SGHC Ltd (SGHC) 2025 Q3 法說會逐字稿

Hello everyone, and thank you for joining the Super Group third quarter 2025 earnings webcast and conference call. My name is Lucy.

大家好，感謝各位參加 Super Group 2025 年第三季財報網路直播及電話會議。我叫露西。

(Operator Instructions)

（操作說明）

It is now my pleasure to hand over to your host, Enkem Ojibwe, head of investor relations to begin. Please go ahead.

現在，我很高興將發言權交給你們的主持人，投資者關係主管恩肯·奧吉布韋，請他開始發言。請繼續。

Good morning everyone and thank you for joining us today to discuss Supergroup's results for the 3rd quarter 2025.

各位早安，感謝大家今天與我們一起討論 Supergroup 2025 年第三季的業績。

During this call, Supergroup may make comments of a forward-looking nature that are subject to risk, uncertainties, and other factors discussed further in its SEC filings that could cause the actual results to differ materially from historical results or from the company's forecast.

在本次電話會議中，Supergroup可能會發表一些前瞻性評論，這些評論會受到風險、不確定性以及其他因素的影響，這些因素將在其提交給美國證券交易委員會的文件中進一步討論，這些因素可能導致實際結果與歷史結果或公司預測存在重大差異。

Supergroup assumes no responsibility to update forward-looking statements other than is required by law.

除法律要求外，Supergroup不承擔更新前瞻性聲明的責任。

On todays call, Supergroup 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.

在今天的電話會議上，Supergroup可能會提及某些非GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而非替代。

Supergroup has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the investor relations page of Supergroup's website.

Supergroup 已在昨天發布的新聞稿中提供了非 GAAP 財務指標與最可比較 GAAP 數據的調整表，該新聞稿可在 Supergroup 網站的投資者關係頁面上查閱。

Supergroup recommends that investors refer to a supplementary presentation posted to the company's website.

Supergroup建議投資人參考公司網站上發布的補充簡報。

Today I'm joined by Neil Menashe, Chief Executive Officer, and Alinda Von Veig, Chief Financial Officer.

今天和我一起的是執行長尼爾·梅納什和財務長阿琳達·馮·維格。

After our prepared remarks, we'll open the call for questions, and now I'd like to turn the call over to Neil.

在我們發言完畢後，我們將開放提問環節，現在我想把發言權交給尼爾。

Thank you.

謝謝。

Good morning everyone and welcome to Supergroup's third quarter 2025 earnings score.

各位早安，歡迎收看 Supergroup 2025 年第三季獲利評分。

We delivered another strong and resilient performance this quarter, powered by consistent execution, record customer engagement and continued focus on margin expansion.

本季度，我們憑藉持續的執行力、創紀錄的客戶參與度和對利潤率提升的持續關注，再次取得了強勁且穩健的業績。

We achieved this despite customer friendly sports results in September and with customer acquisition up very nicely year on year, we are positioned for a good fourth quarter.

儘管 9 月份體育賽事成績對顧客有利，但我們仍然取得了這樣的成績，而且顧客數量同比增長非常可觀，因此我們為第四季度取得好成績做好了準備。

We enjoy seeing many of you in our London office for our investor Day in September.

我們很高興在九月的投資者日活動中見到各位朋友來到我們在倫敦的辦公室。

Now we'd like to share some key takeaways since then. First, we hit a record of 6 million monthly active customers in September, which we have already surpassed in October.

現在我們想和大家分享一下自那時以來的一些重要經驗。首先，我們在 9 月創下了 600 萬月活躍用戶的紀錄，而我們在 10 月已經超過了這個數字。

This reflects the depth of our global footprint, our localized execution, and the value loyal customers continue to place on our products and platforms.

這體現了我們全球佈局的深度、在地化的執行力，以及忠實客戶對我們產品和平台的持續重視。

Second, we are proud to officially announce the upcoming Q4 launch of SuperCoin, our South African Rand PEG digital assets stablecoin initiative.

其次，我們很榮幸正式宣布，我們的南非蘭特 PEG 數位資產穩定幣計畫 SuperCoin 將於第四季推出。

This marks a significant and strategic step forward in how we think about payments, rewards, and engagement.

這標誌著我們在思考支付、獎勵和參與方面邁出了重要且具有戰略意義的一步。

Finally, despite unfavourable sports outcomes in September, rolling marginally into October, we are raising our full year group revenue and EBITDA 2025 guidance.

最後，儘管 9 月份體育賽事結果不利，並且略微延續到 10 月份，但我們仍提高了 2025 年集團全年收入和 EBITDA 預期。

Before I turn to Linda for the financial details, I wanted to offer a quick overview of our operational performance this quarter and elaborate more on SuperCoin.

在向琳達報告財務細節之前，我想先快速概述我們本季的營運業績，並詳細介紹 SuperCoin。

Europe's revenues surged 46% year over year, with the UK and Spain leading the charge up 71% and 11% respectively. This outstanding performance reflects a combination of regulatory stability, product innovation, and enhanced marketing execution.

歐洲的營收年增 46%，其中英國和西班牙分別成長 71% 和 11%，領先成長。這項卓越業績反映了監管穩定性、產品創新和行銷執行力的綜合作用。

In contrast, Germany continues to be impacted by tighter regulatory restrictions, as well as an intentionally reduced marketing spend to preserve unit economics in a challenging environment.

相較之下，德國繼續受到更嚴格的監管限制的影響，同時為了在充滿挑戰的環境中維持單位經濟效益，還有意圖減少了行銷支出。

Africa delivered 36% year over year growth driven by strong performance across all markets. Botswana remains a standout with continued momentum since launched. Malawi and Tanzania also posted solid gains while South Africa grew 23% year over year.

非洲市場年增36%，這主要得益於所有市場的強勁表現。博茨瓦納自成立以來一直保持著強勁的發展勢頭，表現突出。馬拉威和坦尚尼亞也取得了穩健成長，而南非則是年增了 23%。

In Nigeria, we have successfully completed the migration to our new technology platform, which positioned us for improved scalability and customer experience.

在奈及利亞，我們已成功完成向新技術平台的遷移，這使我們能夠提高可擴展性和客戶體驗。

In Zambia, we are proactively navigating casinos and are making good progress.

在尚比亞，我們正在積極主動地與賭場打交道，並取得了良好的進展。

North America grew 14% year over year. Canada ex Ontario increased 15%, supported by higher deposit volumes and strong customer attention.

北美地區較去年同期成長14%。除安大略省以外的加拿大經濟成長了 15%，這得益於存款額的增加和客戶的強烈關注。

Ontario increased 3%. We are planning to launch a new casino client there in the first half of 2026.

安大略省成長了3%。我們計劃在 2026 年上半年在那裡推出新的賭場客戶端。

APAC revenue was also up 3% year over year, marking a solid improvement from last quarter, 6% decline. In New Zealand, revenue declined 2%, primarily driven by continued marketing restrictions. We are obviously actively addressing this issue.

亞太地區營收年增 3%，較上一季 6% 的降幅有了顯著改善。在新西蘭，收入下降了 2%，主要原因是持續的營銷限制。我們顯然正在積極解決這個問題。

We are on track to launch the ZAR SuperCoin in late November in partnership with LUNA, the largest customer consumer crypto exchange in South Africa. This new South African rand stablecoin is designed to deepen customer loyalty, reward engagement, and enable cross-platform benefits across the supergroup ecosystem.

我們正按計劃於 11 月下旬與南非最大的消費者加密貨幣交易所 LUNA 合作推出 ZAR SuperCoin。這種新的南非蘭特穩定幣旨在加深客戶忠誠度，獎勵參與度，並在超級集團生態系統中實現跨平台利益。

We intend SuperCoin to be more than just a rewards tool. It marks a crucial first step in integrating digital assets into our product stack.

我們希望SuperCoin不僅僅是一個獎勵工具。這標誌著將數位資產整合到我們的產品技術堆疊中邁出了至關重要的第一步。

A digital asset wallet is expected to launch in Q1 2026 starting in South Africa, where adoption of alternative payment methods continues to accelerate.

數位資產錢包預計將於 2026 年第一季在南非推出，南非對替代支付方式的接受度正在持續加速。

This wallet will provide customers with a seamless and secure way to store, send and transact using SuperCoin, and we expect it will lead to cost efficiencies over time.

該錢包將為客戶提供使用 SuperCoin 進行儲存、發送和交易的無縫和安全方式，我們預計隨著時間的推移，這將帶來成本效益。

In the longer-term, we plan to expand availability in line with local regulatory frameworks. With that, I will now turn over to Alinda.

從長遠來看，我們計劃根據當地監管框架擴大供應範圍。接下來，我將把麥克風交給阿琳達。

Thank you Neil. Let's now walk through the financials. We had an exceptional July and August, and despite those sports outcomes that Neil mentioned, our core business outperformed, enabling us to confidently raise our full year guidance above previous investor day targets.

謝謝你，尼爾。現在我們來看一下財務數據。7 月和 8 月我們取得了非凡的成績，儘管尼爾提到了體育賽事的結果，但我們的核心業務表現優異，使我們能夠自信地將全年業績預期提高到高於之前投資者日的目標。

The group generated a total revenue of $557 million up 26% year over year. Group adjusted EBITDA reached $152 million representing 65% year over year growth, with a robust margin of approximately 27%.

該集團總收入為 5.57 億美元，年增 26%。集團調整後 EBITDA 達 1.52 億美元，年增 65%，利潤率穩健，約 27%。

This quarter's margin improvement reinforces the strength of our model. We are investing in markets that deliver the best returns while maintaining cost disciplines and increasing operational efficiency, including expanded use of AI across customer support and trading. We again approved our marketing ratio and still drove record customer engagement and wagering growth. These fundamental disciplined reinvestment, efficiency gains, and a Sharpened ROI positions us to finish this year strongly and carrying momentum into 2026.

本季利潤率的提升進一步鞏固了我們商業模式的優勢。我們正在投資那些能夠帶來最佳回報的市場，同時保持成本控制並提高營運效率，包括在客戶支援和交易中擴大人工智慧的應用。我們再次批准了行銷比例，並仍然實現了創紀錄的客戶參與度和投注增長。這些基本的、有紀律的再投資、效率的提高以及更高的投資回報率，使我們能夠強勁地結束今年，並將這種勢頭延續到 2026 年。

The quarter was also driven by strong sports outcomes in July and August and increased uptake of parlays. Both were further supported by favourable wagering activity, with sports betting wages hitting $901 million for the quarter, up 12%, and casino wages up 20% year over year. Our sports book margins also improved from 11% in quarter three 2024 to 12.8% in Quarter three 2025.

本季業績也得益於7月和8月強勁的體育賽事結果以及串關投注的增加。博彩活動的良好勢頭進一步支持了這兩項數據，體育博彩收入本季達到 9.01 億美元，年增 12%，賭場收入年增 20%。我們的體育博彩利潤率也從 2024 年第三季的 11% 提高到 2025 年第三季的 12.8%。

Our balance sheet remains strong. We ended the quarter with $462 million cash.

我們的資產負債表依然穩健。本季末，我們持有現金4.62億美元。

On the balance sheet over the last twelve months we have returned $136 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free capital generation and careful consideration capital allocation strategies.

在過去十二個月的資產負債表中，我們已向股東返還了 1.36 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大的自由資本創造能力和謹慎的資本配置策略。

Today we are raising our full year 2025 group revenue to be between $2.17 million and $2.27 billion and group adjusted EBITDA guidance to between $555 million and $565 million. This uplift reflects our robust growth in monthly active customers, diversification in our revenue mix, and steady start to quarter four.

今天，我們將 2025 年全年集團營收預期上調至 217 億美元至 22.7 億美元之間，並將集團調整後 EBITDA 預期上調至 5.55 億美元至 5.65 億美元之間。這一成長反映了我們月活躍用戶的強勁成長、收入結構的多元化以及第四季度的穩定開局。

I will now hand back to Neil for closing remarks.

現在我將把發言權交還給尼爾，請他作總結發言。

Thank you, Alinda. Q3 showcase the power of our diversified global footprint, efficient cost structure, and strong operating leverage.

謝謝你，阿琳達。第三季充分展現了我們多元化的全球佈局、高效的成本結構和強大的營運槓桿作用。

Even in a tough sports hold environment, we delivered record customer activity, 65% year over year growth in EBITDA and consistent reinvestment in our products and tech platforms.

即使在艱難的體育賽事競爭環境下，我們仍然實現了創紀錄的客戶活躍度、EBITDA 年成長 65%，並持續對我們的產品和技術平台進行再投資。

As we move into the final quarter of 2025, we remain focused on executing our growth strategy, unlocking further margin expansion and delivering long-term value to our shareholders.

進入 2025 年最後一個季度，我們將繼續專注於執行成長策略，進一步擴大利潤率，為股東創造長期價值。

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

現在我將把電話轉交給接線員，由接線員開始回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

The first question comes from Jason Tilchen of Canaccord Genuity. Your line is now open, please go ahead.

第一個問題來自 Canaccord Genuity 的 Jason Tilchen。您的線路已開通，請繼續。

Hi, good morning and thanks for taking my question.

您好，早安，感謝您回答我的問題。

One thing I'm curious about if you could share a little more detail regarding the magnitude of the difference in payments costs in Africa relative to some of the other markets you operate in, and a little bit more about maybe the level of investment required in this initiative relative to the potential savings over time from reduced payments costs.

我很好奇，您能否更詳細地介紹一下，非洲的支付成本與您經營的其他一些市場的支付成本差異有多大，以及這項計劃所需的投資水平與支付成本降低帶來的長期潛在節省相比如何。

Thank you.

謝謝。

Yes, so in Africa because of the wallets and stuff it's significantly more than other markets in the world.

是的，在非洲，由於錢包之類的東西，價格比世界其他市場高得多。

So with this initiative it can over time obviously reduce that and yet the costs involved in implementing the SuperCoin haven't been excessive at all. It's actually quiet, it's easily manageable and over time obviously with the engagement in the customer base going forward, we are really excited about this opportunity.

因此，這項措施顯然可以隨著時間的推移減少這種情況，而且實施超級幣的成本也不高。實際上，它很安靜，易於管理，而且隨著時間的推移，隨著客戶群的參與度不斷提高，我們對這個機會感到非常興奮。

And just to follow-up on that, you mentioned in prepared remarks a few times about rewards. I'm just curious what the opportunity is to potentially use this as a mechanism to drive retention for the user base in those markets.

另外，關於這一點，您在準備好的發言稿中多次提到了獎勵。我只是好奇，能否利用這種方式來提高這些市場的用戶留存率。

Yes, it's all about our customer acquisition keeping the retention of our customers and keeping them in our ecosystem. So with the SuperCoin, there's lots of different benefits we can give them as they start interacting with that because it's a matter that we will control and we're in total control of that destiny.

是的，一切都圍繞著客戶獲取、客戶留存以及將他們留在我們的生態系統中。所以有了超級幣，當他們開始與它互動時，我們可以為他們帶來很多不同的好處，因為這是我們控制的事情，我們完全掌控著他們的命運。

So for us it's a very exciting opportunity because of that.

因此，對我們來說，這是一個非常令人興奮的機會。

There's bonus money you can give them, there's lots of different things you can you can get them.

你可以給他們獎金，還可以給他們很多其他東西。

Great thank you very Much.

非常感謝。

Thank you. The next question comes from Jordan Bender of Citizens. Your line is now open. Please go ahead.

謝謝。下一個問題來自 Citizens 的 Jordan Bender。您的線路已開通。請繼續。

Hey everyone, thanks for the question. I want to start on guidance. Adjusting for the tough sports comp in the prior year for Q4 revenue still implies slowing growth trends from what we have seen year-to-date.

大家好，感謝大家的提問。我想先從指導工作開始。考慮到去年同期體育賽事的高基數效應，第四季度營收仍呈現成長放緩的趨勢，與我們今年迄今所看到的相比，成長速度有所放緩。

Are you seeing anything into November that would imply anything slowing across some of your major KPIs outside of just some of the poor sports results that have bled into October?

除了延續到 10 月的一些糟糕的體育賽事成績之外，您是否觀察到 11 月會出現任何跡象表明您的主要 KPI 指標出現放緩？

Thank you, Jordan, for your question.

謝謝你的提問，喬丹。

We in the guidance for the remainder of the year, we just assumed a normalized sport hold in line with around 14% as you can see in the investor presentation we've prepared a slide on that.

在今年剩餘時間的業績指引中，我們假設體育賽事正常化後的成長將維持在 14% 左右，正如您在投資者簡報中看到的那樣，我們已經為此準備了一張幻燈片。

We can't, as it's very tricky for us to have any kind of understanding the impact of when it does have an outlier like in September, but what happened in September as well, because July and August was so significantly higher, you do have an equalized quarter.

我們無法做到這一點，因為要了解像 9 月那樣出現異常值的影響非常困難，但 9 月的情況也是如此，因為 7 月和 8 月的數據明顯偏高，所以 9 月的數據基本上持平。

So that's why we just kept it normalized. And we're also very excited about the continued momentum in the customer activity fuelled by also marketing efficiencies in line with our prior quarters, so that all will help deliver that last part of the year.

所以這就是我們保持其正常化的原因。同時，我們也對客戶活躍度持續成長的勢頭感到非常興奮，這得益於行銷效率的提高，與前幾季保持一致，所有這些因素都將有助於實現今年最後幾個月的目標。

And furthermore, we just have to rely on consistent execution and a seasonal supportive calendar.

此外，我們只需要依靠持續的執行和季節性的支援日程。

And also in Jordan that obviously quarter four 2024 was a hard come because the sports margin was at 15.9%.

而且在約旦，2024 年第四季顯然來得並不容易，因為體育利潤率只有 15.9%。

Perfect thank you and then just maybe to fall from the US business, anything left from a revenue or a cost standpoint we should be expecting in the fourth quarter.

非常感謝。然後，或許美國業務會下滑，從收入或成本的角度來看，我們應該會在第四季度看到任何剩餘的損失。

So the gaming operations is all wrapped up in the US and that the only thing that is now that we're just doing is the operational wind down and wrap up in the guidance for quarter four we've included that that is an absolute immaterial number so and we won't foresee any revenues coming through in quarter four.

因此，美國的博彩業務已經全部結束，我們現在唯一在做的就是結束運營，並在第四季度的業績指引中已經說明，這是一個絕對無關緊要的數字，因此我們預計第四季度不會有任何收入。

Perfect thank you and really nice quarter.

非常感謝，這季度真的很棒。

Thank you Thank you.

謝謝。謝謝。

The next question comes from Jed Kelly of Oppenheimer.. Your line is now open. Please go ahead.

下一個問題來自奧本海默公司的傑德·凱利。您的線路已開通。請繼續。

Hey, great, thanks for taking my questions. I think you highlighted, we are kind of watching some tax developments here, in a couple of countries in Africa and then potentially in the UK. Can you just remind us, how much of a tax cushion you baked in and sort of some of the medium term guidance you laid out at your recent investor today?

嘿，太好了，謝謝你回答我的問題。正如您所指出的，我們正在密切關注非洲幾個國家以及英國的一些稅收動態。您能否提醒我們一下，您在計劃中預留了多少稅收緩衝，以及您今天在投資者會議上提出的一些中期指導意見？

So remember taxes obviously with us the way to mitigate taxes is number one cost efficiency, cost efficiencies in everything we do, then it's the product efficiencies and it's the marketing efficiencies.

所以，記住稅收問題，對我們來說，減輕稅負的方法是：首先是成本效益，我們所做的每一件事都要提高成本效益；其次是產品效率；最後是行銷效率。

So, all of that is coming together and for us we have lots of headroom there to take some of these tax increases. The big one for everyone's mind is the UK. And how much they plan to go, but for us we have got a resilient business model and we are growing.

所以，所有這些因素綜合起來，對我們來說，我們有足夠的空間來應對這些增稅措施。大家最關心的還是英國。至於他們計劃發展到什麼程度，我們擁有一個具有韌性的商業模式，而且我們正在不斷成長。

So yes, it might take some of some of the extra profit out of it, but with all the other savings coming in we have to mitigate against the.

所以，是的，這可能會減少一些額外的利潤，但考慮到其他方面的節省，我們必須抵消這種影響。

Reference to Africa, the only really impact at the moment on tax in Africa is around Zambia, and that's been embedded in the Q4 guidance forecast.

就非洲而言，目前對非洲稅收真正產生影響的只有尚比亞，而這已經反映在第四季業績預測中。

Got it thanks that's helpful. And then just circling back to Ontario, I think it's growing. You said you highlighted it's growing.

明白了，謝謝，很有幫助。然後回到安大略省，我認為它正在發展壯大。你說你強調了它正在成長。

3%, I think overall Canada's growing high teens.

3%，我認為加拿大整體成長率接近10%。

How should we think about, Alberta's growth rate when that market legalizes? Should we think that growth mid-single-digits, or do you think you can maintain sort of, that strong growth you're seeing in the rest of Canada?

我們該如何看待阿爾伯塔省市場合法化後的成長率？我們應該認為成長率會是中等個位數，還是您認為可以保持像加拿大其他地區那樣強勁的成長動能？

Thank you.

謝謝。

So I think we've learned our lessons as we say in Ontario again we've got the new clients. Being launched there shortly next quarter in Canada in Ontario, and we're enhancing the products so all of that will help us deliver more in Alberta, but this is one that I would say Alberta would be higher.

所以我覺得我們已經吸取了教訓，就像我們在安大略省常說的那樣，我們又有了新客戶。我們將在下個季度在加拿大安大略省推出該產品，並且我們正在改進產品，所有這些都將有助於我們在阿爾伯塔省提供更多服務，但我認為阿爾伯塔省的業績會更好。

We would expect to be closer to what we see in Canada.

我們預計情況會更接近加拿大的情況。

Thank you.

謝謝。

Thank you. The next question comes from Bernie McTernan of Needham. Your line is now open. Please go ahead.

謝謝。下一個問題來自尼德姆的伯尼·麥克特南。您的線路已開通。請繼續。

Hi, this is Stefanos Chris calling in for Bernie. Thanks for taking our questions. Pretty healthy margin level despite some negative sports results. Can you just talk about the puts and takes on margin in the quarter and if that's sustainable going forward?

大家好，我是斯特凡諾斯·克里斯，我打電話來支持伯尼。謝謝您回答我們的問題。儘管體育賽事結果不盡人意，但利潤率依然相當健康。您能否談談本季保證金的買賣情況，以及這種狀況是否可持續？

Yes, directly 100%. Our model benefits from mixed towards higher quality casino revenue.

是的，完全正確。我們的模式受益於混合型賭場收入，從而獲得更高品質的賭場收益。

We also have the strong geographic diversification and what we have been seeing, even though the sports results been under pressure, we have seen increased par late contribution. It had a favourable impact.

我們也擁有強大的地域多元化，而且我們看到，儘管體育成績面臨壓力，但後期貢獻卻有所增加。它產生了積極的影響。

As well as what Neil and I constantly talk about our structural efficiencies as we roll out AI enabled operations and discipline processing negotiations, etc. We definitely believe that this margin is sustainable.

除了我和尼爾經常討論的我們在推出人工智慧賦能的營運和規範談判流程等方面的結構效率之外，我們堅信這種利潤率是可持續的。

Got it, thank you. And then you called out Strength in the UK and Spain, anything specific to call out there.

明白了，謝謝。然後你提到了英國和西班牙的實力，有什麼具體的事情需要提拔嗎？

Thank you.

謝謝。

So I think if you take the UK and Spain, it's the product again remember we closed a lot of markets and I keep telling people that when we close those markets we will then be able to focus the resource in on the markets where we're winning and that you can see that in all the stuff we're doing on par, the product, the processing, everything that happens in the product is. Direct correlation of how those numbers are going.

所以我覺得，以英國和西班牙為例，關鍵還是在於產品。記住，我們關閉了很多市場，我一直告訴大家，當我們關閉這些市場後，我們就能把資源集中到我們正在獲勝的市場。你可以看到，在我們所做的所有事情中，無論是產品、加工，還是產品相關的一切，都達到了相同的水平。這些數字的變化趨勢與它們本身直接相關。

So, it's not, this is a dedicated resource allocation, and we keep pushing more and more, and our grand strength obviously is compounding. Spain, we've got like the super club loyalty was introduced, ongoing product upgrade, and so all of that's coming together and that's all about the operating leverage that fits in our platforms.

所以，這不是一項專門的資源分配，我們一直在不斷加大投入，我們的巨大實力顯然也不斷增強。在西班牙，我們推出了超級俱樂部忠誠度計劃，持續進行產品升級，所有這些都匯聚在一起，而這一切都與適合我們平台的營運槓桿有關。

Got it thank you.

明白了，謝謝。

Thank you. The next question comes from Clark Lampon of BTIG. Your line is now open. Please go ahead.

謝謝。下一個問題來自 BTIG 的 Clark Lampon。您的線路已開通。請繼續。

Thanks for taking the question, Neil. Maybe I can follow-up a little bit on that comment around UK growth and the product and the product, I guess, sort of driver underpinning it.

謝謝你回答這個問題，尼爾。或許我可以就英國的成長、產品以及產品本身（我想）作為其背後驅動力這一點再補充一些內容。

I was that apricot driven and if so, is that something that we should think about maybe being sort of earlier stages with the UK sportsbook and then sort of second question as we think about the sports book business overall, maybe it's sort of a follow-up on Jordan's question around the forward outlook.

我當時是受杏子驅動的，如果是這樣的話，我們是否應該考慮在英國體育博彩業的早期階段就考慮這個問題？第二個問題是，當我們考慮整個體育博彩業務時，這或許是對喬丹關於未來前景問題的後續問題。

If we sort of run forward the numbers, with seasonal improvements in your customers in line with what we have seen in the past, it would seem like there was a pretty significant downtick on a per customer basis. Is that in any way sort of related to engagement patterns?

如果我們根據以往的經驗，將客戶數量的季節性成長情況進行推算，那麼每位客戶的數量似乎出現了相當大的下降。這和用戶參與模式有任何關係嗎？

Have you seen any downtick or maybe should we read this as just sort of a prudent. A way of approaching, I guess the sort of work you've set up and modelling.

你有沒有看到任何下滑趨勢？或者我們應該把這理解為一種謹慎的做法？我想這是一種處理你所建立和建模的那種工作的方法。

Thank you.

謝謝。

Okay, so just back on the UK, obviously I think we under indexed the brand was really good in the UK, but as we've got more focus on the product you've seen the uptick there plus remember we've also launched the casinos jackpot, etc.

好的，回到英國市場，顯然我認為我們低估了該品牌在英國的影響力，它在英國真的很好，但隨著我們更加專注於產品，你們已經看到了銷量的增長，而且別忘了我們還推出了賭場累積獎金等等。

And we put a lot of effort into that. So, all of that's coming together. Plus you've got the parlay mix that product which is obviously that we purchase from Apricot, so we're finally getting over the line and owning it in the next few months is all coming together because we actually own 100% of the roadmap there and what's happening.

我們為此投入了大量精力。所以，所有這些因素都匯聚到了一起。此外，我們還有 Parlay Mix 產品，顯然我們從 Apricot 購買了該產品，所以我們終於要完成收購，並在接下來的幾個月內擁有它，一切都在朝著好的方向發展，因為我們實際上擁有 100% 的產品路線圖和正在發生的事情。

So that's all coming together for what I call Betway Global internationally. Obviously, the Bet Africa has always been running a superb product, right?

所以這一切最終匯聚成了我所謂的 Betway Global 國際化。顯然，Bet Africa 一直以來都提供著非常出色的產品，對吧？

So that all helps. And no, I think when it comes to the outlook and stuff, it's not listen we are always prudent as you know we this is how we operate again we're still 80% and this corner I think was 83% or something casino. It just depends how the football lay of the land actually falls in because football is our number one sport. I think in September what we thought.

這樣一來，一切都會有幫助。不，我認為就前景之類的而言，我們始終謹慎行事，正如你所知，這就是我們的運營方式，我們仍然保持 80% 的營業額，而這個角落我認為是 83% 或更高的賭場營業額。這完全取決於足球的實際情況如何，因為足球是我們的第一運動。我想我們在九月的想法就是這樣。

With the Champions League was that all the favourites were winning in the Champions League round robin, but now we're starting to move into the next couple of months into the next phase and that's when the favourites don't always win. So for us it's just being prudent.

在歐冠聯賽中，所有奪冠熱門都在循環賽階段取得了勝利，但現在我們即將進入接下來的幾個月，進入下一階段，而在這個階段，奪冠熱門並不總是能夠獲勝。所以對我們來說，這只是謹慎的做法。

We've got for me it's all about and it's all about customers in the house and how they're engaging and we're delivering more and more of those.

對我來說，一切都與顧客有關，都與顧客的參與度有關，而我們正在不斷提高顧客的參與度。

And then that's why I said October's numbers of customers in the house even more than September.

所以，我才說十月的顧客人數甚至比九月還要多。

Okay, if I can throw one more in, your Africa growth was up 36% this quarter. Anything that you would call out sort of along the lines of, the same sort of underpinning drivers with product in that territory and maybe more importantly, how should we think about the sustainability of growth at an elevated pace.

好的，如果我可以再補充一點，你們非洲地區的成長率本季達到了 36%。任何類似這樣的問題，例如該地區產品面臨的相同潛在驅動因素，以及更重要的是，我們應該如何看待高速成長的可持續性。

Thank You.

謝謝。

It's definitely more durable broad based growth.

這無疑是一種更持久、更廣泛的成長。

We do obviously see Botswana as a standout in the mix when it comes to first launch. I mean, Botswana was about 4% in 14%, 6.5% in.

顯然，我們認為博茨瓦納在首發國家中脫穎而出。我的意思是，博茨瓦納的這一比例約為 4%（14%），6.5%（14%）。

So that just shows how that. Country contributed to the growth of Africa but generalize the growth is around the consistent African consistently across all the African countries, and we have also just completed the Nigeria tech migration which we hope to also see a nice uplift in stability in the next couple of months.

這正好說明了這一點。該國為非洲的成長做出了貢獻，但總體而言，成長是圍繞著非洲各國持續穩定的成長展開的，而且我們剛剛完成了尼日利亞的技術遷移，我們希望在接下來的幾個月裡也能看到穩定性的顯著提升。

And then just to conclude, remember we have launched jackpot City as a secondary casino brand in Africa. It's now live in South Africa, Ghana, Malawi, and Tanzania. And we foresee that Ghana will be the launch will happen in Ghana now.

最後，請記住，我們已經在非洲推出了 Jackpot City 作為我們的第二大賭場品牌。目前已在南非、加納、馬拉威和坦尚尼亞上線。我們預計此次發表會將在加納舉行。

So we have done that. So, I think we set out that we have got to get our casinos in all the markets we are operating in, and that's the same for the UK, for Africa. We are now hopefully coming soon to Spain and then the last one that we got some tech stuff to do there's quite restrictive of what we have to do.

我們已經做到了。所以，我認為我們一開始就決定，必須在我們經營的所有市場開設賭場，英國和非洲也是如此。我們現在預計很快就會來到西班牙，而我們上次在那裡做一些技術方面的事情，對我們必須做的事情有很多限制。

Thank you. The next question comes from Ryan Sital of Craig Helen. Your line is now open. Please go ahead.

謝謝。下一個問題來自 Craig Helen 的 Ryan Sital。您的線路已開通。請繼續。

Hey, good day, really nice results. Want to move or stay on the hold kind of the sports impact in September. If I look at August look like it was kind of an outsized good guy, for the sportsbook from a whole standpoint when, offset by, September.

嘿，你好，結果真不錯。想看看9月體育賽事會受到怎樣的影響，是繼續觀望還是保持觀望。如果從整體上看，8 月對體育博彩來說似乎是一個過於有利的因素，但 9 月的情況則抵消了這一影響。

Are you able to kind of net those two together throughout the whole quarter on kind of what the. The net impact was from sports gross margin impact relative to what you were expecting.

你能否在整個季度中將這兩者結合起來，看看會發生什麼？淨影響來自於體育賽事毛利率相對於您預期情況的影響。

So I think it's on slide Twelve in the Invested we've included quite a nice slide now just to explain the ebbs and the flows of sports margin, which is obviously, you can't really predict any of that. So, what we have just started to see like you will explain as well is the timing of the matches.

所以我覺得在《投資》雜誌的第十二張投影片裡，我們現在加入了一張很不錯的投影片，用來解釋運動利潤率的漲跌，顯然，你根本無法預測這些。所以，正如您將要解釋的那樣，我們剛開始看到的是比賽時間的安排。

And how the outcomes will now be a bit more favourable because for bed, not for the customer, maybe because of in the beginning you have much more favourable that will, but on this slide you will see we had a high of 18.8%. and a low of 7.3%. So that we have actually marked now.

現在結果會稍微好一些，因為對於床來說，而不是對於顧客來說，也許是因為一開始情況要好得多，但在這張投影片上你會看到，我們最高達到了 18.8%，最低達到了 7.3%。所以我們現在實際上已經做好了標記。

So that average of 14% is what we kind of project forward. But net over a period of time, the margin is increasing due to all everything that Neil has mentioned of, more rollout of the product in other parts of our which was quite dominant in Africa but now in other parts of the world as well as just customer engagement.

所以，我們大致預測未來的平均值是 14%。但從長遠來看，利潤率正在上升，這得益於尼爾提到的所有因素，包括產品在我們其他地區的推廣（該產品在非洲佔據主導地位，現在在世界其他地區也佔據主導地位），以及客戶參與度的提高。

A fair enough.

還算合理。

SuperCoin is South Africa kind of the initial launch? Is there plans to launch a similar coin in, let's say Nigeria and other markets, or is this kind of a one, let's TRY it and see how it goes before making any other kind of further strategy and decisions?

SuperCoin是南非首發項目嗎？是否有計劃在奈及利亞和其他市場推出類似的加密貨幣？或者這只是一個試水之作，看看效果如何，然後再製定其他策略和決策？

Yes, so South Africa was the first place to start just because of the license and digital wallet adoption there.

是的，南非之所以成為第一個啟動這項計畫的地方，只是因為那裡的駕照和數位錢包普及率較高。

And so we've got a big customer base there so we it out there and as it works there, then we'll see the other markets and I have to be looking at the other markets, but we want to start in one country and then to TRY and do it in so many countries all at once.

所以我們在那裡擁有龐大的客戶群，所以我們在那裡推廣，如果它在那裡行之有效，那麼我們就會考慮其他市場，我必須關注其他市場，但我們希望先從一個國家開始，然後嘗試同時在多個國家開展業務。

I mean there is quite a lot of technical that has to happen here and with the Luna being the largest. Consumer exchange having the biggest customer base in South Africa, we decided to start there, so there is a road to go there. This is obviously the first part listing on the exchange, and then you would get into the wallet adoption in which I think would probably happen in quarter towards the end of quarter one.

我的意思是，這裡有很多技術方面的問題需要解決，而且 Luna 還是最大的火箭。消費者交易所在南非擁有最大的客戶群，我們決定從那裡開始，所以通往那裡的道路是存在的。這顯然是交易所的第一部分上市，接下來就要考慮錢包的普及，我認為這可能會在第一季末發生。

Maybe just a follow-up on that, maybe a naive question of crypto, but can you launch the same SuperCoin in other markets or would it have to be a kind of full separate infrastructure and coin?

也許可以就此追問一下，也許這是一個關於加密貨幣的幼稚問題，但是能否在其他市場推出同樣的超級幣，還是必須採用完全獨立的基礎設施和代幣？

Yeah, it's basically every coin will be this is the coin and SuperCoin, then you have the different currency coins in each market, but it's all the same techno technology, same everything we've just got to get onto those relevant exchanges in the country we decide to go and that the laws of that country allow us to do it.

是的，基本上每種幣都會有「這種幣」和「超級幣」之分，然後每個市場都會有不同的貨幣幣，但它們的技術都一樣，一切都一樣，我們只需要在我們決定進入的國家的相關交易所上線，並且該國的法律允許我們這樣做。

Helpful. Thanks guys.

很有幫助。謝謝各位。

Good luck.

祝你好運。

Thank you.

謝謝。

The next question comes from Mike Hickey of Benchmarks.com. Your line is now open. Please go ahead.

下一個問題來自 Benchmarks.com 的 Mike Hickey。現在您可以提問了。請繼續。

Yeah, hey, Neil, Alinda Inc. Supergroup team. Congrats guys on a great quarter and a great year. Definitely getting a little picture here of 2025, Neil, just curious when you look at sort of the drivers here of your growth and there's a lot of them.

是的，嘿，尼爾，Alinda Inc. 超級團隊。恭喜各位，本季和今年都取得了巨大的成功。尼爾，我確實對 2025 年有了一些了解，只是好奇你認為推動你發展的因素有哪些，而且有很多。

Just curious, sort of the main drivers, the most durable drivers that you think will also be a positive impact to your 2026 outlook. So, I guess Neil just curious if you can kind of give us what 2026 looks like here growing up such a great 2025 and you know how much are sort of existing drivers of growth versus new drivers like SuperCoin.

只是好奇，您認為主要的、最持久的驅動因素，以及對您 2026 年的展望將產生積極影響的因素有哪些？所以，尼爾，我很好奇你能不能給我們介紹一下，在經歷瞭如此輝煌的 2025 年之後，2026 年的發展前景如何？你知道，現有的成長動力與像 SuperCoin 這樣的新成長動力之間，分別有多少是推動成長的因素？

I mean super coin sounds great. It's just hard to sort of understand the impact and how material you think it could be. It seems like it could be great on revenue. And cost, but I guess just getting a better idea of 26 you know, would be great.

我的意思是，超級硬幣聽起來很棒。很難理解它的影響以及它可能造成的實質後果。看起來它在營收方面可能會非常出色。還有成本，但我想，如果能更了解 26 這個數字，那就太好了。

I won't comment on 2026 yet, but what we have delivered on. So, we have delivered on marketing efficiencies everywhere right in the business, we spend (Inaudible) $500 million on marketing for 2025, so it's getting that efficient. We said in the beginning we have got to get that more efficient. We are doing it, finding the new channel.

我暫時不會對2026年發表評論，但我們會談談我們已經取得的成就。所以，我們在業務的各個方面都提高了行銷效率，我們在 2025 年的行銷上花費了（聽不清楚）5 億美元，所以效率正在提高。我們一開始就說過，我們必須提高效率。我們正在努力尋找新的管道。

Closing the markets that we never saw a possibility. I always think the opportunity cost of being in those markets is huge, and you are seeing it we can redeploy into the product into the markets we are winning in and that's one like now the new clients coming stuff coming there.

關閉我們從未想過會關閉的市場。我一直認為進入這些市場的機會成本是巨大的，而你現在也看到了，我們可以將資源重新部署到我們正在贏得的市場的產品中，例如現在的新客戶正在湧入。

So that's all happening plus we have got it's all about, right? It's about what is So in Africa I think we have got to stand out. I think we are catching up in some of the other markets, the UK, and as we're closing that parity, we are seeing the uplift in our customers, customer loyalty, etc.

所以這一切都在發生，而且我們都知道，這就是一切的意義所在，對吧？關鍵在於，在非洲，我認為我們必須脫穎而出。我認為我們在其他一些市場，例如英國，正在迎頭趕上，隨著我們逐漸縮小差距，我們看到了客戶數量、客戶忠誠度等方面的提升。

We then talk about process efficiencies. One is efficiencies. We are all over that new rate, etc.

接下來我們討論流程效率。一是效率。我們都非常關注新的利率等等。

In the African business processing is expensive. It can be anything from 3%.

在非洲，商業加工成本很高。可以是3%左右的任何值。

But remember what happens in those markets is they deposit, they cash out, they redeposit, they cash out, they redeposit. So, you have got a lot of churn of the same money. So, you are paying deposit fees in and out all the time. So hopefully with our SuperCoin Etc.

但請記住，在這些市場中，人們會進行存款、提款、再存款、再提款、再存款等操作。所以，你看到的是同一筆資金的頻繁週轉。所以，你一直在支付存款和提款手續費。所以希望我們的 SuperCoin 等等。

We can build that balance that stays in our ecosystem. We are not paying for the same money but four or five times, in the US as an example, in the UK, the processing fees are tiny pennies. In transaction fees but not in some of the other markets so that's where that comes together and then what we always said, and we said for the last three years, and we finally got stuck into it really pushing it is cost efficiencies.

我們可以建立起這種能夠維持我們生態系平衡的機制。在美國，我們支付的不是一樣的錢，而是四、五倍的錢；而在英國，手續費只是微不足道的幾分錢。交易費用方面是這樣，但在其他一些市場則不是這樣，所以這就是問題的關鍵所在。然後，我們一直說，過去三年我們一直在說，而且我們最終真正投入其中，推動它，那就是成本效益。

It's how do we do the business how do we the business without not doubling the cost and that's really what this is all about and we're finally seeing that coming through and there's more and more efficiency new core centre software, new risk management.

關鍵在於我們如何開展業務，如何在不增加成本的情況下開展業務，這才是問題的關鍵所在，我們終於看到了成效，效率越來越高，新的核心中心軟體，新的風險管理。

It's happening everywhere and that's what we have been pushing and then you know that you ultimately need that because in some markets you can win in some markets you're not winning like Germany, but Germany is really a function of the rig but also you know Germany we had to wait to spit out our wallets.

這種情況在各地都在發生，這也是我們一直在努力推動的。你知道，最終你需要這麼做，因為在某些市場你會贏，但在某些市場你卻贏不了，像是德國。德國的情況確實取決於市場機制，但你也知道，在德國，我們必須等待一段時間才能掏出錢包。

So yes, hasn't been on the main burner for us, probably not, but now we can finally get to it that we split the casino wallet from the sports wallet so we can finally casino. In Germany, so you know all these things take time, but we are finally getting them, and I think it's about actioning the points that we believe in and that's what you can see dropping down.

所以，是的，這件事可能一直沒有被提上日程，但現在我們終於可以著手處理了，我們將賭場錢包和體育錢包分開，這樣我們終於可以玩賭場了。在德國，你知道所有這些事情都需要時間，但我們最終還是實現了，我認為關鍵在於將我們所相信的觀點付諸行動，而這正是你現在可以看到的。

So, if you have to look to 2026, we are setting some of the goals we set on how do we increase the revenue and then the operating leverage kicks in. So you'll probably hear from us about 2026 in February when we do our end of year wrap up, etc.

所以，如果要展望 2026 年，我們正在設定一些目標，即如何增加收入，然後營運槓桿就會發揮作用。所以，我們可能會在二月進行年終總結的時候，向你們介紹 2026 年的相關情況等等。

Most importantly, our deposits and net revenue are really tracking well, and it's all about the customers in the system and if you remember that we had one slide which obviously did on his cohort analysis, but around it.

最重要的是，我們的存款和淨收入都進展順利，這都與系統中的客戶有關。如果你還記得，我們​​有一張幻燈片，顯然是在他的用戶群分析中提到的，但圍繞著它。

It's all about the customers and we can't forget this is all about and everything we do has to evolve around the customer and as you get $6 million in you've got a lot of work that the system has to do to make sure that all $6 million are treated correctly, right.

一切都以客戶為中心，我們不能忘記這一點，我們所做的一切都必須圍繞著客戶。當有 600 萬美元流入時，系統必須完成大量工作，以確保這 600 萬美元得到正確處理，對吧？

And that's what we're striving to do.

而這正是我們努力的目標。

Nice.

好的。

Thanks, Neil. The other piece on Africa, obviously it just seems like an incredible.

謝謝你，尼爾。另一篇關於非洲的文章，顯然讓人覺得不可思議。

Opportunity for you guys near and long-term. We noticed that Kenya has made a change to their tax scheme, and you know that you exited Kenya because of some I guess you could say one of you guys has ridiculous.

這對你們來說是近期和長期的機會。我們注意到肯亞的稅收制度發生了變化，你知道你離開肯亞是因為某些原因，我想你可以說你們中的某個人做了些荒唐事。

Tax environment. Obviously, it was not great. You laughed and now they have got to change. I just curious your thoughts on that change and if you if it's significant enough that maybe you could re-examine that market as an opportunity. And if you think the new tax scheme may have positive implications for other countries where you operate.

稅務環境。顯然，情況並不理想。你當時嘲笑他們，現在他們得改變了。我只是好奇您對這一變化有何看法，以及它是否足夠重要，值得您重新審視該市場，將其視為一個機會。如果您認為新的稅務方案可能對您開展業務的其他國家產生正面影響。

Yes, I think that I mean that's actually a very good point, if you bring up Kenya, they had this excise tax on sports and casino where you could actually do it on sports. You could not actually apply it to casino, and it takes them like two years to do it.

是的，我覺得這確實是一個很好的觀點。如果你提到肯亞，他們對體育和賭場徵收消費稅，你甚至可以用這筆錢來賭體育賽事。實際上，你無法將它應用於賭場，而且他們需要大約兩年的時間才能完成。

So yes, absolutely that's a case that we could go back in, and it just means they finally found a mechanism that they. Comfortable which is taxing on deposits in and out, which is a much more fairer and easier way for them to monitor the tax collection.

所以，是的，這絕對是一個我們可以重新調查的案例，這意味著他們最終找到了一個機制。Comfortable 對存款和提款徵稅，這是一種更公平、更方便的稅務監管方式。

So, Zambia ex we saw in Zambia as an industry all of us came together to go and lobby the government to finally say you don't have casino revenue and they are slowly and in Kenya. as we do that Kenya goes to the exact model that we suggested for Zambia.

所以，在尚比亞，我們看到整個產業齊心協力遊說政府，最後決定不徵收賭場稅，而肯亞的情況也正在好轉。隨著我們這樣做，肯亞也開始採用我們為尚比亞提出的模式。

So I think it's the ebb and flow and as these new businesses come in, we are working with the government absolutely and I think it's a point is that you have always got opportunities to go back in and so that's what we'll do there we've just got to get the resource to be able to turn it back on.

所以我認為這是一種潮起潮落，隨著這些新企業的進入，我們正在與政府密切合作，我認為關鍵在於，你總有機會重返市場，所以我們會這樣做，我們只需要獲得資源就能重新啟動它。

And Neil, last question, thank you for your time on this. The, when Lawrence gave his presentation on Africa, your Investor Day, he noted, four countries, that were, maybe Kenya was one of them, I can't remember, the four countries where you are not in today but are sort of on the radar.

尼爾，最後一個問題，感謝你抽出時間回答這個問題。勞倫斯在你們的投資者日上做關於非洲的演講時，他提到了四個國家，也許肯尼亞是其中之一，我記不清了，這四個國家你們現在還沒有涉足，但你們已經將其列入了關注範圍。

And this sort of maybe ties back to '26, which I know you can't exactly talk about, but I appreciated the colour, but it's a pretty significant can that that he outlined in his presentation.

這或許與 26 年有關，我知道你不能確切地談論這件事，但我很欣賞這種顏色，而且這是他在演講中概述的一個相當重要的罐子。

Is that something that we should pencil in as a possibility or It's still fairly remote. It just seems like here that it could be something.

我們應該把這列為一種可能性嗎？還是說可能性仍然很小？這裡似乎蘊藏著某種可能。

No, we haven't gone into them yet, but we are far down the line getting and getting the model right, getting.

不，我們還沒有深入研究它們，但我們已經取得了很大進展，正在完善模型。

The money has to be charged, etc. So, we're all over them and there are a lot of them. They have got the capacity to deliver them. The question is at what stage in next year we will be launching them, but that's definitely 100% part of our plan, it's all about it's all about the African.

錢必須被收取等等。所以，我們對它們都非常關注，而且它們數量很多。他們有能力交付這些產品。問題是我們將在明年的哪個階段推出它們，但這絕對是我們計劃的百分之百的一部分，一切都與非洲有關。

Yeah.

是的。

When you say far down the line, Neil, that means that there's no there's no roadblocks to opening those countries.

尼爾，你說“很久以後”，那意味著開放這些國家沒有任何障礙。

About the regulation and getting the legal structures in place, etc. Because each one's got a slight nuance in the other one, but there is lots happening. The teams on it and for us that that's all part of our journey. That's exactly what we want to be delivering on.

關於監管和建立法律結構等等。因為每件事之間都有一些細微的差別，但有很多事情正在發生。團隊對我們來說，這一切都是我們旅程的一部分。這正是我們想要實現的。

And that's why we freed up all the and that's why we freed up the business just to do.

這就是為什麼我們解放了所有資源，也是為什麼我們解放了業務，讓它能夠自由發展。

And we feel that the rest of the world for them to do the rest of the world. This is exactly the point.

我們覺得，世界其他地方應該由他們來做。這正是關鍵所在。

Good, thank you guys. Good luck.

好的，謝謝大家。祝你好運。

Thank you. The next question comes from Chad Benham of McGuire. Your line is now open. Please go ahead.

謝謝。下一個問題來自 McGuire 公司的 Chad Benham。您的線路已開通。請繼續。

Hi, good morning. Thanks for taking my question and nice results all.

您好，早安。感謝各位回答我的問題，結果都很棒。

I wanted to start with the New Zealand regulatory news that we have seen in terms of the online gambling tax change, and I guess this fairly different licensing regime.

我想先談談紐西蘭在網路賭博稅收變化方面發布的監管新聞，以及我認為相當不同的許可製度。

I know that's been, a smaller market and one that hasn't led to as much growth as others, but Neil, can you maybe just kind of touch on how you're feeling about the market and kind of how you think, operators will react to this.

我知道這是一個較小的市場，其成長速度不如其他市場，但尼爾，你能否談談你對這個市場的感受，以及你認為營運商會對此作何反應？

Thank you.

謝謝。

So again, it's still all these regulations are still in and out of the committees in New Zealand. We are all over it.

所以，紐西蘭的這些規章制度仍然在各委員會之間反覆審議。我們對此非常關注。

It's just a matter of when they actually finally decide that they are going to fully regulate it, this is all to do with casino, right?

問題只在於他們何時真正決定要對其進行全面監管，這一切都與賭場有關，對吧？

So, we are all over it in what we are doing is, and I have been doing it for a while, they have got certain advertising restrictions that we are adhering to. And that's very important where some other competitors are not, but we are because for us it's all about the long-term longevity of that market for us.

所以，我們在這方面非常重視，而且我已經做了一段時間了，他們有一些廣告限制，我們必須遵守這些限制。這一點非常重要，而其他一些競爭對手卻不這麼認為，因為我們非常重視這一點，因為對我們來說，一切都關乎市場的長期發展。

So, we are doing that. We are able to do certain marketing, not others, so we have actually taken a constant stance there which is why you see the growth not being what it is, also subject to there has been some devaluation of the New Zealand dollar. So yeah.

所以，我們正在這樣做。我們能夠進行某些行銷活動，但不能進行其他行銷活動，所以我們實際上一直採取這種立場，這就是為什麼你會看到成長沒有達到預期，這也與紐西蘭元的貶值有關。是的。

And just to add to Neil's point, remember New Zealand has been Taxed for a very long time, so we pay a GST tax in New Zealand for a couple of years already, and mid last year they introduced a smaller gaming tax and the noise around tax is just how coming to maturity to win a launch to peg that rate of tax.

補充尼爾的觀點，別忘了新西蘭徵稅已經很久了，我們在新西蘭繳納商品及服務稅（GST）已經好幾年了，去年年中他們推出了一項較小的博彩稅，而圍繞稅收的種種議論，正是因為這項稅收政策正在逐步成熟，以便最終確定其稅率。

And I think there has been now rumours to increase it a bit more, but like Neil said, this is very early days, but the point I'm just making is that we have been paying taxes for a while even though there wasn't a regulation regime at that point in time.

而且我認為現在有傳言說要再提高一點稅率，但就像尼爾說的那樣，現在還為時過早，但我只是想指出，即使當時沒有監管制度，我們也已經繳稅一段時間了。

Great, thank you both, and then lastly just in terms of the strong capital position that you're in, any update in terms of how you're thinking about, tuck-in or bolt-on M&A in this market?

太好了，謝謝你們兩位。最後，就你們目前雄厚的資本實力而言，對於在這個市場中進行補充性或附加性併購，你們有什麼最新的想法嗎？

Thank you.

謝謝。

We won't get this. We are highly selected.

我們得不到這個。我們都是經過嚴格篩選的。

We don't want to overpay, but also, I don't think we can totally underpay either, so we have to find that balance, but at the moment we make small tiny little ones along the way, marketing ones, etc. But it's all about is it at the right price and does it work, and we can't just acquisition on synergies they've got to stand on their own two feet when we find the right one.

我們不想出價過高，但我覺得也不能出價過低，所以我們必須找到這個平衡點。目前，我們只能在過程中進行一些小規模的收購，例如行銷方面的收購等等。但關鍵在於價格是否合適，收購是否有效。我們不能只依靠協同效應進行收購，當我們找到合適的收購目標時，他們必須能夠獨立發展。

We are not looking, we have got a long list. It's got to make sense for us and that's what we're doing and really what we're also doing is operational working out where we need to bulk on along the way it's in the marketing domains which is what we're doing, the coin ones another example we bought a smaller ones along the way.

我們不是在尋找，我們已經列了一長串名單。這必須對我們有意義，而這正是我們正在做的。實際上，我們還在進行營運方面的考量，弄清楚我們需要在哪些方面加強，例如行銷領域，這也是我們正在做的。硬幣是另一個例子，我們一路收購了一些規模較小的公司。

We are all yeah we we're all.

我們都是，是的，我們都是。

Thanks.

謝謝。

Thank you. We currently have no further questions, so I would like to hand back to Neil for any closing remarks.

謝謝。目前我們沒有其他問題，所以請尼爾作總結發言。

So thanks everyone for joining us today. We are really proud of our performance this quarter and excited about how well positioned we are for the future. We will speak to you all again soon.

感謝各位今天收看我們的節目。我們對本季的業績感到非常自豪，也對我們未來所取得的良好地位感到興奮。我們很快會再和大家見面。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you all for joining. You may now disconnect your lines.

感謝各位的參與。現在您可以斷開線路了。