Good morning, thank you all for joining the PointsBet Holdings Limited Q3 FY 2021 business update and activities report. This is Sam Swanell, CEO, and I'm joined on the call today by our CFO, Andrew Mellor. This morning, I would like to walk you through the Q3 FY 2021 trading performance for the Australian and U.S. businesses. Please note, all numbers referred to are unaudited and in AUD unless otherwise stated. Turning to slide four. I was very pleased with the performance of the global trading business during Q3. The performance compared to the prior corresponding period of Q3 FY 2020, to be referred to as PCP, was as follows. Turnover was up 236% at AUD 905.2 million. Gross win, up 275% at AUD 100.5 million. Net win, up 246% at AUD 64.9 million. Active clients, up 169% at 286,000 clients. Turning to slide five. It can be seen that our financial year to date, being the nine months to 30 March 2021, is tracking well across all key metrics, including net win, which is up more than three times the PCP. Over the past 12 months, we have launched in four new US jurisdictions. As can be seen from slide six, this has diversified our business to now be operating in seven jurisdictions, including Australia. Now turning to slide seven. As PointsBet continues to focus on achieving an Australian market share of 10% by 2025, the company executed a refreshed brand campaign featuring NBA MVP, Shaquille O'Neal. Leveraging such an iconic figure in global sport during the Autumn Racing Carnival and for the commencement of both the AFL and NRL seasons, has continued to build the PointsBet brand across the country. The Australian trading business's Q3 marketing expense was AUD 13.5 million, resulting in active clients being up 90% to 158,041 compared to the 12 months to 31 March 2020. In the U.S., the March quarter is an important acquisition period due to significant depth and volume of sports betting content. The company's U.S. quarterly marketing expense of $33.3 million, resulted in active clients for the 12 months to 31 March 2021 of 127,470, a 461% increase on the 12 months to 31 March 2020. We have a constant focus on our cost per acquisition, and we were pleased that first-time bettor CPAs across all operational U.S. states for the quarter tracked below $500. In Q3, PointsBet continued its targeted marketing investment in New Jersey, Indiana, Illinois, and Colorado. We also increased marketing investment in Iowa following in-person registration being replaced by remote online registration on 1 January, and commenced marketing in Michigan following its January launch. Now turning to slide eight. The Australian trading business continued its strong performance, ending the quarter with turnover of AUD 423.2 million, up 137% compared to the PCP, and net win of AUD 38.2 million, up 147% from the PCP. Improvements were also seen in both the gross win margin and net win margin. A gross win margin of 12.9% was achieved, up from 11.9% in the PCP, a net win margin of 9% was achieved, up from 8.7% in the PCP. The Australian trading business has seen improvement across a number of key KPIs as client behavior shifts to the higher margin multi-segment. Improvements in marketing tech tools delivered enhanced acquisition and retention execution. The performance of the Australian trading business remains an excellent blueprint for PointsBet's aspirations in North America. As previously mentioned, during the quarter, PointsBet announced the appointment of professional basketball champion and three-time finals MVP, Shaquille O'Neal, as its Australian Brand Ambassador. Shaq has headlined the company's 2021 Australian brand campaign, which was rolled out across television, digital, mobile, and social media. Professional basketball continues to be the largest betting sport in Australia. Therefore, aligning with Shaquille O'Neal is particularly exciting for the business. Turning to slide nine. I will now speak to the U.S. trading results for the quarter. The U.S. business achieved a quarterly gross win of AUD 45.8 million compared to gross win of AUD 5.6 million in the PCP, with a net win of AUD 26.7 million compared to net win of AUD 3.3 million for the PCP. This quarterly result was partly assisted by a reversal of the short-term negative variances experienced during the December quarter, predominantly in New Jersey. The US business also achieved a record quarterly gross win margin of 9.5% and a record quarterly net win margin of 5.5%. Pleasingly, the percentage of total US handle represented by the higher margin multi or parlay segment doubled in Q3 compared to the PCP. Q3 FY 2021 was a busy period for the US sporting calendar, including the conclusion of the NFL season, the continuation of the 2021 NBA season, the commencement of the delayed 2021 NHL season, as well as the NCAA March Madness basketball tournament. During the period, the company had a very successful Super Bowl. Importantly, unlike some of the company's competitors, PointsBet suffered no technical issues or delays during this high-volume betting event. On 22 January 2021, PointsBet launched online sports betting operations in Michigan as part of the first wave of operators to launch in the state. This also represents the company's first tribal market access partner to go live. On 27 January 2021, PointsBet announced the appointment of Paige Spiranac as a global brand ambassador. The former professional golfer and social media influencer has built a following of over 3 million followers on Instagram and 7 million across all social platforms, the largest of any golf personality in the world. Following the signing of Paige, by the end of Q3 FY 2021, PointsBet's U.S. Instagram page grew followers by five times compared to the end of Q2, ranking the PointsBet page as second by the number of followers amongst all U.S. wagering operators. On 26 March 2021, Penn National Gaming agreed to provide PointsBet with online sports betting and iGaming market access in Pennsylvania and Mississippi. Mississippi being subject to enabling mobile legislation. Both online sports betting and iGaming are currently legal in Pennsylvania. The agreement expands PointsBet's U.S. sportsbook market access footprint to 16 states, subject to the passing and enabling legislation and licensure. PointsBet is operational in New Jersey, Iowa, Indiana, Illinois, Colorado, and Michigan. Michigan will also see the inaugural launch of PointsBet's iGaming product. Subject to the timing of licensure, by the end of calendar year 2022, we are targeting to be live in 18 U.S. states, plus Australia and Canada. Turning to slides 10 and 11, I will now briefly touch on each state. New Jersey. New Jersey recorded a quarterly gross win of AUD 23.1 million at a gross win margin of 11.5%, and a net win of AUD 18.5 million at a net win margin of 9.3%. This result was partly assisted by a reversal of the short-term negative variances experienced during the December quarter. PointsBet achieved 6.9% market share in New Jersey for online handle during the quarter, finishing with 8.1% in March. With iGaming due to launch in New Jersey in June, PointsBet looks forward to closing the competitive disadvantage it has had in the New Jersey market. Illinois. PointsBet achieved 8.1% market share in February for online handle, up from 7% in January and 6.5% in December, and demonstrating strong momentum on the back of leveraging the powerful NBC Sports Chicago regional sports network. Illinois recorded a quarterly gross win of AUD 12.2 million at a gross win margin of 7.4%, and a net win of AUD 6.1 million at a net win margin of 3.7%. On 22 January and 16 March respectively, PointsBet launched retail sports wagering operations at the Crestwood South Chicago area and Prospect Heights North Chicago area off-track betting shops. As can be seen in the appendix, during the quarter, Illinois remained a remote registration environment due to the emergency order. However, this order expired on 3 April. As a result, from the 4th of April 2021, new clients of all online sports wagering operators in Illinois are required to register in person at the relevant licensed partners' physical locations before placing online wagers. As previously noted, PointsBet's strategic retail sportsbook locations, including the Hawthorne Race Course located just 8.5 miles from downtown Chicago, and the three off-track betting shops in the greater metro Chicago area, two of which are operational, provides a significant competitive advantage in an in-person registration environment. Indiana. Indiana recorded quarterly gross win of AUD 3.7 million at a gross win margin of 8.4%, and a net win of AUD 1.4 million at a net win margin of 3.2%. In Indiana, PointsBet achieved 4.6% market share for online handle during the quarter, ranking as the fourth-largest operator by handle for the quarter. Details of the company performance in Colorado, Iowa, and the recently launched Michigan are set out in the quarterly update released to the ASX this morning. I will now hand over to Andrew Mellor. Thank you, Sam. Turning to the Q3 FY 2021 Appendix 4C cash flow summary released earlier today. Please refer to slide 12. At the 31st of March 2021, the company's corporate cash balance was AUD 328 million. The company has no corporate borrowings. Receipts from customers or net win for the quarter totaled AUD 64.9 million, as previously detailed by Sam. Net cash used in operating activities in the quarter ending 31 March 2021 was AUD 27.4 million. Cash outflows during the quarter include cost of sales payments of AUD 25.2 million, non-capitalized staff payments of AUD 9.7 million, marketing payments of AUD 45.1 million, and administration corporate costs and GST paid on net win of AUD 11.7 million. U.S. marketing payments grew quarter-on-quarter as the company marketed for the full quarter in New Jersey, Illinois, Indiana, Iowa, Colorado, and Michigan. The March quarter is an important acquisition period in the U.S. with the Super Bowl and March Madness both occurring during the quarter, and the growth in 12-month active clients from 68,000 at the 31st of December 2020 to 127,000 at the 31st of March was an extremely pleasing result. Net cash used in investing activities in the quarter ending 31 March 2021 was AUD 4.7 million. The majority being the capitalization of our technology and product staff costs of AUD 3.6 million. Turning to slides 13 and 14, I would like to provide some comments on iGaming, which is a key part of our U.S. strategy. As can be seen on slide 13, iGaming revenues have grown exceptionally since the repeal of PASPA in May 2018. As an example, New Jersey iGaming revenues grew at a CAGR of 25% from 2014 to 2018, with revenues having subsequently grown at 62% and 101% in 2019 and 2020 respectively. We do note there was some benefits in 2020 as a result of COVID. The size of the opportunity is evident. As can be seen on this slide, across New Jersey, Pennsylvania, and Michigan, three of the states which PointsBet has secured iGaming market access, iGaming revenues were two and a half to three times sports wagering revenues in 2020. PointsBet has assembled a highly experienced iGaming team, which has built our in-house proprietary iGaming platform and administrative tools. As we have previously noted, owning and controlling our in-house iGaming technology stack will become an increasingly important strategic advantage. This will deliver ongoing benefits for speed to market and product enhancements as we expand our iGaming access across more states, and in the medium to long term, a significant margin advantage as we avoid third-party platform fees. Our iGaming platform has been approved by GLI, the gaming industry's leading testing and certification company, and is with the Michigan regulator for final approval. As such, launch in Michigan is imminent, with New Jersey to launch iGaming in June. Turning to slide 15. As previously announced on the 21st of April, PointsBet completed the acquisition of Banach Technology Limited of Dublin, Ireland. Banach delivers a team of 40 technology and product staff with deep experience creating products for use in mature and sophisticated sports wagering markets. The Banach team are market leaders in pre-game and in-play sports wagering. This acquisition will position PointsBet as a leader of in-play sports wagering in the U.S., as in-play wagering is expected to grow exponentially. Within the next three years, in-play wagering is expected to represent circa 75% of all sports wagering activity in the U.S. This acquisition accelerates PointsBet's technology roadmap and places the company in a prime position to take advantage of this growth in in-play betting activity in the U.S. Through highly sophisticated risk management algorithms and deep trading experience, Banach's technology will allow PointsBet to grow trading margins and offer a superior experience to our clients. Integrations between the teams has already begun, and we are looking forward to deploying these sophisticated quants and risk management enhancements in due course. Sam? Thanks, Andy. Moving to slide 17. In the first six months of our partnership with NBC, we've made great strides in the areas of innovation, content, and product, with a focus on driving user acquisition and growing our brand. NBC has proven to be a quality partner to PointsBet in this time, helping us steer our brand in front of millions of people every day, and working alongside us to co-create viewing experiences and product features for U.S. bettors. To touch on a few examples, firstly, BetCast, a betting-themed alternative broadcast featuring PointsBet markets with odds updating in real-time during both the WM Phoenix Open, and recently a Chicago Bulls game. Both events delivered very large spikes in turnover, and in particular, in-play action, as viewers engaged in the betting content and made bets themselves. Live lines integrations into NBA, MLB, and NHL games on NBC's regional sports networks, and the Storylines program pre-game, in-game, and post-game. With Storylines, NBC talent talk to specific bets and build narrative around them. NBC's free-to-play app, Predictor, boasts over 1.8 million active users and features individual NFL, NBA, PGA, EPL, and NASCAR free-to-play games. Predictor has already delivered over 325,000 leads to PointsBet. Custom PointsBet TV ads that are targeted directly to users in homes with Comcast Xfinity x1 voice remote. Just this week, the launch of the Bet the Edge podcast, hosted by joint NBC PointsBet host Sara Perlman, and leveraging NBC Edge's content and information combined with PointsBet's odds data and analysis. Our work is not only focused on the present. Alongside NBC, we are planning for the future. It's soon to be a reality where more states allow online sports wagering. Our partnership to date has been successful in laying that framework and testing opportunities that will only become bigger and better over the next few years. Moving to slide 20. PointsBet continues to execute on its strategic and operational objectives. PointsBet now has market access to 16 U.S. states, representing 35% of the U.S. population, and is currently operational in six U.S. states. PointsBet is currently the fourth-largest sports wagering operator in Indiana, Illinois, and Iowa, and the fifth-largest sports wagering operator in New Jersey and Michigan. PointsBet is clearly positioned in the upper echelon of sports wagering operators in the U.S. As it regards New York, Governor Cuomo has signed budget legislation in session that includes a plan to allow online sports betting in the state. As defined in the new law, it is expected that New York will select a minimum of two online platform providers along with a minimum of four operators. The commission is releasing a request for application on 1 July 2021, which PointsBet intends to respond to. As can be seen on slide 21, Bank of America and Morgan Stanley estimate that the combined North American sports betting and iGaming market could reach $16.5 billion and $18.5 billion, respectively, of gross win by 2025. Further, Goldman Sachs estimates that the U.S. sports wagering and iGaming revenue opportunity could exceed $50 billion in 2033. It is truly an exciting time for the business. I would like to thank you for your time today, and we welcome any questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced and if you wish to cancel your request please press star 2 Your first question comes from Desmond Tsao with Goldman Sachs. Please go ahead. Morning, Sam. Morning, Andy. Thanks for taking my questions. First question is just around margin. I thought that was a very strong margin performance across gross and net win, across really both Australia and the U.S. If you could maybe just highlight some of the key drivers through the quarter and, in particular, how sustainable you think that margin profile in Australia is going forward. Hi, Des. I think in Australia and the U.S., there were some favorable results. There's definitely a little bit of extra margin through some good results going our way. I'd say what you're seeing in Australia is close to the new normal, what we'd be expecting. Those sort of margins we're quite comfortable with, and we think, as we made comment to in the commentary, that the transformation or the transition to higher margin multi-products, obviously the same game multi-products that we now have, are doing their job. I think they are reasonably sustainable. The U.S., obviously, we had somewhat of a reversal of the poor quarter, which added to the margins. I think we've previously spoken to, obviously, a 5%-6% gross margin in the U.S. Look, I think conservatively we would stay there, but we would note that again, we're making good progress in increasing the amount of handle on these multi or parlays, and that should drive those margins up over time. Great. Just on that, with respect to iGaming, the launch imminent subject to the regulatory approvals, how should we think about margins on that front once you guys do launch in Michigan and then subsequently in New Jersey? From what we're seeing, obviously iGaming's a very, very high margin product. I'd expect that to be a tailwind for margins in the U.S. going forward as well. Yeah. If you're talking about corporate margins in terms of gross profit margins and obviously flowing through the model and helping us get to that positive EBITDA position, no doubt about it. We're very much looking forward to launching that product in Michigan and New Jersey, because obviously a lot of the revenue that's being reported out of the U.S. at the moment is iGaming, and we sort of had one arm tied behind our back. Yes, it definitely helps the economics of the states in which iGaming is live. Great. Last question, just around CPA. Thanks for the disclosure. Just around the first-time betters CPA tracking below AUD 500, I think you said, in all states. If you could maybe just expand on that a little bit more and then I guess maybe make some comments around how you expect that to trend as you sort of see more benefits come through from the NBCUniversal deal. I think some of your peers in the U.S. have been talking to long run blended CPAs of around sort of AUD 250. Any comments around that would be great. Cheers. Yeah. I think, this is a point we've made previously, the groups that are sort of talking about a blended CPA of around AUD 250 are the groups that are getting a large portion of their first time bettors from their existing databases. If that's sort of 40%-50% of their acquisition, that talks to their, let's call it non-database acquisition, being in the AUD 400-AUD 500 range. That's why we've always been comfortable that given our brand is still very much in the early stages of being grown and recognized, I think it speaks to our excellence in execution from a marketing perspective that we are having CPAs below AUD 500. There's a lot of competition. There's a lot of money being spent. Obviously, the big guys are spending far more than we are. Our ability to keep our shape and maintain our discipline while tracking towards our 10% aims, I think is great. We've been talking for some time around that AUD 500 mark is a number that we're comfortable with, and we don't see any danger to that blowing out. Thanks, guys. Your next question comes from Larry Gandler with Credit Suisse. Please go ahead. Thanks, Sam, Andrew. 18 states is where you intend to be. I am just wondering if, Sam, you could talk to which are the perhaps more imminent states. I think you said you have market access in 16, but there is 18 states you want to be in. I think there is two that you are still looking to get market access? That's fair, Larry. There's a bunch of states that could all be prioritized, let's call it this calendar year. The rest of 2021. West Virginia, Tennessee, Virginia, Maryland, Arizona, Ohio are all candidates around there. Obviously we've flagged that we'll go live in Pennsylvania in the first half of next calendar year. Towards, let's call it through 2022, the other states that would be in the mix would be Wyoming, Kansas, Missouri, Mississippi, Kentucky, New York, obviously. We don't think there's going to be a shortage of states to be rolling out to hit that 18 number. Pretty confident of doing that. States that we haven't obviously announced market access to are states like Virginia, where we've spoken before that there's a process that the lottery's going through. I think I mentioned Maryland, where we haven't announced anything there. Yeah, pretty confident, Larry, that obviously the 18 is going to be there. Okay. Sam, I'm just wondering if you can give us some color around, you signed up a lot of new customers in this March quarter. I'm just wondering if in, maybe pick a state, New Jersey, with NBC there, what's the process like for a punter, a new punter to go through as they see an ad, as they sign up, what are the pay options? I know there's been some difficulty with sign-ups in the U.S. relative to Australia. It's a bit more of a belabored process. Just wondering if you could talk to how that's improved and what's the experience like. Yeah, sure, Larry. I think this really highlights some of the, let's call it unsexy areas of product execution. It's not all about number of bet types and same-game multis, et cetera. The funnel of taking a client on that journey from your marketing technology, them seeing an ad, clicking through that ad, seamless experience in downloading, getting through sign-ups and deposits. The operators that do that well versus the operators that don't do that well, that makes a material difference. We've made some good improvements in those areas in improving our funnel conversion, which is great, and it certainly helps your cost per acquisition numbers. An overall comment I would make is that the banks are getting better and the payment gateways that you have available to you are improving. We've got some new ones on the way that will further help our funnel. Similarly, we're getting better, too. We're getting better at, let's call it error handling, our intervention where a client hits a few hurdles, and we've got automatic notifications, so our outbound call team can get in contact with them and hold their hand through the process. It's still not as efficient as a market like Australia, but it is improving. Yep. My sense is there still might be a huge opportunity there in terms of the number of customers you're losing as a result of them getting halfway through and then dropping off. Is there any sort of stat in that regard that you guys have? Internal metric? We do, but look, I won't disclose them. You're right. If we're talking about sign-up cost per acquisitions, you're talking about a far lower number because there's a decent chunk of those clients that hit hurdles. Part of the upside opportunity is not just converting new clients that come through the funnel, but it's going back to those other ones and reaching back out to them and helping them complete the funnel. Okay, great. Yep. Thanks, Sam. Your next question comes from Don Carducci with JP Morgan. Please go ahead. Good morning, everyone. Hi Sam. You spoke about the proposed regulatory framework, if for some reason you don't receive a skin to operate in New York, would you still launch and operate in Pennsylvania? Yes. Would that result in overspending on marketing for an under-indexed footprint across New Jersey, Pennsylvania, and New York? I think, obviously, one of the assets that we have is the Philadelphia RSN. We've got a fantastic asset that's sitting there to allow us to build a brand and market efficiently into the Pennsylvania, but obviously New Jersey market as well. I think it's fair to say, Don, that any operator that is in New York, Pennsylvania, and New Jersey would be an advantage to an operator that's not in New York, for example. You would still see Pennsylvania as attractive if you did not have a skin in New York? Most definitely. Yeah. Okay. Last question from me. Given the fourth quarter is a quieter period, how should we think about active customer growth and the step-up in marketing costs? Are you talking about Australia or U.S. or both? U.S., please. Yeah. March quarter obviously is the biggest quarter. That's where we've spent the most on marketing. We won't spend as much on marketing in the final quarter as we did on the current quarter. You'd expect that the ability to attract actives won't be as strong, without comparing to a March Madness, Super Bowl quarter. Seasonality-wise, we will drop off our marketing spend slightly, and we'd expect less first-time bettors coming through the door. Okay, great. If we try to take what just happened, even though it is quieter, thinking about trying to maybe annualize this, you obviously have a couple states that didn't have full marketing spend in this last quarter, plus you'll be launching in iGaming. Do you expect it to be up on the quarter, or do you think it would be fair to just annualize this number? Are you talking about marketing spend? Yes. Sorry, marketing spend for the U.S. No. Marketing spend will be slightly less than the quarter just gone. Great. Thank you, everyone. Your next question's from Wassim Kisirwani with Jarden. Please go ahead. Yeah. Good morning, guys. Just a question on Illinois and the in-person registration. I know, realize it's early days. Any comments as to how that's tracking and how you see that significant advantage playing out in that market? Good day, Wassim Kisirwani. Look, I think there is definitely an advantage in terms of growing our market share. I think we need to acknowledge that it's not quite the same advantage as it would've been if we had had an in-person registration from day one. Because the mobile registration, having been allowed for a number of months now, has meant that your keenest bettors are probably going to sign up an account, as soon as possible. They've had the chance to choose and the DraftKings and FanDuels of the world have had the ability to try and light up their databases. It's not quite the same advantage that it would've been from day one. I think, in terms of sign-ups going forward, and there's certainly still a large people in Illinois that we expect to become bettors over the journey that haven't got an account. It certainly puts us in a strong position to outperform from a market share percentage going forward. Yeah. Great. Can I just ask a question on promotional intensity? Obviously, there is a high degree of it, and we saw it in the December quarter from some of your peers. Just any comments around how you see that playing out and, feeding into to your agreement, with NBC and whether some of those rates are tracking, where you expect them and just the outlook there on a midterm view? Look, even if you look at Australia, Wassim Kisirwani, year to date, we've given away about 36% of margin from gross to net. Australia's 13 years into the journey. We're trying to grow our market share. You're still reasonably aggressive, whereas the U.S. year to date, I think it's about 61%, but it's really on a state-by-state basis. As you launch a new state, you're going to give away all plus some more, to grow and scale up your business. We don't have the brand recognition from day one. We don't have the database from day one that a FanDuel or DraftKings have. We want to get clients knowing that PointsBet's there. We want to get them having the opportunity to have five, 10, 15 bets on our app, that they can come to realize and differentiate between what is a good app and a poor app. You've increased your chances of holding onto them as a loyal lifetime client. On a state-by-state basis, you'll see us in newer states be aggressive in terms of promotions, and then as we get longer into the journey, that percentage of promotions will come down. Acknowledging that, Australia year to date is still at about a 36% number. Great. Just finally from me, perhaps just a comment on your register. A lot's changed in the business and the composition of the business has obviously changed in the last 12 months. Just be interested whether any color you can give us on how your register may have changed over that period. Hi, Wassim. It's Andy. I can take that one. I think we had a big focus, obviously post the original IPO that we wanted to grow that U.S. base and the international base on the register. I think we're in a position now where our U.S. representation of institutional clients is approaching the Australian institutional clients. We're very pleased with the support we've had from Australia and Asia. It's great to be able to see that the U.S. institutions are recognizing the performance of the company and are investing in PointsBet. Very good. Thanks, guys. Your next question comes from Rohan Sundram with MST Financial. Please go ahead. Hi, guys. Just a couple of questions. I might start with Canada. And Sam, how are you rating the prospects of that legislation in the Senate, following the positive update, and how are your on-the-ground efforts in Ontario progressing? Yeah. Good day, Rohan. Yes. We are still bullish on Canada getting done. I think on our last call, we said we were planning to be ready for a last quarter launch this year. Probably the expectation is that that might roll into early next year, January or the like. We will be ready. In terms of our on-the-ground efforts, without sort of giving anything away, we are certainly very active in our preparations. You can think about that from the sorts of strategic things that we would want to think about to help us execute a strategy as well as people on the ground, headcount, et cetera. Our planning, given that we are in just about into May and we sort of want to be ready by the end of the year, we are making great strides to put in place the infrastructure to go. Thanks, Sam. On the upcoming launch in Pennsylvania, could that be a simultaneous sports and iGaming, or is there going to be a lag there in how that plays out? Yes, it could be simultaneous. I'm not aware of any reason as to why the regulator would make us separate them. From an execution perspective, we can do it simultaneously. The regulator's looking at it as a whole, is it? With the platform and sports and iGaming? Well, we're very early in that process in Pennsylvania. Yes. We flagged first half of calendar year next year launch date, because Pennsylvania does have a pretty thorough and detailed process. Yeah, we'll get into the nuts and bolts. Having launched, obviously iGaming in Michigan and New Jersey by that time, obviously having a longstanding sports betting platform that's been operating in a number of states, not foreseeing any troubles or difficulties, that would stop us. Great. Thanks, Sam Your next question comes from Damien Williamson with Bell Potter. Please go ahead. Hi, Sam and Andy. Just a quick question on Pennsylvania. Just given the cost of the license of $10 million and the 36% state tax, does that license fee cover the iGaming as well? Do you have to pay an extra fee for that? Yeah, it covers it, Damien. Great to hear from you. Sorry, go ahead. No. I was just making sure because you sort of baulked on entering Pennsylvania because of that license fee. I was just seeing if that sort of covered both products. Yeah, I think when we originally deprioritized Pennsylvania, that was very early on in our journey, and we had other states that had more attractive elements to it. I think we also recognized that without that iGaming product to go into a state, we're at a competitive disadvantage, whereas those states like Indiana, Iowa, Illinois, Colorado, et cetera, that we could prioritize and not be at that competitive disadvantage of not having iGaming. Now that we've got iGaming, and now that we've got NBC, and in particular that Philly RSN, and we obviously have a stated aim now to be in every market that we can be in, yeah, we're definitely full steam ahead. Yep. Just one final question, just in terms of Michigan, because, just looking at all the players who are on the start line. You've got four players who have very strong double-digit market shares. Would that be the FanDuel, DraftKings, and I think Barstool and MGM. Would that be fair to say that they've had existing customer bases through their casinos and fantasy sports versus what you've had up there. Absolutely. Get those- Yeah, absolutely. MGM, for example, have had not just the strong database, but obviously they have the physical casinos there, and those were open, and they were able to line up, let's call it pre-go live registrations. They had them ready to press go. I would note that, if you take Barstool as an example, they started strong, but they've been losing market share from January, February, March. Obviously, we start from a very low base, not having that existing physical casino or database. We start moving north. We've spoken before that for the short term at least, we're still working hard. I spoke about the fact that we have 325,000 leads from the NBC Sports Predictor app. Our ability to warm up states and maybe not start at 1% market share but start a little bit higher will get better over time. Those fantasy sports operators and MGM with their rewards program do have that starting point. Our aim is to keep growing our share month-on-month and eat into it. Yep. Okay. No, all good. That's all from me. Thank you. Thanks, Damien.