Hi, and welcome to Kindred's Q4 presentation. My name is Erik Moberg. I am an equity analyst at ABG, and I will be moderating the Q&A session after the presentation. With that, I leave the word for Henrik Tjärnström, CEO of Kindred. Thank you very much, Erik. Good morning, welcome everyone. Here, we have a wintry Stockholm. It was - 17 degrees this morning, traveling into the office. It's really peak season for us. Very good opportunity for us to offer our customers a safe and secure online entertainment experience. When we look at the trading update that we provided to the market on the 12th of January, it's almost now a month ago, I think it's worth reminding everyone what actually came out in that trading update just trying to summarize the very, very strong fourth quarter that we present today. It's a significant all-time high across many, many metrics. I'm more than happy to go through them in more detail later on in the presentation, but it's worth highlighting that it's the strongest financial results we've ever delivered as Kindred Group and by some margin as well. We've seen a material increase in number of active customers, which of course is the sustainable way of growing the business, and that's enabled us to also have a good development across both products and also markets. We have seen now that the hard work that the team has put in has enabled us to become the N umber 4 operator on the EGR Power 50 ranking for 2020. A testament to all the hard work that the team has put in that's enabled us to be one of the leading operators in our sector in the online gambling business. Also to highlight that the strong momentum we saw in the third quarter and that's now continued throughout the fourth quarter has also continued now into the start of 2021, with an increase in gross winnings revenue of 41% for the first 38 days versus the same period last year. Of course, also for 2021, we're expecting to have a very busy sports calendar, which is of course very good for us with the culmination of the UEFA European Championship or the crowning of the year with the UEFA European Championship in the middle of the summer. It will also take the opportunity to look at the overall sector where we are present and look at the global gambling market online and see how that's been developing. Also, as we get frequent questions on the COVID situation and this transition or the step change and increase in growth that we've seen from that, if that's just temporary or if it's here to stay for the longer term. We try to show this on this slide where we show the overall global market growth, also highlighting the U.S. interactive onshore, and these are numbers coming from the H2 Gambling Capital data set. The U.S. interactive is, of course, something that's known to most people by now, that it will be a strong growth contributor for the coming years. It's also encouraging to see that the yellow dotted line here, which is the old forecast, has now been sort of lifted to these white bars, and you can see how much the sort of current forecast is showing for growth in the global market, and clearly a pickup also significantly more than just in a sense the U.S. market contribution to the global gambling market. It's definitely to say that according to H2 Gambling Capital, the growth that we've seen, especially now during 2020, is expected to remain and rather accelerate the transition from offline to online. If we look closer to, in a sense, our traditional home, the European online gambling market, you can see this on this slide, and you can see how that's been the online element has been growing quite stable over the years. If you look at the compounded annual growth rate between 2016 and 2020, the market has grown with around 11%, and at the same time, we at Kindred have been growing around 19% in compounded annual growth rate. Not far off twice the market growth rate for Kindred. As a consequence, of course, we've also continuously been taking market share in the different years. Overall trend now is very positive that for the full year 2020, we come in on close to 5% market share. If we look at that and us being one of the leaders in the industry and also then possessing, in a sense, only a 5% market share, it gives us confidence to believe that we can continue to grow very fast and in line with the contribution, both from the overall market growth, but also that we can continue to grow faster than the market and continue to take market share as we have done over the last couple of years. If we look at other things that are contributing, not only the European market for us, but also the U.S. expansion that we have been on now for about two years. We have been happy to show during the recent quarters that we have accelerated our expansion, and Q4 is no different in that sense, and especially now also into 2021. We are happy to announce yesterday a further two states that we have got market access to the partnership that we have signed with the Quechan Tribe for California and Arizona. Those adds to the previously announced states that we have got market access with. Now we have market access agreements for up to 12 states across the U.S. As we highlighted at the time of the Q3 report, we now have secured access to more than a third of the U.S. population. Of course, the team on the ground has done a fantastic work and continue to do so in trying to secure further states as well. It's quite a few of the large states worth mentioning that still to implement a regulation, and it's only in the coming months and quarters and years that we can expect to announce in such states. We have a very good state mix and market access across the states that have been talking about an online opening. Some of the events that happened during the fourth quarter, and what we look forward to into 2021. We've launched Evolution live dealer casino in Pennsylvania. We also launched some local featured slots, also in Pennsylvania, together with the Pennsylvania Eagles. Also in Indiana, there's been development during the last couple of months where iGaming draft bill has now been introduced in the Senate after New Year's, and that can hopefully lead to legislation passing an introduction of iGaming opportunity in Indiana towards the end of this year. For us, we're expecting the next states for us to launch in addition to the three states we're already live in, will be Iowa and Illinois, and we're expecting those launches to happen in the coming quarters. We're also awaiting an outcome of our license application that we submitted in October for Virginia, and we're expecting to hear more on that in the coming weeks from the local regulator there. If we look back on 2020 more as a total and more Q4 in more specific, if we look at the strong sportsbook development that we've been able to show during the third quarter, encouragingly enough, that's continued now into the fourth quarter as well, completely normal that we see a peak towards the middle of the quarter, early December, and then that's tailing off to some extent towards the end of the year. That's exactly normal and in line with the sports calendar, which is a bit more slow towards the end of the year. Still, the turnover increased to a significant new all-time high here as well, with almost GBP 1.8 billion in turnover during the fourth quarter, up 30% year-on-year. We see a strong demand from our customers across markets, which is very positive. The sportsbook gross winnings revenue, that we highlight here separately, grew with 60% year-on-year, supported also by a slightly higher-than-the-long-term average sportsbook margin of 10% after free bets. Similar development if we look into our second-largest product group with casino and games, and also poker and other products. We see also here a very strong development. Even now when sports have returned, the strong development that we saw, especially in the second quarter, has continued now into the fourth quarter as well, and also new all-time highs in the casino segment. Gross winnings revenue across the other products, in a sense, grew with 49% compared to the fourth quarter 2019. We also got the award on the EGR award for the Casino Operator of the Year, which we're very happy with and is a testament to the work that the team is putting in. If we look at our market and market mix, as you know, it's been our strategy for many, many years, over 10 years now, to focus on growing our locally regulated markets faster than our.com markets. We're very happy to show here that 2020 was exactly in line with that strategy and ambition. Where you can see here that the locally regulated markets grew with 28%, our.com markets grew with 18%, overall full-year growth over 20%-24% growth year-on-year, which again is very strong, it's the first time that we passed also the GBP 1 billion in gross winnings revenue in one full year. On the right-hand here, you can see also what we're very encouraged by, that as we've been managing this transition from.com to.country, as a consequence, our locally regulated gross winnings revenue share has been increasing, as you can see here in 2013, from around 20% to now just over 60%. At the same time, as a consequence of that, of course, you can see the green line here with betting duties have been increasing from close to zero to now for 2020 to GBP 231 million in the last 12 months. At the same time, the red line you can see here where we've been very proud to show that we can keep the EBITDA margin fairly stable despite that steep increase in betting duties, showing the scalability of our business model. We also want to take the opportunity to depict a market. I think this is relevant to look at not only from a re-regulation process point of view, but also in a sense from a market entry point of view, like we do in the U.S. now. Here you can see what we're expecting in the couple of years prior to the re-regulation happening in year zero. We can see that the normal development as we're growing, then in line or faster than the overall market. At the time of the re-regulation, when we have an increase in margin pressure coming from the betting duties on the back of the regulation, but also that it can be a step change in marketing on the back of the opening of the market as well. That leads to margin pressure where the contribution will be dropping as expected for especially the first periods in a couple of quarters and years. Gradually as we grow in and as we go through these phases that we've shown in the previous quarterly presentations, when the market goes through the introduction phase, the positioning phase, and then sustainable growth phase, when that enters, we're expecting to be back on the same levels of profitability, say 18-36 months into the re-regulation process. We're very happy, as we can see on the previous slide, where we could show that that's what's happened also now with Sweden and that happened in 2019, where we've been as a group now two years into the re-regulation, and we can show that we have absorbed the Swedish re-regulation, and we're expecting a similar pattern to happen also now at the time of the Dutch re-regulation that is coming up closely or soon in time. It's also worth highlighting from a kind of state entry in the U.S. where it's a similar pattern when on the opening of the state or the go- live, of course, then our brand is relatively less known in the market, and we need to stimulate and invest in marketing to position our brand and attract customers. Gradually over time, as we grow in scale, we also reach profitability in those respective states. Of course, in the overall time, we will also across the different states that we're in. Many logics to look at this and see that the long-term trend is clearly in the right direction. If we talk about Netherlands in more specifics, as I said, the opening of the market is getting closer. We're expecting the law to be enacted and enter into force now on the 1st of April this year, so only in a couple of months' time. We're still expecting some further detail disclosures from or disclosure of details and further license conditions from the Dutch regulator, the KSA, and we're expecting that to come imminently. What's a little bit different in the Netherlands compared to other previously re-regulation processes like Sweden and Denmark is that we need to do an audit of our gambling systems prior to go live in the Dutch market. That will be happening now in the coming months and quarters. We have a dedicated team. This is top agenda for us as Kindred, and we are working very actively and hard throughout the group to get ready for the opening with license application, but also tech preparations. We're stressing that we have learnings from over 12 years of re-regulation that's put to work for the Dutch market. We just want to reinforce our commitment towards the Dutch market, notably in RG and sports, also what we communicated in our Journey towards zero that we communicated on Monday this week as well, which is, of course, highly relevant also for the Dutch market. We will be ready to go live on.nl as soon as we are allowed and as soon as we get awarded a license that we're expecting to happen sometime during Q4 or Q1 next year. On our Journey towards zero, we were very proud to come out with our communication on Monday and showing with facts and figures from our systems what the actual situation is looking like within an operator. This is clearly a very bold ambition that we set ourselves, but we are very minded that behind these numbers that we're publishing, there is individuals and potential tragedies. We clearly want to help everyone that is at risk of developing a harmful gambling to address that before the problem has arisen so that they can get their gambling back under control and have a lifelong relationship with us and enjoy gambling as a pastime like most people in society. This is an important step to come out with the first numbers. We have shown now that we have around 4% of our revenues coming from harmful gambling. This is the target that we have set for ourselves to go towards zero revenues, 0% of revenues from harmful gambling come the end of 2023. This is numbers that we will now publish every quarter and show how we're trending towards that bold ambition to get down towards zero. We're also showing the amount of customers that are developing and showing a more healthy relationship towards gambling after made contact from us with our systems. That number is now around 76% of the customers that we have identified in our player safety early detection system have adopted a healthier relationship to gambling after our contact with them. That's also a very positive number, and of course, we work very hard to trying to get that to increase over time as well. We also see that the customers with the voluntary control tools in Q4 was 12.3%, up 12% quarter-on-quarter as well. Of course, this is just a very short form of the communication we put out on Monday, please read more on this on our corporate site on unibetgroup.com/zero. If we go in on our financial results, and again, just highlighting some of the key points in the report. As I said, a significant new all-time high of GBP 365 million, up 54% year-on-year. Actually, in constant currency, that would be 49%, but still a very, very strong growth that we're showing. Locally regulated share gross winnings revenue GBP 222.7 million, also another all-time high. The strong focus we've had on cost control and combined with the strong growth that we've seen in top line, has clearly enabled us to show an even stronger development on underlying EBITDA, up 284% year-on-year to GBP 118 million. Again, also the first time ever that we break the GBP 100 million of EBITDA in one single quarter, more anecdotally, but still. Also very strong free cash flow generation. More on that later in connection with the revised dividend policy, GBP 111.2 million up close to GBP 93 million year-on-year in the fourth quarter. One of the things, as I mentioned, what's enabled this is the strong growth in active customers up 11% to close to 1.8 million active customers. All of this has enabled us to have now a net cash position of over GBP 100 million after the fourth quarter. If we look more on the traditional pictures on the gross winnings revenue, this is the full year numbers, as I said, first time ever breaking the GBP 1 billion barrier, very encouraging to see that the strong momentum has continued now from Q3 into Q4, also the year-on-year development has been strong over the last years. If we look by region, the growth has been similar to previous quarters, where the Nordics has grown slower than the other markets or regions, but still a good growth and 15% growth in constant currency. Encouragingly, if we pick out one, Sweden, we grew with around 15.5% for the full year 2020, whilst the market grew around 8%. Again, we're almost double the market growth, meaning that we're taking market share in the Swedish market as an example in the Nordics. Western Europe, where we have a lot of our big markets, also very encouraging to see that we're growing that with 58% year-on-year. Very strong considering the starting point that we had in this big region. CIS doing really well, up 53%, also the other segment where especially U.S. and Australia contributing strongly to the growth, up 162% year-on-year. If we look at the U.S. in more detail, the investments that we continue to benefit from the U.S. expansion, you can see here the Q4 numbers. Total revenue amounted to close to GBP 8 million for the full quarter, an increase of about 12% in constant currency. If you remember at the time of the Q3 report, we were down 8% sequentially at that time in a trading update. As we said then, we were confident that for the full quarter we would return to growth, and indeed we did so. That's despite a low sports book margin and relatively high bonus uptake as part of growing the database in the U.S., which grew at around 16%, as you can see here on the third bullet point. The full-year contribution in gross winnings revenue from the U.S. across the three states we're live in came in at around GBP 24 million, and that's up from just under GBP 2 million in last year. A significant growth, and of course, that's what we're expecting to continue, and also there that we're still expecting the U.S. to be one of our largest markets over the next couple of years. This fourth quarter, the start of the first quarter has continued with a strong development year-on-year, in line with the fourth quarter in revenues, but up 211% year-on-year, which is what we're comparing to in any other market. We've shown this slide in the last couple of presentations, and we're happy to do so here again. Just to show the overall long-term trend across most cost items in the P&L that we see a positive development, also between 2019 to 2020, but also in the second half of 2020, that is a further improvement. Of course, also the strong growth that we've seen in top line, combined with keeping cost more or less flat across the board, has enabled this good momentum and as a proportion of revenues that the costs are coming down quite quickly. Especially if we look so in the marketing, but also employee cost and other sort of above EBITDA OpEx. Regarding the marketing, it's worth mentioning that 21% now for the second half of the year or close to around 23% for the full year 2020, is lower than we perhaps guided for previously. Again, it's on the back of the COVID situation where overall cost for marketing in society has dropped as there's some sectors in society that have withdrawn more or less from marketing. Basically, we get more bang for our bucks and getting a better return for the money we spend, and we're still showing an increased share of voice despite marketing coming down over the full year. For the fourth quarter, it's worth mentioning that we were up sequentially as well and also year on year. We were up in marketing with around GBP 6 million. We are continuing to invest on the right balance to maximize growth and at the same time deliver good shareholder value. We're expecting this kind of level to continue for as long as the COVID situation remains, perhaps for the first half of 2021, and then gradually, as the situation normalizes, that marketing will come up. For the full year 2021, we're expecting to come in just under 25% in marketing as a proportion of gross winnings revenue. All of this with a strong focus on cost control, as I mentioned, has enabled us to deliver very strong EBITDA numbers, especially for Q4 and also Q3, and the full-year number now GBP 274 million for the full year, again, with a good trend and a good bounce-back from the more challenging 2019. We're very happy to show that the house is in order, and we are continuing to deliver very strong shareholder value despite the increased margin pressure from the transformation. FX, not much to say. We have seen relatively small movements. We had a positive of just under 4% overall for the group, and here you can see the impact throughout the P&L. If we look at the active customers, if you look at the compounded annual growth rate from 2011 to 2020, we've grown active customers with around 18% year-on-year. ARPU has increased with only 5%. Again, we're continuing to show more sustainable growth by growing number of actives rather than the average revenue per user. Again, a significant new all-time high also in active customers, which also bodes well then for the busy sports calendar coming up now in 2021. For the Sportsbook, as I mentioned, we came in on 10% after free bets for the fourth quarter, and for the full year, we came in slightly over the recent long-term average of around 8.8%, is the recent long-term average for us. This is completely normal, and it fluctuates between the quarter, but it's encouraging to see that the turnover was up, as I said, 30%. Despite the strong margin, we had very good growth in turnover, and that also leads that, as I said, 60% up in gross winnings revenue from sports. Worth mentioning that we're working hard to optimize the margin rather than maximize it, and the margin is quite stable looking over at least a 12-month period. By geography, by product, we show here the bounce back of sports have resulted that sports are now back to 49% of the total gross winnings revenue, which is aligned then with what we saw in the first quarter or the fourth quarter last year. From that perspective, the effect has tailed off in the product mix. By geography, the trend that we've seen in the previous quarters and years is continuing with Western European growing faster than the others also as it's a bigger market. That growth means that it's taking share of the overall pie. CIS holding up well on 9%, considering also that's growing fast, and also the other segment around 5% now for the quarter is also very strong, and we're expecting that segment to increase over the coming years and quarters. Also, the strong cash flow generation, as I highlighted, has made the board to look at the dividend policy for the group and revise that indeed, and do so with the structure basing it on a stable ordinary dividend in absolute GBP-denominated terms, and that will then be complemented with the share buybacks on top of that. The total payouts with dividends and share buybacks should, over time, equal to about 75% of free cash flow. This is up from the previously up to 50% that the previous policy had in itself. For 2020, the board is proposing an ordinary dividend of about GBP 0.33 per share SDR, equivalent to about GBP 75 million in total that will be paid out in two installments, one in May and one in November 2021. Also the other element in the distribution policy regarding buybacks, and as the board has a mandate from the AGM to do so, that's planned to start shortly. Of course, we will follow the rules and regulations and issue a press release before such a start is happening. Also, as I said, we're very happy and proud that the hard work that's put in by the team is reflected also in our ranking in our industry on the online gambling companies global ranking by EGR. As you can see here, we're up with the top, and now we're number four, up from number five. Again, it's a testament to the hard work that put in by the team, and I'd like to take the opportunity to thank the team for making this ranking possible. Thank you very much. If we want to summarize, when we summarize the quarter and also the full year 2020, it's encouraging to see that what's been happening over many years now has been accelerating throughout 2020 with the shift from offline to online. As we've shown here, it's expected to continue as well. Locally regulated markets drive the growth, which is encouraging, and that's also been very much part of our long-term plan, so we're very pleased to show that as well. Also that the U.S. expansion is accelerating. We have a very good footprint and market access portfolio now, and we're very eager to take those opportunities. As I said, we're expecting to launch more states imminently. And very much at the same time, our cost control continues so that we can really continue to drive scalability. The strong cash flow position that we have has enabled the board to look at and revise and come out with a new distribution policy. Also, not to forget that the strong momentum we've carried now into the first quarter has continued, and we're up 41% compared to the same period last year, or 36% in constant currency. Very strong development. I would also like to take the opportunity now that we're at the end of the presentation to deliver a special thanks to Inga Lundberg, who will be leaving us at Kindred now at the end of March. Inga's been with us for 17 years and been a part of delivering about 70 reports for us in the company. Really a milestone for Inga and for us as well. I want to take the opportunity to thank Inga especially for a good contribution and good cooperation over the last years that we worked together. Thank you, Inga. That's it. That's the Q&A. Erik? Yes. Thank you very much, Henrik. Just to start off, obviously Q4 was to an extent inflated by stronger than normal Sportsbook margin. Even when we normalize this aspect, it's pretty obvious that the underlying activity's accelerating both quarter-over-quarter, but even more so year-over-year. If you could perhaps just elaborate a bit on the drivers behind this in terms of specific countries, et cetera. Also this part appears to be continuing to accelerate in Q1. No, we're very pleased to show that. As you say, it's not just one single thing like the Sportsbook margin or indeed like casinos being boosted by the COVID situation or such like. It's strong development across products, as we've shown here, but also across countries. We have a very well-balanced geographical portfolio of markets. Now, of course, with the U.S., we're adding to that footprint. We're broadening ourselves globally. It's also very encouraging to see that we're making good progress in Australia, which is a huge market, where we've just been scratching the surface. That's also contributing strongly to the other segments' growth there. Both across products and markets, been very strong growth enabling these fantastic numbers for the group. Just to follow up on that, I also know that you've been growing extremely strongly in the U.K. If you could perhaps elaborate a bit on your strategy there and what exactly that you are doing that enable you to grow at these rates? Yeah, no, it's been very much a long-term hard work put in, especially by the team on the ground in Gibraltar, who's managing the U.K. market for us. Of course, with the acquisitions we've done over the years with first Stan James in 2015 and then with 32Red in 2017, we've taken step changes in our U.K. market, and that's complemented what we've been doing already organically within the Unibet brand. That's enabled us, and also now when we're on a proprietary racing platform where we have a differentiation against competitors as well, we're seeing a very good momentum with that one. Also with the strong sport and also with 32Red being in the sweet spot as well throughout 2020, all the hard work that the team's put in has enabled us to grow fast. We were up about 60% in the U.K. market now year-over-year in Q4, so significantly higher than the overall market, which means that we're continuing to take market share and eating into the U.K. pie. I think that's what we very much our ethos, in a sense, that as long as we grow faster than the overall market, we are taking market share, and then we're here for the long term, and then we will gradually be one of the larger operators in every market, which we of course have an ambition to be. Got you. While we're on the European track here, if you look into 2021, if you look at the geographic regions here, aside from Germany, are there any other countries that you see potential for headwinds on a year-over-year basis? If there would be anyone, I would probably mention Norway. That's been a bit of a challenging market. We are of the clear opinion that the government and the authorities are violating the integrity of the citizens and have been doing so for some time, and that's a bit of an unknown what will happen there. We are doing our best to be able to provide the customers a safe and secure online entertainment experience, and that's if anything. Apart from that, as I said, we have strong development across most markets, which is, of course, very encouraging. Got it. Looking at the U.S. opportunity, obviously, you continue to show improvements Q4 and Q1 here. Looking into 2021, I guess Illinois and Iowa will be the next states you enter. If you could perhaps elaborate a bit on both the sort of the timeframe for this and also about the potential outlook and contribution in 2021. We are getting ourselves ready. We are almost there, I would say, in Illinois. We're having a dialogue with the regulator and seeing when we can go live during this year. Also with Iowa, as you say, we are also getting closer. We're expecting that now to happen during the second quarter. Those are very positive developments, of course, to get access, especially Illinois being one of the larger states. It's also encouraging to see that the iGaming regulations is sort of speeding up in the states, as I highlighted here with Indiana could potentially be opening before the end of the year. I think that's one effect of the COVID situation, that iGaming regulation seems to be accelerated on the back of that for the different states. As I said, we're encouraged by Illinois expected to be number five states in the U.S. and also with Pennsylvania, number six state, and of course, California here as well, is supposed to be heads and shoulders above any other state in size at the end of the day. It's very good and pleasing to see that the hard work that teams put in on the ground is coming to fruition. Got it. Looking at losses on EBITDA level here in Q4, is this sort of the level we should expect into 2021 as well, or do you expect to even ramp up marketing even further? Yeah. That's something that we're looking at every day in a sense on how we time this with our brand recognition, our marketing investments, and our launch dates as well. It's fair to say that, like I highlighted on this re-regulation slide, every market or state that we launch in will go through an investment phase initially before we come up towards a positive contribution after, say, a couple of years. Right now, we're across all the states that we're in. We're still in that investment phase, so logically the investment contribution will increase. I'm fully convinced that this is an excellent opportunity for the shareholders. As you can see here in fourth quarter, we carried those investments from the U.S. and still delivered such an extraordinary all-time high in EBITDA contribution. I'm very convinced that this is a good strategic investment for the shareholders, and it will be a fantastic shareholder value creation at the end of the day. Got it. That's some good color there. Just moving over to the upcoming Dutch regulation here. What's the latest in terms of various restrictions? Prior, there were some rumors about some restrictions about using prior customer data, et cetera. What's your view on this? Our understanding is that we can use, and it's our obligation to use the database in our communication with the customers. We appreciate that there is no sort of cross-selling or upselling that will be done towards the customer. We're having a close dialogue with the regulator, and we're highlighting the value of channelization, of course, which we're fully aware that the regulator is completely on top of and doing their utmost in that area. As I said, we're awaiting some final details on the system still, and then the license application process should start now in 1st of April. We're coming to the launch step by step. In terms of the underlying market in Netherlands, many people draw comparison to Sweden when that market regulated in 2019. Could you perhaps give your view on the differences and also do you believe this to be a market that achieves underlying growth right away when it regulates? As it is a market that we've highlighted before where none of the operators who come in, at least from the dot-com operators coming to the market, have been able to do any marketing for many years. It should be an under-stimulated market in a sense. It's fair to assume that it would go through perhaps more of a growth phase initially when it's normalizing to the share of gambling taking place online, more in line with what's happening in other markets in Europe. That should enable that. Of course, that's what we're expecting. We clearly learned a lot from the Swedish re-regulation, and we are taking those learnings, of course, on board and adapting them to the Dutch market as well. We have a very strong brand in the Dutch market. We're confident we'll also play a value in the opening of the market as well. Now, as I said before, the Dutch market for us is one of our most profitable markets today, but I'm confident that it will remain that way also after re-regulation, even in the period just after that. It will still be a very significant contribution that we're expecting to get from the Dutch market. Fair enough. Thank you very much. Let's proceed and see if we have any questions from the web. Thank you. If there are any audio questions please press zero one on your telephone keypad to register. Once again that's zero one on your telephone keypad to register for a question. If there are any audio questions please press zero one on your telephone keypad to register. Once again that's zero one on your telephone keypad to register for a question. The first question comes from the line of Marlon Värnik from Pareto Securities. Please go ahead. Your line is open. Good morning, Henrik, and well done with the figures here in Q4. Can you hear me? Yeah, I can hear you. Can you hear me? Yeah, sure. A question on the trading update here. The average revenue is up 41% for the first 38 days in 2021. I think it would be good to have somewhat color on the Sportsbook margin throughout this period, but as well, and importantly, the Sportsbook margin at the beginning of 2020. What can you say here? Yeah, we haven't given that breakdown, and I haven't got the number at my fingertips now as well. It's been slightly higher than the long-term average, but we haven't given the exact number. Again, it's worth highlighting that it's still only almost a third of the quarter, so the end margin, like we saw in Q4 when we started with a strong margin and then towards the middle of the quarter, we were neck to neck with last year, and then we had a strong ending to the fourth quarter as well. The Sportsbook margin is fluctuating over time, and it's important to start with the quarterly numbers and then the full-year numbers. It's a continued strong momentum, I'll say, and activity across products and markets also now into the first quarter. More of kind of the same trend that we saw in Q4. The sports margin is slightly higher than the average beginning of 2021. I reckon also the beginning of 2020 was pretty strong comps. Exactly. It is strong. Strong growth in turnover as well, and also in casino. We haven't got more detail. You have to bear with us until we present the first quarter to get that. Can you say anything about the split between the two vertical sports in relation to casino? Anything significant performance for me? No, I'd say similar to Q4. Okay. A follow-up on the Dutch regulation. You said that you'll be live as soon as possible when you are awarded license. When do you expect this to happen? More importantly, Betsson had a slide yesterday in the presentation saying that Dutch regulators have confirmed that the ban to use databases, but you say that this is not the case. Can you please clarify this here? I can't comment on their presentation. You have to take that with them. Our understanding and the dialogue that we've had is that for communication purposes and factual and technical communication will be allowed with our legacy database, as I said, but no upselling or cross-selling. Again, we're awaiting more details, and we have a close dialogue also with the regulator about this. We'll get back to this point later on. Okay, a question also on the German market. I know you're pretty small there, but again, Betsson, there is a 70% negative effect on the German market from mid-December. Can you say anything about the effect on Kindred from mid-December in Germany? We haven't given that data, so I can't go into detail. As I say, we're talking about 1%-2% of our revenue, so it's a very small part, albeit that we have been focusing more on the German market, and we see a good potential and opportunity. We have a good mix and spread in the German market between sport and casino, which might be enabling us to be performing better. Clearly, we have adopted and we are in compliance, as we said before, on the toleration regime in Germany. We're also working with the Hesse license to application and go live as well. We see a good opportunity in the German market, but as I said, it's a very small market for us these days. Okay. Last question, a follow-up on the U.S. market. You said you aim to go live in the short term here in Illinois and Iowa. If I remember correctly, you aimed for the beginning of 2021 earlier. What's taking longer time than expected, and can you also say something about the EBITDA contribution for 2020? We are ready to go in Illinois. We're having a dialogue with the regulator regarding if we can do that with a temporary license or if we need to await more of a permanent license, and that's what's been delaying things a little bit. We are very confident we'll get there throughout the coming quarters for Illinois. Briefly a comment that the EBITDA contribution for 2020, you guided for GBP 12 million-GBP 13 million negative. You came in at, I think, - GBP 15 million. I assume this is marketing spend that is above expectations or more. Exactly that. As we said here with Erik as well, it's us looking at the holistic view across the group and seeing what kind of opportunity and potential it has. Also, clearly keeping in mind what we have said to the market as well. Overall, we felt that it was a good opportunity to scale up and reap the benefits of early stages in the states that we have launched and to focus on investment and growing the database now when it's easier rather than under-invest for the time being. That's what we've done, and as I said, that's what we will continue to do throughout 2021 as well, to time our investments and contribution, trying to optimize that balance between investing and negative contribution, in a sense, in the end of the day. It's an investment that we need to do to also utilize the good footprint we have. As I said, I'm very confident that the overall investment in the scheme of our size is very manageable, and it will be a good return for the shareholders over time. All right. Thank you [all for this]. Thanks, Henrik. Thank you. We currently have no more questions registered over the phone lines. I hand back to the room. All right. Thank you all very much for attending. With that, I leave the word for Henrik for any closing remarks. Thanks, Erik. Thanks for good questions. Thank you very much, everyone, for attending our Q4 presentation. We very much look forward to see you back in April at the time of our Q1 report. Until then, stay safe, take care, and thank you very much.