SGHC Ltd (SGHC) 2024 Q1 法說會逐字稿

Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the first quarter of 2024. My name is Jake Pisano, Vice President of ICR. During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties and other factors discussed further in its SEC filings that could cause its actual results to differ materially from historical results or from the company's forecast.

大家早安，感謝大家今天加入我們討論 Super Group 2024 年第一季的業績。在此次電話會議中，Super Group 可能會發表前瞻性評論，這些評論可能會受到其在SEC 文件中進一步討論的風險、不確定性和其他因素的影響，這些因素可能導致其實際結果與歷史結果或公司的預測有重大差異。

Super Group assumes no responsibility to update forward-looking statements other than as required by law. On today's call, Super Group may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. Super Group has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued earlier today and available on the Investor Relations page of Super Group's website.

除法律要求外，超級集團不承擔更新前瞻性聲明的責任。在今天的電話會議上，超級集團可能會參考某些非公認會計準則財務指標。這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代。 Super Group 在今天稍早發布的新聞稿中提供了非 GAAP 財務指標與最具可比性的 GAAP 數據的調整表，該新聞稿可在 Super Group 網站的投資者關係頁面上查看。

In addition, Super Group will speak to its financial results and metrics in 2 parts, highlighting Super Group's profitable and cash-generative global business separately from its investment into the U.S. This aligns with the annual guidance that Super Group has provided for 2024 and is consistent with both how Super Group views its business internally and how Super Group will report going forward.

此外，Super Group 將分兩部分闡述其財務業績和指標，重點強調Super Group 的盈利性和現金生成性全球業務，以及其對美國的投資。並且與以及超級集團內部如何看待其業務以及超級集團將如何報告未來的情況。

Super Group recommends that investors refer to as supplementary presentation posted to their website. On this call, I am joined by Neal Menashe, Chief Executive Officer. And during the Q&A session, we will be joined by Alinda Van Wyk, Chief Financial Officer; and Richard Hasson, President and Chief Commercial Officer. And now I would like to turn the call over to Neal. Neal?

Super Group 建議投資人參考其網站上發布的補充簡報。執行長尼爾梅納什 (Neal Menashe) 也參加了本次電話會議。在問答環節，財務長 Alinda Van Wyk 將參加我們的問答環節；理查德‧哈森（Richard Hasson），總裁兼商務長。現在我想把電話轉給尼爾。尼爾？

Thank you. Good morning, everyone, and welcome to Super Group's First Quarter 2024 Earnings Call. Before I discuss this quarter, I'd like to quickly touch on a change to the format of our earnings calls. Starting today, our prepared remarks will be shorter than before, but we are posting a more detailed investor presentation to our website. We hope to use this time each quarter for greater dialogue with the sell-side community and to answer as many questions as possible.

謝謝。大家早安，歡迎參加 Super Group 2024 年第一季財報電話會議。在討論本季之前，我想快速談談我們財報電話會議形式的變化。從今天開始，我們準備的發言將比以前更短，但我們將在我們的網站上發布更詳細的投資者簡報。我們希望利用每季的這段時間與賣方社群進行更多對話，並回答盡可能多的問題。

Let's now dive into the quarter. We are off to a phenomenal start for Q1. Total revenue ex U.S. was the highest ever for a first quarter at EUR 374 million. This represents growth of 13%, which in constant currency is even more impressive at 17%. Adjusted EBITDA ex U.S. also set a first quarter record at EUR 69 million. That's 29% growth from last year and a healthy margin of over 18%. The strong performance this quarter can be largely attributed to our focused and continued investment into core markets.

現在讓我們深入了解該季度。第一季我們有了一個非凡的開始。第一季（美國除外）總營收達 3.74 億歐元，創歷史新高。這代表著 13% 的成長，以固定匯率計算，這一數字更令人印象深刻，為 17%。調整後 EBITDA（美國除外）也創下第一季紀錄，達到 6,900 萬歐元。與去年相比成長了 29%，利潤率超過 18%。本季的強勁表現很大程度歸功於我們對核心市場的專注和持續投資。

We continue to invest in marketing, and as a percentage of net revenue was 27%. This ratio is always higher in the first half of the year, and we expect this to trend back towards 25% for the full year. Thus, the approach here is simple. We enhance our future growth profile by ongoing reinvestment into areas that are yielding the highest ROI. We are pleased with the progress we have made on the realization of cost efficiencies.

我們持續在行銷方面進行投資，佔淨收入的比例為27%。該比率在上半年始終較高，我們預計全年比率將回升至 25%。因此，這裡的方法很簡單。我們透過持續對投資報酬率最高的領域進行再投資來增強未來的成長前景。我們對在實現成本效益方面取得的進展感到高興。

Our operating expenses as a percentage of net revenue fell to below 19% for the quarter as compared to 22% in Q1 2023. This is an ongoing process. And while we continue to invest into high-growth areas of the business, we remain focused on streamlining our expenses, creating leaner, more efficient operating model. This then further enhances the operating leverage that is inherent in our business with every bit of incremental revenue meaningfully contributing to our EBITDA margin. Across the globe, we continue to optimize our footprint.

本季我們的營運費用佔淨收入的百分比降至 19% 以下，而 2023 年第一季為 22%。在我們繼續投資業務高成長領域的同時，我們仍然專注於精簡開支，創造更精簡、更有效率的營運模式。這進一步增強了我們業務固有的營運槓桿，每一點增量收入都對我們的 EBITDA 利潤率做出了有意義的貢獻。在全球範圍內，我們不斷優化我們的足跡。

Outside the U.S., we have identified a handful of smaller markets where we do not see a long-term path to profitability and in the process of shutting them down. Within the U.S., the review of our strategy continues. We are in the midst of analyzing our broad range of options and look forward to updating you in the near future. I'm glad to inform you that we enter into definitive agreements to assume full control of the sportsbook software technology.

在美國以外，我們已經確定了一些較小的市場，我們看不到這些市場的長期獲利途徑，並且正在關閉它們。在美國，我們的戰略審查仍在繼續。我們正在分析我們廣泛的選擇，並期待在不久的將來向您提供最新資訊。我很高興地通知您，我們簽訂了最終協議，以完全控制體育博彩軟體技術。

As highlighted in today's press release, we have agreed on a favorable risk-sharing deal structure, which includes an upfront consideration and a contingent earnout. Pending the necessary regulatory approvals, we are excited to put this deal to bed, and we'll be working closely with our dedicated Apricot team to further integrate the technology into our business. As for our balance sheet, our financial position remains really strong with no debt and unrestricted cash of EUR 289 million at the end of the quarter. We continue to assess the best use of this balance, including the possibility of returning cash to our shareholders. And a final note, our terrific Q1 momentum extended right into April.

正如今天的新聞稿所強調的，我們已就有利的風險分擔交易結構達成一致，其中包括前期考慮和或有收益。在獲得必要的監管批准之前，我們很高興能夠完成這筆交易，我們將與我們專門的 Apricot 團隊密切合作，進一步將該技術整合到我們的業務中。就我們的資產負債表而言，我們的財務狀況仍然非常強勁，截至本季末沒有債務，且無限制現金為 2.89 億歐元。我們將繼續評估該餘額的最佳用途，包括向股東返還現金的可能性。最後一點，我們第一季的強勁勢頭一直延續到四月。

I'll now turn the call over to the operator to open the call up for questions. Operator?

我現在將把電話轉給接線員以打開電話詢問問題。操作員？

(Operator Instructions) Our first question comes from the line of Jed Kelly of Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的傑德·凱利（Jed Kelly）。

Great. Can you just talk about the decision to bring your tech stack in-house, and then how we should potentially view that accelerating your sports betting? And then also, as we think about the balance of the year, can you talk about any comps we should be aware of in the back half? And then given that you did beat -- I think you beat 1Q EBITDA EUR 10 million above our estimate, any reason you didn't feel the need to raise guidance?

偉大的。您能否談談將您的技術堆疊引入內部的決定，然後我們應該如何看待加速您的體育博彩？然後，當我們考慮今年的剩餘時間時，您能談談我們在下半年應該注意的任何比較嗎？然後考慮到您確實超過了——我認為您第一季 EBITDA 超出了我們的預期 1000 萬歐元，您有什麼理由認為不需要提高指導？

Okay, it's Neal here. So listen, we've talked about this for a long time. We've been in long negotiations to sort out -- to get our Betway global tech stack. We've now got it for the sports. And I think it's super important for us because it allows us to manage the teams together as one. We can obviously decide more on the road maps, decide exactly what we want. And remember, we are a tech company. The basis is everything lies in the customer -- the software we deliver and the experience we deliver to our customers. So for us, it's been a long time in the making, and we're super excited about this.

好的，尼爾來了。聽著，我們已經討論這個問題很久了。我們進行了長時間的談判來解決問題——獲得我們的 Betway 全球技術堆疊。我們現在已經為體育運動做好了準備。我認為這對我們來說非常重要，因為它使我們能夠作為一個整體來管理團隊。顯然我們可以在路線圖上做出更多決定，確切地決定我們想要什麼。請記住，我們是一家科技公司。一切都以客戶為基礎——我們提供的軟體以及我們為客戶提供的體驗。所以對我們來說，這件事已經醞釀了很長時間，我們對此感到非常興奮。

Regarding the raising of guidance -- thank you for your question. As we said, we expected that Q1 has started off with such a good momentum continuing into April, but it's still very early days for the year, and we will consider our position towards the end of Q2.

關於提出指導意見－謝謝你的提問。正如我們所說，我們預計第一季一開始就以如此良好的勢頭持續到四月份，但今年還為時過早，我們將在第二季末考慮我們的立場。

Got it. And then just as a follow-up, can you just give us how we should view your success of high casino in Canada? Where is that coming from? And then can you speak to any potential impact if Alberta legalizes betting?

知道了。作為後續行動，您能否告訴我們如何看待您在加拿大高級賭場的成功？那是從哪裡來的？那麼您能談談如果艾伯塔省博彩合法化會帶來什麼潛在影響嗎？

It's Neal here. So obviously, we've seen good growth in Canada year-on-year and remains a good market for us. In Ontario, we are very -- we're pleased with our performance. Our customer retention in Ontario is now better than it was before regulation and our customer values are as good as they ever were. So for us, remember, we see Canada province by province. So the same way as it regulated in Ontario, we've obviously learned what we did well then, what we didn't, and we'll just apply that to any other provinces that can come about.

尼爾在這裡。顯然，我們看到加拿大年成長良好，對我們來說仍然是一個良好的市場。在安大略省，我們對我們的表現非常滿意。我們在安大略省的客戶保留率現在比監管之前更好，我們的客戶價值也一如既往。因此，對我們來說，請記住，我們會逐省地了解加拿大。因此，與安大略省的監管方式一樣，我們顯然已經了解了當時哪些方面做得好，哪些方面做得不好，我們會將其應用到任何其他可能發生的省份。

Our next question comes from Jason Tilchen of Canaccord.

我們的下一個問題來自 Canaccord 的 Jason Tilchen。

First thing I wanted to ask about is Africa. There's been really strong momentum there for several quarters now. Your revenue mix is up significantly year-over-year in that market. I'm just wondering if there's anything additional you could provide in terms of what's working there from a product perspective? And sort of what does the road map look like for additional markets that you could enter in Africa over the next year or 2.

我首先想問的是非洲。幾個季度以來，該領域的發展勢頭確實強勁。您在該市場的營收組合較去年同期大幅成長。我只是想知道從產品角度來看，您是否可以提供任何額外的資訊？您可以在未來一兩年內進入非洲的其他市場的路線圖是什麼樣的？

It's Neal again. So Africa is really doing well for us. Member across Africa, we've only just recently launched our Jackpot City pure-play casino. So that's got lots of growth ahead of it. We are seeing, obviously, great customer acquisition, great customer retention. We -- in 7 markets across Africa, there's still more growth in those individual markets. 1 or 2 of them are obviously excelling more than the others. So the work there is to make sure that every market can be as good as the other as our 2 largest ones. But again, I think our product offering is unique. We own our own tech stack there, and we are super localized for the region.

又是尼爾。所以非洲對我們來說確實做得很好。非洲各地的會員，我們最近才推出 Jackpot City 純遊戲賭場。因此，未來還有很大的成長空間。顯然，我們看到了龐大的客戶獲取和客戶保留。我們在非洲的 7 個市場中，這些個別市場仍有更多成長。其中一兩個人明顯比其他人更優秀。因此，那裡的工作是確保每個市場都能與我們的兩個最大市場一樣好。但我再次認為我們的產品是獨一無二的。我們在那裡擁有自己的技術堆棧，並且我們對該地區進行了超級本地化。

Great. That's really helpful. One or 2 other quick follow-ups. In terms of the Apricot deal, I was wondering if there's a way you can quantify sort of the cost savings that you expect to generate on an annual basis by having the sort of full ownership rather than having to sort of pay as a licensor.

偉大的。這真的很有幫助。其他一兩個快速跟進。就 Apricot 交易而言，我想知道是否有一種方法可以量化您期望通過擁有完全所有權而不是必須作為許可人付費而每年節省的成本。

Jason, Alinda here. We are very excited about that possibility because you have now previously 2 significant teams on different sides now working together. And we are quite far ahead with planning around resourcing and integrating the teams to work more effectively together and to have a better output as well as just tracking against one set of expectations. The teams just effectively work better together. So that was definitely on the forefront of doing this deal is to make it more cost efficient for us as a company.

傑森，阿琳達在這裡。我們對這種可能性感到非常興奮，因為現在有兩個不同方面的重要團隊現在一起工作。我們在圍繞資源配置和整合團隊進行規劃方面遙遙領先，以便更有效地合作，獲得更好的產出，並僅追蹤一組期望。團隊可以更好地有效地合作。因此，這筆交易的首要任務絕對是讓我們公司更具成本效益。

And then I'll just add -- Neal here, and I'll just that also with the tech stack, we can then offer that into our Africa business, when we feel there's need to, plus we can maybe if any M&A comes available, we've got the tech stack to be able to deliver on that. So it's been a long time in negotiations, but we are finally done.

然後我會補充一下——尼爾在這裡，我也會通過技術堆棧，然後我們可以在我們認為有需要時將其提供給我們的非洲業務，而且如果有任何併購可用，我們也許可以，我們擁有能夠實現這一目標的技術堆疊。談判花了很長時間，但我們終於完成了。

Okay. Great. That's really helpful. And just one quick final cleanup question here. In terms of the U.S., the loss sort of expanded year-over-year. Just wondering if there's anything to call out. Was there anything onetime in the quarter? And any sort of additional color you can provide on that strategic review.

好的。偉大的。這真的很有幫助。這裡只是一個快速的最後清理問題。就美國而言，損失較去年同期擴大。只是想知道是否有什麼可以呼籲的。本季有過什麼事情嗎？以及您可以在該策略審查中提供的任何類型的附加顏色。

Jason, so looking at quarter 1, it was the end of the completion of the migration onto the Betway Global Technologies that happened during March, some investment into marketing during the quarter. And then as we look to Q2, we expect the investment to be lower than it was during quarter 1.

Jason，從第一季來看，三月完成了向 Betway Global Technologies 的遷移，該季度對行銷進行了一些投資。然後，當我們展望第二季時，我們預計投資將低於第一季。

The next question comes from Mike Hickey of Benchmark.

下一個問題來自 Benchmark 的 Mike Hickey。

Congrats, guys. Great quarter. Just again on Apricot, the rather unique burn out there, Neal. I'm sort of curious on that piece, if you have anything incremental, it looks like some longevity there to maybe a payment. And then you talk about flexibility for organic growth and M&A opportunities. I'm curious on that, and if there's any sort of potential benefit to the USP study, you're obviously trying to figure out.

恭喜，夥計們。很棒的季度。尼爾，再次在杏子上，那裡有相當獨特的燃燒。我對那件事有點好奇，如果你有任何增量，它看起來像是有一些長期的付款。然後您談到了有機成長和併購機會的靈活性。我對此很好奇，如果 USP 研究有任何潛在的好處，你顯然想弄清楚。

Okay. So I'll go first. So on the Apricot, as you can see, it's got a contingent earn-out and that's obviously -- I mean we have to more than double the revenue that it's currently on. So I think it's a risk-sharing approach then. And earnouts based on different thresholds of NGR, net gaming revenue that the sportsbook itself delivers. So I think it's all incentivized long term. But I think for the initial payment of the EUR 100 million plus in the EUR 40 million, I think that's a really good deal based on the tech stack that we're getting and that comes under ourselves.

好的。那我先走了。所以在 Apricot 上，正如你所看到的，它有一個或有的盈利，這顯然是——我的意思是我們必須將其目前的收入增加一倍以上。所以我認為這是一種風險分擔的方法。以及基於不同 NGR 閾值的獎金，即體育博彩公司本身提供的淨遊戲收入。所以我認為這都是長期激勵的。但我認為，對於 1 億歐元加上 4000 萬歐元的首期付款，我認為基於我們正在獲得的、屬於我們自己的技術堆疊，這是一筆非常划算的交易。

So I think overall, it's -- we managed to find a good ground between them and us to be able to deliver on this deal. And I think going forward, it allows us to, as Alinda said, integrate the teams, get going, understand the priorities and add on any other new businesses or our African business, if we see fit on our trading platform to be able to integrate then. So long term, I think this makes great sense and give us a great foundation now. On M&A, Richard.

所以我認為總的來說，我們設法在他們和我們之間找到了良好的基礎，以便能夠實現這筆交易。我認為，展望未來，正如阿林達所說，它使我們能夠整合團隊，開始行動，了解優先事項，並添加任何其他新業務或我們的非洲業務，如果我們認為我們的貿易平台合適的話，能夠整合然後。從長遠來看，我認為這很有意義，並為我們現在奠定了良好的基礎。關於併購，理查德.

So I think the point that Neal was making is our ability now that we own the sportsbook technology is to apply that should we proceed with any M&A, we're able to apply the ability to those businesses that we may acquire.

因此，我認為尼爾提出的觀點是我們現在擁有體育博彩技術的能力，如果我們進行任何併購，我們就能夠將這種能力應用於我們可能收購的那些業務。

Yes, I guess the question was, is this M&A and organic growth with your own tech stack, does that help your U.S. business? Is that part of sort of the thinking about the broad brush strokes and how you sort of reshape the U.S. business, does that play into that potentially?

是的，我想問題是，這種併購和您自己的技術堆疊的有機成長對您的美國業務有幫助嗎？這是關於整體思路以及如何重塑美國業務的思考的一部分嗎？

Yes. So the technology definitely forms part of our evaluation. As we said before, we're going through a detailed analysis of our options in the U.S. and the technology will be something which we consider as part of that process.

是的。因此，該技術絕對是我們評估的一部分。正如我們之前所說，我們正在對美國的選擇進行詳細分析，我們將把技術視為這個過程的一部分。

I guess is it worth sort of just laying out thinking about just, again, broad brush strokes here, guys, in terms of some of the options you're considering on your U.S. business?

我想，夥計們，就你們正在考慮的美國業務的一些選擇而言，是否值得在這裡再次進行粗略的思考？

Sure. So high level, we're evaluating, let's say, everything apart from the status quo, right? So as we told you in the last release, we are not happy with the status quo. Nothing is off the table at this stage, and it ranges from say, a complete exit all the way to status quo and everything in between. So we're going through extensive analysis at this point with the intention of coming back to you as soon as we can.

當然。這麼高的水平，我們正在評估除了現狀之外的一切，對嗎？正如我們在上一個版本中告訴您的那樣，我們對現狀並不滿意。在這個階段，沒有什麼是不可能的，範圍從完全退出到維持現狀以及介於兩者之間的一切。因此，我們目前正在進行廣泛的分析，以便盡快回覆您。

Okay. Fair enough. The -- I guess on the regulatory environment in the U.S., you guys have quite the background running the global business for as long as you have. Just sort of curious any updates here on the U.S. regulatory environment, the sort of pressure that's sort of early innings here, how that sort of impacts your business and how that plays into sort of how you're, again, looking to sort of reshape your approach to the U.S.

好的。很公平。我想，就美國的監管環境而言，你們擁有經營全球業務的豐富背景。只是有點好奇有關美國監管環境的任何更新，這裡早期的壓力，這對您的業務有何影響，以及這如何影響您再次尋求重塑的方式你對美國的態度

Yes. So I think absolutely -- so it's Neal here, absolutely, we've seen regulation and regulation becomes harder, then they come less hard, et cetera, and we've seen it from the U.K., which has now relaxed some of it -- some of the restrictions are same as Spain. So I think the U.S. is still early days in that journey. And it's also dependent on the regulations, the tax rates. So obviously, we're taking that all into account. But we've seen it without a negotiate through that. And for us, really, the U.S. states are no different to the countries.

是的。所以我認為絕對- 所以尼爾在這裡，絕對，我們已經看到監管變得更加困難，然後它們變得不那麼困難，等等，我們已經從英國看到了這一點，英國現在已經放鬆了其中一些- - 一些限制與西班牙相同。所以我認為美國仍處於這趟旅程的早期階段。它還取決於法規和稅率。顯然，我們正在考慮所有這些。但我們在沒有經過談判的情況下就看到了這一點。對我們來說，實際上，美國各州與其他國家並沒有什麼不同。

If we can see a way to profitability, we will then do them. And if we can't, then we have to take other action. But again, it's all about the extra revenue, the margins we can achieve in these states and in each country. And again, at our operating leverage worldwide is really at maximum potential here because every bit as I said of it, every bit of extra revenue, we deliver much higher EBITDA margins. And that's what this business is about. And what we have to do is take those margins, take the effectiveness of our marketing, the investment we're making in marketing and into these countries and make sure we're getting the best returns we can. And that's what we've been working for the last 2 years that and getting our cost structure right.

如果我們能找到獲利的方法，我們就會這麼做。如果我們不能，那麼我們就必須採取其他行動。但同樣，這一切都與我們在這些州和每個國家所能實現的額外收入和利潤有關。再說一次，我們在全球範圍內的營運槓桿確實發揮了最大潛力，因為正如我所說，每一點額外收入，我們都能提供更高的 EBITDA 利潤率。這就是這項業務的意義。我們要做的就是利用這些利潤，利用我們行銷的有效性，以及我們在行銷和這些國家的投資，並確保我們獲得最好的回報。這就是我們過去兩年一直在努力的目標，並確保我們的成本結構正確。

When you're in states in the U.S. that has casino and sportsbook, so you've got your Betway and Spin sort of working together. What's the profitability of those particular states?

當您在美國有賭場和體育博彩的州時，您的 Betway 和 Spin 可以協同工作。這些特定州的獲利能力是多少？

I think they're probably better. Any state that's got casino in it is a much more profitable state for us. And that's because even if we look today, overall, we make up 80% of the revenue between Betway and Spin is made up of casinos. So I think it's quite obvious where the money is, and that's what we'll be targeting. We ought to target that more. And that's why we're super excited about Africa and Jackpot City that we've launched all -- or starting to launch more across the world because that's added casino revenue into the mix.

我想他們可能會更好。任何有賭場的州對我們來說都是一個更有利可圖的州。這是因為即使我們今天看，總體而言，Betway 和 Spin 之間 80% 的收入來自賭場。所以我認為資金在哪裡是很明顯的，這就是我們的目標。我們應該更多地瞄準這一點。這就是為什麼我們對我們已經推出的非洲和大獎城市感到非常興奮，或者開始在世界各地推出更多，因為這增加了賭場收入。

I guess, Neal, there is sort of, I think, the view that U.S. is a sportsbook market, but it seems like with only 6% of the population here legalized on casino. The feeling is that maybe the second stage of growth is the legalization of casino, which is sort of your lead spot.

我想，尼爾，有一種觀點認為美國是體育博彩市場，但似乎只有 6% 的人口在賭場合法化。感覺也許第二階段的成長是賭場的合法化，這是你的領先點。

So I'm sort of curious, do you believe that the U.S. is in a position to sort of accelerate legalization and the casino over time? And do you think that, that, in fact, would be maybe the inflection point where you have both of those vehicles, your Betway and Spin working together that you could sort of elevate your profitability potential and growth.

所以我有點好奇，你認為美國有能力隨著時間的推移加速合法化和賭場嗎？你是否認為，事實上，這可能是一個轉捩點，你擁有這兩種工具，你的 Betway 和 Spin 一起工作，你可以在某種程度上提高你的獲利潛力和成長。

I think absolutely. But obviously, casino regulations sometimes seems to take much longer than the sports, right? So -- and in different countries and different states have different views on the sports and casino. But for us across the globe is whenever they sports and casino, that's our sweet spot. So -- and my biggest thing with all these markets is -- and we've talked about it before, is the black market operators in those markets and the regulators having to regulate will action the black market operators because we've seen some European countries where they've regulated us, but then the black market operators continue and then you get a total misalignment between what the regulated people can do and what the unregulated.

我認為絕對是。但顯然，賭場監管有時似乎比體育賽事需要更長的時間，對吧？所以——在不同的國家和不同的州對體育和賭場有不同的看法。但對於全球各地的我們來說，只要有運動和賭場，那就是我們的最佳選擇。因此，我對所有這些市場最重要的事情是，我們之前已經討論過，這些市場的黑市運營商和監管機構必須對黑市運營商採取行動，因為我們已經看到一些歐洲的他們對我們進行監管，但黑市運營商仍在繼續，然後你會發現受監管的人和不受監管的人可以做什麼之間完全不一致。

So there's that and that with the regulations. But again, for us is we've got a great brand in sports being Betway. And of course, we've -- and that's got a big casino business within it. And then, of course, we've got Spin. So we are perfectly poised to be able to take on these opportunities, but we've got to take on the right opportunities and give us the right profitability and the right returns.

規則就是這樣。但對我們來說，我們擁有一個偉大的運動品牌 Betway。當然，我們——裡面有一個很大的賭場業務。當然，我們還有 Spin。因此，我們完全準備好抓住這些機會，但我們必須抓住正確的機會，並為我們帶來正確的盈利能力和正確的回報。

Yes. Neal, last question for me. You've been gracious. I mean, given sort of how crucial the U.S. market is and given the opportunity to sort of awaken the casino side and really getting your sweet spot running both those assets together. I mean how would you weight the probability, I guess, of a full exit in the U.S. versus maybe just a recalibration of the states where you can concentrate and minimize your losses and/or potential M&A, which I don't know your appetite for a transformational deal, but I think they're out there.

是的。尼爾，我的最後一個問題。你一直很仁慈。我的意思是，考慮到美國市場的重要性，並有機會喚醒賭場方面，並真正讓你的最佳位置同時運行這兩種資產。我的意思是，我想，您將如何權衡完全退出美國的可能性，還是只是重新調整您可以集中精力並最大程度地減少損失和/或潛在併購的州，我不知道您對此的興趣。是一項變革性的交易，但我認為它們已經存在了。

It just seems like the idea of exiting, given how much potential there is particular in casino, like you said, maybe it takes some time, but the upside here could be tremendous. So could you just sort of help us work through...

考慮到賭場的潛力有多大，就像你說的那樣，這似乎是退出的想法，也許需要一些時間，但這裡的上行空間可能是巨大的。那你能幫我們解決這個問題嗎...

Yes. So I think the way you explained it is perfectly correct. Of course, when it comes to transformational M&A, you can't do a deal if the other parties well overvalued. That's number one. You've only got one chance at a transformational deal and you got to get it drive, and it's going to be fair value to both sides. So that's the first point.

是的。所以我認為你解釋的方式是完全正確的。當然，當涉及轉型併購時，如果其他方估值過高，你就無法達成交易。這是第一名。你只有一次機會達成轉型交易，而且你必須推動它，這對雙方來說都是公平的價值。這是第一點。

The second point, when it comes to the U.S., absolutely, what you say is we're looking at all the options. We understand all the options, and we've got to make a decision that is long term in the best interest of it. And again, as you pointed out, casino is our bread and butter. So we don't want to -- we want to be able to make -- find a way to profitability in those markets. And that's absolutely -- and listen, this is a waiting game. A game, over time, different states can regulate and you got to be in place to have a chance of success, and we fully understand that. But there's a cost for being in play and we just got to make sure what that cost is and weigh it to up.

第二點，當談到美國時，絕對的，你所說的是我們正在考慮所有的選擇。我們了解所有的選擇，並且必須做出符合其最佳利益的長期決定。再說一遍，正如您所指出的，賭場是我們的麵包和黃油。因此，我們不想——我們希望能夠——找到在這些市場實現盈利的方法。這絕對是——聽著，這是一場等待的遊戲。一場比賽，隨著時間的推移，不同的州可以調節，你必須到位才有機會成功，我們完全理解這一點。但參與遊戲是有成本的，我們只需確定該成本是多少並進行權衡。

Our next question comes from Bernie McTernan of Needham.

我們的下一個問題來自李約瑟的伯尼·麥克特南。

This is Stefanos Crist calling in for Bernie. First on Africa, kind of a nitpicky question, but the wording, so the transaction brings Super Group closer to its goal of fully owning and controlling its tech. Are there other parts of the tech stack that you're looking to acquire or maybe build in-house? Just your thoughts there.

我是 Stefanos Crist 來找伯尼。首先是關於非洲，這是一個挑剔的問題，但交易的措辭使超級集團更接近完全擁有和控制其技術的目標。您是否希望收購或內部建置技術堆疊的其他部分？只是你的想法。

Yes. Yes. So just on that remember different parts of our business, some of them own our PAM and some don't. So I suppose this is -- the sportsbook is now completely owned once we get regulatory approval. So that's why -- so that was referring to. So there are some of the PAM that we don't own, but there are businesses that do own it. So we've actually got everything now in the tech stack that we need.

是的。是的。因此，請記住我們業務的不同部分，其中一些擁有我們的 PAM，有些則不擁有。所以我想，一旦我們獲得監管部門的批准，體育博彩公司現在就完全擁有了。這就是為什麼——所以這就是指的。因此，有些 PAM 不屬於我們，但有些企業擁有它。所以我們實際上已經在技術堆疊中獲得了我們需要的一切。

Got it. And then the migration onto the Betway Global Technology completed at the end of March. Just anything you could speak to since that integration, I guess it's been a little over a month now.

知道了。然後在三月底完成了向 Betway Global Technology 的遷移。自從整合以來你可以談論的任何事情，我想現在已經過去一個多月了。

Yes. It's just that it has been a relatively short period of time and all of that data, which we're now getting post migration is the exact data that we're using and analyzing in order to make the best decision about exactly what the right strategy is for the U.S. So it's still a matter of weeks. And that process, obviously, is being prioritized at the highest level that we're going through that data from this new platform. And that's what's going to feed into the ultimate decision about the best way forward.

是的。只是時間相對較短，我們現在在遷移後獲得的所有數據都是我們正在使用和分析的確切數據，以便就正確的策略做出最佳決策對於美國來說，這仍然是幾週的事情。顯然，這個過程在我們正在處理來自這個新平台的資料的最高層級上被優先考慮。這就是關於最佳前進方式的最終決定的內容。

I mean I'll just add in there, but it definitely is much better than what we were on before that significantly.

我的意思是我會在那裡添加，但它肯定比我們之前的情況要好得多。

Got it. And then just last one for me. If there are any updates on Brazil regulation or anything you're looking to come in the near term?

知道了。然後是我的最後一個。巴西法規是否有任何更新或您希望在短期內獲得任何更新？

I guess, like many others, we are actively looking at the market, understanding the process through licensing. And going through the process which with any market that's regulating about -- forming a view about the ability to make long-term profits and then we'll apply for a license there if we see fit.

我想，和其他許多人一樣，我們正在積極關注市場，透過許可來了解流程。並透過與任何正在監管的市場的過程 - 形成關於賺取長期利潤的能力的看法，然後如果我們認為合適，我們將在那裡申請許可證。

At this time, there are no more questions. Thank you again for joining today's call. Conference call has now ended.

此時，已經沒有更多的疑問了。再次感謝您參加今天的電話會議。電話會議現已結束。