Second session. For once, not about me, other people. I'd like to extend a warm welcome to all those in attendance today, both in person and virtually, for our exciting B2B Investor Day, where we will outline for multitude of growth opportunities this division has and how we plan to execute on this. As Rafi has to dash off to make a flight in a few hours, we are going to first have a session with Rafi Ashkenazi, the Executive MD and Executive Chair of Hard Rock Digital, who will discuss the landmark agreement signed between Playtech and HRD, and then we will open it up to Q&A. Without further ado, I hand over to Rafi. Before that, I will say, it will be quick. I don't think that Rafi needs any introduction, having been around for many, many years. Like me, actually, we joined Playtech three weeks apart, and Rafi was our CEO. Most importantly, Rafi then became the CEO and then CEO of PokerStars to take the role of a executive MD, Managing Director with HRD and Executive Chairman. Most importantly, right, you're about to hear from who I believe is one of the best CEOs this industry ever produced, who gathered an amazing team of professionals around him. I will use this opportunity before you start because I know that you need to dash off to the airport soon after. I want to thank you personally. I want to thank the management team of HRD personally and HRI for the trust they put into Playtech, and I guarantee you we will not fail you guys. Thank you. Rafi, the stage is yours. What an introduction. Okay, it's been a while since I've been in front of people in the investor community, but I'm just gonna stick with my script. If you can scroll it back. Okay. That's it. Thank you. Thank you Mor for the kind introduction and warm welcome. It is truly great to be here with so many of my former Playtech colleagues and back in front of the broader investor and analyst community. For those that do not know, I spent seven years with Playtech prior to joining what become The Stars Group. I was acting there as the CEO of the company until it was sold to Flutter in May 2020. As I evaluate opportunities for my next venture following the Flutter sale, I strongly believe that there was an opportunity for the new entrants to find success across the global iGaming landscape with the following three core competencies. One, a strong global brand that appeal to the gaming and entertainment customer. An absolute focus developing the best product and user experience supported by best-in-class technology, and a management team with a proven track record of growing global digital operations. For these reasons, our management team was so excited about the opportunity to partner with Jim Allen and his team of the creation of Hard Rock Digital as the exclusive Hard Rock International and Seminole Gaming vehicle for global interactive gaming and sports betting. We believed then, and continue to believe today, that the sector is ripe for continued innovation and that Hard Rock's unrivaled brand power in gaming and entertainment will help us to capitalize on the global opportunity. As many of you know, Hard Rock was started here in London over 50 years ago, as a single cafe in Old Park Lane on Mayfair. While Hard Rock still has the legendary burgers, unrivaled music memorabilia, collection, and iconic merchandise at its core, the brand has continued to evolve and now spans the full spectrum of hospitality and entertainment. Hard Rock is now one of the most recognized global gaming and entertainment brands and has an extensive footprint of over 265 casinos, hotels, cafes, and venues in 70 countries, plus an in-place pipeline for future development. I'm gonna go off script for just a minute because Mor spoke about Snaitech. I just came in when you spoke about Snaitech, and you spoke about the value of the customers that you have on the retail side versus the people that are just digital customers. I think when I saw the graph, it was approximately three times more valuable. This whole concept of Hard Rock Digital is based on the same premise, basically. What we see today when we operate our New Jersey operations, we see that the customers that we have on the land base that are also playing with us online, their value is at least three times higher than the only digital customers. That's exactly what we're trying to do within the U.S. and what we're going to try to do globally as well. That's the whole premise of what we are set up to do with Hard Rock Digital. Gonna go back to my script. The global footprint, together with Hard Rock's exceptional management team, has fortified its financial profile, creating one of the only investment-grade balance sheets in the gaming sector worldwide. While Hard Rock has always partnered with the biggest names in music, you will now find the brand as a cornerstone partner for major sports and entertainment franchises. Just turn on Formula 1 races or Netflix Drive to Survive, and you'll see Hard Rock on the side of the Red Bull racing cars, along with prominent activations at the F1 circuits Miami and Las Vegas races. When you open up a menu at your local Hard Rock Cafe, you'll find items named after World Cup champion Lionel Messi, by the way, great burger, and characters from Lionsgate's newly released John Wick movie. And during our next visit to the Hard Rock venue, be sure to check out the upcoming lineup of marquee musical talent, comedians, and entertainment acts across 35,000 live shows annually. I'm gonna go again off-script as well. It's 35,000 live shows, music live shows every single year. I can tell you, I've spent my time in the, in the Florida office, in the Guitar Hotel there. Almost every time I'm there, I'm attending one of the music shows. I went to Metallica, I went to Guns N' Roses. I can't even remember all of them, but it's like 6,000, 6,500 seats. These are people who are coming to the Guitar Hotel almost every day. There is, like, almost every day, there is an event there. All these people, clearly they provide their names, their emails, their credit card information, everything that we need in order to later on cross-sell them into other type of verticals that Hard Rock has. That's, again, the base of everything that we're doing. I'm gonna go back to my script. We're talking about big names that could sell out large, larger venues, but are choosing the experience of playing at Hard Rock. Hard Rock's international footprint also continues to grow. We just opened a New York hotel near Times Square, a luxury casino resort project in Greece on the Athens Riviera, and the purchase and planned renovation of The Mirage in Las Vegas, where a 36-story tall Guitar Hotel will become the Strip's latest landmark and a tangible reminder of the brand's continued global expansion. In another exciting development, Hard Rock recently launched Unity by Hard Rock, the first global unified loyalty program in the company's 50-year history that will enable customers to earn and redeem rewards across the brand's global ecosystem. Hard Rock Digital represent the next logical step in the brand's continued evolution as we digitize that unique Hard Rock entertainment experience for our millions of customers worldwide. We knew that replicating that experience online wouldn't be easy, and take pride in creating products with the heart of Hard Rock, and live up to the brand's name, standards, and global customer expectations. We're incredibly proud of what we've been able to create in such a short period of time, and what is our product pipeline. Our first product, Hard Rock Sportsbook, was unveiled just over a year ago for the U.S. market, and already has one of the highest rating in the market, with a 4.8 star rating on the App Store and a 4.6 star rating on Google Play Store. It caught the attention of the industry, with Eilers & Krejcik noting its January 2023 product analysis, that Hard Rock Sportsbook has, and I'm quoting, "One of the most unique-looking apps on the market that offers a deep, dynamic betting experience to players." I could not have said it better myself. Open our Sportsbook app and you will see that the difference immediately in the way we present our features, like same game parlays, in-app streaming, and head-to-head markets with frictionless user experience that includes a single login, multi-state wallet, and instant deposit and withdrawals from popular payment methods. If you like our Sportsbook app, which the public certainly seems to, you're going to love our proprietary iCasino product, which is expected to be launched this summer. Currently, Hard Rock branded online products are available in seven U.S. states, with additional market access secured across the country. Although we've spent a considerable amount of our initial focus on establishing our capabilities and footprint in the U.S., we strongly believe in the power of the Hard Rock brand to capitalize on the well-established and growing international market opportunity. To do so, we spent a considerable amount of time and efforts evaluating multiple alternatives for international expansion, including building our own product and technology for international markets, or acquiring operators with a requisite platform and capabilities for international operation, or partnering with an established platform and services provider that could accelerate and support our international ambitions. After an extensive evaluation process, we ultimately decided that Playtech was, by far and away, the best partner for Hard Rock Digital. Our partnership with Playtech will assist us in delivering Hard Rock entertainment internationally across online sports betting and iGaming, while providing players with a safe, responsible gaming experience. In doing so, we will become the first operator with global omni-channel offering under a singular, irreplaceable brand. Hard Rock Digital will also benefit from Playtech's extensive international market knowledge and operating experience, along with access to its full offering of software services, including its player management platform, content aggregation, operations, customer support, payment, and marketing services, as well as risk management, player verification, and player protection with responsible gaming tools. Additionally, the integration to Playtech slots, RNG, and live dealer table games into our forthcoming U.S. iCasino product will provide us with what we believe will become the best offering in the market. At a time when certain digital gaming companies are struggling with their balance sheets and cutting back, all we see is opportunity. We have access to the only global unified gaming brand in the digital space. The ability to implement a comprehensive omni-channel strategy with global Hard Rock entertainment properties, and a management team that has successfully built multiple profitable global platforms. A partner like Playtech provides us with a capital, content, and software solution to take advantage of current conditions for international expansion. Their interest and investment demonstrate the value Hard Rock Digital has created with our differentiated product and validates our strategy from a leading third party. We're excited that Playtech is no longer just a third party, but a valued partner to help us strategically enter the most important global markets. We truly believe that our combined strengths can be leveraged to deliver that legendary Hard Rock experience anytime, anywhere, and entertain our players like no one else can. Thank you. Think we're turning on to- Q&A. ... Q&A. Thank you. Simon Davies from Deutsche Bank. Three from me, please. Firstly, $85 million valuation. How did you come by $85 million? Why not 100? Why not 50? Is there a solid valuation basis for this? Secondly, can you talk a bit about the scale of the opportunity in Florida? When could that open up? How big could the market be? How big could your position be in that? Just finally, on, Live Casino. I think the deal, the agreement is not exclusive in the U.S., but presumably you've looked at Evolution's product up against Playtech. How do you think the two products compare now? Okay, let's start with the first question. There isn't, I mean, there is a reason specifically for the, for the $85 million. It's, it's effectively an outcome of the negotiation that we had and what we believed would be the right balance between the dilution that we're accepting at this stage of the business, versus what we believe the business is going to become later on in the future, right? So we always need to consider what is the level of dilution that we are accepting at this stage with the existing value that we have for Hard Rock, and what is the level of investment we believe would be fit to the, to our needs going forward, for the next, you know, months and years to come. So it's a sort of, some dilution consideration versus some investment consideration. The balance between the two of them. Your second question was? Florida. Florida. As you know, the Florida case is now dealt with at the appellate court. We are all waiting for the outcome of this appellate court. It can happen any day now. I mean, we don't know when they are going to publish their result or their decision, actually. But the, you know, the oral arguments took place, to my recollection, on December 14th, and we can see some decisions coming out, I mean, almost daily. Many of those decisions are for cases that were dealt with in October and November. I'm assuming, you know, in a short period of time, we will probably see the decision around Hard Rock and Seminole. I don't know when, but probably in the short period of time. When it comes to Live, without getting into the details of the commercial agreement, we strongly believe in Playtech's Live product. Strongly believe in it. We've made our decision, and we're gonna run it, and we're gonna see how well they're going to perform in the U.S. We wouldn't sign an agreement on something that we don't believe in. Can you say anything about the scale of the opportunity in Florida, if that does... I think that there are quite a lot of industry analysis around Florida and how big this market can be. Maybe if you wanna draw some parallels, maybe you should look at the New York market. It's not gonna be too far away from what we believe Florida can become. Rather less competitive. Rather less competitive. Absolutely. Hi, good morning. It's Roberta Ciaccia from Investec. Hi, Rafi. Nice to see you again. Yes. I have two questions. The first one is straight for you. You've been very successful in the past with PokerStars, et cetera. What gives you the confidence that Hard Rock will, Hard Rock Digital actually, will develop outside of the U.S. and will be successful in the international expansion? Is it the brand, the association with Playtech, which will help you covering more states or a mix of the two? The second question is more for you and Mor, ideally. Do you think that long-term, this could turn out to be a deal that has the same potential as the Caliente deal in terms of revenues and profits for Playtech? Okay. You know, after after leaving The Stars Group and then Flutter, there were all sorts of different opportunities that presented themselves to me, and I took some time off, and I wanted to consider where would be my next step. This project, this Hard Rock Digital project, is my third one in the industry. Playtech was the first one. The Stars Group was the second one. Hard Rock Digital would be the third one, and hopefully the last one. Hopefully also the most successful one. That's the plan. We chose to go with Hard Rock because everything that I said in, on my script. We wanted to have a platform that has a very strong brand and brand recognition worldwide, not just in the U.S. We wanted to make sure that in the U.S. w e don't just have market access deals, because I think some of the operators that do not own their license, they may have some problems in the future. That's a strategic advantage. We wanted to have a company that owns the license to operate in a market. Hard Rock has a massive customer base and tens of millions, I think over 130 million, interactions on an annual basis. It's a massive customer base. It's a massive VIP base as well, which is very important for our industry. The other thing that we saw with Hard Rock, I mean, they have so many different properties, but there is not all the properties, not all the communication, not everything is digitized. I spoke a little bit in my script on the Unity program. The Unity program is the unified loyalty program that would go across all of the Hard Rock properties globally. Every time you go into a hotel, casino, a music show, a restaurant, wherever you go, we will try to enroll you onto the Unity program because you can clearly collect rewards and then redeem those rewards in out of the properties. It's so global, so you basically, you can go to the Florida hotel, and you can stay there, and you can play in the casino and accumulate rewards, but then you can redeem them, the same rewards here in London when you go to the Hard Rock Hotel here in London. Just came from there. That's the concept. The concept was to create effectively, this ecosystem and a free flow of customers within this ecosystem. That's the main reason for us to actually join Jim Allen, Hard Rock International, and Seminole Gaming. That was the premise of everything that we've done. The o ther thing about our global expansion, clearly, we've signed the agreement with Playtech. We have. I mean, we are expecting to be very successful. Caliente, as an example that you gave, is a highly successful company. I mean, they've done amazingly well in Mexico. I can't remember, I think they have over 70% market share of the Mexican market. It's very hard to replicate that success, especially in some of the other more competitive markets. We're not necessarily aiming to take 70% of market share, but we do aim to be successful in the international markets on the back of the Playtech's platform, capabilities, knowledge, experience. We're gonna take not just the software, we're gonna take the services as a whole as part of our deal. With the brand that we have and the omni-channel tactics that we're going to develop, that's effectively the base of our operations globally. If we become successful as Caliente, thank God for that. Actually, I think that the opportunity is given by our leader for Hard Rock, given the fact that it's not just one state or one country or, you know, they have international. I think that, you know, one of the things we were asked about Live, 26% versus 90% in terms of increase in numbers, and I will let Edo talk about that. One thing you should... like food for thought, our industry is headed towards entertainment, a more entertaining experience to the customers. Why I'm so excited about Hard Rock Digital is because of Hard Rock International. You won't find a single... They are uniquely positioned. They are an iconic global entertainment group with 87,000 memorabilias, 35,000 shows every year, presence in- 70 countries. ... 70 countries- Yeah. ... 265 venues worldwide. Growing, by the way. When we looked into it, Rafi shared with us some information about the brand recognition, it's high 80s and 90% in most countries. I think the combination of an entertainment group that has this exposure and an amazing brand is unparalleled in our industry. This is why when you combine that together with best-of-breed products and solutions, equipped outside the U.S. with best practices around online marketing and online CRM and retention, I think that actually this is very, very exciting for everyone involved. This is why we focused on that. The U.S. is in its early stage, six states, three of which are the majority of iGaming, 30+ states in sports, no doubt about it, but only six states accepting online gaming bets, right? Nevada is only poker, it's not even casino. So it's early days. The market is dominant, or there is some dominance by three groups. I think that everyone understands that over time, there will be not a very big number, but only a limited number of other groups in the U.S. that will come alongside and will grow their business to be a very, very significant business in the U.S. Obviously, with HRD, there is an international opportunity on top of that. This is why we are so excited. I don't think that you will find too many brands outside the three that existed and already established themselves as market leaders that are as well-positioned as HRD in the U.S., Canada, and outside. As Rafi needs to head off, I think we've got time for one more question. Morning, Rafi. James Wheatcroft here from Jefferies. Just a question around, firstly around pace, just understanding how quickly you expect to expand the business both in North America and then outside. And then around sort of future funding requirements, how you expect that to shape up. The pace would be as follows. First of all, in the U.S. market, we're going to focus more on the iGaming states. We're currently working on replacing the technology platform that we currently use in New Jersey onto our platform. We are developing, as I said, we are developing our own iCasino or iGaming product, which will be on top of the same Sportsbook app that we have. It's going to have one app that supports the two verticals, plus the full PAM. New Jersey would be the one that we're going to roll out with our platform very soon, this summer, as I mentioned, and then we're going to continue to focus on the two other gaming markets in the U.S. That will be the immediate focus, hopefully this year and probably onto like Q1, Q2 next year, to get those three markets. I mean, they are by far the majority of iGaming in the U.S., those three markets. When it comes to the international markets, I'll give you an estimation, probably this year, one to two markets, and then every year thereon would be probably two to four markets. It really depends of how successful we're gonna become, how proven the omni-channel is gonna be, how well we are integrating the Unity program, how quickly the Unity program is rolled out in all the different properties. It's currently rolled out around 60%, 70% of the properties, and they are continuing to roll out more, you know, more properties worldwide. It's all gonna be based on some certain elements that we're gonna balance between, but effectively that's approximately the pace. In terms of the funding, this is a very hypothetical question because there is something pending now, which is quite significant for us, which I mentioned before. There was a question around Florida. The decision is I think it's gonna come out probably within the next... I mean, it could be days, weeks or months. We don't know exactly when the decision will come out. A decision, a favorable decision in Florida would basically allow us to accelerate the pace of rolling out worldwide and I doubt there would be any additional funding requirements at that point. If the decision is not gonna be favorable, it's something that we will need to probably start considering only next year. I think we have enough of a runway of funding to continue running the company with the pace that I just mentioned. Thank you. That's it. Thank you guys. I'm gonna head to the airport. God bless. I know you... Yeah. Yes. You. Me? Okay. Very obedient, like at home. Thank you. Before he leaves the room, I'd like to extend my thanks to Rafi for taking the time to attend this investor event and give his perspective on the incredible partnership between Playtech and Hard Rock Digital. I hope that you are all as excited about this partnership as we are at Playtech. Now on to slide 4, and turning our attention to the rest of the B2B Investor Day. I'd like to start by outlining how we are well-positioned to drive revenue growth and expand margins in the medium term. As Shimon will discuss shortly, the B2B division has been transformed into a more diversified, higher quality and more collaborative business over the last five years, broadening our geographic exposure and product offering. All of this has meant that we are a much more resilient business. We have also introduced new business models. The innovative structured agreement model offers a proven path to gain exposure to the fast-growing, newly regulating markets, while the platform model and SaaS increases Playtech's addressable market, giving it access to the entire spectrum of operators. From a regional perspective, we are incredibly excited by the potential to build and expand our presence across the Americas. The landmark agreement signed with Hard Rock Digital accelerates our strategy in the U.S. and presents a huge opportunity to capture value in this exciting market, while also providing scope to leverage the Hard Rock brand globally. The NorthStar deal means we are well positioned in the attractive Canadian market as it regulates and builds on our early success in Ontario. In the LatAm region, Caliente and Wplay continue to go from strength to strength in Mexico and Colombia, respectively. While the Brazil market is hugely exciting for us, given the market size, its path to regulate, and our positioning via the structured agreement we have with Galera.bet. From a product perspective, the significant investment in live across physical infrastructure and content means much of the heavy lifting has been done, and it is now time to harvest this as the live market continues to grow extremely quickly. Edo will discuss it in much more details shortly. The culmination of all these growth opportunities means we are confident in setting a medium-term adjusted EBITDA target range of EUR 200 million-EUR 250 million, and Chris, our new CFO, will now briefly touch upon some of the high-level assumptions that underpin these targets, this target. I will hand over to Chris. Thanks, Mor. Just one slide for me, on slide 6. As we announced this morning, we've set a new medium-term adjusted EBITDA target for the B2B business of EUR 200 million-EUR 250 million. Before you hear from the team about the various exciting growth opportunities that we have, on this slide I just wanted to illustrate how these opportunities will together contribute to us reaching that target. We've made significant investments into the Live product vertical in recent years, and we expect this investment to continue to pay off over the medium term given the structural growth and leading offering that we have in this segment. Edo will of course talk you through all this in much more detail shortly. The U.S. and Canada present huge opportunities, although perhaps over a slightly longer timeframe than Live, just given the, you know, the expected cadence of regulation, particularly when it comes to iGaming, which will develop on a state-by-state basis, and that's of course the segment where Playtech is strongest. We're all very excited about the strategic agreement with Hard Rock Digital that you've just heard about from Rafi. Although this will not have a material impact to our North American revenues and EBITDA in the early part of this medium term period, we do believe it will drive significant growth as we move through that timeframe. We're extremely well-positioned in Latin America. Mor will discuss this more later. We already have, as you're all aware, several structured agreements active and live in the region. We're continuing to look to replicate the success of Caliente in Mexico, the Brazilian and Colombian markets with Galera.bet and Wplay, respectively. We're expecting them to be the next significant growth drivers in Latin America. From a standing start, the SaaS segment that you've heard Mor talk about has enjoyed tremendous success since we launched it in 2019. Given the, you know, the high contribution margin of this business, this will also be a further growth driver of B2B going forward. I think it's important at this stage to also just flag that there are overlaps within each of these growth areas, so just be mindful when attributing incrementally, but that contributions to each of these different growth opportunities. Finally, as I discussed in my earnings presentation a little bit earlier, there is scope for efficiency savings across B2B. The benefits will be used to ensure we capitalize on the growth opportunities that I've just discussed that we see, you know, across our markets. On the other side, there will, as there always are, there will inevitably be regulatory changes in certain markets that create headwinds, but we've built that into these targets. As well, there's always gonna be other areas we continue to invest in as we see the growth opportunities ahead of us. Hard Rock Digital's global expansion that Rafi talked about is part of that. We're assuming as part of this target, you know, a EUR 40 million-EUR 50 million headwind from these items at the EBITDA level over this time period. That is all baked into these medium-term targets. Together, all of that takes the medium-term target, as we said, to EUR 200 million-EUR 250 million in the medium term. This isn't necessarily the extent of our ambition as a business. I'd say this target is broadly based on the current regulatory landscape. Given the inherent uncertainty in predicting regulation, you know, we feel it's important to take this approach and, you know, we can obviously update you as things develop. Okay. With that, I'll hand over to our COO, Shimon, who will explain how the B2B business has been transformed over the last five years. We're taking advantage of the growth opportunities ahead. Those goes up and down automatically. That's very nice. Thanks, Chris. Hello, for those of you who don't know me, my name is Shimon Akad. I'm CEO of Playtech, and de facto, its Head of B2B division. In slide 8, let's move on to slide 8. Over the past five years, the B2B business has been transformed. This was a change born out of necessity given market changes, technology changes, and significant reduction in EBITDA we saw in Asia. However, it is a transition that has led to an increasingly diversified, higher quality, and more collaborative B2B business. As a result, today, we have a much more resilient business, particularly important in the face of much more uncertain macroeconomic conditions. Looking forward, as we are in the midst of a gambling super cycle with multiple countries moving towards regulated gambling, we feel our experience and technology offering puts us in an extremely strong position to capture a significant portion of the value the industry will create in the coming years. From the licensee perspective, our business model has evolved. Now we cater for the whole of the gaming market. Today, we have the option of strategic agreements, platform deals, and offering our content and products in a simple and fast SaaS model. The SaaS model approach has increased our addressable market and ensured we can capture significant additional value. Going forward, we see large opportunities ahead of us, such as in the Americas, in our SaaS business model, and in Live, where our increased investment over the past few years is starting to bear dividends. Given the Live market is expected to grow significantly worldwide and primarily driven by the U.S., there is still a big prize to play for Playtech, and Edo Haitin, the head of Live, will outline his plan to ensure we capture it in his customary hugely enthusiastic manner. We're looking forward to it, Edo. Moving on to slide 9. Over the next three slides, I will outline some data that illustrates how the B2B division has improved over the last five years. From regional perspective, back in 2017, we were over-reliant on Asia with nearly 45% of our revenues generated there, and giving its high margin, the EBITDA contribution was even greater. We also generated a significant portion of our revenue in the U.K., which was symptomatic of our extremely strong market position there. In total, we had an over-reliance of 70% in the U.K. and the Asia market. Fast-forward to 2022, where today we see healthy share of wallet across the different jurisdictions. With U.K. and Asia roughly at around 30% of our income, Europe, ex-U.K., is at a balanced 31% and the Americans at 33%. The regional diversification has also been replicated across the product verticals, as can be seen in the charts in the middle column. In 2017, we were highly reliant on our casino business that was mostly built on slots business in Asia. As you can see today, in 2022, sorry, we have today a much more diversified and resilient income by product. Our Live product has continued to excel and grow to over 20% of our income. Our structural agreements are at more than 15%. Our sports growing to 15%, and our platform business has become significant and sorry, it's 7%, and I will discuss that in the next slides as well. As a summary, we do two things. We better balance our income across products portfolio, and we took our Asian slot business that has a low market entry barrier and have replaced it with Live Casino, with platform, and with services that all have a very high market entry barrier and therefore are much more resilient going forward. Looking at revenue by customer, over the past five years, we have materially improved our customer base. We measure customer by tiers. There's a 100,000 tier... over 100,000 tier, over EUR 1 million, 1-4, 4-10, and over EUR 10 million that is generated yearly income to Playtech. Given time and the constraints of how much time we have in the presentation, I will only say two things on that. One, we have improved our customer tier and grew the base in each and every one of the tier. Second, I want you to notice one of the tiers, specifically the one that goes from EUR 4 million to EUR 9 million or EUR 9-point-something million. That has gone from 10 licensees in 2017 to a whopping number of 24 in 2022. Meaning we've more than doubled in a very healthy manner. Moving on to slide 10. While the B2B business is very close to recovering to the revenues of the highs of 2017, the large shift in proportion of revenues generated from regulated markets in 2017 to 2022 is remarkable. This has resulted in a much higher quality, more predictable B2B division with increased visibility. In 2017, we were present in about 13 regulations. Since then we have continuously launched more and more regulations so that today in 2022, we are operating in more than 35 regulations worldwide. As a summary, we have in fact replaced income from Asia with income from regulated and highly valuable markets such as Poland, such as Switzerland, many more. As you would see in the slides to come, Edo, Marcus, and Jonathan, we've continued to take a healthy share of market in regulated markets as our products and verticals continue to perform better in regulated markets. From a business model perspective, we have also seen a shift to broader range of high-quality business in 2022 compared to 2017. The success of the innovative strategic agreements in LatAm has meant that strategic agreements are now a much larger proportion of the revenue base. The SaaS business model, from a standing start, now generates 5% of all B2B revenues, and given the contribution margin is circa 80% at the EBITDA level, this is even higher. Given SaaS is growing incredibly quick, we expect to see this become big part of the business over the medium term. Finally, as we mentioned in the products part, we saw an increased demand for the Playtech platform, and that business has grown to 7%. Moving on to slide 11. Looking in more details in our platform business, we have listened to market needs. We have adapted our strategy around the core IMS. We've opened up our technology and have materially expanded our ecosystem to include third-party content. This new strategy has proven very successful business to Playtech. Revenue generated from platform in 2017 was EUR 22 million, and it has increased to significantly to EUR 43 million in 2022. The fantastic story here is that in 2017, our EUR 22 million income or platform income was almost solely based on Entain. Fast-forward to 2022, our EUR 43 million income has little to no Entain income, and it is now based on a healthy double-digit number of licensees. Even better than that, going forward, we have a healthy sales pipeline of leading operators migrating and upgrading to the Playtech platform. Similarly, the number of third-party suppliers that are now integrated to the IMS platform has more than tripled. In 2017, we had circa 30 third-party suppliers connected to our platform, and today we have over 100. It has turned Playtech platform to become one of the most open platform in the industry while keeping its lead in terms of technology, capabilities, and superior ROI to the operators using the Playtech advanced platform. Moving into slide 12. I've hopefully successfully showed you that in the previous slides that we have become an increasingly diversified and higher quality B2B business. On this slide, I want to focus on what we have done from a technical and operational perspective to ensure we've become a more collaborative business. Firstly, we've continuously upgraded our technology and some of the key components of the system, such as our casino engine, so that today we have most of our income in casino coming from our new tech. Secondly, we've updated our architecture to make it more open, such that non-Playtech content can be plugged into the Playtech platform. Today, operators on the Playtech platform can enjoy a super rich content offering from the Playtech studios, and in addition, from a long list of non-Playtech studios. Thirdly, as already described, we have simplified our APIs so that the open architecture and new APIs serve to both diversify our platform and to faster integrate with new business. We see both the ability to offer a rich third-party offering in every market and the fast and simple distribution in every market, a material strategy for our business going forward. Our platform goal is that the operating using our platform will generate superior ROI over other competitive platforms. If I can go off track for just a second, I think Rafi was just here just minutes ago talking about the power and harnessing the power of the Playtech platform, IMS, and products, and this plugs right into it. We are certain to say that we are successful in that and that the Playtech platform gives operators the edge they need over the competition. Let me further add that the market has always recognized Playtech IMS as the superior platform in the industry. The main holdback in the past was not the pricing, but rather the fact IMS was a closed system. Once we have opened up the platform, we have seen a material change in demand for the Playtech platform as a business. We today see leading operators, and especially in regulated markets, look to work with a trusted technology partner, and we strongly believe that this positive trend will continue into the future. Last but not least, Playtech has also materially improved its Casino RNG income ex- Asia and has shown and continue to show healthy growth. That is mostly attributed to a successful launch of Playtech own IP brands, such as the Age of the Gods and the Amazing Fire Blaze, as you will see in the next few presentations. I can comfortably say today the vast majority of Playtech RNG Casino income is based out on Playtech unique IP. Moving on to slide 13. The chart in this slide plots the maturity regulation based on years since regulation of online, adjusted for specifics of country against the rate of growth for the online gambling market for a broad selection of countries. What we can see is that those countries that become newly regulated tend to see strong growth early on, which is why it is crucial for operators and technology partners to build a presence in a country that is newly regulated or about to be regulated. However, growth typically slows down after a certain period, which tends to be driven by several factors, such as increased competition or regulatory pressure. At this point of time, we are in an advantageous position in multiple countries across the world which are moving towards regulating gambling or have newly regulated the sector, which should drive future growth for Playtech over the medium term. Moving into slide 14. Why are we the go-to technology partner for newly regulated markets? Firstly, we have a broad product offering in the industry, from the IMS platform, our PAM, to product verticals, casino, Live Casino, sports, poker and bingo. This gives the operators inexperienced in the online segment a one-stop shop for all technology needs. Can I go for off track for just a second again? I think I had one of the questions before ask about our product offering, and I think that's one of our strengths, the fact that we have a one-stop shop and that operators who are very large in retail, who have a huge business in retail and want to now capitalize or move it into the online and make sure that the business does so much better also in online, also when COVID hits and retail is closed, are actually seeing Playtech as the one-stop shop to go and work with. We see more and more demand in that, in that direction. Therefore, having the one-stop shop, having the offering is a material part of our business and our goal, and you will see later, and I think Mor will mention it in his presentation as well, and the cross-sell that we have once we have one products into the other products, we see as well a material part of the improvement of the business of Playtech in the last five years. If I can continue. Secondly, as we would like to outline in the live presentation, we have a high quality offering in Live, the fastest-growing product vertical with amazing content and innovation. Thirdly, our services division is an incredible knowledge of hub. Playtech has accrued a significant and depth of experience in the gambling industry from partnering with over 100 licensees globally. The advantage that this knowledge and know-how transfer lends to our partners cannot be unstated, particularly for businesses that are new to the online segment. Fourthly, navigating a newly regulating market can be tricky, and there are many pitfalls to be aware of. Playtech's vast amounts of experience that operators can utilize to ensure regulatory is minimized. Finally, both regulators and the gambling industry recognize the importance of developing safer gambling solutions, and Playtech has been at the forefront of this process to ensure gambling customers are able to enjoy the benefits of a safe and secure playing environment. Our safer gambling tools, Playtech Protect, help operators stay ahead of rapidly evolving responsible gambling standards. Moving on to slide 15. We have diversified our business model. Today we outlined three business models introduced over the past year: strategic agreements, platform, and SaaS, as also mentioned by Mor before. Our strategic agreements model has been a material pillar of our business. I won't go into too much detail here, as Mor will cover it in the LatAm presentation. As I discussed earlier in my presentation, we have become a more collaborative B2B business over the past five years. We have opened up the ecosystem to allow third parties to offer their content onto our IMS platform. Today, the Playtech Open Platform allows licensees to access thousands of the industry's most popular online, in-house, and third-party games at any time, across any channel, and on any device. Licensees on Playtech platform can boast with thousands and more of slots at their disposal. Finally, we have launched our SaaS business model based on new technology that is built of smart and simple APIs, offering quick, efficient, and easy integration into Playtech products. Meaning, unlike in the past, where projects took several months and more, today Playtech can offer its casino, slots, table games, its live, and its poker in a quick, efficient, and easy integration that takes several weeks. Now, a vast amount of operators who may have a limited means of resources can easily integrate with Playtech and enjoy its leading products. This not only improves our time to market, but in fact increases our distribution and significantly increases our addressable market. Further, it also provides a foot in the door where operators can now experience working with Playtech and gradually over time, provide to Playtech more cross-selling opportunities. This is a hugely attractive business model, one that we've seen to work very well for us. Finally, my last slide, I promise. As a summary, I'd like to say the following. In the last five years, we've changed our strategy. We made Playtech B2B much more diversified and hence much more resilient. We have a healthy pipeline of sales ahead of us, and we see a lot of opportunities in the future coming forward. All the hard work and the fantastic results that you've seen was done by a lot of people across all of Playtech, people who we call family between all of us. Standing here, I know that a lot of them are watching this or will watch that later. I'd like to really extend my thanks and my love to all of you for putting your hearts, for putting your all your motivation, for putting a lot of hard work, a lot of weekends and nights to making sure that Playtech is as robust as it is today. With that, I'd like to thank you as well for your time and patience. I hope that was informative. Next for us is Edo with Live. He will talk about the exciting opportunities. I assure you the next presentation will be more colorful and more exciting. After that will come Jonathan and Marcus and talk about the exciting opportunities in the U.S. Last but not least, Mor will come and talk about LatAm and structured agreements. Without further ado, I move you on to Edo. Thank you, Shimon. Hello, everyone. It's great to be here. I'm Edo Haitin, Playtech Live CEO. Some of you already know me, and some of you will know me quite soon. I'm managing the Live Casino business and operation and product globally for Playtech, for the last six years or so. Been doing it with a lot of passion, love, and big vision that we have for Playtech Live within the Playtech organization. I'm gonna tell you a little bit about what we are doing these days, what we have been doing in the last few years, and give you also maybe a little bit of a glimpse into what we are working on now to reveal in the near future. I think some of the questions you touched upon some of the areas that we are working in to gather more traffic coming into our tables and how we are doing that, and I will of course elaborate. I'll do it without a script. Live is unscripted, so I'm taking upon that task for myself as well. No discounts in Live, and we require ourselves the highest standards not only on the tables, but off the tables as well. Before I start with my presentation, I want to follow what Shimon said, and there is at least a couple of thousand of Playtech employees watching this stream now, including my family also. I want to extend a big thank you for them, for the hard work they've been doing, for the ability for me to stand here and represent what they've been developing, hosting, broadcasting, and really providing the best live entertainment today in the world. We've been positioning ourselves quite well in the last few years to start capitalizing on the investments that Playtech has been doing in its live vertical. We've been focusing a lot on building infrastructure all over the world. Mor spoke about 10 studios that we already have been having. Few of them are already been expanded to host more tables, more experiences, to host different type of live services and products, and to really do that on the highest level of delivery. We are looking to do more of that in the near future. To do that, we need our team to be at its best shape. Our most important investment is in our team. We like to have smiles on our tables, smiles off the tables, and the human aspect of Playtech Live is what leads us to where we are today. The innovation that positions us in the market is not only in the technology, it's also in the creativity, it's in allowing people to think big, and it's in getting them to produce the best products in the world. We are investing a lot in building those products in the U.S., in LatAm, in the rest of the world. We've been monitoring the progress of our products and their popularity, and we are quite satisfied with the results we've been show today. A lot of it is coming from investments that we've been doing in the last few years. A lot of it will come in the near future and will be more and more visible. Live market set to expand rapidly. I think this is something that you all are aware of. The Live product has been very, very popular in the last few years. We've been all seeing other companies doing very well. We've been seeing Playtech Live doing very well. We believe that this is only the beginning. We believe that Live is not only a place for players to place a chip and wait for the result. We believe that Live is a place for communities all over the world to get cultural entertainment in the way that respects them, in the way that allows them to spend time, to come back, to get fun in the palm of their hands from their home. In COVID, it was very obvious that people cannot leave home. After COVID, we've been still seeing big rise in the popularity of our games. That is because we are offering people the entertainment that they are after. Video is on demand. We are seeing it in Instagram, in TikTok, in YouTube, streamers all over the world. All of us are consuming video. This thing is now being live broadcast as a video transition. That means that people are still in the know-how of, sorry, in the lookout of entertainment, which is live, which is video-oriented, and that's what we are trying to give them. We're not looking to provide people with platforms that they cannot play with yet. We want to give them entertainment that respects them and is available for them to play. We are focused on taking market share. We've been doing that for the last two years and we are leaders in regulated markets. A few markets all over the world, already seen our products as being the most popular ones, and we're doing that, first of all, by targeting expansion in strategic markets of that type. You can see here a few pictures and, you know, we've been talking a lot about text, and people were reading the script here. I'll focus on what you're seeing because Live is, first of all, what the eyes are seeing. In the middle, you can see the example of the Jet Set Racing Roulette. We've been launching that. We launched that two weeks back, and this is a big Playtech project which connects different verticals within Playtech, the virtual sport and Live. We are doing more and more of these projects to connect the dots within Playtech to find the value, to unlock value within Playtech, bringing it to the front of stage with Playtech Live, with our products. Dedicated services are also very much in the center of what we do, and we are proud to say that we are probably the best in the world of doing so. In the picture over there, you can see on the top our famous Caliente Studio streaming from Romania. At the bottom, you can see an OPAP Studio, fully in Greek, streaming from Romania as well. Both of these markets, we are market leaders, clear ones. That is because we are providing an entertainment which is focused to the territory that we are streaming to. The products are focused on the people that are consuming them. We are not bringing our agenda and pushing it down the throat of our operators. We're trying to look for the value that they need in their business and to supply exactly that. If it's a sports business, we'll supply a more sports-oriented Live product, bespoke games. Everything that the B2B service that we are providing can empower our partners to make more with our products and to have their players more relating to the brand where they are playing for. Innovation. Innovation is a big word, people are throwing it a lot, and we've been blamed in the past for not being innovative enough. I think that came from a place that's not understanding innovation and what it is. Innovation is not only developing the latest technology. It's about using the right technology at the right time with the right audience. It's about making the technology accessible, fun, allowing people to have fun. That's a big word in the gambling industry. Is gambling fun? Is losing fun? We don't know. We need to ask. We think that we can make it a fun entertainment experience where people pay for the time spent rather than wait for the result to come. We want people to feel respected when they sit at our tables, we are doing that with a lot of innovation, as we said. First of all, we are using technology. Yeah, the good old technology that always is used for innovation. Augmented reality was mentioned here. We are the first-ever company that uses augmented reality in real-time that affects its games. We are doing it for few games already in a row. We have launched the virtual sport roulette, the Jet Set that I mentioned earlier. We're also doing that with bringing our services into more accessible places and more relatable ones. At the top here, you can see our landmark studio in Scheveningen, Holland. In Holland Casino, a landmark casino in Scheveningen. This aquarium-shaped studio is serving not only as a place for people to play online, it's serving as an entertainment piece for the visitors of the casino that can see it from the outside, get entertained, and maybe also play from home. This studio is not the only one that we have from that sort. We have similar one in Zurich, in Switzerland, and more to come. Below that studio, you can see a different type of innovation that we're bringing for Playtech Live. Again, treating its lobby as a main entertainment hub, as a place where people come, spend time, just like you enter a casino, and you have the tables, you have the bar, and you have a few slots. We integrated Quickspin recently, and now we are offering Quickspin slots, at the moment, only slots of course, in the Live lobby. That is allowing people to get a better funnel when they come to the Playtech Live lobby. Mind you, that is probably, or not probably, the second most visited real estate in gaming today. That real estate is where we're building our business from. The lobby is providing an experience for a player from the minute he comes into until the minute he goes out of the lobby. We measure highly the funnel that the players are taking within our lobby, how they get from a game to game, what is the game of choice when they enter the lobby, what is the game of choice that they go out of the lobby. We make sure that our lobby experience is maybe even funner than the Netflix one. We all have been looking around the Netflix lobby a long time, not finding always what we wanna see. We are trying to bring players into our lobby and bring in front of them content that they wanna play. More than that, we're trying to bring in front of them content that they don't have to pay to all the time. Live trivia that I will speak about a bit later. We're trying to create a full-blown entertainment experience. We are doing so these days. At the bottom, you can see another pillar of our strategy in entertainment, and this is our branded content. Not just branded content, we are aiming at the most known and relatable branded content in the world, focusing on game shows. Game shows have been an instrumental piece in our growth, especially in the growth of players. I wanna speak a little bit about the question that was raised before about how we are seeing almost a 100% increase of players and a relatively lower increase in bets. That is because we are bringing a lot of game show traffic that is there to interact with our games in a non-gambling manner. What does it mean? We'll speak about it probably in the next Investors Day. We're definitely looking into monetizing big traffic, much bigger scale than we are seeing in the gambling world, and opening our services into people that want to interact with video, that want to watch video, and also participate in the transition that they are seeing. This is a big shift in entertainment that we are seeing around the world. This is not specific for one territory, we definitely are acquiring brands that will help us to get there and provide those games and those experiences for players all over the world. A little bit on where we are to date in terms of territories, because we mentioned infrastructure, and we mentioned innovation. Sandeep, you don't mind if I go there, because I feel a bit locked over there. Go ahead. We have more than 300 tables worldwide, streaming 24/7. This is not something to take for granted. 300 tables playing now. As we speak, people are on the tables, tens of thousands of players are playing concurrently, and increasing every day. That is being done from the 10 Live studios that we have to date. Three of them are already built in the U.S. The third in Pennsylvania will go live in a couple of months. It's already fully built and ready to go, and we are training teams and recruiting teams over there. We are taking the time to build the products as they should be in the U.S., and that is very important to understand. New Jersey and Michigan studios are fully operational, but we have built much more than we are showing to date. We have built our best seller products on the U.S. soil. Fire Blaze Roulette went live in Michigan actually a week ago, which is the number one game for Playtech across all verticals. That is already showing very, very satisfying player values within the Michigan State. Next in line will be Adventures Beyond Wonderland, which is the most popular game that we have, with the biggest traffic numbers that we are seeing. This is already built and ready to go in New Jersey. Same thing will go to Pennsylvania. We will equip the state markets in the U.S. with our best products and not just supply the core games and look at the American consumer as sort of, let's say, only a gambler. We will look at the American consumer as a consumer that wants to consume entertainment, that wants to consume respectable time, not just to lose on a blackjack table. Our studios in Spain and in Switzerland and in Netherlands are of course allowing us to get control on these markets. I think our leadership in Spain is outstanding. We are holding more than 50% of that market. We are doing so not for the first year. That is only a roulette market. Still we are the only company that have managed to innovate itself and launch a non-roulette product within the Spanish market. We have our patent-pending Live Slots already live in Spanish in the Spanish market. We are the only company that have done that. In Switzerland, we have our Zurich Casino, a studio which allows us to stream, again, Swiss-oriented content with local dealers that provides the right cultural experience and the right service to the market. In the United Kingdom, we already have two tables streaming not far away from here, with more tables to be built over there. In Romania, our second largest studio to date, we are doubling up, and we are working on an expansion that will allow us to stream double the amount of tables that we have there now. Latvia, where I'm located, our headquarters, hosting almost 200 tables to date and growing as well. Of course, our last last built studio, last launched studio in Peru, holding already full in its current capacity, and we are tripling the capacity of that studio to be launched this year. In around three months, the new tables will come in the new area. I'm a product guy, a management guy, and people's person, but you're here for numbers. We are definitely proud to show our numbers this year. I think that the revenues increase is clear, and it's nice, but I'm gonna focus on the players increase because we are here to serve people, we're here to serve audience, and we're here to bring them value. If they're coming to our tables, if they consume video, and you can see the hours of content streamed, how it jumped, that is the correlation to the jumping players. People are consuming our content. We are not only selling gambling services. We are, first of all, selling content, time spent, entertainment, getting used... People are getting used to consuming our services as time spent, not only as gambling. We are definitely learning from the data that we are gathering how to monetize on that. Already learned. This will be, again, something that we will expose in the future. The stuff that we are working on now are definitely gonna allow us to diversify and to get more sustainable revenue into our innovation of Live Casino. Competitive advantage. Obviously, I think that our vision is different. We're thinking different than the other major competitor in the market. We respect them a lot. They are focused on one thing. We are doing that and focused on also other things. First of all, entertainment, as mentioned, but not only. We are looking to provide our gambling services in a way that people want to interact with them these days. First example, our Live Slots. Patent pending as well. Already live for four years and been expanding its popularity dramatically in the last two. What is Live Slots? It's a community game. Community is a word that we don't hear a lot in gambling, but it's actually the most relevant word to date. All the big wins that we are seeing, all the YouTube videos are around community wins, not about a singular win. Everybody winning together, also sometimes losing together, but having an experience together. That's what we are trying to tap into, creating a more mass, unified community experience that people feel less alone. You know, the loneliness feeling is something that we definitely measured is a high concern by our users during COVID, but that haven't stopped when COVID ended. People want to be at their home but still feel that they are part of something. People want to play less alone and more with other people. They wanna go where everybody knows their name or where everybody has the same problems. They wanna play together. They don't want just to risk their money. They wanna pay for an experience. Another advantage or differentiation, as you wanna call it, and last, couple of weeks ago, I was in New York, and some of you were there, and I heard one of the players in the market actually mention that bespoke games are not the right economical model for Live Casino. We think differently, and this differentiation in our offering has led us to create some of the most popular games on our licensees' websites. Bottom there you can see Well Well Well, where we empowered Entain with their own full-blown, not a reskin, not some kind of a side project, full-blown game show that is aimed at a more U.K. market audience and is developed in that way, and all of the theme is around that market. Hence, the popularity that this game is achieving. Fabio, welcome. It's good to see you. Ciao. Ciao, ciao. I've been saying that we are market leaders in regulated markets. Here are a few examples. All of them are definitely European, but we don't intend to stop in Europe. In Spain, I've mentioned we are more than 50% of the market. In Italy, 44%, and in Greece, we are more than 40% of the market. None of these deals are exclusive. All of these markets, we are leading by choice. In Greece, all of our licensees have other live providers on their websites, including the one that you have in mind, all of them. Still, we are gathering the bigger market share. Why is that? Because of the localized services we are giving to our clients in those markets. Greece has been a true success story for Playtech Live, and we've been doing that through the dedicated tables, through the dedicated games that we are equipping our clients with. Our Greek-speaking dealers are the best of its type, and they are bringing the players to the tables. Pieces of furniture, nice UI are all great. We have those as well. The smile, the personal attention, the ability to entertain while deal because you are respected in the back office of the studio, that is what sets us apart, and that is what sets us apart also in those markets. In Greece specifically, we also launched localized game show content. Last year, we launched Who Wants to Be a Millionaire Greek version for the Kaizen Group. We are taking the model from the TV of capitalizing on concepts throughout the markets, throughout the different languages, and offering them to the local audience. Respecting the local audience, giving them a return for the money they put on the table, and that's why they are choosing our tables. Market where we are still not market leaders, the U.S., but we intend to be, and the upside is definitely ahead of us. Yes, we came second to the market. We are well aware of where we are, and that is partly our source of success. We are not shying away from what we've been doing late or wrong or need to do better. That is what we've been doing from the first moment I entered into Playtech Live. We've looked carefully inside to see what we need to improve, what our players are after, and how we can create different value for our operators. In the U.S., we're gonna do exactly that. We've been taking the time that we've been allowed to take because we came a bit late to build infrastructure. Infrastructure in Live sets the tone for many years in after. Our studios are the most state-of-the-art studios in the U.S. We have our best gaming experiences already built on the ground, as I mentioned earlier, and we are launching more and more licenses. In Michigan, we are already live with 888, Parx and PokerStars. In New Jersey, we are already live with bet365, our beloved worldwide partner, and Parx, and more licenses are to be launched this month, next month, and in the months after. I can assure you that you're gonna see all of the major players consuming our products as well, and us providing them the value that they need in the American market and in the state market as we do around the world. We are not looking away from the fact that the market, American market that we are all talking about is not really the American market, right? It's a state-by-state market. Is there a place for Live to serve the whole American market? Should we start treating Live as a technology solution rather as a casino solution? That is exactly what we've been doing. Our Live platform is the most advanced Live platform in the world. It's built on top of the iOS. It could be also delivered without. The capabilities that we have are unique, not only in the Live sphere, but globally. Live platform is not only for the gambling services that we are providing today, in the U.S., for the U.S. market, we definitely have the opportunity to show that in the future. Going back to the present, another huge success of Playtech Live in the last two years, and I think that's very visible, our LatAm market expansion and leadership. We're all talking about the soon to be regulated Brazilian market. We're an absolute leader of that market. I think the numbers are well clear, the popularity of our tables, and again, it all starts from a bit of a bossa nova that we are playing on our Brasileiro Roulette being the most popular table in the market. We are looking to create the right experience for the Brazilian player, and we are doing so, and the success is there. In the middle, you can see Spin A Win Wild Brasileiro streaming 24/7 from our Peru studio. Again, a game that was created for the Brazilian player with elements that they know from their culture, and again, giving them the respect that they need and that they want when they are putting their money on our tables, and that's why they are coming back. Content-led innovation is something that we've been doing dramatically well in the last few years, I might say, and that is shown from the different variants and formats that we've launched. First of all, I will start with Everybody's Jackpot, a game which is the first of its kind Miniverse game, actually offering a community experience of a jackpot. You know, we are all talking about the importance of jackpots and how those can be life-changing for one person and really frustrating for the others. We are turning it around, and our Everybody's Jackpot is actually paying for everybody which is on the table. Everybody wins. Just like Oprah Winfrey, everybody gets a car because that's the experience. You all laugh now because that's the positive vibe that we want on our tables. Everybody wins, not huge amounts because it's everyone. Let's have an experience. Let's write about it in the chat. Let's come back together. "Hey, I saw you yesterday on the jackpot. That was great. Let's come back tomorrow." We meet people from all over the world, and we see those trends on our tables. We analyze chat dramatically. We learn a lot about our players and our business from the chat. Those kind of products are a direct result of that analysis of data. The data is not only in the numbers. We see a lot of data in Live in words, if it's good, if it's bad, if it's working, if it's not. We are improving and not shying away from that feedback. A lot of providers that I know doesn't really like to read the chat, blocks players. We let them go. As long as they keep the language sane and honorable for our presenters, we let them go. If something is not working well, you should tell us. I should hear about that. I should not silence them, my players. That's the result where we are providing concepts that are immediately popular. Another concept that we are gonna launch very soon on the success of Who Wants to Be a Millionaire is another AAA branded content from Sony with our Jumanji experience coming in two months. Jumanji: The Bonus Level is the name of the game. That's gonna be the biggest game show that the world has ever seen. It's gonna be launched firstly in Riga, streaming to the whole over the world. Next year we are launching this also in the U.S. for the U.S. market. Jumanji, Who Wants to Be a Millionaire, and other brands of that type clearly shows the path that we are after. Entertainment, global known brands that create that feeling in your stomach that you wanna play, that you know what you're gonna get, and brands that allows us to bring more people into our services, more people into our games, and allow them to have great experiences. A few examples that are already working for us very well. First of all, Mega Fire Blaze Roulette, that I just mentioned, was launched last week in Michigan. This is not just a game for us. Obviously, this is the number one game in Playtech, producing very big numbers for us daily, and we've capitalized on that IP in a very original manner. We all know dedicated tables, right? That's already been there, done that. What's the future of dedicated tables? How much of a table with the brand can sell? How much that could be innovative for us to advise our partners to do that? We don't. We advise them to take less seven seaters. We advise them to take more scalable blackjacks. That's a solution that saves money for both operators and increase our margins. We advise our operators to not just take a dedicated simple roulette and offer that next to the most exciting roulettes that we and our friends from across the street offer. We advise them to take Fire Blaze dedicated roulette, creating a new standard in dedicated roulettes that every brand in the world has, but creating more value through that to the brand. Why? Because the concept of Fire Blaze is popular, the build of that is very cost efficient, and the numbers speaks for themselves. In Spain, that allowed us, of course, to be the complete number one provider in the market, and we are happily saying that this is not only the case in Spain. In Greek, I mentioned Who Wants to Be a Millionaire, a dedicated for Kaizen Gaming, doing very well. More and more games that we are doing that are specifically approaching a niche audience, if it's the Italian audience or any other country around the world. Bespoke. I've mentioned that we are doing that, and I've mentioned how much it gives value for our operators. You can see a partial list of our products that have been developed in a Bespoke manner for our licensees. You can see the diversity of type of products, and that's only a partial list, as I've mentioned. We are doing more games this year with the same partners. With the same partners, meaning there is an economical model behind it. Our approach is B2B. We do not have an agenda. We are pushing our operators. We are not driving them to do mistakes for their business. We are here to help them grow their business and not just force them to use certain products, and not just force them to do things that will make them look exactly like their competitor. Differentiation through innovation. That is what we are offering to our partners, and we've been doing that. This is not only a slogan. Those games, part of them are the most popular games on the licensee's websites. Going back to Fire Blaze. Again, offering value to our licensees, not only through the network products. You can see very clearly and very openly the licensees that have dedicated Mega Fire Blaze Roulette as their headline dedicated roulette. Not just a branded Entain roulette, but a literal Fire Blaze one. Holland Casino has the same. Betsson, Snai, Novibet, Caliente. All of these are having the dedicated roulettes with the standard of Fire Blaze. Our intention is to create that standard all over the world, also in the U.S. Fire Blaze has been more for us than just a roulette. We recently launched Fire Blaze Blackjack, and very soon, next month, we are launching our Portuguese version of Fire Blaze Lucky Ball, which is our keynote version for Fire Blaze. This will be fully hosted in Portuguese, by the way, from our Peru studio. Skill-based in gaming with live trivia. Live trivia has been instrumental part of our success. It's been driving enormous amounts of traffic to our tables, to our lobby for the last four years. We've been developing that vertical systematically. Here you can see our latest delivery in that vertical, which is the Who Wants to Be a Millionaire live trivia. This is a completely non-wagering product, I want to emphasize. We are offering that daily on our lobby. We are offering that only for the sake of the fun time that our players are getting in the lobby, creating a fair experience, an inviting experience. Our lobby is not only a place you lose money or spend money. You spend time. If you want, you can also spend money. You can also just win money on the trivia and spend that and come back tomorrow for another trivia. Entertainment hub. Fairness, this is global recession time. We are not only looking at safer gambling, we are looking at fair gaming. What does it mean? Offering freedom to the players. You all know multiplier roulettes. In the past, everybody has to bet straight up bets, right? We asked ourselves why. Why make the players lose more? We, in Fire Blaze, we indeed developed the option to bet any type of bet. Line bet, split, corner, everything can go to the bonus. You are not forced, like in other providers' products, to lose money or to risk more than you want in order to participate in the fun parts. The fun parts are there for you. All of our games allowing you to interact, even if you are not betting within the game. If you play Who Wants To Be A Millionaire r oulette, you can still play the Millionaire round, even if you haven't participated in the round. You haven't risked a cent, but you can still play on our games, creating warm feeling, homey feeling, and a place that you want to return. The trivia and the rapid launch of products that we are doing, and the innovation that we are bringing into that, also creating an anticipation with our audience. What's new? What they have released this week? We are trying to make sure that our lobby will be at least somehow different almost every week for the players that we have. This is not just a place that holds games, this is a live place, we make sure that we extend the experience of coming to the lobby. Mor was speaking yesterday a little bit, sorry, today about AI use, and definitely you're gonna see that in the live lobby very, very soon. We all know that when you enter a casino, people approach you. Maybe you wanna sit here, maybe you wanna sit there, maybe you want a drink. If you are in our live lobby, we also want somebody to approach you. We also want you not to be intimidated and run away. We want you to sit down, relax, maybe watch a little bit of games, then decide if you wanna play. If you are already an experienced player, we could take you directly to your table, and that technology is already something that we embedded. We are working on it, we are testing it. Our host is gonna be a very, very surprising character. Besides our regular innovation and our work to deliver more products, more studios, we understood that we wanna do much more things in that live business. The live vertical is going not only up, but also to the sides. There are many, many types of products that we see, live product that we see from our vantage point that people wanna play, that people don't even know yet that they wanna play because that's a natural extension of what they are playing today. The game shows, the variance of roulettes, all of the technology embedded in that. The new audiences come from social media. The new audiences that played video games, they wanna play video games. They wanna play regular games. They don't want just the hardcore casino-oriented designs. We've looked, as we always do, like we've done with the virtual sport product, we've looked inside of Playtech to connect the dots. We saw, hey, there is a really talented bunch of people producing amazing content in Stockholm, next to our neighbors. We took them inside our Playtech Live family. We integrated them into our lobby, and we are already offering, here in the U.K., Quickspin slots within the live lobby. Another category on the same lobby, roulette, blackjack, baccarat, slots. That's the first step. In the meantime, we are developing Quickspin Live first game, and Quickspin Live is a sub-brand of Quickspin that we established not long ago. We announced it, and the first game would be Big Bad Wolf, and you can see the first images already here. This game is going live in June, and will be a completely different live experience tailored for slots players, tailored to bring more audience into the live vertical from the other verticals, and from places that are not even gambling. From video games, from social games, from everywhere that people want to interact with content through games, we want them to play live. Big Bad Wolf will be streamed from Riga, but is completely developed and distributed by Quickspin. It will be available through the Playtech Live lobby and through Quickspin regular integrations, existing integrations. Meaning that Playtech, not only Playtech Live, Playtech as a whole is gonna catch much more floor space within the Live Casino space. We're gonna be much more competitive, we're gonna have more entry points to our lobby, and we're gonna produce more content and more variety of content, more types of content that will suit more audiences around the world. Below the Big Bad Wolf, you can see the new Adventures Beyond the Wonderland slot game, which means that we will also have Quickspin, perform as the RNG arm of Playtech Live, producing content which is suitable and sort of matching what we are offering on the live product. Obviously, Wonderland has been our most popular game. Having a slot that correlates to that game, taking features, characters, and all the spirit of that game is obviously something that, we should have released some time ago. We're gonna release it this year. The experience will allow players, of course, to jump from the RNG game directly to the live game, back to the RNG, and of course, also play both at the same time to the convenience of our players. Quickspin Live will not only focus on slots and Big Bad Wolf, it will produce more games. As we roll more games, the strategy of what we are doing with Quickspin Live will be a bit clearer. It is not something that is gonna compete with the core games and products that we are doing in Playtech Live, but it's going to complement and make sure that we have a full array of products, whether those are streaming products, whether those are live host services, whether it's any type of live interaction that we can embed with other products within the Playtech arsenal, and definitely use our talent in Stockholm over there, to create the highest level of content. We are not aiming to create more of the same. This is not just another, let's say, development arm for me to release my dreams into the market. This is definitely something that brings the essence of Quickspin that you all know. The company's producing very highly finessed products, design level, which is the highest standard of the industry. That is the standard we're trying to bring. We're not bringing in a company to create a sub-brand, but actually an upper brand of quality. I think that beyond Quickspin, beyond the innovation in game shows, it's important to understand that we are looking at the platform of live beyond the core games, beyond putting a chip and waiting for the result. We are looking at sustainable revenue that will allow us to dream even bigger. We definitely see that we have a platform that is not existing anywhere else. Disney doesn't have a live platform, for example. They definitely need one. I think that live games and live experiences and the ability for us to bring even this room now into a live experience and having all of you play within 10 seconds with any device that you have, and we've demonstrated that before, is the future of where we are taking live. To bring it everywhere and to supply the right service to the right audience. Doing that, I believe will take us into the next few years. Thank you. Maybe a few questions before I pass on the torch. At the end. At the end? Yeah, yeah. For everybody, so. Yeah. Thank you again for listening. Next, Jonathan. Yep. Whoa. It's pretty clear that I don't have a script, I guess. Unlike Edo, who's also unscripted, it is not gonna be as entertaining, unfortunately. I'm not boring, but it's hard to follow up in your act, Edo. You're doing well. I'm doing well, yeah. Sure. I do have some talking points. How about I start with these? For anybody who doesn't know me, my name is Jonathan Doubilet. I'm the Managing Director of Playtech for the U.S. region. I've been with the company for roughly 11 years, bounced from capacity to capacity within different roles within the company. you know, I've lived actually in Tel Aviv, I've lived in Vienna, and currently, in New York City. One thing that I've come here to basically instill within you today is basically that we're in America, we are established. I might be employee number one, but we number over 130 personnel today. I think there's no better way to basically broadcast that than by flying in the American representatives. I'll jump into things here by going to the first slide, which I apparently control. Right. Glad I got a laugh out of that. This is basically a summary slide, all right? Just to get to the point here. These are the main, let's say, these are the milestones that we wanna focus on. These are the messages we wanna get out. I wanna leave here with all of you having confidence in Playtech's ability to deliver in the States. That's definitely what my strategy is. Again, I'll mention that our presence is established. We have multiple offices, infrastructure, we have servers set up across the U.S., personnel covering every different role necessary. I mean, for those of you that don't know, we're gonna focus on what we know. Okay? Casino, RNG, Live dealer, that's our bread and butter. All right? It's not to say we're not gonna do sports. In fact, we're doing sports as we speak, and other verticals. You know, all in all, we know casino best, and we always have, and we're gonna focus on that to spearhead our growth. We have to take into consideration the relative size of the U.S. market. We're talking about the number two largest, iGaming and sports betting market in the world. All right? We're just getting started there. Behind the U.K., ahead of Australia already. All right? Those are the 2022 figures. To give you even more confidence, we have access to about 79% of the current iGaming market within the United States. We have contracts or pending contracts, we have projects that are ongoing, which give us access to that amount. What does 79% mean? Well, at the end of the day, in 2022 numbers, that's $4.2 billion in GGR. Another thing that I'll run by you is that, you know, our games are performing really well. When I first came over to the U.S., basically I was asked, you know, "If Playtech games are gonna perform here, they're built for a different market." Well, I'll tell you the truth, they really do. What's catchy in the U.K. and Europe and LatAm easily translates over to the U.S. You don't need to have a retail brick-and-mortar slot machine on the floor in order for that to translate into success online. All right? Obviously, that doesn't hurt, but I'll go into more detail about that in a minute. Also capturing wallet share. Again, releasing premium games, whether that be bespoke, all of our great content is actually just getting going. We've been up and running for a few years now with BetMGM, but that was just the start, and that wasn't even with the premium content that I'm talking about. Our GPAS content, which I'm gonna speak about in a few slides from now. Perhaps a bold statement, but I believe, and I am targeting top five status. What does that mean? The number one most reliable industry analyst within the United States who tracks all slots is called Eilers & Krejcik, was referenced, I believe, by Rafi. Eilers & Krejcik have a report, well, 50 best slots, right? 50 best table games, everything. I do believe, and I firmly believe, that we're gonna be in the top five suppliers, if not even greater than that. You know, top three right now are Light & Wonder, IGT, Evolution/NetEnt, and there's a few others, very respectable competitors of ours. Yeah, honestly said, we're gonna be there. I have no doubt about that. Retail potential, we'll talk about a bit. That was demonstrated via the rollout of SSBTs for the first time in the U.S. by Playtech. Obviously, which we've mentioned numerous times, but can't stress it enough, our investment in Hard Rock Digital, it's not just an investment. It's basically a message, and is doubling down on our investment in the U.S. market and our commitment to making U.S. relevant and highly performing games and products there. Right. Where are we? Again, I was employee number one, but again, 130 people strong today. We have three studios, one of them under construction. We have a headquarters in New York City. That's, you know, okay, finished construction, but awaiting accreditation. We have a mixture of existing Playtech colleagues, and experts from other companies that have been operating within the U.S. for, you know, near on decades. Together with them, we've built up what we think is a very powerful portfolio. We've combed through the 500 plus games and titles that we have within Playtech's repertoire, and we found what we know is gonna work. We've actually done some A/B testing and some trials to make sure of that. This map just gives you an idea of, you know, where we are, mainly clustered in the Northeast, but we'll see more on that in a second. Establishing a reputation in the U.S. was something that we set out to do from day one, okay? We wanted to get off on the right foot. We are not an American company, unlike some competitors that we have, but we wanted to show that we can operate equally well as an American company would. Some of the ways that we approached doing this were increasing visibility, obviously. Excuse me. Actually working with some of the largest media outlets within the States. We have high-profile contacts and coverage by publications such as The Wall Street Journal, CNBC. Edo is a regular on there, actually. You have to check that out. And I appear from time to time, again, a little bit less boring, a little bit more boring than Edo's guys. Aside from that, what we're championing, or what we're positioning ourselves to do in the U.S., or positioning ourselves to be looked upon as, is a thought leader in responsible gambling. Okay? No other B2B supplier within the U.S. is positioning themselves as such, certainly not at the scale of Playtech's relative size. We're doing that by working together with institutions such as the UNLV, Responsible Gambling Council of Canada. By the way, I'm not here to just speak about the U.S., actually Canada as well. I'm originally from Canada, if you were wondering why I don't have an Israeli accent or. Yeah. Canada's being covered here too, and let's not forget that, and you'll see that as well in the, in the coming slides. Basically, we're getting great coverage. We're being seen as a great supplier, a great partner to work with, and essentially, again, a thought leader in places that matter, and matter more going forward. This is a big slide for me. Basically this breaks down what the US ecosystem looks like as of 2022. Okay? The overall, excluding in-house sports betting, all right? I'll get to this in a second, why we're kind of removing this from the addressable market. Excluding in-house sports betting, we're looking at a $6.2 billion market, okay? That's primarily based upon three states at the moment. Why do I say three states? Well, iGaming is legal in six states. Delaware has a monopoly through the lottery, which is, really limits everything, and it's a very small state. You have Las Vegas, or sorry, Nevada, where you have poker only. When we talk about iGaming states today, we have Pennsylvania, New Jersey, Michigan, all in which we are licensed and operational. You also have Connecticut and West Virginia, and we'll get to those. What am I saying here is basically Total iGaming Playtech access, that's how it's labeled. What I would say is our market access within the U.S. is equivalent to about $4.2 billion in GGR. Okay. That is exclusive to three states that I just mentioned for iGaming purposes. The outstanding or unsecured access, all right, consists of a handful of operators. Literally in the last year, I can't be prouder of our company, our international salespeople, our local salespeople, we've come together, we've managed to basically secure a large, actually the majority of the market. From a contractual perspective, I have no fear. Okay. A handful of operators that are left that we still have yet to sign, also the two additional states that I mentioned, West Virginia and Connecticut. Frankly speaking, we will go there. I mean, there's no doubt about it. I really have to deliver in Michigan, Pennsylvania, New Jersey, where we're already situated, up and running first. What does that mean? Getting all the integrations in place, getting us in that top five bracket, and then of course, I can think about West Virginia and Connecticut. All right? There's also more to come, which we'll go over in the next slide. The only other thing that I'll mention here that I didn't address is actually the sports betting market, and I'm not gonna downplay it. It makes all the headlines. You'll see in a second why I'm not talking about it at length. We have, as I mentioned, rolled out retail sports betting in Ohio for the first time. Why Ohio? Because it has a distributed gaming model, which is much, much like what you'll see in a lot of European countries. Any alcohol-serving institution is eligible for a gambling license and can place an SSBT within their premises. This is something that is very conducive to the types of products that we have. We have over 50,000 SSBTs distributed worldwide. Well, now we have 50,100, and 100 of those are in Ohio right now. I'm actually proud to say as well that on a per machine, per day basis we're generating more GGR than anybody else. That gives me a lot of confidence, going forward in saying that we will strategically deploy sports betting when and where it makes sense, when and where it's profitable. The elephant in the room that I just mentioned, prior to retail, the insourced sports betting market in the U.S. comprises roughly 96%-97% of the addressable sports betting market. Simply put, these, well, DraftKings, FanDuel, BetMGM, Caesars, they all have their own in-house platforms. That's not really a target for me. I'm gonna go back to the bread and butter approach, iGaming. There's a little bit of that that's being done in-house, but it'll never be fully, it'll always have an outsourced component to it. Market expectations. Everybody's asking, you know, what's gonna happen in the States? When is iGaming gonna be, you know, sweeping the country? The answer is slow. For every one state where iGaming is present, there's five states where sports betting is present, and it'll continue like that. Within five years' time, we're gonna get to 48 states legalized. Okay? Obvious exclusions are, you know, the Mormon states of Utah, Idaho, as well as I would imagine Hawaii, but that could also change. This slide, what is this all about here? It's actually showing that despite the fact that the ratio of iGaming states, or sorry, sports betting states to iGaming states, is heavily favoring sports betting states 5 -to -1, 50% approximately, just under 50% right now, if not, yeah, around there, is being generated by iGaming, and I'm talking about the GGR here. For every $1 being generated in a given sports betting state, there's $5 being generated in an iGaming state. Okay? That says something about our strategy and why we're choosing to focus in on iGaming. There is light at the end of the tunnel. You know, there is a bright light, actually. New York has frequently discussed, politicians in New York have frequently discussed and tabled bills to legalize iGaming. Senators Addabbo and Assemblyman Pretlow, people who I've actually developed a very good relationship with, are very adamant that this is the next big source of income for them, and they know that they're losing out to neighboring New Jersey. When we're talking about New York specifically, we're talking about what's estimated to be at about $2.8 billion per annum in GGR. That's no laughing number. Okay? You know, the country of Spain is about 1/3 of that. Just one state legalizing gives us three Spains. I'm pretty happy to work on that and expand there. I won't mention much else here, but I think you get the point and the gist of what we're going at. Why are we focusing our strategy primarily on iGaming? Because that's where the money is, from a B2B perspective, at least. To give you an idea, I mean, again, not just that we're established, and we have employees and experts, but we're also licensed. We're in actually nine9 jurisdictions today, licensed. We're up and operational in five. Three of those are iGaming/sports betting states, and a number of those are sports betting only states, where we've rolled out our IMS PAM. As mentioned in Ohio, where we recently rolled out our SSBTs. I'm not gonna forget the great province of Ontario, which is actually larger by landmass than any other of these states here. It's admittedly, the population is only about 35 million, which is Sorry, 26 million. No, not a small number. Everything is mainly clustered around the Northeast, and I think that's the trend that we're gonna continue to see. Again, we'll expand out from where we are, those three states and wherever we see a strategic opportunity. What you see highlighted here in orange are planned or projected by 2025 or Yeah, I'd say 2025, states where we would like to be licensed. I point out here Connecticut, I point out here New York, and potentially Florida. There's a lot happening in Florida. There's a lot of gaming that goes on in Florida as we speak. I don't see any reason for us not to get licensed. We'll have to find a compelling reason sometime soon, and I think we very well could. Aside from that, we're also getting licensed right now in Indiana as well as West Virginia. West Virginia being a state that allows for iGaming today, and again, one that we're gonna expand into, and Indiana being one that is constantly trying to pass bills to legalize iGaming. I do believe that it'll happen in the next year or two. It's a state not much smaller than Michigan, and again, it's expected to generate something on par with the country of Spain. Another state we don't want to forget about. All right, the question in your heads is, "Okay, well, where are the numbers? Where is Playtech? Great, you have all these contracts signed." I called last year the year of signatures, the year of commercial activities. This year is the year of delivery, okay? This year is where we complete our integrations, where we've already demonstrated that with PokerStars in Michigan as of recently. They even launched a dedicated table, I believe, you know? Yeah. Good. Fact-checked. PokerStars in Michigan, Sports Illustrated Casino, which is actually owned by 888 Holdings, betPARX in Ohio, I can safely say that we have upwards of a dozen different integration projects going on at the moment. The idea would be to take that 71% of the market that we say... Or is it 79%? Regardless, I think it's 71% that we have secured and basically deliver. What that will culminate in is, again, that top five strategy. Once we're integrated, once we're live with all the market access that we have, I'm very confident that we will be within that top five slots ranking, if not higher, okay? With, if not top four, top three even. It's possible. Not gonna talk much more about that. The last thing I'm gonna say, and this really underpins the confidence in that top five projection or target, is that we've actually taken our games and we've A/B tested them. We've trialed them. What does that mean? We have betPARX using our games and our platform in three different jurisdictions. We have NorthStar Bets using our games in Ontario. We're able to look at our games side by side being compared with the games of the likes of IGT, Evolution, et cetera, you name it. All right? From the sample, which is not a small sample, it's not insignificant whatsoever, we consistently maintain around a 17%-18% wallet share through our slots. How is that gonna translate when it's not on our platform? It'll be a bit less than that, for sure. It gives me, and I think it should give everybody, a lot of confidence that Playtech's, especially our Mega Fire Blaze games, that's actually a standout item here. The Fire Blaze games, actually, when we compare them to other classics like Capital Gains, Cleopatra, which are, you know, ranked at number nine and 11 in the Eilers & Krejcik rankings, our games are actually outperforming those games. We have games ahead of those in ranking. Again, it all falls down to, yes, we have content that works, that competes with local established industry stalwarts from the brick-and-mortar industry. Once those integrations are up and running, once you connect those with all the market access we have, and once you take into consideration that we're performing with a 17% wallet share, again, on our platform, so probably slightly lower, there really is potential, and a big chunk of that $4.2 billion addressable market, could be coming our way. All right. I'm gonna cut it there, and basically how we've divided this up, I'm gonna introduce my esteemed colleague, Marcus Yoder. He's our Chief Commercial Officer for the United States. This represented right now where we've come to, where we stand as of now, what we've accomplished in the U.S., and Marcus' commercial acumen, I believe, can show you and demonstrate where we're going. All right? Thank you. Great. Thanks. Thank you, Jonathan. Okay, and hopefully you're not expecting a Ted Lasso accent, 'cause I don't have it. My name is Marcus Yoder. I'm the Chief Commercial Officer for Playtech USA. I've been in gaming since 2010 after joining IGT and their fledgling interactive business. I led efforts to open up Canada, legalize New Jersey, Delaware, Nevada, and open up Mexico for online gaming with Codere. I was part of the acquisition and integration team of DoubleDown for IGT, so both real money gaming, social gaming. Then I moved into land-based gaming, building the sales function at Gametwist, which was a skill chance hybrid gaming company where we closed national deals with Caesars, MGM, Boyd, multiple tribal operators in 15 different states, ALC, Loto-Québec, and the Alberta Gaming Commission. I had a brief engagement with GAN, so got a chance to look under the cover, and seeing what Playtech had become, I wanted to become part of it. I now work closely with leadership, Shimon and Mor, to set strategy, with Jonathan and the global product and engagement team to execute on that strategy. Some of the online casino highlights, and basically when we talk strategy, we have a term that we talk about in term, called land and expand. We basically landed, and now it's our opportunity to expand. We do this by continuing to grow our current operator count, as Jonathan had mentioned, and bringing those live in 2023, which you'll see happening. This also means bringing our proprietary game count to be 100+ games. We're well on the way to achieve this. We do have to deal with state-specific requirements on a case-by-case basis. That can slow things down, but we actually have a very astute compliance and regulatory team based in the United States working with our international colleagues to get through the regulatory process as rapidly as we can. We have seen that our gaming feature suites, such as Fire Blaze, has been performing as well or better, as he mentioned. We're also exhibiting a real partnering approach by working on bespoke games for our operators. Surprisingly, a lot of different providers don't wanna do that. Here you'll just see an example on the left-hand lower side of how we created a Pittsburgh Steelers branded blackjack game for betPARX in Pennsylvania. Very, very specific game, but has been very successful for them. Core to Playtech's iCasino content are the power suites. Fire Blaze, as we've mentioned, combines a perennially popular theme, such as ancient culture and supernatural, with unique lock-and-spin bonus mechanisms that are very popular in the land-based casinos in the U.S. This suite is one of our best for player retention and is the top-performing Playtech game suite in North America to date. Cash Collect provides an engaging mechanic designed to appeal to a casual player. The first game in the series, Sahara Riches became Playtech's top-performing new game of 2021 and is the top-performing game in Ontario. We're bringing this into the United States as well in the next few months. The next series after that to come to the U.S. will be the Age of the Gods power suite. This is our award-winning series based around Greco-Roman and Greek mythology and has gone on to become Playtech's most popular and recognizable in-house property. Always popular with players, Age of the Gods has awarded $180 million in jackpots in 2021 alone, so therefore the popularity. We'll be launching Age of the Gods in the second half of 2023 into the U.S. Each power suite gives us multiple different game titles to bring into each of the U.S. states, so I believe in Age of the Gods alone, as of now, we have 28 different titles that we can bring in. Another aspect is bringing in the branded games. Playtech partners with market-leading studios and brand holders such as Warner Bros. Discovery, Sony Pictures, Comcast, NBCUniversal, and so forth. The games with American popular branding have already been launched into non-U.S markets with amazing success, and now we're bringing those brands back home. We see amazing player engagement with the brands. The brands entice a player to try the game, and those with deep affinity for the brands continue to play that game over and over again. Others will move on to other titles and styles of games. Gold Rush is a game with one of the highest market share, market shares in Playtech's entire portfolio, Playtech, we're also expanding our relationship with Warner Bros. Discovery, who owns that brand. The Walking Dead, amazingly, is still, globally still popular. We were able to recoup our minimum guaranteed payment within the first few quarters of launching this game, and that game has been in the black ever since. With Sony Pictures, we brokered a multi-title, multi-vertical deal, which includes the Jumanji franchise that Edo has mentioned for Playtech Live and Breaking Bad for Playtech Casino. We covered Live pretty well, I think, but just a couple of points that, you know, to reiterate, the upside is definitely ahead of us. With our three studios now serving, or about to serve all three major US iCasino states. We're also able to serve into Ontario from Riga and are able to serve into Ontario from New Jersey and Pennsylvania, leveraging that investment in those assets that we've made. As Edo showed, our market share in Spain, Italy, and Greece, we have consistently taken market share from the incumbent, and we have every plan on executing on that as well. We'll do this by remaining focused on partnering with our operators by supplying them simply better customer service, right? It's a theme that we've heard in the market, and we're already doing it better than the incumbent. Flexibility as well in creating the bespoke games that I mentioned earlier. As always, hiring local dealers who know the casino landscape per state, and player preferences makes a really big difference. On the player account management, over the next two to three years, we anticipate a series of PAM replacement cycles by operators. We feel Playtech is well-positioned for these opportunities and are actively engaged with operators who are evaluating their options to switch platforms or even for some greenfield opportunities. I've had the opportunity to look under the hood of every PAM that is out there, and one of the consistent messages that we hear is that our ability to leverage our Customer Engagement Center is what differentiates us. Our experience of moving people from one PAM to another is unique in the industry. The example was moving Parx Online from the GAN platform to become the brand betPARX on our platform. After executing the migration, betPARX beginning to utilize the IMS systems' powerful Customer Engagement Center, betPARX has grown monthly average net gaming revenue from $3 million to being on track for $5 million. A key to this success is the use of customer journeys inside of the Customer Engagement Center to guide players to, for instance, complete a deposit, play a first game, play a second game, and potentially even move players from being just a sports bettor to also being an iCasino player. The tools of the Customer Engagement Center are not just for marketing and suggesting additional gameplay, though. With the BetBuddy tool, we also build customer journeys to help people identify potential problem gamblers and help them moderate the risk to continue to enjoy playing our games. As mentioned, we're doing this with association of the American Gaming Association, UNLV, and the Indian Gaming Association so that we can share our experience and best practices and help recommend policy. Wanna take a special note around tribal gaming in the United States. There are around 527 tribal gaming establishments in 29 states. Tribal casino gaming has grown to be between 40%-50% of all GGR in the nation, roughly about $39 billion in 2021. With 30-plus years of experience in tribal gaming, tribes are also now expanding to pure commercial casinos not on tribal land. Witness what the Seminoles have done for their existence in Las Vegas. Same for San Manuel, who picked up the Palms. This is gonna continue. There's another example of the Quapaw Nation of Oklahoma becoming one of only three commercial casinos in the entire state of Arkansas. Tribal gaming is something that is very important, and we're focused on it. We've also seen the Rincon Band of Luiseno Indians in California decide to eschew Class III games completely for Class II games. This moves them under the control of the national IGRA as opposed to California, a California regulator. Class II games are any game that the outcome is determined by bingo. Class II game providers have become so good at creating visually stunning and thrilling games that compete with Class III games now. This is significant as it radically increases the freedom of the tribes to offer gaming on their own terms. Based on our research, we've seen that the number of Class II gaming machines has now surpassed the number of Class III gaming machines in Oklahoma, which is one of the largest gaming states in the country. We have already strong relationships in tribal gaming so that we can now bring our solution set to tribal operators. One example is a Class II mobile on-premise solution that we have assembled with the help of two strong industry partners, and we should have more news about that in the coming months. Long and the short of it in the United States, as Jonathan intimated, the infrastructure is established. We've secured the iCasino and live market access in the iCasino states, and we've landed, and we're gonna continue to expand. Thank you. Use the clicking. We will do kind of a little bit of LatAm. We're almost there. We will do a little bit of LatAm and then a wrap-up of the day. On LatAm, actually, I was not planned to do that. There is a gentleman in the audience called Uri Levy. He's our Head of Business Development and M&A, right? Who was involved and led all the structured agreements, including in LatAm, was very deeply I mean, led and was deeply involved with Hard Rock Digital as well as NorthStar, but he doesn't talk, right? It's a problem. You put him in a small dark room, and you tell him that we are going to negotiate, right? Good luck for everyone. I was trying to think about an analogy, right? I was thinking about what will fit the U.K. audience, I would say like a good SAS you know, special operator, right? You never hear about them, you never see them, they get things done, that's Uri. I will cover for him today, will say the following. The focus of the day hasn't been on LatAm, I think that it is important we take a few minutes of your time to remind you of the significant opportunity in this region and why we are well-placed. With regulation the key driver of growth in the gambling industry, the LatAm region is primed to see an acceleration in growth over the coming years. There are several large countries in the region with a growing middle class and a thriving sports culture, we feel this is an area where Playtech is well-positioned. Moving on to slide 52. Structured agreements are an innovative business model that Playtech has utilized to great effect over the past few years. While all structured agreements differ in scope, we describe a typical partnership. We partner with local heroes with a strong retail brand and presence, without the necessary technological and operational expertise to succeed online. Under a structured agreement, we provide a platform-based solution as per a conventional model where the operator takes the IMS platform and the majority of our products in addition to a range of marketing and operational services, some of which are subcontracted out to a third party. This model also involves a revenue share framework with the operator, with Playtech's share typically higher than in a conventional model to compensate for the provision of these additional services. Playtech also typically injects capital into these operators to help facilitate growth. In return receives either equity or an equity call option which can be exercised should the operator be acquired, allowing Playtech to enjoy the value creation. Playtech looks to grow with that operator as the market grows. We contribute our market-leading technology as well as expertise and experience in launching online businesses in newly regulating markets, while the partner typically has a strong brand and deep knowledge of the local market. These results with aligned incentives that can be and are almost always very, very impressive. We typically only sign one structured agreement in each territory. Given our expertise in newly regulating markets, these agreements can allow an operator to take advantage of being one of the first to market and gain big market share early on in the process. It is also important to point out that structured agreements are not exclusive to the LatAm region. We are open to signing these in any other region. At the same time, structured agreements are not the only business model that we have in LatAm. There are conventional software and services agreements to ensure we are in a position to capture as much of the market opportunity as possible. Moving on to slide 53. Slide 53 gives an illustration of the life cycle of structured agreements. At the start, the venture is usually loss-making as funds are used to establish an online presence, such as marketing and launch costs. As the partnership progresses and is successful, high operating leverage means that the venture delivers high growth in earnings as we saw and continue to see with Caliente and others. Looking at the other structured agreements signed within this region, we can see there are multiple agreements primed for strong growth over the coming years with Wplay already profitable. Looking out to the future, we are already thinking about other markets such as Peru and Chile and Argentina that are newly regulating, and how we can position ourselves to take advantage of the early growth these markets typically see. Slide 54 illustrates our amazing track record of our structured agreements so far and the value we have created from them. We created nearly EUR 1 billion of cash from William Hill since we started the deal in 2009. This includes the amount we received for selling our stake in the William Hill Online business, as well as the dividends received during the agreement and the royalties we continue to receive. Similarly, we generated over EUR 550 million cash from Ladbrokes in total since the structured agreement started in 2013. From Caliente, we have already generated over EUR 350 million cash in a much shorter time. As you can see, all of these are still growing. It shows the potential when you look at all the structured agreements across the Americas as well as others in our pipeline and still to come. On slide 55, we highlight two agreements which we are very excited about in LatAm, Galera.bet in Brazil and Wplay in Colombia. On Galera.bet. Brazil is a hugely attractive market with a large population and the eighth-largest GDP in the world. Most importantly, it is on the path towards regulating, with sports betting expected to be regulated in 2023. At present, the market is unregulated and exhibits a significant competition from unregulated players. Once the market becomes regulated, we expect to benefit over the medium term as unregulated companies leave the market, resulting in Playtech being well placed with its structured agreement with Galera.bet and its expertise in navigating and growing in newly regulating markets. We also have a structured agreement with Wplay in Colombia. Wplay is a leading brand in Colombia with a significant market share. It has a strong growth trajectory as players shift to online, while a growing middle class and favorable regulation mean we can expect strong growth from this structured agreement. Finally, on slide 57, you have now heard from the leaders that are tasked with executing on the growth opportunities that we see in the B2B business, and I hope that you have come away feeling that firstly, the opportunity is huge for us and given our and given our offering and positioning in the various markets, and secondly, we have the right people in place to help deliver on our targets. As a reminder of the key messages that we want you to come away with after this Investor Day, firstly, as Shimon described, the B2B business has been transformed into a higher quality, more diverse and more collaborative business over the last five years. The introduction of new business model has meant we have increased our addressable market with SaaS and found a way to capture more value given the expertise and technology we have within Playtech via the structured agreements. The Hard Rock Digital and NorthStar deals provide us with a tremendous platform for growth across the exciting North American region, while Caliente provides us with a blueprint on how to execute in the LatAm region with Wplay in Colombia and Galera.bet in Brazil, the most exciting opportunities at this current time. I hope Edo's incredible enthusiasm showcased the excitement we have within Playtech for the Live vertical, and how we are now well-positioned to take advantage of the rapid growth that this vertical affords with our investment in infrastructure, leading content and expertise. This is the first time we have set a medium-term B2B EBITDA target, and for me, this demonstrates how this business has been transformed and the confidence that we have in executing on the multiple growth opportunities we see. I now open it to Q&A. Thank you. Ed Young from Morgan Stanley again. My questions are around, mainly around structured agreements, if that's okay. Shimon, you said in your part that structured agreements, I think, were 24% of group revenue. What are the EBITDA? How should we think about the margin profile of structured agreements compared to the group average? Secondly, we had that slide showing the sort of path of structured agreements, how there's more and more operating leverage going through the business. You also mentioned William Hill and Ladbrokes, both of whom obviously, you know, exited or pulled away from being such close partners with Playtech, not necessarily into bad value, I have to say. Obviously, you know, there's some, you know, you could question whether they did well out of those decisions in William Hill's case, I guess. Is that, is that the outcome? Is that a, is that a, is that a likely outcome, or is that how you see structured agreements sort of precipitating at the end? Because you're saying essentially the longer they go on, the more operating leverage you get. Does that naturally force those partners to sort of consider how long-term and sustainable those partnerships are? In that light, could you give an update on where you are with the legal dispute with Caliente, please? Thank you. Chris, you want to take the first one? I'll take the first one, on the margin profile. I think the early days of any structured agreement are fairly similar. It's a startup business, so the revenue impact is minimal. Well, you know, there's no profit share in the early days 'cause it's not profitable. The revenue share is minimal because the business is just getting off the ground. If anything, we may be incurring some costs in terms of building out services, capabilities. Each one's slightly different, but obviously that's a component. However, that can ramp up very quickly, particularly with the successful ones. You'll see a period where the revenue share royalties start to take over. That becomes a bigger component. You know, Caliente might be an extreme case, but particularly in the recent years, as it's reached the scale as a business and become very profitable and, you know, you don't need. They're still investing a lot in marketing, but they don't necessarily need to continue incrementally increasing the marketing spend. They get operating leverage, and that increases, you know, the share that we get through our general services fee from those businesses. The incremental revenues at that stage come at a very high contribution margin, you know, probably, you know, 80% +. That does make it, you know, as these businesses mature, it makes, you know, the margin profile for us very attractive. On the model itself, I will say that, listen, it's a new model that we invented many, many years ago in 2009, right? People questioned us and asked us, "Why do you do that? Why do you become a partner to William Hill Online?" I think in retrospect, obviously it worked very, very well for us and our partners. It's an ever-evolving, and you can argue that actually BetMGM partnership between MGM and Entain is not necessarily very, very different to what we actually did for the first time with William Hill, and then followed up with Ladbrokes and many others as we outlined earlier today. Obviously, it's an ever-evolving and developing model. It started with predefined call options. We had certain relationships where we had an option, then we had certain, that never been exercised. Obviously with William Hill and Ladbrokes, they exercised the call option. In other cases, there was an option and expired, and in actually new structured agreements, in some cases, we don't even have a call option over the Playtech stake, which means basically a lifetime agreement. Operating leverage is the business operating leverage, which means basically we inject certain funds into the business to start up the business and then basically reaches to a position whereby it can use its own operating leverage to grow the profitability of the business, take market share, and potentially extend beyond the local territory we started together with our partner in. I would say, but I would say it's an ever-developing model, and to be honest, actually it served us well in certain cases. It's not the end of the world. The part of this model is that in some cases, it may be the case that we start up the business, we contribute our expertise, our local hero partner contributes the access to retail, the access to the local market and the local audience, as well as, most importantly, the brand. Together, we build a very profitable business that has a lot of value, and after a number of years, can be five, 10, 15 years, we part ways, and we actually enjoy the value creation, which is also something that is not necessarily a bad thing for us. Considering the fact, considering the characteristics of a structured agreement, the fact that it's a long-term agreement, sometimes without a call option. Considering the fact that it has, it's the, I would say, the most comprehensive type of contracts, including IMS and Live Casino and casino and bingo and poker, and in many cases, on an exclusive basis. Considering the partnership nature of these structured agreements, I think that actually when you compare that to the more conventional software-only license agreement that you have to renew, if before it was five years, now it's 10 and 15 and 20 years, but still limited in time and scope, right? It's a very, very attractive model. As you grow the business, as you establish the business for the customer, they appreciate what Playtech contributes, and as a matter of fact, see us as a true partner in the business, as a strategic partner to their business and the value creation. This is why we are so excited and pursue it, and it's a key strategic or key element of our strategy, as we indicated a few times already when we discussed our strategy. Thank you. Two very quick follow-ups. First of all, structure agreements as they stand now, are they dilutive or accretive to group margin or you're not gonna give that? Second of all, the follow-up on Caliente was just, do you have any further comment on your expectations around the legal dispute? About? The legal dispute that's ongoing with Caliente. Do you have any further color on that? You want to take the first, I'll take the second, or I can... I think the second one's no comment, so I can answer that for you. Yeah. No, no. There is. They say that is true, but there is one comment I do want to make, which is extremely important on that, right? While I can't refer to the legal dispute and what we had to say, we announced obviously publicly stated and shared, right? I want to make it very, very clear. There is no impact on the business, the business continues to perform stronger than ever, and that's very, very, very important to say. Regardless of the fact that we have something that we need to sort out between us and our partner, which I can't refer to and can't comment on. On the margin profile, very simply, I'd separate, I'd put Caliente, given its maturity, it's accretive to margins without question. Probably all the others are dilutive given their earlier stage, broadly speaking. Yeah. Anyone else? Thank you very much. You've talked about Snaitech possibly entering new markets as a B2C operator. You've got a B2B business that might enter new markets as a partner to a B2C operator. Which of those two routes would you prefer into a new geographic market? I think that that's the beauty about the model of Playtech. We can choose either one or a combination of both. We have certain territories where certain expertise like Snaitech, for example, Epicbet, which was done internally, but it's a good example of where we can involve Snaitech. We can do that together with subcontractors and provide online marketing and online CRM. I don't think that there is one size fits all. With Playtech, it's all about the flexibility and the different choices we can offer our potential strategic partners. Obviously, any territory we will go into on a B2C basis will have to take into account the characteristics of the market and the position of B2B, which still remains our core business. I would say that actually when looking... The way we think about it is we analyze the different territories, the regulatory environment. If it is attractive, we start analyzing who can be the best partner to Playtech. How we approach them differs between market to market and its own characteristics. It can be either Playtech on a software B2B basis only. It can be on a structure basis agreement. Actually, there were certain cases where we considered involving Snai, given the fact that they have certain expertise operating retail that Playtech does not have. Our own expertise within the B2B is mainly online marketing and online CRM, as well as the conversion from retail to online, but obviously, Snai brings another element to it, which at a different level, which we started considering involving Snaitech with. Okay. Thank you. Can we stick with Snaitech? I was struck at the Snaitech capital markets presentation that it only partly relies on Playtech's B2B services. We've had this presentation about how great Playtech's B2B is. Eventually, does Snaitech migrate onto the B2B platform completely and enhance the B2B business? No, actually, it's the other way around. If you think about the B2B revenues we generate from Snai since we bought this business, because we keep it separated, right? We maintain the same, we maintain the relationship and extended the relationship between B2B and Snai. Actually, when you think about the revenues generated on a B2B from a B2B perspective, on an arm's length basis, it's actually almost quadrupled, i f not quadrupled already, compared to what it was in 2018 when we bought the business. There are certain parts of their business that are so customized to the local audience that we felt will be wrong to change and force the B2B onto Snai, right? This is mainly around sports and retail sports, where they actually customize the product specifically to the specific needs of the Italian customer. We said that, we thought that actually it will be harmful to the business to move them away. However, we do in retail, in VLTs and AWPs, we do collaborate, and we definitely extended our relationship from an online gaming perspective. To be clear, they use 100% of their Live Casino- Yes. ... as Playtech. We're their largest RNG provider. They're 100% our poker, 100% our bingo, so they are a very extensive user of our technology. Although there are some elements, as Mor said, that doesn't make sense for them to use Playtech. Thank you. Last thing, you want to grow the SaaS business to 500 relationships or more. Is the slots content good enough now, or do you need to compete with the biggest providers of slots? Do you need a step up in terms of number of studios, number of heads, number of games? Yeah. I will say that currently the SaaS platform is offered outside of the U.S. or outside of North America, i.e., Canada, U.S., Canada, Mexico. The content is very, very popular, very, very appealing because we already operate with the tier one operators. They educated the market and now the long tail of small mid-size operators, other brands can enjoy the same content that the tier one operators have. I will be first to admit, I just came back from Gibraltar being very open about it. There are certain territories where we feel, and I won't get into that, into the specific territories, but we definitely recognize and identify certain territories where we want to improve our content. Specifically, I'll give you one area, for example, one region, it's central eastern parts of Europe, where we believe that we can do better. We made a conscious decision that we are going to focus on that, and I believe that next Investor Day, if it won't take more than a year or two, we will sit down and I will be able to talk about, you know, our content in these areas. The same way when we penetrated the U.S., we had the team looking into the U.S. market, into what will appeal into the U.S. market, and started developing content specifically for the U.S. market. I won't sit here and basically be arrogant. I'm not arrogant or naive or stupid enough to basically sit here and say we have the best content for each and every territory. That is why, by the way, the world is almost U.S., but not really in Europe, and in Europe you find other. There is not a secret sauce that is global, and you need to cater for the local audience. I will say that the Playtech games are very, very popular across Western and North and some other parts of Europe, definitely in Latin America, definitely in the U.S., as you heard earlier, and Canada. There, we did, however, identify a small number of territory where we want to improve, we are on the task, and I believe that within the coming months we will be able to resolve that and improve the quality. Not the quality, but prepare or develop certain games that will fit specifically for those territories. Shimon, you wanted to add? Yeah, if I may add just a few things on that. A, 100% correct, right? We are on a path. We are on a journey. We are always looking to see what we can do and how we can do better. We're not perfect. We are built already today within Playtech from eight different studios, and each of those studios have their own characteristics and their own specialty and their own focus on what they do and how they do. One of them can be focused more on the U.K. market, one can be focused on the Netherlands, one can be focused more on BigWin products. We have different diversified studios that have this one combined strategy on what they do and how they're doing their work. Yet again, each of them works independently and has its own path forward in the day-to-day of how they do, and they have a healthy competition between them. Yes, it's also true that sometimes, and once every couple of years, and I think when Chris talked about us getting better and how we do, sometimes we will take the least performing studios within us, and we'll decide to part ways with them, and we look to integrate, buy or take people with that are highly competent and bringing them over into Playtech, and that makes sure that we always try to do things a little bit different, a little bit better, both from in-house knowledge and from knowledge that we bring from the outside. All in all, we're doing well in many markets today, and in the last couple of years, we are examining ourself not only by the share of wallet within the licenses, and many of them are public, so we can see how good we are, right? When we need to get better, and sometimes we do need to get better, and we see that with most of the licenses, we are with them over some time. We will have a double-digit figure within their share of wallet of their casino, be it Live Casino, be it slots, be it table games. We know where we want to aim and where we want to get. We also do that today within markets, because now today most of the markets are regulated, and when the regulator releases the numbers, we can see where we are. In those markets that we've been enough and we've done good job, we again, we have double-digit figure within that market. Therefore, that's one of the reasons that Jonathan felt a little bit more confident before where we want to reach and where we want to get. Some of those markets that we started a little bit late, we're growing. We can be it 5% or 6%, be it in the Americas or be it in other places in Europe, but we see that mature market gradually over time, and if we do our job properly, will bring us into double digit. Where we see that we, even when we put the effort and we're not, then we take, you know, we take more thinking into it, and we know that we get, we need to get better, just like Mor said, and we're looking to get in that sense a little bit more specific studios. In that sense, just like in Live, also in Casino, in RNG, we will deliver a lot of dedicated content. We will work hand in hand with the licensees and with the operators to make sure that they get the content that they want. We will do a lot of specific market RNG slots development and content for the local licensees with the local operators working with local markets. There is a lot that's being done internally and as always, there's a lot more to be done going forward. If I may, one comment on that. You asked about SaaS, right? I think that one of the reasons I know that in certain territories we need to improve is because it came out of a discussion with our head of SaaS Diane in Gibraltar a couple of weeks ago. Everyone talks about data. Imagine yourself now 350 brands, soon enough 500 brands spread across very, very diversified portfolio of brands in different territories, providing us with insights. The reason I know that certain territories should be better catered for is because when I was sitting with Diane and I said, "Why in this territory we are not as big as we should be or expect to be?" She basically pulled out an entire analysis and basically showed me that actually in these territories, our content is not as competitive compared to other suppliers, which obviously led to immediately a conversation with our head of Live, who is based here in the U.K., but was not coincidentally, but was in Gibraltar with us, and we had a big together with Shimon and others. We had a meeting, and we made the conscious decision to focus on these territories, and we will cater for them. It's the insights that come from this diverse model of SaaS, which is an added value, not just the diversity of this business itself and the growth opportunity that it brings in terms of revenues and EBITDA, given the margin profile. Does that need a material investment that you'll have to announce? Not at all. Not at all. It's a very small investment. Most of what you've seen at all, not just in that, most of the foundation has been actually already put in the last five years. Yes, in some areas we want to do more, but in a lot of the areas, what we need to do is shift resources from places where we see little potential to growth into areas that we see more potential of growth. One of those are indeed a studio that will cater for specific area that we want to do going forward. For that, we have a little bit more work going forward, again, we leave it also. We leave you some stuff also for next year. Don't worry about it. Okay. Similar to what we did with Quickspin eventually. We were diverting talented resources to develop and design and create the IP that we need in order to control relevant markets. Okay. Thank you. Last one. You showed a pie chart that split revenue by product, services, by platform services, casino, live, et cetera. Naturally, I want another five or six pie charts that show where you supply live and platform and casino to all the same people to understand the revenue drivers. The segment on that pie chart you haven't talked about is services today. Can it grow? Is it simply an adjunct to structured agreements? What's in that bucket, and is it a growth opportunity? Thank you. It's definitely more, Shimon, I want to add to this. It's definitely a growth opportunity. It will grow with, you know, by default, as you said, Ivor, with structured agreements. I think we've also built a services function, through a few different things we've done, including the structured agreements. There's an opportunity to leverage that further, and provide other services to our other licensees. I do think it's a growth opportunity as well. I don't know. I mean, obviously structured agreement is an amazing thing for Playtech, one that worked really, really well in the past few years and today. What we see is that some of those operators, and I think I mentioned it before, especially the big ones coming from retail that were hit by COVID, and suddenly online is not just another expansion of the business, but actually becomes a necessity because you can wake up one morning and all your business is retail until the shop is being opened again or the casino, the land-based casino. All of them in the past few years or in the past months, actually rushed to get more and more online business. We see them preferring to choose a trusted partner, hopefully us in that sense, and preferring to go to use our IMS as a platform. One of the other things we see as well is they come with a lot of knowledge and smartness in gambling operations in retail and land base, and much less in online. We believe that even if it does not amount into a structured agreement, there is a potential for us to increase what we do in terms of rev share through additional services, and we can be more flexible about it. Just like we've been more flexible with our business approach, with our platform, and with our business structure, we can be more flexible in how we extend those services. We think that ultimately, not only would you get paid more rev share as part of those services, you would actually make sure that those licensees will lead the market and will pay you more rev share also in the other parts of the business. It kind of a thing that fits itself and all in all makes more sense to us. I hope that kind of answers the question. Thank you. Sure. Leslie. Thank you. Thank you. Hi. Just a couple of follow-ups, please. First one on Chris, on your waterfall chart, you talk about all the different drivers of that $90 million-$130 million. I know there's overlaps, but any sort of ballpark in terms of how much contribution that North America, sorry, not North America, U.S. and Canada can provide? The second question is, we spoke a lot about sort of the quality of the product and content. You haven't spoken very much about pricing. How competitive is your pricing across your various products, and are you seeing any sort of downward pressure on that pricing? Thank you. Yeah. On the growth, you know, the different sort of contributors to that growth, I touched on it briefly, but I think the initial drivers will probably be more Edo and Live, with an element of that coming from the U.S. and Canada, but Live more globally. The U.S. and Canada is, you know, as we've said, you know, a few times, we've invested in building a foundation there and a team there. The revenue is gonna come and follow that. I think over that medium-term time period, the U.S. and Canada will become a bigger contributor. I think in the initial days it'll be Live and SaaS will be the bigger drivers and then the U.S. and Canada to follow sort of shortly behind that. Maybe I'll start with the pricing, and Mor will help me out. I think when we look at ourselves and we look at the models of pricing, we see ourselves as quality suppliers of technology and of content, right? We strive for the best quality in the market. We invest a lot in it. We invest a lot of R&D, a lot of time, a lot of passion, a lot of love in the products we build, in the technology we do. We try, we work very hard to make sure the people we have are the best people in the industry. This is part of who we are and what we are, right? Accordingly, we want to make sure that our pricing is fair. We don't like to come to the business with the highest range of pricing because we don't want to squeeze our partners, our licensees. We want to work with them hand in hand. We want to come to a price offering that makes sense to both sides. We think and we see in our experience in the last decade or so that I've been in Playtech at least, is that when fair pricing and fair commercials are involved in the business, you build a long-term relationship, and gradually you will get more and more products and more and more income and more and more shelf wallet from that operator or licensee diverted to the Playtech product. We'd like to come with fair prices. On the other hand, we would not like to see our prices, you know, hit bottom rock or do things that some of our competitors do, and sometimes they will really reduce the price to try to compete or take the prices of the whole entire market down. We don't. We keep a stand of what we think is a fair price of model going forward. One of the good things about Playtech is that consistently over time, you know where we are and who we are and what we're gonna do. We're not gonna come and squeeze you when we see that you can be squeezed, and we're not gonna come and, sorry, say, drop our pants just like some of the competitors do because we believe in what we do and who we are. We think, again, as you would have seen in the presentation, that given time, it has paid us off. People know who we are. They trust us. They know what to expect. They know what to get over time, and that's kind of the model of pricing. We have been asked in the past as well, you know, there were a lot of mergers, right? What do you do with mergers? What happens? There is some squeeze there. Yes, there is pressure. There is a lot of negotiations, and we just mentioned dark rooms and SAS operatives and how we handle negotiations. Obviously, in reality, things are much more colorful and lighted. I'd like to think that again, in the last couple of years, I don't remember, maybe one incident, I have to be honest, but probably the other 99,000 incidents on a very friendly and businessman how to conduct a business with all of our partners. We really like to work with them in hand in hand. They know what they get. They know what to expect. We come with a fair price of model. We don't see any large pressure. There was more pressure a decade ago. I would admit there was. Obviously, pricing was much different when Playtech was kind of alone between 2000 and 2010. Most of the prices have already aligned to kind of a market normal prices and to a really good place where we feel comfortable and where we really feel that the prices are going to last for the years to come, and I feel quite comfortable about it. Mor, do you wanna... I will just say we will not hesitate to do the right thing. It's not necessary, as you heard, because there are no real pricing pressures. I think most important for me when I look and I always try to go back to data, we just won two tenders, the extension of two tenders, government tenders with two monopolies, right? One, we announced, one we haven't yet even announced. I'm not sure that they made it public, so we can't really refer to it. In both cases, we got the rating around the tender, and I can tell you that we were very, very close to the others. In one case, we were slightly below. In one case, we were pretty much in line with the others. It's not necessary. If it will become necessary, I think that given the scale of Playtech and given the size, the quality of products, we will do whatever is necessary to win business. I'm not suggesting we are going to drop the price, but we will be very competitive in our approach in order to secure new businesses and extend existing relationships. Thank you. Let's wrap things up. I'd like to thank the speakers for attending and all of you as well. Final part would be lunch, which will be served next door. If we make our way over there. Thank you, Sandeep, for arranging everything. Yes. Thank you, Sandeep. Thank you. Thanks a lot.