Q4 2024 Bragg Gaming Group Inc Earnings Call
Martin Scorsese, Daniel Armstrong, Roger Essen, Arnold Schuster
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Regina: Good morning everyone, my name is Regina and thank you for joining the fourth quarter in full year 2024 earnings conference call for Bragg Gaming Group.
Speaker Change: I will shortly hand the call over to Bragg Gaming Group CEO Mateo Shmazi, who will comment on Bragg's fourth quarter performance and its full year 2024 performance. And Bragg's CFO Robbie Bressler, who will review and discuss the company's fourth quarter and full year 2024 financial results.
Speaker Change: I would like to remind you, if you have not already done so, that you can review Bragg's fourth quarter and full year 2024 results presentation on the company's investor website at investors.brag.group. That's investors plural with an S. Then go to the events and presentation section.
Speaker Change: On this call, there will be a review of Bragg's financial and operating results for the fourth quarter in full year of 2024.
Speaker Change: Following these prepared remarks, the conference call will be opened to a question and answer period I would like to remind you that certain statements made on this conference call and the responses to various questions may constitute forward looking information or future oriented financial information within the meaning of applicable securities laws.
Speaker Change: If you have not already done so, please familiarize yourself with Bragg's full explanation of these risk factors available on the second slide of Bragg's fourth quarter and full year 2024 earnings presentation, which is titled Forward Looking Statements, and which is published on the website at investors.bragg.group
Speaker Change: This information is also available in Bragg's recently filed fourth quarter and full year press release and other publicly available disclosure. I'd like to turn the call now to Matevz Mazij, Chief Executive Officer of Bragg.
Theres Mozzie: My name is what Theres mozzie, I'm, the chairman and CEO Brad.
Theres Mozzie: On this call today, I'll start with our fourth quarter and full year operational highlights.
Theres Mozzie: Including our key launches and latest news and then I'll pass the line to Robbie who will discuss our latest financial results.
Robbie: When Robbie has given his commentary on the numbers.
Speaker Change: I'll discuss more about our strategy and operations as well as our outlook for 2025.
Speaker Change: And after that Robbie and I will be more than happy to answer any questions. You may have.
Speaker Change: To start I want to give a little reminder of who we are.
Speaker Change: We create and deliver cutting edge casino games.
Speaker Change: From our in House proprietary Casino game Studios.
Speaker Change: As well as on behalf of carefully selected third party studio partners.
Speaker Change: With our proprietary player account management software and full in house developed I gaming technology stack, we empower operators to launch and scale their operations.
Speaker Change: Providing them with the tools required to seamlessly launch run scale and optimize their casino.
Speaker Change: <unk> bedding and lottery websites for maximum success.
Speaker Change: And we're focused on enhancing the end user experience leveraging the huge amounts of data we process using our advanced analytics and powerful AI technologies to enhance player engagement.
Speaker Change: Maximize revenue potential.
Speaker Change: And drive smarter more efficient I gaming operations.
Now let me tell you about our journey in the past year.
Speaker Change: Throughout 2024, we've taken decisive and meaningful steps to support growth across all of our key business areas.
Speaker Change: <unk> strategy, which has delivered a stronger and more resilient business going forward into the future.
Speaker Change: We've added experienced industry experts to the brag executive team supporting Bronx growth trajectory beginning with the addition of Simon do Nick formerly of sports radar as our new Chief Human Resources Officer.
Speaker Change: The recruitment all form of D C and micro gaming executive near White as Chief commercial officer.
Speaker Change: The master the keel, formerly of Combi joined as Chief legal and compliance officer and my colleague on this call rugby bressler, a former senior balis executive as our Chief Financial Officer.
Speaker Change: We've increased our market penetration in North America, a hugely important market for us.
Speaker Change: In October we launched in Delaware, Our fifth U S. I gave me state.
Speaker Change: With wall Street's Interactive rivers online casino.
Speaker Change: We have continued to expand our north American distribution with notable launches with bet MGM in Pennsylvania last June Caesars in Pennsylvania, and Ontario in August.
Speaker Change: Most recently, we launched our content with draft Kings in Pennsylvania last Friday March 14th.
Speaker Change: And with fanatics in Michigan on Monday This week.
Speaker Change: We now reach over 90% of the total addressable U S casino market of over 8 billion with our proprietary and exclusive online casino content.
Speaker Change: And our progress on this strategic goal is paying dividends.
Speaker Change: I can share that during the first quarter of 2025, we are comfortably on track to more than double wagering on our proprietary and exclusive games in North America compared to what we saw in the first quarter of last year.
Speaker Change: Our most recent release Dragon powered Triple gold from our in House studio Wall Street gaming.
Speaker Change: It was launched just 12 days ago, but he's already looking like it will be the best performing game, we have ever released.
We're also proud to be forging strategic partnerships.
Speaker Change: Such as our recently announced content development and technology leasing agreement with Caesars Entertainment.
Speaker Change: Leveraging our slots development expertise and proprietary technology.
Speaker Change: While further strengthening ties with an important top tier U S Park.
Speaker Change: Strengthening our already dominant position in the Netherlands.
Speaker Change: We supported our existing partners detonation enel.
Speaker Change: Come onboard N L and 711 and L with launches of sports book during 2020 for us.
Speaker Change: Using technology from our fantastic third parties for both partners.
Speaker Change: We also added our sixth panel customer in the Dutch market in July by launching hard rock casino in L.
Speaker Change: Powered by the Black box and fall I Casino Tech stocks.
Speaker Change: Sticking with our Pam we added our second time partner in the Czech Republic powering.
Speaker Change: Barring the launch of King's Best dose C Z in June.
Speaker Change: In the fourth quarter of 2024, we announced that significant insider share purchases have been made.
Speaker Change: Demonstrating managements belief and confidence in the business going forward.
Speaker Change: We have also introduced a new stock appreciation rights incentive plan.
Speaker Change: This plan aligns senior management with shareholders by rewarding long term growth with the addition of accelerated vesting, India event of an earlier change of control.
Speaker Change: Yeah.
Speaker Change: We doubled down on our commitment and execution of our strategic growth plans by launching our proprietary and exclusive gaming content in Brazil on day, one of the opening of the regulated market on January 1st 2025.
Speaker Change: Establishing a strong position in this emerging and important market for Brock.
Speaker Change: Lastly, we were pleased to announce recently that we have grown our Canadian footprint into a second province, Quebec.
Speaker Change: Agreeing a content led partnership with lots of Quebec.
Speaker Change: The local provincially licensed monopoly operator.
Ravi: Now I'm going to turn the line over to Ravi to discuss our financial results.
Speaker Change: Robbie.
Speaker Change: Thank you, Matt and good morning to everybody I will now cover our financial results for the fourth quarter and full year 2020.
Speaker Change: Total revenue for the fourth quarter was $27 2 million Euro another record high up 16% compared to the fourth quarter of 2023. Additionally, Q4 2024 gross profits grew by 31% to $15 8 million Europe with gross profit.
Speaker Change: Margin rising by 650 basis points to 58%.
Speaker Change: Adjusted EBITDA. During Q4 also grew by 68% Q4 dollars 7 million Euro our fourth consecutive sequential quarter of growth.
Speaker Change: Our adjusted EBITDA margin was 17%.
530 basis points higher than the 12% we reported in the same period last year.
Speaker Change: Our performance in Q4 2024 was fueled by the continued expansion of our proprietary content, primarily in North America alone total proprietary content across the whole company to reach a record 13, 3% of our total revenue in Q4.
Speaker Change: Growing our proprietary content remains a top strategic priority as it enhances margins and strengthens our competitive position.
Speaker Change: In addition revenue from our Pam and turnkey solutions continued to gain momentum rising to 24% of total Q4 revenue.
Speaker Change: The combined growth of proprietary content and admin turnkey solutions is driving a favorable shift in our revenue mix, reducing dependency on lower margin.
Speaker Change: Abbreviated third party content revenue in.
Speaker Change: In Q4, 2024 aggregated third party content revenue accounted for just 45% of total revenue the lowest level in the past eight quarters.
Speaker Change: Total revenue for the year end 2024 was $102 million Europe up 9% compared to 2023. Additionally, 2024 gross profits grew by 8% to 54 million Euro with gross margin decreasing slightly by 40 basis points to 53%.
Speaker Change: Adjusted EBITDA for the full year 2024 grew by 4% to $15 8 million in Europe with an adjusted EBITDA margin of 15, 5%, reflecting an 80 basis points decline from the prior year. However, as previously noted our margin performance has improved through 2024.
Speaker Change: Evident in our Q4 2024, adjusted EBITDA margin driven by a continued shift towards higher margin products.
Turning to the balance sheet as of December 31, 2024, we had 10 5 million euro in cash and cash equivalents during the year, we fully settled the remaining balance of the linde convertible debt further strengthening our balance sheet. Our only remaining debt facility is a 7 million.
Speaker Change: USD secured promissory note maturing in April 2025.
Speaker Change: We are actively working to refinance this facility upon maturity with a more flexible structure ideally transition them to a revolving credit facility that provides enhanced liquidity, while securing lower borrowing costs.
Speaker Change: Net working capital, excluding deferred consideration and promissory note at the end of December 31, 2024 amounted to $11 9 million Europe.
Speaker Change: Looking ahead to 2025.
Speaker Change: We iterate the guidance provided in January 2025, where revenue is projected to reach between $117 5 million and 123 million Euro and adjusted EBITDA is expected to rise to between 19 million Euro to $21 5 million Euro.
Speaker Change: At the midpoint of our guidance revenue is forecasted to grow by 18%, while adjusted EBITDA is expected to rise by 28% with adjusted EBITDA margin improving by 140 basis points.
Matt: Finally, we continue to develop a robust pipeline of opportunities that are realized could further enhance our 2025 performance beyond the assumptions included in our current guidance I will now hand, the call back over to Matt.
Matt: Thank you Robbie.
Speaker Change: I want to give you a snapshot of our progress over the course of 2024.
Speaker Change: Both from an operational and strategic perspective, and outline how our products and technology are ensuring that Brian continues to stand out from the competition.
Speaker Change: We get the highest margins on content when we are the owners of the games.
Speaker Change: And we also own the distribution channels.
Speaker Change: And during the last year, we continued to ramp up our proprietary game production from our in House Studios, including Wall Street gaming Ophthalmic slot lab, and Indigo Magic and we also increased our proprietary distribution networks by launching our games with more operators in more markets.
Speaker Change: Revenue generated at Bragg from proprietary content has risen at a compound annual rate of 59% since 2021.
Speaker Change: And at an even higher rate for proprietary content, which also gets to market through our proprietary distribution channels.
Speaker Change: I am excited to share that our momentum has continued into Q1.
Speaker Change: With Dragon powered triple gold launching exclusively with bet MGM in early March.
Speaker Change: And performing unbelievably well, our strongest launch yet a true testament to our proprietary content capabilities.
Speaker Change: Our proprietary content that would each is 90% of the U S. I gaming market, which is worth an estimated $8 billion.
Speaker Change: And as a reminder, we believe that the U S I casino market at maturity could be worth.
Speaker Change: $77 billion.
Speaker Change: We have a lead partnerships supplying our content to all tier one operators draft Kings bank deal that MGM seasons, and more leading the way in the U S I gaming.
Speaker Change: And all partner with broad positioning us to capitalize on this huge market as it continues to expand.
Speaker Change: We're licensed in all key I gaming states.
Speaker Change: Most recently launching in Delaware in October.
Speaker Change: And we expect to launch in West Virginia during the second quarter of this year.
Speaker Change: Which will take us through six U S gaming states lives.
Near White: We've got two industry veterans near White, and Garik Morris, leading our U S. Bush as Chief commercial officer, and senior VP commercial for the U S and Canada.
Near White: As we announced during the first quarter of 2025, we're set to turbocharge, our U S growth through our expanded partnership with seasons with digital.
Near White: The enhanced partnership includes a strategic technology licensing framework for Caesars to lease breaks rgs.
Near White: As well as further options to license the Brian hub product delivery and casino game aggregation platform.
Near White: <unk> fuse player engagement platform.
Near White: In line with our confident outlook for 2025, we're estimating that the U S. I gaming market will account for 15% of our total revenue over the course of the year.
Near White: I spoke earlier about our launch in the Brazilian regulated <unk> gaming market, which took place on January one 2025.
Near White: We're now strategically positioned to make a big impact in Brazil with content based agreements in place with more than 30% of licensed operators in the Brazilian market.
Near White: Figure, which should rise to more than 50% by the end of the second quarter of 2025.
Near White: I want to expand on this with some important numbers to consider.
Near White: Brazil, I gaming market is expected to generate gross gaming revenue of $1 5 billion U S dollars in 2020 five.
Near White: <unk> two <unk> of $3 $3 billion over the next four years.
Near White: Into this we're launching our higher margin proprietary and exclusive content.
Near White: Our strategy, we're all projecting we'll see up to 10% of our total revenue coming from the Brazilian I gaming market. This year.
Near White: Outside of the Americas brags growth trajectory remains strong.
Near White: We're continuing to expand in European and rest of the world markets.
Near White: And are constantly innovating and exploring new products and ways to better service our partners' needs.
Near White: We're accelerating growth through integrations with leading operators across key European markets, such as Italy, Spain, Sweden.
Near White: As well as the U K.
Near White: We haven't been expanding our powered by <unk> studio partnerships to further enhance our exclusive and localized online casino content portfolios.
Near White: Outside of content.
Near White: We're continuing to advance our frontiers of our technology through innovation, notably with our fuse marketing and promotional tool set.
Near White: As well as leveraging AI driven insights to enhance the player experience.
Near White: While at the same time maximizing our profitability.
Near White: Looking ahead, we have a strong pipeline of content technology and product opportunities driven by innovation and with the potential to unlock further growth in 2025 with additional upside potential beyond our current 2025 guidance.
Near White: Thank you for listening.
Speaker Change: To take this opportunity to pay tribute to the entire <unk> team for their continued unwavering hard work.
Speaker Change: And commitment during the fourth quarter and throughout 2024 and beyond.
And now I will turn the line back to the operator.
Speaker Change: And Robbie and I will be happy to take any questions.
Speaker Change: At this time, if you would like to ask a question simply press star followed by the number one on your telephone keypad. Our first question will come from the line of David Mcfadden with Cormack Securities. Please go ahead.
David Mcfadden: Yeah, Hi, a couple of questions.
Speaker Change: Just looking at the U S market.
Speaker Change: And you're expecting it to be up to 15% of revenue I guess it was about 5% in 2024 and <unk>.
Scott: Well, thanks, Scott that crack just wondering if you could confirm that and then.
Speaker Change: Is your deal or is that going to be the primary driver to take you there.
Scott: Thanks, David.
Scott: To answer that so in terms of our growth in the U S. For 2025, Caesars is definitely part of it but a big chunk of our growth is going to be coming from exclusive and proprietary content. So.
Scott: On the content that are the.
Speaker Change: The slot game that Matt mentioned.
Scott: <unk> powered triple growth that's an example.
Scott: What sort of content, we believe it's going to drive that growth in the U S.
Scott: Okay Alright.
Scott: And then.
Scott: Oh I see.
Scott: Right now you have more than 30% of license operators using.
Speaker Change: And your content or your Pam.
Speaker Change: And I think you said you expect it to go to 50% by the end of Q2, our Q1.
Speaker Change: I think through Q2, we will get we will get to that level and just to be clear. The current play in Brazil for US is on the content side. So we're not certain if Pam is going to be rolled out there, but what we're seeing from the.
Speaker Change: <unk>.
Speaker Change: The strength of our content has been quite promising so.
Speaker Change: As of now it is going to be focused on an aggregated content.
Speaker Change: Proprietary content and exclusive content rollouts.
Speaker Change: Okay.
Speaker Change: And then just a question on the Netherlands.
Speaker Change: I think I sign in the spring training articles talking about the potential to ban advertising or some advertising maybe outcomes any sign in Netherlands. I was wondering if you can give us an update on sort of the regulatory environment, there and the impact on the market.
Speaker Change: I think what Youre already I guess same thing.
Speaker Change: We're hearing.
Speaker Change: <unk> seems to be in flux in terms of exactly what is going to come down.
Speaker Change: Our business is primarily focused on the casino side.
Any impact of sports betting advertising probably not.
Speaker Change: Q.
Speaker Change: Two impactful to US we do project in 2025.
Speaker Change: Sorry.
Speaker Change: We expect to see the market decrease in contract in 2025, Thats built into our assumptions.
Speaker Change: So far it is moving.
We expected, but we also believe over time, because we do have a strong market share in that jurisdiction. So the operators that run off our Pam hold the sizable market share that there will be opportunities to increase that market share as a lot of the smaller operators to go.
Speaker Change: Necessarily have the bandwidth.
Speaker Change: It needs to absorb the margin decreases because of regulatory changes will come out of the market. So I do think over time could be.
Speaker Change: Good development.
Speaker Change: In that region for us.
Speaker Change: Okay and then just.
Speaker Change: Lastly on <unk>.
Speaker Change: When we look to 2025.
Speaker Change: You gave it.
Speaker Change: Got it.
Speaker Change: And in terms of what you expect to spend on.
Speaker Change: Peking Union intangible because.
Speaker Change: Because I saw that.
Speaker Change: Free cash flow negative.
Speaker Change: You're spending a fair bit on on those two items and just wondering if that's kind of come off at all.
Speaker Change: I would expect it to stay relatively consistent so we should be scaling it.
Speaker Change: Our revenue will be increasing in double digits, but I don't expect that.
Speaker Change: Our deferred costs to move in the same.
Speaker Change: Direction, one thing that we.
Speaker Change: Will hit US in 2025 is the certification cost.
Speaker Change: Content that we're rolling out so as previously mentioned we are doubling the cadence.
Speaker Change: Title releases that.
Speaker Change: That we do.
Speaker Change: And annual periods. So that does bring one time certification costs that do get capitalized and amortized over the estimated life update the content, but again, we won't we do.
Speaker Change: To see leverage from what we're spending by increasing our top line.
Speaker Change: Okay alright. Thanks.
Speaker Change: Our next question comes from the line of Gianluca Tucci with Haywood. Please go ahead.
Speaker Change: Hey, good morning.
Speaker Change: I guess I can.
Speaker Change: Start off on the gross margin it seems like it was a it was.
Speaker Change: Our record gross margin quarter at 58%.
Speaker Change: And it sounds like you expect continued.
Speaker Change: Expansion on the margin side, given the revenue shifts to proprietary content.
Speaker Change: Just wondering.
Speaker Change: If you have any short term or.
Speaker Change: Longer term targets on the gross margin side.
Speaker Change: Good question, Yes, Q4 was wasn't exceptional performance in terms of gross margin percentage, we do always anticipate Q4 to be our strongest quarter.
Speaker Change: And thats indicative of how what we see from our operators and just performance.
Speaker Change: Casino and sports books in general.
Speaker Change: No.
Speaker Change: I don't think that.
Speaker Change: And assumed run rate based on our guidance our gross profit margin will be less than what we achieved in Q4, but I do think directionally about the that's.
Speaker Change: That's where we're moving towards and I think through the year.
Speaker Change: We should be able to get to a level.
Speaker Change: Through into Q4 of 2025, thats not too far off of that but.
Speaker Change: I don't think at this point that Q4 run rates to be assumed for the full period.
Speaker Change: But we'll wait and see the performance of our proprietary content.
Speaker Change: Mclean Thats dragging powered triple goals. This is.
Speaker Change: Really exciting for us.
Speaker Change: The amount of wagering in just the first 10 days has been like one four times, what we've seen on any title we've ever released.
Speaker Change: We're quite excited about.
Speaker Change: Where our capabilities have gotten too on proprietary content side, So we'll wait and see.
Speaker Change: Okay. Thanks for that Rob we did color.
Speaker Change: And then just if I could ask on your pipeline I guess match.
Speaker Change: Are there any bigger opportunities that you are working on at the moment just wondering if you could give us an update.
Speaker Change: On the activity in your in your pipeline.
Speaker Change: Okay.
Speaker Change: Yes sure.
Speaker Change: We have a very strong pipeline of.
Speaker Change: Different opportunities in.
Speaker Change: Different regions, obviously, our focus regions are going to.
Speaker Change: Stay the same we're very focused on.
Speaker Change: Getting as many operators Onboarding on tour.
Speaker Change: Aggregation platform in Brazil.
Speaker Change: We're focused on getting our content distributors.
Speaker Change: In Brazil and we.
Speaker Change: We have.
Speaker Change: And are all licensed operators on our list and not really working on them.
Speaker Change: And then U S.
Speaker Change: Still working on.
Speaker Change: Deals that are going to allow us to distribute.
Speaker Change: More content.
Speaker Change: <unk>.
Speaker Change: And the in the U S market.
And obviously working on.
Speaker Change: Both aggregation and proprietary.
Speaker Change: Intent opportunities in Canada, as well, where they're so operators that are not signed up for.
Speaker Change: Hub platform more proprietary content Basel and then we have a very strong pipeline of diamond turnkey opportunities on both sides of the Ocean and Europe.
Speaker Change: And.
Speaker Change: Americas.
Speaker Change: Ken.
Speaker Change: Talk about details there.
Speaker Change: And.
Speaker Change: I'd say that were.
Speaker Change: Im very excited about further regulation and.
Speaker Change: And your potential further regulation in the United States and potential further regulation and some of the markets in Europe, where.
Speaker Change: We're actively.
Speaker Change: Discussing some of the opportunistic as it may show up for US in the next 12 to 24 months.
Speaker Change: Okay.
Speaker Change: That sounds good so.
Speaker Change: Yes.
Speaker Change: Like if anything in your pipeline does come.
Speaker Change: Work to head.
Speaker Change: I'm, assuming that that's all accretive to your guidance that you've issued for 225.
Speaker Change: That's correct yes.
Speaker Change: Okay, great great.
Speaker Change: Yes.
Speaker Change: Great.
Speaker Change: Just one more Rob in terms of guidance.
Speaker Change: Is.
Speaker Change: How should we be thinking about seasonality for this year is it going to be business as usual or anything.
Speaker Change: To look for this year in terms of seasonality.
No I'd say business as usual again in Q4 is always.
Speaker Change: One of the strongest if not strongest quarter. So we do expect that again this year, but other than that we.
Speaker Change: Don't expect.
Speaker Change: Much impact beyond just the regular cycles.
Speaker Change: Sports and casino play so usually the summer months are less strong jays better whether people are not necessarily playing as much sports cycles.
Are not the same but nothing unusual this year compared to prior years.
Robert: Thanks, Robert I'll pass the line.
Speaker Change: Again for any questions Press star one on your telephone keypad and our next question will come from the line of Jack Vander <unk> with Maxim Group. Please go ahead.
Jack Vander: Okay, Great. Good morning, guys encouraged to see the strong results and outlook.
Jack Vander: Thanks for taking my questions I don't have too many lifestyle maybe.
Jack Vander: Maybe a question for Matt and Robby just with regards to that robust pipeline of opportunities that you mentioned, that's underdevelopment and not baked into the guidance.
Speaker Change: Just a couple questions. There just does this include both organic pipeline, both organic growth upside potential and as well as M&A.
Speaker Change: And then also is there any potential for new U S States going live in 2025 debt to be assumed in that kind of pipeline of developing opportunities. Thanks.
Speaker Change: Good questions. So in terms of the pipeline that is strictly just.
Speaker Change: <unk> opportunity so to scale, our existing products into new opportunities.
Speaker Change: And.
Speaker Change: We are very excited of what the opportunities are and what we see on the pipeline and will speak to these arent yet.
Speaker Change: Ideas are targets that we have on a chalkboard that we're going to go. After these are processes that we're actively involved in whether it's an RFP or where.
Speaker Change: We are in discussions to.
Speaker Change: Bye.
Speaker Change: That we can rollout in the near term so things are really progressing very well and I think we're at a good position in the sense that the amount of opportunities in the pipeline as well beyond what we could tackle in a 24 month or 12 month period. So we.
Speaker Change: In a sense have a luxury going after the opportunities that are going to move the needle the most.
Speaker Change: From a valuation point of view, so we know that bringing more revenue into our North American story is very key.
Speaker Change: We also want to look for opportunities in our pipeline that leverages.
Speaker Change: Shifting investment into our technology.
Speaker Change: We really have good good things happening and hope to be able to have some positive announcements in the near future about moving some of these opportunities along.
Speaker Change: In terms of.
Speaker Change: U S.
Speaker Change: States opening up.
It's not necessarily baked into any of our I'd say pipeline opportunity.
Speaker Change: So we know that the U S market right now, especially on the casino side.
Speaker Change: 12% of the U S total population being exposed to regulated play and we also see on the sweep side of thing that there is a massive market of players playing casino style games in unregulated environment.
Speaker Change: We are very focused on getting our company well positioned to capitalize on that.
Speaker Change: Additional Tam that's going to open up.
The USDA to open up so it's very much in our strategy to be well positioned.
Speaker Change: With operators and with strong products to be able to capitalize on what we think is going to be that 77 billion.
Speaker Change: Market once adapt maturity from an eye casino point of view.
Speaker Change: Im sorry, Jack just one more question remind me with that one.
Speaker Change: Actually I think another one was M&A, but you really hit all of those you hit the nail on the head with a lot of it does a lot of there's a lot of great color I guess that would be built in the upside the M&A side, though as well if there is anything that would be a new vertical maybe within whether it's charitable gaming or.
Speaker Change: Steve Sweepstakes businesses is there is there anything else that you could be taking you from an M&A perspective to enter a new vertical.
Speaker Change: I'll never say never but it's not in our core focus right now any opportunity to increase.
Speaker Change: <unk> scale and bring more shareholder value, we'll look at but it's not a strategic focus right now our focus right now is operating as strongly as we can improving the metrics that we believe are going to add more value to this company and make us more attractive for investors.
Speaker Change: Okay.
Speaker Change: Yes, just two more things so on the positioning so we have in the last 12 months <unk>.
Speaker Change: <unk> been able to position ourselves.
Speaker Change: As a tier one supplier of patented.
Speaker Change: <unk> solutions and content delivery platforms.
Speaker Change: We have onboard the clients that are tier one in respective jurisdictions and in.
Speaker Change: It's short term and mid term, we're going to leverage that and.
Speaker Change: Use the incredible amounts of data that we have about.
Speaker Change:
Speaker Change: Gaming activities and behavior of.
Speaker Change: And users too.
Speaker Change: Two.
Speaker Change: <unk> distributes content and effectively place and promote.
Speaker Change: Proprietary content in particular at the same time onboard tier one clients, whether they're migrating from old platforms or.
Speaker Change: New players.
Speaker Change: Entering new jurisdictions or existing jurisdictions that are still in development.
Speaker Change: And that's going to be our focus in terms of business development and moving forward and like Rob you said.
Speaker Change: Execution.
Speaker Change: As our key focus.
Speaker Change: In the next.
Speaker Change: Two or three quarters.
Speaker Change: I appreciate the added color there.
Speaker Change: I think that does it for me again, congrats on the strong strong results and outlook. Thanks, guys.
Speaker Change: Thank you.
Speaker Change: And that will conclude our question and answer session I will hand, the call back over to management for any closing comments.
Speaker Change: Yes.
Speaker Change: Thank you everyone I look forward to.
Speaker Change: Speaking with you in the near future.
Speaker Change: Talking about our Q1 results in mid May.
Speaker Change: Thank you very much for today's call. Thank you all for joining you may now disconnect.
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