SGHC Ltd (SGHC) 2024 Q3 法說會逐字稿

Thank you. Good morning everyone and thank you for joining us today to discuss Super Group's results for the third quarter of 2024. 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 the company's forecast.

謝謝。大家早安，感謝您今天加入我們討論超級集團 2024 年第三季的業績。在本次電話會議中，超級團體可能會發表前瞻性評論，這些評論可能會受到風險不確定性以及其在美國證券交易委員會備案文件中進一步討論的其他因素的影響，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。

Two groups assumes no responsibility to update forward-looking statements. Other than required by law on today's call 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 Supergroups, provide 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 Supergroups website.

兩個集團不承擔更新前瞻性陳述的責任。除法律要求外，今天的電話會議可能會提及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超級組編制的財務績效指標的補充，而不是替代，它們提供了非公認會計原則財務指標與今天早些時候發布的新聞稿中最具可比性的公認會計原則資料的調節，以及可在 Supergroups 網站的投資者關係頁面上查看。

In addition, super will speak to the financial results and metrics in two parts, how the Super group is profitable and cash in to the global business separately from its investments into the US. This aligns with the annual guidance Super group is provided for 2024 and it's consistent with both how Super group views its business internally and how Super will report going forward.

此外，Super將分兩部分講述財務表現和指標，即Super集團如何盈利以及如何從其對美國的投資中分別兌現全球業務。這與 Super 集團為 2024 年提供的年度指引一致，也與 Super 集團內部對其業務的看法以及 Super 未來的報告方式一致。

So we recommend the investors refer to supplemental presentation posted on the website on this call. I'm joined by Neil Manasi, Chief Executive Officer. And during the Q&A session, we'll also be joined by Linda Benwick, Chief Financial Officer, and Richard Hoson, President and Chief Commercial Officer. And now I'll turn the call over to Neil.

因此，我們建議投資人參考本次電話會議網站上發布的補充簡報。執行長尼爾·馬納西 (Neil Manasi) 也出席了會議。在問答環節，財務長琳達·本威克 (Linda Benwick) 和總裁兼首席商務官理查德·霍森 (Richard Hoson) 也將出席。現在我將把電話轉給尼爾。

Thank you. Good morning, everyone and welcome to Supergroups third quarter. 2024 earnings call quarter three was a super quarter total revenue X. The US was an all time high for a third quarter. Growing 13% year over year to EUR395 million adjusted EBITA X. The US also set a third quarter record growing 52% year over year to 95 million. EUR we are successfully executing our strategy of growing key markets while realizing cost efficiencies with a particular focus on optimizing our optics and marketing.

謝謝。大家早安，歡迎來到《超級團體》第三季。2024 年第三季財報電話會議總收入超 X。美國第三季創歷史新高。調整後 EBITA X 年成長 13%，達到 3.95 億歐元。美國第三季也創下了年增 52% 的紀錄，達到 9,500 萬。EUR 我們正在成功執行發展關鍵市場的策略，同時實現成本效益，特別注重優化我們的光學和行銷。

These efforts are clearly reflected in our margin 24% for the second quarter in a row and that's well ahead of our 20% target.

這些努力清楚地體現在我們連續第二季實現 24% 的利潤率，遠遠超出了我們 20% 的目標。

Our casino business is experiencing super growth. Casino represents 83% of overall net revenue for the quarter.

我們的賭場業務正在經歷超級成長。賭場佔本季總淨收入的 83%。

We expect continued growth as we utilize our decades of expertise to expand in key markets. This includes rolling out our spin brands into existing markets which aligns with our multibrand strategy when it comes to key markets. We'd like to highlight the continent of Africa where we see success and significant opportunity for the second quarter running Africa provides the largest portion of our revenue.

隨著我們利用數十年的專業知識在主要市場進行擴張，我們預計將持續成長。這包括將我們的旋轉品牌推廣到現有市場，這與我們在關鍵市場的多品牌策略一致。我們想強調非洲大陸，我們看到了第二季的成功和重大機遇，非洲提供了我們收入的最大部分。

We have operated in Africa for more than a decade and have built a super strong competitive moat. Our Children span seven locally regulated markets and we hold podium positions in five of them and there's more to come.

我們在非洲經營十多年，打造了超強的競爭護城河。我們的兒童遍佈七個當地監管市場，我們在其中五個市場佔據領先地位，未來還會有更多市場。

We have a healthy pipeline of new markets that will be viable in the next 12 months.

我們擁有一系列健康的新市場，這些市場將在未來 12 個月內發揮作用。

Beyond that, the continent is expected to grow by a billion people reaching 2.5 billion people by 2050.

除此之外，到 2050 年，非洲大陸人口預計將增加 10 億，達到 25 億。

We are well positioned to capitalize on this growth with our purpose built platform, local marketing expertise, fully dedicated teams and deep relationships with key stakeholders. We expect to perform very well in this growing market.

憑藉我們專門構建的平台、本地行銷專業知識、完全敬業的團隊以及與主要利益相關者的深厚關係，我們完全有能力利用這一成長。我們期望在這個不斷成長的市場中表現出色。

Second to Africa is Canada, we are experiencing strong year over year growth across both sports and casino and I want to note that jackpot city continues to be a leading brand across the entire country.

僅次於非洲的是加拿大，我們在體育和賭場方面都經歷了逐年強勁的成長，我想指出的是，累積獎金城市仍然是整個國家的領先品牌。

While we plan to continue growing our present in Africa and Canada, the US has proven to be trickier.

雖然我們計劃繼續擴大在非洲和加拿大的業務，但事實證明美國更加棘手。

We've completed the shutdown of our US sportsbook operation. I'm pleased that the associated costs came in around 9 million. EUR less than our previous estimate of 45 million. EUR we continue to assess our igaming business in New Jersey and Pennsylvania. We are closely tracking Kpis and if we can't reach our goals. We will take decisive action, as we've always said, in order to continue operating in the US or any market, we must be able to see a sustainable path to profitability.

我們已經完成了美國體育博彩業務的關閉。我很高興相關成本約為 900 萬美元。比我們之前估計的 4500 萬歐元少。歐元我們繼續評估新澤西州和賓夕法尼亞州的遊戲業務。我們正在密切追蹤 Kpi 以及是否無法實現目標。我們將採取果斷行動，正如我們一直所說的那樣，為了繼續在美國或任何市場運營，我們必須能夠找到可持續的盈利之路。

We expect our quarter four investment to be less than what we invested in quarter three and we are pleased to be seeing some green shoots moving on to the balance sheet. Our financial position is robust and we finished the quarter with unrestricted cash of EUR297 million and no debt. This is after having paid the 10¢ per share initial dividend in July, we are exploring ways to return cash to our shareholders including our plan to initiate a regular dividend of 2.5¢ per quarter to begin in the first quarter of 2025.

我們預計第四季度的投資將少於第三季的投資，我們很高興看到一些新芽進入資產負債表。我們的財務狀況穩健，本季結束時我們擁有 2.97 億歐元的不受限制的現金，並且沒有債務。在 7 月支付每股 10 美分的初始股息之後，我們正在探索向股東返還現金的方式，包括我們計劃從 2025 年第一季開始每季派發 2.5 美分的定期股息。

In the meantime, an option we are considering in the near term is a further special dividend before the end of the year. A possibility we intend to discuss with our board at our next meeting at the beginning of December and which may be assessed each year subject to performance and market conditions. Finally given the strong performance to date, in particular, a spectacular October and assuming normalized sports results. For November and December, we are revising our ex us adjusted EBITDA guidance to exceed 345 million. EUR representing a margin of 22%.

同時，我們近期考慮的一個選項是在年底前進一步派發特別股息。我們打算在 12 月初的下一次會議上與董事會討論這種可能性，並且每年可能會根據業績和市場狀況進行評估。最後考慮到迄今為止的強勁表現，特別是一個精彩的十月並假設體育結果正常化。對於 11 月和 12 月，我們正在修改前美國調整後 EBITDA 指導，使其超過 3.45 億。歐元的利潤率為 22%。

We are seeing the operating leverage in our business kick in and we are really pleased to be above our long term target margin of over 20%.

我們看到我們業務的營運槓桿開始發揮作用，我們非常高興能夠超過 20% 以上的長期目標利潤率。

We look forward to capitalizing on a momentum and closing out a super year for super group.

我們期待著利用這一勢頭，為超級集團結束一個超級的一年。

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，接線員。

We will now begin the question and answer session to ask a question. Please press star then one to enter the queue if your question has already been addressed and you would like to withdraw it. Please press star two and we will now pause momentarily to assemble our roster.

我們現在開始問答環節來提問。如果您的問題已解決並且您想要撤回它，請按星號然後按一進入佇列。請按二號星，我們現在將暫停一下以集合我們的名單。

Our first question comes from Jed Kelly of Oppenheimer. Please go ahead.

我們的第一個問題來自奧本海默的傑德·凱利。請繼續。

Thanks. Thanks for taking my questions. Just following up on your, on your just last comments. Can you, can you talk about sports results globally? How, how they're trending into Q4? And then can you just give a view on you know how super group is, is sort of viewing Latin America and then I have a follow up.

謝謝。感謝您回答我的問題。只是跟進您最後的評論。你能，你能談談全球的體育成績嗎？第四季的趨勢如何？然後你能談談你知道超級團體是如何看待拉丁美洲的嗎？

Okay. Hi. it's Neil here. So sports results. Yes. October were, were really good and the, you know, for, for us and I keep telling everyone when all the favorites win, that's not good for us, but we've had good results there. September funnily enough, which was obviously the, the end of quarter three didn't have such good results. So we produced a really good third quarter without even having those. So for us is and, but you know, very important for us is that, you know, even with the sports, we are counteracting that with our casino, which now makes up 83% of the revenue.

好的。你好。尼爾在這裡。所以運動成績。是的。十月真的很好，你知道，對我們來說，我一直告訴大家，當所有熱門球隊獲勝時，這對我們來說不是好事，但我們在那裡取得了很好的成績。有趣的是，九月份，第三季末顯然沒有這麼好的結果。所以我們在沒有這些的情況下創造了非常好的第三季。所以對我們來說，但你知道，對我們來說非常重要的是，你知道，即使在體育方面，我們也在透過我們的賭場來抵消這一點，賭場現在佔收入的 83%。

Hey, Richard here to come to your question on Latin America, as you know, we are live there in a number of markets at present. Brazil is obviously being spoken about a lot across the industry at the moment. That's a market where we are not currently proceeding in line with all markets that we look at. We want to ensure that we can and identifies the sample path to profitability once we go live. And as Neil mentioned earlier, we currently focus on optimizing our existing footprint and building on our current revenues.

嘿，理查德，我來回答你關於拉丁美洲的問題，如你所知，我們目前在許多市場都有業務。目前整個產業顯然都在談論巴西。我們目前在這個市場上的進展並未與我們所關注的所有市場保持一致。我們希望確保我們能夠在上線後確定獲利的樣本路徑。正如尼爾之前提到的，我們目前專注於優化我們現有的足跡並鞏固我們當前的收入。

And then just, and then just as a follow up. You know, you're obviously generating a fair bit of free cash flow. Can you just talk about how we should view your capital returns policy, another dividend or you know, strategic M&A can you just give us update there? Thank you.

然後就作為後續行動。你知道，你顯然正在產生相當多的自由現金流。您能否談談我們應該如何看待您的資本回報政策、另一項股息，或您知道的策略併購，您能給我們最新情況嗎？謝謝。

Hire Belinda here. Neil mentioned now that we're definitely considering a a supplementary or a special dividend into the last part of quarter four this year. And for the other users of cash, we, we still maintain our strategy just to make sure we invest into our technology and finalizing that project returning money in in the way of marketing spend. That's why especially quarter four with sports is back. We're spending a bit more marketing and on M&A I will let Richard also confirm but there's always assessments being done all the time but nothing firm for quarter four.

在這裡僱用貝琳達。尼爾現在提到，我們肯定會考慮在今年第四季的最後部分發放補充股息或特別股息。對於現金的其他用戶，我們仍然維持我們的策略，只是為了確保我們投資於我們的技術並最終完成該項目以營銷支出的方式返還資金。這就是為什麼第四季的體育賽事又回來了。我們在行銷和併購上花了更多的錢，我會讓理查德也確認，但總是在進行評估，但第四季沒有任何確定的結果。

Yeah. No, nothing that that's worth mentioning on this call. But it is constantly looking at potential strategic opportunities across the market. That makes sense for us.

是的。不，這次通話中沒有什麼值得一提的。但它不斷尋找整個市場的潛在策略機會。這對我們來說很有意義。

Our next question comes from Bernie mctiernan from Needham.

我們的下一個問題來自尼達姆的伯尼·麥克蒂爾南。

Please go ahead.

請繼續。

Great. Thanks for taking the questions, maybe just to start. Neil you mentioned October really strong month. But it seems like sport outcome might have gone the wrong way. So just use detail what you're what you're seeing exactly whether it's on the cost efficiency side or just better kind of like engagement and retention with your customers.

偉大的。感謝您提出問題，也許只是一個開始。尼爾，你提到十月是一個非常強勁的月份。但體育比賽的結果似乎可能出了問題。因此，只需詳細說明您所看到的內容，無論是在成本效率方面，還是在更好的方面，例如與客戶的互動和保留。

So yes and obviously September sport wasn't as good but October, but we had great volumes in our system, our customer base, et cetera. The same is the same happened in October. So really was a spectacular month on all fronts, customer numbers, volumes, revenue, etcetera. So we're seeing it all come through, we're seeing the focus and the efficiencies in our marketing, the the operating efficiencies within with and in our our different companies coming together. So it's all coming together really well and also the focus you can't be in every country we've chosen the countries we're in and the continents we are on and we are full on into those and becoming the best that we can in the market in which we operate.

所以，是的，很明顯，九月的運動不如十月那麼好，但我們的系統、客戶群等都有大量的數據。同樣的情況也發生在十月。從客戶數量、銷售量、收入等各個方面來看，這確實是一個精彩的月份。因此，我們看到這一切都實現了，我們看到了行銷的重點和效率，以及我們不同公司內部的營運效率。所以這一切都很好地結合在一起，而且你不可能在每個國家都集中註意力，我們選擇了我們所在的國家和我們所在的大陸，我們全力投入這些領域，並成為我們能做到的最好的我們經營的市場。

Understood. And then just thinking about the, the top line still would love to just get any color in terms of what year-to-date growth has been excluding India. And the reason why I ask is because the, the growth guide for this year, about 10% there's some FX headwinds in there. You're, you know, comping the India shut down. So as we, you know, start to sharpen our pencils on 25 more, I think there's some reasons why reported revenue could accelerate next year but would love to get your thoughts.

明白了。然後想想，頂線仍然希望得到任何關於今年迄今為止的成長（不包括印度）的資訊。我之所以問這個問題，是因為今年的成長指南大約有 10%，其中存在一些外匯阻力。你知道，你正在讓印度陷入封鎖。因此，您知道，當我們開始在另外 25 個項目上削尖鉛筆時，我認為明年報告的收入可能會加速是有一些原因的，但我很想聽聽您的想法。

Okay. Okay. So it's Neil again, just, just to remind everyone we shut, we closed down India last the end of September last year. So you're 100% right? So ex India, we're up 24%.

好的。好的。又是尼爾，只是為了提醒大家我們關閉了，去年九月底我們關閉了印度。那你是100%正確的嗎？因此，除印度外，我們成長了 24%。

Wow. Okay. Really strong number and then just two more for me. Kind of same thing, longer term, just, you know, all the cost efficiencies there coming through margins better than expected. You know, longer term margins is, you know, you mentioned the longer term target of 20% plus, but should we be thinking, you know, how much more of a plus should we be thinking about and maybe how quickly can you get there?

哇。好的。非常強大的數字，然後對我來說只剩下兩個了。類似的事情，從長遠來看，只是，你知道，所有的成本效率都來自於比預期更好的利潤率。你知道，長期利潤率是你提到的 20% 以上的長期目標，但我們是否應該考慮，你知道，我們應該考慮多少額外的利潤，也許你能多快實現這一目標？

Hi, Bernie Alinda here. Like we've reported now, the two consecutive quarters, we had over 24% margin. The operating efficiencies is definitely now drilling down right to the bottom, which is a very good result for the 18 months. We've been focusing on that. Second to that, we are really looking into our marketing efficiencies. Now, we're really unpacking every campaign and, and marketing investment to make sure there's a great return. So on the long term, we, you know, when we put out that 20% target, we're happy to be it. But now we feel comfortable that we probably will lift that to 22% to 24% during 25 as a as a standard.

嗨，伯尼·阿林達在這裡。正如我們現在所報告的，連續兩個季度我們的利潤率超過 24%。營運效率現在肯定已經深入到底了，這對 18 個月來說是一個非常好的結果。我們一直關注這一點。其次，我們正在真正研究我們的行銷效率。現在，我們正在認真分析每項活動和行銷投資，以確保獲得豐厚的回報。因此，從長遠來看，當我們制定 20% 的目標時，我們很高興能夠實現這一目標。但現在我們感到放心，我們可能會在 25 年內將其提高到 22% 至 24% 作為標準。

Got it perfect. That's great. And then lastly, just one quick modeling question. Should any of the US shutdown costs bleed into bleed into the fourth quarter and and also just any color on and the reconciliation, the press release, there's us shutdown costs and then also just other market closures. What just what that other market closure was the 5 million. EUR.

完美了。那太棒了。最後，只有一個快速建模問題。如果美國的任何停工成本滲透到第四季度，並且只是任何顏色和對賬，新聞稿，就會有美國的停工成本，然後還有其他市場的關閉。那個其他市場封盤是什麼，就是500萬。歐元。

Yes. Ber Bernie Delinda, be happy to report. There's nothing not no more to report in quarter four. That's obviously also why there's an impact on the overall profitability, you know that you see in the press release. But, but sports foreclosure has now been accounted for in quarter three and two. So nothing in quarter four. And then the other market closure is a spill over from India that we just had to report on. It was a processor investment that we just had to in there, but it is just based on last year's closure of India.

是的。Bernie Delinda，很高興向您報告。第四季沒有什麼好報告的了。顯然，這也是對整體盈利能力產生影響的原因，正如您在新聞稿中看到的那樣。但是，但是體育止贖現在已計入第三季和第二季。所以第四季什麼都沒有。然後另一個市場關閉是來自印度的溢出效應，我們剛剛必須對此進行報告。這是我們必須在那裡進行的處理器投資，但這只是基於去年印度的關閉。

Understood. Thanks for taking questions.

明白了。感謝您提出問題。

Our next question comes from Michael Graham of Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Please go ahead.

請繼續。

Thank you and congrats on the improved profitability outlook. I I wanted to ask about Africa, you have a podium position in five of the seven markets that you're live in. And I'm just wondering if you could talk about the difference between, you know, those top five versus the other two. And just maybe share a little bit about, you know, how, how durable you think your, your position is in, in Africa.

謝謝並祝賀獲利前景的改善。我想問非洲的情況，你們所居住的七個市場中有五個佔據了頒獎台。我只是想知道你是否可以談談前五名與其他兩名之間的差異。也許可以分享一些關於，你知道，你認為你的職位在非洲的持久性如何。

Yeah, it's high, it's a n here. So basically, as I said, you know, we've been going for 10 years with a dedicated team of over 1,000 people. The brand, the best brand in particular resonates particularly well in Africa, maybe because of all the branding we do on the football, et cetera. Remember football or soccer is the number one sport there. So, you know, in, in all the podium countries. We, we, we, I mean, in the five countries there, we, we're in podium positions and South Africa, Zambia, Ghana, et cetera, we really, really performing well. I think the other ones we aren't as performing as well as we should but that, but we're on it and we've got a pipeline of a few others to come. But again, we have to set each one and make sure we can get it. And very exciting for us is in most of these countries where they offer online casino. We've been rolling out jackpot city. So we've rolled it out already in South Africa and we're going to be rolling it out in, in Ghana, et cetera. And that's then a hold. So it's getting the double, it's, it's the spin approach and the betway approach for super group in these markets. So it's there. We are got, got big marketing spends there. We've got big revenue there. So, so we are, we are very comfortable with, with the growth opportunities that we see coming out of that continent.

是的，它很高，這裡是一個n。所以基本上，正如我所說，您知道，我們已經與一支由 1,000 多人組成的敬業團隊一起工作了 10 年。這個品牌，尤其是最好的品牌，在非洲引起了特別好的共鳴，也許是因為我們在足球等方面所做的所有品牌推廣。請記住，橄欖球是那裡的第一運動。所以，你知道，在所有登上頒獎台的國家。我們，我們，我們，我的意思是，在五個國家，我們，我們站在頒獎台上，南非，尚比亞，加納等等，我們真的表現得很好。我認為我們在其他方面的表現並沒有達到我們應有的水平，但我們正在努力，而且我們還有其他一些方面的進展。但同樣，我們必須設定每一項並確保我們能夠獲得它。對我們來說非常令人興奮的是，大多數國家都提供線上賭場。我們一直在推出大獎城市。我們已經在南非推出了它，我們還將在加納等地推出它。然後就這樣了。所以它得到了雙重，這是這些市場中超級集團的旋轉方法和投注方法。所以它就在那裡。我們在那裡投入了大量的行銷費用。我們在那裡有很大的收入。所以，我們對來自該大陸的成長機會感到非常滿意。

And then I, I'd love to just get a little more color, you know, on igaming in the US, just maybe talk about the long term view on, on how you're thinking about online casino for you in the US.

然後我，我想對美國的遊戲有更多的了解，也許只是談談您對美國線上賭場的長期看法。

Okay. Hi, it's amil here. So yes, we tried sports. It it didn't work but casino we're really good at. So we, we, we are in New Jersey and Pennsylvania. We are seeing good revenue increase. We're seeing good green shoots again, we're not chasing revenue for revenue and never to make a profit. So we have to make sure we can get to the revenue target that we've set the business which so far they they, they are meeting and then we want to be able to turn this into a profitable business. But if we feel that it gets too far away from being able to achieve profitability, then we have to change stance. But remember the casino business is easier for us and this is what our bread and butter is across the world. So, so America will is, is no different.

好的。嗨，我是米爾。所以，是的，我們嘗試過運動。它不起作用，但我們真的很擅長賭場。所以我們，我們，我們在新澤西州和賓夕法尼亞州。我們看到收入成長良好。我們再次看到了良好的萌芽，我們不會為了收入而追逐收入，也不會為了獲利。因此，我們必須確保我們能夠實現我們設定的業務收入目標，到目前為止，他們正在實現這一目標，然後我們希望能夠將其轉變為有利可圖的業務。但如果我們覺得距離獲利還太遠，那麼我們就必須改變立場。但請記住，賭場業務對我們來說更容易，這就是我們在世界各地的麵包和黃油。所以，美國也會如此，沒有什麼不同。

Okay, thank you, Neil.

好的，謝謝你，尼爾。

The next question comes from Mike Hickey of the Benchmark company. Please go ahead.

下一個問題來自 Benchmark 公司的 Mike Hickey。請繼續。

Hey, Neil Richard Alinda, good morning or afternoon for you guys or evening. Congrats on a great quarter. Fantastic, great year to kudos to all of you. Just following up maybe on Michael's question on the US market, Neil, appreciate the color there. You've obviously size up your losses here, considerably, exiting sports betting on the igaming front. I mean, you know, I mean, it's early days here, obviously 25 is going to be interesting. Just getting a better sense, your path to profitability said you're hitting your revenue targets into 25 and thinking about sort of the political atmosphere and, and the change here. How you think that could impact potentially eye gaming regulation in the US and 25?

嘿，尼爾理查德阿林達，你們早安，下午好，晚上好。恭喜您度過了一個出色的季度。美好的一年，向你們所有人致敬。也許只是跟進邁克爾關於美國市場的問題，尼爾，欣賞那裡的顏色。顯然，您已經相當大程度地評估了自己的損失，並退出了博彩領域的體育博彩。我的意思是，你知道，我的意思是，現在還為時過早，顯然 25 歲會很有趣。只是獲得更好的感覺，你的獲利之路表明你正在將收入目標達到 25，並考慮某種政治氛圍和這裡的變化。您認為這會如何影響美國和 25 國的眼睛遊戲監管？

Yeah, and so so from our point of view for 2025 we are not aiming to, to, to, to invest more, more money than, than, than you've seen in the last two quarters, right? But what we have to see is can we grow the revenue which it has been growing and make sure we do see a path to pos listen with a new government comes new regulations or, or, or not changing the existing regu regulations. So hopefully the the new Republican government sees that and understands that if you over taxx, you get a worse result, right? For example, as you know, we've seen in Germany, they basically just created a black market in Germany and, and then they regulate everyone out of business. So from our point of view, it's, let's, let's, let's, let's see how it goes. I think it's, I think they're pro business. So hopefully that should be good.

是的，所以從我們對 2025 年的角度來看，我們的目標不是投資比過去兩個季度更多的資金，對吧？但我們必須看到的是，我們能否增加一直在成長的收入，並確保我們確實看到了一條傾聽新政府出台新法規或不改變現有法規的途徑。因此，希望新的共和黨政府能夠看到這一點並理解，如果你過度徵稅，你會得到更糟糕的結果，對嗎？例如，正如你所知，我們在德國看到，他們基本上只是在德國創建了一個黑市，然後他們監管每個人都破產了。所以從我們的角度來看，讓我們看看事情進展如何。我認為是的，我認為他們是專業的商業人士。所以希望這應該是好的。

Looking, I guess north here in Canada, you've got a great share position too. Can you just talk about your success in Canada? You, your market share position and, the plus or minus of, of Alberta re regulating here? 25.

看起來，我想在加拿大北部，你也有一個很好的份額。能談談您在加拿大的成功嗎？您、您的市佔率地位以及艾伯塔省的正負值在這裡進行監管嗎？25.

Okay. So, Canada really compared year on year growth OVV overall has, has been very good on Ontario is better. It's not, it's not where we need it to be, but we, I'm still in a good position there. So we, we still have a decent share of the market. Obviously, when we learned the lessons on Ontario from, from, from going from going to the regulated regime. So all the lessons we learned there will, will come into Alberta, I be looking towards the end of 2025 maybe 2026. So we are all ready for that. Our brands resonate there. Remember, we've got Betway, we've got Chatbot City Spin. So we've learned, we know what we need to do. And I mean, probably in Ontario, probably relatively we're under indexing in marketing wise, relative to some of the bigger competitors. But we are now looking at that fixing that and I think the rest of Canada, we've really dug deep and we've really sorted out where we were losing traffic where people were cyber squatting on our brands, especially Chapot City. You know, we've had lots of dealings with Google. We sorted that out and we're sorting out every little bit along the way and I think it's, it's showing in our numbers and I think the distraction of too many countries means that when we're all in on these countries and stuff, we can focus and, and, and get it right, which is what we're doing.

好的。所以，加拿大確實相比OVV整體的年成長，已經非常好，對安大略省來說更好。不是，這不是我們需要的地方，但我們，我仍然處於有利的位置。所以我們仍然擁有相當大的市佔率。顯然，當我們從、從、從走向監管制度中吸取了安大略省的教訓。因此，我們在那裡學到的所有經驗教訓都將進入艾伯塔省，我期待 2025 年底或 2026 年。所以我們都準備好了。我們的品牌在那裡引起共鳴。請記住，我們有 Betway，我們有 Chatbot City Spin。所以我們已經學到了，我們知道我們需要做什麼。我的意思是，可能在安大略省，相對於一些更大的競爭對手，我們在行銷方面可能處於索引之下。但我們現在正在考慮解決這個問題，我認為加拿大其他地區，我們確實進行了深入挖掘，我們確實解決了人們在我們的品牌上進行網路搶注的流量流失的問題，尤其是 Chapot City。你知道，我們與Google有很多往來。我們解決了這個問題，我們正在解決這一過程中的每一點，我認為，它顯示在我們的數字中，我認為太多國家的干擾意味著，當我們全神貫注於這些國家和事物時，我們可以集中精力，並且把事情做好，這就是我們正在做的事情。

Yeah, I guess moving to Africa, you touched on it a bit. You obviously got a huge head start. You've got a number one share position on the continent. Can you just frame for us? Maybe the the market opportunity you see in, in Africa in terms of a competition, it seems like some of the more predominant online players aren't in Africa yet curious why, but obviously, and on your market share, I know you're number one, just curious how consolidated that share is if you have a number in terms of what your total market share is is in that market.

是的，我想搬到非洲，你稍微提到了這一點。顯然你已經取得了巨大的領先優勢。你們在非洲大陸的份額排名第一。你能為我們畫框嗎？也許你在非洲看到的市場機會，在競爭方面，似乎一些更主導的線上玩家並不在非洲，但很好奇為什麼，但顯然，就你的市場份額而言，我知道你是第一，只是好奇如果你有一個關於你在該市場的總市場份額的數字，那麼該份額的鞏固程度如何。

Yeah, we, we, we did a market share but what I can say in on, on that map, we show we're in podium position. So if you take the whole continent, we definitely are. Remember we only open in seven of the countries right there. There's lots of countries, we're not which we're coming to. I think it's been a long, a long time coming. We've been there for 10 years and remember the population is exploding. And on top of that, the use of mobile phones is exploding. And we take the micro bets, we've got high value customers, small, small, small customers. So I think it's the product, it's the brand, it's everything. And as they open up more online casino that obviously helps us tremendously. And we know the product from Europe, we know the product from all the other markets we operate in. And I think our key here is that it's a great brand, great technology and a great unbelievable dedicated team that, that literally every, every ounce of every country that we're in. We, we are working towards making, making the product better. And I think that's, that's, that's where we've got a huge head start is our marketing budget is our global marketing budget. Has the brand in it, which obviously helps resonate and then we can counteract with the with all the country marketing that we do. So now the question is which other markets we go in is the regulation fair in those markets. Tax rates are? So that's why we assess them. So we've got a team that can just do that and that's why as a ringfenced business, Africa is ringfenced, it's on its own. Tech obviously uses our feeds and certain stuff like that that we give them, but it can operate and grow by itself and that I think is the key and the beautiful part is it's got the bedway brand, the chatbot City brand, et cetera. So that's why we see good growth here.

是的，我們，我們，我們取得了市場份額，但我可以在這張地圖上說，我們表明我們處於頒獎台位置。所以如果你拿整個大陸來說，我們絕對是。請記住，我們只在其中七個國家/地區開放。國家有很多，但我們不是要去的。我想這已經是很長一段時間了。我們在那裡已經有十年了，記得這裡的人口正在爆炸式增長。最重要的是，行動電話的使用呈爆炸性成長。我們採取小額賭注，我們有高價值客戶，小，小，小客戶。所以我認為這是產品，是品牌，是一切。隨著他們開設更多的線上賭場，這顯然對我們有很大幫助。我們了解來自歐洲的產品，我們了解我們經營的所有其他市場的產品。我認為我們的關鍵在於，它是一個偉大的品牌、偉大的技術和一支令人難以置信的敬業團隊，幾乎滲透到我們所在的每個國家的每個角落。我們，我們正在努力使產品變得更好。我認為這就是我們擁有巨大領先優勢的地方，我們的行銷預算是我們的全球行銷預算。其中有品牌，這顯然有助於引起共鳴，然後我們可以透過我們所做的所有國家/地區行銷來抵消。所以現在的問題是我們進入的其他哪些市場是這些市場的監管公平的。稅率是？這就是我們評估它們的原因。所以我們有一個團隊可以做到這一點，這就是為什麼作為一個封閉的企業，非洲是封閉的，它是獨立的。科技顯然使用我們的提要和我們提供給他們的某些東西，但它可以自行運行和增長，我認為這是關鍵，最美妙的部分是它有 bedway 品牌、聊天機器人 City 品牌等等。這就是為什麼我們在這裡看到良好的成長。

Do you have a sense of how big the TAM is or potential is in Africa? And what's been the sort of market growth rate or, or maybe even your, your growth rate in the region?

您知道 TAM 在非洲有多大或潛力有多大嗎？該地區的市場成長率或甚至您的成長率是多少？

Yeah. So, so, so we, we think stands about 5 billion and, and and it's obviously been been growing and growing. So again as they open up more of the regulations, I mean, there are countries like Rwanda, et cetera that haven't even got the RZ, you know, so there's Angola, there's lots of them and then there's Senegal which has already and we're not even in. So there are lots of them that we can go to but to find the one, remember everyone that we go to Betway already there, it had a presence in in, in, in the brand. So, so from our, and of course, the most important part is the population. It really is a growing population and it's got access to the internet through, through mobile device.

是的。所以，所以，我們認為大約有 50 億，而且它顯然一直在增長。因此，當他們再次開放更多的法規時，我的意思是，像盧安達等國家甚至還沒有 RZ，你知道，所以有安哥拉，有很多這樣的國家，然後是塞內加爾，它已經並且我們甚至都不在。因此，我們可以去很多這樣的地方，但要找到那個，請記住我們已經去過 Betway 的每個人，它在品牌中存在過。所以，從我們來看，當然，最重要的部分是人口。人口確實在不斷增長，並且可以透過行動裝置存取互聯網。

So we bought from us.

所以就跟我們買了吧。

The regulatory piece, like how do you sort of give comfort to us investors that the regulatory situation in in Africa is, you know, how do you get comfortable there? I guess the question.

監管方面，例如你如何讓我們投資者放心非洲的監管狀況，你知道，你在那裡感到如何舒適？我猜這個問題。

So, I mean, we get this question all the time and we work with the regulators. We, we work with all the government bodies, we help draft the regulation. You know, actually the question should be the other way is what happened in Germany. What happened in the Netherlands? What happened in, in Belgium, you know, they've gone the other way, even what happens to the tax rates in New York. So we understand this, we work with them and that's a risk we have as a business all over the world. But funny enough, I think in Africa, we're working with them and we pay all the taxes in these markets in some of these markets. We're one of the biggest taxpayers. And I think when you're doing that and we're giving our CS RBW cares back back in, into the local communities. We, we are working with them and showing that, that we are helping.

所以，我的意思是，我們一直收到這個問題，我們與監管機構合作。我們與所有政府機構合作，協助起草法規。你知道，實際上問題應該是德國發生的事情。荷蘭發生了什麼事？你知道，在比利時發生的事情，他們走了相反的路，甚至紐約的稅率也改變了。所以我們理解這一點，我們與他們合作，這是我們作為一家全球企業所面臨的風險。但有趣的是，我認為在非洲，我們正在與他們合作，我們在其中一些市場繳納這些市場的所有稅金。我們是最大的納稅人之一。我認為當你這樣做時，我們正在將我們的 CS RBW 關懷帶回當地社區。我們正在與他們合作，並表明我們正在提供幫助。

Do you have any sense of when you think you'll see some of the bigger online players like flutter that 365 you know, some of the global players in online gaming start to look at the more. Maybe they're there already. I don't think they are. But do you have a sense of when they might be coming in?

你有沒有感覺到什麼時候你會看到像flutter這樣的一些更大的線上玩家365你知道，一些全球線上遊戲玩家開始關注更多。也許他們已經在那裡了。我不認為他們是。但你知道他們什麼時候會進來嗎？

And the truth is none of them are, are really there at all. And maybe they were focusing on Brazil, you know, they, they're basically focusing on Brazil, which is why we, we're not, you know, we've, so we, I think we picked our battles and and that's what you do. I think the only one is there is really small is 888, but there's no one else. There really all local operators that, that, that, that local operators we found ourselves up against and different ones in different countries.

事實是，它們都不存在，真的不存在。也許他們專注於巴西，你知道，他們基本上專注於巴西，這就是為什麼我們，我們沒有，你知道，我們已經，所以我們，我認為我們選擇了我們的戰鬥，這就是你做什麼。我認為唯一真正小的就是888，但沒有其他的了。事實上，我們發現自己面臨所有本地業者的挑戰，以及不同國家的不同業者的競爭。

Okay, I appreciate the color guys. Thank you. Good luck.

好吧，我很欣賞這些顏色的傢伙。謝謝。祝你好運。

Thank you.

謝謝。

This concludes the question and answer session. The conference is adjourned. Thank you for attending today's presentation. You may now disconnect.

問答環節到此結束。會議休會。感謝您參加今天的演講。您現在可以斷開連線。