Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bragg Gaming Group second quarter 2022 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Yaniv Spielberg, Chief Strategy Officer. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining our second quarter 2022 earnings conference call. My name is Yaniv Spielberg. I'm the Chief Strategy Officer for Bragg Gaming Group. I'll be hosting today's call alongside my colleague, Chief Executive Officer, Yaniv Sherman. Welcome, Yaniv. We'll comment on our second quarter performance and our CFO, Ronen Kannor, will review our second quarter results and our guidance for the remainder of 2022 calendar year. If you have not already done so, you can follow our Q2 earnings call presentation from our website at investors.bragg.group. That's investors.bragg.group in the section called Investor Presentation. On this call, we'll review Bragg's financial and operating results for the second quarter of 2022. Following our prepared remarks, we'll open the conference call to a question and answer period. I'll start the call with some brief cautionary remarks regarding certain statements that may be made on this call. Certain statements made on this call and our responses to various questions may constitute forward-looking information or future-oriented financial information within the meaning of applicable securities law. Statements about expected growth, prospective results, strategic outlooks, and financial and operational expectations, opportunities, and projections rely on a number of assumptions concerning future events, including markets and economic conditions, business prospects and opportunities, future plans and strategies, technological developments and anticipated events, trends and regulatory changes that may affect the corporation and its subsidiaries and their respective customers and industries. While we believe these assumptions to be reasonable, they're subject to a number of risks, uncertainties, and other factors, many of which are outside the company's control and which could cause the actual results, performance, or achievement of the company to be materially different. There can be no assurances that these assumptions or estimates are accurate or that any of these expectations will prove accurate. For a complete discussion of these factors, please refer to our recently filed press release and other publicly available disclosure. With that, behind us, I'd like to turn the call now to our CEO, Yaniv Sherman. Yaniv. Good morning, everyone. My name is Yaniv Sherman, and I'm the CEO of Bragg. I'm very happy to be hosting my very first results presentation, having joined the company just over a month ago. As Yaniv has mentioned, we'll be going over our second quarter highlights, financials, and operational updates. Following the presentation, we'll be happy to answer any questions you may have. The second quarter of 2022 marks the eighth consecutive growth quarter for Bragg. Revenue came in 34% higher to a record EUR 20.8 million, while EBITDA rose 63% to EUR 3.1 million. Our gross profit margin has expanded as well, and Ronen will dive deeper into the drivers of these growth indicators in a moment. During the past quarter, we've completed our acquisition of Spin Games, a key milestone in our U.S. growth strategy. The Spin deal closure follows Wild Streak Gaming's acquisition last year, and we're excited to welcome the Spin and Wild Streak teams to the Bragg global family. Bragg went live with our proprietary content on the very first day of the newly regulated Ontario market, which was complemented by market entry and expansion in Europe. After the quarter ended, with me joining the Bragg executive team and board, we've marked another U.S. market entry in Connecticut and rolled out our very first integrated Spin-ORYX proposition in North America. I'll share more details around these achievements after Ronen's financial overview. Ronen. Thank you, Yaniv, and good morning, everyone. I'll begin my comments on slide 7. The group executed very well in Q2. The second quarter revenue was up by 34.2% year-over-year to EUR 20.8 million and up by 7.6% from the previous quarter, representing the record quarter we ever had. This performance drives mainly from organic growth from its existing customer base, the onboarding of new strategic customers in various jurisdictions, mainly in the Netherlands, in the PAM and Turnkey Solutions segment. In addition, we had a strong revenue performance from Wild Streak Gaming, a business acquired in June 2021. From a KPI perspective, the total wagering generated by games and content offered by ORYX and Wild Streak and Spin Games in the period was up by 9.2% from the prior quarter to EUR 4.2 billion and 9% up from the previous year. As you can see from the wagering chart on the right-hand side, the new German market restrictions on gameplay had an effect during Q3 2021, but ever since we are seeing a positive trend and momentum. Gross profit increased by 65.5% to EUR 11.6 million, with margin increasing as well by over 1,000 basis points to 55.9%. This is primarily attributed to a higher proportion of revenue derived from the growth in the proportion of the platform and turnkey revenue, alongside with Wild Streak proprietary games revenue, which have no cost of sale, compared to the licensed game and content which have third-party costs associated. Adjusted EBITDA for the quarter was up by 62.9% to EUR 3.1 million, with Adjusted EBITDA margin reaching 14.9%, increasing by 260 basis points from the same period in the previous year. The increase in margin is mainly as a result of scale and improvement in the product mix of PAM and turnkey solution, offset by the increased salaries and subcontractors costs as part of the corporate strategy of investment in the expansion of its software development, product and senior management function with focus on margin control. Other highlights during the quarter, we closed the acquisition of Spin Games and its trading was included from the first of June 2022. We finished the quarter with a reported positive net income of over EUR 100 thousand as compared to last period of net loss of EUR 2.3 million. In respect of the guidance, as a result of the positive momentum in trading, we are updating the financial year 2022 both revenue and Adjusted EBITDA guidance. The new revenue guidance is expected to be in a range of EUR 76 million-EUR 80 million, representing 11% increase from the previous consensus guidance. The Adjusted EBITDA is expected to be in the range of EUR 10 million-EUR 11 million, represent a 5% increase from the previous consensus guidance as the guidance includes the impact of continued investment in the business focused on driving further top-line growth. I'll now move to slide number 8. As I mentioned earlier, our entry into new markets, in particular the Netherlands, has been exceptionally strong. Couple of new clients wins and the ramping up of operators launched early in the year gives us significant momentum in this financial year. During the quarter, the new customers revenue, which related to customer joining in 2021 and 2022, was up by 3.9% quarter-over-quarter, driven by new markets performance. Legacy customers, including German-facing customers, has also seen a growth quarter-over-quarter by 6.8%, with a limited drop from the previous quarters due to the new German market regulations introduced in July 2021. Wild Streak and Spin Games revenue was up by 50% quarter-over-quarter as a result of strong performance of the in-house built games. Overall, the underlying recurring group revenue, including licensed German, increased by 7.6% quarter-over-quarter. As you can see on the right-hand side, we presented the Q2 underlying business revenue mix that is moving into the next quarter and for the whole year after offsetting the headwind for the German market since the new regulatory changes took place in July 2021. Overall, the new business pipeline, new markets entry and more focused sales underpin 2022 financial year revenue guidance. In slide 9, the gross profit expansion. As you can see from the margin slide, the gross profit margins are in the growth momentum since Q2 2020. We're scaling up in line with the revenue growth and momentum in the product mix as presented in the right-hand side of the slide. The product mix changed since third quarter from last year and now trending towards PAM, turnkey solutions and proprietary content while improving gross profit margins and profitability. As we indicated in the past, platform and proprietary content products are carrying no third party costs, which giving us the ability to scale up gross profit margins. The PAM and turnkey solution improved the Q2 gross profit margin as a result of strong performance of our Dutch customers. In slide 10, we would like to demonstrate that our continued revenue growth is monitored with margins control. Total operating costs, excluding cost of goods associated with third party content providers, continued to scale down since Q3 2021, and amounted to 40.6% as a proportion of the total revenue. While the corporation continued to invest in expanding its technology, product and games development, the total cost of salary and subcontractors as proportion of the revenue scaled to 23.9% and targeted to scale further with further growth. Professional fees amounted to 4.1% of the total revenue and were mainly related to entering new jurisdictions, licensing, legal, and audit fees. IT and hosting costs scaled to 2.9% of the total revenue, mainly as a result of the group U.S. expansion and organic revenue growth. In addition, all other costs are targeted to scale in line with the future growth. In slide 11, I'll detail how we reconcile our operating income to positive adjusted EBITDA in this quarter. Adjusted EBITDA amounted to EUR 3.1 million at 14.9% margins against an operating income of EUR 0.8 million. The gap can be explained by the following non-cash and exceptional items. Depreciation, amortization, an increase in intangible amortization as part of the Wild Streak acquisition in June 2021. The share-based payments awards granted to senior management in Q1 2022 composed of DSUs and RSUs, and share options. Transaction acquisition costs associated with the corporation M&A strategy, and the gain of remeasurement of contingent consideration, which is mainly related to the share consideration element of the Spin Games acquisitions. Moving on to slide 12. As of the end of June 2022, cash balance was EUR 11 million compared to EUR 60 million as of December 31, 2021, with no debt facility in place. Net working capital was EUR 1 million compared to EUR 11.6 million at the beginning of the year. The main difference between the periods was the EUR 9.1 million investment in the consideration paid upon the Spin acquisition. We continue to project positive free cash flow from operations. As a reminder, our business strategy requires a little CapEx related to technical debt requirements. From a cash flow perspective, in the six months ended in June 2022, we generated EUR 7.5 million from operating activities while investing EUR 12 million in the acquisition of Spin Games and software development costs as part of the investment in our technology. With that, I will turn the call back to Yaniv. Following that, back to the operator for any questions. Back to Yaniv. Thanks, Ronen. I'd like to share a bit more details about the progress we've been making in our strategic journey. While the Spin acquisition was only completed on June first of this year, since the deal was announced, we've been making great progress in laying the groundwork to allow for fast and streamlined integration into the Bragg business. The technical integration between Spin and ORYX platforms has been completed in record time, allowing us to start leveraging on Spin's wide distribution network in the U.S. shortly after the deal completion. This was coupled with an extensive licensing effort to allow us to go live in Connecticut and Ontario shortly after closing, and this should help expedite our content rollout during the second half of the year and beyond. Our recently acquired Wild Streak team, headed by Doug Fallon out of Las Vegas, is already producing and developing proprietary content under our Atomic Slot Lab studio, which is now one of four in-house Bragg studios targeting the global iGaming market. This growing content portfolio is powered by ORYX's remote gaming server and player account management, equipping Bragg with a full stack product offering and using state-of-the-art technology. We believe these synergistic assets will give us a competitive edge in the markets we aim to grow in across North America, Europe, and Latin America. Focusing on the U.S., with access to a material part of the addressable iGaming market through existing relationships and integrations, we see on slide 15 that we aim to enhance our footprint in the American market and help our operating partners grow revenues and profitability using Bragg's proprietary, exclusive, and aggregated games portfolio. Our rollout is underway, and we aim to make meaningful progress through the second half of 2022 and early 2023. In the next slide, as for our longer-term business goals, Bragg has embarked on a mission to diversify its revenue sources from both a market and product perspective. As you can see, we've made good progress driven by organic and inorganic growth in those directions. We are equally focused now on complementing revenue growth with higher margins. Our aim to further diversify our product revenue mix through more proprietary games and turnkey customers, all while maintaining operational discipline and cost control. To summarize on slide 18, Bragg has enjoyed a strong quarter and a record first half. We see this momentum continuing into the second half of 2022, as Ronen has outlined. We will be using this momentum to further integrate our recently acquired US subsidiary into the Bragg business, becoming a truly global iGaming solution provider. Launching new products into new markets will be complemented by enhancing existing relationships, helping our customers compete and grow their businesses. I'd also like to take this opportunity and thank the Bragg executive team and our employees across Slovenia, Malta, London, Nevada, and India for their hard work over the past few months, which results in these impressive achievements. Thank you all. We'll be happy to take your questions now, and thanks for listening. At this time, I would like to remind everyone in order to ask a question, simply press star followed by the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. The first question is from the line of Neal Gilmer with Haywood Securities. Please go ahead. Yeah, good morning. Congrats on the good quarter. Maybe just, you know, you talked in, or at least it was in your MD&A, about organic growth, excluding Wild Streak and Spin Games in the quarter up 25%. You touched on Netherlands in the prepared remarks on the call here, but just wondering if there's any other markets you'd call out that help sort of drive some of that organic growth. Yeah. Hi, good afternoon. Good morning. Ronen, you wanna take that? Yeah, sure. Good morning, Neal. How you doing? Yeah, we presented 25% growth from the legacy business. I mean, excluding the acquisitions. The majority of the growth, as we know from a nominal perspective, is the Dutch market, as we're doing, I would say, quite strongly from four or five customers that we have there on managed services, turnkey solution, sorry, and iGaming platform and content that we're aggregating. We're also seeing growth of 10% from the legacy business, which is in various markets, some from the European market. In particular, I would say, we have the Adriatic market, which is Serbia, Croatia. We can see some growth coming also from picking up from the UK, although in small scale. We're seeing some kind of Portugal we just entered and some other markets that we operate in general, in other European markets. I can't say in particular, there's one particular market that is as significant as the Dutch market per se at this moment, but we're growing organically in all other markets simultaneously. Okay. Thanks for that. Maybe for my second question would be, you know, obviously last year was, you know, you had a couple of acquisitions with Wild Streak and Spin Games. What's your outlook at this point in time on the M&A landscape? Are you seeing some, you know, interesting potential opportunities out there, or your focus, for the short term at least, is just on growing the existing platform? Well, you're right in the sense that we've completed two meaningful acquisitions, and I think the landscape over the last few months has changed considerably, and there are definitely a few interesting opportunities out there. Having said that, management's current focus is integrating or further integrating Bragg into a new global business across three continents. I think that strengthening the skeleton that can now house additional deals in due course is our number one priority. Again, having said that, we, meaning mostly people on this call, are constantly evaluating opportunities. We have our ear to the ground at all given moments, and if it makes financial and operational sense, then we'll definitely engage. At this point, as you correctly outlined, default would be in the next few quarters is to further enhance and drive organic growth through the newly acquired assets. Okay. That's great. Thanks for taking my questions. Thank you. Your next question is from the line of Harman Bassi with Canaccord. Please go ahead. Hey, guys. Good morning and great second quarter. I'm Matt Lee's associate. I was just following up on one of the previous questions. Are you able to give us any insights on how the North American market is unfolding, and what type of market share you feel that Bragg can attain? Sure. The North American market, predominantly U.S. and Canada, we've been making great progress in basically distributing or establishing a new distribution network on top of the one that Spin's already established in the market. The idea would be to utilize that network. We're seeing some good initial signs, but at this point we've only deployed a limited amount of proprietary content into it. I think that the acquisition definitely creates an effective shortcut for us. That will be our focus for the second half of the year, getting as many of these integrations live in most of the iGaming markets in North America and then building up our content portfolio with each operator. The target concentration in the US is very much pushed upwards. The top three or four operators control a meaningful part of that market, so it will definitely see us trying to bolster our business with those operators. I think it was as mentioned on the call itself, the first half of the year was demonstrating some healthy growth based on both the acquisition and the existing Bragg business. I think we'll be looking to accelerate those. In terms of market share, it's a trickier point. I know that total addressable market was a topic of conversation, but I think that we're coming off from a relatively low base in North America, so even taking a few points or single-digit percentage will be a material upscale or additive to our existing results. There are various ways of measuring, especially on a B2B level, but I think that we don't need to take a double-digit market share in those areas to make a meaningful impact on the business. We'll be starting and focusing on that level. Perfect. Thank you so much. No problem. Your next question is from the line of David McFadgen with Cormark Securities. Please go ahead. Hi, guys. Thanks for taking my question. I was looking at some of the results of some of the other B2C operators operating in Europe. Some of them exited the Netherlands market to get a license. They received their license. Now they're entered back into the Netherlands market, and they're reporting pretty strong growth. I was wondering if you're seeing any impact from that. Secondly, on Germany, is the regulator doing anything to clamp down on the gray market activity there and to help the white market operators? Thanks. Sure. I'll take the first question about the Dutch market. So far we've seen, you know, material growth from our clients in the Dutch market. I think the B2C operators, both the regional and the global operators, have only ventured back in lately. I believe April and May concluded their blackout period, so they've ventured back in. We haven't seen, actually during the first half, or felt through our clientele a negative impact from the increased competition. I think it's a bit soon. I think it's definitely about to become more competitive. I think we have the or sort of the privilege of partnering with some of the market leaders. They'll be the incumbents at this point, and others would need to carve out market share and chase. Definitely I think the Netherlands Dutch market will continue to grow on the back of increased competition. The pieces of the pie would inherently have to grow smaller. Our focus is to onboard and launch additional clients and grow with the existing ones to sort of defend our position. I think the other point is also diversifying our revenue sources just so it becomes well balanced. As far as Germany, we haven't seen any specific actions by local authorities up until now. It doesn't mean that they're not happening, but again, our exposure to the market at this point after having exited it is limited. I don't know of any particular enforcement or any other measures. I do know this is still very much a moving target. We're monitoring it very carefully. If it becomes relevant again, we definitely have the product set to be able to participate. At this point we're monitoring it from the sidelines. Okay. All right. Thank you. Your next question is from the line of Jack Vander Aarde with Maxim Group. Please go ahead. Okay, great. Good morning guys. Congrats on the solid results. Good to see the guidance raise. I'll start with a question on the Spin acquisition, and just comments regarding Wild Streak plus Spin revenue. Up 50% sequentially, that's great to hear. Just a couple of follow-ups there. Does this mean pro forma Spin revenue or is this only including one quarter Spin just given the timing of that acquisition? I have a follow-up. Kannor, you wanna take that? Sure. Hi Jack. How you doing? We presented quarter-over-quarter 50%. It's to be honest with you, it's not really presentable to present on a pro forma. The last year Spin was not acquired back then, and Wild Streak was just one month of trading. The best way to present it is to show it compared to the previous quarter. In the quarter-by-quarter there's a 50% increase. The part of Spin was just only one month during the consolidation of this quarter, so it's not significantly impacted the growth. It's all about proprietary content with Wild Streak, with the existing legacy customers and with the content that actually we're rolling out into the U.S. land-based casinos. It's online and on land-based casino, which is impressive on its own from our perspective. Got it. That's helpful color. Appreciate that. Just looking in the MD&A comments, you know, it's nice to see you added 30 customers, it looks like sequentially. Twenty-six of those came from Spin, I believe. So, maybe that's a good sign just given the tier one operator relationship. Can you maybe provide some color on what you're hearing from Spin's tier one operator customers and, you know, just how receptive they've been to the change in ownership and the newly, you know, integrated RGS platform? Just how are things going there and what you're hearing from those customers? They've been incredibly receptive so far. I think the existing partners have sort of most of them, if not all of them, are very you know profit centric at this point. They welcome new content. They welcome streamlined deployment process. They've you know been nothing but cooperative and also eager to see the new content portfolio. We've actually been undergoing some road shows and demonstrating those portfolios, and I think right now it's mostly around two or three elements, which is time to market, certification, and positioning. Naturally, it's a very competitive landscape from a content perspective, but all in all, the Spin team headed by Kent Young and his team out in Reno and Vegas have been extremely effective at sort of relaying the new solutions and the new story. We've been operating ever since the deal closed in tandem with them. All in all, it's been very well received sort of. The operator's been very receptive. I also have pretty good relationships from my previous position. Leveraging on all of that, I think it's up to us to now complement it with some sound content delivery that will make an impact. Overall, we're very happy with the way this has been going so far. Okay, great. Then just maybe one last question. Just, you know, given your debut in the newly regulated Ontario market, which, you know, just went live in April, so very timely. Just wondering, are you seeing any parallels to other markets you've recently entered and had success in? Of course, you know, the Dutch market was kind of a unique opportunity, but nonetheless a kind of home run opportunity as well. Just where would you rank Ontario in terms of your initial ramp up there and how you see things playing out? Well, I think generally speaking, Ontario resembles more of a, what I'd call a transitional regulation rather than a market restart. Market restart, just like the Dutch or most of the American markets, by the way, that have basically shut down at the given moment and then restarted the Dutch market. The regulator was very effective in sort of restarting and leveling out the playing field. The American markets were the same. The Canadian, the Ontario regulators took a more transitional approach in sort of bringing existing dot-com operators under the tent, which means it's a more gradual process. Initial numbers suggest it's a growing market, and it's going to be a healthy one, but I think it'll take it a bit longer to hit or to sort of get to the same level as it was, all dot-com revenues to come under that tent and then continue to grow. I think that's what we've seen in other markets, both for Bragg and generally speaking. I do think it's also a much more competitive marketplace than the Dutch. I mean, there were, as far as I know, well over 100 applications in the marketplace and that is only growing, which means for someone like us, it's a much bigger playing field, but it also means it's quite fragmented initially. We're also waiting for a set of the formal numbers to come out of the regulator desk like we have in North America to get a bit more intelligent around it. From the numbers that we're seeing so far, and generally I think it would be a more gradual and would demonstrate consistent growth, but it won't be as dramatic as the Dutch market, which was basically sort of a day one launch. This will take a bit more time when the AGCO have a lot on their plate to go through. As I mentioned, they need to work through quite a bit of applications and certification, and that's sometimes a bottleneck. Okay, great. Really great color there. I appreciate it. I'll hop back in the queue. Thanks. Your next question is from the line of Daehee Kim with J.P. Morgan. Please go ahead. Hi, gentlemen. Thank you very much for taking my call. Just a great quarter by the way. Been very interested in the company for a while now. Just a few questions, if you don't mind. Just going through the financial statements a little closely here. Well, the first one is more of an obvious one. Right now it looks like the company is slight working capital deficiency right now. I was just wondering if, going forward, I know you're projected to be cash flow positive, but I was wondering if you guys are considering in maybe a raise for capital or if you need additional capital in the near future, or maybe go for some kind of like a debt security. If you could just go with the comments on that. That was my first question. Yeah. Ronen? Sure. Daehee, good morning. You're spot on. Yeah, we have a very narrow working capital. We knew that a few months ago. We knew that for the Spin acquisition and the $10 million we have to pay the initial payment, we're gonna have a very tight working capital. Right, what you're saying, as far as we're generating cash on a monthly basis, we don't have any debt. We need to beef up the balance sheet and to keep a sufficient working capital to support our growth and to continue with the momentum. We have numerous discussions with the board members and internally with management. There's several processes running at the moment. I believe in the next few weeks we're gonna conclude about the process we started, and we will notify the market. Yes, it's one of our important and key points to achieve by end of September, and I think even earlier than that, we will come up with some kind of announcement, sorry. Oh, okay. Thank you very much. The second question I have here, I noticed that the customer concentration risk definitely increased tremendously in this quarter. I see here, based on my calculation, over about 46% of Q2 revenues are from one customer. How would you feel about this customer concentration risk, and is this a concern to you or is this an opportunity? How would you view this? It's definitely, you know, when we assessed it that we were fortunate enough to partner with market leaders, and we typically don't break off the specific customers due to, naturally, confidentiality reasons. We've had the fortune of partnering with market leaders and that is one positive aspect of it. The other part of it, naturally, the other side of any customer that's fast-growing is it takes a growing part of your total revenue base. We're, you know, the solution there is to need to further diversify your revenue streams and grow businesses in other parts of the world and markets. That's exactly what we're doing. No, you're spot on. I mean, at the end of the day, company growth was powered or driven by this early success, and we wanna leverage that to sustain that growth trajectory and mitigate that risk. That's a great reading of the current momentum drive. Your next question's from the line of Adhir Kadve with Eight Capital. Please go ahead. Hi. Good morning, guys. Thanks for taking my question. I wanted to ask a question on the platform strategy with the player account management. Obviously, seeing strong traction in the Dutch market, but any other markets outside of that where you're seeing that traction? I think last quarter you guys had mentioned maybe in the Czech market, but how are those conversations and how are those rollouts going outside of the Dutch markets with respect to the PAM, player account management and the platform strategy? We have some interesting PAM opportunities definitely. Czech market is just one of the opportunities, as Sherman mentioned. We have opportunities in the Dutch market as one that already has track record in it. Other European opportunities in that regard. We're evaluating those, you know, sort of on a case by case basis. PAM, naturally, PAM deals are more comprehensive in their approach and they're more intimate relationships because the entire online proposition is powered by us. In regulated markets, as you can imagine, operators need to have certain assets and resources in order to push something through to meaningful scale. There is definitely, I think, some of the climate around us is, we also feel that has changed and sort of shifted towards profitability, which means that there are a lot more conversations around outsourcing quote "technical competencies." I think as operators realize that managing a full turnkey technical and product stack is material, which sometimes change or pivot to their business. They're looking to partner with someone that can not just provide them with that, but also someone with similar services, managed services. We have all that at hand. We're just we wanna make sure that we partner with like-minded operators that can achieve scale in local markets. The opportunity, the pipeline is definitely there and it's definitely healthy. We just need to make sure that we bet on the right partners and they bet on us. It's been a very healthy last few months, I would say. Okay, great. Then, you know, just on the proprietary content, I think you guys mentioned in your press release this morning about 22 proprietary games to be released through the balance of the year. Maybe give us a sense of how the past releases have gone. Obviously, you guys are seeing strong traction there. But how those learnings from those games can be kind of translated to new markets? Because I think you guys have mentioned there's a level of customization that's required for every single title that's released. Maybe any learnings you've taken from your current portfolio that you can kind of apply to new markets and how that could potentially accelerate. Yeah, you're absolutely right. I think game development and content development is definitely an art form, and it's very data-driven. Our main focus is taking the initial deployments that we've had. As I've mentioned, we've seen some initial success from the Atomic Slot Lab content deployment, like Egyptian Magic and a few other key titles. They're not just demonstrating early success, but they're also allowing us, enabling us to start building a data set that we can both share with partners but also take back internally and see what works and what doesn't. It's more complicated than just the game itself. It's the math behind it, you know, the RGS, the game server and the way it's designed, all sorts of features and functionalities and some complementing player engagement features. I think one of the big greatest assets that we have outside of the very proven and creative game development team, content development team is also our approach to data and the way that we've built it. This is definitely something sort of a flywheel we're looking to start implementing in North America. The success that we've had in Europe with it, the distribution that we've had with it to enhance that distribution in North America and start collecting a data set that will enable us to develop proprietary, customized or sometimes adapted content for those markets. In some cases, it's even a sort of a state-by-state tweak you can embark on. That is definitely a major focus for us going forward. The proprietary part is not just the art or the math, it's also the data set that you're able to collect, and then, you know, develop against that. Okay, great. Last one for me, and I'll pass along here, guys. Just on the Italian market, that seems like, you know, I think the U.S. we've got a good sense of where that's going. You said you're seeing some good traction in the U.K. I guess the next frontier would kind of be the Italian market. How do you see that market kind of playing out for you guys, just given its size and breadth? It's a fine line. If I remember correctly, it's the second biggest market, so it's definitely something that we need to tend to. We're also conscious of the resources that we need to put in. It is Italy, much like Central Europe. Actually, Italy is also divided into a few sub-markets. If you look at this, Southern Italy and Northern Italy that are somewhat different in terms of customer preferences. All in all, it's also very localized. The land-based market has sort of put a certain flavor to games content that you see in different venues, very distributed. The local incumbents are very effective there that we would look to partner with, but it requires different data sets. We've had some early success in other markets where we've taken Central European developed or focused content, both developed internally and also aggregated or some of our exclusive content, and we were able to adapt it to localize it to other markets. But it is, let's call it, a more of a midterm to longer term focus because, again, it is just like its sizing, its mere size. It requires some specific attention. I would assume that the games that we develop towards that market will have a local flavor, local payout, RTPs and so forth. And naturally, the technical integration involved in the market itself is something that we will need to focus on. That's sort of mid- to long-term, just to make sure that we have our resources focused on our key growth markets. Great. Thanks. Yaniv, congrats on the role and looking forward to working with you. I'll pass the line, guys. Thank you. Thank you very much. I appreciate that. This concludes the Q&A portion of today's call. I will turn the call back to Mr. Spielberg for any closing remarks. Yeah. Thank you everyone for joining this morning, and we hope that you enjoyed the presentation. I'd like to, like Adhir said, welcome Yaniv Sherman to the team. Congratulations on that. We'll speak again in three months on our Q3 presentation. Thanks, everyone. Thank you for joining the Bragg Gaming Group second quarter 2022 conference call. You may now disconnect.