Hello and a very warm welcome to Kindred's Q3 presentation. I'm joined here by Kindred CEO, Henrik Tjärnström. He will start by presenting the Q3 results, and then I will come back for a Q&A later. Without further ado, I'll leave it over to you. Please go ahead, Henrik. Thank you very much, Oskar. Thank you very much and warm welcome everyone to our Q3 presentation. When we stood here a year ago, the Q3 that was supposed to be a really low season, the lowest activity quarter in a two year period actually became a real peak season quarter as a consequence of the COVID delays of sporting events that happened from Q2 to Q3 last year. Still then we reported a new all-time high of gross winnings revenue of 280.7 million GBP. This year we've seen a normal Q3 with a low season of activity after the European tournament that ended in July. It's therefore even more pleasing that we could report a new strong quarter with up 11% in constant currency in revenues. I really want to give a big thanks to all the colleagues at Kindred Group making this possible. Thank you very much for your hard contribution making this happen. Today, in the Q3 report and presentation, we will go through the following items. We're going to start with the highlights, then look at the business overview on various items as you can see on this slide, and then we look at the trading update, and then we round off with a summary. If we look at the key highlights from the report, as we mentioned in it this morning, we're very pleased with the double-digit earnings growth driven by strong casino performance first and foremost, but another solid quarter for Kindred. As I said, as reported, we came in on GBP 298.4 million in revenues for the quarter, up 6%, but in constant currency, the same number would be 11% up. Also, when we look at locally regulated revenue, that came in on GBP 167.2 million, 56%. The decline in locally regulated revenues was predominantly caused by France and the activity that was slightly lower in France during the quarter. This was an effect of France getting eliminated from the European tournament in June, and as a consequence, the French customers took holiday already from that moment in time and really had low activity quarter in France during the Q3 as well. With the underlying EBITDA, we're very pleased to show that our continued focus on cost control is yielding results. As a consequence, EBITDA was up 21% in constant currency. A faster growth in EBITDA improvement than we saw in the top-line numbers. The strong growth and strict focus has enabled us to deliver also a very strong EBITDA margin of 28% for the quarter. Free cash flow came in on GBP 51.2 million for the quarter. Active customers, a new strong number, albeit slightly down from the Q2 all-time high, but still 1.7 million active customers for the Q3, and also very continued strong net cash position of GBP 214 million. If we look at the performance by quarter in the graphs on the slide here, you can see that the strong growth on 11% came in. If we would have looked in constant currency, the 298 would have been GBP 312 million, and then it would have been a third consecutive quarter with or fourth consecutive quarter with plus GBP 300 million of revenues, again highlighting the strong underlying momentum that we have in the business. If we look at the different cost elements in the P&L and our proven ability to show scalable growth, we're very pleased to show the numbers also for the Q3. Logically, as a consequence of the low season and the slightly lower sort of gross winnings revenue compared to the previous quarter, the quarterly numbers are slightly up. The important one here is the green bars, which highlights the first nine months of 2021, and we still have a very strong trend across the different cost elements of the P&L and really good cost control delivering good scalability. If we look at that as a consequence, also further down in the P&L on EBITDA, as we mentioned, the EBITDA for the Q3 of GBP 84 million, and in constant currency, the same number would have been just over GBP 90 million, up 21% in constant currency. Again, with a strong EBITDA margin of 28%, it's really encouraging to show also here. The four last quarters are the fourth strongest quarters of the group ever. For the Q3 now, we had the fourth strongest quarter ever in the group's history. That's very pleasing to show as a number for the market. When we look at the business overview, we're very pleased to report on the strong growth in locally regulated markets continue. We've had a strategic ambition for many years to transform the company from dotcom to dotcountry, and a big element in that has been to grow our locally regulated markets faster than our dotcom markets, and indeed that's what we have continued to do. As a result of ceasing our Dutch traffic to Dutch citizens from Q4, of course, these numbers will look slightly different when we expect the percentage of locally regulated revenues to pick up substantially. Also as a consequence, the underlying EBITDA margin will come down from that point of view as well. It's also worth highlighting that the reduced contribution that we saw in the French business during the Q3 has also contributed largely to the drop in share of revenues coming from locally regulated markets that indeed came in on 56% for the quarter. As we mentioned in today's report, we're very confident that this is more of a temporary basis, and that we have been working on elements to improve the French business. It's largely due to the seasonality effect of the Q3, and also as a consequence of the Q3 last year being exceptionally strong considering that France is also a sports-only market, combined with poker, but no casino activity in the French market. Netherlands, as we communicated on the first of October, we took a decision on the thirtieth September to cease our services to Dutch residents until a license can be awarded. We also want to reiterate that we are 100% supportive of the Dutch policy objectives to ensure a high channelization and customer care. That is something that we are extremely supportive of, when it comes and really sharing the ambition of the Dutch authorities to achieve that as good as absolutely possible. We have been working on the preparations for a Dutch license application for a long time, and we've already successfully completed the pre-licensing application audit, which is an element in the application process. We will be coming out of our cooling off period now during the Q4, and we will look forward to submit our license as soon as possible after that. Of course, subject to the Kansspelautoriteit license review process, we expect and look forward to receive our license during the Q2 of next year. We have a very strong commitment towards the Dutch society as a sustainable operator, and we will be ready to go live as soon as we get awarded our license. We are really looking forward to be supportive of the process in the Dutch market. On the activity levels, consumer activity remained high during the quarter and across the business. As you can see here, we saw a slight decline from Q2 to Q3, which is also as a result of the seasonality effects, and also as a consequence of some of our bigger countries dropping out of the tournament already in Q2, as I mentioned, France being one of them. The drop between Q2 and Q3 is completely normal. If you look at the compound annual growth rate of active customers, we've seen an 18% growth year-on-year for the last 10 years. At the same time, the RP levels have increased with only 2.5%. Really showing the sustainable way of growing the business. That is sort of a really strong underlying momentum that we're showing and the positive trend that we're seeing for many quarters to come. Up 5% compared to the exceptionally strong Q3 last year, which had a really strong sports activity. We look at the product segments. We had an expected seasonality effect also here as a consequence of sports betting being very strong last year and this year being a low seasonality quarter mainly due to the COVID transformation, as we mentioned, already from Q2 to Q3 last year. We saw a drop in gross winnings revenue from the sports segment with 4% for the quarter. This is also partly due to the French business again that is a sports and poker only market. That is also contributing to that effect. At the same time, the casino and other product segment really grow strongly. Casino up 16% during the quarter, year-on-year, while the active customers increased 7% versus the same period last year. The strong momentum in casinos continued, and more on that in the coming slide. At the same time, poker and other remained sort of 1% and 9% negative respectively. As they are smaller elements, it has less impact on the overall. Casino strongly now on 57% of the total, and sports, as a consequence of the lower seasonality, came in on 39% for the quarter. Again, on the further detail on the sports betting, the turnover for the quarter came in behind a tough comparative for Q3 2020 and declined 10% year-on-year. As you can see on this slide, and as we mentioned already at the time of the Q2 report, the last year's number and the dip that happened in Q2 last year would have logically happened in Q3. That would have made comparatives a lot easier for this year. We're still very pleased to show that the dip was mainly driven by France now at the bottom in Q3, and then it's been picking up really well throughout the rest of the Q3 and now also into the Q4. That is what we're really optimistic about for the future, that sports activity is picking up and also that margin will come back to more normalized levels. We look at the margin. It's worth highlighting that the margin on sports can be quite volatile from time to time, and especially if you look over a very short time series, then the margin is more volatile. It's also a fact that as soon as you add more events, and if you look over a longer period of time, it tends to stabilize quite a lot. If you look at a longer time series of closer to one year, as we've said many, many times before, it's very much stable and normally around ten, as we show here, the long-term average for us since Q3 2018 has been around 9.1%. It's also worth highlighting that we focus very much about optimizing the margin rather than maximizing margin. In times when the customers win and we have a consequently lower margin, that's also good for the business in a sense that it drives more loyalty. We looked at numbers historically, we have seen that around 75% of the customers tend to not withdraw their money, but they rather use it and keep it on their accounts for a prolonged entertainment experience. This quarter, we came in on 8.7% of the free bets and slightly lower than the long-term average. As you can see here, we've also had quarters with significantly higher. We're also highlighting in our trading update that we've seen an exceptionally low margin for the first 24 days of October. That's again normal when you look over a time series of 24 days that can happen. We're confident to say that the long-term average is still valid, and we expect margins to normalize over time. We look at the casino activity also as we highlighted in also already at the time of the Q2 report, then we were able to show a really strong and a third consecutive all-time high. We'd not reached complete all-time high again in this Q3, partly expected due to the low seasonality in Q3, but still another very strong performance and GBP 168 million of revenues, up 16%, as I mentioned, in revenues year-on-year. Again, very strong activity. We also, during the quarter, launched 132 casino games, of which 23 were exclusive to Kindred, and that is also highlighting and contributing to our ability to show a really strong casino business. We look at the regional update, Western European region increased 9% against the same quarter last year, and most markets in the region performed well. As we highlighted in the report, especially Belgium grew strongly with 50% up year-on-year, while France saw a 22% decline for the reasons I mentioned. That's mainly due to the tough comparatives. Mixed bag in the Netherlands, but as also highlighted, we have been working on the elements that caused the French drop, but I think mainly due to seasonality, but also other factors that we're rolling out improvements to the platform and services now during Q3 and into Q4 that we're confident will pay dividends and return France to growth. The Nordic region increased 6% as reported and 10% in constant currency. Again, really encouraging to see the Nordic markets that was led by strong performance, first and foremost in Denmark during the quarter. The CES region, we had 1% growth in Romania being the strongest contributor, and in the other region, being much smaller regions as a consequence, is also more volatile. A drop in 16% year-on-year, largely due to strong uptake of customer incentives in the U.S. market as a consequence of the rollout into new states. On the U.S., we continue to build very much for the future. As you can see here, Gross winnings revenue for the quarter amounted to just under GBP 6 million, a decrease of approximately 15% from this Q3 last year in local currency. It was, as mentioned, negatively affected by uptake in high customer incentives. For the last 12 months, the Gross winnings revenue contribution from the U.S. amounts to approximately GBP 27 million or $37 million in dollar terms. Encouraging developments in the U.S. has been the focus on customer intake. As the rollout on new states has really been that the intake and activity has increased. We're up 13% in active customers against the same period in 2020, which is a really encouraging development in some of the newly launched states as well. During the quarter, we launched in both Iowa and Arizona, and we have seen, especially in Arizona, a really positive uptake from the customers. But also, as expected, as we continue to work on the fundamentals for the offering in the U.S. market, we launched a new creative concept aimed for the NFL season. Also what we're working on really hard in the background is to bring our proprietary technology platform to the U.S. We continue that work at pace, and we look forward to launch the platform in New Jersey as the first state sometime during the second half of next year. That is something that we really look forward to and we're confident that that will bring us even better opportunities to utilize the great potential that the U.S. market possesses. Our journey towards zero continues very much, and we worked also on this area very hard during the quarter, one of the elements being our sustainable gambling conference that we held on the fifth of October. We had over 800 participants that registered, and we had 25 expert speakers, and we had a very positive feedback after the conference. Really good element in that. Even more importantly is the reported number or share of revenues coming from high-risk gambling or harmful gambling, and that we continue our journey towards zero on this really key element and to get down towards zero come the end of 2023. For the Q3, we came in on 3.3%, which we're very pleased to see. As expected, the number is sort of varying between the different quarters, but a significant decrease from 4.3% in the Q2. Again, completely in line with our expectation that we will be trending down towards zero over the time going forward. Also worth highlighting that one of the elements that we get as a by-product from focusing very much on reducing this is that we get an increase in the social and low-risk element of players. That's of course where we want the customers to be, that we want customers to play for money they can afford to lose and have it as a part of their entertainment experience. Really good developments, and we remain humble for the challenge ahead of us, but we are confident that we will make good progress in the coming quarters and years. FX continued to impact the numbers. As you can see here, pound strengthened across all our major currencies, but the average strengthening was around 5% across the basket of currencies. As you can see on the bottom here, more for detailed analysis, but a relatively significant negative impact on gross winnings revenue as a consequence. Gross winnings revenue would have been almost GBP 14 million higher, and also EBITDA would have been about GBP 5.7 million higher in constant currency. On the trading update and the indicative guidance for the Q4, we mentioned quite a lot of information in today's report with the ambition to get the clarity on this relevant number. As I said, we're still looking at the relatively short time series of 24 days, which is worth remembering. It's also worth remembering that last year there was some COVID elements remaining also in the Q4. As an example, the French Open tennis tournament that usually happens in May was delayed until the start of October, so falling into the comparative period last year. The average daily Gross Winnings Revenue for the group for the first 24 days was 61% or 59% lower in constant currency than the same period last year. It's worth highlighting that it's mainly two elements affecting this. It's the closure of services to Dutch residents and exceptionally weak sports betting margin. As we highlighted in the report this morning, the margin for the 24 days was under 2% for the period after free bets, and during the same period last year, it was 13%. More than 11 percentage points lower, which is clearly very unusual, and that's why we said also we expect the margin very much to normalize for the coming months and quarters and years. The number of active customers for the first 24 days decreased by 13% compared to the same period last year, so a significantly lower decrease than we saw on the revenues, largely driven by the sports betting margin. The daily average turnover for the sports decreased by 21% or 7% in constant currencies. The same number, if we would clear from last year's French Open, would be around 5% points lower decrease than we're actually showing here. As a sort of explanation also for the short time series, but also the still remaining COVID effect. Then in casino, the gross winnings revenue decreased 24% or 21% in constant currency compared to the same period last year. Also due to the decision to cease services to Dutch residents and the exceptionally weak sports betting margin, we have decided to communicate the non-recurring indicative guidance also for the full Q4 of 2021. As we mentioned in the report, depending on the activity levels and the sports betting margin for the remaining part of the Q4, we estimate that our gross winnings revenue for the quarter will be in the range of GBP 220 million-GBP 260 million for the Q4. If we summarize the Q3 report, another strong report, as I mentioned, the fourth strongest report on the gross EBITDA ever for the group. Gross winnings revenue up 6% or 11% in constant currency, locally regulated share 56%. The underlying EBITDA margin or the underlying EBITDA of 84.2 million GBP, and active customers 1.7 million. A strong cash position remains of 214 million GBP, and the share of revenue coming from high-risk players down to 3.3%. That concludes the presentation. I invite back up Oskar for the Q&A session. Thank you, Henrik. Let's begin the Q&A, and I'll start off with a few questions, and then we'll get back to the operator if we have some questions from the phone as well. Starting off here, I mean, starting with the Q3 report first. It is compared to your guidance or rather trading update for early Q3, it is lower growth obviously. Is the main explanation here France or are you seeing any unexpected effects from COVID restrictions easing, for example? Yeah, it's a combination of the two as you mentioned. I think it's also fair to mention that clearly the very start of the Q3 this year did contain the final stages of the Euro tournament. Even if some of our bigger markets got eliminated already in Q2, there was, as expected, a higher activity during that period which fell into the comparative or sort of the trading update that we gave in time for the Q2 report. That is worth highlighting. Also, as you say, we believe that that's a consequence of both that the packed sports calendar for the last 12 months before Q3 now, and also as a consequence then of the expected low season coming after that. Also, as you mentioned, with France, it sort of contributed to that as well, which probably also have an impact of taking down the Q3 to some extent. Again, as I said, I think it's worth highlighting that Q3 last year was not a normal Q3, and as a consequence, being up 11% in constant currency and 21% on EBITDA, we believe is strong in the scheme of things. Absolutely. I mean, on France, clearly looking at the betting duties which were quite low in this quarter. Also in relative terms at 17%, is that sort of the main explanation? Does that stand out versus other markets in terms of Q3 performance? Also a follow-up there, is it due to the market having slower momentum, or is competition getting tougher in any sense? It's worth highlighting also as from 1st January last year of 2020 that there was a change in the tax regime in France, so now it's linked to gross winnings revenue while previously it was linked to turnover. That is also contributing. If revenues are down, then also betting duties are down as a consequence, and that's reflected, as you mentioned, in the betting duties number. Competition is fierce across our markets, and France is no exception, and there's been some new entrants coming in there. Again, as I highlighted in the presentation, I believe it's predominantly around the low seasonality effect and also that France got eliminated already in the Q2 period. The French customers took a longer holiday also after the packed sports calendar we had for the last 12 months. It is also now going into 2020, sort of Q2, and that remainder part of the Q4 as well, we see an expected uptick. As we also mentioned in the report, we've been working on the sort of problem areas that we've had in France, on top of the seasonality effect. We've rectified some of them already, and we will be launching improvements in the coming weeks and months as well that will make us confident to say that we'll return France to growth. Yep. Excellent. On the Q4 trading update, I'm sure there will be a lot of questions on this. I mean, -61% in a very short time period with an exceptionally low sportsbook margin. Would you say that the sportsbook turnover and casino numbers, -21% and -24%, is that more reflective of the underlying momentum? Or are there any sort of temporary weaknesses there as well, would you say? No, it is clearly the closure of our services to Dutch citizens has an impact as well. As you say, the 21% in sports or 17% in constant currency, and again, if you would try to make a more like for like comparative, if, for example, clearing out of the French Open last year, the reduction would be even smaller. Yep ... again, on actives being down 13% year-over-year, given those two aspects as well, we're very pleased to report that the underlying business remains intact and very strong, and that makes us confident that this is very much a temporary situation, and we will be coming out of that in the coming quarters and years. That's part of the normal development and this transition that we've been on now for the last 10 years. I'm very optimistic about the future and looking into 2022, which will be a strong year when we look at activity levels. We continue to invest in the U.S. We see great opportunities there, when we work on the different elements underpinning that market. Also the next year with the Olympics coming up in February, Winter Olympics, and then we have a World Cup in football also next year, which will be coming in the November time period as well. It should be a very busy sports year, another busy sports year, and we're pleased with the underlying activity we have. Great. Then just one final question for now from me before handing over to the operator, regarding COVID effects. You mentioned that briefly, I believe. In the report. Do any markets sort of stand out apart from France perhaps in terms of COVID restrictions easing? It is difficult to tell exactly what's what when it comes to COVID and normalization, but of course, as societies have been opening up, the entertainment opportunities are returning and it's only logical to assume that customers are reverting back to spending perhaps more in restaurants and other forms of entertainment in this Q3 and Q4 than they did the same period last year. That is a logical underlying effect. How big it is difficult to exactly pinpoint but of course we're working as hard as we can to make sure that the customers that we've been able to attract during the COVID situation is also continuing to find our services in a safe and secure environment and we can keep them loyal for a long time, and we can also be their go-to place for online gambling experience in a good environment. Understood. Excellent. With that, I think I'll ask the operator, do we have any questions from the phone? If you do have a question for speakers, please press zero one on your telephone keypad. Our first telephone question comes from the line of Martin Arnell of DNB Markets. Please go ahead. Good morning, Henrik and Oskar. Good morning. (crosstalk) Just on my first question, Henrik, could you elaborate a little bit on this start to Q4 and the 2% margin? That's probably the lowest I've ever seen in a trading update. Is it mainly football driven, or is there something else that we're missing? No, I agree with you. It's the lowest I've seen as well for the period I've been involved. At the same time, as I highlighted, it can happen, of course, and at this date have happened now in the start of the Q4 for us. As I said, we don't see any structural underlying reasons apart from the normal fluctuation of sports results and also the mix of sports as well. Now underlying activity remains strong. We are confident that there is no underlying reasons. We expect margin to normalize and it should logically happen from now. Of course, it depends on the outcome of sports results as well. We don't see any underlying reason why it should be this low. Cause I noted that your sports provider, Kambi, actually raised its next 12-month guidance for the margin today. They were talking about the popularity of in-event combinations. Where are your offering in terms of that and how will that impact you? Yeah. We're also seeing that, and those things are making us confident to say that we expect margin to normalize. As we've seen in the previous quarter, it's rather been on an upward trend over many quarters now that we're seeing an increase also as a consequence of the French business growing as a share of our total sports revenues. That is kind of underlying as well. We again don't see any structural reasons for this. We just see it as an unusually low period for a short time period, and that it will start to normalize over time and come back to normalized levels over the coming months and quarters. Okay. Thanks. I remember when we discussed three months ago your start to Q3, we discussed how Q3 normally looks. Would you say it's fair to assume that you had a you know weaker start to the season in August, September than you expected, and it's not only this start to the quarter with France not being in the Euros, et cetera? I think there is an element, as we highlighted in the report, about what is kind of COVID normalization and what is kind of low seasonality effects. There's been such a logjammed sports calendar now for such a long period of time, so I think it's only logical that the customer took a bit of a longer break and perhaps a bit deeper break as well than they have done historically. But as I said, when we look at our numbers and the underlying activity, we see a great comeback, and especially now in the Q4 after the international week and leading in then again to Champions League events and also now normal league season coming. Revving up now for November, which we expect to be again the peak of the peak season and then leading into next year with the Olympics and the World Cup. We're very confident that the underlying activity is on the pickup as expected. Okay. Thanks. On the Netherlands, Henrik, what point in time did you enter the cooling off period historically? We will be coming out of our cooling off period now in the Q4. As soon as we do that, we look forward to submit our license and then as we said here, we're expecting to receive our license sometime in the Q2 of next year. That's what we really look forward and remain 100% supportive of the Dutch policy objectives. How certain can you be that this is a six-month review? That's what's been indicated by the authorities that if a license application is complete and with high quality, then six months is the time it should take to process a license application. We will of course do our utmost to ensure that it is indeed a high quality and solid application that we deliver. As we mentioned, we have already passed the audit elements of the pre-application audit process. We remain focused and working on to make sure that our application is as solid as absolutely possible. Okay. Thanks. Just also on the Netherlands, how should we look at the outlook for you to work with your database when you're relaunching? It seems to be different communications here from the operators. Yeah. We are looking forward to, of course, get back into the market, but we also are minded about the requirements with regards to the database, and we will have opportunity to get back to that closer to the time of launch. Of course, we will follow everything that's prescribed by the regulator and the licensing process, and we look forward to get further clarity on that in the coming months before we get awarded our license. Okay. Just final question from me. On the U.S., the timing for the introduction of your own platform account management system, do you know when you will introduce it? Yeah. As I mentioned, we have been working very hard in the background on this, and it's been part of our strategy for many years. We took a decision to go on third-party platforms, originally to shorten the time to market and also as a consequence of us having other locally regulated projects like Sweden and also the Netherlands, and other areas that we needed to work on with priority at that time. It's always been our ambition to bring our own technology to support of the local team in the U.S., and that's what we've been working on for many years now, and that is coming to fruition now in sort of the coming quarters and with the getting the platform ready for regulatory certification during the first quarter of next year. If that would take around six months, then sometime at the start of the Q3, we could hopefully be live then with our own technology in the first state being New Jersey. Excellent. Thank you, Henrik. Thank you, Martin. Our next question comes from the line of Rikard Engberg of Erik Penser Bank. Please go ahead. Morning, guys. Morning. I have one small question regarding the U.S. If you look at the cost per acquisition of U.S. customers, there's a quite wide spread. On what level do you invest? Do you invest in the lowest band, which we see on operators or in the highest band? We of course try to be at the lower end of the span, but as a consequence of launching in new states and also as a consequence of our brand being sort of still relatively unknown in the States, we also experience a higher CPA than we've experienced in the European markets. We're confident that we can take that down over time also as we grow our brand recognition in the U.S. market. Okay, thanks. Thank you. Just to remind everyone, if you wish to ask a question, please press zero one on your telephone keypads. There are no further telephone questions at this time. Please go ahead, speakers. Thank you. I'll jump in with a few more questions. First of all, on the Netherlands, I think that's an important topic in these days. First of all, you sent out a press release yesterday evening stating that you will, in fact, not have operations in the Netherlands until you have a license. Have you had any discussions with the regulator, with Kansspelautoriteit? Are we confident, increasingly confident on being able to apply here in Q4 and to get the license in perhaps Q2 next year? Yeah. The release that we submitted yesterday was part of our obligation under the MAR regulations to do that, as we've highlighted in our decision on the thirtieth of September, was to temporarily cease our services. Now we and the board took a decision to enforce that until we get awarded a license, 'cause we were pending clarification. We have got those clarifications, and we have evaluated the situation, and it was always our ambition to make sure that we are staying on the right side and working in cooperation with the Dutch authorities and to make sure that our licensing process is as smooth as possible. As I said, we have been honoring the cooling-off period and we'll be coming out of that now in Q4, and we look forward to submit our license as soon as possible afterwards. Great. In late September, you provided guidance or forecast for the impact from ceasing operations in the Netherlands, GBP 12 million per month on an EBITDA level, I believe, based on your forecast. So, I mean, two questions. Broadly, at the time, what did you expect going forward in the Netherlands in terms of revenue development? And then secondly, what timeframe does the guidance refer to? Is it Q4 and Q1, or how should that be seen? We expected in our internal forecast, as we highlighted, as you mentioned in that press release, that as a consequence of the cooling-off period and us not being able to do marketing in the market until we got our license, that we would see a sort of a drop in market share in the market as other operators would be live in the market and have the opportunity to do marketing and promote their brands in the local market. As a consequence, we assume that our revenues would slow down and decrease in the Dutch market. We also assume that that would remain for the period until we got our license. Then we will also then clearly from the time we got the license that we would be able to spend on marketing and also have to pay betting duties as a consequence, of course, and that as a consequence would have a reducing effect on our contribution from the Dutch market. The timeframe, as you mentioned, GBP 12 million per month, we mentioned and by default, that's an average over the period, and of course, it's. We're expecting our impact from the cooling off to be sort of biggest in the beginning of the period until we got the license. That was sort of the underlying assumptions that we made at the time. Great. Just to be clear, the timeframe is sort of the average in 2022. For the period between, sort of, first October until we got the license award. Okay. Understood. Great. I mean, the market is now live for at least 10 operators. Yeah. What have you seen so far? Anything new on competition? Is the product offering of the operators in line with what you would have expected at this time? Yeah, we're clearly following developments and looking at all the different aspects. Out of respect for the ongoing process and for competitive reasons, we refrain from sort of commenting further on the process until we have our own license really in the market. Understood. Then, I mean, I think related to this is of course the cost side, the margin side. With the Netherlands gone now for two quarters at least, the marketing relative to sales should increase all else equal. You talked about sort of mitigating actions that you could take. Have you considered that more since in the past month? What do you think regarding marketing, which is, I guess, the easiest to sort of cut back on? No, of course, as I highlighted in the presentation as well, we've always had a strong focus on profitable growth and focus on cost control and trying to optimize our investments and all of that, of course. This time is no exception, of course, as well. We have been looking around for kind of efficiencies, further efficiencies, whatever we can do and trying to improve that. As you say, we see this as a temporary period, albeit that it could be up to 6-7 months. As a consequence, we of course need to take that on board. At the same time, we're very pleased with our underlying activity and the strong performance across markets. As you say, marketing is the easiest one to just cut back, but then it would have long-term effects as well. We're really trying to find an optimum here between investing enough to not damage our long-term opportunity and make sure that we are as strong as possible, for the longer period as well, not just for the coming month and quarter. Yep. Great. A little bit related to this, but more short term, I guess. Marketing here for the full year, you previously indicated, I believe, roughly 22%-23% of sales for this year. Perhaps I missed it, but did you give a guidance for the full year? No, we did not do that. What we can say is that we expect marketing in absolute terms now for the Q4 to be more in line with the previous quarters in a sense because of the situation we're in as well. Again, not to under-invest heavily as well. We believe that, for Q4, guidance regarding a percentage of revenues is kind of difficult also for the reasons that we mentioned. We're rather saying that on absolute terms, we're expecting to remain broadly in line with previous quarters. Great. I have a number of questions left, but perhaps I should check with the operator. Do we have any questions? We have a question on the line from Simon Davies of Deutsche Bank. Please go ahead. Morning. Two from me, please. Firstly, just on the U.S., revenue performance looks a bit disappointing. I'm assuming that's primarily down to a hike in free bet activity around the launch of the NFL season. Have you seen free bet activity normalize post that launch? You also mentioned that you are pleased with your performance since the launch in Arizona. Can you flesh out those comments a bit in terms of what you're seeing there? Yeah. The free bet activity, as you mentioned, Simon, is of course a phenomenon across operators as well. Of course, we live in a competitive landscape and we have to relate to the overall environment around us as well, even if we believe that some of the offers are extremely aggressive and really doesn't make sense. Nevertheless, we have to relate to that as well. We're trying to stay very much on a more sensible level and focusing more on long-term value creation and getting the right customers into our business. As you say, we're still affected by the overall market and as a consequence, that impacts our Gross winnings revenue as well. We're pleased with the growth in active customers. That was up 13%, year-on-year, which is a good indicator for the long-term opportunity and situation. In Arizona, we've seen we were able to launch on the first day together with some of the other operators, which of course we've seen also in line with the Pennsylvania launch. That was a very good indicator of taking the market share early on. That is sort of been also a situation in Arizona where we really focus on trying to maximize that opportunity and the situation that we actually managed to get live on the first day as well. That is very encouraging. Of course, there's also been increased competition, as I mentioned in other states like Pennsylvania during the autumn last year. Some of the now larger operators launched and that has had a consequence on our market share logically as well. That's been declining slightly from the peaks that we saw in sort of July period last year. We've sort of come down to a stable level, and we're looking forward to grow from this level going forward, also due to the partnerships that we have with both the Pittsburgh Steelers and the Philadelphia Eagles as well. Gives us a good footprint and presence in the important Pennsylvania market. Great. I'm returning to the Netherlands. Obviously, you've given us guidance for the impact ahead of licensing. Can you just talk about the Dutch market post-licensing and when you think it's realistic to expect that your business could return to profit there? Yeah. As I said, out of respect for the ongoing process and the competitive reasons, we refrain from commenting in detail. What we have said around reregulating processes in other markets, of which Netherlands is going through one now, is that the initial margin pressure is the highest at the very start. As the growth of the market and considering also that normally a market that's going through reregulation is getting to more stimulus and going through an increased growth phase. As those things kick in, the contribution tends to improve over time, and the margin pressure sort of is eased over time. Then eventually you get back to this kind of the same first level of revenues, but also then on sort of profitability. Again, we will have to come back to that closer to the time. Lastly, if you look at current trading and you adjust for gross win margin, it looks like you're looking at sort of mid-twenties type turnover drop. How much of that is down to the Netherlands and France or are there other sort of areas of weakness here? Yeah. Clearly it's a lot of moving parts, and that's why we highlighted the turnover on sports and also the gross winnings revenue on casino as indicators. As we also highlighted, the number of active customers was down sort of 13% as well. There is, of course, as soon as you start to fix something and then change on other variables, it becomes more of an estimate or a guesstimate in a sense as well. What we're confident is the underlying activity, and as I said, the below 2% sort of after free bets margin is exceptionally low and will normalize. As a consequence, the drop would logically be significantly lower should it have been normalized for the period. You can't give an indication of how much is down to the Netherlands withdrawal? No. As we said, we don't provide guidance for specific markets apart from the U.S. that we have done historically. Again, we cannot comment on that number. Okay. Thank you. Thank you. We have no further questions on the telephone line at this time. Great. We have some time left at least, so I'll, I have a few questions left to ask you, Henrik. Good. I mean, we have the Q4 guidance. Yeah. We have the Dutch situation. Looking beyond that, 2022, 2023, what do you see as the primary growth markets where you can sort of compensate for these factors? Yeah. As we highlighted all at the time of the Q2 report, we remain focused on our long-term strategy. As we highlighted on those five elements that we're working very hard on, and clearly with the focus of growing our profits in locally regulated markets is the clear underlying theme. Of course, the Netherlands plays a part in that as well, and we're expecting Netherlands to go through this period now in the coming months and quarters as well. We focus very much on that. As I said, we also see a very good sports year next year with the Olympics and also the World Cup. Also when we see the growth that we showed on today's report also for Q3 about Belgium up 50%. We've had strong performance in the U.K. for many quarters now. Denmark did really well. France, of course, were a bit of a disappointment in Q3, but again, we've been addressing those key elements as well. France has been a really strong growth market for us for many, many years as well, and we expect that to come back as well. We have a very broad portfolio of markets and also a very good product mix, and that makes us confident to say that we can continue to outgrow the market over time and continue to take market share across markets. Staying true to our strategy and the plan that we communicated, and you can of course read more on that on our corporate site as well, is the first and foremost priority that we have. Great. I'll actually jump in with a few questions here from the web. So I think, I'll select a few questions here. First question is, can you elaborate a bit on the underlying activity level in the sports book compared to last year? Also, if you look at the segments, on 24 days before, are there many shorter periods that you're seeing these extremely low levels or similar sports book margins? Yeah. We have not given the sort of activity breakdown by product, so we can't comment further on that. I can say that, as we highlighted in the presentation as well. If you look at a very short time series, the margin can be very volatile. As soon as you add days and weeks, then it normally stabilizes on kind of closer to the normalized level. We of course have experienced periods of prolonged lower margin and indeed prolonged higher margin as well. We always report it on a quarterly basis. That's why we see a more stable margin as a consequence. For example, in Q4 2019, we had a period of lower margin, pretty much similar to now when we had a lot of favorites winning. It normalized or reverted to higher margin in the later part of the quarter. As a consequence, we came in on a lower than long-term, but still sort of reasonable margin. This is normal part of our business, and we're very confident that it will be a normal part, and we will return to more normalized levels. Excellent. Then another question. What is the fresh, creative concept you've introduced in the U.S.? You've mentioned competition in the U.S. is tough. Can you elaborate on this and what strategies you're introducing? We try to do things a little bit differently to most. If it's just a question about screaming loudest, we believe that it's more difficult to break through in the clutter, in a sense. We have tried a little bit alternative concept in the U.S. compared to some of our competitors. We're playing on our heritage in the sense of bringing sort of our European sports book to the U.S. and kind of positioning it a bit as we're unaware as to what the U.S. market is really about and that our offering is perhaps too good to be true in the U.S. We've had very good customer feedback on those concepts, and that's something that we will be building on now for the coming months as well as a theme. Great. I think that's a good time to wrap it up actually. Thank you very much for the presentation. Thank you everyone who listened in. Thank you very much, Oskar. Thank you very much for listening in, and I look forward to seeing you at the next quarter. Thank you.