SGHC Ltd (SGHC) 2025 Q2 法說會逐字稿

Good morning. Welcome to Super Group's Second Quarter 2025 Earnings Webcast and Conference Call. My name is Lori. I'll be your moderator today. (Operator Instructions)

早安.歡迎參加超級集團 2025 年第二季財報網路廣播與電話會議。我的名字是 Lori。今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the conference over to our host, Nkem Ojougboh. Please go ahead.

現在我想將會議交給我們的主持人 Nkem Ojougboh。請繼續。

Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the second quarter 2025. During this call, Super Group may make comments of the forward-looking nature that are subject to risks, uncertainties and other factors discussed further in its SEC filings that could cause the actual results to differ materially from the historical results of the company's forecast.

大家早安，感謝您今天加入我們，討論超級集團 2025 年第二季的業績。在本次電話會議中，超級集團可能會發表前瞻性的評論，這些評論受其在證券交易委員會文件中進一步討論的風險、不確定性和其他因素的影響，可能導致實際結果與公司預測的歷史結果存在重大差異。

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, not a substitute for measures of financial performance prepared in accordance with GAAP. Super Group has provided reconciliation of non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page of Super Group's website. Super Group recommends that investors refer to its supplementary presentation posted to the company'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，Super Group 可能會參考某些非 GAAP 財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代。Super Group 在昨天發布的新聞稿中提供了非 GAAP 財務指標與最具可比性的 GAAP 數據的對帳表，該新聞稿可在 Super Group 網站的投資者關係頁面上查閱。超級集團建議投資人參考其在公司網站上發布的補充介紹。

Today, I'm joined by Neal Menashe, Chief Executive Officer; and Alinda Van Wyk, Chief Financial Officer. After prepared remarks, we will open the call for questions.

今天，與我一起出席的還有執行長 Neal Menashe 和財務長 Alinda Van Wyk。準備好發言後，我們將開始提問。

And now I'd like to turn the call over to Neal.

現在我想把電話轉給尼爾。

Thank you, Ink. Good morning, everyone, and welcome to Super Group's Second Quarter 2025 Earnings Call. Today, we are thrilled to report another landmark quarter. As I said, this stemmed from our continued focus on product and cost as well as momentum in key regions. We are reshaping our global presence by entering the US while growing in our core markets. In addition, we are scaling our tech platform and delivering top-tier products.

謝謝你，Ink。大家早安，歡迎參加超級集團2025年第二季財報電話會議。今天，我們很高興地報告又一個具有里程碑意義的季度。正如我所說，這源於我們對產品和成本以及關鍵地區發展勢頭的持續關注。我們正在透過進入美國市場並發展核心市場來重塑我們的全球影響力。此外，我們正在擴展我們的技術平台並提供頂級產品。

Before we jump into the financial results, we'd like to share some important updates. First, we are excited to hire Super Group's first Group Chief Technology Officer. This appointment reflects our commitment to innovation, operating efficiency and synergies across all platforms. Second, on May 13, we announced the appointment of Deloitte as external auditor, a big four audit firm that we expect will assist Super Group through continued growth. Third, on July 8, we announced our intention to exit the US iGaming market. This move supports our ongoing focus on capital discipline and long-term profitability. We thank all Digital Gaming Corporation employees for their contributions over the past few years and for their professionalism throughout this transition.

在我們了解財務結果之前，我們想分享一些重要的更新。首先，我們很高興聘請超級集團首位集團技術長。此項任命體現了我們對所有平台創新、營運效率和綜效的承諾。第二，5月13日，我們宣布任命德勤為外部審計師，我們期待四大會計師事務所之一的德勤能協助超級集團持續成長。第三，7月8日，我們宣布退出美國iGaming市場的意圖。此舉支持了我們對資本紀律和長期獲利能力的持續關注。我們感謝所有 Digital Gaming Corporation 員工在過去幾年中所做的貢獻以及在整個過渡期間表現出的專業精神。

Turning now to our numbers for Q2. We exceeded our own expectations for both total revenue and adjusted EBITDA for Q2 2025, setting new quarterly records for Super Group. The group generated a record total revenue of $579 million, up 30% year-over-year. Group adjusted EBITDA also reached an all-time high of $157 million, representing 78% year-over-year growth and a robust margin of approximately 27%. This demonstrates our significant operating leverage at scale. The exceptional quarter was driven by strong sports outcomes, smarter pricing and continued traction of Bet Builder, our innovative parlay product and robust casino acquisition and retention. Growth was further supported by strong wagering activity with sports betting wagers up 15% and casino wagers up 24% year-over-year, largely due to prioritizing more profitable markets.

現在來看看第二季的數據。我們對 2025 年第二季的總營收和調整後 EBITDA 都超出了自己的預期，創下了超級集團新的季度紀錄。該集團總收入創歷史新高，達到 5.79 億美元，年增 30%。集團調整後的 EBITDA 也達到了 1.57 億美元的歷史新高，年增 78%，利潤率高達約 27%。這顯示我們擁有顯著的規模經營槓桿。這一季度表現優異，得益於強勁的體育賽事結果、更明智的定價、Bet Builder 的持續吸引力、我們創新的聯贏產品以及強勁的賭場收購和保留。強勁的投注活動進一步支撐了增長，體育博彩投注額同比增長 15%，賭場投注額同比增長 24%，這主要是由於優先考慮利潤更高的市場。

Let's now explore our territories. Europe's revenue surged 53% year-over-year, with the UK leading the charge, up 83%. This incredible growth was supported by regulatory clarity, enhanced product and marketing experience and solid contribution from both Betway and Spin brands.

現在讓我們探索我們的領土。歐洲的營收年增 53%，其中英國的收入最高，成長了 83%。這一驚人的成長得益於監管的明確性、增強的產品和行銷經驗以及 Betway 和 Spin 品牌的堅實貢獻。

Spain and Ireland also saw solid growth. In Spain, we expect the momentum to continue with the implementation of our new loyalty program, Super Club. Germany was the primary headwind with the revenue down due to tighter regulatory restrictions and our strategic pullback in marketing spend. Despite this, we successfully grew Germany EBITDA year-over-year, reflecting our rigorous cost management and operating resilience.

西班牙和愛爾蘭也實現了穩健成長。在西班牙，隨著我們新的忠誠度計劃「超級俱樂部」的實施，我們預計這一勢頭將繼續下去。德國是主要的逆風因素，由於監管限制收緊以及我們策略性地削減行銷支出，導致收入下降。儘管如此，我們仍成功地實現了德國 EBITDA 的同比增長，這反映了我們嚴格的成本管理和營運彈性。

Moving on to Africa. We saw growth of 59% year-over-year with broad-based strength across all markets except for Nigeria. Ghana stood out, growing a massive 63% year-over-year, thanks in part to our best influencer product and currency tailwind. South Africa grew 31% year-over-year. Botswana, which only launched in February, also delivered remarkable growth. Its contribution to Africa's revenue rose tenfold to 4.5% in the current quarter. Super Group maintained podium position in seven of the eight African markets that we are in.

繼續前往非洲。除尼日利亞外，所有市場均呈現普遍強勁成長，較去年同期成長 59%。加納脫穎而出，年增 63%，這在一定程度上要歸功於我們最好的影響力產品和貨幣順風。南非年增31%。2 月剛啟動的博茨瓦納也取得了顯著的成長。本季其對非洲營收的貢獻成長了十倍，達到 4.5%。超級集團在所處的八個非洲市場中的七個市場中保持領先地位。

North America grew 23% year-over-year. Canada, not including Ontario, increased 22%. Growth was supported by an increase in deposits and strong customer retention, but the performance in June was negatively affected by gaming server consolidation.

北美年增23%。加拿大（不包括安大略省）成長了22%。存款增加和強大的客戶保留率推動了成長，但 6 月的業績受到遊戲伺服器整合的負面影響。

Ontario delivered 5% year-over-year growth despite ongoing elevated marketing spend from competitors. Growth in the province, while still below our expectations, was a result of better digital marketing and continued customer engagement. In the US, revenue was up 112% year-over-year. We will address our US exit in a moment.

儘管競爭對手的營銷支出不斷增加，但安大略省仍然實現了 5% 的同比增長。雖然該省的成長仍低於我們的預期，但卻是更好的數位行銷和持續的客戶參與的結果。在美國，營收年增112%。我們馬上就會討論退出美國的問題。

APAC faced a challenging quarter. Revenue down 6% year-over-year, but this was still an improvement from last quarter's 13% year-over-year decline. New Zealand was down 13% due to currency and broader macroeconomic headwinds. We also consolidated technology in May, which contributed negatively, but we believe we will ultimately save costs here. We are working to mitigate the impact of various marketing restrictions to position this business for long-term success. Zooming back out, we achieved the highest quarterly EBITDA in Super Group's history, underscoring our powerful operating leverage. As we scale in more markets, we are capturing greater margin on every bit of revenue, hence, the record margin of 27%.

亞太地區面臨一個充滿挑戰的季度。營收年減 6%，但與上一季 13% 的年減相比仍有所改善。由於貨幣和更廣泛的宏觀經濟逆風，紐西蘭股市下跌了 13%。我們還在五月整合了技術，這產生了負面影響，但我們相信最終我們將在這裡節省成本。我們正在努力減輕各種行銷限制的影響，以使該業務長期成功。回顧過去，我們實現了超級集團史上最高的季度 EBITDA，凸顯了我們強大的營運槓桿。隨著我們在更多市場擴大規模，我們在每一點收入上都獲得了更大的利潤，因此，我們的利潤率達到了創紀錄的 27%。

This margin expansion is a direct result of our gameplay, aggressively reinvesting in high-performing markets, maintaining a disciplined cost base, improving our product and process efficiencies, including the strategic implementation of AI and driving marketing effectiveness. You can see this in our lower marketing ratio in the quarter despite higher wagering activity and customer growth.

利潤率的擴大是我們遊戲玩法的直接結果，積極地在高績效市場進行再投資，保持嚴格的成本基礎，提高我們的產品和流程效率，包括人工智慧的策略實施和推動行銷效率。儘管投注活動和客戶成長較快，但您仍可以從本季較低的行銷比率中看出這一點。

We expect these dynamics to continue into the second half of the year, reinforcing our ability to deliver super growth at scale. As part of our high-return investment philosophy, we have made the difficult but necessary decision to proactively exit the US iGaming market. We are doing this despite delivering a record quarter with EBITDA improving to a $5 million loss in Q2 2025 compared to nearly twice that in Q1 2025. Changing dynamics in the US market, including recent tax increase in New Jersey, led us to this decision.

我們預計這些動態將持續到今年下半年，從而增強我們實現大規模超級成長的能力。作為我們高回報投資理念的一部分，我們做出了艱難但必要的決定，主動退出美國 iGaming 市場。儘管我們創造了一個創紀錄的季度，2025 年第二季度的 EBITDA 虧損改善至 500 萬美元，而 2025 年第一季的虧損幾乎是其兩倍，但我們仍在這樣做。美國市場的變化，包括新澤西州最近的增稅，促使我們做出了這個決定。

As part of this exit, we anticipate a onetime restructuring cash cost of approximately $50 million, and we're actively working to reduce the cash. We are incredibly pleased with our operating metrics performance this quarter. We hit a record 5.5 million average unique monthly active customers, representing 21% year-over-year growth. Total sports wagering was also exceptional, hitting $958 million for the quarter, up 15% year-over-year. Our Sportsbook margin also improved from 12.6% in Q2 2024 to 13.9% in Q2 2025. Even more impressive, wagers grew even though the Football Club World Cup was not expected to be as bigger draw as last year's Europe and Copa America events.

作為此次退出的一部分，我們預計一次性重組現金成本約為 5000 萬美元，我們正在積極努力減少現金。我們對本季的營運指標表現感到非常滿意。我們的平均每月獨立活躍客戶數量創下了 550 萬的紀錄，年增 21%。本季體育博彩總額也表現出色，達 9.58 億美元，年增 15%。我們的體育博彩利潤率也從 2024 年第二季的 12.6% 提高到 2025 年第二季的 13.9%。更令人印象深刻的是，儘管預計足球俱樂部世界盃不會像去年的歐洲盃和美洲盃那樣具有更大的吸引力，但賭注卻在成長。

Our balance sheet remains strong. We ended the quarter with $393 million in unrestricted cash and no debt. As a reminder, we declared a regular cash dividend of $0.04 per share in June, bringing our total shareholder dividend for the first half of 2025 to $0.08 per share. In the last 12 months, we have returned $166 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free cash flow generation and stringent capital allocation. Today, we are raising the full year 2025 ex US adjusted EBITDA guidance to between $500 million to $510 million from our previous expectations of greater than $480 million. This $25 million midpoint uplift reflects focused cultivation of our markets. Subject to the final phase of US closure, we expect group adjusted EBITDA of between $470 million and $480 million, inclusive of the US adjusted EBITDA loss of $30 million.

我們的資產負債表依然強勁。本季末，我們擁有 3.93 億美元的非限制性現金，且沒有債務。提醒一下，我們在 6 月宣布派發每股 0.04 美元的定期現金股息，使 2025 年上半年的股東股息總額達到每股 0.08 美元。在過去的 12 個月中，我們向股東返還了 1.66 億美元，其中包括上個季度支付的 2,000 萬美元，這再次證明了我們強勁的自由現金流產生和嚴格的資本配置。今天，我們將 2025 年全年（不包括美國）調整後 EBITDA 預期從先前預期的 4.8 億美元以上上調至 5 億至 5.1 億美元之間。這 2500 萬美元的中點提升反映了我們對市場的重點培養。受美國工廠關閉最後階段的影響，我們預計集團調整後 EBITDA 將在 4.7 億美元至 4.8 億美元之間，其中包括美國調整後 EBITDA 損失 3,000 萬美元。

Looking ahead, we see several compelling drivers for future upside, including a full calendar of global sporting events and a focus on enhanced trading and pricing, increased traction from our best order product, calculated marketing efficiencies, further strength in casino and a revenue mix designed to support long-term margin expansion. We're also investing in our technology platform, particularly in South Africa and Nigeria, and we are preparing to roll out Jackpot City in several markets. We are also actively implementing and seeking new opportunities in the crypto space. These initiatives aim to position us for long-term success as alternative payment methods and digital asset framework become more integrated into regulated gaming ecosystem.

展望未來，我們看到了幾個引人注目的上漲驅動因素，包括全球體育賽事的完整日程表、對增強交易和定價的關注、最佳訂單產品的吸引力增強、計算的營銷效率、賭場的進一步實力以及旨在支持長期利潤率擴張的收入組合。我們也正在投資我們的技術平台，特別是在南非和奈及利亞，我們正準備在多個市場推出 Jackpot City。我們也在積極實施並尋求加密領域的新機會。隨著替代支付方式和數位資產框架更加融入受監管的遊戲生態系統，這些措施旨在幫助我們取得長期成功。

With a strong balance sheet, consistent free cash flow and the addition of a group CTO role to spearhead our technology initiatives, we remain confident that we are well positioned to reinvest in growth and pursue strategic opportunities across key areas of the business. In closing, Super Group is powered by disciplined execution, scalable infrastructure and a data-driven customer-centric strategy.

憑藉強勁的資產負債表、穩定的自由現金流以及新增的集團首席技術官職位來領導我們的技術計劃，我們仍然有信心，我們完全有能力對增長進行再投資，並在業務的關鍵領域尋求戰略機遇。最後，Super Group 擁有嚴謹的執行力、可擴展的基礎設施和數據驅動的以客戶為中心的策略。

With strong financials, a clear plan and an exciting second half ahead, we believe that Super Group will be able to generate further profitable growth and deliver long-term value for our shareholders. All of this is made possible by our super employees. I want to thank everyone, all of them for a superb Q2 achievement.

憑藉強勁的財務狀況、清晰的計劃和令人興奮的下半年，我們相信超級集團將能夠實現進一步的盈利增長並為股東帶來長期價值。這一切都歸功於我們的優秀員工。我要感謝所有人，感謝他們為第二季取得的出色成績所做的貢獻。

I will 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，以便開始提問。操作員？

(Operator Instructions)

（操作員指示）

Ryan Sigdahl, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的瑞安‧西格達爾 (Ryan Sigdahl)。

Good day. Hey, good day, Neil and [Alinda]. Really nice results. Good to see the guidance raised again a month after you just raised it. So I want to stay kind of on that topic. If I just flow through kind of the awesome results in Q2 with the new guidance, it implies revenue and EBITDA are lower year-over-year in the second half of this year. I guess, given the momentum in the business, is there anything that besides conservatism that would cause for unusual compares? Anything else you're seeing in the business subsequent quarter end, kind of how was July? But just, I guess, anything to be concerned about within the business as you look and work your way through Q3 thus far?

再會。嘿，你好，Neil，[阿琳達]。確實效果很好。很高興看到你們在提出指導意見一個月後再次提出指導意見。所以我想繼續討論這個主題。如果我只是根據新的指導方針來回顧第二季度的出色業績，那麼這意味著今年下半年的收入和 EBITDA 同比下降。我想，考慮到業務的發展勢頭，除了保守主義之外，還有什麼因素會導致不尋常的比較？您在下一季末還看到了什麼業務方面的情況？七月的情況怎麼樣？但是，我想，當您回顧並處理迄今為止的第三季時，業務中有什麼需要擔心的嗎？

It's Neal here. No, we definitely don't see it as a deceleration. We obviously continue to maintain a disciplined approach to our forecast. July was off to a great start and it did really nicely. But remember in our business, what happens, our new football season starts in August. And that's the biggest driver of our sports calendar, one of the biggest drivers. And in that, you've got all the new teams serving their new play.

我是尼爾。不，我們絕對不認為這是一種減速。我們顯然會繼續對我們的預測保持嚴謹的態度。七月開局良好，一切進展順利。但請記住，在我們的業務中，我們的新足球賽季將於八月開始。這是我們體育賽事日程的最大驅動力，最大的驅動力之一。在那裡，所有新團隊都發揮著新的作用。

So now what has to happen is we have to see how the rest of August goes in September with how the favorites perform. Because as you know, our business is all about when the favorites don't do so well, the sports results go our way. So from my point of view, that's it. And we're super proud in our business retention, all the rates we've got, and I think you can see that in the growth.

所以現在我們要做的就是看看 8 月份剩餘時間的比賽情況以及 9 月份熱門球隊的表現。因為如你所知，我們的業務就是當熱門選手錶現不佳時，體育比賽的結果對我們有利。所以從我的角度來看，就是這樣。我們對我們的業務保留率、我們所獲得的所有利率感到非常自豪，我想您可以從成長中看到這一點。

Very good. Then US exit, from my standpoint, smart move, reallocate resources where you have better structural advantages. But curious what made you make that decision now? I mean, I think you said 112% revenue growth in Q2. But why now? And then I understand the write-off of assets, but is there anything of value that can be sold here, thinking your player databases, possibly your market access licenses, et cetera? And then kind of last question, the cash costs are expected $50 million, I think, if I caught that right. You said $30 million to $40 million previously. So just kind of bridge what's changed in those expectations. Thanks.

非常好。那麼，從我的角度來看，美國退出是明智之舉，將資源重新分配到具有更好結構優勢的地方。但令人好奇的是，是什麼促使您做出這個決定？我的意思是，我認為您說的是第二季度收入成長了 112%。但為什麼是現在？然後我理解資產註銷，但是這裡有什麼有價值的東西可以出售嗎，例如你的玩家資料庫，可能是你的市場准入許可證等等？最後一個問題，如果我沒理解錯的話，現金成本預計為 5000 萬美元。您之前說的是3000萬到4000萬美元。因此，這只是對這些期望發生的變化的一種彌補。謝謝。

So I think on the US, obviously, it's always about the cost of revenue, the cost of doing business. It's not about just chasing the revenue, can you make the profit on that revenue. So we've always said there's been high cost in the US to make an operating profit, right? So obviously, with some of the tax policy, the regulation in those two states, New Jersey and Pennsylvania, we looked at it and said, actually, the opportunity cost of trying to support our product in that market to try to get to breakeven is actually much better to go into our other markets.

因此我認為，對美國來說，顯然總是與收入成本、經營成本有關。這不僅僅是追求收入，你能否從收入中獲利。所以我們一直說在美國實現營業利潤的成本很高，對嗎？因此，顯然，考慮到新澤西州和賓夕法尼亞州這兩個州的一些稅收政策和法規，我們研究後發現，實際上，試圖在該市場支持我們的產品以達到收支平衡的機會成本實際上要比進入其他市場要好得多。

And that's why you see we can take the whole dedicated team and offering on the Canadian product, the UK product, the New Zealand product. So I think from our point of view, there's huge upside there. We just couldn't see a path to profitability able to fill it up. Alinda will comment on the cost. Obviously, when it comes to the databases, we are all over that trying to sell it, et cetera, and work out on our onerous contracts we've got there what we do with those skills.

這就是為什麼您可以看到我們可以帶領整個專業團隊提供加拿大產品、英國產品和紐西蘭產品。因此我認為從我們的角度來看，這其中蘊藏著巨大的優勢。我們只是看不到能夠填補這一空缺的獲利途徑。Alinda 將對成本進行評論。顯然，當談到資料庫時，我們到處都在嘗試銷售它等等，並根據我們擁有的繁重合約制定我們如何利用這些技能。

Thank you, Neal. The important thing also to note is that obviously, post 2026, we will see some cost savings, which is also into our profile of making sure our margin lift where we don't see the path to profitability, as Neal just referred to. So we do foresee that we can deploy our resources of development costs into more profitable jurisdictions. We foresee a saving of in half year two of 2025 of around $60 million and ongoing in 2026, which we've forecast already. And our general and administrative costs also will have a moment impact on the cost savings.

謝謝你，尼爾。還要注意的重要一點是，顯然，2026 年之後，我們將看到一些成本節約，這也符合我們確保利潤率提升的計劃，儘管我們看不到盈利的途徑，正如尼爾剛才提到的。因此，我們確實預見到我們可以將開發成本資源部署到更有利可圖的司法管轄區。我們預計 2025 年下半年將節省約 6000 萬美元，並且 2026 年還將持續節省，我們已經對此進行了預測。我們的一般和行政費用也會對成本節約產生一定影響。

So just to recap what we've reported on in quarter two, even though the financial impact is at this point, well contained, it did have an impact on quarter two. We had a noncash impairment adjustment of $63.9 million on impairment of the investment and then also some provisions on onerous contracts of around $22.6 million, which is mostly related to our market access agreements. And we do foresee that there would be a small leak into quarter three of around USD 6 million just to close the market out.

因此，回顧我們在第二季報告的內容，儘管目前的財務影響已經得到很好的控制，但它確實對第二季產生了影響。我們因投資減損而進行了 6,390 萬美元的非現金減損調整，並且還對約 2,260 萬美元的不利合約提列了準備金，這主要與我們的市場准入協議有關。我們確實預見到第三季會有大約 600 萬美元的小額洩漏，只是為了關閉市場。

Very good. Thanks guys. Good luck.

非常好。謝謝大家。祝你好運。

Jason Tilchen, Canaccord Genuity.

Canaccord Genuity 的 Jason Tilchen。

Congrats on the strong results. One thing I'm curious about as it relates to marketing. Can you share a bit more about some of the new channels that are driving strong returns? And how much you would attribute that just to the reacceleration of customer growth you've seen over the past few quarters? And maybe a little bit about what type of impact you're seeing from that Williams F1 deal specifically so far this year?

恭喜您取得如此優異的成績。我對與行銷相關的一件事感到好奇。您能否分享一些帶來強勁回報的新管道？您認為這在多大程度上歸因於過去幾季客戶成長的重新加速？能否具體談談今年到目前為止您從威廉斯 F1 協議中看到了哪些影響？

Okay. So as you know, we always looked at our marketing ratio between 23%, 24%. So again, it's not that we fixed on that. It's now becoming what is the dollar amount of how we're deploying it. So of course, we've gone into efficiency mode there to say which elements are we under where are we over and we are redeploying some of the budget into different areas of content, et cetera, different marketing channels. And I think that's making a great impact. On top of that is F1 was just one of our sponsorships. But the F1 is only about the sponsorship, it's about the content. It's about driving all this new traffic to us. So I think we are spearheaded across the globe trying to deliver all of this. So going forward, it's not that we want to stick to two.

好的。所以如你所知，我們一直將行銷比例保持在 23% 到 24% 之間。所以，我們並沒有固定地關注這一點。現在的問題是如何部署它，花費多少錢。因此，當然，我們已經進入了效率模式，可以知道哪些元素是我們關注的，哪些元素是我們關注的，並且我們正在將部分預算重新部署到不同的內容領域，等等，不同的行銷管道。我認為這會產生巨大影響。最重要的是，F1 只是我們的贊助之一。但F1不僅關乎贊助，還關乎內容。這是為了給我們帶來所有這些新流量。所以我認為我們正在全球範圍內帶頭努力實現這一切。因此，展望未來，我們並不想再堅持兩個。

I always say to people when it comes to our marketing, as long as we are seeing the returns of our marketing paying back and reinvesting into these core markets. So I think with that marketing and we get even better and more effective at it with the operating leverage that we get in all these countries that every 1 million extra of revenue we bring in, we bring down 50%, 60% to the bottom line. This is you see this operating leverage coming into effect.

當談到我們的行銷時，我總是告訴人們，只要我們看到行銷的回報，我們就會回報並重新投資於這些核心市場。因此，我認為，透過這種行銷，我們可以做得更好、更有效，而且我們在所有這些國家都擁有經營槓桿，我們每增加 100 萬美元的收入，就能將利潤降低 50% 到 60%。這就是您所看到的經營槓桿開始發揮作用。

Very helpful. And one follow-up. The 14% gross hold for sportsbook, curious how much of the year-over-year improvement you would attribute to sort of sport outcomes being favorable in the quarter versus sort of structural improvements in parlay mix? And how much more opportunity do you see for improvement on that area going forward?

非常有幫助。還有一個後續行動。體育博彩的總持有量為 14%，好奇的是，您會將同比增長多少歸因於本季度體育賽事結果良好，還是歸因於累積投注組合的結構性改進？您認為未來該領域還有多少改進的機會？

We are basically across the world all over the sports margin, right? And again, if you got better parlay mix parlay bets, that helps the sports margin, right? We've obviously got now full calendar of sporting events. We have improved the product, so -- and that helps. And we are keeping working. So I think, yes, in the past few months, there obviously was some better sports results, but you again see that coming into the mix.

我們的體育邊界基本上遍布世界各地，對嗎？再說了，如果你有更好的混合過關投注，那有助於提高體育利潤，對嗎？顯然，我們現在的體育賽事日程已經排得滿滿的。我們已經改進了產品，所以——這很有幫助。我們仍在繼續努力。所以我認為，是的，在過去的幾個月裡，體育比賽的成績顯然有所提高，但你再次看到這種情況的出現。

But our new Bet Builder product, all of that is starting to take effect. So we are constantly trying to improve this margin. But yes, when they all come together, when the favorites aren't winning and really get our sportsbook, this is where we see the uplift.

但我們的新產品 Bet Builder 已開始發揮其作用。因此我們一直在努力提高這個利潤率。但是的，當他們全部聚集在一起時，當最受歡迎的球隊沒有獲勝並真正獲得我們的體育博彩時，這就是我們看到的提升。

Great. Thank you very much.

偉大的。非常感謝。

Jordan Bender, Citizens.

喬丹·本德，公民。

Hey everyone, good morning. Maybe to just follow up on that prior question. It's a topic of discussion we have a lot here in the US with some of the books of how high your gaming margins can get to over time. I guess do you have any sense of like where that level might be, where the ceiling might be in terms of where you can get gaming margins, just given some of the parlay penetration you have across some of your markets? Thank you.

大家好，早安。也許只是為了跟進之前的問題。這是我們在美國經常討論的一個話題，有些書討論的是隨著時間的推移，遊戲利潤可以達到多高。我想，考慮到您在某些市場上的累積投注滲透率，您是否知道這個水平可能在哪裡，以及您可以獲得博彩利潤的上限在哪裡？謝謝。

When it comes to the parlay products, you can definitely get closer to the 20% level, right? But again, it all depends on how many bets are in that. So between our Bet Builder, our Bet Influencer, our risk management software, we implement across the board, we are hoping to increase it and offer more of the type of bets in our systems, right? We're going to be smart here. You can't just go all of that. You've got to balance between the single bets and the parlay bets, et cetera. But that's what we're working with in the casino business, it's a much more constant model. So we've learned how to do that really well. So now we add some other color into the sports side.

當談到聯注產品時，您肯定可以接近 20% 的水平，對嗎？但同樣，這一切都取決於其中有多少賭注。因此，在我們的 Bet Builder、Bet Influencer 和風險管理軟體之間，我們全面實施，我們希望增加它並在我們的系統中提供更多類型的投注，對嗎？在這裡我們要變得聰明。你不能就這樣放棄這一切。您必須在單注投注和累積投注等等之間取得平衡。但這就是我們在賭場業務中所採用的模式，這是一個更穩定的模式。所以我們已經學會瞭如何很好地做到這一點。所以現在我們在體育方面添加一些其他色彩。

Great thank you. And I want to follow up on the crypto comment and implementation in some of your markets. Outside of bringing in just incremental customers who want to leverage that, how should we be thinking about that from a cost structure benefit? I'm thinking in terms of what does that help you with your payment processing costs? Thank you.

非常感謝。我想跟進一些市場對加密貨幣的評論和實施。除了吸引想要利用這一點的增量客戶之外，我們還應該如何從成本結構效益的角度來考慮這一點？我在想這對您降低支付處理成本有什麼幫助？謝謝。

So I think, especially in the African side of our business, we sort of have a banking issue there. I think crypto and coins can make a huge difference there because remember, banking is a really big cost in Africa, especially for us onboarding our customers and then the payments across the continent. So for us, I think crypto then also brings a different customer. As more regulation has come into the regulated market we operate in, that allows crypto.

所以我認為，特別是在我們業務的非洲方面，我們在那裡遇到了銀行業務問題。我認為加密貨幣和貨幣可以在那裡產生巨大的影響，因為請記住，銀行業務在非洲是一筆很大的成本，特別是對於我們接納客戶以及在整個非洲大陸進行支付。因此對我們來說，我認為加密貨幣也會帶來不同的客戶。隨著我們營運的受監管市場推出越來越多的法規，加密貨幣也得到了允許。

It's a different kind of customer, again, a different genre, at the same way in the casinos, we have different genres of casino. Crypto is a different kind of customer. So obviously, that I think helps us. And that's what we are actively looking at. And that's our great long-term play, I think aligns with our strategy and especially on the processing side, if we can do something clever there, which we've got some ideas on that effectively that will bring pure profit to the bottom line.

這是一種不同類型的顧客，同樣，在賭場中，我們有不同類型的賭場。加密貨幣是不同類型的客戶。顯然，我認為這對我們有幫助。這正是我們正在積極關注的。這是我們偉大的長期計劃，我認為這與我們的策略一致，特別是在加工方面，如果我們能在那裡做一些聰明的事情，我們對此有一些想法，這將有效地為底線帶來純利潤。

Great, thank you. A nice quarter.

太好了，謝謝。一個美好的季度。

Bernie McTernan, Needham.

伯尼·麥克特南，尼德姆。

Great, thanks for taking the questions. Maybe just to start, could you -- Neal, you mentioned in your prepared remarks the competitive pressures in Ontario. Can you just describe exactly what those are, who they're coming from? And is this ahead of the -- do you think it's related to the Alberta launches coming up or unrelated?

太好了，感謝您回答這些問題。也許只是開始，你能嗎——尼爾，你在準備好的發言中提到了安大略省的競爭壓力。你能準確描述一下這些是什麼以及它們來自哪裡嗎？這是否領先於——您認為這與即將在阿爾伯塔省推出的項目有關還是無關？

No, I think, again, it's all about the marketing returns we see and the cost of acquisition in that market. But again, is we have now got the extra resource because of the US closure to focus on the product in that region. You can see the rest of Canada is doing really well. And again, we don't want to overspend and just overspend on the customers, but I think with the gamification stuff, we've got coming, et cetera, that we'll start seeing good growth there. But again, the rest of Canada, we can now start implementing in Ontario.

不，我認為，這一切都與我們看到的行銷回報以及該市場的收購成本有關。但同樣，由於美國關閉，我們現在獲得了額外的資源，可以專注於該地區的產品。您可以看到加拿大其他地區的表現非常好。再說一次，我們不想超支，只想在客戶身上超支，但我認為，隨著遊戲化等的推出，我們將開始看到良好的成長。但是，對於加拿大其他地區，我們現在可以在安大略省開始實施。

Understood. And you also mentioned hiring a new group CTO. Can you just talk about some of the benefits? And is this more about bringing products and capabilities? Or is this signaling another replatforming of the tech architecture? Just how should we think about it?

明白了。您也提到聘請一位新的集團技術長。您能談談其中的一些好處嗎？這是否更多的是為了帶來產品和能力？或者這預示著技術架構的另一個重塑？我們究竟該如何看待這個問題呢？

I think it's a disciplined approach that's looking across the board, what we do. Remember, our big thing is all about cost efficiencies. Cost efficiencies come out of the process efficiencies, some come out of the tech stack, some out of our hosting costs. And all of these are what we view as cost centers that are how do we get the best value bang for our buck in those. And that's what we have to do and help integrate all our platforms, et cetera, and understanding how we can scale.

我認為這是一種嚴謹的方法，可以全面審視我們所做的事情。請記住，我們的首要任務是提高成本效率。成本效率有些來自流程效率，有些來自技術堆疊，有些來自我們的託管成本。所有這些都是我們認為的成本中心，我們如何從中獲得最大的價值回報。這就是我們必須做的，幫助整合我們所有的平台等等，並了解如何擴展。

And as we scale, not scaling, but scaling profitably and tie our long-term margin leverage on these platforms, working on the platform and getting it done. So I think on our side, it's taken us a long time to get this role, but I think it's super important for where we are heading.

隨著我們擴大規模，不是擴大規模，而是擴大獲利能力，並將我們的長期利潤槓桿與這些平台聯繫起來，在平台上開展工作並完成任務。所以我認為就我們而言，我們花了很長時間才獲得這個角色，但我認為這對我們的發展方向非常重要。

Understood. Thanks for taking the questions.

明白了。感謝您回答這些問題。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great, thanks for taking my question. I think recently, you did a platform upgrade or iGaming upgrade in South Africa and a couple of other countries. Can you give us a progress on how that's going? And then circling back to your cash balance, how do you plan to deploy that capital? Is it still maybe special dividends? Or is there any areas of M&A that might look attractive given some surrounding areas where you're making nice progress?

嘿，太好了，謝謝你回答我的問題。我認為最近您在南非和其他幾個國家進行了平台升級或 iGaming 升級。能告訴我們事情的進展嗎？然後回到您的現金餘額，您計劃如何部署這些資本？是否仍可能發放特別股利？或者，考慮到您在周邊一些領域取得了良好的進展，是否存在一些看起來有吸引力的併購領域？

Thanks. Thanks for your question. On product -- thanks, Jake, for your question. On product in Africa, I think it was just an upscale of what they currently have. The benefit we have always in Africa is that end-to-end software. So they cover the entire ecosystem. And it was just a change over to a new version of that software. And we've seen -- we're doing that, we obviously can stay abreast of all the enhancements that Neal alluded to, such as bet influencer, et cetera, which becomes a plug-and-play scenario and a faster rollout to other African countries, which is really a big benefit for the business. On cash, yes, with a strong balance sheet of unrestricted cash of $393 million, it gives us obviously the ability to operate and act very fast in case we need to do something.

謝謝。謝謝你的提問。關於產品－謝謝傑克提出的問題。關於非洲的產品，我認為這只是他們現有產品的升級版。我們在非洲一直享有的好處是端到端軟體。所以它們覆蓋了整個生態系。這只是對該軟體的新版本的改變。我們已經看到——我們正在這樣做，我們顯然可以跟上尼爾提到的所有增強功能，例如賭注影響者等等，這將成為即插即用的場景，並且可以更快地推廣到其他非洲國家，這對企業來說確實是一個很大的好處。就現金而言，是的，我們擁有 3.93 億美元的強大無限制現金資產負債表，這顯然使我們有能力在需要採取行動時迅速採取行動。

But our strategy remains consistent. We reinvest in high-return opportunities. We return our capital by dividends, and we will remain to do that for the remainder of the year as the declared dividend at the moment is $0.04 a quarter, and we maintain flexible to make sure that when the opportunity does arise that we will act fast.

但我們的策略是一致的。我們重新投資於高回報機會。我們透過股息返還資本，我們將在今年剩餘時間內繼續這樣做，因為目前宣布的股息為每季 0.04 美元，並且我們保持靈活性，以確保在機會出現時我們能夠迅速採取行動。

And I'll just add on the product in Africa, you have the product across every jurisdiction. And remember, we've launched our product in South Africa is now launching in other markets. So that's another whole growth opportunity. So it's all about the scale and having the best product on the continent. That's what we have to keep doing. And in the rest of the world, we've got to keep building our product to be the best it can be.

我只想補充非洲的產品，你們的產品遍布每個司法管轄區。請記住，我們的產品已在南非推出，目前正在其他市場推出。所以這是另一個完整的成長機會。所以一切都取決於規模和擁有非洲大陸最好的產品。這就是我們必須繼續做的事情。在世界其他地方，我們必須繼續打造最好的產品。

And that's why over the past year, as we keep selling these out, we have over the past year, stopped certain markets across the world and now the US. So the ones we are in, we are all in on and can deliver a great product, great marketing and obviously, great profit. And I look forward to (multiple speakers) --

這就是為什麼在過去的一年裡，隨著我們的產品不斷售罄，我們在過去的一年裡停止了全球某些市場，現在又停止了美國市場。因此，我們全力投入到我們所處的行業中，並能夠提供優質的產品、出色的行銷，當然還有巨大的利潤。我期待（多位發言者）——

Yes, thank you.

是的，謝謝。

Mike Hickey, Benchmark Company.

麥克·希基（Mike Hickey），Benchmark 公司。

Hey Neil, Alinda [on Spencer]. Thanks for taking our questions. Great quarter. Nice to see another bump in your '25 guide as well. Neal, just on the EBITDA, extremely impressive. Obviously, you mentioned 27%. You look at your ex US business, it's 29% in Q2. Maybe there are some onetime tailwinds, but doesn't seem to be anything maybe outside of a better hold really driving sort of a one-off here. So I guess as your business continues this rapid growth, yield even reflecting back on the second half of last year, you had sort of 25% average plus adjusted EBITDA margins. How should we think about your margins growth over time. I think your last guide long term was plus 24%, now it's 25%. Can we see 30% margins sort of over the long term? Thanks, guys.

嘿，尼爾，阿琳達[關於史賓賽]感謝您回答我們的問題。很棒的一個季度。很高興看到您的 '25 指南又取得了進展。尼爾，僅就 EBITDA 而言，就令人印象深刻。顯然，您提到了 27%。看看你的美國業務，第二季的成長率為 29%。或許存在一些一次性的順風，但似乎除了更好的控制之外，沒有什麼能真正推動這種一次性的順風。因此，我猜隨著您的業務繼續快速成長，收益率甚至回溯到去年下半年，您的平均 EBITDA 利潤率將達到 25% 左右。我們應該如何看待您的利潤率隨時間的成長。我認為您上次的長期指導是增加 24%，現在是 25%。從長遠來看，我們能看到 30% 左右的利潤率嗎？謝謝大家。

Yes, of course, we can try and get to 30% margins. The gain, it's all about the scale. It's the extra revenue. Remember every bit of extra revenue is dropping at 50%, 60%. So that's bringing this margin up. But again, it's about the sports results, obviously, they make up 20% of our business with 80% is and we get more gamification into the product. things are helping. And I think you're seeing the is marginally being 27%, all the cost savings, the cost efficiencies are all starting to come through, right? We still have some redundancy costs in H1. But as we get through that and get the right people in the right seats in our organization and it's all about the growth and it's customer centric. So I think over time, listen, we would love to get to 30%. It's possible depending depending on the revenue yes. But again, 25%, 26% where things we got. And before the sports results go our way, we're fifth casino and we get Q2 looking up.

是的，當然，我們可以嘗試達到 30% 的利潤率。收益完全取決於規模。這是額外的收入。請記住，每一點額外收入都在下降 50% 到 60%。這樣就提高了利潤率。但同樣，這與體育賽事結果有關，顯然，它們占我們業務的 20%，而 80% 是，我們將更多的遊戲化融入產品中。事情是有幫助的。我認為您看到的是邊際成長率為 27%，所有的成本節約、成本效率都開始顯現出來，對嗎？我們在上半年仍然有一些裁員成本。但是，當我們度過這一階段並在我們的組織中將合適的人才安排到合適的位置時，一切都與成長和以客戶為中心有關。所以我認為隨著時間的推移，我們希望達到 30%。是的，這是有可能的，取決於收入。但同樣，我們得到了 25%、26% 的結果。在體育比賽結果對我們有利之前，我們在賭場中排名第五，並且 Q2 有望取得進展。

Nice. Thanks, Neil. And then obviously, Africa is a really important country continent for you guys and you had put in position in a lot of markets there, but one is sort of new-ish. Can you talk about your success there? It seems like you guys right from the start have been doing incredibly well. And then I guess, on the flip side, you're doing, rolling up your sleeves in Nigeria, I guess, and trying to recalibrate and build share there. So I guess if you could kind of compare and contrast those two markets for us as best. Thanks guys.

好的。謝謝，尼爾。顯然，非洲對你們來說是一個非常重要的大陸，你們已經在那裡的許多市場上佔據了一席之地，但其中一個市場比較新。你能談談你在那裡的成功嗎？看起來你們從一開始就做得非常好。然後我想，另一方面，你正在尼日利亞捲起袖子，試圖重新調整並在那裡建立份額。所以我想如果您能為我們比較和對比這兩個市場就好了。謝謝大家。

I think Botswana is a great example of what happened when we enter with the right products, regulatory tailwinds and operational focus. High ROI market entry. Obviously, it's not a one talk, it's all those factors coming together, smart deployment of our strategy. It's got proximity to South Africa. So the brand awareness from one country plays into the other, and that's all about our global local branding. Again, the only one that keeps underperforming for us is Nigeria. But that we've got some ideas for and I mean implementing our product is not right we are key focus area again, but the rest of the countries are all starting to show great -- more growth.

我認為博茨瓦納是一個很好的例子，它顯示了當我們帶著正確的產品、監管順風和營運重點進入時會發生什麼。高投資報酬率的市場進入。顯然，這不是一次談話，而是所有這些因素綜合在一起，形成我們策略的明智部署。它與南非很近。因此，一個國家的品牌知名度會相互影響，這就是我們全球本地品牌的全部內容。再一次，我們唯一表現不佳的國家是尼日利亞。但是我們有一些想法，我的意思是實施我們的產品並不正確，我們再次成為重點關注領域，但其他國家都開始表現出更大的成長。

Remember, very importantly, our Jackpot City casino is now coming to most of those markets. It just takes time to be able to indents the content. (inaudible) so Capita is going to go and then the Botswana and Nigeria. So that's a huge another revenue stream. Perhaps you take the good that at and we talked about before, moving up the money, the processing team. We are looking at everything under the wood across the world with all spaces and how we become super efficient. And with AI now is the central, the volume of customers we are getting through our products, how do we get to all of them, how do we get them the best service, that is how we keep inerts all great to get these customers into your ecosystem. If you don't stay in the system as the back, there's no point in a fund or you don't get the value.

請記住，非常重要的是，我們的 Jackpot City 賭場現在已經進入大多數市場。縮排內容只是需要時間。 （聽不清楚）所以 Capita 將會去，然後是波札那和奈及利亞。所以這是另一個巨大的收入來源。也許你會接受我們之前談到的那些好處，那就是增加資金和處理團隊。我們正在研究世界各地所有空間內的所有事物以及如何變得超級有效率。現在人工智慧是核心，我們透過產品獲得的客戶數量，我們如何接觸到所有這些客戶，如何為他們提供最好的服務，這就是我們如何保持惰性，將這些客戶納入您的生態系統。如果您不作為後盾留在系統中，那麼基金就沒有意義，或者您無法獲得價值。

And with AI how we can get to more of them. And that's what we think in our risk software and our call center software. So for us, it's a volume game, but it's trying to treat every customer as if they are our own investors.

而利用人工智慧，我們可以獲得更多的功能。這就是我們的風險軟體和呼叫中心軟體所考慮的。因此，對我們來說，這是一場數量遊戲，但我們試圖將每位客戶視為我們自己的投資者。

Neal, last one from us. Nigeria staying on the country. Obviously, a tremendous amount of citizens there. I would imagine the the TAM is significant as you continue to sort of rewrite your script there and product, do you think you would be in a position for that to be an area of growth maybe outlier growth for you in '26. Thanks, guys.

尼爾，我們最後一個提問者。尼日利亞留在該國。顯然，那裡有大量公民。我認為 TAM 非常重要，因為您會繼續在那裡重寫腳本和產品，您認為這會成為 26 年的成長領域甚至是異常成長嗎？謝謝大家。

We would hope so. Again, has got all our focus is our product right in our offering right and different methods of payment there, et cetera. So that's what we have to do. But -- so I think if we got to set elsewhere and what the other countries still to increase I was saying to us is one that we really would like to get it on the same stride as Botswana because as you said, the populations are from the (inaudible) --

我們希望如此。再次強調，我們的重點是我們提供的產品以及不同的付款方式等等。這就是我們必須要做的。但是——所以我認為如果我們要設定其他地方，而其他國家仍需增加，我想說的是，我們真的希望與博茨瓦納保持同樣的步伐，因為正如你所說，人口來自（聽不清楚）——

Nice, thanks man. Good luck guys.

很好，謝謝老兄。祝大家好運。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks for taking the questions. First one that I have is on the iGaming exit more of a follow-up, I guess. But in terms of resource allocation, does this have a substantial sort of derivative impact on your plans, I guess, whether that's in Europe or UK or you've talked for a while about expansion in Africa. Does that accelerate, I guess, your sort of plans in either continent. And then I guess this is a little bit more of an expense question if he's on. But in terms of retention -- excuse me, your retention dynamics, have you guys seen any downtick, I guess, in sessions or engagement patterns in this sort of handoff period between football season and the Club World Cup? Or has it sort of been in July and early August where you guys wanted to be.

感謝您回答這些問題。我想，我首先要說的是更多關於 iGaming 退出的後續行動。但就資源配置而言，我想這是否會對您的計劃產生實質性的衍生影響，無論是在歐洲還是英國，或者您之前談到的在非洲的擴張。我想，這是否會加速您在兩個大陸的計劃？然後我想如果他上線的話這更像是一個費用問題。但就保留率而言——請原諒我，你們的保留率動態，我想，在足球賽季和俱樂部世界盃之間的這種交接期內，你們是否看到過會話或參與模式有任何下降？或者是你們想要在七月和八月初去。

Okay. So I'll get to pass on the polar then we'll answer pulled Basically, in the US, when we've got for now, we've got the team who can work on our products. So that's real what happened in our business. The Africa product is by itself. So it is separate. What the US is allows us to do is to work on the rest of or this is Canada, UK, Germany, Spain, Ireland, et cetera, a new deal in Mexico. It's those markets that where we've now booked the resource that to now add in the product. And remember, in those markets, we are profitable.

好的。因此，我將傳遞極地，然後我們將回答基本上，在美國，當我們現在擁有時，我們就有一個可以開發我們產品的團隊。這就是我們業務中真實發生的事情。非洲產品是獨立的。所以它是分開的。美國允許我們做的是與其他國家，或與加拿大、英國、德國、西班牙、愛爾蘭等國，以及墨西哥達成一項新協議。我們現在已經在這些市場預訂了資源，準備將其添加到產品中。請記住，在這些市場中我們是獲利的。

So all the extra revenue that our product to revenue we get in, we are super profitable on. So that's really what the key is, right? So it doesn't affect the asset model as they are totally separate. The case is they can't open up in every asset and market straight away be good, you have to get to your product right for each market. But again, when it comes to the data that you're referring to and what we're seeing is, obviously, I think we were pleasantly surprised by the club world cup. And again, the club world cup wasn't expected to be a big betting sport, but it happens to be. And I think that just shows because there was nothing else on and this is probably an piece that pulls it in here. So the good news is you have the club world cup. Then you've got the Europe, then you've got World Cup next year. We are seeing more and more of these competitions in our down season which is effectively when we facing results. I think it's helping there and it definitely help of July.

因此，我們的產品所帶來的所有額外收入都為我們帶來了超額利潤。所以這才是關鍵所在，對吧？因此它不會影響資產模型，因為它們是完全獨立的。實際情況是，他們不可能立即在每個資產和市場上取得成功，你必須針對每個市場推出合適的產品。但是，當談到您所提到的數據以及我們所看到的情況時，顯然，我認為俱樂部世界盃讓我們感到驚喜。再說了，人們原本並不認為俱樂部世界盃會成為一項投注量很大的運動，但事實卻如此。我認為這只是因為沒有其他東西，而這可能是吸引它到這裡的東西。所以好消息是你們將參加俱樂部世界盃。然後你就會有歐洲賽事，然後明年你還會有世界盃。我們在淡季看到了越來越多這樣的比賽，而這正是我們面臨結果的時候。我認為它在那裡有幫助，而且肯定會對七月有幫助。

But remember, the goal happen has also start kicking in. But depending on which currencies you are, there's also the holiday season. So all of these things add up. So the most sports events are the more engagement we land up getting. So across the board, I think that's helped. And I think the more events, some even have one now, the more and more people are engaging in net across the world with all the sports and then, of course, that will be our provision. Thank you.

但請記住，目標也已開始顯現。但根據您使用的貨幣，還有假期。所以所有這些事情加起來。因此，體育賽事越多，我們獲得的參與度就越高。所以總的來說，我認為這是有幫助的。我認為，舉辦的活動越多，有些甚至現在就舉辦一次，就會有越來越多的人參與到世界各地網路體育活動中來，當然，這將成為我們提供的服務。謝謝。

There are currently no questions. So I'll pass the conference back over to speaker and after this or digital remarks.

目前沒有問題。因此，我將把會議交還給發言人，然後進行數位評論。

Okay. Thanks, everyone, for joining today's call, and looking forward to meeting every on our Investor Day on September 18 in London, and by webcast to present Super Group's ongoing strategic initiatives as well as key growth opportunities. Thanks in to all our staff at Super Group for a fantastic quarter two and we always strive for excellence.

好的。感謝大家參加今天的電話會議，並期待在 9 月 18 日於倫敦舉行的投資者日與大家見面，並透過網路直播介紹超級集團正在進行的策略舉措以及關鍵的成長機會。感謝超級集團所有員工在第二季的優異成績，我們始終追求卓越。

Thank you, ladies and gentlemen. That concludes the Super Group's Second Quarter 2025 Earnings Webcast and Conference Call. Thank you for your participation. You may now disconnect your lines.

謝謝各位，女士們、先生們。超級集團 2025 年第二季財報網路廣播和電話會議到此結束。感謝您的參與。現在您可以斷開線路了。