I would now like to hand the conference over to Mr. Sam Swanell, Group CEO. Please go ahead. Good morning. I would like to thank you for joining this call for the PointsBet Holdings Limited half-year 2021 results. This is Sam Swanell, Group CEO, and I'm joined today by US CEO, Johnny Aitken, who's joining us from Denver, and Group CFO, Andrew Mellor. Today we will talk to our investor presentation, which was lodged with the ASX this morning, together with our half-year financial report. All figures in this presentation are in Australian dollars, unless otherwise stated. Turning to slide four. The H1 FY 2021 performance of the global trading businesses as compared to the prior corresponding period of H1 FY 2020, to be referred to as the PCP, was as follows. Turnover was up 255% at AUD 1.89 billion. Gross win was up 225% at AUD 154 million. Net win was up 177% at AUD 83 million. Active clients were up 107% at 211,000. H1 FY 2021 saw the announcement of our transformational five-year media partnership with NBCUniversal. This has provided PointsBet with deep access and integration into NBCUniversal's world-leading broadcast and digital assets. NBCUniversal is one of the most iconic and trusted media brands in the U.S., with the largest sports audience of any U.S. media company, accessing over 184 million viewers. As noted by our Chief Commercial Officer, Nic Sulsky, at the December quarterly update, we could not be more pleased with the execution and progress we have made to date under this partnership. Both teams are aligned to the opportunities ahead and are working at a feverish pace to unlock value and execute on PointsBet's marketing strategy. As I've spoken to in the past, as the company looks to grow its business across the U.S. and utilizes its deep sports wagering experience to manage those clients whose average bet size is significantly above the median, volatility of revenues across reporting periods can occur. Slide five addresses this volatility across reporting periods by showing the company's full-year trading performance to January 24th 2021. The global business had a strong start to Q3 FY 2021 for the period January 1st to January 24th. The global business achieved a net win of AUD 22.9 million. The U.S. has reversed the aggregate H1 FY 2021 negative net win of AUD 2 million to record an FY 2021 year-to-date net win to 24 January of AUD 11.7 million. The Australian trading business recorded FY 2021 year-to-date net win to 24 January of AUD 94 million. As can be seen on slide 6, in Australia, active clients were up 77% compared to the 12 months to December 31st 2019. The company recognizes a structural change in the Australian online wagering market, including brand consolidation and a shift from retail to online wagering. As the company seeks to grow its net win market share in 2021, the Australian trading business marketing expense was AUD 21.1 million in H1 FY21. PointsBet's investment in U.S. marketing expense during H1 FY21 of $30.3 million resulted in U.S. active clients during the 12 months to 31 December, increasing by 222% to over 68,000 compared to the 12 months to December 31st 2019. In the U.S., in H1, PointsBet resumed its targeted marketing investment in New Jersey, Indiana, and Illinois, assisted by the NBC Sports media assets, and launched operations, including targeted marketing investment in Colorado in November 2020. PointsBet continued to not make any significant marketing investment in Iowa during H1. Increased targeted marketing spend in that state from 1st of January 2021, when in-person registration was replaced by online registration. Turning to slide seven. The Australian trading business recorded net win of AUD 84.8 million, up 211% from the PCP. Net win margin of 7.9% increased from 7.8% in the PCP. H1 saw an increase in the percentage of Australian turnover that was bet on the higher margin multi-segment compared to the prior corresponding period. The launch of Same Game Multi for NFL and NBA in September and December respectively, further contributed to higher overall margins. March 2021 will see the company's third anniversary since the launch of a full product suite in Australia. Pleasantly, H1 FY21 marketing spend of AUD 21.1 million assisted in delivering H1 FY21 net win of AUD 84.8 million, a marketing expense to net win ratio of 25%. H1 FY21 turnover of AUD 1.07 billion tripled compared to H1 FY20, up 207%. I'm very pleased to report that the Australian trading business recorded a statutory EBITDA for the half at AUD 8 million, compared to a loss of AUD 3.4 million in the PCP. I would now like to make some comments on our H2 marketing strategy in Australia. Given the previously announced appointment of Shaquille O'Neal as our Australian brand ambassador, the company intends to increase its H2 marketing expense above the AUD 21.1 million spent in H1 to leverage that brand appeal in the Australian market. To be clear, as a result of the strong H1 performance of the Australian business, it is not anticipated that the Australian trading business will require any group funding for the 2021 financial year. The performance of the Australian trading business is an excellent blueprint for our aspirations in the U.S. Our ability to operate a growing, profitable business in the advanced and competitive Australian market, backed by continually improving product and growing brand recognition, provides confidence in the continued execution of our U.S. strategy. I will now hand over to Johnny Aitken, U.S. CEO, to speak to the U.S. results. Thank you, Sam. Now turning to slide eight. The U.S. business achieved a gross win of AUD 17.7 million, compared to a gross win of AUD 9.2 million in the PCP, with a net win loss of AUD 2 million, compared to a net win of AUD 2.6 million for the PCP. As Sam noted earlier, due to the nature of the sports betting industry, volatility of revenues across reporting periods can occur. This is evidenced by the United States business strong start to H2 FY2021, reversing the aggregate H1 FY2021 negative net win of AUD 2 million to record an FY2021 year-to-date net win to 24 January of AUD 11.7 million. Given the full-scale resumption of the major U.S. sports leagues and PointsBet's investment in marketing during H1 FY 2021 of $30.3 million, the U.S. business saw active clients during the 12 months to December 31st 2020 increased by 222% to just over 68,000 compared to the PCP. PointsBet is now operational in New Jersey, Iowa, Indiana, Illinois, Colorado, and Michigan. Michigan will also see the inaugural launch of PointsBet iGaming product in H2 FY 2021, followed by New Jersey. The negative H1 net revenue performance clearly has had a negative impact on the overall U.S. EBITDA performance. Together with a substantial U.S. marketing expense during the half and continued investment in the U.S. sports wagering opportunity, this led to the U.S. trading segment recording on a statutory basis an EBITDA loss of AUD 69.2 million in the reporting period. Turning to slide nine, I will now briefly touch on each state. New Jersey. PointsBet achieved 10.8% market share in New Jersey for online handle during the half, on the back of increased activity from clients whose average bet size is significantly above the median. The company continues to target a long-term market share of 10%. New Jersey recorded a gross win of AUD 4.2 million at a gross win margin of 0.7% and a net win loss of AUD 3.8 million at a net win margin of negative 0.6%. As noted in the trading update, results in H1 FY 2021 have corrected from this short-term variance, resulting in a year to date to January 24th 2021, a positive net win in the state. Illinois. In Illinois, PointsBet achieved 8.9% market share for online handle in Q2 FY 2021. Whilst we are very pleased with this result, PointsBet acknowledges that December's online market share of 6.55% is more indicative of our market share performance, as during the early part of Q2, the company risk managed clients whose average bet size is significantly above the median. Illinois recorded a gross win of AUD 9.3 million at a gross win margin of 5.7%, and a net win of AUD 2.9 million at a net win margin of 1.7%. Illinois remains a remote registration environment due to the emergency order extending remote registration. We also note the recent introduction of draft iGaming legislation in Illinois. This follows the recent trend of iGaming legislation being considered in states soon after legalized sports betting. Indiana. In Indiana, PointsBet achieved 3.8% market share for online handle during the half, ranking as the fourth largest operator by handle in December. Indiana recorded gross win of AUD 2.9 million at a gross win margin of 6.0%, and a net win loss of AUD 1.5 million at a net win margin of negative 3.1%. Given the early stage of this competitive state, the company continued to focus on acquiring and retaining clients, which resulted in promotions exceeding gross win. Details of the company performance in the recently launched Colorado and in-person registration jurisdiction, Iowa, are set out in the HY report released to the ASX this morning. I would briefly like to expand on some of the points Sam made previously as it relates to short-term variances of gross win margins across reporting periods. It is important to note that we take a long-term approach to the management of our clients. In relation to higher-staking clients, while their average bet size is significantly above the median, their behavior over the medium to long term will result in positive value. As such, while we may see short-term volatility of gross win across reporting periods, we are confident as to the profitability over the medium to long term. Our confidence to manage these clients comes from decades of risk management experience of our trading teams. I would like to make some comments also on the recent Super Bowl performance, which was strong across all areas. Firstly, we were delighted with how our systems performed, noting that some of our key competitors experienced technical issues and delays. No major outages or system issues were reported in the lead up or during the game, with 99.9% of all bets placed within one second, as per our service targets. PointsBet also offered the most markets in the world on the Super Bowl. As an example, 15 minutes before kickoff, PointsBet were offering 765 markets, over 200 more than the closest competitor. Our depth and breadth of product is a testament to our platform capabilities and the expertise of our internal trading teams. We also saw significant year-on-year growth across the key Super Bowl metrics. Examples include handle up four times year-on-year, acquisition up 12 times year-on-year, with Super Bowl day achieving a new record for client acquisition at more than 200% on the previous best acquisition day. Finally, we delivered a strong trading margin result to cap off a great day. I will now hand over to our Group CFO, Andrew Mellor, to run through the detail of our results. Thank you, Johnny. Turning to the company's reported results on slide 12. I will be talking to our normalized results today. There is a reconciliation from the statutory results included in the review of operations, and also on slide 17 of this presentation. As a reminder, net revenue in Australia is net win less GST. Net revenue in the U.S. is equal to net win. For the reporting period, PointsBet reported net revenue of AUD 75.1 million, a growth of 174% versus the PCP. Gross profit of AUD 25.6 million represented growth of 109% over the PCP. As Sam referenced earlier, the negative H1 net revenue performance in the U.S. business, as a result of the short-term variances across reporting periods, did have a negative impact on the overall group gross profit performance. It was pleasing to see the positive start to Q3 in the U.S. Australian gross profit margins have remained consistent on a PCP basis. The group sales and marketing expense was AUD 62.9 million for the half, as was previously disclosed in both our Q1 and Q2 results presentations. Australia accounted for AUD 21.1 million, and the U.S. accounted for AUD 41.8 million. This increased marketing investment assisted in the delivery of 143,000 active clients in Australia and 68,000 active clients in the U.S. at the December 31st 2020. Employee benefits expense increased over the reporting period in both Australia and the U.S. The focus on hiring in Australia was predominantly in the product and technology department, while in the U.S., hires were spread across all operations. Specifically, FTEs, as of the December 31st 2020, grew to 303, up 54% from J une 30th 2020. Product and technology expenses increased over the reporting periods. During H1 FY 2021, the company was operational in Australia and five U.S. states, being New Jersey, Iowa, Indiana, Illinois, and Colorado. As a result, our betting volumes have increased. Our costs associated with developing, hosting, operating, and securing our technology and data platforms have also increased. The normalized group EBITDA loss was AUD 69 million as the business continued to invest in the U.S. sports wagering opportunity. The statutory group EBITDA loss was AUD 71.3 million for the reporting period. Turning to slide 13, I now wish to speak to our business segments. On a statutory basis, the Australian trading business segment recorded net revenue of AUD 77.2 million and an EBITDA of AUD 8 million in the reporting period, compared to the EBITDA loss of AUD 3.4 million in the PCP. On a statutory basis, the U.S. trading segment recorded negative net revenue of USD 2 million and an EBITDA loss of USD 69.2 million in the reporting period. The negative H1 net revenue performance did have an impact on overall U.S. EBITDA, with much of the loss being driven by U.S. marketing expenses. The technology segment derives its revenue from licensing fees charged to the Australian trading business and the group subsidiaries in the U.S. Please note this revenue is eliminated in the company's consolidated results. On a statutory basis, the EBITDA loss for the technology segment for the half year ending December 31st 2020 was AUD 3.6 million, compared to the PCP loss of AUD 2.1 million. Corporate administrative costs cannot be readily allocated to individual operating segments. The statutory EBITDA loss for the corporate segment for the half year ending December 31st 2020 was AUD 6.4 million, which was largely driven by costs associated with the NBCUniversal transaction and the capital raise, as well as increased listing costs, given the increased share base of the company. Turning to slide 14. The balance sheet was strengthened over the reporting period, with the group having net assets of AUD 513 million at the December 31st 2020. During the reporting period, the investment in the development of our betting platform and payments for U.S. state licenses and market access saw additions to intangible assets of AUD 20.7 million. As has been well documented, the company completed a successful capital markets transaction in September 2020, raising AUD 353 million. As a result, the company held AUD 359 million of corporate cash as at the December 31st 2020. PointsBet does not have any corporate borrowings. As part of the NBCUniversal transaction, the company issued equity and options to NBCUniversal, which had a value at the respective issuance dates of $123 million. This is the amount that is offset against the $393 million commitment, hence reduces the overall cash commitment of the deal. As such, a corresponding prepayment has been recorded in both current and non-current assets, which will reduce over the five-year commercial term as the NBCUniversal agreement is executed. Secondly, as part of the NBCUniversal transaction, the company agreed with NBC an alternative to exercising the options. NBC may elect at the end of year five to receive the $105 million, being the initial options value, in cash. That commitment is recorded as a financial liability on our balance sheet and is calculated at the present value of the potential future liability. I'll briefly touch on the cash flows as these have been previously disclosed and detailed as part of our Q1 and Q2 4C reporting requirements. Turning to slide 15. Net cash flow used in operating activities, excluding movements in player accounts, in the half ending December 31st 2020, was AUD 69.1 million, as previously disclosed. Net cash outflows from investing activities was AUD 35.4 million, and net cash inflow from financing activities was AUD 341.2 million. I'll now hand back to Sam for some further comments. Thank you, Andy. It's been a great period of continued progress for PointsBet. Turning to slide 24. I'm very happy with the execution and progress we've made to date under the NBC partnership. Earlier this month, in collaboration with NBC Sports and the PGA Tour, PointsBet powered a first-of-its-kind golf betting companion BetCast during the Waste Management Phoenix Open at TPC Scottsdale's Stadium Course, one of the largest PGA Tour events. BetCast provided a distinct betting version of this major sporting broadcast, with PointsBet having exclusive integrations with our odds, unique markets, and promotions. BetCast was distributed via Peacock, the NBC direct-to-consumer platform, and aired for 2.5 hours each day, being 10 hours in total. Now turning to slide 25. I'm often asked what it means to own in-house technology, and this question is all the more pertinent since the Super Bowl, when a number of U.S. bookmakers experienced technology issues, resulting in poor customer experience and revenue leakage. PointsBet has undertaken an in-house approach to proprietary technology since day one. This has always been our number one priority. Not only does this allow PointsBet to control its own product roadmap and ensure it is delivering a premium and fast user experience, it also allows us to make the required investment to ensure our systems are scalable and ready to cope with the likes of the Super Bowl and the Melbourne Cup. Moving to slides 31 and 32. PointsBet has an outstanding global team. From day one, this team has delivered consistently on its objectives. Calendar year 2021 will be another big year. We will shortly launch our iGaming product in Michigan, and this will be followed by launch later in the half in New Jersey. We've taken the time to build a proprietary iGaming platform, and this vertical will continue to be developed throughout 2021 and beyond. As with the approach to all parts of the business, we plan to excel with our iGaming product. We will continue investment in our technology and product to deliver competitive advantages in the key critical areas that we know are required for success. The U.S. sports betting and iGaming opportunity is going to play out over the next 5-10 years, and the advantage to those that own their technology is going to become more pronounced as new states launch, complexity increases, and clients become more informed about what is a great product versus an average one. Among the jurisdictions which will be at the front of mind for management's planning for the remainder of 2021 are New York and Ontario, Canada. It is estimated that these two jurisdictions have a combined total addressable market of circa U.S. $3.5 billion. The likely near-term opening of these large markets is evidence of the rapidly developing North American opportunity for PointsBet. Finally, we will continue to invest in and build the PointsBet brand in the U.S. for the medium to long term. In the 2020 financial year, less than a quarter of our marketing spend was above the line non-digital spend. However, for the current financial year, we expect this to increase to over half, reflecting the transition in our marketing strategy. We will work with our partner, NBC, to further leverage their assets and the benefits that come with being the official sports betting partner of NBC Sports. Improved marketing efficiency will result from increasing brand recognition and lead to growth in overall acquisition and client activity. I'm now happy to take questions. Thank you. Our first question is from Rohan Sundram of MST Financial. Please go ahead. Hi, team. Thanks for your time. Just one question from me on New York in particular. Based on the more recent events, are you any more encouraged or optimistic than, say, several weeks ago, on the prospect of a competitive market as the preferred model going forward? Hi, Rohan. Hope you're well. In a nutshell, yes. Obviously, when the governor came out and talked about a potential single operator lottery model, that was a little bit of a surprise, I think, to the industry. I think obviously that's allowed the industry to try and address that approach versus the preferred approach. Currently, obviously, the legislation do allow us with that both through schemes and we're confident that it's heading in the right direction. It is. Thanks, Sam. Thank you. The next question is from Jed Kelly of Oppenheimer. Please go ahead. Hey, great. Thanks for taking my question, and nice work on the Super Bowl. As you talk sort of about the product differentiation, is there a way to market into that? How are you thinking about marketing around the NCAA tournament? In terms between New York and Ontario, where are you more positive it'd be able to be live in the fall? Hi, Jed. Hope you're well. I'll handle the first and the last ones, and I might hand to Johnny for NCAA. Yeah, in terms of marketing, I think it will increasingly become more of a focus around demonstrating and talking to the market about your product. It is a fairly early stage in most states in terms of the sophistication of the market. Those, let's call it, promotions aimed at getting sign-ups are very effective. I do believe that as the market advances in its sophistication, that the importance of product will become greater. I think even in a state like New Jersey, which perhaps had a deeper gaming background than some of the other states that have come online, you see that with the choice of consumers and PointsBet's market share there. I think it will become more important. We will look to focus our marketing being more product-centric. I'll talk to the last one before I hand to Johnny on NCAA. In terms of New York or Canada, to be honest, we're pretty confident. We're reasonably confident. I think probably Canada, because it doesn't have the overhang of the governor's previous statement around that lottery model. We would think the legislation process in Canada is tracking well. We should see some positive news hopefully in the next few weeks even. Johnny? Thanks, Sam. On the March Madness, the plan as always is to differentiate, to stand out from what is a sea of sameness and just, again, use that great springboard as an opportunity to expose more and more people to our internal and proprietary technology. The promotions that we'll settle on will be centered on increasing bet count, increasing play days, and really increasing an audience and client activity leading into opening day of the MLB season on April 1st. As up to the final promotion or sort of headline promotion we'll run on the event, that's yet to be decided. We're currently running a promotion called Make It Rain. We select one NCAA game per day. We use Paige Spiranac, our recently announced brand ambassador, to announce that game. If you have a qualifying bet on the spread line of at least AUD 50, you get AUD 3 in bonus per three. We're gleaning a lot of insights into the performance of that promotion, and that'll help to inform the final promotion that we run on the official tournament for mid-March. Just one more follow-up question on the amount of markets you were doing in the Super Bowl. Can you talk about the relative live betting during the Super Bowl relative to last year? Johnny? Yeah, I can handle that one. I think, again, on the markets that we offered, to be clear, but those were perhaps pre-game markets, so 765 markets that were available for betting pre-game. In-play, we offered around 75 markets in play. We have clearly stated and understand where the industry's heading when it comes to the trend of in-play activity. Crudely speaking, at the moment, 50% of sort of bets placed are taken pre-game, 50% of bets placed are taken in-game. In three years' time, especially the way that U.S. sports are designed, there's no doubt that this percentage skew will favor in-play up to the tune of probably 80%-85%. We really want to capitalize on that. To be excellent at in-play, firstly, you have to own your own technology because it's real-time, there's no latency. The second thing is you have to know what you're doing and have experience when it comes to bookmaking. Booking and trading an in-play event is incredibly nuanced and a lot more tricky than booking and trading a pre-game event. Admittedly, while we have a lot of upside when it comes to the in-play experience, and whilst we saw increased activity year-on-year from last year's Super Bowl to this year's on in-play activity, we didn't see that as any sort of differentiator from what we also took year-on-year in terms of growth on the pre-game markets. Thank you. Our next question is from Sacha Krien of Evans and Partners. Please go ahead. Good morning, all. Just had a couple questions on the BetCast stats that you provided. Are you able to give us an indication of how successful that was in terms of customer acquisition, those 10 hours? Yeah. Hi, Sacha. I'll hand to Johnny again. Obviously, it was the four days leading up to the Super Bowl, so you had the mix of Super Bowl excitement along with bet count. Johnny? Yeah, sure. I'd say, again, we worked very closely with NBC and wanted to pick the golfing tournament that made sense for us. Firstly, the Waste Management Phoenix Open is arguably the biggest golfing event outside of the majors here in the U.S. Again, really having, I guess, what is a tournament leading into our sort of biggest event of the year, the Super Bowl, it was amazing timing and amazing correlation. There's no doubt, again, on what we saw from the audience and from the sign-ups and from the activity that not only placed sort of wagers on the first three days of the event of the Waste Management Phoenix Open, but the last one. Then again, sort of correlating into the Super Bowl, we were really pleased and surprised with the attraction it got being a pilot program, and also, again, both the acquisition value and also the reactivation value. Again, a lot of dormant clients that hadn't placed a bet to that point in time in February sort of reactivated off the back of seeing the PointsBet brand on the BetCast, engaging with the offers that we ran on the BetCast, and also engaging with the offers that we ran in the Super Bowl. Again, we give the pilot a big tick. Okay, great. Thanks. Just a question on the early Michigan stats. I know it's only a week or so. Is there much you can read into those early numbers from Michigan? Maybe if you can remind us what NBC's footprint is like in that state. We're very proud of the fact that we were equal on the starting line with a large number of operators in Michigan. That was great. I think what it highlights is the FanDuel, DraftKings of the world, and even the MGM and those that have had casinos operating in Michigan and doing sports betting for previous months. Obviously, they can still light up those databases. We're going to start at a very low percentage and then build, because we don't have that inbuilt advantage. Even though our number looked reasonably small for the nine days of January, I think it was 1.4% market share, it was interesting, that was the fifth biggest. Those guys with the databases go bang, and they work through that. I think in looking at those database values, we've got to acknowledge that once they work through those databases over the first few months, then the playing field levels up. That's what we've seen, obviously, in states like New Jersey and Illinois. What was the second part, Sacha? I was just curious as to what the NBC footprint is like in that state. I haven't got the presentation in front of me. Very little. Sorry about Sorry about that. Very little. Basically none. Obviously the NBC product, they're out. We think there's lots more room for improvement in terms of unlocking that and helping us get better at warming up the state. The positives were that we're able to get on the starting line. There's definitely some things that we can get better at in terms of hitting the ground even harder from a marketing acquisition perspective. There will always be that database advantage for FanDuel and DraftKings. Yeah, that makes sense. Just one more quick question. Do you have any sort of insight or outlook you can provide us on headcount for the second half? Should we sort of expect similar numbers of additions as the first half? Hi, Sacha. Thanks for the question. I think the guidance would be that the key in terms of hiring will continue to be product and technology. You can see in the hiring over calendar year 2020, product and technology dominated, but we were still scaling up into the U.S. I don't know if I would guide to another 54% increase in the next six months, but we are feverishly hiring on the product and technology side, both in Australia and the U.S., and we've also opened a development hub in India, which currently has six employees in it. We're doing what we can on the product and technology side. Obviously, that's the focus. I wouldn't necessarily guide to another 54%. We can give some more comment on the next quarterly on that. Okay, great. Thanks a lot, guys. Thanks, Sacha. Thank you. Our next question is from Alice Lee of Credit Suisse. Please go ahead. Hi, Sam, Andrew, and Johnny. Thanks for taking my questions. My first one is a follow-up on NBC. I know it's early days, but are you able to give us an indication of, so far, cost per acquisition for NBC channels relative to CAC from other channels? Also the quality of customers that's being acquired from the NBC channels. Yeah. Hi, Alice. Look, Look, I think obviously allocating sign-ups and first-time bettors to direct response channels is easy. From your Facebooks, your Googles, your digital channels. It needs to be recognized, obviously, that a lot of our investment with NBC is through TV commercials, integrations into events. It's not like you're clicking through and you can tag that sign-up directly. Most of the direct response stuff, no problem. It is as efficient or more efficient than other direct response channels, and we're very happy with it. Obviously, we're getting asked a lot about trying to assess the early impact of NBC. What I've said is that our CPAs have been trending in the right direction generally. Given the intensity of spend of our competitors, the fact that we've been able to sort of maintain those at the levels that we're comfortable with, I think is an indication that we've improved. Part of that improvement has come from NBC because the competition, as I say, from bigger spends from our competitors has definitely been there. Okay, thanks for that. On Illinois, I think a couple of days ago, the Illinois House introduced an iGaming bill. Does PointsBet plan to take part in iGaming in that state? Presumably, you need to start conversations with a potential partner early. Yeah, we certainly plan to be in iGaming in any state in which it's available. I think the note in the legislation is that it's proposed to be 3 skins per operator. Whereas it's a very small list of market access points for sports betting, and we've got one of those, I think when it comes to an iGaming perspective, there's confidence there. Yeah, we would expect to be in iGaming. We do have. Some elements of an agreement with Hawthorne. There's some elements there to explore with them. Either way, we'd be greatly confident of being in iGaming in Illinois. Excellent. My last question is on Australia. You've obviously successfully gained some share in the past 12-18 months, and it sounds like in 2H you are continuing to spend on marketing. Just wondering, beyond FY 2021, given the industry consolidation seems to be ongoing, do you have a plan yet or you plan to see what Ladbrokes do, for example, before you make a decision to invest more or maybe taking profit? Yeah. There's two parts to it, Alice. I think firstly, what we see is the opportunity. Do we feel there's an opportunity to capitalize and really get return on investment on any marketing spend? The second part to that is the availability of assets. If you're going to spend AUD 30 million or AUD 40 million, you've got to make sure that there's available assets to do that efficiently. Both of those things will decide or help dictate what our strategy is. I think probably the last 18 months has been a pretty good indicator that we need to stay nimble and need to maintain some flexibility. At this point, that's our plan. Yep. Thank you very much. Our next question is from Don Carducci of JP Morgan. Please go ahead. Good morning, gentlemen. If we look at the Super Bowl first-time bettors chart on slide 10, you got 12 times more first-time bettors than last year. Unless you're saying maybe first-time bettors performed 12 times better. If we take the total actives in the PCP and extrapolate this, would we see a material, call it another what, 250,000 additional actives? Obviously, last year we weren't in the same number of states that we're in this year. Obviously, we were marketing into more states. We had a bigger pool for acquisition. We'd need to be expecting that to go pretty well. Overall, obviously, again, that does apply also for our active clients. Now that we are marketing in Michigan and we are marketing in a remote registration environment in Iowa, we're pretty much marketing, let's call it a full marketing strategy in all of the states that we're live. We do want to see, obviously, active clients continue to grow pretty impressively, no doubt about that. Yes. I guess I'm trying to get some clarification on the 12 times 2020 performance, right? That bottom chart on slide 10. You've got Super Bowl 2020, Super Bowl 2021. That's where I'm trying to say. Are we saying that you have 12 times more first-time bettors? Or of the first-time bettors, they have performed 12 times better? No. The former. Let's just using round numbers, if we acquired 1,000 clients last year, we acquired 12,000 clients this year. That's not the number. Okay. In the third quarter of 2020, you had 22,000 actives. That would imply that when you look at 2Q 2020 into 3Q 2020, in active customer growth, you should see multiples in terms of the step-up into the 3Q 2021 number of actives. Are you not reporting actives and first-time bettors in the same line? No. All you can take from this is that we've got an extra X number of FTBs that joined us on Super Bowl day. You can add those onto our actives from Q2 and any other clients that we acquire in the first quarter or second quarter would obviously add to our actives number. It's a rolling 12-month figure. The old quarters roll off and the new quarters roll on top. Okay. All right. Got you. All right. I'll leave this for later then maybe. All right. Roughly how much of your turnover from last year was attributed to the Super Bowl? And have you seen any particular states performing better than others that you're in now versus 2020? In terms of the Super Bowl turnover, obviously it's a big event. It doesn't dominate your numbers. It's one day. It's your biggest day. It's one day in 365. What was the second part of the question, Don? Sorry. Were there any states that were performing better than others? Yeah. I think even just not talking about Super Bowl, I think you can see from our state-by-state numbers, which I think I'm pretty sure we're the only ones that disclose to the same granularity around these things. You can see that a state like Illinois, where we're up to 7% in our fourth month in December. We've spoken before about how all states aren't equal. It's dependent on number of competitors, who those competitors are, when we enter the state, et cetera. There's certainly some trends coming out about states that are, let's call it stronger or easier, versus others. I think you can see that from our numbers. A state like Indiana, for example, we're having to work that bit harder to grow, in terms of promotions given away, versus other states like Illinois, where I think the progress we've made in three or four months has been very strong. Awesome. Just a final quickie from me then. With 12 times better performance, and I'm not trying to just get stuck on this one slide here, but how do we see this presenting the 3Q results? Are we going to see an improved margin as a result of more states, better performance on first-time bettors? How do we think about this? Is this going to be offset by generosities, or are we going to see an improved margin in the third quarter? Thank you. Yeah. No problem. I think on the day, as Johnny commented, it was a good day for the book. It was a good trading day. As we've spoken about, it's one day. You're going to see variance across not just days, but weeks and months. Once our client base gets more mature. You'll start to see less variance on daily events. No, it's good that we had a good day. It's good that we stood up under the pressure of Super Bowl. It's good that we had a good acquisition day and a good turnover day, and that's good momentum for our quarterly results. It is one day. We've just got to keep that in perspective. Great. Thank you. A reminder to ask a question, please press star then one. Our next question is from Desmond Tsao of Goldman Sachs. Please go ahead. Hi, Sam, Johnny, and Andy. Just a couple of questions on slide 10 as well. Obviously, a phenomenal performance on Super Bowl turnover, up four times. That's clearly, obviously, then also benefited from more states in the 2021 Super Bowl. Can you just remind us how many states were operational for the 2020 Super Bowl and give us a sense for how things would've looked like on a like-to-like basis? Yeah. It was New Jersey. We're going back to obviously January, February 2020. It was New Jersey and Iowa in an in-person registration environment. Yeah, it was a low base, and that's why I made the point. We would hope to see these sorts of increases given the extra markets that we're in. Okay, great. Your comments around no outages and system issues, whereas I think some of your peers had issues on the day. I know it's only been a few weeks, but any early signs of an unusual uplift in new account sign-ups since the Super Bowl? Well, look, what I would say is that from a marketing perspective, and we do this here in Australia as well, the U.S. team was fantastic that when it comes to your competitors having some issues, so for example, on PPC, pay-per-click search engine marketing, you can recognize that any consumer that might've been searching a competitor who was down, we would bid on their terms. We might bid on FanDuel or DraftKings, whoever it is, so that someone googling that term sees PointsBet come up and sees an alternative there. Johnny, did you want to add any comments there? No, I'd just say that the marketing team. Johnny? We are working around the clock and sort of ready, I guess, to capitalize on those types of instances. Definitely leading into the last three hours before kickoff of the Super Bowl, we observed and saw a lot of our competitors' systems failing, either sluggish to perform or completely down, and we fully capitalized on that and upped our spend leading into the start of the Super Bowl. Also during the Super Bowl, we saw a lot of client or new client acquisition, I should say, during the Super Bowl as well. I think from a year-on-year perspective, we sort of have the beauty of looking at New Jersey because that was a state, as Sam mentioned, that was live last year and was live this year. The thing I’d comment on is that the clients that bet on the Super Bowl this year were a lot more sticky and have stayed active throughout the course of February compared to the overall client base that we had in February. Again, you can draw some potential correlation, I guess, to an enhanced trust factor betting with PointsBet, the fact that our platform was up on Super Bowl day compared to some of our competitors that had some issues. Okay. Thanks, Sam. Thanks, Johnny. Thank you. Our next question is from Damien Williamson of Bell Potter. Please go ahead. Hi, Sam, Andy, and Johnny. Can you just outline a bit more detail on the Canada opportunity in Ontario? Just going back to your comment before that you're looking at a three and a half billion market size for Ontario and New York. That's implying you're looking at a U.S. $2 billion dollar-plus opportunity in Ontario for a population of just under 15 million in the province. What's sort of the process there? Is it a partnership with a racetrack or a casino, or is it through the lottery over there? What's sort of the timeline to potentially be up and running if all things work out over in Ontario? Yeah. Thanks, Damien. First of all, it's looking like an untethered environment. Unlike the U.S. where in most states, obviously, we're looking to partner with a land-based casino or a racetrack. Think more like the Australian environment where you apply for a license to the regulator and then you are free to operate. The total addressable market for Ontario is AUD 2.1 billion because we were talking to an AUD 1.4 billion for New York, and that's because it includes or expected to include an iGaming part of the market. That's the combined sports betting and iGaming TAM that has been discussed. Look, the legislation is being pretty closely followed. There was obviously some commentary that came out last week. Our understanding is that it's making good progress through what's called the Parliament of Canada. It's a federal legislation that then unlocks the state like Ontario to be able to legalize. In that way, it is similar to what happened in the U.S. They're past the moment of some federal legislation, which then frees up, and Ontario is meant to be or is expected to be first mover there. Johnny, is there anything you'd like to add there? No. That it's something, Damien, that, again, we've been planning for now for over six months. We've been very proactive in establishing sort of relationships, be it at a racecourse, a media, a team, even strategic sort of telecom level. We feel very well positioned and ready to capitalize if and when that market opens up. Okay. That's really the key priority in terms of your 2021 priorities. You mentioned on your slide deck New York and Ontario. That's really the two key states because other states like Kansas or West Virginia or something like that. It's really those two key areas that are the next off the. Look, in terms of order of states, we made reference to those because of the size of those states. When we're talking about a AUD 12 billion revenue TAM that we've been talking to in 2025, if you've got an Ontario and a New York that could deliver AUD three and a half billion going live this year, it's just so, I suppose, highlighting that that's not a normal state. They might not be next. It's highly unlikely they're next. It's likely there will be other states, and they might be ahead of them in the go-live order. Just highlighting them because of, obviously, the scale. Okay. I think that's probably all as well for me. No worries. Just the Okay. Thank you. There are no further questions at this time. I'd like to hand the call back to Mr. Swanell for closing comments. Thanks, everyone, for your time, as usual. We look forward to catching up with many of you over the coming days. Thank you. Thank you. That concludes today's call. Thank you for joining us. You may now disconnect your lines.