationships with customers by expanding into new states, most notably Pennsylvania, where we recently announced that we launched our newest iGaming content and technology with BetMGM and Borgata. We are also pleased to announce at the end of the second quarter we've launched with FanDuel, the local market leader, as well as with international bookmaker Bet365, also in Pennsylvania.

談到在美國的推廣，我們利用與客戶的現有關係擴展到新的州，尤其是賓州，我們最近宣布與 BetMGM 和 Borgata 合作推出最新的 iGaming 內容和技術。我們也很高興地宣布，在第二季末，我們已與當地市場領導者 FanDuel 以及同樣位於賓州的國際博彩公司 Bet365 合作推出。

We're also pleased to announce that we've recently expanded our relationship with Golden Nugget into New Jersey. And after Robbie has presented the financials, I will show you what all this means for our distribution reach in North America.

我們也很高興地宣布，我們最近已將與 Golden Nugget 的合作關係擴展到新澤西州。在羅比介紹了財務數據後，我將向您展示這一切對我們在北美的分銷範圍意味著什麼。

Over the quarter, we've seen excellent growth in adoption of our player account management technology, notably in Czech Republic, where Bragg was able to conclude an agreement with Kingsbet for our full-service turnkey solution. Kingsbet becomes our second PAM customer in the country and is already seeing positive growth following its launch.

在本季度，我們看到玩家帳戶管理技術的採用率出現了顯著增長，尤其是在捷克共和國，布拉格與 Kingsbet 就我們的全方位服務交鑰匙解決方案達成協議。Kingsbet 成為我們在該國的第二個 PAM 客戶，並且在推出後已經看到了積極的成長。

In the Netherlands, our biggest market, we added our sixth PAM customer in HardRockCasino.nl in a deal which included content aggregation and managed services provision. HardRock is an internationally known and recognizable brand, and to be powering their Dutch expansion is something we're very proud to support.

在我們最大的市場荷蘭，我們在 HardRockCasino.nl 中增加了第六個 PAM 客戶，交易內容包括內容聚合和託管服務提供。HardRock 是一個國際知名且公認的品牌，我們非常自豪能夠支持他們在荷蘭的擴張。

Returning to the Dutch market, over the quarter we powered the sportbook launches of three of our existing PAM clients in the Netherlands, as they look to take advantage of the UEFA European Championship football tournament. The first of these launches was of the Metric Gaming Sportbook with Betnation.nl, a deal achieved through the extension of our existing turnkey relationship with the Dutch licensed operator.

回到荷蘭市場，本季我們為荷蘭的三個現有 PAM 客戶推出了體育博彩，因為他們希望利用歐洲足球錦標賽的優勢。其中第一個產品是與 Betnation.nl 合作推出的 Metric Gaming Sportbook，這項交易是透過擴展我們與荷蘭授權營運商現有的統包關係而達成的。

Since this initial launch, we've concluded similar deals to launch the Metric Gaming Sportbook with ComeOn.nl, following their sportbook license award, and have also launched the Kambi Sportbook with 711.nl, a valued PAM customer of Bragg. We're very excited about the potential of these new sportbook partners and the way they allow us to enhance our existing relationships with turnkey and PAM clients by adding a new vertical.

自首次發布以來，我們在獲得體育博彩許可後與 ComeOn.nl 達成了類似的協議，推出了 Metric Gaming Sportbook，並且還與 Bragg 的重要 PAM 客戶 711.nl 合作推出了 Kambi Sportbook。我們對這些新的體育博彩合作夥伴的潛力感到非常興奮，他們讓我們能夠透過添加新的垂直領域來加強我們與交鑰匙和 PAM 客戶的現有關係。

Drawing on this, throughout the quarter we've continued to develop and distribute our innovative and exclusive content globally, launching 17 new exclusive games during the period. We've expanded the global distribution of our online casino content with Light & Wonder, giving us crucial exposure across regulated markets, and in Italy, we've partnered with SISAL to launch in what is Europe's second largest iGaming market.

以此為基礎，整個季度我們繼續在全球開發和發行我們的創新和獨家內容，在此期間推出了 17 款新的獨家遊戲。我們透過 Light & Wonder 擴大了線上賭場內容的全球分銷，使我們在受監管的市場中擁有重要的曝光度，在義大利，我們與 SISAL 合作，在歐洲第二大 iGaming 市場推出。

Now, once Robbie has taken you through the financial results, I will come back to take some of these points in more detail before we open the line to your questions. Robbie?

現在，羅比向您介紹了財務表現後，我將在開始回答您的問題之前更詳細地回答其中的一些要點。羅比？

Thank you, Mat, and good morning to everybody. It's been great to be a part of the Bragg team for the short period and looking forward to engaging with our analysts and shareholders in my new role. Being part of a growing company that is active in over 30 regulated jurisdictions with a best-in-class product mix and growing coverage of the North American markets is extremely exciting, and I'm looking forward to being part of this success story.

謝謝你，馬特，祝大家早安。很高興能夠在短期內成為布拉格團隊的一員，並期待在我的新職位上與我們的分析師和股東進行交流。這家成長中的公司活躍於30 多個受監管的司法管轄區，擁有一流的產品組合，並且不斷擴大北美市場的覆蓋範圍，成為這家成長中的公司的一部分是非常令人興奮的，我期待著成為這個成功故事的一部分。

Jumping into Q2 results, total revenue for the second quarter was EUR24.9 million, a record high up 0.5% compared to Q2 2023. As expected, gross profit and EBITDA were down compared to second quarter of last year. Q2 2024 gross profit decreased by 10% to EUR12.4 million, with gross profit margins decreasing to 49.9%.

進入第二季業績，第二季總營收為 2,490 萬歐元，創歷史新高，較 2023 年第二季成長 0.5%。正如預期，毛利和 EBITDA 較去年第二季有所下降。2024 年第二季毛利下降 10% 至 1,240 萬歐元，毛利率下降至 49.9%。

Adjusted EBITDA for the first quarter was down 24% to EUR3.6 million, and our adjusted EBITDA margin decreased to 14.5%. While gross profit and adjusted EBITDA were down year-over-year as expected due to changes in our product mix, we are encouraged to see sequential growth in revenue, gross profit, and adjusted EBITDA compared to the first quarter of this year, a timeframe in which our product mix has been consistent.

第一季調整後 EBITDA 下降 24% 至 360 萬歐元，調整後 EBITDA 利潤率下降至 14.5%。雖然由於我們產品組合的變化，毛利和調整後 EBITDA 同比下降，但我們很高興看到與今年第一季相比，收入、毛利和調整後 EBITDA 連續成長。

We expect to see this growth continue through the second half of 2024, and are reiterating our full-year revenue and adjusted EBITDA guidance at EUR102million to EUR109 million, and EUR15.2 million to EUR18.5 million respectively, noting that we are currently tracking to the lower end of the guidance ranges provided.

我們預計這種成長將持續到 2024 年下半年，並重申我們的全年營收和調整後 EBITDA 指引分別為 1.02 億歐元至 1.09 億歐元和 1,520 萬歐元至 1,850 萬歐元，並指出我們目前正在追蹤至所提供指導範圍的下限。

As noted on slide seven, in Q2 2024, revenue from content represented 80% of total revenue, while in Q2 2023, total content revenue represented 77%. PAM and turnkey revenue, however, declined as a percentage of total revenue, going from 23% in Q2 2023 to 20% of total revenue in Q2 2024.

如投影片 7 所示，2024 年第二季度，內容收入佔總收入的 80%，而 2023 年第二季度，內容收入佔總收入的 77%。然而，PAM 和統包收入佔總收入的百分比有所下降，從 2023 年第二季的 23% 降至 2024 年第二季的 20%。

Proprietary content and exclusive third-party content total revenue increased by 12% since Q2 2023, with notable positive momentum in the US. Proprietary content deployment is progressing well in both the US and EU markets through increased distribution and game performance.

自 2023 年第二季以來，專有內容和獨家第三方內容總收入成長了 12%，其中美國的積極勢頭顯著。透過增加發行和遊戲效能，專有內容部署在美國和歐盟市場進展順利。

These changes in product mix have resulted in reduced gross profit and adjusted EBITDA. However, as mentioned, we are pleased to see consistent growth from Q1 to Q2 in 2024, where our product mix was consistent. Revenue is up 4.4% from Q1 2024, and gross profit and adjusted EBITDA are up 4.4% and 6%, respectively.

產品結構的這些變化導致毛利減少並調整了 EBITDA。然而，如前所述，我們很高興看到 2024 年第一季到第二季的持續成長，我們的產品組合保持一致。營收較 2024 年第一季成長 4.4%，毛利和調整後 EBITDA 分別成長 4.4% 和 6%。

Turning to the balance sheet, as of June 30, 2024, we held EUR10.8 million in cash and cash equivalents. During the quarter, we obtained a USD7 million secured promissory note from a related party that bears interest in an annual rate of 14% payable quarterly. Funds are being used to provide us maximum financial flexibility as we continue to progress through the strategic review process.

轉向資產負債表，截至 2024 年 6 月 30 日，我們持有現金和現金等價物 1,080 萬歐元。本季度，我們從關聯方獲得了 700 萬美元的擔保本票，年利率為 14%，每季支付一次。隨著我們繼續推進策略審查流程，資金將用於為我們提供最大的財務靈活性。

I can confirm that post-quarter end, the remaining outstanding Lind convertible debt of USD1 million has now been settled in full in cash. Networking capital, excluding deferred consideration, convertible debt, and promissory note, as of June 30, 2024, amounted to EUR10.5 million compared to EUR5.1 million at the beginning of the year.

我可以確認，季度末，剩餘未償 Lind 可轉換債務 100 萬美元現已全部以現金結算。截至 2024 年 6 月 30 日，網路資本（不包括遞延對價、可轉換債務和本票）達 1,050 萬歐元，而年初為 510 萬歐元。

I will now hand over the call back to Matz to continue with commentary on strategy and operations.

我現在將把電話轉回給馬茨，以繼續對策略和營運進行評論。

Thank you, Robbie. Now, in the next slide, I want to give you a snapshot of who Bragg is and what we're trying to achieve as a business. Bragg began life in 2018 when it acquired an iGaming technology business that I originally founded back in 2012 called Oryx Gaming.

謝謝你，羅比。現在，在下一張投影片中，我想向您簡要介紹布拉格是誰以及我們作為一家企業正在努力實現的目標。Bragg 成立於 2018 年，當時它收購了一家 iGaming 技術公司，該公司最初是我於 2012 年創立的，名為 Oryx Gaming。

Since 2018, Bragg has secured both a listing on the Nasdaq stock market and the Toronto Stock Exchange. We're an internationally focused business with offices around the globe, and we have more than 450 employees spread across these offices. Bragg as a business is licensed, certified, and otherwise compliant and operational as a supplier of iGaming content and technology solutions in more than 30 regulated jurisdictions globally.

自2018年以來，布拉格已在納斯達克股票市場和多倫多證券交易所上市。我們是一家專注於國際化的企業，在全球各地設有辦事處，這些辦事處擁有 450 多名員工。Bragg 作為一家獲得許可、認證和其他合規性的企業，並作為 iGaming 內容和技術解決方案的供應商在全球 30 多個受監管的司法管轄區運營。

We are a diversified business across the whole value chain, participating in multiple segments of the iGaming ecosystem. We deliver our content from multiple in-house content studios and via many partner studios, both through our proprietary remote games server technology and through our content aggregation solution delivered by our Bragg Hub product delivery platform.

我們是一家橫跨整個價值鏈的多元化企業，參與 iGaming 生態系統的多個領域。我們透過我們專有的遠端遊戲伺服器技術以及透過我們的 Bragg Hub 產品交付平台提供的內容聚合解決方案，從多個內部內容工作室和許多合作夥伴工作室交付內容。

In tandem, we're providing cutting-edge turnkey technology solutions such as the Bragg Player Account Management platform and our innovative Fuze Marketing Promotional and Engagement toolset. We're also providing a range of management operational services to customers worldwide, all supported by a dedicated management team and a highly experienced executive team.

同時，我們提供尖端的統包技術解決方案，例如布拉格玩家帳戶管理平台和我們創新的 Fuze 行銷促銷和參與工具組。我們也為全球客戶提供一系列管理營運服務，所有這些服務均由專門的管理團隊和經驗豐富的執行團隊提供支援。

In summary, Bragg is a brand trusted to deliver exceptional end-user experiences to millions of online casinos, online sports betting, and online lottery players globally on behalf of hundreds of the world's biggest iGaming brands. Bragg as a business remains committed to retaining that privileged position and continuing to expand our relationships globally.

總而言之，布拉格是一個值得信賴的品牌，代表數百個全球最大的 iGaming 品牌為全球數百萬線上賭場、線上運動博彩和線上彩票玩家提供卓越的最終用戶體驗。布拉格作為一家企業仍然致力於保持這一特權地位並繼續擴大我們的全球關係。

Supporting Bragg's continued growth and expansion is a highly experienced leadership team of which I am proud to be a part of and to lead as CEO. Our recent new hires, Robbie Bressler as an interim CFO, Tommaso Di Chio as Chief Legal and Compliance Officer, and Neill Whyte as a Chief Commercial Officer, each bring with them a track record of successfully growing iGaming businesses and a wealth of knowledge and expertise from across the industry.

支持布拉格持續發展和擴張的是一支經驗豐富的領導團隊，我很自豪能成為其中的一員並擔任執行長。我們最近的新員工羅比·布雷斯勒(Robbie Bressler) 擔任臨時首席財務官，托馬索·迪·奇奧(Tommaso Di Chio) 擔任首席法律與合規官，尼爾·懷特(Neill Whyte)擔任首席商務官，他們每一位都擁有成功發展iGaming 業務的記錄以及豐富的知識和專業知識來自整個行業。

They join an executive team with their own growth success stories. Peter Lavric, our CTO, joined Oryx Gaming back in 2012 and is the chief architect behind what is today the award-winning suite of Bragg iGaming technology and products.

他們加入的管理團隊都有自己的成長成功故事。我們的技術長 Peter Lavric 於 2012 年加入 Oryx Gaming，是當今屢獲殊榮的 Bragg iGaming 技術和產品套件背後的首席架構師。

With the acquisition of Wildstreet Gaming in 2021, we welcomed the founder of that company, now our Group Director of Content, Doug Fallon, to the team. He is behind our huge growth in content development and production, developing and executing a strategy which balances high-value proprietary content with diverse and localized gains from our valued studio partners.

隨著 2021 年收購 Wildstreet Gaming，我們歡迎該公司的創辦人、現任集團內容總監 Doug Fallon 加入團隊。他是我們在內容開發和製作方面取得巨大增長的幕後推手，制定並執行了一項戰略，該戰略在高價值專有內容與我們尊貴的工作室合作夥伴的多樣化和本地化收益之間取得了平衡。

I believe that this combination of extensive industry experience combined with continuity and deep expertise in Bragg's products, technology, content, and vision, all with a track record of delivering growth, is what sets us apart and positions us for success.

我相信，豐富的行業經驗與布拉格產品、技術、內容和願景的連續性和深厚專業知識的結合，以及實現成長的記錄，使我們與眾不同，並使我們取得成功。

And with that, I want to revisit our core strategy to deliver growth for the company and to unlock value for our shareholders. We aim to drive this value generation through increased revenues and increased profitability. We will do this by continuing to scale up our content business of both proprietary gains from our in-house studios and gains from our partner studios which enrich and complete our exclusive iGaming content offering in multiple jurisdictions worldwide.

因此，我想重新審視我們的核心策略，以實現公司的成長並為股東釋放價值。我們的目標是透過增加收入和提高獲利能力來推動這一價值創造。為此，我們將繼續擴大我們的內容業務，包括來自我們內部工作室的專有收益和來自我們合作夥伴工作室的收益，這些收益豐富和完善了我們在全球多個司法管轄區提供的獨家iGaming內容。

We are growing our regulated market distribution by launching with new customers, upgrading existing relationships, and obtaining the necessary licenses and certifications to support our customers in all of the most important regulated and regulating iGaming markets globally.

我們正在透過推出新客戶、升級現有關係以及獲得必要的許可證和認證來擴大我們的受監管市場分佈，以支援我們在全球所有最重要的受監管和監管 iGaming 市場中的客戶。

Our content and product delivery offering is differentiated and value-added through our proprietary Fuze player engagement solution which works across online casino, online sports betting, and online lottery products. I will show you how our full product suite coupled with our technical agility allows us to rapidly deploy custom iGaming products, technology, content, and services solution in diverse regulated markets. And we are seeing increased demand in these custom solutions.

我們的內容和產品交付服務透過我們專有的 Fuze 玩家參與解決方案實現差異化和增值，該解決方案適用於線上賭場、線上體育博彩和線上彩票產品。我將向您展示我們的完整產品套件如何與我們的技術敏捷性相結合，使我們能夠在不同的監管市場中快速部署客製化的 iGaming 產品、技術、內容和服務解決方案。我們看到這些客製化解決方案的需求不斷增加。

And lastly, we're always laser focused on judicious cost control and operational efficiencies in order to maximize recurring profitability and to deliver long-term value. So our ambition is to deliver shareholder value by focusing on these core strategic pillars in order to become a premier global iGaming content and technology provider.

最後，我們始終專注於明智的成本控制和營運效率，以最大限度地提高經常性獲利能力並提供長期價值。因此，我們的目標是透過專注於這些核心策略支柱來提供股東價值，從而成為全球首屈一指的 iGaming 內容和技術提供者。

I want to take a look at annualized growth rates for Bragg over the past five years. As this slide illustrates, Bragg has a proven track record of positive financial growth across both our revenue and adjusted EBITDA metrics going back to the first full year of operations for the company in 2019.

我想看一下布拉格過去五年的年增率。正如這張投影片所示，自 2019 年公司營運的第一個全年以來，布拉格在收入和調整後 EBITDA 指標方面都擁有良好的財務成長記錄。

As we have constantly pushed to win new business, to obtain supplier licenses for new regulated jurisdictions, and to continue to develop our award-winning iGaming technology, an extensive exclusive content portfolio, and earning trust of our customers, growth has followed.

隨著我們不斷努力贏得新業務，獲得新監管司法管轄區的供應商許可證，並繼續開發我們屢獲殊榮的 iGaming 技術、廣泛的獨家內容組合，並贏得客戶的信任，成長隨之而來。

We're on track to quadruple our revenues in five years and taking our compound annual growth rates for 2019, 2024 period. And for 2024 estimates, we're taking our guidance midpoints here. We are proud to be on track to deliver 32% CAGR over five years for revenue and 76% CAGR for adjusted EBITDA. And we aim to continue with our positive growth story into 2025 and beyond.

我們預計在五年內將營收翻兩番，並在 2019 年和 2024 年期間實現複合年增長率。對於 2024 年的預測，我們採用此處的指導中點。我們很自豪能夠在五年內實現 32% 的收入複合年增長率和 76% 的調整後 EBITDA 複合年增長率。我們的目標是在 2025 年及以後繼續保持積極的成長勢頭。

As Bragg has consistently grown, so has the global iGaming market as a whole, something that analysts project to continue into the future. According to data from H2 Gambling Capital, the global regulated online casino markets in 2024 is estimated at USD32 billion in gross gaming revenue. And that is projected to almost double to USD63 billion by 2029.

隨著 Bragg 的持續成長，全球 iGaming 市場作為一個整體也在不斷增長，分析師預計這種趨勢將持續到未來。根據 H2 Gambling Capital 的數據，2024 年全球受監管的線上賭場市場的博彩總收入預計將達到 320 億美元。預計到 2029 年，這一數字將幾乎翻倍，達到 630 億美元。

With our broad distribution reach for content and our ability to rapidly adapt, certify, and deploy our iGaming technology for different regulatory regimes, we are extremely well positioned to capitalize on the overall trend towards iGaming regulation in more jurisdictions globally. And crucially, we aim to capture an increasing proportion of this growing global market.

憑藉我們廣泛的內容分發範圍以及針對不同監管制度快速調整、認證和部署 iGaming 技術的能力，我們處於非常有利的地位，可以利用全球更多司法管轄區 iGaming 監管的總體趨勢。至關重要的是，我們的目標是在這個不斷成長的全球市場中佔據越來越大的份額。

Between 2024 and 2029, the global CAGR in iGaming is projected at 15%, rising to a 20% when looking at the North American markets below. These projections are based on the existing regulatory status quo. We're cautiously optimistic that the new states with significant populations, such as Ohio, may follow the trend of last few years and introduce a regulatory framework for online casino in the coming years, further expanding the size of the market in the United States.

2024 年至 2029 年間，iGaming 的全球複合年增長率預計為 15%，如果考慮以下北美市場，這一數字將上升至 20%。這些預測是基於現有的監管現狀。我們謹慎樂觀地認為，俄亥俄州等人口眾多的新州可能會效仿過去幾年的趨勢，在未來幾年引入線上賭場的監管框架，進一步擴大美國的市場規模。

While online sports betting is regulated in far more US states, it is online casino, our specialty as a supplier, which offers the more stable margins. And pressures on sports operators, as evidenced by several brands leaving the United States markets in recent months, add to our belief that demand for high quality online casino suppliers, which help the operators effectively manage the delivery of content, control the player journey, and which deliver profitable growth, will only continue to grow in North America.

雖然線上體育博彩在美國更多的州受到監管，但線上賭場（我們作為供應商的專長）提供了更穩定的利潤。近幾個月來幾個品牌退出美國市場就證明了體育運營商面臨的壓力，這讓我們更加相信，對高品質線上賭場供應商的需求將有助於運營商有效管理內容交付、控制玩家旅程以及帶來獲利成長的公司只會在北美繼續成長。

Despite the size and scope of our content and turnkey solutions offering, Bragg's business model is relatively straightforward in that operator partners utilizing our services, whether for iGaming content, technology, or our other services, typically pay us a share of the revenue derived from the usage of that content.

儘管我們提供的內容和交鑰匙解決方案的規模和範圍很大，但布拉格的商業模式相對簡單，因為使用我們服務的運營商合作夥伴，無論是iGaming 內容、技術還是我們的其他服務，通常都會向我們支付來自我們的收入的一部分。

As the example on the slide illustrates, for Bragg to achieve USD100 million in revenue share, our operator partners must generate approximately USD1 billion in gross gambling revenue through our content, technology, and services, which in turn is typically generated from around USD23 billion in player wagering.

正如幻燈片中的範例所示，布拉格要實現1 億美元的收入份額，我們的營運商合作夥伴必須透過我們的內容、技術和服務產生約10 億美元的博彩總收入，而這通常來自約230億美元的博彩總收入。

Our business model is scalable. As our customers grow, we grow. As we launch with new customers or enter new markets, expanding our distribution and reach, we grow. And we are not content to just grow with the market. We have a huge opportunity to grow our share of the market.

我們的商業模式是可擴展的。隨著我們的客戶的成長，我們也在成長。隨著我們推出新客戶或進入新市場，擴大我們的分銷和覆蓋範圍，我們不斷成長。我們不滿足於僅僅與市場一起成長。我們有巨大的機會來擴大市場份額。

Taking the US market alone, today our share of the online casino market as a content provider to US operators is less than 1%. We are already on track to double wagering in the US in 2024 compared to last year, and we are focused on continuing to aggressively grow our market share in this growing market.

僅就美國市場而言，目前我們作為美國營運商的內容提供商在線上賭場市場的份額還不到 1%。與去年相比，我們已經預計在 2024 年將美國的投注額增加一倍，並且我們致力於繼續積極擴大我們在這個不斷增長的市場中的市場份額。

Focusing in on the United States, we take an operator-centric approach, and in the first half of this year, we have been reconnecting with our customers to understand exactly how our content can deliver for their strategies. I already mentioned that our US wagering is set to double in 2024 compared to last year, and as we continue to refine our content roadmap to deliver for our customers, simultaneously we are expanding our reach, giving our new content launches greater impact.

以美國為重點，我們採取以營運商為中心的方法，今年上半年，我們一直在與客戶重新建立聯繫，以準確了解我們的內容如何為他們的策略提供服務。我已經提到，與去年相比，我們的美國投注額將在2024 年增加一倍，隨著我們繼續完善我們的內容路線圖以向客戶提供服務，同時我們正在擴大我們的覆蓋範圍，使我們的新內容發布產生更大的影響。

Our second quarter operator launches with FanDuel and BetMGM in Pennsylvania, and our recent launch with Golden Nugget in New Jersey, take us to approximately 70% market reach in the US today for our newest games and technology.

我們第二季在賓州與 FanDuel 和 BetMGM 合作推出營運商產品，最近又在新澤西州與 Golden Nugget 合作推出，使我們的最新遊戲和技術在美國的市場覆蓋率達到約 70%。

That's up from around 50% at the end of the first quarter of this year, and the momentum is set to continue. We're on track to be live with our newest content with all of the key operators listed, as well as with other valued US operators partners, taking us to approximately 90% coverage of the US market by the end of the year. We're excited about the US because of the opportunity, but in all, we're licensed, certified, or otherwise compliant in over 30 iGaming jurisdictions globally, including the largest regulated online casino markets in the world.

這比今年第一季末的 50% 左右有所上升，而且這一勢頭還將持續下去。我們預計將與列出的所有主要營運商以及其他重要的美國營運商合作夥伴一起發布我們的最新內容，到年底我們的美國市場覆蓋率將達到約 90%。我們對美國的機會感到興奮，但總的來說，我們在全球 30 多個 iGaming 司法管轄區獲得許可、認證或以其他方式合規，其中包括全球最大的受監管線上賭場市場。

Our extensive global network allows us to leverage not only our exclusive content portfolio, but our entire suite of iGaming technology products and services. For example, our Bragg hub aggregation coupled with Fuze player engagement is currently in high demand in LATAM, and is poised to play a crucial role for operators looking to enter the market.

我們廣泛的全球網路使我們不僅可以利用我們的獨家內容組合，還可以利用我們的整套 iGaming 技術產品和服務。例如，我們的 Bragg 中心聚合加上 Fuze 玩家參與目前在拉丁美洲的需求量很大，並且將為尋求進入該市場的運營商發揮至關重要的作用。

By leveraging the platform, operators gain immediate access to a comprehensive portfolio of content right from day one, with the added benefit of being able to leverage all the great engagement tools we offer through a single integration. The combination of our content and technology not only enhances growth opportunities, but also positions Latin America as a key region for us moving forward.

透過利用該平台，營運商從第一天起就可以立即存取全面的內容組合，並具有能夠透過單一整合利用我們提供的所有出色參與工具的額外好處。我們的內容和技術的結合不僅增加了成長機會，而且使拉丁美洲成為我們前進的關鍵地區。

Meanwhile, in highly regulated and established iGaming markets in Europe, we are seeing continued success in our PAM and Turnkey solutions delivery. In providing these solutions, we're leveraging data and our agility strengths to optimize the online casino, sportsbook, and lottery performance of an ever-increasing number of customers, as illustrated in the table shown.

同時，在歐洲高度監管和成熟的 iGaming 市場中，我們看到 PAM 和交鑰匙解決方案交付持續取得成功。在提供這些解決方案時，我們利用數據和敏捷性優勢來優化不斷增長的客戶數量的線上賭場、體育博彩和彩票性能，如表所示。

We're specialists in developing custom-built and fully localized PAM solutions for regulated iGaming markets. And as proof of this, we've added two new PAM customers and have powered the launch of three additional sportsbook products for our customers since the start of the second quarter.

我們是為受監管的 iGaming 市場開發客製化且完全在地化的 PAM 解決方案的專家。作為證明，自第二季初以來，我們增加了兩個新的 PAM 客戶，並為我們的客戶推出了另外三款運動博彩產品。

This extensive experience in product delivery, along with our data-driven approach to product development, gives us a competitive advantage which we pass on to our PAM and Turnkey customers. It's an advantage which helps our customers control the player journey, providing the right content in the right place, and importantly, at the right time.

在產品交付方面的豐富經驗，加上我們數據驅動的產品開發方法，為我們帶來了競爭優勢，我們將這種優勢傳遞給我們的 PAM 和交鑰匙客戶。這是一個優勢，可以幫助我們的客戶控制玩家的旅程，在正確的地點、更重要的是在正確的時間提供正確的內容。

Delivering the full gaming ecosystem also enables opportunities for us to optimize the delivery of our own exclusive content portfolio, adding extra value for Bragg and its shareholders. And we're not resting on our laurels. We're constantly innovating using our game recommendation engine and the latest in AI-driven insights to revolutionize existing iGaming marketing strategies, creating more effective campaigns, and maximizing profits for our customers.

提供完整的遊戲生態系統還使我們有機會優化我們自己的獨家內容組合的交付，為布拉格及其股東增加額外價值。我們不會固步自封。我們不斷創新，利用我們的遊戲推薦引擎和最新的人工智慧驅動的見解來徹底改變現有的 iGaming 行銷策略，創造更有效的活動，並為我們的客戶實現利潤最大化。

Maximizing profits for our customers obviously means maximizing profits for Bragg. We have invested significantly in our remote gaming server which hosts and distributes proprietary and third-party exclusive game portfolios. The scalable platform facilitates future growth through existing infrastructure for new games and distribution.

為客戶實現利潤最大化顯然意味著布拉格利潤最大化。我們在遠端遊戲伺服器上投入了大量資金，該伺服器託管和分發專有和第三方獨家遊戲組合。可擴展的平台透過新遊戲和發行的現有基礎設施促進未來的成長。

I am pleased with our continued growth in new titles over the quarter with 17 exclusive games being released in the second quarter of '24. This included a record 12 from Bragg's own proprietary studio. As illustrated here, content from Bragg Studios is a high-margin product for Bragg, while our powered by Bragg partners provide crucial diversification for the business globally.

我對本季新遊戲數量的持續成長感到滿意，其中 24 年第二季發布了 17 款獨家遊戲。其中包括來自布拉格自己的專有工作室的唱片 12。如圖所示，布拉格工作室的內容是布拉格的高利潤產品，而我們由布拉格合作夥伴提供支援的內容為全球業務提供了至關重要的多元化。

We're building a critical mass of revenue generating content. Even as we release new games, existing content continues to generate revenues in the long term. We will focus on delivering our roadmap of top performing games as we move into the second half of the year, and our latest game releases in the first half of the 2024 have been positively received by customers and will continue to monitor, track, and respond to trends and feedback from customers as we move into the third quarter and beyond.

我們正在建立大量創收內容。即使我們發布新遊戲，從長遠來看，現有內容仍會繼續產生收入。進入下半年，我們將專注於交付表現最佳的遊戲路線圖，我們在 2024 年上半年發布的最新遊戲已受到客戶的積極好評，並將繼續監控、跟踪和響應當我們進入第三季度及以後時，我們會關注趨勢和客戶的回饋。

We also continue to invest in our Fuze platform, developing deeper relationships with our partners to maximize player engagement and provide exceptional player experience. With the introduction of casino and sportsbook engagement tools such as jackpots and recommendation engines, we allow our operators to fully control the player journey and therefore maximize operator profits, which in turn grows Bragg profits.

我們也持續投資 Fuze 平台，與合作夥伴發展更深入的關係，以最大限度地提高玩家參與度並提供卓越的玩家體驗。隨著賭場和體育博彩參與工具（例如頭獎和推薦引擎）的引入，我們允許營運商完全控制玩家旅程，從而最大化營運商利潤，從而增加布拉格利潤。

Our product owners and analysts leverage the extensive data points we track to constantly optimize our algorithms and improve our engagement tools. We put the end user first, developing engaging content solutions and using data to enhance their experience. And because we know our own products best, our teams work hand in hand with operators to unlock the value of our tools in order to reach their specific goals, whether that be player sign-up, retention, or VIP management, always with the goal of providing a differentiated engagement experience and enhancing the player experience in order to maximize profits.

我們的產品所有者和分析師利用我們追蹤的廣泛數據點來不斷優化我們的演算法並改進我們的參與工具。我們將最終用戶放在第一位，開發引人入勝的內容解決方案並使用數據來增強他們的體驗。因為我們最了解自己的產品，所以我們的團隊與運營商攜手合作，釋放我們工具的價值，以實現他們的特定目標，無論是玩家註冊、保留還是 VIP 管理，始終以目標為目標提供差異化的參與體驗並增強玩家體驗以實現利潤最大化。

We have a lineup of operator promotions that we will be running on our key titles through our engagement platform, something which not only gives our customers a chance to see the tools in action, it allows them to optimize and improve these where needed, giving operators a glimpse into the amazing results which can be delivered through the custom promotions available.

我們有一系列運營商促銷活動，我們將透過我們的參與平台在我們的關鍵遊戲上運行這些促銷活動，這不僅使我們的客戶有機會看到正在運行的工具，還使他們能夠在需要時優化和改進這些工具，為運營商提供幫助一睹透過可用的客製化促銷活動可以帶來的驚人結果。

And so to conclude, Bragg's second quarter revenue grew by 0.5% compared to the same period of last year to EUR24.9 million, representing a record second quarter for the company. Our adjusted EBITDA in the second quarter of 2024 dropped by 24% year-over-year to EUR3.6 million, while our gross profit decreased by 12% percent to EUR12.4 million over the same period.

綜上所述，布拉格第二季營收較去年同期成長0.5%，達到2,490萬歐元，創該公司第二季創紀錄。2024 年第二季我們的調整後 EBITDA 年減 24% 至 360 萬歐元，而同期毛利下降 12% 至 1,240 萬歐元。

As Robbie has discussed, these expected decreases were due to changes in our product mix. However, we are pleased to report that revenue, adjusted EBITDA, and gross profit were up on a sequential basis when compared to the first quarter of 2024, and we are expecting robust trading in the second half of the year.

正如羅比所討論的，這些預期的下降是由於我們產品組合的變化。然而，我們很高興地報告，與 2024 年第一季相比，營收、調整後 EBITDA 和毛利環比成長，我們預計下半年交易將強勁。

We've already increased our distribution coverage in the United States for our newest content to 70% of the total addressable market, and we're projecting to increase that to 90% coverage by the end of the year. As Robbie discussed earlier, remaining Lind convertible debt has been settled in cash post quarter end.

我們已經將美國最新內容的發行覆蓋率提高到了整個潛在市場的 70%，並且預計到今年年底將其提高到 90%。正如羅比之前討論的那樣，林德剩餘的可轉換債務已在季度末以現金結算。

We're currently tracking to the lower end of our full year revenue and adjusted EBITDA guidance, with ranges of EUR102 million to EUR109 million for revenue and EUR15.2 million to EUR18.5 million for adjusted EBITDA. Finally, we shared that the special committee continues to advance the strategic alternatives review process, and I want to reiterate that our board and management team are 100% focused on all opportunities for maximizing shareholder value.

我們目前正在追蹤全年營收和調整後 EBITDA 指引的下限，營收範圍為 1.02 億至 1.09 億歐元，調整後 EBITDA 範圍為 1,520 萬歐元至 1,850 萬歐元。最後，我們表示，特別委員會將繼續推進策略性選擇審查流程，我想重申，我們的董事會和管理團隊100%專注於實現股東價值最大化的所有機會。

Thank you for listening. I'd like to take this opportunity to pay tribute to the entire Bragg team for their continued unwavering hard work and commitment during this quarter, and now I will turn the line back to the operator and Robbie, and I will be happy to take any questions.

感謝您的聆聽。我想藉此機會向整個布拉格團隊致敬，感謝他們在本季度持續不懈的辛勤工作和奉獻精神，現在我將把電話轉回給操作員和羅比，我將很樂意接聽任何電話。

(Operator Instructions) Gianluca Tucci, Haywood Securities.

（操作員指示）Gianluca Tucci，海伍德證券。

Hi, good morning, guys. Just on the outlook, if you look beyond this year, where do you expect the bulk of the growth to come from? You've done a good job growing outside of North America, but what's it going to take to see that similar type growth here in North America?

嗨，早上好，夥計們。就前景而言，如果你展望今年，你預計大部分成長將來自哪裡？你們在北美以外的地區的成長做得很好，但是要怎麼才能在北美地區看到類似的成長呢？

Hi, Gianluca, this is Matt speaking. As we expand our distribution network in North America, launching new clients in the United States and launching new jurisdictions, new iGaming jurisdictions in the United States, and hopefully launching new jurisdictions in both Latin America and potentially Canada, we will see growth coming from proprietary content and third-party exclusive content, and we will see growth coming from PAM and managed services, particularly in Latin America.

嗨，吉安盧卡，我是馬特。隨著我們在北美擴大分銷網絡，在美國推出新客戶，並在美國推出新的司法管轄區、新的iGaming 司法管轄區，並希望在拉丁美洲和加拿大可能推出新的司法管轄區，我們將看到來自專有業務的成長內容和第三方獨家內容，我們將看到 PAM 和託管服務的成長，特別是在拉丁美洲。

We will also see growth in both proprietary and third-party content, third-party exclusive content distribution, and improved positioning and improved usage of our content in Europe, and we will hopefully see new regulations or new jurisdictions regulated in Europe where clients are going to use our turnkey solutions.

我們還將看到專有內容和第三方內容、第三方獨家內容分發以及我們的內容在歐洲的定位和使用得到改善，並且我們希望看到客戶所在的歐洲受到新的法規或新的司法管轄區的監管。

Okay, thanks, Matt. Just on the customer mix, Bragg's had a couple of new PAM customers announced lately. I'm just wondering, how does the pipeline -- how does it look at this point in terms of the combination of potential PAM new customers and potential new content partners or new content customers? How is the pipeline split right now?

好的，謝謝，馬特。就客戶組合而言，布拉格最近宣布了幾個新的 PAM 客戶。我只是想知道，在潛在 PAM 新客戶和潛在新內容合作夥伴或新內容客戶的組合方面，管道如何看待這一點？目前管道分割情況如何？

So, we have a very strong pipeline of turnkey solution clients. So, these are clients that use our PAM or managed services, obviously use our product delivery platform hub where we deliver aggregated content, and if that is the case, also third-party managed sports book, and all of these clients are automatically our proprietary content clients.

因此，我們擁有非常強大的交鑰匙解決方案客戶管道。因此，這些客戶使用我們的PAM 或託管服務，顯然使用我們的產品交付平台中心，我們在其中交付聚合內容，如果是這種情況，還有第三方管理的體育博彩，所有這些客戶都自動成為我們的專有客戶內容客戶。

So, we have a number of those types of clients in the pipeline, both in Latam and Europe, what we call the rest of the world market. We also have a number of clients in the pipeline in both Europe and North America that are potentially taking our hub, our aggregation platform, and our proprietary third-party content, and I would think that we're currently very focused on getting our content distributed primarily in North America.

因此，我們在拉丁美洲和歐洲（我們稱之為世界其他市場）有許多此類客戶。我們在歐洲和北美也有許多客戶正在籌備中，他們可能會採用我們的中心、聚合平台和我們專有的第三方內容，我認為我們目前非常專注於獲取我們的內容主要分佈於北美。

I think that the biggest growth is going to come from that market, but equally, obviously, trying extremely hard to win deals that are on our desks for PAM and turnkey.

我認為最大的成長將來自該市場，但同樣，顯然，我們非常努力地贏得我們辦公桌上的 PAM 和交鑰匙交易。

Thanks for that, Mats. And then just lastly, perhaps for Robbie, but in the past it was that the company expects to return to growth on gross margin in '25. Is that still the plan as of today, Robbie?

謝謝你，馬茨。最後，也許對羅比來說，但在過去，該公司預計在 25 年毛利率將恢復成長。羅比，今天仍然是這個計劃嗎？

Yeah, I believe so. As Matz mentioned, as we increase the concentration of PAM and managed service customers and RGS-exclusive and proprietary content, we should see our profit margins increase, and I believe we are on track to start seeing that.

是的，我相信是這樣。正如 Matz 所提到的，隨著我們提高 PAM 和託管服務客戶以及 RGS 獨家和專有內容的集中度，我們應該會看到我們的利潤率增加，而且我相信我們正在開始看到這一點。

Okay. Thanks guys.

好的。謝謝你們。

Jordan Bender, JMP Securities.

喬丹·本德，JMP 證券。

Good morning, everybody. This is Eric on for Jordan. My first question for Robbie, I know it hasn't been long with the company, but is there anything you look to change within the business from a financial perspective?

大家早安。這是埃里克代表喬丹出場。我問羅比的第一個問題，我知道在公司成立的時間不長，但從財務角度來看，您希望在公司內部做出什麼改變嗎？

Correct. It hasn't been very long, but it has been a very busy July. I think from a financial perspective, having good strength in our balance sheet and good optionality when it comes to opportunities we want to invest in is important.

正確的。雖然時間不長，但卻是個非常忙碌的七月。我認為從財務角度來看，在我們想要投資的機會方面擁有良好的資產負債表實力和良好的選擇性非常重要。

So pending the outcome of the special committee, I think we'll look to see what can be done to have those sorts of options for us. I think having the loan that we received recently has helped just with flexibility, but more medium to long-term, assuming our operating status quo, I think the market is right for interesting opportunities, potentially from a partnership or M&A perspective. And I, again, want to have the flexibility in our balance sheet to be able to potentially pursue something like that.

因此，在等待特別委員會的結果之前，我認為我們將看看可以採取哪些措施來為我們提供這些選擇。我認為我們最近收到的貸款有助於提高靈活性，但從中長期來看，假設我們的營運現狀，我認為市場適合尋找有趣的機會，可能從合作或併購的角度來看。我再次希望我們的資產負債表具有靈活性，以便能夠實現類似的目標。

Great. And just to follow up, you guys have been speaking on the past few quarters just on entering new and regulated markets. Has that progressed and should we expect a normal ramp within those markets? And separately, New Zealand is looking to legalize online gaming in some fashion. Is there any opportunity to expand there? Thank you, guys.

偉大的。作為跟進，你們在過去幾個季度一直在談論進入新的和受監管的市場。這是否取得了進展？另外，紐西蘭正在尋求以某種方式使線上遊戲合法化。那裡有擴展的機會嗎？謝謝你們，夥計們。

Yeah. So we have recently entered the market, the newly regulated market in Peru. We obtained the approvals and are obviously allowed to distribute content in that market. We're very, very active in the recently regulated Brazilian market.

是的。所以我們最近進入了秘魯新監管的市場。我們獲得了批准，顯然可以在該市場上分發內容。我們在最近受監管的巴西市場非常非常活躍。

We are very, very excited about new jurisdictions such as New Zealand, Finland, and some other markets in Europe that it is obviously unclear as to what the timeline is going to be. And we're not only obviously closely monitoring, but actively participating in conversations with potential operators in those markets.

我們對紐西蘭、芬蘭和歐洲其他一些市場等新司法管轄區感到非常非常興奮，但顯然尚不清楚時間表是什麼。我們不僅密切關注，而且積極參與與這些市場的潛在運營商的對話。

There is hopefully going to be movement in the US as well, where we hope that there are going to be new jurisdictions that are going to allow iGaming in the future. And we're very positive about our ability to deliver. We have always been on the forefront of that process and one of the first companies that have entered these markets.

希望美國也能有所行動，我們希望未來會有新的司法管轄區允許 iGaming。我們對我們的交付能力非常樂觀。我們一直處於這一進程的最前沿，也是最早進入這些市場的公司之一。

I mean, a very good example of that is Holland, where we launched pretty much day one and have seen major success coming from that. And we're gearing up for these changes in these jurisdictions and expect to be seeing similar success in some of these jurisdictions, whether it's going to be PAM or turnkey, or just aggregation of content yet to see, but very optimistic about that, yes.

我的意思是，荷蘭就是一個很好的例子，我們在那裡推出的第一天就看到了巨大的成功。我們正在為這些司法管轄區的這些變化做準備，並期望在其中一些司法管轄區看到類似的成功，無論是PAM 還是統包，或者只是尚未看到的內容聚合，但對此非常樂觀，是的。

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Okay, great. Good morning. Thank you for taking my questions. So, Matt, maybe a question on just circling back on the US -- US revenue has been around EUR1 million, EUR1.5million -- EUR1 million to EUR1.1 million, it looks like, in the first quarter and the second quarter. Maybe just a little more color.

好的，太好了。早安.感謝您回答我的問題。所以，馬特，也許是關於美國的問題——美國第一季和第二季的收入約為 100 萬歐元、150 萬歐元——100 萬歐元至 110 萬歐元。也許只是多一點顏色。

Do you expect this quarterly run rate of like a million to start picking up significantly then as your US coverage kind of ramps up to towards that 90% as you exit the year? Just trying to get a sense of what you, what are you expecting, like a revenue actual uptick? Because it has been that EUR1 million range. Thanks.

您是否預計，當您今年退出時，您的美國覆蓋率會上升到 90％ 時，大約 100 萬的季度運行率會開始顯著上升？只是想了解您的預期是什麼，例如收入實際增長？因為一直是 100 萬歐元的範圍。謝謝。

Yeah. So, as mentioned in my presentation, we are expected to see our wagering double this year. And we're not only focused on distribution and network. We're also very aggressively increasing our wallet share within individual operators individual with operators with our activities related to placement and promotions with custom games, with exclusive games.

是的。因此，正如我在演講中提到的，我們預計今年的賭注將翻倍。我們不僅關注分銷和網路。我們也非常積極地增加我們在個人運營商中的錢包份額，個體運營商與我們的活動相關，包括定制遊戲和獨家遊戲的放置和促銷。

And with closer partnerships with those operators, we are trying to deliver what these operators want, I am trying to understand what their content strategies are moving forward, and we want to be a part of that conversation and deliver the content that is going to be adopted by their audiences and allow them to use the tools that are going to increase the conversion rates, the retention rates.

透過與這些運營商建立更密切的合作關係，我們正在努力提供這些運營商想要的東西，我正在努力了解他們的內容策略正在向前發展，我們希望成為對話的一部分並提供即將發布的內容被受眾採用，並允許他們使用能夠提高轉換率和保留率的工具。

And at the end of the day, allow them to control the player journey, which will eventually allow us to understand the market better and deliver better content and yet again, increase the wallet share and potentially not only double the wagering amount, but see higher multipliers in the next few quarters.

最終，讓他們控制玩家的旅程，這最終將使我們能夠更好地了解市場並提供更好的內容，並再次增加錢包份額，並且可能不僅使下注金額翻倍，而且會看到更高的收益未來幾季的乘數。

Okay. Got it. Thank you and helpful. And then just maybe just one more for me, I am just curious, given the Olympics season here. Just has this been impacting your customers at all? Is it a distraction, just more stuff for players to be betting on? Is it an overall benefit? Just what are your thoughts on how the Olympics is kind of impacting the current seasonality? Thanks.

好的。知道了。謝謝你並且樂於助人。考慮到這裡正值奧運賽季，我只是好奇，也許對我來說還有一個。這對您的客戶有影響嗎？這是一種幹擾，只是讓玩家可以下注的更多東西嗎？是整體效益嗎？您對奧運對當前季節性的影響有何看法？謝謝。

I don’t think the Olympics have impacted the results of our operators. July, August to a certain extent September is always sort of a low season. Euro was much more important for our operators, and we have seen operators acquire and convert larger amounts of end users. And that was very positive, obviously for them and essentially for us, and we are going to see results of those -- of that event of euros and possibly also Olympics, but it’s less impactful in the rest of the year.

我認為奧運不會影響我們營運商的業績。七月、八月某種程度上總是淡季。歐元對於我們的營運商來說更為重要，我們已經看到營運商獲得並轉化了大量的最終用戶。這非常積極，顯然對他們來說，本質上對我們來說，我們將看到這些結果——歐元賽事以及奧運會的結果，但在今年剩餘時間裡影響力較小。

Okay. Great. I appreciate the color. Thank you.

好的。偉大的。我很欣賞它的顏色。謝謝。

With no further questions, this concludes today’s conference call. You may now disconnect.

沒有其他問題，今天的電話會議就結束了。您現在可以斷開連線。