Good morning, and thank you for joining the BetMakers FY 2022 half year results presentation. I'm Jane Morgan, and today I am joined by our CEO, Todd Buckingham, our CFO, Anthony Pullin, and our COO, Jake Henson. We'll be running through today's presentation, which was lodged with the ASX on Monday. Todd, I'll hand over to you. Yeah, thanks, Jane, and thanks, everybody, for coming on and listening in to our half-year results. I think we've had quite an outstanding half in the first half of FY 2022, setting us up nicely for the second half and all the things that we've got planned. We'll just take you through a few of the highlights before I hand over to Anthony to take you into a bit more detail on the financials. I think we'll hand over to Jake Henson, the COO, to give you a real update on the company and how it's performed across our business units. If we just go down, Jane, to slide three. These are the highlights. I won't touch too much on the financial performance, 'cause Anthony will cover off on that. We have the operational highlights are quite substantial for us in the first half. We're up to now 450 staff across 10 locations globally. It's increased, and well, it will increase a little bit further. We see that setting off, and we're really concentrating on getting on high quality staff and high quality people across all jurisdictions. We've now got offices in Melbourne, Newcastle and Brisbane here in Australia and in other locations globally. We're getting a real good influx of candidates that are wanting to come on board BetMakers, which is quite exciting. None more so than Christian Stuart, who we appointed as the CEO of our North American operation. A really important hire for us. We feel that North America is a key focus for us and where we're heading. We've got a lot of operations over there, and having someone of Christian Stuart's criteria and standard and background is real testament to the BetMakers business, and where we've come from and where we're at in the industry. Christian had 17 years running the digital space across Caesars Properties. A really good experienced operator, and we're really excited to have him on board. Recently appointed Rebekah Giles to the Board. An exciting addition to us. Gives us a broader range across legal background from the board perspective. Rebekah has a lot of experience in the sports industry here in Australia. She sits on the Board for Greyhound Racing New South Wales. For her to have a racing experience and be able to come on and give us a hand with BetMakers is again a real attribute for us, and we're excited. One of the things that we've been working on, which a lot of you guys would know, you know, and it's taken us a long time, but there's been a lot of work go into it, is our New Jersey fixed odds, the rollout of fixed odds betting on horse racing in the U.S. It's been a huge achievement for us to get this done. Now that we've got the legislation ticked off and the regulation ticked off, which has taken us some 18 months to two years to do, we were able to go back and amend our agreement with the New Jersey Thoroughbred Horsemen and Dennis Drazin at Monmouth Park, extend that term to a 15-year term. We did that to show that we're in for the long haul. We think this is a real play for us that we can put our stake in the ground in the U.S. We can use that as the basis to launch fixed odds betting, and horse racing in particular, we think has got a huge growth opportunity in that U.S. market. For us to be able to extend that to a 15-year term and help the guys out in New Jersey to expand horse racing within that state. It's a state that's extremely impressive in terms of how it's rolled out in the sports betting market, and we hope to execute on that in the near future. We've also signed a binding heads of agreement with our tote business in Las Vegas, which is the Caesars Entertainment. We're running all of the Caesars Entertainment properties. We run all of their pari-mutuel betting on horse racing. It's an exciting contract for us, not only financially, but also it puts us front and center with the biggest casino group in the U.S. An exciting contract for us, that one. On the back of that, we have invested heavily in hardware in the U.S., bringing in new processes, new platforms, bringing in new technology, and terminals into that U.S. market. We're excited about how they look. We're getting extremely good feedback from our customers. It's allowed us to execute on a number of deals, and we look to roll those out throughout the calendar year of FY 2022. Our platform clients here, which Jake will touch on, in Australia has outperformed even our expectations. I know we get excited sometimes and think the products are going to work, but the way this product has been taken up in Australia has exceeded all of our expectations, and we're excited about the future of that, which Jake will touch on through his update as well. With that, I'll hand over to Anthony, who'll be able to give you a bit of an overview of the financials. We would've seen some of the highlights on the first slide as Todd ran through it, but I'll just run through the P&L and cash flow in a little more detail. Revenue of AUD 43.5 million Australian dollar for the half, which is up 473% compared with the prior corresponding period. We completed on the acquisition of the Racing and Digital assets from Sportech in June 2021. These results reflect the full half of those assets. In addition, as Todd just touched on, we've seen some really good results out across our platform and Managed Trading Services offerings, operations here in Australia, both in terms of growing the number of customers that we have across that product, as well as you're seeing improving results and maturity across those existing customers. Gross profit for the period was AUD 32 million Australian dollar, a 700% increase compared with the prior corresponding period. We also saw good margin improvement, pushing up to 74% for the half. On the expenses, you'll know we've got AUD 25 million Australian dollar of share-based payments expense for the period. The majority of that expense relates to performance rights issued to Waterhouse VC in relation to the Managed Trading Services offering and the performance rights and options issued to Matt Tripp in relation to his B2B advisory agreement. Lastly, we reported adjusted EBITDA for the half of + AUD 2.3 million Australian dollar. On the next slide, for the cash flow. We reported AUD 1.8 million Australian dollar in positive net operational cash flow for the period. The movements you see across investing activities relate to the acquisition of Sportech and the final payments there, as well as our investment into hardware in the U.S. So we finished the half with AUD 111 million Australian dollar of cash on the balance sheet and no debt. Putting us in a really, really strong position to execute on our current pipeline of activities. Oh, sorry, pipeline of opportunities. I'll hand across to Jake now to run you through the performance across each division. Thanks, Anthony, and hi to everyone who has dialed in. We certainly appreciate your interest in the BetMakers story. As Todd touched on earlier, we've grown to 450 staff over the last half, which is reflective of the business executing on our resource plan that we identified during the acquisition stage of the Sportech Racing and Digital assets. That completed in June 2021, so obviously correlating pretty tightly with this half. It's been very pleasing that the business, as it was, has continued to grow, as has the newly acquired business through that resourcing stage, and we've now positioned extremely well to capitalize it and take that next step in 2022. As highlighted in the last presentation, we've broken the business now out into three main units that cover all of our stakeholders and products. We're really excited about the prospect of having some of our customers interact with multiple units. We now see wagering operators requiring Tote Services. Racetracks are now needing to shift into the digital wagering space and have a presence with mobile apps and on-track functions. Wagering operators are also in the business of now owning some racetracks and in certain markets, which basically gives us a chance to secure global large-scale deals across multi functions of the business. Global Betting Services is the first of those functions. These are solutions BetMakers provides to licensed wagering operators. This includes 20 digital racing betting platforms in the U.S., 10 white label platforms here in Australia, and 30+ data content and pricing customers globally. This division saw healthy growth from our Managed Trading Services product, including a strong upcoming contracted pipeline. We see this as a great endorsement of the model we've pulled together, and the results our operators are getting. We'll continue to develop this white label platform and MTS solution, whilst moving forward with pricing and betting engine services that we continue to receive strong demand for in the Australian, U.K., and North American markets. Further to this, we look forward to integrating some of our BetMakers global product assets, including recent acquisitions of Swopstakes and Form Cruncher, and some proprietary BetMakers bet types we're excited to bring to the market. In the near term, our focus will certainly be on signing operators within the North American market to take a host of these wagering solutions, including the Managed Trading Services. Just roll to the Global Tote slide now, please, Jane. This is the first full half of the consolidated Global Tote business. We did have a few weeks at the end of the previous half there, which is reflected in the graph, as you can see. It's been a big half for us in modernizing this area of the business through new bet types and functions, but also technology upgrades from a hardware and a software sense. This culminated in Caesars, the largest casino group in the United States, signing a HOA for Global Tote to provide exclusive pari-mutuel services within Nevada. Secondly, it's been a busy half year for renewals with a host of our key partners, including The Hong Kong Jockey Club, PENN Entertainment, TVG, MGM Yonkers, Monmouth Park, and [Latse] are renewing their contracts with BetMakers' own Tote division. We see this as a really great endorsement of our vision for those partners to get behind us in that first six months. As mentioned, it's an endorsement for our global vision that you know we continue to invest in, and we hope the results will tell the story for them. Going forward, we continue to invest improving the race day experience through big boards, through new software, through new hardware, through new display networks, including the rollout of our BetLine self-service and telebetting hardware. We also wanna continue to connect our Global Tote partners to racing's new customers via digital means. The Global Racing Network, this is the area of the business where we empower racing bodies, racetracks, and rights holders through our technology to drive new revenues and to ensure their current revenues are sustainable. Our integrity reporting and distribution solutions are examples of all of that, and these are services we'll be rolling into new markets like New Jersey and other states within the U.S. as fixed-odds betting rolls out. From a revenue perspective and performance within this function, we expect this part of the business will grow as our footprints in these new markets does. Our focus in the short term will be around onboarding new tracks and, of course, the launch of fixed odds betting in New Jersey. With that, I'll hand back to Todd, who will cover off on an update on the New Jersey market and also summarize our key strategic focus areas for the second half of FY 2022. Yeah. Thanks, Jake. Yeah, as I've alluded to previously, this has been a journey for us. It's been 18 months in the making. We, you know, first signed the deal back in May 2020. We had to start a process of legislation and regulation to work through the assembly in New Jersey. Well, that kicked off in August 2021. We've been able to work our way through that legislative and regulatory process, and we're now in a position where we can see the finish line. There's a few things to tick off in regards to issuing of licenses. We've now put out our contracts and agreements with operators and with content owners. We've got those contracts now out in the market. There's an expectation that we will get operators joining. PointsBet are the first operator to sign and look like being ready for launch in May. We will be ready to launch fixed odds betting when the racing kicks off at Monmouth Park on May 7. We'll be doing a soft launch prior to then. We've got all of the infrastructure in place ready to go and quite an exciting time for us in New Jersey, where we strike the first bet, the first fixed odds bet on Thoroughbred racing. We really think this will be the catalyst of the industry growing, the industry being acknowledged as moving forward, the industry being able to capture that sports betting market that has been growing with phenomenal growth all across the U.S. We see that racing has been left behind a little bit because it hasn't been in a position to be able to execute. This puts racing front and center in the operators' eyes. It's a high margin product for them. It's a 24/7 product that can be accessed for their customers. We're really excited about being able to launch fixed odds betting in New Jersey come May. That leads us into our opportunities, obviously, and what our focus will be in the coming months. A lot of that is focused around New Jersey and fixed odds and horse racing growing in the U.S. market. Jane, if you flick over to the next page, it'll a lot of that's covered there. Launching fixed odds in New Jersey, bringing new operators on, getting operators to sign up and deliver that fixed odds betting to their customers on horse racing. We're also looking to bring content into the New Jersey market. It's a huge opportunity for wagering, also for horse racing tracks and international markets and domestic markets, opening up a brand new opportunity for them with this New Jersey racing opportunity opening up. The sports betting market over there has grown dramatically. They're annualized at about $15 billion now on sports, and racing isn't capturing any of that. We see this as a real focus for us to get horse racing into that market. Additional contracts for Australian operators are utilizing the BetMakers platform in Australia. As Jake pointed out, we've got six operators that we believe will be live. Two of those are already live in this half. Another four due to go live before the end of June. We're looking to sign up some major players in this area as well. It's a real focus for us. The Australian market, we're getting some really strong results out of it. We see that we can still keep driving that further. We're also looking to enhance globally, across all of our technologies, our people, improve our data software. We're looking to connect our customers into a global commingling sense. We've got customers all over the world. We want them talking to each other, offering each other's products, and upselling the BetMakers suite of products into our existing customers who might only be taking one or two of those. A focus on joining the dots with our international operation and continue to improve our technology and hardware. Jane, we'll flick over to some questions now, if that's all. You're on mute, Jane. Sorry about that. We encourage shareholders to use the Q&A function at the bottom of the screen, should you have any questions, but I will jump into them now. On July 5th, 2021, there was an announcement out that BetMakers was in discussions with Tabcorp in relation to commercial opportunities internationally. Are these discussions still progressing? Yeah, I'll take that one. At this stage, there's nothing progressing with Tabcorp. We've got some commercial deals that we've got on offer to them, but at this stage, nothing's happened. They're quite busy, obviously, with the demerger focus, and from a BetMakers perspective, we're extremely busy with what we've got in front of us as well. It's you know, concentrating on what we've got, but at this stage, there's nothing happening with Tabcorp. Thanks for that. There's quite a few questions just coming through on the share-based payments to Waterhouse VC and to Tripp. Todd, maybe do you wanna just cover off on that? Yeah, look, we you know this is a deal that we've had in place for a couple of years. I think we're two years into it. We're coming to the end of the Waterhouse deal. When the business was a lot smaller than what it was, we had the concept of developing a Managed Trading Services business. We could have either went out and bought one or we could develop one ourselves, and we felt that this was the right strategy for us. We incentivized Tom Waterhouse and Co. to be able to help us build out that product and that business. We feel from a board and a management perspective, we're extremely happy with the deal. We've got this. You know, it's exceeded our expectations to be able to build that product out with the help of Tom and his team, and actually have a product now that we can deliver into the market and take globally. It's really exciting for us. It's, you know, we think it's well worth what we paid. Obviously it's a big ticket item when you're looking at it from this perspective and looking back in the rear vision mirror. But at the time, you know, we felt that was the right thing to do, and we can put our hand on heart and say it was. Thanks, Todd. Another one just popped up. Has there been any news on Fox Bet looking to expand and also come into the Australian market? If so, how do you think they will do it with regards to any partnerships or will they likely go it alone? Yeah. There's actually one of a number of people that we're talking to in regards to how BetMakers can fit into the puzzle of coming into the Australian market. The results that global operators are getting out of Australia are phenomenal. The growth here has been exceptional. We know that with our existing clients, our MTS clients or Managed Trading Services clients, the results they're getting are far exceeding their expectations. Look, we feel like we've got the right product for those people that want to enter the market. We think we're in a really good position. Anyone that wants to enter the market, Fox Bet, any international operator that wants to come in here, we're looking to do deals with those partners and obviously get them onto the BetMakers system. Thanks, Todd. There's quite a few questions that are coming through just on the competitive landscape. Do you wanna maybe just perhaps touch on that? Yeah. It's one of those things that the more successful you are, obviously it highlights, you know, there's areas of opportunity. We feel that we've been working on this for 10 years. We've been working on our technology for that time. We feel like we're a long way in front of anyone that comes into the market. Those people are coming in copying us, it just gives us more confidence that we're doing the right thing. We know that there's gonna be competition across our business. We've got three real sectors of the business, and each one of those has its own competitors. As far as a company that has the whole gamut, it's, you know, there's no one like it, like BetMakers, we feel. We feel like we can offer our customers a full suite service, unlike anyone else. The more competitors, the more confidence it gives us that we're doing the right thing. Thanks for that. Can we just, there's a question in here just, can you just please discuss how the New Jersey experience positions Bet to replicate fixed odds in other states, and what other states are likely to favor Bet as a result of the New Jersey experience? Look, I think it's just a focus of just looking and seeing what happens. You know, we believe that New Jersey is set up for success. There's only one way that you can bet on horse racing in New Jersey at the moment, and this is through a legislative law that says you can only bet on it through one site called 4NJBets. You know, that's gonna be coming up into competition with all of the bookmakers. There's 33 operators that can bet on fixed odds. We think that we're going to get some really strong growth on horse racing within New Jersey. A lot of people are looking to see what happens, you know, in the same way that sports betting went live in New Jersey, and then other states got on the back of it. We can't say who will go next. There's a lot of people that we're talking to. But I think it comes down to the success of the New Jersey market and the success of the BetMakers model. Once you've got that established, then it makes it hard to do something different. We're well positioned in the U.S. We're quite happy with where we're at with New Jersey, and we look forward to other states opening up after. Thanks, Todd. Anthony, one for you now. How should we model forecast future CapEx spend on systems? Sure. We had a fairly significant spend in the half gone, about AUD 10 million Australian dollar cash wise, AUD 7.5 million Australian dollar increase on the balance sheet. As we noted, that's heavily focused on the rollout of the new BetLine terminals in the U.S. You know, given we still see the U.S. as a very large opportunity for us, an opportunity for us to enhance the racing experience over there, we're gonna continue to invest in that market, in the hardware and in CapEx space. Going forward, we will have continued CapEx, but not at the same levels that we've seen in the last half. We do expect that to decrease down to a more consistent, I guess, maintenance level of CapEx. Keep in mind with our CapEx as well, guys, that you know, we spend that money to you know, obviously invest in our customers, gets us our contracts, extends our contracts. We just extended Monmouth Park, for example, to a 10-year contract now with the expenditure. We also change the commercial models that we invest in the upside. If we can bring technology that obviously is you know, improving the product to a consumer, is gonna get more bets, then that's gonna benefit us as well. The other reason that we're obviously investing in modern technology is saving on maintenance. Maintenance is a real battle for old systems and old technology, and some of these terminals that are in the U.S. market, not only with BetMakers but with our competitors as well, have been in there for 20 years. It's very difficult to have an old machine, and when they break down, be able to fix them instantaneously. The new terminals that we're bringing in are all built so that it's lightweight in terms of maintenance and it saves us money in the ongoing future. Thanks, Todd. One for you, Jake. It's a Global Tote question, actually. Strategic focus and outlook. What is meant by reduced minimum bet amounts? Is this to increase bet frequency? It's more so about global access. Obviously, totes that commingle are underpinned by currency. You know, we have customers in 35 odd countries. You have some countries where the U.S. dollar might be a small or a large denomination of that. It's about ensuring that we can take any bet from any customer, further to that, reducing the friction points around those bet types if you had a minimum bet of $2 in some countries, that might not correlate to how an operator has configured their UX and their user experience, because AUD 2 Australian dollar in Australia, for example, wouldn't be a direct mirror of that. It's more so just around reducing some friction points and positioning the Tote to be a product that can sit on digital operators as well as take cash bets on course. Thanks, Jake. Just one on the Managed Trading Services. What's the likelihood of companies—Sorry, it's coming through on Twitter. What's the likelihood of MTS to take up in the U.S. market, and particularly with some of the larger wagering operators? The MTS model in a sports sense is quite popular throughout Europe and already in the States. The other thing we're seeing in the States, obviously, these operators are in a race for market access and a lot of their resources taken up in that market access battle, and by virtue of that, early-stage marketing. We see not only MTS, but turnkey solutions in general being a pivotal piece to that market. For us, being in our racing field, it makes logical sense for these operators to parachute BetMakers into, to handle that racing solution for them. The other thing this gives them going forward is product parity, because we're 100% focused on developmental solutions in this area, and it means they don't have to circle back and play catch up if a new bet type evolves in a market or a new function or a feature arrives. It gets them to market quickly, but also gives them parity going forward, and obviously without the overheads of the technology costs. Thanks, Jake. Just actually on Managed Trading Services, but more to the Australian market. There's just a question around additional sign-ons here and what kind of size are we expecting this to sort of be? Yeah. Well, the success we've had over the last six to 12 months has obviously positioned us in a spot where we can be a little bit more selective around how we allocate our resource through partnerships. Certainly, we're seeing different type operators get results here. For us, you know, we wanna partner with guys who are taking the opportunity seriously because we certainly are from our investment point of view, from cash and people. Certainly I think you'll see people try to monetize their databases in new ways. The path to market being a lot cheaper and a lot more lightweight than previously. I think the prospect of becoming a wagering operator in Australia is a lot more real than what it has been in years to come. There's a lot less barriers to entry, and certainly that tech entry cost is much lower and, you know, you can structure your deals that way. You know, we've got a lot of interest, but certainly as a business, we're lowering our eyes onto what we think can be needle movers going forward, and obviously ones that can fit, you know, neatly into that turnkey solution, so they remain relatively lightweight from a resource standpoint. Thanks, Jake. Todd, I might just go back to you now. There's just a few questions here just on the share price. Do you maybe just wanna make some comments on that? What questions in particular, Jane? Well, there's just one about the share price drop here. Sorry, they're coming through from chat and all over the place. The bet result loss. Gotcha. Yeah, look, the one thing we can't determine is the share price. What I can say is, the board and management are well and truly leveraged in BetMakers shares. We're quite interested in the share price being higher than where it is at the moment. You would have noticed a month ago that I actually went on market and bought shares myself. You know, I was confident in the share price of where it was at that particular point in time. I'm still confident now. Look, what we can do is just do business and run the company and deliver results like we're delivering. You know, we've got a lot of opportunity in front of us, and I think, as a shareholder, you can be confident that we are in a strong position. I can see a comment coming through there in regards to capital raising. We have got no intention of doing capital raising. We don't need to do a capital raise to run this business. We're cash flow positive. The business is profitable. You know, we've got a lot of opportunities ahead that we've actually invested in, and we've put dollars in in advance of those opportunities that are coming through. There are things that we're putting into the market, like the New Jersey fixed odds, like our customers coming into the Australian market. There's a lot more in front of us that we've already invested in, and so we have no intention of or any requirement to be able to raise money and you know. That's certainly not affecting the share price from that perspective. Obviously, our market sector has been hammered across the board across the globe, people that operate within our sector. One thing we do wanna point out is that we are a B2B operation, so we don't have to have the exposure that our customers have in regards to marketing dollars and spend. We're able to, obviously, have exposure to the market but don't have the hangover of heavy marketing spend. Thanks for that, Todd. Is there anything else that I might have missed, Jake or Anthony? I don't know if you've seen pop up. There's one here, Jane, just around the technology and ability to adapt for other sports. Certainly there's elements of the technology that can. We see a greater opportunity in partnering with the experts in this field, which we've obviously already done, in the U.K. market and here in Australia. I think the greater opportunity for us is positioning our solutions to be able to interact with those. We see racing globally as more than large enough as a market for us and one with plenty of growth in it. It's probably more from a partnership perspective that we have some overlap there and obviously helping those guys who have access to new markets improve their racing offering as well. Thanks, Jake. I see a question here, Jane, in regards to Tab. Kathleen's put a couple of questions in there in regards to whether we feel that the Tab bid was a mistake. What we do know is that our shareholders categorically indicated to us that they wanted us to stay in B2B. We've heeded the message. We understand that, and that's where we're focusing on, and that's where we're focused on in regards to the business since then and moving forward. That's where we'll be staying. While we never, you know, we don't sort of apologize for having a, you know, what we're trying to do. We had some grand plans, and we believe that there were some huge opportunities there. We are concentrating now on the existing business and where we see the opportunities there. Thanks for that. There's just another one on the launch of fixed odds betting in New Jersey, just a date. I know we did mention it in the presentation, but can we just touch on that again? Yeah. The season kicks off at Monmouth Park on the 7th of May, which happens to be the launch of the season. We'll kick off our fixed odds betting. We'll have the terminals ready to be able to take fixed odds bets on course at Monmouth Park. The expectation is there'll be one or more operators that will be betting online on that date as well. We expect between now and sort of in the end of the year for a number of other operators to be rolling out fixed odds betting on horse racing as well. You know, we're not gonna shoot the lights out on May 7th. We believe this is going to be a good strong growth, an uplift in horse racing within New Jersey, which is expected to, you know, take 12-24 months to execute on. Thanks, Todd. Is there anything else that you can see, Anthony, Jake? Just to circle back on Paul, I think it was Paul's question. It was specific around the soft launch. It will be exactly that. It would only be in the sort of lead up to those dates, and for us is obviously about getting everything to connect end to end and giving the wagering operators obviously some tangible data around how that will occur. The one other one that's just come through here, there's a question around is Matt Tripp working on any deals? Certainly he's helping us with a number of deals. I think it's probably important to note as well that he's also helping us with existing customers and deals and how we structure that to capture new revenues going forward. It's not just limited to future deals. He's been a tremendous asset to the business, and obviously a resource that the management team can lean on for advice around a number of things, not just strategic opportunities going forward. Yeah, Anthony might be able to touch on that a little bit. Matt hasn't, in regards to his performance payments, he hasn't been paid anything to date, but the expectation is that he'll be delivering a deal, and so we've accounted for that in our accounts so far. It's a prepayment, so to speak, of something that we believe will happen in the future. Just to flesh that out, it's basically, you know, assuming the cost of the equity instrument, overlaying probability and then amortizing over the life or the expected life of that instrument is what we're actually booking as an expense. So to Todd's point, you know, we're recognizing share-based costs today for what will likely be a deal in the future. From our perspective, you know, I hope we can recognize a lot more share-based payments expense in relation to Matt, because that will mean a material deal for the company. There's a question here, Jane, from Tom around the COVID reopening leverage and how those figures may have been impacted and how that looks going forward. We're probably a little bit unique in that sense that we had a lot of digital solutions already in the market, so we're able to capture that transformation that happened quite rapidly through that period. What we will expect this year, certainly, is to have a lot more fixtures. There were still parts of the world impacted from a fixturing point of view through COVID throughout 2021. More fixtures, obviously more races to bet on. For us, more ways in which we can clip the ticket or our services will be paid for on a monthly basis. From an overall standpoint, we're certainly still in a flexible position where we think we can capture a piece of the overall market, whether that be point-of-sale, or retail or digital handle. There's another question here from Mason. Did you have to give anything away for the New Jersey horsemen to lock in a 15-year deal? For example, was there a bit of give and take on the revenue share? The question is, yes. We were able to, once the regulations come down and the way it was structured, we were able to put a commercial deal for operators and racetracks that are coming in. We were able to understand that better. From there, we'll be able to get a better commercial outcome for BetMakers, which then allowed us to be able to give a little bit more back to the horsemen and to Monmouth Park as well. It was a deal where getting that structure right, you know, we're all able to share in the upside. From an operational point of view, it means that all operators that would like to bet on fixed odds in New Jersey will have to integrate the BetMakers system. Once you integrated the BetMakers system, then it will be available to operators to be able to use and utilize into other jurisdictions. If a new jurisdiction is open, regardless of whether BetMakers runs that jurisdiction from that perspective, then the operator can still utilize the BetMakers product and suite of products in those new jurisdictions. We think it puts us in a really good position operationally and obviously in a better position from a commercial sense as well. There's a few questions here that'll cover off on the same thing, Anthony, around forecasting revenues and obviously margins and things like that'll you know have changed and will continue to evolve as the business units mature a little bit. The tote's a good example of that. Maybe if we could just touch on what we can in that regard around sort of future outlook. Yeah, sure. Look, I think the margins we're seeing coming through in this half is what we expect to see into the future. That have greatly improved, as Jake said, largely due to the scale of the company and the product mix we're currently running with. With regards to, I guess, forecasts or forward-looking statements, no, we haven't put anything out in the market. I think it's important to note or to rehash some of the comments that Todd made earlier. You know, we're not exposed to the U.S. market in terms of customer acquisition, so we don't expect to be growing OpEx or direct costs materially, sorry, in order to capture customers over there. We're a B2B operator and, you know, naturally our cost of customer acquisition is very low in that respect. We think the margins hold up as we grow. Then once again, on some of the comments or some of the points we've already touched on, we do expect strong growth as we roll out into New Jersey and the U.S., as well as no doubt Managed Trading Services and platform offering here in Australia. Thanks, Anthony. Jake, there's one that's come through just about different deals and different bookmakers that are using the BetMakers tech here in Australia. Do you wanna maybe just shed some light on that? Yeah. Well, like what we can and can't share, and that's obviously, you know, outside of ASX rules around materiality. There's certain bookmakers that we have deals with where some things can be out and about. Previous slides and previous presentations that we've released obviously have listed some of those operators that are happy with that. Probably the best answer to that would be to reflect back on that. If you know Jane you could potentially share with them that slide from that relevant deck, then that will give it a bit of a snapshot of the Australian market and the U.K. as it currently is. Yeah. I would encourage you to go back through our last investor presentations, which are on our website. Well, gentlemen, I think that looks like we've answered most of the questions. If we have missed anything, please feel free to reach out via the contact details on the bottom of our ASX releases. A copy of recording of this, today's recording, will be available online in the coming days as well. Thank you all for joining us. Thank you. Thank you, guys. Thanks for coming along.