Gambling.com Group Ltd (GAMB) 2025 Q1 法說會逐字稿

Hello everyone and welcome to Gambling.com Group's first quarter 2025 results call. I'm Peter McG Goff, senior VP of investor relations and capital markets, and I'm joined by Charles Gillespie, Gambling.com Group's co-founder and Chief Executive Officer, and Elias Mark, Chief Financial Officer.

大家好，歡迎參加 Gambling.com Group 2025 年第一季業績電話會議。我是投資者關係和資本市場高級副總裁 Peter McG Goff，與我一起參加會議的還有 Gambling.com Group 的聯合創始人兼首席執行官 Charles Gillespie 和首席財務官 Elias Mark。

This call is being webcast live through the investor relations section of our website at gambling.com/corporate/investors and a downloadable version of the of the presentation is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact investor relations support by emailing investors at GDCgroup.com.

本次電話會議將透過我們網站的投資者關係部分（網址為 gambling.com/corporate/investors）進行網路直播，並且簡報的可下載版本也可在那裡取得。本次電話會議結束後，將在網站上提供網路直播重播。您也可以透過 GDCgroup.com 向投資者發送電子郵件來聯繫投資者關係支援。

I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

我想提醒您，本次電話會議中包含的信息，包括任何財務和相關指導，均屬於證券法定義的前瞻性陳述。這些聲明是基於我們目前掌握的信息，涉及風險和不確定性，可能導致實際未來結果、業績、業務前景和機會與這些聲明中表達或暗示的結果、業績、前景和機會存在重大差異。

Some factors that could cause such differences are discussed in the risk factors section of gambling.com group's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results. Changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

gambling.com 集團向美國證券交易委員會提交的文件的風險因素部分討論了可能導致此類差異的一些因素。前瞻性陳述僅代表陳述作出之日的觀點，本公司不承擔更新前瞻性陳述以反映實際結果的義務。假設的變化或影響前瞻性資訊的其他因素的變化，除適用證券法要求的範圍外。

During the call, there will also be discussion of non-IFRS financial measures. The description of these non-IFRS financial measures is included in the press release issued earlier this morning, and reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are included in the appendix to the presentation and press release, both of which are available in the investors tab of our website.

電話會議期間也將討論非國際財務報告準則的財務指標。這些非國際財務報告準則 (IFRS) 財務指標的描述包含在今天早上發布的新聞稿中，而這些非國際財務報告準則 (IFRS) 財務指標與其最直接可比較的國際財務報告準則 (IFRS) 指標的對帳包含在簡報和新聞稿的附錄中，兩者均可在我們網站的「投資者」標籤中找到。

I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Thanks Pete, and good morning everyone. I'd like to start by thanking Frederick Burval and Greg Michaelson, two of our long standing directors whose terms ended at the AGM yesterday for their wisdom, service, and support of the company over the better part of the past 10 years and also welcome our two new directors, Vinton Costello and Jamie Mendel to the board.

謝謝皮特，大家早安。首先，我要感謝 Frederick Burval 和 Greg Michaelson，他們是我們的兩位長期董事，他們的任期於昨天的年度股東大會結束，感謝他們在過去 10 年的大部分時間裡為公司做出的貢獻、提供的服務和支持，同時也歡迎我們的兩位新董事 Vinton Costello 和 Jamie Mendel 加入董事會。

It was just a short time ago that we reviewed our tremendous 2024 results while previewing the 2025 growth plan. The year is off to a strong start as expected, with record all-time quarterly revenue and adjusted EBA.

就在不久前，我們回顧了 2024 年的輝煌業績，並展望了 2025 年的成長計畫。正如預期的那樣，今年開局強勁，季度收入和調整後 EBA 創下歷史新高。

Revenue rose 39% year over year to $40.6 million and adjusted EBITDA grew 56% to 15.9 million. With 24% of first quarter revenue coming from recurring subscriptions, we have transformed a marketing only business into a marketing and sports data services company with a substantial and growing percentage of highly predictable subscription revenues.

營收年增 39% 至 4,060 萬美元，調整後 EBITDA 成長 56% 至 1,590 萬美元。第一季 24% 的收入來自經常性訂閱，我們已將一家僅從事行銷業務的公司轉變為行銷和運動數據服務公司，訂閱收入的比例相當可觀且不斷增長，而且訂閱收入具有高度可預測性。

Our competitive position in the global online gambling ecosystem and our sustainable growth opportunities have never been stronger in the company's 19 years. With our marketing business performing at all-time highs and the significant expansion of our sports.

公司成立19年來，我們在全球線上賭博生態系統中的競爭地位和永續成長機會從未如此強大。我們的行銷業務表現創歷史新高，體育業務也顯著擴展。

Data services following the acquisition of Odds jam and optic odds on January 1st, we are confident in not only achieving our growth targets for the year, but also delivering on our strategic objectives to expand beyond marketing and reach $100 million in adjusted EBITDA.

繼 1 月 1 日收購 Odds jam 和 optic odds 之後，我們不僅有信心實現今年的成長目標，而且還能實現我們的戰略目標，即超越行銷，實現 1 億美元的調整後 EBITDA。

The growth opportunity for OddsJam and octagons is robust. The integration of these new sports data services is progressing as planned, and execution in this business continues to highlight the significant strategic and financial value this acquisition has brought to gambling.com Group. Their entrepreneurial energy and ambition fits right in with our team of talented and accomplished entrepreneurs. It is great to now be working hand in hand with these talented operators.

OddsJam 和八邊形的成長機會十分強勁。這些新的體育數據服務的整合正在按計劃進行，該業務的執行繼續凸顯了此次收購為 gambling.com 集團帶來的重要策略和財務價值。他們的創業活力和雄心壯志與我們才華橫溢、成就卓越的企業家團隊非常契合。現在能夠與這些才華橫溢的運營商攜手合作真是太好了。

The consumer facing part of the business, Odds jam has a strong subscriber base that we are confident we can scale while maintaining margins and profitability.

作為面向消費者的業務部分，Odds jam 擁有強大的用戶群，我們有信心在保持利潤率和獲利能力的同時擴大其規模。

For the B2B side of the business OpticOdds, we're just getting started with leveraging our reach and resources to grow enterprise subscription revenues.

對於 OpticOdds 業務的 B2B 方面，我們才剛開始利用我們的影響力和資源來增加企業訂閱收入。

We continue to expect incremental adjusted EBITDA from OddsJam and OpticOdds to grow by at least 20% this year, and we see attractive long-term growth prospects for the current products. While the current suite of products has a very attractive growth opportunity, we now own a platform that is capable of powering a broader array of enterprise products and services to solve more problems for our online sports betting clients.

我們繼續預期 OddsJam 和 OpticOdds 的增量調整後 EBITDA 今年將成長至少 20%，我們認為當前產品的長期成長前景具有吸引力。雖然目前的產品套件具有非常誘人的成長機會，但我們現在擁有一個能夠為更廣泛的企業產品和服務提供支援的平台，以便為我們的線上體育博彩客戶解決更多問題。

Turning to our marketing business, our iGaming led strategy continues to drive performance, with iGaming revenues rising 24% year over year. This growth reflects solid organic growth complemented by contributions from Free Bets.com and its related assets. We continue to grow our market share in the UK and the rest of Europe, and our North American sports betting business has now lapped its last quarter of difficult comparisons.

談到我們的行銷業務，我們的 iGaming 主導策略持續推動業績，iGaming 營收年增 24%。這一成長反映了穩健的有機成長，並輔以 Free Bets.com 及其相關資產的貢獻。我們在英國和歐洲其他地區的市場份額持續成長，我們的北美體育博彩業務目前已度過最後一個季度的艱難時期。

For the full year 2025, we continue to expect our marketing business to grow in all of the geographic regions where we operate, including North America. We will add Missouri to our guidance once the launch date is clear.

到 2025 年全年，我們預計我們的行銷業務將在我們經營的所有地理區域（包括北美）成長。一旦發布日期明確，我們就會將密蘇裡州加入我們的指導中。

While the uncertain macro environment has recently created volatility in the capital markets and some uncertainty about the economy, I want to highlight that during the entire history of the online gambling industry, no economic slowdown has ever had any meaningful impact on the underlying growth of the industry.

雖然不確定的宏觀環境最近導致資本市場波動和經濟出現一些不確定性，但我想強調的是，在整個線上賭博行業的歷史中，沒有任何一次經濟放緩對該行業的潛在成長產生任何有意義的影響。

The online industry is fundamentally insulated from these economic effects as players don't have to travel to a land-based casino to continue playing.

線上產業從根本上不受這些經濟影響，因為玩家不必前往實體賭場繼續玩。

We expect this current cycle will be no different from the other cycles the company has grown through since its founding in 2006.

我們預計當前週期與公司自 2006 年成立以來經歷的其他週期沒有什麼不同。

We can confirm that there have been no changes to our business volumes or expectations due to changes in trade policy. Furthermore, we do not expect any impact on our business from any change in tariffs, whether in the US or abroad.

我們可以確認，貿易政策的變化並沒有導致我們的業務量或預期改變。此外，我們預計關稅的任何變化都不會對我們的業務產生任何影響，無論是在美國還是在國外。

In addition to the resilient nature of online gambling, our strong competitive position sets us up to continue on our growth, on our strong growth trajectory.

除了線上賭博的彈性之外，我們強大的競爭地位也使我們能夠繼續保持成長，並保持強勁的成長軌跡。

Our industry leading brands such as Gambling.com and Bookies.com and growing brands like Casinos.com continue to drive market share gains. Our full embrace of AI has also accelerated our ability to keep improving upon our technology stack and digital marketing capabilities to continue to drive organic growth.

我們領先業界的品牌，如 Gambling.com 和 Bookies.com，以及不斷發展的品牌，如 Casinos.com，繼續推動市場份額的成長。我們對人工智慧的全面擁抱也加速了我們不斷改進技術堆疊和數位行銷能力的能力，以繼續推動有機成長。

On top of this, with the acquisition of Odds jam and optic odds, we have the best odds data infrastructure in the industry, and the revenue from that platform increases our overall revenue visibility.

除此之外，透過收購Odds jam和optic odds，我們擁有了業內最好的賠率資料基礎設施，該平台的收入提高了我們的整體收入可見度。

As a result, we are in our strongest competitive position ever and are thus well positioned to drive continued growth, profitability, and free cash flow, as reflected by our reiteration of our 2025 guidance, which will result in another year of record annual revenue and adjusted EBITA and move us increasingly closer to our next goal of $100 million in annual adjusted EBITDA

因此，我們處於有史以來最強勁的競爭地位，並因此能夠推動持續增長、盈利能力和自由現金流，這體現在我們重申 2025 年的指導方針上，這將使我們再創年度收入和調整後 EBITA 的新高，並使我們越來越接近下一個年度調整後 EBITDA 達到 1 億美元的目標

I will now turn the call over to Elias to review the first quarter's financial highlights.

現在我將把電話轉給 Elias，讓他回顧第一季的財務亮點。

Thank you, Charles. First quarter revenues grew 39% year on year to $40.6 million. Our marketing business grew 13% as we delivered more than 138,000 NDCs to our customers, representing 29% growth year over year.

謝謝你，查爾斯。第一季營收年增39%至4060萬美元。我們的行銷業務成長了 13%，我們向客戶交付了超過 138,000 份 NDC，年增 29%。

Our sports data services business, which includes the first full quarter of revenue contributions from Odsjam and Opticos quadrupled.

我們的體育數據服務業務（包括來自 Odsjam 和 Opticos 的第一季營收貢獻）成長了四倍。

Subscription revenue was 24% of the revenue.

訂閱收入佔總收入的24%。

Inclusive of revenue share arrangements in our marketing business, recurring revenue was 50% of total first quarter.

包括我們行銷業務的收入分成安排在內，經常性收入佔第一季總收入的 50%。

Revenue grew in all geographic regions and we expect that to continue for the remainder of 2025.

所有地理區域的收入均有所增長，我們預計這種增長態勢將持續到 2025 年剩餘時間。

Gross profit increased 42% year over year to $38.4 million. Costs of sales was $2.2 million.

毛利年增42%至3840萬美元。銷售成本為220萬美元。

Which was flat year on year with lower media partnership fees offset by cost of sales related to the acquired odds jam and optical odds businesses.

與去年同期持平，媒體合作費用的降低被收購的odds jam和optical odds業務相關的銷售成本所抵銷。

Well, partnership fees were lower year on year, they were a bit higher than we had expected.

嗯，合作費用比去年同期下降了，比我們預期的要高一點。

Gross profit margin increased roughly 200 basis points compared to the first quarter of last year to 94.5%. Total operating expenses increased 50% to $28.7 million, primarily reflecting a significant increase in amortization from acquired intangible assets from the [Os] holdings and free bets acquisitions.

毛利率較去年第一季增加約200個基點，達94.5%。總營運費用增加 50% 至 2,870 萬美元，主要反映了從 [Os] 控股和免費投注收購中獲得的無形資產攤銷的大幅增加。

Operating expenses also absorb the cost base of the holdings acquisition.

營運費用也吸收了控股收購的成本基礎。

Excluding the non-cash acquisition related amortization, growth in operating expenses was well under our revenue growth of 40% for Cuba.

不包括非現金收購相關的攤銷，營業費用的成長遠低於古巴 40% 的收入成長。

Adjusted EBITDA increased 56% year on year to another all-time record of $15.9 million compared to $10.2 million a year ago.

調整後的 EBITDA 年成長 56%，達到 1,590 萬美元，創歷史新高，而去年同期為 1,020 萬美元。

First quarter adjusted EBITDA margin was 39%, up 400 basis points from 35% in the EUR ago period.

第一季調整後的 EBITDA 利潤率為 39%，較歐元同期的 35% 上升 400 個基點。

First quarter adjusted EBITDA margin would have been even higher if not for slightly higher than expected partnership share of revenue and its related cost of sales, as well as investments in an ambitious product roadmap.

如果不是合作夥伴的收入份額及其相關銷售成本略高於預期，以及對雄心勃勃的產品路線圖的投資，第一季調整後的 EBITDA 利潤率可能會更高。

Typical softer seasonality combined with product investments will naturally result in sequentially lower margins in the 2nd quarter before expanding in the second half of the year as we move into the ceasingly stronger sports calendar and our current wave of product investments start to bear fruit.

典型的較弱季節性加上產品投資自然會導致第二季度的利潤率連續下降，而隨著我們進入越來越強大的體育賽事日程並且我們當前的產品投資浪潮開始取得成果，利潤率將在下半年擴大。

Adjust the net income for the first quarter of 2025 rose 78% to 16.5 million from the Eurogo period.

調整後2025年第一季淨利較歐羅巴期上漲78%至1650萬。

Adjust the net income was positively affected by the strengthening of the EUR versus the US dollar when translating balance sheet items at quadrat.

以平方折算資產負債表項目時，調整淨收入受到歐元兌美元走強的正面影響。

Adjusted diluted net income per share, increased 92% to $0.46 from the year ago period, as a reminder, in Q4, we revised the way we define adjust the net income, the more closely align adjustments we make to Adjusted EBITDA.

調整後每股攤薄淨收入較去年同期增長 92% 至 0.46 美元，提醒一下，在第四季度，我們修改了定義調整淨收入的方式，使我們對調整後 EBITDA 的調整更加緊密。

This is to improve the like for like comparability between periods, free cash flow was $10.3 million, up 25% from the year period.

這是為了提高各時期之間的可比性，自由現金流為 1,030 萬美元，比去年同期成長 25%。

Free cash flow in Q1 reflects strong growth in Adjusted EBITDA, partly offset by the timing of tax payments and working capital movements related to the settlement of transaction expenses for the olds holdings acquisition.

第一季的自由現金流反映了調整後 EBITDA 的強勁成長，但部分被納稅時間和與解決 Olds Holdings 收購交易費用相關的營運資本變動所抵銷。

As of March 31st, we have total cash of $21.5 million and $70.5 million of underdrawn capacity on our credit facility. On April 1st, we made a final payment of $11.2 million for the free bet dotcom acquisition using cash balances. In total we have drawn $94.5 million on our $165 million credit facility.

截至 3 月 31 日，我們的現金總額為 2,150 萬美元，信貸額度的欠款額度為 7,050 萬美元。4 月 1 日，我們使用現金餘額支付了 free bet dotcom 收購的最終款項 1120 萬美元。我們總共從 1.65 億美元的信貸額度中提取了 9,450 萬美元。

Effective on April 1st, we entered into a swap agreement to effectively convert our $75 million. Of US dollar term loan to EUR borrowing. This lowered our cost of that capital by approximately 200 basis points.

自 4 月 1 日起，我們達成了一項掉期協議，以有效轉換我們的 7500 萬美元。美元定期貸款轉為歐元借款。這使我們的資本成本降低了約 200 個基點。

The swap transaction also aligned our borrowings with our functional currency, eliminating the corresponding forex translation effects in our income statement moving forward.

掉期交易也使我們的借款與我們的功能貨幣保持一致，從而消除了我們未來損益表中相應的外匯翻譯影響。

Our free cash flow and borrowing capacity continues to provide the flexibility to pursue both acquisitions and to optimize our capital structure to maximize shareholder value over time.

我們的自由現金流和借貸能力繼續提供靈活性，以進行收購並優化我們的資本結構，從而實現股東價值的長期最大化。

A Charles I did this morning we reiterated our full year guidance with the midpoint of our revenue guidance of $172 million representing 35% year on year growth.

正如查爾斯今天早上所做的那樣，我們重申了全年預期，其中收入預期中位數為 1.72 億美元，年增 35%。

The midpoint of our Adjusted EBITDA guidance of $68 million represents 40% year on year growth.

我們的調整後 EBITDA 指引中位數為 6,800 萬美元，年增 40%。

This guidance assumes a resumption of growth in North American marketing business continued global market share gains. As well And well over 20% of full year revenue coming from recurring subscriptions.

該指引假設北美行銷業務恢復成長並持續擴大全球市場份額。並且全年超過 20% 的收入來自定期訂閱。

As per usual, our guidance does not include contributions from any new acquisitions or any new market launches.

與往常一樣，我們的指導不包括任何新收購或任何新市場推出的貢獻。

While we expect Missouri to launch sports betting in the second half of this year. As per our policy, we will not include it in guidance until the launch date is confirmed.

我們預計密蘇裡州將在今年下半年推出體育博彩。根據我們的政策，在確認發布日期之前，我們不會將其納入指導中。

Our guidance also assumes an average EUR to USD exchange rate of 110 for the year.

我們的指引也假設今年歐元兌美元的平均匯率為 110。

Operator, we will now turn the goal for questions.

接線員，我們現在進入提問環節。

Thank you. We will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Ryan Sigdahl, Craig Hallum Capital Group LLC.

Ryan Sigdahl，Craig Hallum Capital Group LLC。

Hey, good morning, Charles Eli really solid result.

嘿，早上好，Charles Eli 的結果確實很紮實。

Have They said so want to want to start with kind of an industry topic, across not just your own industry but many but AI search growing interest from consumers for this chat GPT perplexity, etc.

他們這麼說過，想要從某種行業話題開始，不只是涉及你自己的行業，還涉及許多行業，而且人工智慧搜尋越來越受到消費者對這種聊天 GPT 困惑等的興趣。

Apple also reported browser search was done in April for the first time so curious I guess what gambling.com is doing to keep its content in focus as there's still consumer demand, but as that behavior is changing and how they're doing content finding content. And do you view this as an opportunity or a risk?

蘋果還報告稱，瀏覽器搜尋在四月首次完成，所以我很好奇，在仍然有消費者需求的情況下，gambling.com 正在做什麼來保持其內容的焦點，但隨著這種行為正在發生變化，以及他們如何進行內容查找。您認為這是機會還是風險？

Morning, Ryan. To get some context here, Apple executive Eddie Q stated in a court hearing that from Apple's perspective search volume on Safari had peaked in April.

早安，瑞安。為了說明背景情況，蘋果高層 Eddie Q 在一次法庭聽證會上表示，從蘋果的角度來看，Safari 的搜尋量在 4 月達到了頂峰。

Google immediately shot back with a statement contradicting this, saying that they continue to see search volumes climb from Apple's devices and Google reported a 10% increase in global search volume in Q1.

谷歌立即反駁了這一說法，稱他們看到蘋果設備的搜尋量持續攀升，谷歌報告稱第一季全球搜尋量增加了 10%。

From our perspective, we are seeing all-time high revenue from our marketing business, which continues to be fundamentally driven by natural search from Google, and we are not seeing any pullback or fundamental shift in search volumes.

從我們的角度來看，我們的行銷業務收入創歷史新高，這在很大程度上仍然受到谷歌自然搜尋的推動，而且我們沒有看到搜尋量出現任何回落或根本性轉變。

Now, having said all that, we do continue to see more and more referrals from these generative AI experiences like chat GBT and perplexity, the chart is a hockey stick basically.

現在，說了這麼多，我們確實繼續看到越來越多來自這些生成式人工智慧體驗的推薦，例如聊天 GBT 和困惑度，圖表基本上就是一根曲棍球棒。

But starting from, it was 0 a couple of years ago, so starting from a low base, but it's growing very quickly.

但從幾年前的 0 開始，基數很低，但成長非常快。

And that traffic is very high intent. It's similar but really even better, even more high intent than the traffic we get from Google search.

而且這種流量的意圖非常高。它與我們從 Google 搜尋獲得的流量類似，但實際上更好，甚至更具針對性。

And it feels incremental, given that the level of referrals from natural search is not falling users using these AI tools have a deeper relationship with the tool than a simple drive by search. They get context they ask specific questions, they steer the conversation where they needed to go.

而且感覺是漸進式的，因為來自自然搜尋的推薦水平並沒有下降，使用這些人工智慧工具的用戶與該工具的關係比簡單的搜尋驅動更深。他們了解背景，提出具體問題，並將談話引向需要的方向。

And almost by definition they're more high intent given the increased effort required and the longer engagement.

而且幾乎可以肯定，由於需要付出更多努力和參與時間更長，他們的意圖會更加強烈。

Provided by the conversation, so you know we love high intent traffic and we are indifferent as to the source of it, to the extent that more and more of this high intent traffic arrives via these tools, these AI tools.

透過對話提供，所以你知道我們喜歡高意向流量，我們對它的來源漠不關心，因為越來越多的高意向流量是透過這些工具、這些人工智慧工具到達的。

It reduces reliance on the Google organic search channel and you know I've been thinking a lot recently about all of this, as I'm sure a lot of people in in digital marketing have and you know I'll add that the monetization paradigm of these tools seems to be the opposite of Google, where users are happy to pay for the service outright obviating the need for the AI tool to monetize the actual content provided to the user.

它減少了對谷歌有機搜尋管道的依賴，你知道我最近一直在思考這些，我相信許多從事數位行銷的人也這麼認為，你知道我要補充的是，這些工具的貨幣化模式似乎與谷歌相反，在谷歌，用戶很樂意為服務付費，從而無需人工智能工具將提供給用戶的實際內容貨幣化。

If we allow ourselves to be optimistic here.

如果我們允許自己對此保持樂觀的話。

This could be a boon for people like us, publishers of high quality content, and be, mark the beginning of a new era online where ad advertising is simply less central to the experience, but I, at the end of the day there's, there are alternatives to Google search, but all the all the altern all the other search products have ads.

對於我們這些高品質內容的發布者來說，這可能是一個福音，也標誌著一個新網路時代的開始，在這個時代，廣告在用戶體驗中不再那麼重要，但我認為，最終還是有谷歌搜尋的替代品，但所有其他搜尋產品都有廣告。

But these generative AI experiences there's no ads so kind of all the traffic is organic it's like it's almost like a cleaner, more direct relationship with the consumer.

但是這些生成式人工智慧體驗沒有廣告，所以所有的流量都是有機的，這幾乎就像與消費者建立更乾淨、更直接的關係。

So The numbers are great. We're still making a ton of money from Google Natural Search. We're now also making money off of these generative AI experiences and we're pretty excited about the future.

所以這些數字很棒。我們仍然從 Google 自然搜尋中賺取大量金錢。我們現在也利用這些生成式人工智慧體驗來賺錢，我們對未來感到非常興奮。

Helpful context. I want to switch over to optic odds. You mentioned some success there last quarter. You mentioned kind of the top for asset at Optic odds was in Malta running through gambling.com's global client list. Curious for any updated details, anything you can share there on how those conversations and, that cross sell is going.

有用的背景資訊。我想轉換到光學賠率。您提到上個季度取得了一些成功。您提到，Optic 賠率的頂級資產位於馬耳他，這貫穿了 gambling.com 的全球客戶名單。我很好奇是否有任何更新的詳細信息，您可以分享有關這些對話以及交叉銷售進展的任何信息。

Yeah, Otis is flying, it's certainly the highest, it's certainly growing. I mean, Ojas also obviously growing, but Opticos is growing even faster, probably the fastest growing piece of our entire business. I think that trip was productive and eye opening, and we've just hired a senior salesperson, based in London to help distribute that product more broadly in Europe. So you know we, we've had one quarter, right? It's still very early, but you know the plans and.

是的，奧的斯正在飛翔，它肯定是最高的，它肯定在增長。我的意思是，Ojas 顯然也在成長，但 Opticos 的成長速度更快，可能是我們整個業務中成長最快的部分。我認為那次旅行富有成效且令人大開眼界，我們剛剛聘請了一位駐倫敦的高級銷售人員，以幫助在歐洲更廣泛地分銷該產品。所以你知道我們已經有一個季度了，對吧？現在還很早，但你知道計劃。

Hiring and roadmap are well in motion and we expect the growth there to continue at a high level for some time.

招募和路線圖正在順利進行中，我們預計那裡的成長將在一段時間內保持在高水準。

Excellent thanks Charles and good luck guys.

非常感謝查爾斯，祝大家好運。

Jeff Stantial, Stifel Nicolaus and Company, Incorporated.

Jeff Stantial，Stifel Nicolaus and Company, Incorporated。

Hey, good morning, Charles Eli. Thanks for taking our questions.

嘿，早安，查爾斯·伊萊。感謝您回答我們的問題。

I want to ask, we heard from Penn last week that that they were turning back on performance marketing after leaning primarily on ESPN and reactivations for a handful of quarters. I, I'm curious if this specifically has been a material growth driver so far and then, more broadly just how you think about the potential for. Other operators that to start to dig in a bit deeper here just as some lower tech channels get exhausted or start sort of start to naturally decelerate.

我想問一下，我們上週從賓州大學聽說，在主要依賴 ESPN 和重新激活幾個季度之後，他們正在重新轉向績效行銷。我，我很好奇這是否是迄今為止物質成長的動力，然後更廣泛地說，您如何看待其潛力。當一些技術含量較低的管道變得枯竭或開始自然減速時，其他業者開始在這裡進行更深入的挖掘。

Good morning, Jeff. Thanks for a tremendous question. Very happy to answer that. You know that would be consistent with our entire experience of having run this business for 19 years around the world. These operators obviously if you can acquire customers cheaply you do it, but as you say, those channels get exhausted, gets more competitive, all the low hanging fruit is plucked, and then where do you find players? Well, the affiliate channel.

早安，傑夫。謝謝你提出這麼一個很棒的問題。很高興回答這個問題。您知道這與我們在全球經營這項業務 19 年的整個經驗是一致的。這些業者顯然會這樣做，如果你能以低成本獲得客戶，但正如你所說，這些管道會被耗盡，競爭會變得更加激烈，所有唾手可得的果實都會被摘走，那麼你從哪裡找到玩家呢？嗯，附屬頻道。

There's a reason it is central and fundamental. To all these operators' marketing strategies and all of these different markets around the world. So to us it's absolutely no surprise whatsoever that an operator like Penn would reach this conclusion, if anything surprising it that it took them as long as it did to reach that conclusion, but the client, that wouldn't be an enormous client at the, at this exact moment in time, they have been an enormous client in the past, particularly around the point when ESPN Bet launched.

它之所以如此重要和根本，是有原因的。對於所有這些運營商的營銷策略以及全球所有不同的市場。因此，對於我們來說，像 Penn 這樣的運營商會得出這個結論絕對不會感到驚訝，如果有什麼令人驚訝的話，那就是他們花了這麼長時間才得出這個結論，但這個客戶，在目前這個確切的時刻並不是一個巨大的客戶，他們過去一直是一個巨大的客戶，特別是在 ESPN Bet 推出的時候。

But we welcome, of course, any increase in demand from our customers.

但當然，我們歡迎客戶需求的任何增加。

That's great, thanks for that, Charles. And then turning over to guidance, at least I think you said the assumption for the EUR went from 107 last quarter to 110. Could you just quantify for us, the impact from the higher EUR on the actual revenue and the e bit of guidance and then I just, I guess should we be interpreting.

太好了，謝謝你，查爾斯。然後轉到指導，至少我認為您說歐元的假設從上個季度的 107 上升到 110。您能否為我們量化一下歐元升值對實際收入和指引的影響，然後我想我們應該要解釋。

The reiteration of guidance to mean that you might have been tracking more to the lower end if the EUR didn't kind of help out here or maybe now you are tracking above the midpoint with the benefit of FX just any help there kind of thinking about the I guess the constant currency implications would be would be great.

重申指導意見意味著，如果歐元沒有提供某種幫助，你可能會追蹤到更低的水平，或者現在你可能會在外匯的幫助下追蹤到中點以上，只要有任何幫助，我猜恆定貨幣的影響會很大。

Thanks.

謝謝。

Yeah, a coup a couple of things there. Obviously, it's very hard to guide on, forex future Forex movement expectations, in the current market has been very volatile.

是的，那裡發生了幾件事。顯然，在當前市場波動劇烈的情況下，很難對未來外匯走勢做出預期指導。

If we look at Q1, we have big, big positive translation effects from balance sheet items at the, at the end of the quarter. But if you look at the P&L. We didn't see any big, positive effects because the average rate was, more or less in line with our expectations. We've assumed 110 for the remainder of the year.

如果我們看一下第一季度，我們會發現季度末的資產負債表項目帶來了巨大的正面轉換效應。但如果你看一下損益表。我們沒有看到任何重大的正面影響，因為平均利率或多或少符合我們的預期。我們預計今年剩餘時間的銷售額將達到 110 億美元。

That's, he could go above, we could go below.

也就是說，他可以往上走，我們可以往下走。

I would note that, a much higher proportion of our, both our revenue and our operating expenses are denominated in US dollars now after, the last few years of acquisitions. So any positive or negative effects from Forex movements have less of an effect than they would have had last year or two years ago.

我想指出的是，經過過去幾年的收購，我們的收入和營運支出中以美元計價的比例現在大大增加。因此，外匯波動產生的任何正面或負面影響都比去年或兩年前要小。

As you noted, we have moved up marginally the assumptions from the EUR to USD rate, which, has a slight positive effect of, on our revenue, but it's not big enough to move the needle and then nothing has really fundamentally changed in our revenue expectations or even our expectations for the balance of the year.

正如您所說，我們略微上調了歐元兌美元匯率的假設，這對我們的收入產生了輕微的積極影響，但不足以產生重大影響，而且我們的收入預期甚至對今年餘額的預期都沒有發生根本性的改變。

That's great, thank you both. I'll pass it on.

太好了，謝謝你們兩位。我會傳達的。

Our next question comes from Barry Jonas with Tru Securities. Please proceed with your question.

我們的下一個問題來自 Tru Securities 的 Barry Jonas。請繼續您的問題。

Hey guys.

嘿，大家好。

I wanted to see if you'll share any thoughts on what the path could look like to get to your $100 million E dot goal, really any color on business line or product composition, what M&A, means to getting there, and then timing would be helpful. Thanks.

我想看看您是否願意分享一些想法，例如，實現 1 億美元 E dot 目標的途徑是怎樣的，業務線或產品構成的具體內容是什麼，併購對於實現目標意味著什麼，以及時機是否有幫助。謝謝。

Morning Barry. Well, with guidance, this year, putting us on $68 million at the midpoint, we're going to be 68% of the way there, this year.

早上好，巴里。嗯，根據今年的指導，我們將以中點金額 6,800 萬美元計算，今年我們將完成 68% 的目標。

Obviously we do M&A that's the big delta here if we find another acquisition that ticks all the right boxes for us and you know reminder we're very picky about M&A then it could shorten the timeline meaningfully but you know we're still a high growth business even without M&A so you know with a with a with a nice acquisition.it could happen.

顯然，我們進行併購，如果我們找到另一個符合我們所有要求的收購，這就是最大的增量，你知道，提醒一下，我們對併購非常挑剔，那麼它可能會大大縮短時間表，但你知道，即使沒有併購，我們仍然是一個高增長企業，所以你知道，通過一次不錯的收購，這可能會發生。

Very soon, but without that it would, all things equal take another year or two, so we don't want to put a specific year on it, but you know it doesn't take a whole lot of imagination to see that we could get there pretty quickly if we did another acquisition of meaningful size.

很快，但如果沒有這個，其他條件相同的話，還需要一兩年的時間，所以我們不想確定具體的年份，但你知道，如果我們進行另一次有意義的收購，不難想像我們很快就能實現這一目標。

Got it. Got it. And just for a follow up, on the OSB side, there's been investor concerns around decelerating handle trends for North American operators, I think you've talked about this in the past, but one, are you seeing anything concerning there? And two, what's your latest thinking about rev share versus CPA mix in the current environment?

知道了。知道了。再問一下，在 OSB 方面，投資者一直擔心北美運營商的處理趨勢放緩，我想您以前曾談過這個問題，但是，您是否看到任何令人擔憂的情況？第二，在當前環境下，您對收入份額與每次轉換費用組合有何最新看法？

Thanks. Okay, on, yeah, there was some stats around NBA GGR that were like down year on year.

謝謝。好的，是的，NBA GGR 的一些統計數據比去年同期有所下降。

There's no read through on that to the rest of the American OSB market. I think that's an NBA specific phenomenon. Everything we're seeing, all the data supports the fact that in Q1 OSP grew like 15% nationally in the US. I gaming grew substantially faster than that still, so zero concerns. I, it's a little, it's a curious data point, but zero concerns.

其餘美國 OSB 市場對此尚無了解。我認為這是 NBA 特有的現象。我們所看到的一切，所有數據都支持這樣一個事實：第一季美國全國的 OSP 成長了 15%。我的遊戲成長速度仍然比這快得多，所以沒有任何擔憂。我認為，這有點奇怪，這是一個令人好奇的數據點，但沒有任何擔憂。

In terms of rev share and CPA, I mean, we, nothing's fundamentally changed. We remain philosophically agnostic as to the, benefits of either one of those, what we do is model it, we use our sophisticated, data science teams to estimate the value of the all the deals available to us and then we pick the one that we think will make us the most money. Now having said that.

就收入分成和每次轉換費用而言，我的意思是，我們並沒有根本性的改變。我們對其中任何一個的好處在哲學上保持不可知論，我們所做的就是對其進行建模，我們使用我們複雜的數據科學團隊來估計所有可用的交易的價值，然後選擇我們認為可以為我們帶來最多利潤的交易。現在說了這麼多。

We, this year we expect, 25% of group revenue to come from recurring subscription revenue, so that's B2B enterprise sales and that's B2C customer subscriptions stuff like Of the Gods Odam, and then, Rotawire itself has a data services business, but when you look beyond that and you include the kind of recurring proportion of our.

我們今年預計集團收入的 25% 將來自經常性訂閱收入，也就是 B2B 企業銷售額和 B2C 客戶訂閱收入，比如 Of the Gods Odam，然後 Rotawire 本身也有數據服務業務，但是當你把眼光放遠一點，並把我們的經常性比例也算進去時。

Marketing business, whether it's a pure revenue share deal or it's a hybrid deal and you know a portion of it is revenue share, you get to, from our seat here looking at the full year, we expect over half of group revenue, so it's another 25% of revenue, is recurring in that nature. So total group revenue, which is recurring in one way or another is going to be more than half of group revenue this year. But again, we're not specifically targeting that. We're not trying, it's not a specific goal of ours to grow that.

行銷業務，無論是純收入分成交易還是混合交易，您都知道其中一部分是收入分成，從我們這裡來看，縱觀全年，我們預計集團收入的一半以上，因此另外 25% 的收入，是這種性質的經常性收入。因此，以某種方式重複出現的集團總收入將佔今年集團收入的一半以上。但再次強調，我們並不是專門針對這一點。我們沒有嘗試，這不是我們的特定目標。

That recurring proportion of our marketing revenue, but it naturally builds up and grows as it is frequently the best monetization vehicle available to us.

這是我們行銷收入的經常性比例，但它會自然地累積和成長，因為它通常是我們可用的最佳貨幣化工具。

Thank you, Charles.

謝謝你，查爾斯。

Appreciate it.

非常感謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hey, good morning, thanks very much.

嘿，早上好，非常感謝。

Charles, you are, I believe, in a unique position to opine and, convey what you're seeing with respect to the topic of handled growth.

查爾斯，我相信，你擁有獨特的立場來發表意見，並傳達你對處理成長這個主題的看法。

There obviously is a bit of a debate at the moment about, what the trajectory of US handled growth is looking like, and I would just, welcome your perspective on sort of how you would characterize the sort of growth in and handle in the US, please.

目前顯然存在一些關於美國經濟成長軌蹟的爭論，我非常歡迎您就如何描述美國的成長和經濟成長方式發表看法。

I think there's a lot of cross currents under the surface which are making it a little more confusing for people to understand, but.

我認為表面下存在著許多交叉電流，這使得人們理解起來更加困難，但是。

That that mixed shift is what's happening but fundamentally in aggregate the market's growing. I mean you know we we're, we've got an interesting and unique perspective but at the same time we you know follow a lot of these industry data sources and all of those are pointing to, double digit gains in Q1 OSB growth so we're certainly not seeing any slackening and. In our business, but we're doing a lot more with things like, same game parlays, that's a product which is a home run for the operators.

這種混合轉變正在發生，但從根本上來說，整體而言，市場正在成長。我的意思是，你知道我們有一個有趣而獨特的視角，但同時，你知道我們關注了很多行業數據來源，所有這些都表明第一季度 OSB 增長實現了兩位數增長，所以我們肯定沒有看到任何放緩。在我們的業務中，但我們在同場比賽聯注等方面做得更多，這對運營商來說是一個本壘打產品。

They want that traffic. They're now very actively looking for it and they want to collaborate with companies like ours to give them more of that type of traffic specifically so we've built.

他們想要那種流量。他們現在正在非常積極地尋找它，並且他們希望與我們這樣的公司合作，為他們提供更多此類流量，所以我們建立了這種類型的流量。

On the back of our fantastic technology stack, a variety of really interesting same game parlay tools, which are available across different sites of ours, and, that's helping drive more engagement on that type of products. But yeah, I think it's just getting kind of more complicated, but in aggregate it's very clearly still growing.

在我們出​​色的技術堆疊的支援下，各種非常有趣的相同遊戲聯播工具可在我們不同的網站上使用，並有助於推動更多人參與此類產品。但是是的，我認為它只是變得更加複雜了，但總體而言它顯然仍在增長。

Understood. And if I can just ask maybe an easier one, saw a bit of news about, perhaps i gaming legalization. I believe it was in Ohio.

明白了。如果我可以問一個簡單的問題，看到一些關於遊戲合法化的新聞。我相信它是在俄亥俄州。

Can you maybe just give us an update on your board of, sort of i gaming legislation if you think we may get some this year? I know it's everyone has their own sort of opinions about it, but yours is highly valuable.

如果您認為我們今年可能會獲得一些有關電子遊戲立法的信息，您能否向我們介紹董事會的最新情況？我知道每個人對此都有自己的看法，但你的看法非常有價值。

Yeah.

是的。

Yeah, I mean, it has been a little quieter this year than I think we all would have liked. The developments in Ohio are positive, and what I really liked about the Ohio approach is that they're talking about sweeping reform and having one regulator regulate a rebooted gaming economy, it's not, you're not going to have 3 or 4 different regulators. You can have one new one which is going to oversee the whole thing, which is absolutely the right way to do it. We, this isn't news, we know this already. All you have to do is look at.

是的，我的意思是，今年的情況比我們想像的要安靜一些。俄亥俄州的發展是積極的，我真正喜歡俄亥俄州的做法是，他們正在談論全面改革，並讓一個監管機構監管重啟的博彩經濟，而不是，你不會有 3 或 4 個不同的監管機構。你可以找一個新的人來監督整件事，這絕對是正確的做法。我們，這不是新聞，我們已經知道了。您所要做的就是看一下。

All the various examples from around the world, so look, that would be great. Ohio is a great market, competitive market, lots of different operators, that would be clearly a really nice step in the right direction, but.

來自世界各地的各種例子，看看吧，那將會很棒。俄亥俄州是一個偉大的市場，競爭激烈的市場，有很多不同的運營商，這顯然是朝著正確方向邁出的一大步，但是。

Nobody's asked about prediction markets yet, but that's kind of related here because the legal situation with these prediction markets is getting incrementally more clear.

目前還沒有人問到預測市場，但這與此有點相關，因為這些預測市場的法律狀況正逐漸變得更加清晰。

Which means that category is going to grow very rapidly and the tax rate is, 0, so that's dramatically more interesting from a business perspective than paying these, sometimes, very high state gaming duties, which, some states are even trying to increase,

這意味著該類別將快速增長，稅率為 0，因此從商業角度來看，這比支付有時非常高的州博彩稅更有趣，有些州甚至試圖提高這些稅率，

So, It it's a really interesting one to watch and you know the big operators out there are certainly looking into it and evaluating the feasibility of providing their products and services under that regulatory regime which I look I think it just keeps, it's going to keep everybody H1st, right? You know it forces the state gaming regulators to.

所以，這是一個非常有趣的觀察點，你知道那些大型運營商肯定正在研究它並評估在該監管制度下提供產品和服務的可行性，我認為它只是保持，它會讓每個人保持 H1st，對吧？你知道這會迫使國家博彩監管機構這麼做。

To Think about everybody's economics here and make sure that, they're competitive in the broader marketplace.

考慮每個人的經濟狀況，並確保他們在更廣泛的市場上具有競爭力。

Understood, I have more, but I'll come back around. Thanks.

明白，我還有更多，但我會回來的。謝謝。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks. Good morning. I, my first question is sort of a follow up on i gaming, in the US. I'm curious if you could give us an update on, casinos.com, where you are in the process of sort of building domain authority, traffic, and if there's any way that you guys have sort of thought about, revenue upside or how that brand might perform when you start to get into an earnest, an i gaming legalization cycle in the US.

謝謝。早安.我的第一個問題是有關美國 i 遊戲的後續問題。我很好奇，您能否向我們介紹一下 casinos.com 的最新情況，您目前在構建域名權限和流量，以及您是否考慮過收入增長，或者當您開始認真對待美國網絡遊戲合法化週期時，該品牌將如何表現。

Second question that I have is, going back to, I think some questions that were asked earlier around, the $100 million EBITDA target. I'm curious. I know this year Odds jam and I think the sort of newer subscription businesses that you've been building out are going to represent something like 25%, of a Overall mix, if I heard you, correctly earlier, have you thought about, or tried to dimensionalize when you reach $100 million, whether it is revenue or even, where should the relative mix of sort of performance and I guess kind of, if you were to bucket of broadly non-performance businesses land. Thanks a lot.

我的第二個問題是，回到之前提出的一些問題，關於 1 億美元的 EBITDA 目標。我很好奇。我知道今年的賠率大戰，我認為你們一直在構建的較新的訂閱業務將佔總體組合的 25% 左右，如果我之前沒聽錯的話，當你們達到 1 億美元時，你們有沒有想過，或者嘗試過量化，無論是收入，還是，如果要將廣泛的非績效業務歸類，那麼績效的相對組合應該在哪裡？多謝。

Morning Clark. So we're here in Charlotte at the moment. We had our big management summit earlier this week and got updates from all the teams, including Casinos.com, and, we've got some very interesting stuff coming up in the pipe with casinos.com that, it's we're trying to develop a unique tone of voice with that product and.

早上好，克拉克。我們現在在夏洛特。本週早些時候，我們舉行了大型管理高峰會，並獲得了包括 Casinos.com 在內的所有團隊的最新消息，而且，我們在 casinos.com 方面即將推出一些非常有趣的東西，我們正在嘗試為該產品開發一種獨特的語調。

They've got like comedians involved to write some of the content and just, meaningfully differentiated from other products in our portfolio. They're doing a lot of creative and interesting stuff and the numbers are the numbers are, are trending up very nicely in the past 6 months, it's a, still a young product and still has some ways to go, but it's, we're doing all the right things. It's very much headed in the right direction and. You know they're doing really cool stuff like for example today, May 15th, they have declared with the help of the mayor of Las Vegas International Casinos Day. So this is a big kind of PR push by the casinos dotcom team to leverage that that brand and.

他們讓喜劇演員參與編寫一些內容，並與我們產品組合中的其他產品進行有意義的區分。他們做了很多有創意、有趣的事情，而且在過去的六個月裡，數位呈現非常好的上升趨勢，它仍然是一個年輕的產品，還有一些路要走，但我們正在做的一切都是正確的。它正朝著正確的方向前進。你知道他們正在做一些非常酷的事情，例如今天，5 月 15 日，他們在拉斯維加斯市長的幫助下宣布了國際賭場日。因此，這是賭場網路團隊為利用該品牌而採取的重大公關舉措。

Get exposure around the world and not just in the US, that's the other thing to bear in mind is casinos.com. Yeah, of course it has US revenue, but it's a global product. There's a lot of casinos around the world.

獲得全球曝光，而不僅僅是在美國，這是另一件需要記住的事情，那就是 casinos.com。是的，它當然有美國收入，但它是一款全球產品。世界各地有很多賭場。

On the $100 million in margins, the odd jam and Optidds business had, when we bought it, had actually slightly higher just event margins than our marketing business is an incredible business, and that we don't see that fundamentally changing. So when you get to $100 million and adjusted EBITDA , okay, if you look at the figures today, okay, it's 20.

關於 1 億美元的利潤，當我們收購 October Jam 和 Optidds 業務時，其活動利潤率實際上略高於我們的行銷業務，這是一項令人難以置信的業務，而且我們認為這種情況不會發生根本性變化。因此，當您達到 1 億美元並調整 EBITDA 時，好吧，如果您查看今天的數字，好吧，它是 20。

You know 25% of the business, it's growing faster than the marketing business, so you know it's maybe it's 30, 35% or 40% of the business, but the margin profile is fundamentally the same. So I'd expect the margin profile of the sports data services to be, the contribution to Justin Ebers out to be $30, $35, or, $40 million depending on how that plays out, but, incrementally more than the than the marketing business.

您知道 25% 的業務成長速度比行銷業務快，所以您知道它可能是 30%、35% 或 40% 的業務，但利潤率狀況基本上相同。因此，我預計體育數據服務的利潤率對賈斯汀·埃伯斯的貢獻將是 3000 萬美元、3500 萬美元或 4000 萬美元，具體取決於其表現如何，但會比營銷業務的貢獻略高。

Thank you.

謝謝。

Chad Beynon;, Macquarie Capital (USA) Inc.

Chad Beynon；麥格理資本（美國）公司

Morning, thanks for taking my question nice results wanted to ask about Brazil. I feel like we've heard from some of the operators down there that it's been a little bit of a slower start than anticipated yet everyone still has, pretty high total addressable market, sizing for that market. What are you seeing? I know that's a it's a big market with a lot of different. Operators, which I think is probably the best model for you guys, but you're working with different partners? I know it's going to be a long haul there, and how have the expectations for 2025, changed in terms of what feeds into your model.

早安，感謝您回答我的問題，結果很好，我想問關於巴西的問題。我覺得我們從那裡的一些運營商那裡聽說，起步比預期的要慢一些，但每個人仍然擁有相當高的總目標市場規模。你看到了什麼？我知道這是一個很大的市場，有很多不同的東西。運營商，我認為這可能是最適合你們的模式，但你們與不同的合作夥伴合作嗎？我知道這將是一個漫長的過程，那麼就輸入到您的模型中的內容而言，對 2025 年的預期有何變化？

Thank you.

謝謝。

Morning, Chad.

早上好，查德。

Our strategy in Brazil has been very much wait and see and frankly still is, we have not done any M&A there. We have not made any big organic push there ourselves, and we've never had meaningful revenue from Brazil. All of our peers that had meaningful revenue from Brazil have been.

我們在巴西的策略一直是觀望，坦白說，我們還沒有在那裡進行任何併購。我們自己並沒有在巴西進行任何大規模的有機推廣，我們也從未從巴西獲得有意義的收入。我們所有從巴西獲得可觀收入的同業都是如此。

Digesting some extremely challenging costs as the market has regulated taxes have gone up, etc. Etc.

由於市場調節、稅收上漲等原因，消化一些極具挑戰性的成本。

.

。

We, we've reviewed it plenty of times and the math is challenging, it is competitive. There's lots of operators, sensible taxes, but at the same time there's local regulations about how you have to run your business with the local entity and then there's challenges on getting money out of Brazil, which.

我們已經複習過很多次了，數學很有挑戰性，競爭也很激烈。這裡有許多營運商，稅收也很合理，但同時，當地也有關於如何與當地實體開展業務的規定，而且將資金轉移出巴西也面臨挑戰。

Make it less attractive. We are continuing to take calls on M&A opportunities in Brazil, we remain.

使其不那麼有吸引力。我們將繼續接聽有關巴西併購機會的電話。

Interested we'd like to have the right Brazilian business but we are going to be as picky and cautious, probably going to be even pickier and even more cautious than we are in in any other given market given the operating challenges we've seen from our peers in that market.

我們很感興趣，希望擁有合適的巴西業務，但我們會同樣挑剔和謹慎，考慮到我們在該市場的同行所面臨的營運挑戰，我們可能會比在任何其他特定市場更加挑剔和謹慎。

Great thanks Charles and then another question just kind of going back to some of the noise that we saw in the first quarter I guess this one would be related to potential tax increases you know we're still seeing in the in the. In the trade rags that New Jersey is still contemplating this, but when the noise is heightened with a lot of your partners in the US with respect to potential tax increases, I know most of them haven't happened, but there's just been a lot of headlines.

非常感謝查爾斯，然後另一個問題是回到我們在第一季看到的一些噪音，我想這可能與潛在的增稅有關，你知道我們仍然看到。《貿易小報》稱新澤西州仍在考慮這個問題，但當你們在美國的許多合作夥伴對潛在增稅的呼聲越來越高時，我知道大多數增稅措施都沒有實施，但卻出現了很多頭條新聞。

What happens with the conversations with you and your partners? Are they trying to pull back? Are they more hesitant, I, I'm sure it's maybe even a time to lean in. But just trying to get a sense if we do see some tax increases in the US, what happens with your partner's goals to grow, NDCs through affiliates, thanks.

您與合作夥伴的對話如何？他們試圖撤退嗎？他們是否更加猶豫，我確信這也許是時候傾身了。但只是想了解一下，如果我們確實看到美國增加稅收，那麼您的合作夥伴透過附屬公司實現成長目標（NDC）會怎樣，謝謝。

Yeah, to the extent that states raise gaming tax rates, it does, of course, negatively impact player lifetime value, but over time, not immediately, you know that at the end of the day, that's the pool of value that we're all working off of. So if that pool gets smaller, there's less to go around, but, in our experience, it takes. It can take a year for that to kind of play out and it doesn't get fully passed on to us, so it's it, it's a, it's not a positive development, but it's not particularly challenging either, the rates, the deals they just adjust and everyone presses forward.

是的，如果各州提高博彩稅率，這當然會對玩家的終身價值產生負面影響，但隨著時間的推移，雖然不是立即的，你知道，到最後，這就是我們所有人賴以生存的價值池。因此，如果資金池變小，可供分配的資金就會減少，但根據我們的經驗，這是可以接受的。這可能需要一年的時間才能完成，而且它不會完全傳遞給我們，所以這不是一個積極的發展，但也不是特別具有挑戰性，利率、交易只是調整，每個人都繼續向前推進。

The, these, again the.

這，這些，又是這樣。

With these prediction markets probably about to experience hyper growth, I think that has the chance to keep these state gaming regulators H1st and make them think twice about raising taxes.

由於這些預測市場可能即將經歷超高速成長，我認為這有機會讓這些州博彩監管機構保持領先地位，並讓他們三思而後行是否提高稅收。

Thank you very much.

非常感謝。

Michael Hickey, The Benchmark Company, LLC.

Michael Hickey，The Benchmark Company, LLC。

Okay, thank you. HR I'll do with, Pete, nice corner guys. Thanks for picking up questions just I guess.

好的，謝謝。HR，我會和 Pete 一起做的，很棒的角落小伙子。謝謝你回答我的問題。

On your near term guidance, outside of FX contribution or not, just curious how you guys are thinking about.

關於您的近期指導，無論是否包含外匯貢獻，我只是好奇你們是怎麼想的。

Potential upside scenarios here, especially we've got Missouri which is in your guidance I think we're still planning for Alberta.

這裡有潛在的上行情景，特別是我們有密蘇裡州，這是在你的指導下，我認為我們仍在為阿爾伯塔省做計劃。

In early 26 so I'm guessing from your business standpoint that that would be in in 25, so it just feels like your business is strong here maybe better than you're expected in one queue and then you've got sort of upside.

在 26 年初，所以我從您的業務角度猜測那將在 25 年，因此感覺您的業務在這裡很強勁，可能比您在一個隊列中預期的要好，然後您就有某種優勢。

Baked into your numbers here just curious for thinking about that right.

融入您的數字中只是好奇地思考一下這個權利。

Yeah, so one of our big projects this year is the.

是的，我們今年的一個大項目是。

Is a is a Rather substantial revamp of the consumer side of Rotawire, the internal code name is Project Purple Rain, and that's going live at some point this summer, so it's not just a refresh of the brand, it's a, it's a fairly substantial refresh of the fundamental product, the data underlying that business is tremendous and. And that data will continue to be the center piece of the product suite but that is that is a big focus of our team at the moment and that has the potential to outperform.

這是 Rotawire 消費者方面的一次相當大的改造，內部代號為“紫雨計劃”，並將於今年夏天的某個時候上線，所以這不僅僅是品牌的更新，而是對基礎產品的一次相當大的更新，這項業務背後的數據是巨大的。這些數據將繼續成為產品套件的核心，但這也是我們團隊目前的重點，並且有可能超越。

Nice, thanks Charles love the transfer reference as well the.

很好，謝謝查爾斯，也喜歡轉移參考。

On the prediction market op opportunity it sounds like you're very enthusiastic. I mean, what do you think Charles, from your view?

關於預測市場營運機會，聽起來你非常熱衷。我的意思是，查爾斯，從你的角度來看，你怎麼看？

Operators need to be more confident that we in fact have a very durable regulatory framework here so that they can invest money on the marketing side and then this just seems like on the surface like a massive opportunity for you guys just thinking about sort of many states kind of legalizing here at once, so curious to just sort of frame that for us the best you can.

營運商需要更加相信我們實際上有一個非常持久的監管框架，這樣他們就可以在行銷方面投入資金，然後這表面上對你們來說是一個巨大的機會，只是考慮許多州同時在這裡合法化，所以我很好奇，請盡可能為我們描述一下這一點。

And then do you feel like you're sort of position today here if it's sort of, we get the framework we need I guess it's already there, but there's more belief that it's sustainable like you positioned to sort of benefit immediately Charles, do you feel like you have to make some acquisitions or deals or sort of how would you sort of position you you’re the framework of your company to benefit from the prediction market thanks guys.

那麼，您覺得您今天的處境是怎麼樣的呢？如果我們得到了我們需要的框架，我想它已經存在了，但更多的人相信它是可持續的，就像您定位於立即受益一樣。查爾斯，您是否覺得您必須進行一些收購或交易，或者您如何定位您公司的框架才能從預測市場中受益，謝謝大家。

So there's been a couple of different court decisions, call she keeps winning, the prediction markets companies keep winning, so that's providing incremental clarity that this is okay, but the big fundamental question here is do the states have authority to override the federal government on this? Can they, the federal government's got a, fully.

因此，已經有幾種不同的法庭判決，稱她一直在贏，預測市場公司一直在贏，所以這逐漸澄清了這是可以的，但這裡最大的根本問題是，各州是否有權推翻聯邦政府的決定？他們可以嗎，聯邦政府已經完全擁有了。

Flesh, fully, full-fledged fully fledged regulatory framework for this which has had for decades right now of course it's being kind of expanded into newer categories, but this has been there for a long time. It's never really been challenged and you know but now that it's overlapping you could argue somewhat with these, state gaming regulators, although it's, it is a very different product. Can the state gaming regulators kind of say, look.

針對這個問題，我們已經建立了完整的監管框架，幾十年來，當然，它正在擴展到新的類別，但這一框架已經存在很長時間了。它從來沒有真正受到挑戰，你知道，但現在它已經重疊了，你可以與這些國家博彩監管機構進行一些爭論，儘管它是一個非常不同的產品。國家博彩監管機構可以說，看。

You can't do this, stop it, tax it, do they have a say in this? And that's the big question at the moment.

你不能這樣做，阻止它，對它徵稅，他們對此有發言權嗎？這就是目前最大的問題。

Given the kind of form in terms of court victories, it seems unlikely that they do, but this could be the next pass law, right? This one could grind on and go to the Supreme Court. So I don't think any of us are going to have perfect clarity anytime soon, unfortunately, but that's life.

考慮到法庭勝利的形式，他們似乎不太可能這樣做，但這可能是下一部通過的法律，對嗎？此事可能會繼續審理並上訴至最高法院。因此，不幸的是，我認為我們中的任何人都不會很快獲得完全的清晰度，但這就是生活。

Ultimately, there's no fixed number of skins, right? Anybody can go and, assuming they're fit for purpose, apply and theoretically get regulated to do this if they have the right, control framework and everything else so you know you could have quite a few entrants coming into this category obviously it's more than just call she that's excited about this, although they do seem to be in the lead.

最終，皮膚的數量是沒有固定的，對嗎？任何人都可以去，假設他們適合目的，申請並在理論上受到監管，如果他們有權利，控制框架和其他一切，所以你知道你可能會有相當多的進入者進入這個類別，顯然不僅僅是她對此感到興奮，儘管他們似乎確實處於領先地位。

And from our perspective, yeah, there's not really anything to buy. It's a brand new category, and this is also our bread and butter, we produce content about interesting gambling or gambling related, products, and, it's quite straightforward for us to just kind of expand our coverage to cover this new category, so I don't see any meaningful OpEx or M&A required to tackle it.

從我們的角度來看，是的，實際上沒有什麼可買的。這是一個全新的類別，也是我們的主要業務，我們製作有關有趣的賭博或賭博相關產品的內容，而且，我們可以輕鬆地擴大覆蓋範圍以涵蓋這個新類別，因此我認為不需要任何有意義的營運支出或併購來解決這個問題。

And we'll do our best, from our seat here to help everybody out. We have met, we have relationships, commercial relationships with a lot of these companies already, we have revenue from this category. It's small, but it's, potentially could be very substantial over the coming years. I think it's not going to explode next quarter, but it's, when you think about the next couple of years this could be. A very meaningful feature of the US marketplace.

我們將竭盡全力，從我們的崗位上幫助大家。我們已經與許多這樣的公司會面，建立了商業關係，並從這個類別中獲得了收入。雖然規模很小，但未來幾年可能會變得非常大。我認為它不會在下個季度爆發，但是，如果你考慮未來幾年，它可能會爆發。這是美國市場的一個非常有意義的特徵。

Nice. Thanks, guys.

好的。謝謝大家。

Good.

好的。

Luck.

運氣。

We have reached the end of our question and answer session which concludes today's teleconference. You may disconnect your lines at this time.

我們的問答環節已經結束，今天的電話會議也圓滿結束。現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。