Q4 2020 Score Media and Gaming Inc Earnings Call
Financial results conference call and webcast.
At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will be given at that time.
I'd now like to turn the call over to James to be senior manager Communications, Sir the floor is yours.
Thank you very much Hello, and good afternoon. Many thanks for joining us some states cool and wet cost for the schools fiscal Twentytwenty Q4, and year end results presenting today will be the school founder and Chief Executive Officer, John Levy, President and Chief Operating Officer, Benji Levy Chief Financial Officer Alan.
This time, we would like to caution listeners that this presentation contains forward looking statements. There are risks the actual results could differ materially from what is Scott and that certain material factors or assumptions are applied in making these forward looking statements any forward looking statements contained in this presentation represent the views of management not presented for the purpose of assisting.
School shareholders and analysts in understanding the schools financial position objectives, and priorities and anticipated financial performance forward looking statements may not be appropriate thought the purposes.
Additional information on items of note.
The schools reported results and factors and assumptions related to forward looking information all available in our financials and then <unk> Q4 fiscal 2020, both of which were filed on SEDAR. A few months ago and are also available on our Investor Relations page at school media and gaming Dot Com, a CEO John Levy will not begin the presentation.
Good afternoon, everyone and thank you for joining us today as we review the final quarter of what's been a momentous and transformative year for the score.
It's of course set against the backdrop the challenges presented by the cold at 19 pandemic and the related bass disruption sports.
Fiscal 2020 began with historic launch of our gaming operations.
Scarp that went by the New Jersey, just over a year ago, debuting our best in class mobile Sportsbook and our unique approach diffusing media with gaming.
It's really momentum was however abruptly halted with this.
Spansion of all professional sports in early spring.
Due to the rapid spread of the krona virus.
Through the hard work of our team you are able to successfully navigate this period preserving our media user base through the innovative content offerings and continuing work on key product development priority to prepare for the sales for the successful resumption of sports and our on time multistate rollout of discord Ben.
This approach has left us in a position of strength and we now look forward to an exciting new fiscal year.
Just last month, we successfully began the multi state expansion of the score bet watching at both Colorado and Indiana within two weeks of each other.
It was a huge accomplishment, which included the debut of our cutting edge multi state infrastructure, it's technology underpins our ability to expand across North America through a single bubble.
Fighting a truly seamless experience for our users.
Now I live in three states, we plan on launching the score but next in Iowa early in the new calendar year subject of course to regulatory approval with other states to follow.
I will also be the second stage launched under our multi state market access framework agreement with Penn National Gaming.
Early momentum in both Colorado, and Indiana had been very exciting.
Dan eager to experience our unique approach of the integration of media with game.
We continue to expand we remain focused on building cost effective and sustainable user growth by leveraging the power of our media audience.
Complemented by smart and strategic promotional offers in each of the markets we enter.
This quarter, we also made strides to expand our offering securing market access for online casino in New Jersey through an agreement with the twin River worldwide Holdings, we will continue to explore additional market access opportunity at sports betting I gaming markets expand across North America.
Looting, we believe here in Canada in the not too distant future. We continue to closely monitor the regulatory landscape in Canada, and we'll be prepared to launch the score bet in our own backyard.
And when the opportunity arises. Furthermore.
Furthermore, we also graduated to the trauma stock exchange from the TSX venture exchange. This was a natural part of our continued growth and evolution and further raises the profile of our growing leadership position in North America Sports Media E Sports and gaming.
Towards the end of Q4, we then we began to see major sports leagues resume play.
2020 was significantly impacted by the cancellation or postponement of major sports event and leagues.
With <unk> with the recent return of sports or media and gaming operations have picked up right, where they left off.
Tempur total handle on the score back grew by more than 500% year over year.
That momentum with has carried into October and also extends into our media operations, where advertising sales in September seven all new all time record for a single month.
Q4, we we were successful in preserving 83% of our media audience, achieving 70, <unk> 70 average sessions per user per month versus 75 for the same period last year.
Through the early fall, we have seen user numbers engagement snapped back to the pre called mid level as we got deeper and deeper into a very busy and exciting sports calendar.
It was also a new record quarter for E. Sports programming is continued growth in our established leadership position in our coverage of the competitive gaming scene has resulted in more and more brands seeking to activate against this hugely compelling content.
Score is in a strong it is strongly positioned to continue this momentum across both our media and gaming platforms and we are extremely excited by the strong start to fiscal 2021.
Core to our focus will be our continued approach to leveraging the powerful combination of media gaming.
I think we are doubling down on the launch of new enhancements to our media app in the coming weeks, bringing our sport app audience, even closer to the bedding experience.
Before I turn things over to Benji to speak about our product and content initiatives in further detail.
I want to first take this moment to formally welcome. The latest addition to our board of directors.
Angela Jerry is the sports business leader and four time Olympian, who joined our board earlier this month and we're thrilled to welcome her to our team.
Angela comes to us with a wide range of sports experience.
Having served as an advocate an entrepreneur off their brand ambassador investor motivational sneaker and podcaster.
She currently is the CEO and co founder of sports.
Sports Innovation lab technology powered market research firm focused on the intersection of sports and innovation with the aim of identifying trends evaluating technology plot products and services that will drive the future sport.
We welcome Angela to our team.
Now over to Ben.
Thanks, John and good afternoon, everyone.
Our product development work in Q4 focused on her final preparations for the multi state expansion score bat, including the completion of our multistate wallet can account functionality and our single lap infrastructure, which enables users of the score back to travel from state to state using a single mobile app.
In early September we successfully launched the score back in Colorado in Indiana.
You will launch with two states in two weeks is a huge technical accomplishment that showcases our speed to market proficiency as we move into new states.
Moving forward into Q1, we will build on our early traction in these states with a number of new innovative product features that will deepen the connection between our media and gaming platforms and we look forward to one bailing. Some of these features to our users in the coming weeks. They were also preparing for our Iowa launch early in the new year and have started work on our integrated.
Online casino offerings for New Jersey, which we anticipate launching later in calendar 2021, all subject to regulatory approval.
Finally, I'd be remiss without a shout out to our amazing team for some of the industry recognition that our unique innovative approach to sports betting has started to garner in particular, we won best online mobile sports betting experience at the synopsis Sports Media Awards in August and have also been named finalist for best product innovation and U.S. rising star at the EG.
Our awards as well as finalist for best mobile operator at rising star in the sports betting at the SBC Awards. This recognition is a testament to the hard work and creativity of our teams in developing our mobile sports betting platform, helping us to stand out in such a highly competitive space.
All our media platform in Q4 average monthly active users on the score continued to strengthen reaching 3 million or 83% of our audience from the same period in the prior year. This.
This was not just the result of a busy sports calendar later in the quarter, but also our team's tireless efforts to keep users engaged and retain throughout the spring and summer prior to the resumption of sports. These efforts included new content formats, like interactive brackets and competitions that leverage our social reach to connect with new users and to drive existing users back to our.
Yeah.
As John noted earlier this work to retain our users over the past six months is now paying dividends as we head into the fall with users and engagement on our sports App snapping back to pre covered levels in tandem with the return major sports leagues.
Likewise advertising budgets dissolved have also begun to return leading to an all time record for AD sales in a single month in September.
Our social sports content across Twitter, Facebook, Instagram and tick Tock achieved an average monthly reach of approximately 103 million sports events in Q4 on Tech talk in particular, we continue to see tremendous growth, where we added 576000 followers during the quarter with our audience now exceeding 2.4 million.
[noise] are reaching influence across social channels continues to serve as both a powerful brand builder as well as the growing monetization channel in Q4, we completed our first ever brand integration on Tech talk with ethnic games as well as the sponsored social content activation with the insurance company on leave at.
At the same time, we're seeing success in our recently launched sports you two channel videos now regularly reaching six figure viewership.
Turning to E sports in Q4, we set another all time quarterly record with 292 million video views on our E sports platforms, representing year over year growth of 243% and subscribers to our channel now exceeding 1.5 million.
In addition, our E sports Tech talk childish really powerful growth, adding 641000 followers in Q4 now exceeding $1 billion.
As our E sports channel and profile continues to rise we are seeing exciting momentum around sponsored activations with big brands and publishers eager to align with our popular content in Q4, we secured deals with Mastercard right games and gaming equipment provider Razer. We're excited about the monetization prospects in this space as E Sports continues its significant global.
I'll now turn things over to Albert who will take a closer look at our financial results.
Sitting standing before I provide a financial recap, let me take a moment to highlight some key developments in the quarter.
The fourth quarter, we bolstered our balance sheet by closing, our previously announced $25 million bought deal offering in August.
We wouldn't be over a long.
We issued an aggregate of 39.5 million class a shares raising gross proceeds of 25.6 million.
In July we entered into a six and a quarter million dollar revolving term credit facility with the same Canadian chartered banks that maintains our $5 million revolving credit facility supported by the export development Corporation's business credit availability program.
We completed the drawdown of the six and a quarter million under this new revolving term credit facility in July and as John mentioned in September we graduated to the Trinas sockets change from the TSX venture exchange and commence trading on the TSX on September 15, under our existing checked or S.
We are now for the financial recap as a core.
Total revenue for Q4 fiscal 2020 was 2.5 million compared to 6.4 million for the same period last year while.
While total revenue for the 12 months ended August 31st was 20.7 million compared to 31.1 million for the same period last year.
Since this is a decline in revenue.
For the period reflects the direct impact of the disruption of the sports calendar caused by the colder than 19 pandemic.
Gaming handle was 14.8 million in Q4 fiscal 2020, and 41.5 million for the 12 months ended August 30 stores gross gaming revenue was negative <unk> point Fivemillion in Q4 and 253000.
12 months ended August 31st when taking into account promotional cost and fair value adjustments on unsettled. That's this resulted in net gaming revenue of negative $1.2 million and negative 1.4 million between 12 months ended August 31st respectively.
It's all loss in Q4 fiscal 2020 was eight point 20 million versus an EBITDA loss of 4.1 million for the same period last year.
I lost for the 12 months ended August 31st was 30.5 million versus an EBITDA loss of 6.5 million in the same period last year.
The increase in EBITDA loss was primarily due to the COVID-19 related impact on revenue for the period.
And the result of additional expenses incurred in connection with the expansion of our gaming operations compared to the prior year.
From a liquidity perspective, we ended the fiscal year with cash of 40.1 million in our 5 million revolving credit facility remains undrawn chains.
Like solving that concludes the formal part of our presentation. Operator, we'll now open the floor to questions from analysts.
Ladies and gentlemen, if you have any questions at this time. Please press Star then the number one on your Touchstone telephone. If your question has been answered or you wish to remove yourself from the queue. Please press the pound key.
Again to ask a question Brett Star then the number one on your telephone keypad.
We'll pause for just a moment took about acuity roster.
Your first question comes from the line of suicide Sycamore from eight capital Your line is open.
Good afternoon, guys I know presses snap back here in a couple of key.
Key business metrics.
So there's no no sorry.
Sorry.
[laughter], Hey, guys actually.
Hello. My first question is your I guess on the meat, starting with the media side I'm on the content strategy with the wood with sports now back on you guys anticipate kind of pivot back to your pre pandemic content strategy. What you got an investor no more custom strategy going forward kind of curious what type.
[noise] feedback and interest you've been seeing from advertisers I'm just.
And it's a revised strategy.
[noise] Ah thanks to them I'll, maybe I'll just start I mean really the strategy has remained the same obviously with during the pandemic you know with less less engagement with respect to no box scores no price prior to sports coming back. So we really didnt have.
<unk> to our content game, who did an amazing job digging up stories and.
Continuing to to sort of engage our user base and that's why we were able to sustain basically about 80 or 85% of the user base on yeah, you know what sports coming back. It was really interesting because you know we are carved into this flood of sports probably I mean, we you know like like we've never sort of experience.
He is before it was kinda you know March madness for hockey basketball football showed up and see double A. showed up I mean, it was a plethora of things. So our content team really sort of snap back to sort of sort of pre cobot moments and restarted to cover all of the space.
Simultaneously. So you know we've had been pretty adaptive, but really at the core of it there hasn't been much change I mean, we'd already sort of moved into providing more content towards our bedding bedding universe, that's been happening gradually over the course of the last year. So you know to the user.
It was really business as usual in the context of how we were able to respond and quite frankly, you know we got to continue to be creative you know as you can see hockey's gone basketball is done.
And you know Dow during the week, we've got some soccer and we've got some other international soccer and and MLS Soccer, but you know it's been down pretty quickly too.
Heavy heavy on the weekends, you know big on football night, So I didn't have to be pretty active adaptive and but they can big stories up regardless of what's going on and have done. So during the whole period. So Ah you know.
The important point I think Susan was was you know the brand is is is is [noise].
As you know is loved and recognized by people who are use the app and nothing happened during this whole period. They snapped back they came back and I'm not surprised but it's always great to see the enthusiasm that we got once it came back and that's on the media side same thing obviously on the bedding front.
Great.
Helpful. I guess you guys you guys called out record AD sales in September keep.
He was here when you set it up is that a function of.
More advertisers coming to the table or or a a greater share of wallet with with some existing advertisers.
I think it's a combination of all of that there's just.
Just like there was pent up demand on our front there was pent up demand on the buying fun you know they were waiting for sports to come back and I I also got to give credit to our sales guys.
It would have been very easy for them, just hunker down and say Oh crap, there's nothing going on and they worked the phones. They stayed on with the agencies. They stayed on with their clients directly we didnt lose many of.
Hardly any of those advertisers either directly or indirectly [noise].
And it was all about repositioning that's for you know at the time, hoping and praying that sports is going to come back and in fact, they did so a lot of this was dollars that probably would have been spent during the years of course, but that got park and were brought back because of the hard work of our guys.
Ah plus as I mentioned earlier, there was a whole whack a sports going on simultaneously. The guy. These advertisers were terrific honest for children themselves to secure.
Secure product in the M.B.A. in baseball and hockey and what's really interesting I mean, I guess that sales meetings today. The same the same thing is it is being experienced now even though there's a great deal of uncertainty as to you know when its hockey coming back and why did the M.B. I call me back and is back ended up late basketball when is that starting.
You can already see it with our advertisers that are lining up I'm getting ready to take lead positions in these leagues when when they are resurfacing. So you know credit to our guys are in keeping the advertisers hot and anxious credit to our content guys in our data guys read for.
Keeping the app and as great a shape as possible and it resulted in you know we're not going to be specific but we do you know we're talking about.
Pretty significant numbers through through the early fall.
Okay. Okay, great just and then moving onto the sports betting you I think the the 500% you have your growth in bedding handle is obviously quite impressive.
Can you speak on the impact of you're going to see promotions initiatives, a new jersey since the rollout I think you guys rolled that out just in time created and started selling season I'm curious what trends are you seeing at the call. It the end user level.
Thank you I take that once you take that.
Sure. Thanks, Jonathan Yeah look and I I think what we're what we're seeing with some of the bonuses and promotions like we talked about we rolled out a and we rolled out some new cashback functionality that we're presenting bonusing and you know kind.
Kind of infrastructure and terminology, that's very kinda user friendly and easy to understand which contrasts with a lot of kind of bonusing initiatives in the in the sports betting space and you have kind of combining that with yes. Some type of upfront free better about insurance operations. We don't generally the feedback we're getting from our users is that it's resonating well it helped in terms of.
User onboarding in terms of user retention and ongoing handle yeah, we're pretty happy with or without the promotions that we use around kind of returned to sports events. We continue to tweak them to keep things fresh for our users moving forward, but in general Yeah, we've been happy with that and with those promotions that they.
Right, which we also rolled out to a you know new users as we were launching in Colorado in Indiana.
Okay. Great can you just touch on from the early these programs that you guys are making in Colorado in Indiana has just compared to what you're seeing new in New Jersey currently with respect to competitive and competitive intensity or player behavior. So forth.
As I I think it's no surprise, New Jersey is the most competitively intense you know market in the country from a sports betting perspective.
You know we launched in New Jersey are about 12 or 13 months. After the market. Initially opened were much closer to market open in you know in Colorado, and Indiana, but you know kind of regardless of of of all of that I think our our playbook remain safe regardless of where we're operating were led by our media platform in our meat.
Yeah, you know that that is our primary source of user acquisition and is our best source of ongoing user engagement and user retention and I teased out in you know in my remarks, a little bit earlier some of the you know some of the new product features that you're going to start to see as we more deeply integrate media embedding a.
You know that are going to be coming out in the coming weeks that build on top of.
Yeah, what we launched initially last year with fuse and we're pretty excited to roll that out and can't wait to show that to add to our users into you guys.
You know in a you know over that period of time, but all in all we're pretty positive about how things have been going okay.
Okay. Okay. Good.
And then just the last for me on the I gaming front, what's the what's the go to market plan here.
The plants kind of roll it up a standalone versus an integrated I saw you guys. We look at partners and <unk> and what would be covered the initial scope of offerings can you do go to market.
Yeah. We're we're early days in our planning, but you know for US. It's always about you know it's about being an integrated approach to our desire is not to launch a standalone I gaming platform. It's about leveraging you know the strong cross sell between sports betting and I gave me I mean, you see you know other.
Other research or other participants in the market, who talk about a cross sell between anywhere from 25% to 40% of sports betting players crossing into I gave me you know I gaming for a you know that that's built for a sports betting audience in mind is going to have a different mix of games, you know more focus on table games and slot catering to that.
Kind of core sports betting demographic, which differs a little bit from a you know the broader online casino demographic <unk> I think that that's the the angle and approach that you'll see us take is that this all comes back to how do we present, our our sports fans are mediatheque users with the.
You know broadest possible gaming offering that's relevant to them I'm just like we wouldn't have a without our core media, we weren't getting into the sports the sports betting business you know we're not.
We wouldn't I'd just be launching into online gaming. It's all it's all part of an integrated offering an integrated approach.
Right, Okay, great and can you just can you might be going on and the anticipated timing for the launch of our game.
Yeah. The timing, we talked about was kind of second half of calendar 21.
Okay. Okay.
Okay. Okay, guys. That's it for me I'll I'll pass the line and hop back into the queue. Thank you Brent I think Susan.
Your next question comes from the line of Bhavan Mcfadgen from Cormark Securities. Your line is open.
Hi, guys I'm. So just just a couple of questions. So let me just start on a new Jersey market share and so it looks like your market share for your fourth quarter was around 1.4% of the ways her new Jersey and based on what you're saying for September it was up over 500% looks like.
Good.
Tracking like 1.5% of maybe a bit higher than this one does that does that make sense to you.
Okay.
[laughter], whose responding bench.
Hello.
Yes, sorry <unk>.
I loved it on mute Yeah, I think that's a lot.
Not inconsistent with what we're seeing David.
Okay, and and Howard how are things like how would you characterize your launch right now in Indiana, and Colorado like How's it going and how would it compare to.
Your early days in New Jersey.
Well I I think you know.
Yeah, it's a little bit different in that you know we're a you're further along the product is further advanced our promotional capabilities are a little bit further advanced than they were when we launched a new Jersey, you know, but as I kind of said with Soufun. You know it's early days, we're a month and we're happy with how we've been tracking from a user perspective and a handle perspective.
And.
Yeah. They use your seem to be responding well to the offering and the users were getting on the platform. Our you know an engaging and retaining you know as we've seen them do in New Jersey.
Okay, I mean, I know, it's so far so good.
[laughter], Okay again, I know, it's early days in Indiana in Colorado, but.
And I don't know if you I don't know if you can comment about that.
Do you think that your success in those markets might be better than the New Jersey, just given your more advanced when you launched into those markets.
I I don't think I'd want to characterize it as being better or worse I think its you know that.
The playbook in those markets for US is it you know is it the same and it's about attacking the market with our integrated approach and supplementing that with you know with with with with some paid marketing so I I wouldn't get into characterizing separately, how users or how how we're doing in one market.
It is another at this point.
Okay.
And then just so you know you know obviously, we've seen the numbers that there was a negative GG r. and why that.
As far as paying GTR was negative in the fourth quarter. It's been a it's been negative for you know for a couple of quarters are you happy with the management of the Sportsbook or do you think you can maybe such set up and get some better results.
[laughter].
[noise] I you know, let me take that one I. It. It's it's really all just about the lumpiness of what we experience when you're when you've got the sort of low volumes that we said you know, we're starting with and and the answer is no. We're very happy with our risk and trading team, they're doing a great job and and you know when we start to dissect.
You know what's happening on a state by state basis in a sport by sport basis.
They're they're responding very well and it's it's David it's really no more or less than.
You know just lumpy action when you're when you when you know when you've got the sort of volumes that we have right now we're not unhappy with the volumes right now, but we've always said that you know where we're building the momentum and were getting the users the betters and they're staying with US and you know obviously been working.
Diligently with new promotions and trying to try to no increase handle on a per user basis. I mean, there's a million things that we're working on right now in the context of a of a good thing you know day to day week to week marketing and operations, but in terms of that no we're not concerned about that and.
Once we get up to a more significant volumes to be up you know, we're only talking about you know no one state that's going on for a while once they can spend less than a month, you know and and when when when the numbers start to go where we know they're going to go you know we are fully confident we're going to be in the.
You know in the range that we always talked about which is typical of of what percentage of handle you know where we're expecting to grab and the same time, we're trying to be as responsible as we can in terms of our how're you know the cost of acquisition, which is what we always talk about it. So no we want more betters, and we want more and better betters and we want them.
Betting to the heart's content and we believe that we're.
Well, well well well armed to end up getting the the profitability that that sports books.
You know the sports books should maintain and in fact in our particular case once we really get rolling we think we're going to be at the higher end of the range that we talked about.
Okay. Okay. So Jim maybe just a question on the media business. Then you know you talked about September was a corridor, let's start with a record in terms of immediate revenue I'm. The AD revenue. So I guess would it be safe to assume that a year Q1 is.
And to be up a year over year versus the prior year.
I don't know that we guide, but I think.
What we've said yeah, yeah, I think that at values that for David but you know look at Q. You know September was strong and we're seeing that momentum continue you know so we listen advertising revenue coming into the fall is trending positively. There is no. Yes. There are theres no doubt about that but I wouldn't want to I guess I wouldn't want to say more in.
Specifically characterized.
Not not you know not to throw water on all the excitement about it because I know that's not what I typically do but but you know.
Right you know hockey's over basketball's over you know and when you're comparing sort of week over week from year to year, it's impossible to make those comparisons anymore right. Because you don't have the same inventory of sports programming on a day to day basis.
You know what's exciting to US is what we've seen we've achieved and what we see actually you know happening and I as a as I said earlier or <unk> earlier remarks about.
You know advertisers lining up to make sure that they're there you know you.
You know David you know this it's not certain there right now, but just planning when it basketball coming back we heard about perhaps early mid December right. I think that's the latest that they have announced went hockey coming back we haven't really heard but what I do know is our advertisers who normally would be spending like crazy to say in November and December and hockey or basketball.
They are lining up to support that when basketball comes back. So again, it's it's weird times, because the nature of the sports, but what we're seeing is a very very active market and huge pent up demand for these advertisers directly and indirectly wanting to make sure that that you know that they are participating.
With us.
Okay, all right. That's it that's that's it from me thanks.
Great.
Your next question comes from the line of Mr. Rob Goff from Echelon. Your line is open.
Thank you for taking my questions I'll go back to the advertising again for the month of September.
Could you talk to some of the structural changes perhaps within that figure in terms of was a direct selling sales was a programmatic.
And I understand with the sports lineup with a unique month could you talk to how yields might have compared given past level.
Yeah, I think you know Rob I I had the biggest sources of strength in a you know it's.
September were in the direct sales group no question, yes on both sides of the border and.
You know I I wouldn't say, there's been necessarily material changes in yield they need we've always gotten very well.
You know I I selling argument for particularly in the U.S., you probably will see a bit of a shift from programmatic into direct or on the U.S. side of the border and in Canada. It's a you know more integrations no and also starting to leverage our social channels, a little bit more actively and also with.
As we talked about you know some dedicated eastport sales as well so really a combination across the board of Ah Ah you know a large number of advertisers Tommy lots of integration Didnt kind of strong sales on both sides of the border.
Okay. Thank you.
Again, if you would like to ask question passive Star then the number one on your telephone keypad.
Again. Your next question comes from the line up the classical <unk> from <unk> capital. Your line is open.
Hey, guys just a few follow up questions from me.
Can you speak a little bit more about the changes that are being played a theyre being planned for the media is it is it more integrations into bedding or other types of fundamental feature enhancements to the media media experience.
I I don't want to tease too much too fast, but I think it's some of the what we're specifically talking about you know over the course of the next you.
Over the next couple of weeks are related to the media and gaming integrations more specifically so there's there's a robust media product road map in its own right, but you know, but but you know what were you know what we're talking about here is yes, it or some some some new enhancements and integration.
Right, Okay got it.
And on the sports bring front ended you guys mentioned, Iowa as your next launch.
Launch market I'm curious what's next in view I think a couple other states like Michigan in Massachusetts are making significant progress on the regulatory front I think you I think you guys do have a market access secured in those states.
What's what's kind of the next arguments for you guys be on Iowa.
Dallas I I think you're right I think in general what were seeing is yeah, a lot of activity on the regulatory side, Massachusetts is very active Ohio, where we have market access. A 10 is also very active some states like Arizona started to bubble up you know.
So the beauty about the the work that we've done over the past year to create our multistate infrastructure is it allows us to deploy end markets.
Very very quickly once those markets open so.
You know when it's going to depend in part on.
How the how the regulatory environment unfolds, how these states legalized how quickly they open.
But we're very well equipped to capitalize on opportunities with I'm not it's not a significant degree of Ah of development or or technical effort and then as John said the other interesting element that looms large is what happens up here.
In Ah you know in in Ontario, where our expectation and hope is that sooner than later this market is going to open a you know for both sports betting and I gaming and so you know we're we're we have an eye very very closely on a on what's going on here as well.
Okay, great. Thanks, that's helpful.
And then last one from me guys like you know obviously the speeds, there's a lot of noise in chatter about partnerships and M&A. What do you guys see as as a natural next partnership for the score and and and what could we expect in the near term is it is it along the lines of more market access agreement type partnerships or potentially something more.
Strategic.
It's Dave I think you know for US it's about how do we grow our footprint you know across the U.S. as.
As well as what opportunities may exist in Canada.
You know we have a great market access footprint already obviously, we're going to look to expand that to capture more states. Yeah, and then as soon as we've always said to the extent there are opportunities on the strategic side that help US advance our you know it it advance our business quite frankly, whether that's on the media side or on the battery side.
You know, we're always open to the things that what will help either advance our footprint, a or or improve our customer experience.
Okay great.
Thank you guys. Thanks, taking my questions appreciate the feedback.
Thanks, guys.
There are no more questions from the queue I will now turn the call back to Mr. beat for closing remarks.
Thanks, everyone for joining us on our fiscal 2020 Q4 results. We look forward to presenting to you again when we delivered the first results of fiscal 2021 in January Thanks, a lot.
[music].