Get started? Sure. My name is Robbie Bressler. I'm the CFO of Bragg Gaming. Thank you for coming to the session. I want to make this as informal as, as we can. Didn't really prepare, I'd say, very structured comments, but want to give everyone an understanding of what, Bragg is, talk a little bit about our most recent, results, and, talk a little bit about the future and where I see Bragg, going from here. Just to get a sense of, people's experience with, gaming companies, how many people here have an idea of kind of the online iGaming, world, or, you know, would like to get a better understanding of that? So what's kind of people's thoughts? Any consensus? Okay, well. Sorry? Great. Okay, so happy to do that. So, I'll introduce myself very quickly, and then I'll get into how it works, and I think that's a good way to understand how does Bragg fit into this very sizable industry. So, the iGaming world essentially allows people to play online sportsbook, so bet online in sports events and iCasino. So, casino games, slot games, table games online. And very similar to the ecosystem for land-based casinos, the operator of iCasino or online gaming sites don't necessarily own all the infrastructure needed to provide their product or their offering. So similar to an online or a land-based casino, the slot machines that you would see in an online casino aren't necessarily - or sorry, on a land-based casino, aren't owned by them. So there's a lot of suppliers within the ecosystem that help provide the products that are offered to the end user. And the iCasino world is exactly the same, and we are a B2B supplier in that world. So we're not operating the actual sites, so the, you know, BetMGMs, the DraftKings, we're not the operators, but we are providing the products that are featured on those sites. Our customer base, although it's, it is the operators, the way we think at Bragg and the way we focus our products is always on the end user, which is ultimately the player. I'm happy to answer any questions as we go through and any details and that I'm going through, you know, stop me and we can go through. I'm going to jump first to a little bit of discussion on Bragg itself, and then again, we'll jump into the actual performance. Just as in a background, Bragg, founded in twenty eighteen. We're dual listed both on Nasdaq and Toronto Stock Exchange. We have about four hundred and fifty employees. Primarily, most of our employees are based in Slovenia. We also have offices in London and in Las Vegas, in Reno, and myself, I'm based in Toronto, although my wife would think I'm based on a plane that is traveling all over the world. Very quickly, I joined the company just a few months ago, and I've already have super elite status, so get a sense of how far and how diverse our company is. I have been in the industry since 2014. You might have heard of the Intertain Group. It was a company that spun out of Amaya, which Amaya eventually acquired PokerStars. We were able to benefit from the excitement in the Canadian markets and raise significant funds to acquire iCasino-focused businesses, and we eventually merged with a company called Gamesys, and then were purchased by Bally's. So I've been on the B2C side for a long period of time in this industry, but fairly new to the B2B side. We're licensed in over 30 jurisdictions, and that's a really meaningful statistic for us, and I think a huge asset that we have. Being licensed in jurisdictions, so having our products available to sell is not an easy feat for a lot of B2C companies. A lot of B2C companies might have very well-established tech stacks and products that they've developed themselves, but are not necessarily regulated in jurisdictions they want to go into. It's not a given, and there's always an investment angle for having to move tech into another jurisdiction. Our broad coverage is quite important. We develop both in-house content and turnkey tech solutions, and I'll go into a little bit of descriptions of what exactly that means. Let me just go to product. We have, I'd say three main core product categories. Our first product that really started the business is called a player account management system, a PAM, and that is the kind of back office, if you think about it in a kind of a brokerage model. It's the back office of the online casino. So it's where the operator is able to view the activity of its customers and be able to retain their customers, sell the right products to make sure that they're getting best lifetime values from their customers. So this is very attractive to operators who are going into jurisdictions, as I mentioned, who might not have a tech stack that's already licensed to be there. This allows them to utilize our tech, so our player account management tool, to go into that market. And B2C operators, and I learned this when I was on the B2C side of things, the key talent of B2C operators is really in their marketing, in their ability to acquire and retain customers at a rate that is less than the competition and maximize lifetime value. So that really talks to the intention. That is a completely different skill set than develop a tech stack that is compliant with specific regulations in a jurisdiction. So although operators can do and have jack of all trades abilities, it's not necessarily where a B2C operator wants to spend their resources necessarily. And having a product like ours or player account management tool, it's a rev share relationship or a payment to us. So also it takes the fixed costs out and the variable costs in. So it creates a variable cost model for operators going into new jurisdictions. And they also know they're going on with a product that's been proven in jurisdictions. One example, in the Netherlands, we have a few operators on our PAM, and we've been able to parlay that into other operators because they know that our tech works in that jurisdiction, where new operators coming in, their tech may work, but it's not a given. So they need to make this a capital investment. It may work, and it takes away their resources, and there's only so much, you know, capacity a dev team has. Another part of our product mix, and I'd say if you had to tell me what sort of company we are and what's our, you know, our lifeblood is content. And content is the games that are played on an operator's site. So in some sense content is viewed a little bit as a commodity, but it also is viewed as what attracts people or what people want to see when they go to an operator's site. So an example, when you're walking the Strip in Vegas, you will go into multiple land-based casinos, and you'll see Wheel of Fortune slot machine in every one of them. It's been there for thirty years. It'll probably be in there forever. So everybody's offering a very similar content, but there could be intricacies as to why players are playing there, and it could be baked into the bonusing, the experience of the game, its other content, unique content that could be in. So we don't want content necessarily to be just seen as a commodity. We want to see it as a tool that attracts customers and retains customers. So it's definitely a focus, and it's been something that we've seen very positive results from. There's three types of content that we provide to operators. One's called third-party content, and we do that through aggregation. And what I mean by that is we will go to top content operators and get direct integrations from them, and then we're able to resell that content into operators directly. So an operator, and this is very important when they're going to new jurisdictions and want to expand, instead of having to do ten integrations with top content providers, they only will need to do one with us and have access to all the content that they would get if they did those individual tens. They'll have to pay a little bit more for that, but the ease of integration, the lack, or the limited resources they need and the speed to being live is hugely beneficial. But not only that, what we push in that aggregation side is also exclusive content and proprietary content. So exclusive content is content where we're working with exclusive parties to develop content on their behalf that is only going to be available through our aggregation or our gaming server, as you can think of it. And then we develop proprietary content that is just developed by us in-house and is available through our server services or aggregation services. Any questions on anything I've gone through yet? I'll keep going. Sorry. Just to give a sense of how activity flows into revenue to us, I do want to spend a little time on this, and hopefully, it's something that makes sense. But the amounts of scale, so it's a very scale-driven business. Content, and even the PAM products, we're earning a percentage on the activity that's occurring, usually in the single digit percentage. For us to generate EUR 100 million in revenue, there needs to be EUR 1 billion of gross gaming revenue occurring on the content or through the PAM. For EUR 1 billion of gross gaming revenue to be generated, that's EUR 23 billion worth of bets. There is quite a scale in terms of size that needs to happen. The ability for us to distribute our content and our products, because of the jurisdictions that we're regulated in and because of the relationships we have, is quite strong. So one area of focus that we've been able to achieve quite recently is our ability to gain coverage over the U.S. market. So this slide illustrates the fact that by the end of this year, we expect to have 90% coverage of the total TAM, so total addressable market for iCasino in North America. And we are integrated with all the top operators, as you can see illustrated here. So for us to be able to get the scale we need, we need to have coverage of the size we do. And this is a huge advantage to us and a huge asset that we've been able to achieve this. Now we need to get our products rolling, and we're very confident in the near term that we're gonna be able to drive meaningful growth through this coverage we have in North America. This slide just illustrates the global distribution network we have across the world. But again, just to reemphasize, to be able to scale the content and products that we are developing, it's one thing to have good products and good content, but you need to have the distribution network to be able to generate the GGR, sorry, the NGR, the gross gaming revenue, and the amount of bets that are needed to do that. And wanna just reemphasize that the network that we have worldwide, and specifically that we've been investing in in North America, really sets ourselves up extremely well to do that. Just gonna jump into some financial metrics and recent performance. This deck is available online, and it's our second quarter financial results. You would have seen our sequential growth from a revenue perspective from Q3 2023 onwards has been good. It hasn't been as strong as we believe we can take it, and you can see in our history, we have higher. But we were able to achieve EUR 24.9 million in revenue for the quarter and EUR 3.6 million in Adjusted EBITDA, and EUR 12.4 million in gross profit. Year- over- year, we haven't seen a ton of growth on the revenue side, largely because there was one specific customer that we didn't renegotiate terms with. It was a PAM customer, and that did have a bit of an impact in the short term. But medium term beyond this, we expect this business to be growing in double digits, both top line and bottom line. And as the CFO, and as I tell the commercial team probably three times a day on our dev team, we need to be achieving operational leverage. So this is a business that, no question, can grow top line at a faster rate than our costs. So that, I'm very confident we're gonna be able to keep proving that out as we go quarter to quarter. This slide will give you a sense of what our product mix is. So I talked about all the products that we have. This gives you a sense of how much we're generating revenue from each. PAM and turnkey. PAM is the player account management. That's kind of the back-office piece of casinos. That's about 20% of our revenue. Third-party content, so that's the reselling of content. That's where we're taking content from multiple providers and putting it through one integration. That's about 50%, and then proprietary content is about 11%, and exclusive third party is 19.7%. That gives you a breakout of what our product mix is. From a balance sheet perspective, we have about EUR 10.5 million in net working capital, net current assets of about 1.6. We do have one debt facility, $7 million, but we have EUR 10.8 million in cash on hand. This was as of June thirtieth. We did have a convertible debt instrument that's been fully paid off, post June thirtieth, 2024. I do wanna just give you a sense of what sort of trajectory we've had historically, and I really believe we are on the cusp of growing this business as we've seen in the past, so from a revenue perspective, 32% CAGR from 2019 to 2024 estimate, and then 76% on an Adjusted EBITDA basis. Any questions? And to give you a sense, and just going to reemphasize the scale, portion, where we need to get EUR 100 million in revenue, you need 23 billion in player bets and EUR 1 billion in GGR. The projection for the regulated iGaming industry is expected to get up to EUR 63 billion by 2029, and we believe it's at about EUR 20 billion-EUR 32 billion at 2024. So no question, there's a sizable market out there, and I really believe that Bragg is well positioned to capture meaningful parts of this. The question hasn't come up, but I'm going to ask this question to myself, and I'll give you the answer, is why hasn't Bragg done this to date? Why do I talk about us being on the cusp of this? And that's a good question. So Bragg, very similar to entrepreneurial companies, has developed, has evolved very entrepreneurially, being able to go after opportunities that are in the market, but not necessarily doing it in the most systematic way, and being the most disciplined in that. And I think that's done Bragg extremely well, to get us to where we're at. But to get to the next stage, our CEO, who is also our biggest shareholder and chairman, came back into the business eighteen months ago and said, "We need to build the foundations to properly get this business to, you know, EUR 200 million plus, EUR 50 million EBITDA plus. We need the proper foundations. We need to be more strategic." He brought in a new Chief Commercial Officer. I'll just. Where was that slide? Brought in myself as a CFO, new Chief Legal Officer, and in a short amount of time, we've been able to restructure a lot of elements of our business, especially on the commercial side, to be much more aligned, to maximize our commercialize, commercial efforts. An example of that is, commercially, we used to be focused product-wise versus jurisdiction-wise. Where I think being focused jurisdiction-wise is now making us think: How do we maximize our products in each jurisdiction that we operate in? And which jurisdictions do we need to be in? Each jurisdiction that we operate in has overhead costs to do it. Instead of now, you know, make. I I think we've always made sure that our dev work has paid back, but it's paying back more meaningfully. That's by taking a jurisdictional approach and thinking about what sort of investment costs we need and what sort of returns we get, and making decisions based on that. That's where this team is focused. Again, I think the solidness of our products and the focus that we have from this new team really is gonna set Bragg up to obtain very meaningful market share in the iCasino world. Any questions? I'm not gonna ask myself any more questions. Sure. Good question. So I think 20% plus is definitely achievable. I know when I was on the B2C side, we were able to get into the mid-20s. Different cost model here, but we need to be maximizing our investment decisions to get there, and benefiting on the scalability of our products. Yep. Good question. So there is competitive companies that offer very similar services. GAN is one of them, GiG is another, Playtech, to some extent, Kambi. So there is other service providers in the market, and it is a competitive space. For us to stay on top of that is we need to keep our products innovative, we need to have good relationships with our operators and understanding their needs, and we need to do this in a profitable manner. And I think some of our competition, it has struggled to be able to do it in a manner that proves to be profitable, where I think we've proven that out, and we have an ability to even get better than the way we're doing it now. Sure. You were talking about the margin, EUR 23 billion invested and EUR 22 billion goes back to the gamblers, leaving EUR 1 billion for the operator, and you're going to get 10% of that. And yet you said the total gain is about EUR 29 billion, but when- Let me just jump back. EUR 23 billion to get. Yes, so essentially EUR 1 billion is earned off that. Currently it's 29 billion. Yeah. EUR 63 billion. That- If you take the same sort of ratio. This was gross gaming revenue, so the EUR 32 billion is equivalent to the EUR 1 billion in here. Yeah, it's yeah, what's gambled versus what's paid out, the net of that, but high single digits. Yeah, I mean, it varies product by product. Yeah. So, I mean, being on the B2C side, margins are thin, especially when you get into sportsbook. That conversion from bets to your gross gaming revenue is even smaller. So, it's a cash business. It's a good business, but you got to get it right. And it's quite competitive from an operator side, on the marketing to acquire customers. Yep. You did, you know, obviously, gambling has been around for hundreds of years. Yeah. I'm sure- Place a bet. Sure. But online gaming is relatively new, and it sort of opens itself up to a lot of moral issues of people getting broke, overextending themselves. And there's a chance to rein back on, you know, moments to people- Good- Young people- Yeah. Old people, anybody could just have a go at it. So if they do, they do the playing back and that's It's a good question, and I can give you my thoughts on it. Being in the industry for 10 years and seeing how regimes have dealt with responsible gaming. So there's a couple viewpoints on the issue. One is the propensity to bet is never gonna go away. People are gonna always bet, and it's just inevitable in the online world that there's always gonna be black market operators. So there's always the opportunity for people to bet online. The goal of regulators should be protection of their you know citizens and making sure that they're betting in a responsible manner. And the stipulations, and I'm speaking specifically in the U.K., where a lot of my B2C experience is from, is real responsible in the sense that you need to check in with customers. There's certain limits that trigger more responsible gaming measures on people play. From an operator point of view, to actually have a sense of what people are spending is far better than people betting in the black market and even on land-based casinos. So it's the most protected mechanism to gamble. Whether people should be gambling in general, you know, that's, that's just. So I think the inevitability of that is that it's online, unfortunately, needs to be embraced. And where I do think operators should get more sensible is in the advertising of it. The connection of sporting events to betting just should be done in a way that doesn't have to conflate the two all the time. I think there's responsible measures that can be taken, but I do think if regulators get it right, there's ultimate protection for the players without, you know, really... Where it gets out of hand is when regulators start telling people how much they can bet. And when it's, you know, it's people's after-tax dollars, who should tell me how to spend my money? That's my two cents. Yeah. 100%. Yeah, and when someone goes to buy a purse at Louis Vuitton, they're not asking for an affordability check to see if they really should be doing it. So anyways, I think some of us might want that to happen and at least call the husband and make sure it's okay. But, anyways, thank you. Any follow-up questions, please reach out to our IR team, and I'm happy to talk more, and I appreciate you coming to our session. Thank you.