Dear guests, welcome to Kindred Group's Capital Markets Day 2022. It's been a long waiting, but we really wanted to be live in the Netherlands and show some early results for you. I'm absolutely delighted to see that so many have chosen to be with us this afternoon here in London, where it all started exactly 25 years ago. My name is Patrick Kortman. I'm heading the Corporate Development and Investor Relations at Kindred Group, and I'll be your host today. It's been a good few years since we had our last Capital Markets Day, and it obviously means that we all have a lot to talk about. It will be a busy schedule. Before presenting the speakers and the agenda for today, we'll have some important housekeeping that we need to go through. In front of you have a disclaimer which I please ask you to have a look at. Now, you've seen it, read it, and we can move forward. We will have or we have the whole executive management team from Kindred here in the room today, and that's alongside several senior managers. We also have some non-executive directors in the room, and most of them will actually be on the stage during this afternoon. You will also have a good opportunity to discuss with all of them during the breaks or after the event, during the drinks. As mentioned, we have indeed a busy schedule, a lot to talk about. We'll start this afternoon with an introduction by Henrik Tjärnström, our CEO. He will discuss about the journey from transformation to scale. Thereafter, Nils Andén, our regional commercial officer for Region 2 will present our broad market portfolio, and thereafter we'll do a deep dive into 3 selected markets. We'll start off there with Anne-Jaap Snijders, who will present the launch in the Netherlands, some early results, and also the way forward. After the Netherlands, we'll move over to the UK with Neil Banbury, our general manager for the UK, who will present. Finally, we'll ask Nils Andén to come back up on the stage and present the North America opportunity. We round off the first part of the day with a fireside chat with these gentlemen. After the break, we'll have a lot of exciting topics to cover. We'll hear about the strategy to move from sales to product and customer experience company. We'll hear about the Kindred Sportsbook platform investment. We'll hear about the Relax proposition, and we'll also hear about Kindred Tech and mastering complexity. After the last break, we'll have our Chief Financial Officer, Johan Wilsby, discuss in detail about driving scalability and shareholder value. After Henrik's closing remark, we'll open up for Q&A. During the day, you will have opportunities to feed us with questions. You have on your seats some leaflets with instructions of how to pose your questions. We might pick a few of your questions actually for the fireside chat. Other questions, both directly from the audience and online, will be addressed after the presentation during the Q&A session. With that, I would like to invite Henrik Tjärnström up on the stage and once again wish you all very welcome to today's Capital Markets Day. Thank you very much, Patrick. Before we begin, I would like to say the following, that Kindred of course joins the UK and the Commonwealth in mourning Queen Elizabeth II, and we pay tribute to her long service and send our condolences to the King and the royal family. As Patrick said, my name is Henrik Tjärnström. I'm the CEO of Kindred Group. We're really delighted to have you all here today and for us to be able to explain in more detail why Kindred is so well-positioned to continue to outpace market growth and at the same time continue to deliver superior shareholder value. We will today walk you through a lot more detail on the core strategic initiatives that will create value over the coming years and will take our EBITDA margin back over 20% over the coming years. Me and my experienced team really look forward to take you through that during this afternoon. Again, a warm welcome, and let's dive into it. Many things Kambi best described in phases, and for us at Kindred, that is also well-suited to our history. For us, it's humbling and also honoring, as Patrick said, that 25 years ago this autumn, my best friend, Anders Ström, moved from Sweden to the UK, registered Unibet as a company, and applied for a UK bookmaker's license. The rest is history, as they say. If we're trying to summarize those 25 years in only a few minutes here, and for us, and looking at this from this perspective, we have grouped our company's history into three distinct phases. First, we have the buildup, followed by the transformation, and now we're on the verge of the scale-up phase, as Patrick was also alluding to. We've been through the different phases of our industry, and we know what to expect from each and every one of them. From the inception, our first 10, 15 years during the buildup was really a lot about establishing a foundation and very much focusing on gaining market share and laying that foundation. Interesting to note that this is also very similar to the phase that we've been in the North American market now for the last couple of years. During this phase, it was indeed a lot about geographical expansion, but also product addition and innovation. We started as a sportsbook-only company in 1997, and it was only in 2003 that we added casino and games and poker in 2004. We gradually invested in the product area with adding live betting, streaming on sports, and bingo and other features as well. After the buildup came the transformation phase, when we really been seeing for the past 12 years that the sector has been going and moving towards a locally regulated reality. For us, we saw that firsthand when many of our markets started to move in that direction. It was really in 2010 when we had this French reregulation that we really learned a lot in how we would prepare for this going forward. We were also seeing that this trend was likely to start spreading across other countries in Europe and could indeed also spread outside Europe to continents like the North America, which indeed has happened since then as well. This was the start of our transformation journey that we've been on since 2010. We saw clear challenges coming from the transformation, but we also saw great opportunities if we could master the challenges ahead and better than our competitors. In turn, we would gain long-term access to fast-growing markets with more predictability and hence lower risk. Re-regulation is challenging, but at the same time, it also offers great opportunity in the sense that it raises entry barriers, which leads to reduced competition. Now that we have passed the transformation phase to a large extent, especially when we passed one of the final major milestones in the reregulation of the Netherlands, we're really focused on scaling up where we are and really continue to outgrow our existing markets. You will hear a lot more from Nils Andén, Anne-Jaap Snijders, and Neil Banbury on that in their section. The margin pressure that's coming and inherent in the transformation puts greater focus on operational excellence. To ensure profitable growth, we have Johan Wilsby and Marcus Smedman that will talk a lot more about scalability and efficiency in their section. To do this as well, we target unique products and content and customer experience. Here you will hear more from Simon Hammon, Ben Colley, and Erik Bäcklund in their area. We know what it takes to be profitable in locally regulated markets. Sweden, UK, and Denmark are all recent examples of that. Neil will talk much more about the UK and our success story there over the last couple of years. I'm sure you've seen this morning that we issued our press release introducing financial targets for 2025. As you can see, key elements of those are our revenue and margin, EBITDA margin developments going forward. Johan will again talk about that in his section. Key for us since we embarked on our transformation journey 10 years ago has really been a strong focus on growing our locally regulated markets faster than our dotcom markets. That's indeed what we have done as well to ensure that our foundation is as strong and as large as possible. As you can see on the graph on the left-hand side, we have grown our locally regulated markets between 14% and just under 30% over the compounded annual growth rate over the last 5 years. Key milestones in that journey has been the reregulation of Sweden in 2019, but also the recent Dutch reregulation, but of course, also our growth in UK, France, and Belgium. Our dedicated teams has been a successful framework around how we adapt to these local regulations and how we manage them in the best way possible, and to make sure that all important areas like compliance, tech, and local teams are as aligned as possible to ensure that we can come into the market as soon as possible and be as ready as possible from the get-go. As a matter of fact, we have grown faster than the overall markets historically and have a very well-diversified geographical revenue base. Again, Nils Andén, Anne-Jaap Snijders, and Neil Banbury will talk about that later. We focus on locally regulated markets because they offer carry lowest risk and hence are more sustainable. We now have about 80% of our revenues coming from locally regulated markets. Again, as you saw this morning, one of our ambitions is that number will move up towards 90%, over the coming years. An interesting observation is that we don't have to be a top three operator in our markets to be highly profitable. We've shown that in both the UK market, but also in Sweden. We still have plenty of growth potential in our core markets, and for us, North America is an exciting opportunity. On the right-hand side here, you can see a graph that we have frequently in our quarterly presentations. That's showing our ability to absorb the margin pressure coming from the transformation. A consequence of growing our local regulated markets fast is that betting duties are increasing rapidly. This has meant a material contribution to societies in betting duties alone, and as you can see on this graph, we're close to or just under GBP 300 million in 2021 alone. We have managed that well with a plan of cost efficiencies across our line items in our P&L. This is also what we anticipated already back in 2010. We saw that if we wanted to transform the business from dot-com to dot-country, we needed to grow top line very fast and even faster than the betting duties so that we could create absorption ability and also keeping our other costs under strict control would really help us to deliver a relatively stable EBITDA margin that we've shown over the years. We naturally see a dip at times of larger markets going through reregulation, but we also see a strong recovery like we showed in 2020. This time now will be no different with the Netherlands. This you will hear more from Anne-Jaap and Johan in their section. If we look at the macro trends and spend a few minutes on that in our sector, and that will in one way or another impact us as a business, both on a macro level, but also on an industry level. Looking at our current environment from a wider lens, a macro perspective, I see a number of trends that will influence the direction we are taking as a company. Our sector has gradually become an integrated part of society, and that naturally leads to more attention, but also regulation. In our last Capital Markets Day that Patrick was alluding to, we talked a lot about our foray into automated data-driven decision-making based on big data and artificial intelligence. Of course, these are now underlying trends that permeates everything we do as a company, and you will hear more from that in the different areas in the afternoon. If we start looking at the digitalization, that transformation has been going on for decades, but it's really only in the last 5-10 years that it's fundamentally changed the way businesses operate, the way consumers behave, the way regulators engage, and the way policymakers act. Products and services are now more accessible than ever before, and borders don't exist in the same way as a global service is literally only one tap away. Consumer demand has changed, expecting a highly personalized and instant offers. For the customers of today, of course, speed is everything, and attention span is shorter than ever before. Trust has grown in importance, and they're also a lot more socially aware. If we look at globalization, it's really spreading, and where national has become international and now global, and we have the world at our fingertips. That leads to greater understanding of other markets and cultures. As we've seen recently, economies, logistics, and productions are nowadays completely interlinked, and we all experienced that over the last couple of years and the challenges that brings. On ESG, social expectations on individuals, organizations, and countries has increased as we've all become more aware thanks to the digitalization. Regulators and policymakers increase regulation and governance to maintain control in a reality that is evolving faster than ever before in history. Consumers and talent indeed expect a lot more from the organizations they engage with or indeed work for. If we address this a little bit more from a close-to-home perspective, you can see a number of trends in the online gambling space over the last couple of years that will continue to shape our industry. We have been watching these trends for many years and started to prepare many years ago with decisions, sometimes difficult, but also very conscious decisions made. We realized very early on that what took us here will not necessarily take us there. The past 3-5 years have really accelerated this transformation, and we are now coming out on the other side stronger and more prepared than before. If we look at the market growth, a key underlying trend in our sector has been the migration from offline to online, and that growth opportunity it brings to us as an online-only operator. H2 Gambling Capital still sees a great growth potential for the online gambling sector, and they anticipate that the online element is still only accounting for just over 30% of the total gambling market in 2021. Again, according to H2 Gambling Capital, they estimate that our total addressable market is estimated to show a compounded annual growth rate of 10% between 2021 and 2026. When it comes to content control, the greater consumer demand for personalized content requires greater control of the product and the customer experience. For us, KSP and Relax, or Kindred Sportsbook Platform and Relax are key initiatives in this crucial area. Again, you will hear a lot more detail in this exciting space from Erik, Ben, and Simon in their section. We look at market consolidation. Competition and consolidation in the industry is increasing as operators with a strong performance and balance sheet are taking more control. We have actively participated in the consolidation of the sector, and as you can see here, we've executed on 15 transactions over the last 16 years. We are one of the largest operators globally and have a very strong balance sheet, and our ambition is to remain a consolidator. On sustainability, we're proud to say that we have a market-leading approach to sustainability. Regulatory and political pressures puts greater focus on sustainable consumer base, which in turn lowers risk. We're leading the way in transforming gambling through our Journey towards Zero initiative, where we set a firm ambition to take ourselves as close to 0% of revenues from high-risk customers towards the end of next year. We're well on our way to get there, but of course, it's a big task to get all the way down to zero. Our share of revenues from high-risk customers stood at 3.3% in Q2 this year, and that number two years ago was 4.7%. We're moving in the right direction, but we fully appreciate we have a lot of work to do. Our share of customers who is showing an improving behavior after detection in our own systems has been also increasing over the years, which is very positive, and that number now stood at 85% at the end of the second quarter. The developments in the industry over the last years, the macro dynamics we're all experiencing, and the online gambling industry trends we just talked about are all considered in the current strategic plan for Kindred and the direction we are taking as a company. Our purpose is our North Star, and our strategic plan is underpinning our purpose to transform gambling by being a trusted source of entertainment that contributes positively to societies. This is a picture showing our current strategic plan that we've shown in recent quarterly presentations, but also we talk more about it in much more detail on our corporate site. We have three elements that's underpinning our commercial efforts, and that is a strategic focus on unique product and CX, a sustainable business, and scalable operations. On top of this, we have a balanced portfolio of markets, with plenty of growth potential in our core markets, and our early entrance into the Netherlands is a great example of that. We're putting our fundamentals in place in North America and are now focused on rolling out our platform, building our brand, and then scaling. We maintain our focus on shareholder value creation through profitable growth and strong profitability in locally regulated markets. We make money. You will hear a lot more detail on all these different initiatives during the afternoon. The most important strategic priorities for us to drive value for the company and for you as shareholders over the next five years are the following. To capture the existing growth in our core markets and continue to grow faster than the overall market. To ensure we become a market leader in the Netherlands, which we're already well on our way to achieve. To utilize the cost efficiencies and scale that our proprietary sportsbook platform will bring and is progressing well. To provide customers with a unique and differentiated content through the highly profitable Relax business. To further build our presence in North America, where we now have a base in place to capture future value. You will now hear more from our experienced team on how these five important strategic priorities are developing during the afternoon, and I look forward to welcome you back and answering your questions at the Q&A session later. With that, I hand you over with a warm hand to our Chief Commercial Officer for Region 2, Nils Andén. Welcome up, Nils. Thank you very much, Henrik, and good afternoon, everyone. It's a real pleasure to be here. I'm here to set out why Kindred is in such a strong position in the gambling industry and why we are very confident that we can continue to outperform the market over the next couple of years. This confidence is based on four pillars. It's the resilience we get from the balanced markets of portfolio. It's the sustainable and robustness of our underlying revenues. It's our relentless focus on profitable growth and our excellence in our underlying commercial operations. My name is Nils Andén. I joined Kindred for the first time in 2006 as employee 142 at the time. Worked in the commercial department, at the end as CMO, and then left for four years. Worked in the fintech space for two years, and I was with Entain for two years before I came back to tackle some of the very exciting opportunities that Kindred has today. I'm gonna start by giving you a deep dive on our brand and geographical footprint and why our relentless focus on profitable growth has paid off, and I believe will continue to pay off. We will then go into a deep dive, and I will have the assistance of Anne-Jaap and Neil, my counterpart Chief Commercial Officer for Region One, which is AJ, and Neil, our general manager for the UK. That will give you a little bit more flavor how we actually operate in these markets and how the focus on customer management really pays off in the long run. Kindred's current market strategy is really based on a focus on our core markets, where we see underlying strong growth still and sustainable regulation. This is also where we can utilize our strength as a company. We then subsequently have the ability to take these core assets, then support the expansion into higher-growth regulated territories. In this strategy cycle and for the next couple of years, that main focus is North America. We also use a classification framework, to ensure that we can optimize both our short- and long-term investments on a very agile framework, shifting investments between markets. A good question on this is, of course, other territories. We haven't, and we are not ignoring territories like Asia, Latin America, South America, Africa. We're of course evaluating all these territories, but we think at the moment the best place for us is in our core markets because we have enough underlying growth. We're not chasing gray revenues in Asia. We are looking at Africa and South America and Latin America, and as those markets mature, as regulation becomes more sustainable, we will evaluate them, and we might look at growth there in a few years' time, either inorganically or organically. We believe strongly in running one global sportsbook brand across all our markets. That means that we can piggyback on the brand value and the synergies we get from both acquisition mechanics and also the way we do our retention marketing. What we have identified is that we can also complement Unibet in markets with local, hyper-relevant casino brands that can target a slice of the market that Unibet is not targeting at the moment. It also gives us great optionality. We can either acquire a brand like 32Red in the UK or build our own brand on the Kindred platform. We have great examples of Vlad Cazino in Romania and a few brands in the Nordics, which we've had great success with. This is an ideal setup for us. It's not always possible. In France, we don't have an iGaming regulation. In Belgium, there's a limited number of iGaming licenses available, but this is what we aim for. Ultimately, we are a true online company with very little retail baggage, and we have formidable brand awareness in many of the largest gambling markets in the world. This is a fairly exceptional position in our industry. Kindred is the operator in our industry with the most robust and resilient revenue base, and that is because of this broad, diversified balance of our weighted top 10 markets. On the left-hand graph, you have our gross win contribution from all markets over the last 12 months. Our top four markets stand for around 55%, and in the last 12 months, we didn't have any market with more than 20% of the overall contribution. Kindred has always focused on robust and sustainable revenues, but how do we achieve this? It is with this distributed profile from a market perspective. It's also from a spread of revenues across all the different value groups in our underlying customer database and from a balanced type of revenues from the various products that we offer. This has been incredibly powerful over the last 12 years, during which we've seen this ongoing regulation trend and a much stronger focus on customer protection across pretty much all our markets. This balanced portfolio of markets and brands continue to help us navigate this transition to locally taxed revenues. As Henrik mentioned, today, we are almost at 80% of our total revenues coming from locally taxed and regulated markets. This balanced portfolio also help us through short-term regulatory headwinds in particular markets. If one market would dip below expectations in one year, we are able to offset that with growth across the portfolio. Our mantra within Kindred really is that the combined contribution is much more important than any single market we operate in. Before we move on, let me just reflect a little bit about Kindred's ability to solve complexity and withstand regulatory headwinds. When I started in 2006, we had one site, a few different languages, but it was basically one site. We had one regulator. We had one set of compliance criteria. As you can imagine, over the last 16 years, a lot has changed in that. Now these headwinds from regulation or compliance or competitive environment can actually sometimes be genuinely positive contributors for us as a company. That's not always the case on a short-term basis, of course, as we've seen in Netherlands most recently this year. Over time, I'm really impressed with Kindred's ability to turn these challenges into positives. They've allowed us to ensure a substantially higher quality of earnings and also to support our ambition to create a safer gambling experience for all our customers. We also have an unusually flexible setup, both in terms of tech and in people operation. That means that we are designed as a business to take advantage of changes in our environment. If after 16 years in this industry it's taught me anything, it's that more change is coming, and it's gonna be complex. Where Kindred wins is really in our core markets. They are our bread and butter. As Henrik mentioned, we have over the last few years focused on our locally regulated market, and that has really driven our ability to outgrow the market. The last 5 years, we've outgrown the market by almost 4 percentage points, and we see this continuing over the next 5 years. We're expecting a fairly strong underlying growth in our core markets of around 7% CAGR. Our ambition is, of course, to continue to outpace the market. Remember, we've been doing this every year for the last five years. It's business as usual for us. The killer combination of having a strong underlying market growth and our ability to outgrow the market means we have significant room for market share gains over the coming five years. Why are we so confident that we can continue on this path? There are, of course, substantially more ingredients in Kindred's recipe for success than three, but just wanna call out a few. Perhaps the most important one for us is the synergies we are able to create between our locally hyper-relevant teams on the ground and our global hubs of excellence. This is a key differentiator that sets us apart from our international peers. We are able to deliver a diverse brand footprint tailored to each market and localized to make sure we're hyper-relevant everywhere we operate. It might sound easy to say, but it is quite a feat given the complexity that we operate in today. We have huge compliance differences between markets. There are payment preferences that vary, and perhaps most importantly, the customer demands and needs are hugely different even between two adjacent markets within Europe. We know them all. This know-how is really what earns us our well-balanced portfolio of regulated markets. You will hear later from Marcus, our CTO. He will give you some details how this actually works in practice and how we manage complexity for our success and how this can actually create barriers to entry. This customer-centric mindset is also how we operate our wider commercial operation. This started, I would say, around 15 years ago actually, when we started to see changes in our environment. The media climate has changed hugely in the last 15 years. You now have big global players that didn't exist in the noughties. We got ahead of that, and we have created global centers of excellence that can speak with the global hubs of the likes of YouTube and Facebook and Google to ensure that we get maximum leverage and the maximum ability to utilize those channels. We've also seen the same trend in customer relationship management. There's been a strong trend of underlying automation and some real big technological leaps in the last 10 years in this area. To really capture that, you need a centralized approach. For us, it has really unlocked the benefits, as Henrik touched upon earlier as well. We now have, and we've had for a number of years, centralized marketing expertise in all verticals we operate in, and this expertise then supports the on-the-ground local teams that we also have in all the markets we operate. The global provides the best practice, and the local ensures regional execution and relevance. We've proved that this is the best way to optimize both resource allocation, but also the return on investment on your marketing spend. This combined with our dedicated performance management function that drives the wider econometric modeling on return on investment and a very agile allocation between markets in how we invest our money based on payback on a quarterly basis. This is all well and good, right? What is the real implication of this? For us, it's basically two things that matters. It's our ability to outgrow the market, but also profitable growth in those markets. Let me illustrate. If we dive into the real kind of heart and lungs of our business, you can see that Kindred has been able to outgrow the underlying market in almost all of our core markets over the last five years. You have some shining examples of UK, France, Australia, Belgium, and Denmark. What I want to take away from this slide is not the single market, it's the combination across the board that makes this case so strong. Of course, let me just highlight, we also have Netherlands in the middle here. I know it's high up on everyone's want to know a little bit more list, but we have to wait a little bit longer before AJ comes on stage. Clearly it's by far our biggest short-term opportunity. Now, growth in itself is good, but as we said, what we are truly passionate about is profitable growth. You can see our focus on profitable growth when you look at our individual core markets. We deliver positive gross contribution from all our core markets. As we've seen on the previous slide, we outpace the underlying market growth in most of them. The variance in gross contribution as you have on the bottom axis is of course dependent on underlying taxation regulation or competitive climate. As Henrik pointed out, it's also interesting to see that in markets where we are a top ten operator, not a top five, we're still able to deliver strong gross contribution margin for the company. We have the UK and Australia as very good examples of this. We like to think that this is really the outcome of the work that I tried to illustrate on the previous slides, the operational excellence from 25 years in this industry, the very careful econometric modeling we do to ensure we get better return on our marketing spend than our competitors, and the overall focus on sustainable revenue. Okay. It's time to take a peek into under the bonnet of the Kindred car, which is of course a Volvo. It's well-designed, it's electric, and extremely safe. Henrik mentioned AJ will give you a deep dive on the Netherlands reentry. Neil will then lay out how we manage to operate and succeed in arguably the most competitive and complex market in the world. I will come back and talk about North America, the great long-term opportunity, and our approach to it. Before that, before I hand over the word to AJ, Kindred is back in Netherlands, right? This is what it looks like. Thank you, Nils, and good afternoon, everyone. Yes, the boys and girls are back in town as Thin Lizzy sung in the TV commercial. My name is Anne-Jaap Snijders, and I'm the Chief Commercial Officer for Benelux, UK, France, and Australia. I've been hired 14 years ago as a country manager for the Netherlands, so you can't say we were not prepared. I hope you're ready for this Netherlands update, where I will shine my light on a flying start in a growing market, and I will disclose to you how we'll win this race. We launched Unibet dot nl 9 months after regulation. It's really good to be back in town as we are clearly exceeding our expectations, which give me a lot of energy to win back the number one position. Yes, we had a flying start as a real Flying Dutchman, as it all started with our license, which we received early compared to the other international operators who are still awaiting or just received their license. It has been a great couple of months since we received the green light. We see a clear path back to a leadership position, where we've beaten all our projections, where we see a higher than expected level of actives, a high conversion rate confirming the smooth registration process, satisfied customers, and a rapid growth in our daily average revenues. This is supported by several factors, where we reach already the number two position in brand awareness. We are the number one in betting and the number two in casino in the App Store. We see a promising intake of new customers coming in and already a positive EBITDA contribution in July and August. This is above our wildest expectations. We are well-placed to keep this momentum and to build to a top position. It's not just today's market we have in mind. The Netherlands is a swiftly growing market, and we want to outperform that growth by winning market share. This convince me we will push for the number one position by the end of next year. Yes, we will push for the number one position by the end of next year. Today, the Netherlands is a young and growing gambling market. According to H2 Gambling Capital, the market will grow to GBP 1.7 billion. The online penetration is pretty low, especially compared with other markets like in the Nordics or in England. This growth opportunity in three areas, the number of gamblers, the amount they gamble, and the shift to online gambling as such. If we were launching as a global brand, I would be optimistic. Given our local expertise and the Dutch really like our product, I'm assured we'll raise the bar, and especially with Unibet being the synonym for online betting in the Netherlands. Important to mention that there are some proposed changes of regulation expected. They still need to be confirmed by law, but we are not overly worried by these restrictions, as they're mainly focused on advertising and sponsoring restrictions, which should reduce our marketing spend significantly. We've seen in Belgium that these kind of restrictions won't hurt market growth, but they favor the brands with a high brand awareness. It'll improve our margin, which is good news for investors. Yes, our strong brand awareness has given us a head start. The last quality report from Nepa, a research agency in consumer insights, shows we are at the second position in brand awareness among gamblers. Google brand share of search indicates we are the number 3 in Google. Next to this, we see high-quality customers coming in. They like our site. Customers are our fans. We have been flooded by message on social media when we had to go offline. They even have been sending us Christmas cards and congratulations when we got the license. The majority sentiment is that they've been trying out other sites the first months of regulation, but now they're signing up at Unibet. We're loading this brand awareness with credibility, as we are establishing our role as a trustworthy and responsible gambling operator in the Netherlands. I'm very proud about the so-called Unibet Impact campaign that has been welcomed by football clubs and stakeholders in the Dutch gambling industry. Unibet Impact is a unique program based on collaborations with partners in the top and amateur sports, is committed to educate about responsible gambling, prevention of match fixing, and initiatives for supporters, where we earmark in every sponsor agreement a double-digit% to these elements. For instance, in agreement we have with Ajax, we focus on responsible gambling in relation to mental health. On grassroots football, we have awarded 300 football teams with brand-new kits. The next pillar which will assist reaching top position is our global and local execution. We're making a splash with our marketing budget in H2, executed by the small local team who sorted out agreements with local media and football clubs to be as relevant as possible to those customers, but where we didn't have to spend as much as possible due to the advertising restrictions. Sponsoring Ajax plus 7 other teams in the first and second football league. We have exclusive agreements with the 3 biggest football and the largest Formula One sites, where football is the number one sport in the Netherlands, but interest in Formula One has exploded due to Max Verstappen becoming world champion. Sorry for the Hamilton fans over here. As Kindred, we are executing the spend in a targeted and smart way. We don't want to land grab. We focus on high value customers. As our campaign message is, if you know the game, you play at only one club, at Unibet. Where the local team is small, but they have the global backup from the global marketing department, led by our Chief Marketing Officer, Elen Barber. They're taking care of direct marketing, search, affiliates, and bonus efficiencies. This to sort our scalability, so we're maximizing our return on investment by using global power with a local twist. Good to show you that we have great brand recognition next to enthusiastic customers which we approach with a local and global team. Besides this, in simple terms, we just have the best product. We have a market leading position in the App Store as we are the only operator with an app for every product. Where the number 2 and the number 3 in the market, they don't have an app at all. We are the number 1 in betting and the number 2 in casino in the App Store, which is a significant achievement for us. Furthermore, we offer the highest odds on Dutch football with relevant offers on the Eredivisie and Dutch players abroad. The local team know what and when to boost with Ajax, Ten Hag as coach of United or Frenkie de Jong at Barcelona. We know which slots they like. Therefore, we've secured a long-term agreement with the number 1 supplier in the Netherlands, and this to offer exclusivity on some of the most famous Dutch slots, including the iconic Random Runner, which was my first gambling experience back in the day. I love that sound and those fruit symbols, and I still do. We added a modern twist to these traditional games you will come across in every Dutch arcade. Hereby we got hold of a unique portfolio of slots which are our best performing slots. Last but not least, we have the largest dedicated live casino environment with 14 Dutch live tables. Last Monday, we just launched the second exclusive game show with Runner Runner, a spinoff from that famous slot, Random Runner. Let me sum up. It's an exciting time. We see a strong ramp up of our Dutch business. It's really good that the boys and girls are back in town for us, and we are ready to win. The flying start show that we have been well prepared, and this is confirmed by our market leading position in the App Store and the pace of new customers coming in. It should be really possible to become number 3 in Q4. We have a lot to look forward to. A busy sports calendar is coming up. The Champions League has started again. Yesterday, Liverpool versus Ajax, and we saw more than 3,000 new customers coming in. In 2 months time, the World Cup. The Dutch are in. Hup, hup Holland. In the easy group, so we should be able to reach the last 8. With odds of 15 to win, more than a dark horse. The Dutch are really easy to get excited normally, but they don't win the trophy, so it will be good for the margin. No worries. Kindred are here. Kindred and I are here to stay and take up a very strong position in this growing market. It's fair at least to say that this market will grow with 11% per year coming time. We have a massive growth opportunity ahead. With our strong brand and Unibet being synonym for online betting in the Netherlands, and in simple terms, we just have the best product, we are on pole position to push for number one by the end of next year. I hope I've boosted your flavor for Orange, and you have become eager to place a bet on Virgil van Dijk to score or play the Random Runner at Unibet. Thank you very much. Dank je wel. We go over to Neil Banbury, my UK General Manager, who's as English as I am Dutch. Neil, the floor is yours. Good afternoon. My name's Neil Banbury, and I'm the general manager for Kindred's UK business. I've been with the group for 12 years now, and have had the opportunity to work across a number of areas, including finance, strategy, and now the commercial team, where for the last 5 years, I've been responsible for our UK business. I feel really proud to stand here today with an opportunity to share just how successful our efforts have been in the UK, the market that was Kindred's biggest in the first half of this year. Why do we think that you should be interested to hear about the UK? The UK market is the acid test of any operator in any market, and it's the acid test because of the high standards and the complexity in the regulation, the intensely competitive marketplace, and the maturity of customer expectations. Now, following a strategic assessment a number of years ago that Kindred was big in small markets but small in big markets, we set out with a clear intention to change that by seeking to crack the U.K. Now we have a long, successful track record of, as a challenger in this market that is the acid test. Continued success in the U.K., therefore, is a great platform for wider success as we seek to both deliver sustainable and profitable growth from our core markets and grow in the U.S. Let's show you a little bit more about our U.K. business. What a goal. What a goal. West Ham has erupted. Wonderful finishing. João Félix, his ninth goal of the season, his first in Europe. Measuring the distance with the jab. As I'm looking here, what a punch that is. Kerry with the uppercut. What a punch. It's Postecoglou who takes the Unibet Bet of the Month. As Nils showed in his section, UK is Kindred's biggest market in the first half of 2022. We have a top 10 market position with around a 3% market share, and we've demonstrated just how successful you can be building a high-growth, profitable business as a challenger brand if the market is big enough. Given how high our ambitions are in the UK, it's hugely encouraging for us to be delivering this level of profitability at our current market position. It's exciting to think, therefore, about what's possible in the future. The UK is the only market at Kindred where Unibet's not the biggest brand, so 32Red's around 1.5 times the size of Unibet. We run our UK business from our hub in Gibraltar with support from all of the key global centers of excellence. Let's look closer now at the journey to get to where we are now. We've massively outperformed the wider UK market, and I claim that outperformance on the basis of growing at more than 3x the market growth rate and more than doubling the size of our UK business at an incremental profit rate of 40% over the last three years. Now this chart shows our revenues, our profit, and our profit margin in the UK, and it's indexed so that 2021 revenues are set to 100. On the chart, 2018 is the first full year where we have the current business makeup, and therefore the growth story from 2018 onwards is a pure organic one. As we've profitably scaled the business in that time, the complexity of the environment in which we've done that has increased significantly. Customer expectations are now much higher, with those expectations being informed by best-of-breed digital experiences. Regulatory pressures have increased significantly and there's much tighter controls in place. We've increased the scrutiny of our own operations as part of our Journey towards Zero. That increased complexity now requires a highly sophisticated operator to be able to deliver the level of customer experience that can build long-term sustainable loyalty with customers and deliver shareholder return. Now, on the left side of this chart, you'll see one of the key drivers for our growth from 2014 to 2018 has been acquisition. We bought Stan James in 2015 and then bought 32Red in 2017. Stan James brought UK sportsbook and racing heritage into the group. That set the foundation for the anglicization of our sports offering and also the building of our Kindred racing products, which has been a huge success. That now in turn is the foundation for KSP, which we'll hear a lot more about later. Then 32Red, that brought casino expertise and an experience of running an authentically casino-first business into our group. It also brought a very strong and powerful brand. The two acquisitions have delivered Kindred with a presence in Gibraltar, which now is one of our biggest global hubs, and also brought great talent into our group. I think that it's been a hugely valuable thing for us as a business to welcome talent from UK-centric organizations as our UK ambitions have really caused us to challenge and evolve our ways of working. Let's look at what has enabled this level of growth. I see two key pillars, sitting beneath this success in the UK. The first is a focus on profitability, and the second is a focus on sustainability. Both of those speak to an obsession with the quality of our revenues. Profitability first. Not every pound of gross win is equal, and as a challenger in the market, we pick our battles selectively. We are more than happy to watch other operators chasing gross win that we have no interest in. Delivering gross win is easy. It is significantly harder to deliver sustainable profits, and those are highly dependent on the customer behavior, the types of bets and games, the retainability of the behavior, the sustainability of the behavior, and all of the costs associated with the behavior. Taking that view has enabled us to build consistency between how, where, when, why we position our brands, and then the experience and the product that we deliver. The profitability focus also informed by rich data within our acquisition funnel, CX insights, brand and target audience metrics, and a sophisticated understanding of what sustainable business looks like. To give an illustration of the CX data that we can use, we're collecting customer feedback on the micro drivers within every customer journey that we've defined for every brand in every market that we're in. We understand for each of those micro drivers its importance in driving revenues. Therefore, we can work with the tech teams to focus and prioritize development efforts in a sophisticated way that means we can improve not just customer experience, but also the financial performance. To show the outcome of that kind of focus, two charts on this slide. The one on the left shows indexed growth in blue of the volume of new customers joining our brands between 2018 to 2021. In pink, the revenue contributed by new customers in the calendar year that they join. You can see the value of customers growing significantly faster than the volume. Very important to highlight, this is not a result of chasing the type of business that will come under pressure from affordability type restrictions, but rather it is a result of optimizing our business away from zero value and negative value traffic, of which there is plenty in the UK. As a result of that, and in combination then with improvements in technology and processes, we've been able to deliver a hugely valuable improvement in our bonus efficiency. Sustainability. For us and within commercial, a focus on sustainability has to be about everything that we do, and we need to take that holistic type approach given the complexity of the environment and given how dynamically things are changing. We have our Journey towards Zero, and that has increased our own scrutiny on our operations and the way that we do things. We also welcome the opportunity to strengthen the licensed environment in the UK as part of the White Paper process. We've engaged constructively in that process and will continue to do so. Although we continue to await the content of the White Paper, we have been building out our business rules and our processes in a way that we view as sustainable, but also consistent with the likely direction of travel. In addition, we remain humble in respect of the expectations that the Gambling Commission has of UK licensed operators. Through dialogue with the regulator as part of ongoing license reviews, we continue to evolve the day-to-day work and our processes to ensure that we discharge our license obligations in a way that meets the regulator's expectations. Look, we're selling an entertainment experience, so our brands are positioned in a way to attract those seeking exciting entertainment, and there's a differentiated proposition and a differentiated route to market for each of the brands. What's consistent across our brands is our belief in the importance of putting safer gambling messages at the heart of everything we do from an advertising perspective. We want to normalize the use of limits rather than normalizing an expectation of bonus. Customer protection now really built into the join journey for customers. A great example of this is that we are now able to block all activity for a customer where we detect red flags for financial vulnerability as they register for one of our brands. Now, that should be a positive for the customer. It's also a net positive for us, as it allows us to take another step forward on the journey to zero, and it prevents business that actually is unprofitable for us. Further, every customer is assigned a limit when they join. Customers can choose to lower those limits through the use of our voluntary tools, or they can provide further information about themselves and ask to increase the limits. Increasingly as well then, the availability of product, the availability of reward is becoming dependent on the profile of customer. We also increasingly build protection into our play journeys. We have lower slot stake limits across our whole portfolio now in the UK, and the volatility of our product is reducing over time. As customers play, our Player Safety Early Detection System monitors the risk profile of their behavior. We see risk as a continuum, and we want to be able to support customers to lower risk in their behavior in a proactive way that helps to prevent problems before they occur. We're preparing a trial now on 32Red whereby we will surface and share this data with the customers so that they can better understand their behavior. I see that as a really powerful step on the Journey towards Zero and very excited to see the result of that. As a result of all of these efforts and our focus on sustainability, we see very positive development in the health of our UK revenues. The percentage of revenues in the UK that's coming from customers exhibiting high-risk behaviors is down to 3.8%, and that's a very positive trend in recent times. The effectiveness of our interactions with customers once high risk has been detected is over 80% in terms of seeing customers go on to exhibit a lower risk profile of behavior. We continue to work really hard to move both of those KPIs in the right direction with the goals we have for the next year. Average monthly spend of our customers is also reducing, and that indicates another step towards a more recreational customer database, and we see this as a real positive as we get fit for purpose for the new reality and build very strong foundations to capture the future opportunity. I also see sustainability as a commercial opportunity. As people trust our brands and the way that we operate, it becomes a key reason to join us and it becomes a key reason to stay with us. Becomes a key reason for commercial partners to work with us as our efforts really do genuinely set us apart and we become a partner of choice for key rights holders. Very powerful, obviously, in attracting and retaining the best talent. What does all this mean for looking forward? We have a huge opportunity for further market share gains in the UK via quality execution. We've massively outperformed the market, and I expect us to continue to do that. I'm confident saying that given our track record, and given our increased scale, and given our increasingly complete control of our customer-centric technology. We are in a transformationally different position now from which to build than we were just three short years ago. Crucially, we remain focused on taking a significantly higher share of the profit in the industry than the gross win in the industry. I'm very proud of the journey in the UK to this point. We remain humble about the road ahead, but we remain very hungry for more success. We have the capability to translate this success in the UK into other regulated markets, regardless of our market position. The UK is the acid test, and our success in the UK gives us huge confidence across our entire portfolio. I'll hand back to Nils now, who'll talk about the opportunity in North America. Thank you, Neil. Really interesting to hear. So the great frontier that is North America, soon to be the largest online gambling market in the world. It's already the fastest-growing regulated market in the world, with an expected annual growth rate of 32% per year over the next 5 years. Kindred is currently live in 7 markets, 6 states and 1 province in North America. We've secured market access for 3 more. We have Ohio, Illinois, and California on the roadmap. Already today, the markets we're in have an addressable market size of north of GBP 6 billion. For Kindred, success in North America is really about long-term success. It's about winning a marathon rather than sprinting very fast in the beginning and failing to finish. We are building for a sustainable market that, to be honest, has not been in North America yet, but is coming. To date, our focus has built on building a hyper-targeted commercial operation with market access in the right states, which have good regulation and taxation, and a path to multi-product regulation. We are getting the right marketing mix in place. We're getting to know the customers. We're learning their payment preferences, their customer behaviors, just like our approach in any other market. This means that we are also confident that we are properly positioned for when the market is starting to normalize, that we are starting to see green shoots as we speak. We also do this so that we can grow responsibly and sustainably and protect our balance sheet in the short term, mid-term, and long term. Our main focus is really on the multi-product states as we speak. We can see that the unit economics are working. We have a good example here. We're currently seeing about 2.8 times ratio between lifetime value and CPAs in our multi-product states. We've also seen a decrease of CPA this year, about 15%, and an increase of new depositors of about 20%. Hence, that's where we're focusing the majority of our resource as we see a faster path to profitability in these states. Our key tactics are the same as everywhere else. It's our knowledge from Europe mixed with local, on-the-ground US expertise. We see these European-style trends in the US as well. You need to have excellent products. You need to have the customer in the center of all your decision-making, and you need to invest your marketing money very wisely. To sum up, we're doing North America the Kindred way. The success criteria are the same as we mastered in other markets. If we look ahead, we believe we know what's going to work in North America. We have a considered strategic, and we would say, a differentiated approach. It will both pay off in the long run and protect us in the short term. Have no doubt, we are ambitious. We're going to be a top 10 operator in the U.S. North America. We're just outside of that to date in the states we operate in. We're being incredibly careful and targeted to which states or provinces we enter, and at the same time, very discerning with our investments and operational setup. We're aiming for a mid-single-digit market share in the states that we target, which again, are the ones with the right product mix, sustainable regulation, and good market access agreements. As we've proven, and as Neil touched upon, a top ten position is more than enough in a large market to deliver strong gross contribution to the rest of the group. We have an excellent, super dedicated team on the ground, and we've shown that we can take market shares where we focus. Again, it is about profitable growth for us. We are actually starting to see that profit pools are emerging in North America and unit economics are normalizing. They are approaching European levels in ratio, not in absolute terms. North America has higher LTVs and higher CPAs across the board, but the same relationship is developing. Our current base case currently puts us at break even on a gross contribution level in 2026, while still not over-investing in states with unsustainable unit economics. Something we are very excited about, and Marcus will delve into more in detail on his presentation, is we're bringing the Kindred platform to the US. Neil described all the touch points we measure and how they drive revenue and our understanding of them. As you can see today on the third-party platforms we operate, there's a gap between us and the three largest operators in North America. This gap is closable. It is not a super massive gap. When we compare our third-party platforms with the Kindred platform across all these touch points, we can see that we have a massive uplift to be expected once we go live with the Kindred platform. With our revenue modeling, we also know what the impact of that will be. It's not only that we will get with the Kindred platform. It also gives us additional marketing tools, gives us cost savings. It allows us to manage our customers much more intelligently than we're able today. Basically, all the benefits of the millions of man-hours that's gone into the Kindred platform that makes it the best in business today. We're also continuing in the same line as we do everywhere to manage our footprint. We're looking across all the states we operate in and states that are coming online to ensure that we operate in states where we see a path to profitability. We're also pleased with the performance to date, but not satisfied yet. We see that scale will matter, and we are currently pursuing active partnerships in the US, looking at potential targets to help us grow even faster and increase the ceiling of our business case in North America. With that, I wanna thank you for your time and attention so far. This has been the commercial run-through. I just wanna reiterate and leave you with these four main points, which I hope we've been able to show throughout the presentation today and why we are so confident that we can continue to outgrow the market over the next five years. It's the resilience Kindred has from our balanced footprints of market. It's the robustness and sustainability of our revenues. It's our relentless focus on profitable growth and our excellence in commercial operations. With that, thank you. We're now gonna hand over to Patrick to have a short little fireside Q&A with me and AJ and Neil. Thank you again for your time and attention. Very good. Thank you. We'll continue with a discussion here with Neil, Nils, and AJ around the market and the commercial aspects. I would like to take the first question with Neil around the UK. You have stated that the Q2 revenues were impacted negatively by GBP 12 million due to the stringent affordability measures, and it was also guided that further negative impact will be expected in the coming quarters. Now, the question is: would you say that Kindred is lagging behind other operators? And that in terms of measures taken, I mean, is this a sign that Kindred is not perhaps fully prepared yet for the White Paper? Obviously there's been a lot of speculation about the timing and the content of the White Paper. We obviously have had changes in recent weeks at Number Ten and at DCMS, so we look forward to engaging with the new teams. It's been a long process, a long White Paper process so far. We've participated within that and had conversations with government and broader stakeholders as well. We, as I said in the presentation, remain fully supportive of efforts to strengthen the licensed environment in the UK. I also showed in the presentation that we have introduced significant controls into our business, where we have now blocks and limits for everyone. Blocks for high risk and limits for everyone else built into the Journey towards Zero. We have an affordability framework in place where we're limiting customer spend on a monthly basis and on a total basis. We've taken steps, like I illustrated, around slot stake limits and the volatility of our product. I don't see any other operators making more comprehensive changes than we have. I would say that we are at the forefront or towards the front of that curve. Obviously we continue to await what is actually in the White Paper. I think that it's fair to say there will be continuing consultation once the White Paper comes out. We've been building what we see as a sustainable business model that should be consistent with the trajectory of travel. Thank you. I would like to continue with one additional question around the UK. It was mentioned in the Q2 2022 report that both licenses in the UK are currently under license review. Could you please elaborate on the reasons behind these reviews and also the expected outcome? Yes. The review process is an ongoing one. We respect the review process, and I'm not gonna speculate or predict the outcome of that. The regulator had a targeted assessment for us in 2021, and we've fully accepted their findings as part of that assessment, and we've built out a robust plan to change a lot of the logic that's in our processes and the ways that we work. That is a plan that has board oversight within Kindred. That's the level of governance that's involved in responding to the regulator. We expect that the regulator will want to look again at the way that we're working. We've obviously, as I said in the presentation, we've worked very hard to be able to be in a position whereby we'll be meeting their expectations. I think also really important to highlight that, you know, we fully support the goal of getting to a position whereby the UK market is seen as fully sustainable and we play our role as a compliant operator in that. Good. Thank you. There are a few other questions around the UK, but let's take a step towards maybe a little bit more broader in general term. This is for you, Nils. Kindred is operating in a broad portfolio of markets, as we saw also in the presentation. It would be interesting to hear your views and also insights of how the macroeconomic environment with high inflation, increased cost of living have impacted the business so far, and if you can see any changes in player behavior in specific markets. Yeah. It's a very interesting topic, and something that we, of course, monitor very closely. The simple answer is, as of yet, we haven't seen any real change in customer behavior, neither in spend levels or underlying player patterns. We also have data from previous turbulent macroeconomic times, where we haven't really seen any material change in the underlying customer behaviors. We're of course always monitoring this to ensure that if we see a material change, we act accordingly. I think it's also interesting to take a step back, and we have over the last years also seen a decrease in the average spend level as we move towards more recreational players, which we think will make us even more resilient in this time. I think to sum it up, we are resilient but not completely immune. You mentioned also about the strategy going forward and focus on particularly the core markets and the selected expansion in North America. Also reflecting on the financial targets that were published in the press release this morning, do you feel that there's enough room in the existing markets to grow and reach these targets? Would we have during the next, say, five years or four years a need to expansion outside of the existing geographies, LatAm, Asia, Africa, et cetera? Yeah, well, we have made the case that takes us to 2025 is purely based on digging where we stand. We have enough growth, and we have enough room to take market share in our core markets and in North America to reach those targets. We firmly believe in that. We of course monitor, as I mentioned, all regulated territories across the globe to see if they are maturing quicker than we expected or if there's interesting targets that we could look at. We are very confident that we can hit those communicated targets in the markets we operate in today. AJ, the Netherlands has obviously been a flying start, as you said. You also mentioned that currently you're one of the only international operators live in the market, and that we could potentially expect some additional ones coming in, shortly or in the near future. Are you concerned about this at all? How will this, when potentially someone like additionally coming in, how would that impact your ability to grow the business from where we are now and continue to take market share and actually taking that number one spot that you were targeting for? Long question there, Patrick, so Yeah. Sorry. No, I think we stick to a steady course. For sure we stick to a steady course. As I said during my presentations, we have a great brand awareness in the local and global execution and a very strong product. We sorted out quite some exclusive agreements with media, football clubs, with the slots. We have advertising restrictions coming up, so I think it will be very difficult for new entries to make a difference. We fully believe to push for the number one position end of next year with or without new entries. About the marketing restrictions referring to H2 Gambling Capital, they obviously assume 11% annual growth over the next between 2021 and 2026. With the marketing restrictions, do you think that will have a negative impact on the forecasted growth by H2 Gambling Capital? No, I don't think so. Of course, it's really important that there will still be some advertising. We keep the channelization, which is quite high at the moment. Digital advertising will be allowed and sponsoring will only be restricted in 2025. Still, they need to be proposed by law. Like I said, as we've seen as well in Belgium, I don't see that it will hurt market growth. Thank you. I would then move. We have a couple of questions on the U.S. So I think you mentioned in the presentation about satisfied or. That was actually a question. Are you satisfied where we are in North America at the moment? If you look at it in a few years out, what would you categorize as a success? I think we are pleased but not yet satisfied, if I would sum it up. It's been two tough years when we have seen an absolute explosion in terms of marketing wars and sort of incentive level wars. If I look back, we have not seen the top-line growth that we had expected two years ago, but we haven't invested the amount of money that we expected either, because there was no rational way to claim that we would get payback on that. If I look forward, as we see these green shoots of normalization in the market, for me, success is we have a highly profitable business in 2026 and we see growth along the route there while we are closing the loss gap and manage to do this without incurring any above-guidance losses. That's what I would see as success for us, and we continue to do it the Kindred way. Profitable growth, managed growth along the route. That's what I would call success. That's it. Leading into my next question, you've stated that the current focus is on multi-product states. Mm. Out of the seven states or six states and one province, four of those are actually sports only. What's your plans with the sports-only states now in mid to longer term? No, I think that's a highly relevant question. As I mentioned, we have chosen our state footprint based on analysis where we think that we will see further legislation coming online in multi-product. That's also where we can see that we have a good path to profitability, a quicker one, which means that in the meantime, we are making sure we have the right operational setup, we manage our investments in the sportsbook-only states where unit economics are not as attractive as they are in the multi-product states, so that we are ready to fully reap the benefits of further product legislation as it comes online. I have a question for you, Neil. It's obviously around the UK. You say that you have 3% market share approximately at the moment, and obviously have outgrown the market by several x over the last couple of years. If you look now a little bit further ahead, what are your future ambitions and what can we expect with regards to the growth trajectory? Yes. We, as I showed, we have had an amazingly positive trajectory to where we are at present. We have been taking market share, and my expectation is that we will continue to do that. Clearly, at present, the market and the industry in the UK is changing significantly, and I talked a little bit about some of the changes that we've made to the service we offer customers and the results of that. We've been careful with our financial projections for moving forward, but that is fully built in to the group's longer term forecast that obviously have been shared today as well. The ambitions and the desire in the UK is to sort of evolve our business to be very well positioned for the long-term opportunity, which we still see as significant, and clearly to continue to respond to the conditions and the rules in a way that allows us to outperform the market, keep taking market share. You know, we speak all the time about really wanting to optimize the business so that we can take a much higher share of the industry profit than the industry gross win, and we continue to do that. Okay. You showed a slide, Nils, in your presentation with market growth versus Kindred's revenue growth. It was one country that had shown was very low levels, and that was Sweden, both in terms of market growth as well as Kindred's revenue growth over the past few years. Could you elaborate on this development? Yeah. It's been a rollercoaster, to say the least. I think that slide we have is over the last five years, and in that time period, we of course had the re-regulation happening, which impacted Kindred's growth, as I think most of you know. Then last year, we also had very severe COVID restrictions across the full gambling estate in Sweden. I'd like to look at it, if we remove those, I think we are in a very good position. Year to date, Kindred has grown 33% in Sweden, which is around 11 percentage points higher than the market. If we compare 2020 to 2019, we also grew by roughly 12 percentage points higher than the market. I think if we strip out some of these one-off effects, looking forward, I'm very bullish about Sweden as a market for Kindred. Okay. I think we have time for one last question before we head out for a well-deserved break. You mentioned about top three markets. Can you please confirm once again, which are the top three markets? Your competitors, they talk a lot about being the leader. How should we view Kindred in terms of your ambitions? I think we say we have top five focus is key for us. I think, you know, we have six markets that are locally regulated where we are a top five operator, and that's also where we can see the above normal gross contribution margins coming in. You know, today it's France, Belgium, Denmark, Sweden, Romania, and actually, after only two and a half months, Netherlands as well. I think overall ambition, of course, we wanna aim for a top five position, but when we're looking at those massively huge markets, a top ten position is definitely enough to contribute really well to Kindred as a group. Thank you. Thank you all for listening. We'll have a 30-minute break. After that, we'll come back with a lot of interesting topics. Thank you. Thank you. Welcome back. Hope you managed to get a well-deserved leg stretcher and also some interesting discussions during the break. We'll have, I think, a very exciting one and a half hours in front of us. We will hear, among others, about the strategy to move from a sales to a product and customer experience company. We'll hear about the Kindred Sportsbook Platform investment. We'll have a presentation about the Relax proposition, and we'll hear about Kindred technology and mastering complexity. Let's get started. Pleased to invite our Chief Product Officer, Erik Bäcklund, up on the stage. Welcome. Thank you, Patrick. Indeed, welcome back. We have a lot of exciting presentations for you this afternoon. I'm Erik Bäcklund, Chief Product Officer at Kindred. A little bit about me. I have a passion for sports, playing and watching. Lately, a little bit more watching than playing, unfortunately. I'm a keen poker player, and I really enjoy sports betting. I've been with Kindred for 17 years, always in the product area, and I still love it. A big part of that passion is the industry landscape that we are operating in and the challenges it's presenting. I'm very, very happy to stand in front of you today and present the product area. If it works. We are going to give you three iSnsights today. First, I will talk a little bit about how we think about products at Kindred. I will talk about our product reality and the challenges we are facing. I will talk about our product vision and ultimately how we are equipped and positioned to face those challenges and deliver on that vision. Secondly, we will talk about our reasons to building our own Sportsbook product, the Kindred Sportsbook Platform, or as we call it, the KSP. Lastly, or finally, we will lift the hood on the Relax acquisition and explain the rationale behind that. I'm joined today by Ben Colley and Simon Hammon. Ben will give you a deep dive into the KSP, and Simon will lift the hood on the Relax proposition. Before doing that, I will take you a little bit on that journey we are on, or Kindred's on, from a sales to a product and CX company. First up, our product reality and our key product challenges. As we heard from previous speakers, and as you all know, the world around us is constantly changing. The customer's expectations and demands are higher than ever before. As Henrik mentioned in his macro trends, the customers today really expect that we are aware what their demands are. Say, for example, I think everyone in this room has an account with Facebook, Netflix, or Amazon, or TikTok or Twitch, whatever your generation is. Netflix conducted some research that showed that if a customer hasn't found what they are looking for, a series or a movie, within 30 seconds of arriving to the site, they are far more likely to lapse, unsubscribe. We operate on the same principles, and for us, this is a really area that we aim to be not just best in our industry, but best in class. How do we get there? We really need to be in the driving seat, and we haven't always been fully autonomous when it comes to our product roadmaps. We know that this has made it more difficult for us to differentiate our products or create a unique custom experience. We are taking steps to change that across our product vertical. I will explain how. Another product reality is a marketplace that we are operating in. As Nils outlined, we are operating in one of the most regulated industries in the world. Each local market that we are in is highly complex and highly regulated. Add to that app store regulations and rules, and we know that those and you will know that, challenges from a product development or operations perspective are there. I will show you how we are rising to those challenges and mitigating them. Ben and I will also show you the efforts we are putting into increasing efficiencies and cross operations, platform, and the front-end experience, and how we excel in areas like data science and machine learning. This leads us nicely into our vision. One of the questions that I constantly ask myself or my team is, what would Google do if they entered our industry? We are ambitious, and we don't just want to be that best in class in our industry. We want to deliver a next-generation sportsbook and casino experience. What are the main pillars to achieving that? Key really to our vision is to become an app-first company with web and desktop as strong supporting channels. As a business, we are going through that transformation today, and app is the biggest growing channels for us. In some markets, like the US, it contributes to around 80% of the revenues in that market. As part of this app-first focus, we have worked very hard on our relationships with Apple and Google, and I would say that we have a really, really strong, if not the best relationship with Apple in our industry today because of that focus. The mindset internally is really to put apps first in everything we do. As AJ highlighted earlier, we were live with our three apps in the Dutch market almost on the day we went live. That is not a coincidence. That is a result of the hard focus that we are putting into this area across the business. Our app engineering department has increased 60% since the start of 2021 as a result of this focus. Key product builds, like the KSP, are built with an app-first mindset from the get-go. Second, we are on the path to controlling the full customer experience across platform and product. The Kindred Racing Platform, the Relax acquisition, and the Kindred Sportsbook Platform are all great examples of us delivering on that vision. It's not just something that we have 5 years in front of us. We're actually delivering on that vision today and taking steps towards it. They all have key factors in common. They firmly put our destiny in our own hands. We can build our own exclusive content. We can differentiate ourselves from competition. They all allow us to plan our own roadmaps and move at our own pace. Tech is really the enabler here, and our cutting-edge data machine learning algorithms gives us that hyperlocal content customer by customer, bet by bet. You will hear more about this and how we are actually delivering on that from Ben and Marcus shortly in this session. I should also point out that even though we are redressing that balance of third-party supplied products to gain more control, the key partnership and relationships that we are having with strong third-party suppliers is extremely important to us. We are working with the likes of Evolution, Pragmatic, Play'n GO, as you would expect from a tier one operator like Kindred. We're also continuing our strong partnership with Kambi, as we announced earlier this year. For our French business, we have a very good relationship with Sportradar supporting that. The main message of this is really that third parties remain critical. Going forward, we will simply have a better balance, reducing risk and increasing agility and profitability. As outlined earlier, and as a key kind of red thread, is that regulation is increasing across many of our markets, and so are the market restrictions. We know that an excellent product and a focus on product is the best weapon we have to secure good retention rates and secure acquiring high-quality customers. That's really why we are on that journey from a sales to a product and customer experience company. We firmly believe that the winners in the next era of the industry will be those with the best product. Nils highlighted important aspects of the commercial organization and the commercial key selling points. That, together with the strong product proposition, strong apps, strong customer experience, really puts Kindred on the path to something special and unique. I wish I was as skilled as Magnus Carlsen in chess. Unfortunately, I'm not. I think my daughter beat me the other day, and she's seven. Having said that, it really is one of the key global brand assets that we have and sponsorships at Kindred, if you were not aware of it, that we are very proud of. Why is Kindred uniquely placed to deliver on this vision? I will outline five reasons. We've got a proven build legacy. We've got a track record of organic growth and successful acquisitions. We are truly an innovative company. We put data science at the core and have done that for many years. We relentlessly put the customer first. Let's very quickly take these one by one. We have a proven build legacy. We know that we will build KSP successfully because we have done something very similar before. We created our own racing platform, the KRP. We did that through great teamwork between Australia, Gibraltar, London, and Stockholm. It's 24/7, it's live in 13 markets, and it generated over GBP 50 million in revenues in 2021. We love it, but so does everyone else as well. It's won industry awards, most recently Racing Operator of the Year at the EGR Awards. I would say that nothing gives you more confidence than knowing that you have done it before, and not just done it, but you've done it in a way where you outperform the market, and you've done it in a way where you delivered quality, et cetera. The Kindred Racing Platform, similar to the UK us in the UK market, has really outgrown the market year-on-year. We're still seeing strong numbers in both Australia and UK and across Europe in the markets it's live. That really is our experience with our in-house built racing platform. Furthermore, we have of course played a big role in the Kambi supply product that we have today. First as part of Kindred Group, and later as their biggest operator and customer. We know what it takes. We have strong relationships with all data and streaming suppliers. In 2021, for example, we streamed 175,000 events. 113,000 of them were sports, and the rest racing. Add to that live visualization, add to that an industry-first Watch and Bet product, and you will know that we are not starting from scratch. We are building on the shoulders of a giant, an already existing and strong product, as you will hear from Ben shortly. Of course, we also. It's not just about sportsbook. You will hear more from Simon and Relax. On top of that, we are in the forefront in terms of the amount of casino suppliers and game studios and games and the way we are presenting them on the site. Second, we have a track record of organic growth and successful acquisitions. You have heard that we have had a hyperlocal focus across our markets. We know that for Kindred, that has really been one of the key success factors for us to go through that phase that we have seen over the past 10 years, where we've gone from dotcom to a very highly regulated European market space. We complete the technically complex integrations, both platform and product. With brands such as Mr Bookmaker, EurosportBet, Bet24, Stan James, and iGame. Other brand acquisitions such as 32Red have strongly contributed to local growth, as you have heard from Neil. Another key benefit of acquisitions is, of course, that we have gained local market expertise. We have senior leaders at Kindred and in the product organization who were part of these acquired brands. Don't take my word for it. Both Ben and Simon come from those acquired brands, and Ben was part of the senior leadership team at Stan James and is now driving key strategic areas for us at Kindred. Simon, of course, from the more recent Relax acquisition, is now from the first of July, CEO of Relax. Speaking about Relax. You know, we've been friends with Relax for a long time. I think it's really worth highlighting that this acquisition fits directly into our strategy of gaining greater autonomy and control of our roadmaps. For the first time, we will launch our truly exclusive casino games, and we should highlight the obvious, of course, that having Relax as part of the group gives us hugely efficient cost of sales for casino games. Also with Relax as part of the group, we will take a piece of the attractive B2B market where Relax is a supplier to many of our core competitors. The importance of Relax is really huge and it's worth shouting about, and Simon will elaborate more on that shortly. Thirdly, Kindred is a truly innovative company. We were the first company to launch Cash Out back in the day. That is now a staple product in the industry, and it would be unthinkable for an online betting company not to offer Cash Out today. We were the first company to launch betting in streaming, Watch and Bet, where the customer can place a bet without leaving the stream. Last year alone, 500,000 of our customers used that feature when interacting with us. Last year, we also launched a feature called Bet Share, where customer can share their bets on social media seamlessly. I'm immensely proud that we have a history and legacy of innovation at Kindred, and we will continue to do so. We are now taking that legacy into product builds like the Kindred Sportsbook Platform and the gaming area, and we have a lot of exciting innovations in the pipeline. Fourthly, data science at the core. We are a data-driven business. Everyone says they're a data-driven business nowadays, but we truly are, and we have invested in that in the past seven years. It's nothing new for us. Even more so moving forward with a foundation for future product innovations like the ones you've seen on the previous slide. We have a long-established data science department, and we put data at the core of everything we do. Algorithms generate personalized content, both on casino and sportsbook, and the Recommended for You screen grab that you see here is based on highly personalized data from that individual customer and their bet history. We are now expanding and building key KSP, Kindred Sportsbook Platform components on this data science platform. With the infrastructure, experience, and expertise already in place, plus opportunities from KSP, we've been able to rapidly scale up our data science department. Because of this increased control, we have a more relevant and personalized product for our customers. Ultimately, that will improve the key performance indicators that you have listed here on site. One example is that the casino recommendation algorithm, we estimate, has generated an extra GBP 600 million in casino turnover during the last four years, and that's just one example. It's a very orange slide to finish off, and this seamlessly kind of moves us into the last area that CX really is at our heart. Similar to data science, that's also what a lot of companies would say, and it's always very difficult to prove that you are not just one of all those companies who say that they put the customer first, of course, but we truly do, and we do that through dedicated user experience and customer experience department that are seamlessly integrated with departments across Kindred, whether that is product or commercial. A key part of that is, of course, that our customer always feel that they are protected when playing with us. It supports our Journey to Zero ambitions both in the product play experience at Kindred, but also in a supplier-controlled environment. It really is the driver to a lot of the decisions that we take. We know that from our modeling, a quality product is a number one driver of net promoter score. Through product improvements, we increase our share of promoters, and these promoters, they have a 70% higher retention rate and are 50% more likely to use us as their primary provider. Sounds logical. Sounds logical, but it's really tough to deliver on. What we try and what we drive is that where we look at product improvements, we get a higher Net Promoter Score and higher revenue. We are really structured as a business to work like that, and the teams are working together in terms of that. I think I will finish off with an example of that is Anne-jaap mentioned at the beginning of his presentation that 94% of Dutch customers have had their expectations met or exceeded since joining Unibet after we went live in the Dutch market. That is not a coincidence. It's the fruit of hard work that we have put into this area. With that, I wanna say thank you, and I hand over to Ben Colley for the first of the product deep dives. Follow me now. Knowing no how. You did your best. Sadio Mané. That's a lovely ball. Salah, and he's got Luis Díaz in the middle. Goal. Be all the rest. Halfway to me, I'll be impressed. Now that you know, follow my flow. Keeping it dope. Enjoying the show. I'm shining. You can see me. Okay. Thank you, Erik. That was a bit of a teaser for you. Some of what you just saw there has already been built. Some of it's still in the works, but it gives you an idea of where we're going with our sportsbook product, and we're excited about it. My name is Ben Colley. I look after the trading function here at Kindred. I'm some 20 years in online gambling now. My previous Kindred hat was being responsible for the business requirements and subsequent operations of the proprietary racing product that we heard a little about before. Last 2 years or so, I've been all about KSP, which is of course an extension of that core racing platform. Just to ease us into this, I wanted to put up some interesting tidbits. Now these are direct quotes from large and listed operators when they're talking about owning their own tech stacks or indeed the technological benefits of their M&A. Now, we are a part of this shift. We are a part of this movement. For Kindred, and in line with these trends, owning our own product is an absolute must. We've got a strong internal logic as to why we're now augmenting that capability on our racing platform to handle and own all of our sports betting globally, and we're well on track for that. Why is this a good idea for Kindred? Well, there are three overarching reasons here. You have revenue, you have control, and you have future-proofing. Firstly, revenue. Clearly, sportsbook is a key revenue driver for the group. We all know that, and we see growth opportunities across all of our markets when we secure that end-to-end product ownership via KSP. I'll talk a bit about that, and as you'd expect, there is a robust and highly scalable financial model that props the whole thing up, and we'll hear more about that later on. So secondly, control. I mean, we're building this KSP on a largely legacy-free code base. The platform is state-of-the-art. It will be highly competitive on the global scale, but remaining at that hyperlocal level that we do so well, and we will own it all. We'll be much closer to our customers. We'll be able to respond fast to emerging trends, to emerging requirements. We'll be able to keep our overall CX at the forefront of online sports betting as part of our broader product and customer experience strategy. Thirdly, future-proofing. Over the last few years, we've seen so much build or buy in our sector. Indeed, at Kindred, as we know, we built and launched our highly successful racing product. Now that was built to ensure that the core components within that betting engine were effectively sports agnostic. What that translates to is us being ahead of the curve before we'd even started these efforts on KSP. It's a shorter hop for us. I'm sorry. Apologies. Indeed, supplier security, this is key. Owning our own stuff is important. As we've seen, M&A activity has been rampant across our sector and increasingly so in the B2B space. All this does is narrow options for us as operators. Now KSP removes a lot of that risk. That's our strategic approach, product and CX first. We believe it will add significant value to the group, and KSP is at the heart of this strategy. I'm not gonna surprise you with this next slide, but, what are we building and how are we going to run it? As we've heard, customer expectations are so much further forward today than they were just a few years ago. Yes, our industry, like so many that are driven in the tech sector, things have been added on, things have been patched in, they've been plugged in, often around the side, often on top of, old monolithic stacks. Now there is an ongoing cost to that. You're lugging around years of legacy code. Now we don't have this burden. We're able to look to the future. We're able to build our sportsbook embracing the latest in machine learning, in automation, in algorithmic decision-making, and propensity modeling. This is what we're doing right now. A few examples for you, something we call True Live. We see a great opportunity to evolve the in-play betting space. There's faster streams, faster data, faster technology in all of our pockets. We will remove the friction that is associated with in-play betting, sharpen up the whole experience by introducing a real-time relevance. Let's take football. Now the match momentum never stands still. Why are we still insisting on presenting that same list of markets to all of our customers for 90 minutes plus of in-play betting opportunity? We already know that that doesn't suit everybody. Our data tells us that, so we're not going to. We're gonna introduce a True Live relevance to that in-play betting space. We can take customer relevance further. By using a multitude of algorithms, depending on what's going on at any given time, our customers will get a unique experience, a one-off tailored to them. Now this is blending personalized markets with high-profile events and the most suitable next to go betting proposition. Now this will improve user engagement without getting in anyone's way. In other words, for us and for our customers, this is all upsides. Rewards. We all know how important rewards are. Now on the KRP, the racing product, we have a great rewards engine that's already working very well, and we're building this out to function with our sports betting markets. This will give us the capability to offer bespoke and appropriate rewards to all, even in jurisdictions where rewards are more heavily restricted or just commercially inefficient. We can work with that. The integrated rewards engine will be a game changer for our marketing teams. They'll have a much bigger toolbox to work with. They're going to be able to run relevant campaigns in real time at the right frequency to the right customers and bang on budget. To make KSP work, we've needed to strengthen our skills, and as of 2020, we've started bringing these skills in-house. Data science, which you've heard of, and quant analytics. These are two growing departments dedicated to a big part of our underlying sportsbook strategy. Now both are hugely data intensive, and for us, data means revenue. I believe what we are doing in this space is going to have a huge impact. Commoditizing data for growth. It sounds good, right? We are seeing the results that support that statement. A nice example at the top left there. Since the launch of our proprietary racing product, we've built and refined our propensity models. Now these models identify customer value and fast. That's for good or for bad, and look how it's helped to boost our racing margins. Now bear in mind, these are the same people, they're the same traders, they're the same risk analysts. Give or take a couple of bodies, it's exactly the same headcount. We heard Erik talk earlier about the racing KPIs. Well, that growth is alongside that significant gain in trading margin. Since then, we've been adapting these models to best fit our sportsbook customer base, and the results are looking good. We will incorporate all of our real-time customer sports data into other product and behavioral information. The result, we're going to improve the capability of what is already a highly accurate value forecasting device. Now going further, I don't wanna use all the traditional methods of customer-based management seen across our industry for decades, bundling players into vast cohorts lucky to be ever reviewed again. This type of customer segmentation is fine for a balcony view to get that at-a-glance report, giving you a sense of how different segments are contributing to your margin. No problems with that, but it's nowhere near efficient enough to optimize on all of the potential headroom when it comes to managing your customers. Only smart data usage can do that. What are we doing? We are creating a high-resolution player ecology. Now this means we will granularize our database into individual customers, each in a cohort of one, the profile properties of which are entirely defined by their preferences and behavior. Now that's an incredible way to build revenue, but it doesn't stop there. We've heard today sustainability and player safety is key now and getting more and more important. They also rely on this type of early identification to succeed. To paraphrase Neil, not every pound is equal. Finally, for this slide, we're already well underway in terms of building a highly relevant customer experience. I mentioned this earlier. It's a suite of algorithms working in like a ranking policy. They take as much data as they can, they crunch it in real time, and they present the most logically appealing option at that moment. We're talking about a well-balanced and nuanced presentation depending on the who, the what, and the when. We've already heard today, there are other product verticals already benefiting from this technology. Quant. We've already got a team of quant analysts. For us, they're all about predictive modeling and algorithmic decision-making. They go way beyond simply pricing up football matches. They also work in derivative markets, in related markets. They look at niche sports. They support point of sale components such as bet builder, cash out, edit bet. They're all over novel market types, algorithmic trading strategies, automation, and it goes on. It's fairly boundless stuff, in fact. Anything or anyone that makes decisions based on data can be empowered by these types of models or algorithms, and they can be empowered by them to the point of automation. What does automation mean? It means consistency, and it means efficiency. Combining the capabilities of our quant and data science teams, we expect three key outcomes. Number one, a smoother and more predictable ARPU. Number two, a consistent betting experience for our customers. Number three, the ideal springboard for scale. Now looking further ahead, and this is an approach that we believe can add value across the broader business, not just empowering decisions, but taking them in the moment where effective data usage. It comes down to degrees of freedom. How much power do we really want to give to the machines? We'll leave that as an open question for now, but this is an exciting step change in terms of the future, in terms of driving efficiency, driving consistency and driving growth. Where are we now? Let's take a look at the present. Some progress headlines for you. As you would expect, I'm sure we're already working with real life, real-time sports feeds and trading signals. If you were there, you could go into our development environment, you can navigate around, you'll see the football, the tennis, the basketball, and that's in both our client and our trading platform. Secondly, this was a whacking great milestone that we completed in Q2 of this year, we are already processing real money bets. Now it's our money, but it's real money. This means the end-to-end bet lifecycle capability already exists on the KSP. We're talking bet acceptance, the trading engine resulting, settling and reconciling returns. In other words, we've already got a sportsbook. Three, we are continuing to build our dedicated tech and ops teams. We're already well ahead year to date 2022 than we were full year 2021. We're tracking along nicely. Now bear in mind these people are being poured on top of the original KRP, the racing platform developers. It's a function of substance now. All our major milestones have been hit so far, and as we report to the governance group every month, we are firmly in the green. We're in great conversations with both tier one and more niche solutions-based suppliers. Of course, by diversifying our supply partners, we can get to that industry-leading breadth of coverage fast, all to deliver that exquisite sports betting experience localized across our markets. Let's take a look at the timings. The shape of this chart here is designed with the fastest returns in mind. Right now, we're of course in the product development period, and this will take us to a 2023, 2024 tipping point where we've identified when we can launch in the most markets in the least time. We then quickly roll into our local markets. That's designed in such a way that we take care of the compliance and regulation licensing requirements in the least burdensome markets first. Once completed, we accelerate again into new feature generation, local wish lists and so on. Now remember, this is built to be robust. We have options, we have pivot points, we have flexibility. If we need to make a change of course, we can do so, but it will always be with the best ROI in mind. Let me summarize three things I'd love for you to take away today when thinking about the KSP. Number one, complete control. It gives us obvious benefits. It means we can leverage Kindred scale and expertise to do things smartly and effectively with data and quality at the core. Now this means we end up giving our customers exactly what we want in a safe and sustainable manner. Number two, Sportsbook is the missing piece of the proprietary puzzle here at Kindred. Now, once we're up and running, we close that loop and ensure significantly better protection against supplier volatility. Finally, of course, our model, our models show excellent financial prospects for our operating sportsbook margins, and Johan, our CFO, will talk about that a little later on. It would be remiss not to remind you at this point that it is already running in the background. While we carry on building the product up to that industry-leading standard that both we, our customers, and you expect from us, it's just worth remembering that fundamentally, we're already processing real money bets on real-life betting events and markets. That is it from me. Thank you for listening. It is, of course, your understanding and support of Kindred that keeps us out ahead. We are rather excited about the future of Sportsbook here at Kindred. I hope that you are too. On that note, I'll introduce you to the CEO of Relax Gaming, Simon Hammon. Thank you. Good afternoon. My name is Simon Hammon. I'm the CEO of Relax Gaming. I've been 15 years in the B2B gaming space. 5 of those have been with Relax Gaming and prior to that, as the CPO of NetEntertainment. Over the years, I've launched probably hundreds of slots to the market. Some of those titles include the biggest and the best. Starburst, branded titles like Planet of the Apes, Guns N' Roses, and the 2021 game of the year, Money Train 2, which I'm very proud to announce was a Relax Gaming production. It's not just slots that I've been involved in. It's also been the massive changes in the regulatory sphere, the market landscape that has changed dramatically, mobile, from desktop, and also tech changes. All of those factors have helped shape the aggressive push and drive of Relax Gaming in recent years. I'm very excited to present Relax Gaming to you today, a company I am very passionate about. It's a company with a strong history and a very exciting future. I'm gonna present to you today a little bit about the product roadmap and the high-level product features, but also some of the exciting opportunities at hand for Relax. These will not only increase the product control from the Kindred Group, but will also add a value-added revenue stream and diversification for the group as a whole. Relax at a glance. We have a 12-year history underpinned by a strong and close collaboration with the Kindred Group. Relax is known as a multi-product provider, known for quality, speed to market, depth of portfolio offering, technical support and scalability, and a market-leading business approach. We have now grown to 280 employees. We've even been investing in our staff as we have scaled in recent years to our successful position. The acquisition by Kindred Group has been a highly successful one and a very seamless one. We've been working on increased synergies together, and we've identified further ones for the future. As Henrik and Erik mentioned, custom content, of course, is a key initiative for the Kindred Group, something that Relax Gaming is uniquely positioned to assist with. It all started really with bingo and poker back in 2014. This strong collaboration project has delivered two exclusive products to the group, both first with a poker product and because of the success of that product, that led on to the bingo contract and development. Both products are best-in-class from a technical experience and of course, that has also led to a healthy ecosystem of which the Kindred Group can leverage into different product verticals. Now we come to casino, the driving force of growth. When we set out to develop our own content, we had a very clear vision, and that was to provide and develop market-leading content. Quality really stands at the very heart of what we do. We're a firm believer that quality will always rise to the top, even in the wake of highly competitive landscape. We have employed some of the highest and best game designers in the business. These guys have worked on some of the biggest productions and the highest revenue productions in the industry, in previous employments, but also at Relax. The design process is a highly iterative one. This gives you a little snapshot of the concept to completion of a product. It actually shows a game, Money Train 2, which I shared with you earlier. Each production takes 6-9 months, depending on the complexity. One thing I wanna give you a sneak peek on, Money Train 3 is actually being launched next week, and it has already received the highest amount of hype possible as a game of the year potential for 2022. We're very, very excited about that. Of course, it's not all about just looking good. We have to ensure that there's a great game flow, great mechanic, solid math profile, and it is the symbiosis of those with the visual that creates an outstanding casino product. Innovation to Relax is highly important. We have invested and looked at different segments to attack, one of which is the global jackpot market. Very recently, we launched our Dream Drop jackpot product. That was to attack the global jackpot offering. Our goal was to create the highest frequency, highest action jackpot product on the market. In just 4 months, we've had over 830,000 jackpot winners, 33 major winners, which are prizes up to EUR 50,000, and 3 mega winners, with one won last week for EUR 1.48 million, unfortunately for Betsson. 2022 and 2023 will build upon this solid foundation, our reputation of delivering high-quality, great impact product. We'll develop further with also promotional offerings and tools and suites to compound our visibility within the operator base. Now, if you haven't seen a slot and you wanna get a little flavor for the quality that we produce, please have a light look now. Our own content has truly gone from strength to strength. We are passionate about ensuring we are going to be regarded as a tier one supplier, and it is the quality and the passion of the product that really drives that. To date, we have 84 games in the Relax casino portfolio. That's 18 of which have been delivered already in 2022. That highlights that we are achieving a degree of scale and production quality within the portfolio. One thing we're particularly proud of is that now 75% of our revenue comes from our own casino games. That's up from 3% just a few years ago. That highlights that we are in a truly stable position and can compound that revenue moving forward. We are certainly in a rapid growth position, and we are reaching new daily heights of game win each and every week. It's not just our own content that drives the casino forward. Relax is in a unique position by offering an aggregation services. Relax now partners with over 70 different studios and brings unique and differentiated content to market. We now have a portfolio of 4,000 games available through the Relax platform. This is important because it offers our operators choice. It offers us the choice to delimit their own risk on tier one suppliers. It offers them the choice to be able to go and penetrate new locally regulated markets. As Erik highlighted, this is such an important part of an operator strategy. This choice and this volume also helps Relax build its own strategic positioning with our tier one operators. A great measure of any B2B success, of course, is its distribution, and we, I'm proud to say, have a, an exponentially growing customer demand. We are now regarded, I like to think, as a must-have casino supplier within an operator environment. We have 192 operators live to date, and as you can see, we signed 15 customers in Q2. We have an exceptionally healthy pipeline and sales pipeline, and we will be driving forward more now into new regulated territories such as Spain, Italy, and of course, U.S. It is not just Kindred that we supply, of course. We have a selection of top-tier, tier one customers that we support, the likes of Betsson or Entain or Flutter, all tier one operators within the Relax group. Our drive for revenues moving forward will of course come from compounded distribution, new regulated market entry, and building and proving our share of wallet within these tier one and distribution of operators. Of course, there's the brag slide, something that we're very proud about, and that is about industry recognition. Relax has worked tirelessly to build its brand, build its visibility and recognition within industry, something that we're very humble about, but also very paranoid to protect, and this is something that we will continue to build upon and be recognized for. The future looks bright for Relax, and it will come through a myriad of different things. First of all, scalability, both in tech, but also with the people. Distribution. We have a solid distribution pipe and further sales opportunities in regulated markets like Italy, Spain, and the US to attack. Network. We have a lot of network development that we can do in terms of share of revenue, but also upselling our partner content to our operator base. Vertical depth. We have so much, so many tools and products that we can launch to boost our positioning within our operator base. We also have the ability to add additional products to our casino suite. A recent example of that is that we've added live casino support to our P2P partner base. Our roadmap. We have a fantastic roadmap being built, and, we're very excited about what is up and coming in the course of the next year. Quality and tech, something that really stands at the heart of Relax. And of course, further synergies within the Kindred Group. As investors, I'd like to leave you with just these two words, our tagline, driving differentiation. Relax drives differentiations to the players, to the customers, and to the market. It is that driving differentiation that will continue the Relax rapid growth journey. Thank you. With that, I'd like to welcome Erik back to the stage. KSP and Relax, I'm sure you agree, both very interesting and exciting. We are excited about it. Feel free to submit any questions you have of any of the two areas, and we will answer them later on. Let me sum up the product session for you. One, we will deliver a next-generation sportsbook. We are aiming beyond a me-too delivery, beyond a tier-two sportsbook. We are confident in what we are doing. We have the right people on board, and we will deliver a great product based on machine learning and an app-first mindset. Two, Relax Gaming is a rapid growth, high-quality, multi-product provider with an exciting and scalable future. It's exciting for us both from a B2C perspective, but especially, as you heard from Simon, from a B2B perspective as a worldwide global B2B provider. Three, we are truly in the driving seat, and Kindred is uniquely placed in the industry now. We have invested in proprietary tools, products, and people. Yes, we are complemented by a strong premium partnership with our key sportsbook and casino suppliers. With KSP and Relax, we are in a great position to control the destiny of all our main products. It will enable us to be faster with CX, more relevance, and excel in personalization. Our teams will work with zero lead time and in tandem across commercial and product organizations. That really puts us back to our roots, especially with KSP. It will give us a competitive edge against third-party mass supply model and against smaller operators who don't have the scalability or the revenues to build on their own. With that said, I will leave you on a slightly lighter note. The winter is coming, or the Winter World Cup, that is. All the markets that we deep dived in today, Holland, Netherlands, England, and the US are all in it, as are many of our core markets like France, Belgium, Denmark, and even Australia. It's a cluster of favorites to choose from, and it's very difficult. If I had to choose one country where I see value, I would say it's Senegal at 81 times the money. If anyone's interested in finding out why, find me later on over a beer, and we can talk about it, or you can challenge me. On that note, I will hand over to our Chief Technology Officer, Marcus Smedman, and he will explain how we're gonna cope with the load from during the World Cup and other interesting tech areas. Thank you, Erik. Thank you. Today, during this afternoon, you have heard from my colleagues that we are dealing with an increasingly complex reality. Engineering, it is about mastering complexity as much as it is about creating a great customer experience. My name is Marcus Smedman, and I'm an engineer. I've been with Kindred since 2011, and I've been responsible for Kindred Tech since 2015. Ever since Kindred was founded 25 years ago, we've been dealing with complexity. Today, we have a solid foundation, a strong proprietary bespoke platform, and great people. This gives us an excellent position to master the complexity and have control of our own destiny. As you've heard throughout the afternoon, we're heading in a direction where the sky is the limit, and we're taking control over our product suite on a global scale. We know it comes with high stakes. We need to get it right. We need to get it done in future-proof way, and we need to get it done with high quality, and we need to make it cost-effectively. This means that we need a scalable and sustainable tech platform and tech organization. My question is, do we have a strong proprietary bespoke platform and great people? I'm here to give you the answer to that and show you that we do. We are humble and extremely focused but very confident that we have everything it takes to make it all the way with our strategy. Since Kindred was founded 25 years ago, we've been a tech company, and today we are in a position where we can reap the benefit from several successful strategic cycles. I, for one, get goosebumps from looking forward at what the future brings. Our platform consists of three distinct layers, the full suite of products, the essential player account management system, and the solid foundation, the backbone. What we do build barriers to those coming behind us, and what we have is not easy to copy. But there are no secrets here. It's just hard work and a lot of experience. My senior leadership team have more than 100 years of combined experience in the industry, and we have more than 10 years average tenure at Kindred. First, let's take a look at the backbone. If you design your platform to be scalable and dynamic, you will have a future-proof platform. As Mike Tyson once said, and this is my favorite quote, "Everyone has a plan until you get the punch in the face." That is true that sometimes you fail, and it's impossible to predict everything. It's a matter of when, not if, you get disrupted. When you get disrupted, you need to be able to act fast without losing target and the sight on the long-term goal. That is agility and our organization and our platform is built around this. To successfully build and operate a global gambling platform, you first of all want a strong and solid backbone, an infrastructure that you can rely on that is available, scalable, and resilient. Our proprietary infrastructure, the Kindred Backbone, delivers unprecedented capabilities at a highly sustainable cost across all our jurisdictions. It's 100% proprietary and consists of network and infrastructure that delivers on security, DDoS protection, capacity, availability, and sustainability. We have a workshop outside of Stockholm. We buy off-the-shelf commodity hardware, then we assemble and configure it ourselves in the workshop. Why do we do that? It gives us the power of buying best-value components that, once assembled, provide an extreme power to an efficient cost. We don't pay for any fluff. We buy, and we build what we need from the ground up. This means we have a 100% bespoke platform, both on a global as well as a local level. Now, automation is key. It is essential for cost efficiency and scaling. Over the last 12 months, we have reduced the time it takes to add a data center to our backbone from 3 weeks to less than 6 hours. This is very important for the U.S. rollout, where we're going to need data centers in each state, and we are now rolling them out. With the power of automation in the Backbone, we can push more than 10,000 releases per year. Why is that a good thing? It's a capability measure and a maturity measure of both the organization and the process and also our tools. You want to release small, you want to release often to reduce technical debt and or reduce the risk. We have not had a service window for five years. We are making all these releases to our production environment without affecting the customers. We're always available. Further, last year, we had 9 external audits on our platform and our processes without any remarks on this change management. Our ISO certification we got in 2019 is helping us in reducing cost, and we see several local authorities accepting certifications in lieu of long and costly initial audits, for example, in Sweden and in the Netherlands. With our in-house bespoke DDoS protection system, we mitigate hundreds of attacks per year. We have managed attacks that are larger, even 10 times larger, than the whole bandwidth to Malta without affecting the customers. With DDoS attacks almost daily these days, not only for us, but the same for all major online businesses, regardless of industry, it is extremely valuable to have this fast and cost-efficient solution and capability in-house. To summarize, the Kindred Backbone is a very good pillow for us to sleep on. The security, availability, and scalability it provides is core to our operations, and it's supporting all our markets and brands, including U.S. The next fundamental piece of a gambling platform is the player account management system or the PAM for short. Without a superior PAM, you cannot be a serious global operator. The Kindred PAM, it consists of several proprietary systems built fully in-house to deliver core capabilities for a stellar customer experience. It is the heart of the platform, the systems that differentiate from the competition. As you heard from Nils, it will make a huge difference in the US, as we do not only have higher customer satisfaction score on our PAM, but we also provide better tools across all the capabilities. To give you one example of the capability or the capacity of our PAM, and in this example, the e-wallet in particular, we can look at how many financial transactions we managed last year. In 2021, our PAM handled 18.5 billion transactions. That's 18.5 billion transactions, which equates to more than 50 million transactions per day, 24/7. That's not far off numbers reported by PayPal on global level that same year. Another very important aspect of customer satisfaction is payment and speed of withdrawals. Our bespoke in-house payment service offers more than 30 different payment solutions across all the markets and brands. Neil also mentioned the importance of the customer protection capabilities, the PS-EDS system, and it's important. Every customer action is generating insights to the player safety early detection system. Technically, it means that we gather more than 1 billion data points per day that we analyze in our analytics platform running in Amazon Cloud. By introducing proactive communication with our customers on an individual level, both from an automated and a human interaction perspective, we are reducing the numbers of customers that show any level of high-level or high-risk gambling behavior. This is our major tool in the Journey towards Zero goal. With the Backbone and the PAM as a solid foundation, we have the product as a cherry on the top. We are heading in a direction where we have all the core unique products in-house, poker, bingo, racing, and sports, as you heard. For casino and games, where there are tens and thousands of different titles out there, we have a perfect mix of in-house casino technology and third-party content, thanks to the Relax team. It is like any respectable supplier of content and entertainment these days, like HBO or Netflix. We have a strong proprietary platform that gives a fantastic mix of own content and the best of the rest. To summarize, this is the Kindred platform. We have a global backbone, we have a local PAM, and we have personalized hyperlocal products, an extremely efficient collection of technologies that provide our customers with a trusted source of entertainment across all the brands, markets, and channels. You've heard from AJ and Neil about Netherlands and U.K. earlier today. We know there is regulatory change coming in the U.K., but the Kindred PAM is designed to cater for regulatory needs. We've been live with our PAM in U.K. since 2014, and we have lived with regulatory change for so long that it feels natural to us. It is complex, and it is very hard, but we are good at it. All features we build on the PAM can be reused across markets, and we reuse knowledge from one jurisdiction when setting up another. This helped us immensely for a market like Netherlands, and what we build there can be reused for other markets as needed. As AJ said, we are the only operator in Netherlands with three apps available and the only one with a full casino offering. For the U.S., a world-class PAM is considered essential for any serious operator who wants to scale their business. I'm delighted to tell you that we are now at the final stages before going live in New Jersey, and then we continue to roll out the PAM across the states at pace. The first state has made us introduce U.S.-specific requirements to the PAM that now is available by default for all the other states and markets as needed. The backbone is up and running in the U.S. since earlier this year, and now we're focusing on the certification and rollout of our PAM. As you've heard from Ben, KSP is 100% proprietary and bespoke Kindred product. We built it in-house from first line of code, and it's built with Kindred-specific visions and targets in mind from day one. This enables us to build it with AI enhanced capabilities and from the beginning and utilizing the latest technology and tools to automate and integrate the best systems available to get the job done. The sportsbook is, of course, empowered by the strength of the Kindred Backbone, and we reuse our breadth of all capabilities as networking, autoscaling our resources, monitoring, and security solutions, all essential for features like True Live and data-driven rewards. You heard from Ben, if you've seen it on the slide, that KSP is on track, and Ben said the plan is to have the platform ready for a selected market rollout around year-end 2023. You heard from Simon talking about Relax and how it is a perfect addition to our portfolio of in-house capabilities. The integration from a tech perspective has already started, and we are consolidating Relax infrastructure to our Kindred Backbone. This will improve security, data protection, and reducing cost. As we expand in the U.S., we will benefit from Relax operating on the Kindred Backbone in a very cost-efficient way. Let's see. Okay. Where are we? Yeah, we are all right. I've talked a lot about tech and our systems, but it is the people that matter the most. The war for talent is real, but as with the complexity, it's not new. We are as agile in HR today as within tech. We continue to invest and grow the tech teams to further build new capabilities. With a great culture and exciting technology, we have always successfully attracted new talent, and we have an attrition that is significantly lower than in the industry. The average tenure in gambling sector is 2.5 years, and at Kindred, we see 4.3. I am especially proud for our graduate program, Accelerate, which we've been running since 2019. Out of the 21 graduate starters, we still have 20 in the business, and we have 7 more joining us this month. I stand here representing a world-class engineering team who are committed to our strategy and to deliver stellar customer experience. Don't take my word for it. Here are some testimonials from the team. We're not afraid to kind of try out new technologies, perhaps through pilots or proof of concepts. We aren't afraid to kind of build our own solutions, which really shows the ambition and the talent that we have within the Kindred company. We always challenge and improve our processes. It's quite dynamic and fast-paced, so we really keep things interesting and keeps you on your toes. The flexibility. The offices are great or if it is convenient for you can also work from home. There's always something to learn because we have so many different technologies, so if you're willing to spend the effort and time, and have the attitude to learn, there are opportunities for you to upskill yourself. Without a doubt, it's the people that make Kindred for me. The Kindred family is truly unique. The culture is amazing. You can really see that it's a company that cares for its employees. Acting in this heavily regulated industry, I can say you will never get bored. What do I want you to remember from today? First of all, we have always been tech-driven. We are now ramping up the rollout of the PAM in the U.S. KSP is on schedule. We have an immense amount of bespoke technology that is putting us in control of our future. We have the know-how, the culture, and the passion. We've been around for 25 years, and it is complex, but we do master complexity. With that, I hand over to Patrick. Thank you. Okay. Thank you for listening in. We will have an half-hour break. After that, coming back with Johan Wilsby, our CFO, talking about driving scalability and shareholder value. Thank you. Welcome back all. I hope you're full of energy for the last part of today's presentation. With that, I would like to hand over to our CFO, Johan Wilsby. Thank you, Patrick. Is the mic on? Yes, it is. Hi, everyone. Great to see you back from the break. I am Johan Wilsby. I joined Kindred as the CFO back in late 2020 after spending more than 20 years in various tech companies, among them Microsoft and Hewlett-Packard. I'm here today to talk to you around how we run the business and how we drive shareholder value. My first 18 months with the company have certainly been exciting, provided me with quite a bit of insights and learnings. Obviously enjoying last year with some tremendous growth and some all-time high results, and then the last few quarters of some curveballs in some of our key markets. Despite these temporary headwinds, I think it's fair to say that the main pillars of the strategic plan we put in place a couple of years back has been validated to a great extent. Yes, some changing realities have provided us with additional insights, so we can refine planning, and that includes our journey back to expected profitability. Today I'm gonna start out and give you an overview of some key metrics on our performance. I'll address the current financial year, then we're gonna move on to some focus areas and look at some of our investments, look at some key elements of those business cases, and also how they will contribute to further scalability and profitability. It's time for outlook and guidance section before we wrap it up, and I'll give some color around M&A and capital allocation. As you can see in the metrics here, we have had a consistent track record of growth while many of our countries have gone through regulation. We've grown faster than the market, and we have a diversified revenue base. We have achieved that by growing organically as well as adding acquisition. We did 7 of them in this period. Nils earlier talked to some strong market positions, and outside or on top of the market growth, we have outgrown the market by 4 points, and all of that has been leading up to a revenue CAGR of 18% the last 5 years. From a profitability perspective, we've grown the EBITDA margin by 3 points, and that's a combination of driving efficiencies across the P&L while also seeing betting duties increasing materially since many of our countries have gone through regulation. At the end of 2021, almost 80% of our gross winnings revenue came from locally regulated markets, and that's up around 40 points the last 5 years. From a cash flow perspective, we have seen solid cash flow conversion, and we've used that to reinvest in the business, to do M&A, and to return capital to shareholders. In total, we've returned more than GBP 500 million to shareholders in the form of dividends and buybacks. Henrik talked earlier about our journey towards a regulated market portfolio. On that journey it is critical to scale in everything we do. When I joined the company, it was evident that we had a cost optimization framework in place for major areas like bonus, marketing, commissions, and operating expenses. I think it's fair to say it was even more evident from 2019 and forward. As you can see here, we have seen major efficiencies in the areas of like bonus and marketing. Within the OpEx efficiency numbers here, we see some of the scalability efforts that Marcus talked about. For example, one of our important metrics is lights-on spend per transaction from tech, and that's down 50% over the last few years. Scalability is a key pillar of our strategic plan, and my strategy as the new CFO is to drive scalability in all aspects of the company. That means continuing to develop and accelerate the optimization framework and invest in future levels of scalability. I think that's what's gonna move the needle in terms of margin expansion, in addition to having a highly scalable Relax on board. In summary, I think we have sufficient scale to compete well in the online market, and we have the building blocks in place to drive further scalability in the next 3-4 years. Let's now turn to the current financial year, and I think it's fair to say that our financial performance has been lagging expectations. As you see to the left, you know, we've seen our top line decline quite a bit due to factors like the cessation of our Dutch services and some temporary headwinds in other key markets. You couple that with pretty tough comparatives from 2021 with COVID tailwinds, as well as having the Euro 2020 championship last first half. In the bridge here, you can see some estimates around these factors, and one of them that I want to discuss is obviously the, coming back to what Neil talked about, the sustainability one, which is obviously driven by increased affordability requirements in the U.K. and a couple of other markets. This impact will increase in H2 as we are accelerating our internal measures around affordability. You see COVID normalization, and other macro impacts, as well as the core impact of being out of the Dutch market. Given first half, it's fair to say that 2022 was a bit of a lost year from a profitability perspective, but being back in Netherlands means rapid improvement. In parallel to the Dutch exit in Q4, we accelerated our optimization efforts, and these will contribute now as our top line will come back. As communicated earlier, we have continued to invest in selective areas like tech, responsible gambling, our North American expansion, as well as our in-house sportsbook that you heard Ben talk about. I really look forward to a continued strong comeback now in the Netherlands and continued good, strong, solid execution in the core markets, and that will mark the start of our way back to expected profitability. Let's now move to one of our focus areas and start with the Dutch market. After being awarded the license in July and going live. Sorry, we were awarded the license in June, right, AJ? We went live in July. We have had a great start the first couple of months. As AJ talked about, we have daily gross winnings revenues of above EUR 300,000 and increasing, and we have more than 100,000 active customers. We see evidence of strong brand equity in Netherlands. In fact, we've only been spending about a third of our marketing plan, which obviously leads to positive EBITDA results from day one. The market is estimated to almost double, or it's 70% actually, and that gives us a strong position to grow sportsbook share from. In fact, the Dutch market is going to be a bigger market for us in the future than what it used to be. We expect to grow into top three position already this year and end the year with an estimated 15% market share. Beyond this year, we expect to be a market leader, as AJ talked about, and we expect to see material contribution already next year from the market. Let's now move to Relax. Relax Gaming was founded 12 years ago, and Kindred joined as a major shareholder in a couple of the early financing rounds. As Simon talked about earlier, the team built and developed the business model, the tech stack, and products with a great sense of quality. In parallel to the product milestones, moving from bingo, poker, aggregation into their own casino games, the company have seen an exponential growth of number of operators with Relax Gaming. Both of these two have resulted in very high growth. Relax Gaming joined Kindred back in Q4 of 2020, and it's been a great collaboration between the teams through a limited integration effort because we want them to continue to operate as an independent and attractive B2B player. It's great to see how the platform, the foundation that the team put in place has now become a platform for scalability, like similar to other B2B peers. Relax enjoys about a 90% gross margins, and I don't expect the operating expenses to grow that much. On top of the core B2B performance, we have identified a plan of synergies. We see annual synergies a couple of years out of around GBP 7 million, mainly driving traffic towards Relax's games and aggregation. In summary, I'm certainly very excited about this acquisition and what we can do together in the future, Simon. Let's now talk about our in-house sportsbook. As Erik and Ben talked about, you know, we have the strategic plan putting products and customer experience first that we believe will bring long-term value to the group and where the sportsbook is a key element, right? From a strategic perspective, we will see increased differentiation, agility, and mitigation of risks. It's an advantage for us not to have a lot of legacy systems to align to. Instead, we can embrace the latest development of technology when it comes to machine learning, algo for decision-making, or automation. I actually think that will drive true differentiation and customer value. As you heard from Ben, the racing platform was always built with sports in mind, and on that base, we started to invest in the sportsbook in late 2020. The total cost for the sportsbook will peak next year in 2023, and from 2024 and onwards, it will level out and start to decline. We estimate that the rollout phase is gonna be between 2-3 years, and we will see some financial benefit in the P&L already in 2024 and 2025. After full implementation of the in-house sportsbook, we expect our total cost for the sports betting business to decrease by 30%, which means that the profit margin for the sports betting business is going to be increased by north of 500 basis points. At the group level, this means margin expansions of above 200 basis points at the EBIT level. This is a material improvement and one of the core drivers behind our in-house sportsbook investment. We're essentially moving some of the B2B margins to us as an operator while capturing strategic values that I discussed earlier. Time to discuss our North American plan. I think it's fair to say that the initial phases of the North American online market have been characterized by excessive levels of investments and lack of profit pools. We still think that underlying trends like product excellence and customer centricity will apply to these markets as well. We believe that our niche strategy and somewhat different approach is not only what will pay off in the long run, but will actually protect our balance sheet in the short term. Our ambition is to be a top ten operator in markets where we have market access. This is a long-term plan, and we're laying the foundation right now with, for example, rolling out the platform as you heard Marcus talked about. Our roadmap to profitability in the region is 2026. This is later than other operators, but we always assume with a more limited upfront investment, it would take us longer time. We're balancing the aggregate of losses versus time to profitability, and we're managing that through annual losses while we're laying the foundation for long-term success. We're continuously reviewing performance and the plan in the region, and we will continue to optimize our state footprint in line with the strategy to my right here. To complement our organic business plan in the region, we will focus more on finding partnerships and potential M&A opportunities that will fit our portfolio of states and provinces. This is similar to what we've done in some of our other key markets. Let's now move our focus to the outlook section and start with the market opportunity. As you've heard during the afternoon, Kindred has contributed to the overall market growth in the online space, and we've been consistently gaining share. We believe this will continue and obviously underpinned by a general digital transformation of societies. This will provide us ample growth opportunity in our core markets plus North America as an opportunity. The overall TAM is above GBP 50 million, as you see here, and that is a CAGR of 10% the next 5 years. Our short-term focus is to excel our performance in these markets and have limited focus on opening up other markets across the world. As Nils Andén said, we believe that we have enough growth opportunity in our portfolio markets, and we'll do that through organic growth combined with potential M&A in the next couple of years. It's now time to present a summary of our value creation plan. Earlier, I've addressed areas like our ability to drive performance, how we optimize our P&L, and how we invest in focus areas. Here I've tried to add them together to illustrate our value creation drivers. We recognize that macro environment changes can obviously impact our estimates. We have considered those and some specific topics around our sector that we can predict. In first half of this year, you've heard us say that we expect us to be back at a long-term average of profitability in 2-3 years. What's gonna take us there is the market growth, share gains, as we discussed in the previous slide, and then a strong comeback in Netherlands, continuously adding cost efficiencies, and having a highly scalable Relax on board. All these factors will take us to expected levels. Beyond this milestone, we see further margin expansion, and that's mainly through our investments in tech and specifically in our in-house sportsbook, and also our North American expansion going to maturity. We estimate that these will lead to even more attractive levels in the medium term. Let's move from a visual to be a bit more concrete. As you might have seen in the press release this morning, our board has decided to establish financial targets for the full year of 2025. Those are total revenues measured on an organic basis above EUR 1.6 billion, obviously built on continued market growth, share gains. We have also built in compliance and affordability measures into these, an overall solid CAGR for that revenue of 14% compared to last twelve months, June 2022. From a profitability perspective, we put out an EBITDA margin range of 21%-22% for 2025. In absolute terms, this will mean record high profits for the company. Obviously, behind this are the drivers in my previous slides, and please note that the full benefits of our in-house sports book investment will come beyond this horizon. Our board also made a decision to revise our distribution policy to now be 75%-100% of free cash flow after M&A from the previous policy that was 75% over time. We estimate CapEx in relation to revenues to remain fairly stable, and by 2025, we expect the share of our gross winnings revenues to come from locally regulated markets to be around 90%. As we announced this morning in the trading update, Q3 has started out well. Our daily average revenues are GBP 2.9 million, still declining 12%, but if you exclude Netherlands from that, we actually see solid growth now. Our long-term sports margin are roughly on the same for the quarter, and obviously, the trading in the regulated market in Netherlands have started out really well. Based on that quarter-to-date performance, we have today issued guidance for Q3 of total revenues between GBP 270 million and GBP 280 million and an underlying EBITDA range between GBP 37 million and GBP 42 million. Let's now move to my last section, around capital allocation and M&A. Obviously, an important area for everybody in the room, and my intent is to give you some insights into our priorities for decision-making around capital allocation. With several changes in our regulatory environments the last couple of years, we have prioritized high financial flexibility and low financial risk, i.e., no net debt. We have used a strong balance sheet to reinvest in strategic themes and done selective M&As. As Henrik said earlier in his introduction, having an active M&A agenda has been instrumental for our growth in our portfolio with examples like Betchoice, Stan James, 32Red, and recently, Relax. Our corporate dev team's focus is on bolt-on acquisitions to strengthen current market positions, to complement our organic plan in the North America region by finding partnerships and M&A opportunities. As we're focused on products and tech, we also look in the emerging tech space and also for additional app B2B opportunities. We have a strong balance sheet, and we have also debt facilities ready to put behind these M&A ambitions. Today, we have no debt, but in the future, with a more regulated business which carry lower risk, we don't rule out that we will increase debt financing. Obviously, we will evaluate this over time, and that will depend on macro development as well as M&A opportunities. As I mentioned earlier, our distribution policy today is to provide stable annual dividends complemented by buybacks and overall distribute 75%-100% of free cash flow after M&A. With this, let me try to bring it all together for you. I hope I've been able to share some insights around how we manage execution and drive performance in the company, how we optimize and drive efficiencies both short-term and long-term, and how we invest in focus areas, and that we have a clear plan getting back to solid profitability. All of this execution is part of the strategic plan we put in place a couple of years back, which has the focus of, you know, growing in regulated markets, lowering the risk with a base on trust and customer experience. With that, I'm gonna turn it over to Henrik for a wrap-up before we move into Q&A. Thank you very much, Johan. As you heard throughout the afternoon, we have plenty of opportunities, but also that we have done many of these things before. Of course, we have a clear focus to manage what we set out to do. At the same time, as you also heard from Marcus and others in the team, we live in a flexible and constantly moving reality, which means that we have to be able to adapt faster as well, and no doubt things will come up that we could not foresee. Even if that would lead to short-term challenges, we have proven many times that by working hard and adapting faster than others, we can really turn a challenge into a competitive advantage. That is what we have done historically, and we remain fully confident that we can and will do that again. I'm sure you enjoyed the presentation during the afternoon, and have saved some energy for the final Q&A. Before that, I would really like to summarize our Capital Markets Day, 2022. As you heard from me at the very beginning, but also more recently now from Johan, our key strategic priorities are fundamental to our future profitability and growth. We have the right market portfolio, and we'll continue to outgrow our markets. As you heard from Anne-Jaap Snijders, we're off to a flying start in the Netherlands, and we are well ahead of our own expectations and on the way to become the number one operator. North America represents a fantastic opportunity, for Kindred, and we're extremely confident in our approach of managed growth. Relax is a fast-growing business with a high margin and strong reputation as a market-leading B2B supplier. It offers terrific value. KSP will bring us great cost control and efficiency and scale, and it is on track, and it will be delivered on time. I really appreciate the time and effort you've given us today, but there is a few things I would really like you to take away from today. We operate the business with a relentless focus on growing profitably. We do this across our balanced portfolio markets, which all provide plenty of growth opportunities going forward. Thanks to our sustainable customer database, we can achieve this growth at lower risk. Our unique and differentiated product offering with Relax Gaming and KSP as the backbone offers better flexibility, efficiency, and scalability, and this is all made possible by our proprietary technology stack and our tech-driven approach. We have a highly scalable business model, providing a solid foundation for continued long-term growth. This business is in great shape, and it has big ambitions. We worked hard over the recent years to ensure that today much of the foundations are already in place to deliver on our plans, and we have the right team to get the job done. That concludes the presentations of today. Thank you very much for your attention. Patrick is now gonna come back on stage, and we're gonna open up for the Q&A session. Thank you again very much for your patience and attention today. Thank you. Johan. Thank you very much. Can I still get the microphone? Okay, we'll open up the Q&A here. As a warm-up, I'm gonna pick a couple of questions that we got online during the day, and after that, we'll just open up for questions from the audience. We've got quite a few questions around KSP and the plans, et cetera. I'll maybe take a few of those here. One question that we got is: When is KSP fully operational? Where is that? What do you expect to remain outsourced? Thanks, Patrick, and thanks for the question. Mike. Thank you, Patrick, and thanks for the question. As per the guidance we saw on my slides, we're expecting to be able to have a launch-ready product around year-end 2023. Thereafter, we have the rollout plan that I illustrated earlier, and during that time we will be working in parallel to ensure that we develop it with the sort of extra local requirements that we need to, I suppose, what we're asking, be fully ready. If I was to talk about that position now, I would say it would be in parallel with the launching of our dot local markets and at the end of that rollout period. In terms of outsourcing, if we're talking about sort of core components there, point-of-sale type components, our expectation is that we will have none outsourced. As we've mentioned a couple of times today, we still expect to have very healthy and productive relationships with a portfolio of suppliers. I'll continue on this one. Do you regret spinning off the Kambi sports book in 2014? The rationale was that sports book can scale and to be sold to other operators while maintaining operator differentiation. Maybe for Erik. Yeah, I think that since we took that decision, a lot of things have changed, and Kindred is not the company today as we were back then. That has meant that the decision that was good for us then has been a key contributor to our growth and that we've been able to excel the way we have done as a business. Now the reality is different. For us, for the reasons we have given, it is now strategically important for us to have that control in-house. Henrik, maybe you have something to add to that. No, I think that's a good summary of the situation. I mean, When having you up on the stage, Kambi says that very few operators can build and run a world-class sportsbook. Is Kindred one of the few, or is Kambi wrong? Yes, yes. I mean, clearly, we knew we had this in-house expertise to deliver this before we even started. I talked about the development of the racing platform those years ago. I say, it's quite a big deal that those core components within that betting engine were so advanced in terms of what they could do, processing mainstream sports. From our point of view, we were ahead of the curve. We've seen absolutely nothing since we've started the KSP specific efforts, some 20 months ago now plus, to make us think that we've made the wrong decision in any way. I can add to that as well. It's not just about the tech platform and building on what we have. It's also about the organization that we have today at Kindred. We are not starting from scratch. We have trading operations in France, we have trading operations in Gibraltar and Australia. We are building on that and synergizing that into our Kindred Sportsbook organization. It's not just about platform, but also about the operations and organization around that we are not starting from scratch. Very good. I think with that, we'll open up from the floor. Oscar. All right. You have a mic there. Thanks. If we just look at the top-line target of EUR 1.6 billion, you say that you wanna outperform the market growth, right? From 2021 to 2026, the markets in your core markets will grow 7% annually. Your revenue target implies annual growth of approximately 6%. You also are quite big in the Netherlands, of course, which should have a higher growth. How do you derive or how did you arrive at the EUR 1.6 billion in revenue target? Jeroen. Do you want me to start? Yep. Obviously, we brought in a number of factors into the modeling, right? As you might have heard, I talked about a CAGR of 14%, and that compared to last twelve months June, and that obviously is higher because of being out of the Dutch market, right? When you exclude Netherlands, the growth is going to be somewhat lower than that, right? But yes, you know, it's market growth, it's continued share gains, as I discussed before. All right. When we look at the non-regulated markets at the moment, I believe it's Norway and Finland would be the biggest ones. What do you think the implications will be of probably that we're going to see some regulations over the coming years? What have you thought about that in the real financial targets? Do you wanna take that? Yeah. I mean, Finland and Norway are both on the way to introduce a re-regulation. We're convinced about that, and they're at different stages of development. We believe Finland is ahead of Norway, and we heard only a couple of weeks ago that the Finnish monopoly was starting to talk about being in favor of a local re-regulation. That's exactly what started in Denmark as well back in 2010, which led to the re-regulation in 2012. That is a positive step in Finland, but it's still not nothing that it's been concrete yet. It normally takes at least around 2 years between actually a country deciding on something until they can implement it. Right now when we're talking about this three-year period, it is unlikely that Finland will come much before the end of that period anyway. We see it as a positive step if and when they come. Norway is probably 5-10 years away, I would say, based on experience and looking at the tonality of the discussion in the Norwegian market. It's also trending in that direction, so that's positive developments. All right. A follow-up. If Norway or Finland were to regulate, I assume that would be lower contribution margins and then pressure your total margin slightly. Is that correct? It will. Like similar to what we showed in 2019 with Sweden and now recently with the Netherlands, it will be a short-term margin pressure coming from that. Given the size of those markets and also considering the size of the other markets at that time, we're confident that that will be sort of a marginal impact on the overall group profitability. Okay. Next one, just, on the platform side in the U.S., I think you've mentioned that because you are live on third-party platforms in, for example, New Jersey and Pennsylvania, and that you have announced that you're going live with your proprietary platform, then they haven't really prioritized you, and that could maybe hampered your growth a bit. How do you think about the relationship with Kambi in the upcoming years when they know that you are going to migrate? Yeah. The Kambi is separate to that one with the third-party platforms we're on in the U.S. With those platforms, we have a good relationship with especially Pala, which we're on for the longer term as well. It's been more a challenge in New Jersey with the platform there, as we've highlighted at the Q1 presentation already last year. When it comes to Kambi, we have, as you said, now extended the contract for the coming five years in February, and we have created space then for us and Kambi to work together and define what the partnership would look like beyond the current extension as well. It's by no means ruled out that we will have an ongoing relationship. On the contrary, we hope that we will have, but it's yet to be defined on what that's gonna be. In the meantime, we have very professional and extremely good cooperation with Kambi on a day-to-day basis to run our operations in sports today, of which Kambi is still our largest supplier and a highly valuable partner for us. We see that as a process that's starting now, really. Okay. Just a small question. You said, Johan, that the investments will be peaking in 2023 for KSP. Is that on absolute levels? I said that the total cost for our sports betting business will peak. That's investments and all other costs related to that business. They will start to level off and decline from 2024 and going forward. Okay. That means investments into KSP and other related costs to the sports betting business totality. Thanks. Okay. Yes. Yeah. I have a small question. That is, you talk about getting number one in Netherlands or Holland. The question is, who is number one now and the number two, I would like to know? Yeah. Just a second. AJ. You have a mic there. Here. Here, AJ. Yeah. The number one at the moment is TOTO, so that's the brand from the National Lottery. Number two is BetCity, the company which has been bought by Entain. Holland Casino. Yep. I have a question about live casino. Yes. It has been a strong growth. In 2015, there were 2 operators, Evolution Gaming and NetEnt, who offered baccarat, poker, roulette. Now there are many, many more tables. There were 2 tables of baccarat. Now there are more than 30. The question is, do you expect the growth to be very strong in live casino? I can start if anybody. Yeah. You can add, Simon, it's better that you take it straight away if you have any. I can add if anything. Obviously, I can't comment about the live casino from a Kindred perspective, but from a product related area. There are more prevalent suppliers in the live casino space. There are coming a lot more suppliers on the market. Yes, I see that the market potential in live is still strong, and the growth potential is there. Just on a Relax front, for us, it's been about focus, and strategic focus about growing our core business. But we have the playing field as well to be able to develop into that space in the long term, but not the short term. Did it answer your question? In a way. I also want to ask about you have own tables, like. Mm-hmm ... the one where there's a new development like, roulette. Yeah. Yeah you have a Unibet table like that. Yeah, branded tables. Yes. It's obvious it changed quite a lot the last few years. From our perspective, we are live with Evolution and Pragmatic, and we recently went live with Stakelogic in the Dutch market as well. I think that they are getting more suppliers in the market means that there will be A bigger opportunity to localize ourselves across our markets with different suppliers who are specializing in that market, et cetera, and finding that balance between generic tables and exclusive tables that you obviously are paying a little bit extra for, et cetera. We will continue to do so and find a good balance between the two going forward across all our markets. I think as casino will open up in North America and when that starts rolling out across more states, you will see a lot of the live casino suppliers focusing on North America and setting up their operations and setups there and taking a big share of that market as well. Big opportunities for the different live casino suppliers for sure. Thank you. Good afternoon. Good afternoon. [crosstalk] here from Jefferies. These questions may be linked. Can you please give us a sort of feel for the drag in the USA and the shape of that over the next few years financially? And secondly, what factors lie behind your EBITDA margin guidance being somewhat lower than peers who may be in the 25%-30% bracket? Nils. I can start out. For North America, you mean the estimated losses, I guess? I would say that, you know, they're gonna be about the same level as we see for 2022 for, you know, a couple of years maybe. That would be my current estimate. They're not going to increase materially. The second question was? Compared to your guidance towards 2025 is EBITDA margins of, you know, around 20%. If I look at some of your peers, they're in the range 25%-30%, and I was wondering what factors might lie behind that difference. Well, obviously we haven't built our estimates on what the others are doing. We've looked into our own value creation drivers. Obviously this is what we see right now, 21%-22% by 2025. As I alluded to in the bridge that we will see further margin expansion beyond 2025 as well. Mm-hmm. I can't really comment on the gap towards somebody else and what might be driving that in terms of factors. It will depend on the market mix as well, of course, in that we're now coming out of the Dutch reregulation as well, and we're seeing a gradual comeback in that market and also with our other portfolio of markets as well and how that fits with others. No one has an exact similar portfolio. As Johan was saying, a couple of years later, we will also be higher than the 21%-22% that we said. Then it's more a question, clearly that's somewhat into the future, and we will have plenty of opportunities to come back and see how we're trending on those ones as well. I think it's also fair to say regarding the US that we're sort of planning to roll out in more states as well, but we gradually expect the states that we're present in now to move towards a more positive contribution as well. Of course, it's gonna be a conscious decision from our side as well, how much we focus on growth and actual profitability, and that will be defining also the break-even point for us. As long as we see a rollout of our platform, and if we see good traction, which we're expecting, then we can be mindful of investing more to see a long-term opportunity. Right now, we've really been focusing in the US about investing enough to not undermine the long-term opportunity, but not over-invest to waste too much money here and now. We're trying to invest in tandem with our offering and brand as well to make sure that we don't, or that we optimize the thing to again focus on profitable growth or minimizing the investment contribution. Hi. James Rowland Clark from Barclays. That loss guidance you just gave, was that including California or excluding California? California is not going live in the next few years as I understand it, so it would be excluding that. Okay. Sort of linked to that, you've talked a lot about how you'd like to see markets become a bit more rational before you look to sort of step on investment to grow your share. Could you talk about the metrics that you look at in a market for the right timing, for investment from your side? Nils is coming up. We look at a few different things of course in terms of what makes sense for us. One key metric that we're looking at is the total revenue available in the state versus the total investment both in marketing and promotional spend in that particular state. As we see that relationship starting to become more sane, I would say, compared to what we've seen in some of the markets, that would be one trigger for us. Another trigger would of course be our underlying unit economics within that state or that province. If we see that we have good unit economics, we start increasing our investments to ensure that we can keep on that track. Those would be the main two things that we look at. Final one, please. M&A is clearly a high priority for you. Can you talk about, I guess, the size of M&A that you're willing to do? You know, maybe some leverage targets around that and whether you prioritize sports betting over gaming. You wanna go on that? Yeah, I can do that. Yeah, we haven't prioritized size in that sense, but it's obviously clear that we'd rather do a little bit larger than just smaller because a smaller would take a proportionally amount of time and resources. I'm not talking about transformational. It's more of the bolt-ons that Johan was alluding to. He, Johan, also mentioned in his slide that we are looking at more of the technology and B2B related assets. Those can obviously be on the smaller side as well. I think we had. Yeah. Hello. Ed Young from Morgan Stanley. Thank you for today. My first question is, I guess to Ben and Henrik. Yeah. In terms of the KSP, how are you managing the risk of maintaining the pace of innovation when you're gonna have this 2-3-year transition of having, I guess, dual platforms or legacy as well as the KSP? How do you get a return on investment in terms of the product you're putting in? How do you maintain the pace during that transition period? The way our delivery structure is organized in such a way that it's very diversified, I don't see a problem in the management of rollouts alongside feature development. It's true there will be a small toll as well as illustrated in the graph, but not one that would mean we sort of stopped dead or lost pace with the remainder of the market. In terms of a terminus, I don't believe there would be one. Clearly the industry's not going to stand still. We have no intention of standing still either. We would manage what you would call scope creep as we go and obviously reprioritize as we need to in terms of those development requirements for our customers. I can just add on the relationship and that one that we're fully confident that we have such a good partnership and cooperation and again, it's time to define the future partnerships as well, that we are not worried about that there will be any slowdown in delivery on the business that we're getting either to manage that. We also, of course, have SLAs and everything in place with all our suppliers in our supply chain. We're confident that the relationship will take care of that in a very good way. Okay. Thank you. Second question, I guess for Nils and Henrik. You've touched on the US several times, so I appreciate this touches somewhat on what you've already said. In the opening comments you made, Henrik, you talked about the first phase being the buildup, and you said in many ways the US is- Mm. In that phase. Are you really in that phase or is it sort of waiting for the market to become more rational before you really do that? You know, you talked a lot about the acid test of the UK. It's very notable how important 32Red was in terms of really pushing that forward. I guess what I'm driving all the comments about M&A, you'd look to do things. Yeah. Do you need a U.S. 32Red? No. I mean, we are looking at things on an ongoing basis, and I think it's fair to say that we are in the buildup phase still in the US and it's kinda not just the US, it's kinda any new market that we enter. We will go through that phase about establishing a presence, building your brand, and then developing the offering that you have as well, and then scaling on the marketing efforts that we're committing to. I think that's exactly where we are now. As you said, fairly, we have taken a step back from the middle of last year to wait for the market to get more sort of stable and more predictable in some ways. But of course, we're also, if we're well knowing about the. We could have participated more and having had stronger top line and actually showed growth continuously, but it would've costed a lot, and we deemed that was not the best use of shareholder money to make sure that we have a focus on profitable growth. That's really where we've been. We are confident that what's coming out now is a more balanced situation. At the same time, of course, we appreciate that the leaders of the market today, it's very big and they have big budgets, and they have benefits from that scale that they've generated. Again, like in the UK, we have a strong belief that we can come from underneath and have a strong offering and a good across all touch points on sustainability and other aspects as well that will give us an opportunity to come into the market. Again, our ambition is not to sort of compete head to head with the market leaders of today, at least not anytime soon. It's more a question about building gradually and long term and making sure that we get to sort of break even and then we're scaling from there. Thank you. I can take a question then from the web here in between. The route to the 21%-22% underlying EBITDA margin in 2025, will it be a gradual increase in 2022-2025 or back-end loaded hockey stick? Good question. I would characterize it as it's gonna be gradual but not linear. Remember what I talked about earlier, that our investment in this in-house sportsbook will peak next year. Then if you couple that also with what I talked about about accelerated affordability measures that will bring down top line, obviously having a full year impact. Those are measures that will, you know, impact 2023 to some extent, so it's not gonna be linear towards the target. Yeah. We're expecting strong contribution from the Netherlands already next year as well that will help offset that to some extent. Yes. Mm-hmm. Yeah. Oh, sorry. Yeah, please go ahead. One of the speculated outcomes of the White Paper is potentially a GBP 2 staking limit on online slots. Have you guys put out a number or quantified what the potential impact would be for you? Or how much of NGR EBITDA right now is coming from stakes over GBP 2 in the UK? Yeah. We haven't given any numbers on that. Neil, perhaps you can give a little bit of flavor of- Yeah On this question. For sure. I think I mentioned in the fireside chat section. I think it's really important to consider that slot stake limits and affordability spend limits are not independent of each other, and the financial impacts are not gonna be discrete and built on top as well. We have lowered the slot stake limits of our slots portfolio in the UK, and at the same time we've introduced spend limits for every customer, and those spend limits are on a monthly basis and on a total spend within a year. The speculation I think around GBP 2 misses that dynamic element of the link towards affordability. I think it's pretty clear and very well understood that in the context of affordability being tailored to an individual based on their profile, based on their financial situation, blanket limits for slots represent a very big challenge then to the success of that in a regulated environment. I think it will be more dynamic. Like I say, please keep in mind that the two things need to be judged together, not in isolation. Maybe taking a couple of questions then from the web again. How much does Western Europe, excluding Netherlands, need to grow per annum for you to reach the GBP 1.6 billion target? Are you modeling growth at all in the UK in that target? Good questions. I'm not planning to give exactly all details by country in the modeling today, but as I said to another question here, obviously, without taking out Netherlands from the last 12 months, the growth will be lower than the 14 that I called out earlier. So it's going to be, you know, a bit above market growth for those markets. That's my rough answer to that. What's the last one? U.K. What have you factored in? UK is modeled very conservative in the model, right? Obviously, you know, due to the topics that Neil has addressed, et cetera, and increased affordability measures, right? There was a question over here, yeah. We have that. Can you just add some more color on the M&A? You mentioned bolt-on acquisitions. Is that more likely to be in-market consolidation or new markets which you're not currently present in, or new markets which are potentially going to regulate in time? Could you also add some more color on the B2B side of things which you mentioned as well? Who wants to- Yeah, I can start. I mean, we're looking broadly at the M&A and we have through Patrick and his team built a portfolio of potential targets that are at different stages and different attractiveness for us that we constantly evaluate. Of course, as one of the larger operators, we also get to know the items that is sort of bounced around in the market as well or coming up for sale. That's an ongoing process that we have as well. For us historically, we have done sort of both things in a sense. We have both bought businesses to strengthen our position in our existing markets, like for example, the Bet24 one in Denmark, where we just took the database and migrated it on to the Unibet brand knowing full well that we had a superior offering and experience for the customers. At the same time, in other cases, like BetChoice in Australia, we bought into a new market. Also in the U.K., like we said today with Stan James and 32Red, that's really provided step changes, both providing expertise into the group and also scale into the group as well. We're not really fixed in that sense what it is. Like you said as well regarding the U.S., we're clearly monitoring that situation as well and seeing what could become available and what could be a fit for us and of course, how we could see a strategic value from things like that, like similar to the UK that we've done. Within B2B, of course, it could be both for like what we did with Relax acquisition to strengthen our CX and product offering and at the same time getting a high margin business into the group that will help to fund our transformation as well in our locally regulated markets. We're open-minded and looking across what the opportunities both we identify ourselves and now together with Relax as well, what could strengthen them, if anything, but also for us at Kindred. Could you elaborate on the stronger than expected start in the Netherlands? Is there a big positive impact from lower than expected marketing costs given the market restrictions? Yes. Thanks, Patrick. No, definitely. The advertising restrictions were not planned when the regulation started. As of the first of July, there was self-regulation that no TV. Spots there they changed from after nine o'clock to after ten o'clock, and out of home was not allowed anymore. There was a clear level playing field and we couldn't advertise as much as we planned. That really reduced our marketing spend significantly. That's right. Yeah. We've also grown our top line faster than expected as well. Yeah. We've got a higher intake of customers that also helped to fund the top line. We're actually exceeding on top line, and we don't have to spend as much on marketing, which of course is double positive. No, it's right. As I said, we clearly exceeded our expectations and then we reduced marketing spend. As I said, yeah, we're not the number one or number two yet, but that was for the time being. Yeah, we coming there pretty soon. We are yet to email our historical database as well. Right. Yeah, yeah. We still can get in touch with our old database. Yeah. That's right. We still haven't done that either. Yeah. Yeah. Yeah. Back to you. Okay. We have a question for Neil on the U.K. here. Do you have a view on how the new U.K. government's attitude may be different for operators? Political expert now. Yeah. I think that the new government is obviously very new. They have a lot on their plate at present. The leadership contest showed some pretty clear principles and beliefs for each of the candidates. I don't think it's worth speculating on the read-through from that to gambling and the White Paper. We're still very hopeful that we will see the White Paper soon and therefore get clarity and be able to keep building our business out in the right way. Obviously we look forward to the opportunity, but waiting for the opportunity to engage with the new government and the new people within DCMS as well. We have a regulatory question next. What is happening in Norway? Have the regulatory fines started, and what are you going to do about them? Okay. Thank you, Patrick. My name is Ewout Keuleers. I'm the Chief Legal and Compliance Officer for the group. I've been with the group since 2006, so I've seen the industry evolve over those plus 15 years from dot-com, dot-local, and as Henrik just mentioned, kind of Norway and Finland, they are a bit in the tail of that process. For us, the situation in Norway is very comparable where, for instance, Germany or the Netherlands were pre-regulation. On the one hand, our dot-com business is regulated and licensed by Malta, a member state in the EU, also part of EFTA and EEA free trade agreements with Norway. On the other hand, and as you will know, we have a long-standing dispute with the Norwegian Gambling Authority, which is ongoing for I think since 2016. In June of this year, that led to a first district court's judgment against Kindred. The gaming regulator won, so to say, that first round. We have appealed that decision two weeks ago, so it's an ongoing legal process. I think there was a question about penalties. Just to technically clarify, at present today, there are no penalties incurred at the moment. Again, there's an appeal pending. Legal process is ongoing, so we need to manage that as we have done in other markets in the past. Then don't want to get too legally now, but I think a bit of a step back is kind of Norway is part of an international free trade agreement with EU, with Malta. That gives us as providers the fundamental right to provide our services across borders, but also for Norwegian citizens to purchase them across borders. Again, as in any other digital economy, you know, the better offer is just one click away. The question really for Norway is that how are you going to introduce and regulate that in an efficient manner? At the core of the legal debate is the question, does Norway have a transparent and non-discriminatory license process? In absence of which, a historical monopoly which goes back decades, if not centuries, cannot be enforced. That's the crux of the legal debate which is going on. On the question of what are we going to do, to wrap up the answer, I think of course, we will manage the legal process on an ongoing basis, the appeal, all the legal arguments, transparent license allocation. You know, as we have done in other markets, work with our local stakeholders, advocating for a gaming policy and modern regulation that puts effective consumer protection, at its center, and then we will continue to work with our local partners to that ambition. Does that answer the question? I think that was a good answer. Thank you. Exhaustive answer. Thanks. Yeah. Sorry, another question on the tech stack. Just trying to better understand what exactly you ultimately will fully insource. 'Cause clients of Kambi who have since left still ultimately outsource say 30%-40% of their volumes. Obviously the complexity of certain bets like same game parlay is pretty much outsourced by the majority of operators still. It's a little bit hard to hear the answer, the questions. Okay. Please, if you can raise the volume a little bit. Sorry. Is that me or the- Yeah. Okay. Sorry, I'll speak up. Yeah, thanks. No, it's a tech stack question. Basically, those clients that have left can be still ultimately outsourced 30%-40% of their betting volumes. I'm just wondering, is that something that yourselves are likely to do as well? Because everyone says they insource, but ultimately things like same game parlay, they all still outsource. Just some color on that would be good. Yeah. The same game parlay as you call it, that's something that we're building now. It will be there for launch. It's what we call a hygiene product. It'll be there for the MVP launch. We see those point of sale components, so things where those transactions are made, so you could consider Cash Out the same. Obviously the bet slip, things like that are fundamental to the sort of structure of the whole platform. They interact with the trading interface and so on. They're very much part of the plan to be there on day one. That was a good question for you, Marcus. Actually, while you're on stage, Ben, we can probably take it because it's a very easy one, but there's one additional one on KSP. Will you look at developing it as a B2B offering? That's not part of the current plan. Yep. We have no further questions from online unless there are some new ones that come in. Yeah. I have a question about the share buyback program. Now you maybe own 5% of the share capital, and every day on average you buy about 39,000-40,000 shares. Do you have a plan for how to use those shares? Will you use them for acquisitions or take them away from the share capital or? The main plan is to cancel them, to be short. Okay. Yep. Oscar. Yeah. It's Oscar Rönnkvist from ABG again. Just had one more question on the KSP, more detailed one maybe. Yeah. We see a increased share of in-game betting, and I think that you also said that you're going to have the complete in-game offering in-house. Is that correct? I'm sorry. When you say in-game, what do you- In-play. Live. In play. Live betting. Yeah. Yeah, absolutely. That'll be part of our offering. 100%. That obviously requires a lot of traders, right? Could you say what your ultimate plan is? How many traders do you think that you'll need to have? We have the luxury of being able to build towards this ideal number. As we do that, we're able to do that alongside the plans around automation using smart technology to be able to empower and assist. For example, when you look at some of the older large operators that have been going for so many years, they have traders, hundreds and hundreds of traders. We have no intention of getting anywhere near that number. I mean, we've already said that our plans for the entire sportsbook shouldn't really number any more than 400, and that will include the technical support. Obviously, a big number of the operational side will be traders and risk management, but it's not going to be on the scale that you've seen historically. We are very confident in our technical ability. 400 in a couple of years, gradually increasing. Yeah. From an operational point of view, we want to be up and running for the time that we sort of start that rollout into those dotcom markets, 'cause we think that we'll be able to do that very quickly. We could talk around the lines of, say, I think the operational staff will number just over 200, and a majority of them will be traders and risks, say 160, something like that, to give you an idea. Okay. Thank you. Thank you. Wrapping up. I think we can wrap up. No further questions. Thank you very much for your participation today. It's been a long afternoon with a lot of new information and in a hot room. Yeah. We will continue the discussions in the bar, and I hope to see as many as possible of you who are there. Thank you once again. Thank you very much.