Hello. Good morning, everyone. This is Tsachi here from Aspire Global. I'm here in the same room with Motti Gil, the CFO, and we are very proud to present Q3 2021 presentation. We are very happy with the results, and we hope you will see some interesting things on the slides we have to show you. At the end of the presentation, there is an option also for Q&A, and there is also a link in the invite where you can also send your questions written, and we can take them right after. I will start off with the overview of Aspire Global for any potential investor that may be not familiar so much with Aspire Global. What we can see, Aspire Global is a company that own and offer various of products and services in the gaming sector. It services the products that probably control the majority of the value chain of gaming. It means that we have more and more products of the operator's need in order to operate a successful brand, and we are selling at least one of those products, one or all of the products, to all the partners and operators that you can see on the screen, and this is just an example of some of the familiar brands and operators that we are working with. Those partners are reselling our products to the end user, and they are doing it in four different continents and, of course, targeting mainly regulated markets. I am moving now to the financial highlights. I'm happy to report another all-time high revenue. Although some markets started to have a little bit more challenging regulation requirement, especially Germany, and we can see how Germany acted. Although all those noises in the market in the last few months, I'm happy to show that we are one of the few companies that has succeeded to grow high double-digit growth year-over-year in revenues and also in EBITDA, and we can see also that the earnings per share was an increase of 62% over last year, and the EBIT also increased by 38%. All in all, the revenues in the quarter was EUR 58.6 million, and the EBITDA over EUR 9 million, EUR 9.1 million, which represent 38% increase. The EBITDA margin was slightly lower than Q3 2020, and this comes mainly, and you will see it in additional slides later on, mainly from the taxation. We almost doubled the taxation in Germany, and of course, the profitability margin was affected by that. I'm moving on to some key business wins that we had in the quarter. We tried to put here some examples from the different products that we have. For example, we have the first operator, it's called Bettarget, that went live with our own proprietary sportsbook that we bought, BtoBet. We connected BtoBet to Aspire Global, and we started the rollout. Bettarget was the first operator to go live. Since then, you will see it also in the next slide, we already rolled out to more operators in our network. We have some interesting deals in games that we signed. BetPlay in Colombia. BetPlay is one of the biggest operators in the re-regulated Colombian market. Also granted with the West Virginia a permanent license in the U.S. Also, FansUnite, an operator that targeting Brazil, we are offering him our games. We also signed with Esports Technologies. Yes, it's the same company that also acquired our B2C, but regardless of this acquisition, we signed with them on another brand that they have on another platform, and we are migrating them into our own platform and products. This is a very strong deal that we believe will contribute a lot in the future. Another deal that we have, especially for Brazil and Latin America, we signed an exclusivity with the very famous local content provider, Ainsworth, in order for Pariplay and Aspire Global to be the only one that can distribute those games in Latin America and Brazil, which is a great achievement for Aspire and Pariplay. In the quarter, in the last days of the quarter, we also did a very strategic move of Aspire Global, from a company that have also B2C and B2B. What we did is selling Karamba to Esports Technologies. The beauty in this transaction is not only that Karamba will now have a dedicated strong company, a public company in the U.S. that aims to be a very big operator in the future and to push Karamba to the attention that it deserves. Also they will continue to work on the Aspire Global platform for additional at least 4 years. Overall, what we can see and summarize from the transaction is that it is a EUR 65 million valued transaction that should be closed and end in the next 2-3 weeks. It is presenting a multiple of 9.5x the last 12 months of EBITDA of Karamba. When I'm saying last 12 months, it is until Q2 2021. Aspire, because of the fact that Karamba will continue and Esports Technologies will continue to operate Karamba on the Aspire Global platform, we are expected to gain additional EUR 70 million, approximately EUR 70 million, it can be even more, in royalties over the next four years. The EUR 70 million is only if Karamba will not grow. If Karamba is growing, the royalties to Aspire Global will grow as well. This is a very interesting and strategic move that by that move will make Aspire Global a pure B2B supplier. I'm moving on to the next slide where we are actually showing the journey of Aspire Global of executing the strategy with having the ability to invest in the B2B. This slide with a little bit animation comes to show why and how we are doing what we are doing. In the beginning, let's say until 3-4 years ago, if you can see here on the slide in green, this was the only thing that was proprietary for Aspire Global. We call it the core, the gaming platform and the managed services. By having those two products until 3 years ago, we gain an X amount, X percentage of the operator wallet share. Then what we did is we acquired two companies that replaced the third-party suppliers that we were dependent on. With this value-added acquisition, we are now not only owning more in the value chain and giving us the option to have less expenses and to control the roadmap, but if you see, our share of the operator wallet is increasing, and this is not the end. Even today, we are still using third party in some aspects, is the live dealer and bingo. What we are expecting in the future, and this is something that we also mentioned in the past, we are on the lookout to see how can we acquire also a live dealer and a bingo product in order to control more in the value chain. Once we will do so, it will be our own product, proprietary, that we will control also the roadmap, and we will have more in the wallet share of the operator. Our royalties will come from an X amount to three times X in order to gain our royalties. Of course, Aspire Global will become, already become a solely B2B supplier. By doing this, the sale of the B2C and controlling more of the B2B product, we believe that it will give us a much more focus on the product and technology. Also, by the sale of the B2C, we are going to invest much more in the technology and the product in order to make sure that we are fast to market, not in one market or three markets, in many markets that we are working currently. This is the aim. There are more and more regulated markets. Each regulated market has its own challenges and difficulties and ambition, and we want to support our operators with a strong advanced technology and product. We are going to increase our investment in some focused markets. It's true that Aspire Global working already today in many regulated markets. We define, and you will see it further on, two markets where we are going to invest even more towards our operators in order to grab much stronger position in the future. Those markets is the U.S. and Brazil, so we are going to invest even more in order to have a strong position there in the next few years. Also, of course, by Aspire Global becoming a pure 100% B2B company, we are minimizing the risks on the company. This is something that not only minimizing the risk going forward, but also will improve our profit margin once we will be without the B2C lower historically margins. As I said before, I'm moving now to the two focused markets that we have in order to provide a little bit of a background and what we did and what is expected to be. The first one is Brazil. Brazil is a multi-billion dollar market. It's very interesting because in the coming few months, we suspect that it will be between 3-12 months, we understand that Brazil slowly will regulate different verticals. We already know that the state lotteries, you know, Brazil have more than 22, I think it's around 27 states in Brazil. They already regulated one state for the national lottery, and when I say national lottery, it's including sport and also some scratch cards and instant games. Already one national state lottery rolled out, and it means that the next will come up, and we want to be in the next one. Of course, also the sports vertical will follow, and then it will be gaming. We want to be there with all of the Aspire products. We want to prepare our technology and products for this market. What we did, and we will continue to do, but what we already did. First, we signed very strong local content from Brazil in order to be on our portfolio of content. It's Ainsworth and FBM. It's very strong land-based casino content in Brazil. We are also adjusting our sports retail solution to be a perfect match for the Brazilian market. They have, you know, every state, every market have its own look and feel, own special important things that the market and the audience want, and we want to adjust to it. We also partnered already with operators that put a ticket that they are going to target Brazil in the future, and we will be happy to support them, and we already have four operators that mentioned that Brazil will be their one of biggest markets. We are happy to support them as well. I am moving now to another focus market, which is the U.S. In the U.S., also some interesting things. It's true that we had a temporary license in West Virginia, but I'm happy to inform, and I think that we released also a press release around it, that we were granted a permanent supplier license in West Virginia. We also presented in the G2E, the biggest gaming conference in Vegas, that was in the beginning of October. It was a very successful conference for Aspire Global being there for the first time. I must say that the traction that we feel is something that already in a very short time, we can say that we are in a nice progress and participating in three different RFI tenders for platform, sportsbook, and managed services deals. This is very nice for a company that declared only a few months ago that U.S. is our future market. Some nice slides of us showing that also the market recognize and reward Aspire Global on all of its products and companies. We can see very nice and prestigious magazines that they already gave a winning star for Aspire Global as the best platform provider and more. I can say that Karamba and Aspire Global are also shortlisted for additional awards that probably will be published soon. We hope to win. We also have BtoBet and Pariplay that already won in some of the awards, and of course, shortlisted for some of the awards that will come soon. It's something that when you see the Aspire Global on all of its companies and products. If an average company have between 0-3 nominations, I can say proudly that we have more than 10 nominations, and it's just showing the strength of Aspire Global in becoming more and more present in the people and the gaming state of mind and the decision makers, which is very nice to see the development of that. Some numbers. If we will take the revenues and the EBITDA, what we can see is that Q3 was all-time high record in revenues, EUR 58.6 million, representing around 46% increase year-over-year, and almost 5% quarter-over-quarter. We can see that the growth was in all the segments that Aspire Global is selling and having. The special success was also in the regulated U.K. and Irish market. We can see that the EBITDA grew almost 40% year-over-year. When we check it quarter-over-quarter, there is a slight decrease of 8.4%, and we can say that the profitability was affected mainly by the much higher taxation in Germany. I must say that the fact that other markets, other companies in the gaming that were active in Germany saw a very big decrease in Germany and overall, and I'm happy that Aspire was able to mitigate this decrease with the innovative BuyWin feature, which allow us to stay very nicely close to the EUR 9 million in profitability, and this is the only reason for the slight decrease. When we check now zoom in only on the B2B. We will zoom in on the gaming platform, the sports solution, and the games and aggregation. The B2B as a whole, without the B2C, just the B2B, this is how the segment looks like. The revenue grew 40% to EUR 42.6 million. The EBITDA grew by 45% to around EUR 8 million, and this is something that we are very proud that although the markets are noisy, although there are a lot of things around that we hear and we saw the fear in the market, we can see the strength of Aspire that once we have more than one product, we are active in more than one market. We can see that we can get over some of the challenges probably better than many other companies, and this is the idea of Aspire, having many business lines, many markets, in order to have a sustainable growth into the future. This is something that we are very proud of. What we saw in the quarter is also that we started rolling out the proprietary sports solution to some partners that already work on the Aspire Global platform. When we will zoom in on the gaming platform, only the biggest segment in the B2B, we can see that the revenue and the EBITDA grew 25% year-over-year. There is also a very nice quarter-over-quarter growth, so if we're not mentioning it here, but we can see that the growth is continuing also quarter-over-quarter and representing a really all-time high result for revenues and EBITDA. This is something that also when we compare it to historically challenging few quarters, Aspire Global succeeded doing a very good job in that aspect. Some enhancement, a little bit on the product to put you as investors in the interest of what Aspire Global worked on in the quarter. Some interesting things. First, we have more and more native apps that we are releasing to our partners, and those apps we are adding more and more games and features, and this is something that allow them to promote their brands in more channels, which will eventually not only will grow their business, but will grow the Aspire Global business. With BtoBet, we didn't have only one partner that went live on our platform. We have already 5. We are rolling out a lot of partners and brands into the BtoBet own sports solution that we have, and we are expecting to finish everything until the end of the year. The AspireEngage, I must say, the revolutionary product of the CRM that we developed for over a year already rolled out to 23 brands. I must say that when we are selling the Aspire Global to potential operators, this AspireEngage is a winning deal for us. We see it, we see the traction, and we will continue to invest in the AspireEngage CRM tools. Last but not least, we completed the second phase of the Authentics. Authentics is the automation that we are doing into our system, so not only our employees will have a much easier ability to manage our partners and players, but also the players with the user experience to have much more elements that are not dependent on manual support from employees. This is something that we put in our mind for the future to automate more and more our system. I will move now to the sports segment. Also in sport, there is a very nice increase in revenues of 57% year-over-year. The EBITDA decreased a little bit year-over-year and now at EUR half a million for the quarter. As you saw from other sports books in the market in the last quarterly reports, we can see that there were some weak sports betting margins and players' favorite results. It happens. Of course, we need to see the turnover of the sports betting, and what we can see that it was a record high betting turnover in the quarter. More and more players are betting, and eventually, when we are looking at it on a yearly basis, once we have more and more turnover on our sports events, it means that in the long term, we will have higher margins and revenues from this segment. Some interesting progress for our sports book in the market. BtoBet is now certified and have market access to a more European regulated markets, whether it's the UK, whether it's Malta authority, Denmark and Poland. This will give us more and more access to more and more operators that want to switch their sports book or to join and have our own in this market. I will move now to our aggregation and games, the Pariplay segment. We can see a continuing trend of revenues that they're now reaching EUR 7.8 million, representing 66% growth year-over-year. Also, the EBITDA grew almost 90%. This is something that you know a company that's growing very high double digits year-over-year, and we don't see the end to it, and I'm happy to present also the development around what Pariplay succeeded to do and will contribute to the continuing growth of Pariplay. We went live in Colombia with BetPlay. We received a permanent license in West Virginia. We entered with a FansUnite in Brazil and signed Ainsworthe for the Brazilian market. Interesting, you know, we signed 8 new partners in 1 quarter. It's a lot. We also went live with 5 new partners in the quarter. W hen we signed 8, I must say that there are at least 30 more operators waiting to go live. This is an amazing pipeline. We are trying to prioritize, of course, and to see how we can make sure that at least the big one will have a better prioritization and to go live fast. We are increasing the manpower in Pariplay in order to make sure that we will be able to continue and support this tremendous growth. We released 6 new games in the quarter, and we added to our aggregation 4 new game suppliers in the quarter. I'm moving now to Karamba, probably the last quarter that we will present Karamba, if not last or before the last. Karamba was sold, but this is a very nice quarter for Karamba. We can see that the growth continue, reaching almost EUR 20 million in revenues, representing a growth of 60% year-over-year. The EBITDA grew only by 1%, representing EUR 1.1 million, and we can see that it's a decrease from previous quarters. We are taking this decrease to the two aspects. One, to the German market, that Karamba is still active and by that paying more taxes in this market. Second, in order to overcome the German market and to grow not only in Germany but also in other markets, there is a further investment in marketing. I'm happy to hand over Karamba, who is in great shape, in a growing trend, to Esports Technologies, and I'm happy and sure that they will be able to take it even further in the future. I will now move to the financial position of Aspire Global. Moti, for you will probably also talk a little bit of the B2C sale, and maybe we are not seeing it now, but in the future. Motti, I'm handing for you. Thank you very much. Looking at the right chart, we can see the cash position and the cash development within the quarter. We can see that from operating activities, we generated around EUR 8 million coming from the strong business momentum and also supported by corporate tax repayment. If you recall, in the previous quarter, it affected and reduced the cash coming from the operating activities. Now it contributed as we received this refund. On the investing activities, we invested around EUR 3 million mostly in our technology. We ended the quarter with a cash of approximately EUR 24 million, of which almost EUR 6 million is attributed to player balances. Looking at the left chart, we can see the balance sheet, the strong balance sheet of the company with cash and current assets exceeding the current liabilities and the equity that continues to grow as the company continue and being profitable. On the operational expenses. We can see the administrative expenses that grew on the absolute numbers. Looking at the percentage out of revenues, we can see a decrease compared to the previous quarter. We can see that we can still demonstrate the scalability and the efficiency of the company while providing the services to our partners. On the distribution expenses, we can see a reduction from 68% in Q3 2020 to 63% in 2021, and this was mainly driven by the synergies as we are moving more and more to Pariplay. Also taking into consideration that with the BtoBet, we only started the rollout, so we can expect additional synergies coming also from the integration with the BtoBet going forward. Of course, as the company grows, the economies of scale and efficiency measures that we are taking, improving the results. Last, as Tsachi mentioned previously, the increased taxes in Germany. We went from around 6% in Q3 2020 to around 12% in Q3 2021, mainly coming from the German market, but we managed to mitigate it by the implementation of the BuyWin feature that we saw as a great success in the German market. Moving to sustainability. For us, sustainability is something that is embedded with everything that we are doing. We have four focus areas environment, safe user experience, people and safe digital environment. I'm happy to say that we continued to do a lot of activities together with the company's employees contributing to the environment, doing a lot of activities, and happy to share that also during this week we are an official supporter of the Safer Gambling Week in the U.K. We have our partners also showing safer gambling banners and messages throughout this week to the U.S. customers. A lot of activities being done on this part, and we will share more in the annual report. Thank you, Motti. When we are moving to the summarizing slide, we can see that Aspire Global continued to grow. When we are rolling, we are representing here in the rolling twelve months for each quarter. We can see that in the revenue, we are already achieving more than the EUR 200 million that we promised to the market for 2021. Again, and not for the first time, we are meeting our targets before the targeted time. For the last twelve months, EUR 206.8 million, EUR 207 million in revenues. Also in the EBITDA, we mentioned that we will be in 2021, or in around EUR 32 million. I'm happy that in the last 12 months of Aspire Global, we are reaching almost EUR 36 million in revenues. We're already exceeding the targets, and we expect us to continue and grow. It's a great slide to show with our investors. It's not the end. There are some very high and strong plans that we have for the future, and we try to summarize some of them. There are many, many plans, but we try to summarize in order to put everyone on the same page of Aspire Global moving forward. In the sport, it's true that we already rolled out our integrated sport solution to five partners, five operators. We are planning to have more and more until the end of the year. The full 2022 will be with our sportsbook serving our partners on our network and our platform. This is something that of course will enable Aspire Global to have a better profitability and better margins once we have it in-house and not paying a third party. We are creating the infrastructure for our sportsbook to localize our products in the U.S. and Brazil. We have high ambitions. We know that it's not a game that we are going to win in one quarter or two quarters, or one year or two years. It's a long shot that we define by acquiring the sportsbook bit of it, that in the long term our sportsbook will be a leading one. We are preparing everything that is needed and aiming to have a very strong product for the U.S. and Brazil in the coming months. Also, in the games, we want to take the advantage of Pariplay and Aspire Global having a stronger and bigger distribution abilities for our aggregation. We are having more and more licenses which provide market access to operators, and by that, to attract more tier one operators to see that they must have the Aspire products and games and aggregation in their focused market. The biggest markets in the future will be for sure, the U.S. and Brazil. Last but not least, the position of Aspire Global. I mentioned a little bit throughout the presentation the position of Aspire, the name is getting more familiar to most stakeholders, to more decision makers. I must say that the attractiveness of Aspire, which is one of the few companies in the world that have really gaming platform, managed services, sport, aggregation, games, and in the future more. We are owning it. They see it as a very attractive proposition in order for them to have a very speed to market and only one focal point to have a contract with and not to have different type of contracts when they want to operate their online brand. We see it as an attractive proposition. We are in a very nice strategic discussions for very interesting deals in some of the markets that I mentioned before. There is a very bright and interesting future for Aspire Global, and this is a great moment to build. By that I also want to thank the Aspire Global staff and the employees, which we have already more than 550 around the world in more than five different offices. Thank you guys. Appreciate it very much. Working hard from home and office. By that, I'm finishing the presentation and ending it to the moderator to see if there is any question from the audience. Thank you. We're now ready to take your questions. If you wish to ask a question, please press zero one on your telephone keypad now. We have a question from the line of Marlon Värnik from Pareto Securities. Please go ahead. Hi, good morning, Tsachi and Motti, and well done with the Q3 results. First, just a question on the rest of Europe. It's down 10% sequentially, quarter-on-quarter. What markets have performed weaker sequentially during the quarter? Can you say anything about the negative reopen effect? As I mentioned in the presentation a little bit throughout the slides, I can say it clearly. The German market where we were active and still active, it's a market where there was a change not only in the taxation throughout the last period, where we are paying and our operators are paying more tax, but also in the requirement of the market where the players have limitation. If they used to entertain themselves with more than EUR 1,000 a month previously, now there is a limit. Once you have those limitations, it can take the overall income from that specific market a little bit lower. I want to take the advantage of this question and say that Germany is a positive outcome because of all the changes in the market being regulated with a lot of technological requirements. We see very nice traction from operators that some of them even have their own platform looking to have a third-party platform. We have those discussions now. We see Germany, in the long term, a strong market for us to even be bigger because we have probably a product or products that can be adjusted to the regulated market faster than others. It's a great opportunity for Aspire in the long term. In the short term, quarter-over-quarter, what we saw, it was mainly Germany. It's under the negative effect sequentially is fully explained by Germany. No other markets that's seen maybe some negative reopening effects and so on. Correct, and even the opposite. Perfect. Question maybe to Motti on cost base. I mean, distribution expense, that is, EUR 37 million for the quarter. It continues to decrease as a share of sales, even including the taxation effect. Can you say what's driving the scalability here, and how should we view the development here for 2022, given the shift from SBTech to BtoBet and so on? First of all, the distribution expenses, they include a few elements. They include the marketing activities which are related to the B2C. Going forward to 2022, it will not be a part of the distribution expenses for Aspire Global. We have the content, we have payment processing and the royalties to our partners. Those are the parts of the distribution expenses. We lowered it as a percentage of revenues due to the synergies, because if in the past we took content from third parties or paid for aggregation to third parties, so now it is being done within the group to Pariplay. As we just started to roll out for the sportsbook with BtoBet, then for 2022, we can expect additional effect of synergies coming from the sportsbook. We expect additional cost reduction and synergies for 2022. Okay. Similar question for admin expenses. It's down 7% Q1 QoQ, despite I assume ramping up some personnel. Can you comment a bit here? Thanks. Also how we should view it for 2022. Again, on the administrative expenses. It is related not only to employees, but also to some other operational expenses that are relevant for you know, our operations and managed services that we are providing to partners. Here again we have now a group of three companies. We are trying to see what synergies can be done. We are trying to have better negotiations as we have economies of scale here. We can expect you know, additional synergies going forward, but more moderately than in the distribution expenses. Okay. Thank you. Just a broader question is maybe to Tsachi here on U.K. I mean, they are reviewing the gambling laws there. Any comments here on your expectations and potential effects of that kind of sort of laws on Aspire Global? You know, right now, in the perspective of more than five years working in regulated markets, and especially specifically in the U.K., there aren't many news that will surprise us. Yeah, we are expecting every few months for a new requirement. There is also a new requirement for the implementation of the game, with how to present it to players, that we needed to do some adjustment from October first, which we did. This is like business as usual. If we will see something that will trigger a potential decrease, we will do a lot in order to compensate from other channels, and I'm happy that the company is very much diversified. It will be probably something that we will be able to do. Right now, I don't foresee anything that is on the table that might jeopardize at least not significantly on the Aspire Global performance. Yes. Thank you very much, Tsachi, Motti. It was all from it. Thank you. Thank you very much. Thank you. The next question comes from the line of Hjalmar Ahlberg from Redeye. Please go ahead. Thank you. Maybe a question first on the Dutch market. I guess this is a small market for you right now. What are your expectation here? Do you think you will be able to gain traction in this market as it opens up now for regulated business? I mean, on top of your Pariplay business, but for the core business, for example? I didn't talk about it, and it's a great point, and thank you for raising it. Referring to your first part, yes. I f the Netherlands was significant, so probably would have released something about it. It's not. For the existing regulated markets, so the same comment with Germany, we see that when there is more than one regulated market that coming up, new regulated market in a year, so we see that many companies are being challenged to support it, to adjust the platform and the product. We can see also for the Netherlands that there is very nice traction for the Aspire Global product. I can tell you that some tier one operators that you will consider them as tier one. Even if they have their own platform, they're talking with Aspire and thinking of taking us. With some of them, it's a little bit more advanced. With some of them, it's a little bit early stage. This is something that we are going to enter the Netherlands market with the full suite of product, the gaming platform, the sportsbook. We are already in with Pariplay. We just released the news about Holland Casino, and we have more in the pipeline. This is something that we are aiming to have a nice presence in Holland. I believe that the significant income from Holland will start coming the second year of 2022, but of course, more than that in 2023. Got it. Thanks. I mean, you now are divesting B2C, and you're strengthening your cash position even further. I mean, you mentioned in the presentation that you're looking to add more maybe verticals, so to say, on your platform. Could you say a bit more here what you're looking for? Was it, for example, live casino and bingo, or is it more kind of products that you're looking to add to your platform? We are looking on content and verticals. We believe that if we will have more verticals owned by us, it will enable us to serve better our operators in any regulated market, not only because of the product ownership, but also in the cost saving for them. Because at the end, if they will take more from Aspire, we will be able to give them a better price than if they will take it one by one from different third parties. Yes, we are looking at bingo because it will open up some interesting markets, Latin America and U.K., that are in favor, and bingo is very popular over there. We are looking on live dealer. I can tell you that there aren't a lot of deals or companies over there that we are not familiar. With the recent deal yesterday with Authentic Gaming, this is something that was on our table, and we chose not to take it. We are looking at a lot of things. In regards to other platforms to acquire, this is not on the agenda right now, but you never know if something interesting will come. This is not the first priority for us. Got it. I mean, your strong cash position, are you also thinking about other use of this cash when share buybacks, extra dividends, or something like that could just be on your agenda as well? Regarding uses of the cash flow, if it will be for a dividend, then this is something that we will, you know, consider. Usually, we are doing it in the Q4 report, where the board take into consideration all of the initiatives that we have on the table, and then you will recommend to the AGM whether to distribute the dividend or not. As for a buyback, again, this is something that we will evaluate. Once we'll have anything to inform the market, then we'll issue a PR on it. At the moment, no plans for both. Got it. A final question on financial targets. I mean, you're now above your 21 target on run rate. Will you provide new financial targets, or will you wait until you have final divestment of B2C and provide financial targets for the kind of new pure B2B company that you will be afterwards that? Right now, we are not planning to provide new projection for the next period. We will consider it in the board if it will be for the benefit of our investors and shareholders to have this external projection for the company. We have high expectations. We expect to grow more and more in the coming years, but I'm not sure that we will provide additional targets, long-term targets. Maybe because of the outcome of us meeting it twice, and this is something that we didn't see the appreciation from the market. If our peers are not doing it, we need to assess whether it's something that should be out or not. We have high aggressive plans internally. Yes. That's all from me. Thank you very much. We have one more audio question from Russell Pointon from Edison. Please go ahead. Morning, Tsachi and Motti. Congratulations on the results. I have a few questions, please. First on the U.S., could you just talk about how the rate of progress with gaining the new licenses is progressing versus your expectations? Next, could you also- Mm-hmm Give some indication of whether you're seeing any negative effects from what's happening in Austria at the moment? Because it seems like a difficult market for the operators. My third question, with respect to Brazil, with all the individual states, could you just talk about how uniform the offer is amongst the different products that are, you know, provided by the different operators and so therefore, is it going to be a relatively difficult market to get into state by state, or is it relatively easy? Thank you. Thank you very much, Russell. For the first question of the U.S., the fact that we recruited a U.S. managing director for Aspire Global is, of course, making things a little bit faster than it was before. This is the idea of having someone that is waking up in the morning or in our afternoon and having only U.S. expansion on his agenda. This is something that already in a very short time, you know, he's with us for less than three months, and we are already part of three different RFIs. Regardless of those RFIs, there are additional two, three operators that we are discussing, and I hope to get into a very advanced phase as well. There is momentum over there. Of course, this momentum will be even stronger when we will win one, two, three significant deals in the U.S. We are working hard in order to make sure that not only we will have this deal in hand, but also that the infrastructure will support it once we will need to roll it out. It looks very promising, I must say. We created dedicated teams inside the company in the different verticals, in BtoBet, in Aspire, in Pariplay. We created dedicated teams in order for them to be specifically minded to the U.S. market. This is for North America and U.S. Regarding Austria, I'm happy that Austria was not a big market for our operators and partners. Yes, from time to time, there is a player that can complain that a few years back, he needs to have a refund or something that he want to receive back from expense that he did a few years back. We are managing it case by case, but there isn't any significant outcome around it. I must say that we also limited the spend of the players in order to make sure that in the future we will not have anything significant for our operators. Again, it's more important for us to have a sustainable growth, even on a short-term profit. This is in regards to Austria. Regarding Brazil, it's very interesting because it's a very sport-oriented market, it's a very retail-oriented market, and we have all of those products. We are thinking of doing more things, the same as in the U.S. We are thinking of having maybe a special person, director that will head the Brazilian market. We know that we are taking some of our product websites those corporate websites where you can see a little bit more on the product, and also translate it and make it localized with the Portuguese of Brazil. We want to do a little bit different than others that just want to expand to Brazil. We want to be a localized Brazilian supplier for potential international operators or Brazilian operators that will come up in the future. We are looking at it differently. We are looking into lobbying the new regulation. It's different aspects that Aspire was not part of in other markets that we are really into it in the Brazilian market. That's great. Thank you. As there are no further audio questions, I'll hand it back to speakers. We do have a few questions, written questions from the webcast. Here's one from Pano. Hi, and thanks for the nice work on the quarter. I have a question regarding the sports segment. How's the roll-up on the core platform customers going on, and is the margin pressure temporary? How do you see the margin development going forward? We will roll out the BtoBet sports solution, our sports solution to all of our partners that are working on our gaming platform. We will roll it out until the end of the year. It's something that we are committed to. This is for that. You can be confident that this is what we are going to do, and it's already in the project timeline, so there isn't any way around it. In regards to your future, it will assist Aspire very much because think about every we didn't move, by the way, the big partners that currently have big sports volumes on Aspire. We didn't move them yet to the new BtoBet solution that we own. We expect that for 2022 and onwards, we will see the cost saving from one side and the increased margin from the other side. Don't forget that the BtoBet is a young company that is growing, so the volumes that will come from the operators of Aspire Global will contribute nicely to the BtoBet profitability later on. We will see higher margins in the next year for sure. Thanks. A question from Petri. Congratulations on your great quarter. Well done. EBITDA margin of BtoBet has decreased from 29% in Q1 to 18% in Q3. Also, revenue growth of BtoBet seems to be slowing down. How do you see BtoBet going forward? BtoBet is still a young company. Sometimes, when the results of the football is a little bit in player's favor, and sometimes if you have few players that are taking a little bit more than the usual. When the revenues are still low, the volatility is a little bit higher. This is how we see it, and I can say that there is a lot of pressure on BtoBet to roll out more operators that we are signing and to grow the team. It's not an easy task to recruit more and more. I think that in BtoBet, but not only in BtoBet, we have many open positions in order to support the growth. From time to time, we might have a little bit slower growth, but you can see that if BtoBet is now opening up its solution to more European markets and to more Latin America markets, I believe that what we see is something that is temporary and the future is bright for BtoBet. I must say very bright. Your target is to migrate larger brands to BtoBet's sportsbook on the AspireCore. When you have achieved this, what is the effect on your financials? How much should the EBITDA margin increase? I think that we are not breaking it right now. What is the expense that we have on each and every third party that we are providing, that we are having services from. When we are moving it to our own, this is something that I will not be able to share. If you will go to the past reports, and you will see the sports volume of Aspire Global, we try to translate it to GGR, and from that to understand what is the average industry commission for a sportsbook. This will be moved to our own product. If one will dip in, it will see what will be the effect. I'm not able to share the specifics right now. Okay. Here is a question from Håkan. Impressive quarter. Congratulations. I wonder when you hope to take the step to be able to offer a bingo platform and also a live dealer. Do you have a timeline for this? We don't have a timeline. It's a good question, you know. We ask ourselves if we need to. What needs to be stronger, to own the product or the quality of the product, and even if it happens few months after. From what we did until now and with Pariplay and BtoBet, the idea, the dynamic, the state of mind of Aspire is to do a quality acquisition. We don't want to stress ourselves with an immediate transaction just to check the box. We don't want it. We are exploring a lot, we are checking a lot, and you can see that if there are transactions out there, that is happening, and we are familiar with each and every one of them, and we didn't do, probably there is a reason why we didn't do. This is something that we are really exploring to have something quality that will be able to compete good in the market in the long term, not short term. There's a question from Atte. Congratulations for a great quarter. What's the trajectory for BtoBet's margin development going forward? I think it's the same question as be- Yeah ... it was BtoBet. I didn't hear. BtoBet or Pariplay? BtoBet. It's the same answer as before. Yeah. The margins will grow because one of the reasons is because we will move the proprietary operators that are working on our gaming platform. We will move it from the third party to BtoBet, so the margins will grow next year. A question from Petri. When do you announce new financial targets? When do you make decisions about return of dividend payments? I believe that this question was asked prior to the analyst question that Motti answered. Ah. I think we can move to the next question, if there is. Yep. What position do you expect Aspire Global to have in the U.S. in 12 months from now? How many signed operator agreements AspireCore partners to BtoBet have not yet gone live? There are some different aspects in the U.S. that are different than Europe or non-U.S., is the time to market. The length of the contract is longer than in Europe. We see that the deals that we are dealing right now, let's say it's around 5, 6 deals that we are talking right now, maybe few of them will happen, maybe not. If they will go live, they will probably go live on the second half of 2022. This is something that will probably not contribute a lot to Aspire in the coming 12 months. I think that if someone put his money and investment in Aspire Global, he shouldn't look only for the next 12 months. Because Aspire Global, through the acquisition that we did, and through the fact that we truly control the majority of the value chain of the gaming sector, and having in our services also the managed services, which is a very strong product that none of our competitors have in this perfection that we have it. We are looking in the U.S. market, and we know that around 25-30% of the GGR, the total huge GGR in the U.S. are coming from the tribal casinos that don't have a clue how to manage the day-to-day of the online operation that they will want to have in many states. We believe that by the fact that we have everything, we will be able to be the go-to for this segment. I believe that the tribal casinos, the Tier 2, 3, and 4 in the U.S., if you will talk to Aspire in 3, 5, 7 years from now, we'll probably be the biggest in this segment. Yeah. Thanks. Do you see the largest potential going forward by growing with existing partners or by gaining new partners relationships? It's a combination because the existing partners will continue to contribute, and if we will zoom in only on them, so we will see growth only from them. As Aspire Global becoming bigger and bigger, and more verticals and more markets, probably in order to support more than double-digit growth year-over-year, we will need to support it with also new deals that we will put in the pipe. We will see growth with the existing partners, but we don't want to be dependent only on existing. It's a question from Andreas. Why are you growing 150% in the U.K. when other operators struggle? Are all operators operating within regulated U.K. framework, including paying full taxes, et cetera? It's a question to ask them and not us why we are yes and they are not. We are looking at the regulated markets only for the long term. When we had the struggle in 2019, if I'm not mistaken, where we decreased a little bit the growth that we have in the U.K. because it was important for us already back then with the new requirements to meet them and to make sure that our operators meet them. We already saw something that we wanted to tackle 2, 3 years ago. Some operators, some suppliers probably did differently and waited for the fine in order to change. We don't want to be there. I'm not saying that nothing will happen in the future, but we don't want to be there. We are trying to do everything within the regulated framework from the beginning, even at the expense of short-term profitability. Thanks. There are no further questions, so I'll just hand over to you for some closing remarks. Okay. Thank you very much for the questions and the interest and for the people that listened to us early in the morning. Thanks Motti and the team, and of course you for Financial Hearings for supporting us. See you soon in Q4. Thank you very much. Thank you very much.