Good morning, everybody, and welcome to Kindred Group's Q1 2022 earnings presentation. My name is Patrick Kortman, heading Corporate Development and Investor Relations at Kindred, and I will be moderating the Q&A after the presentation. Without further ado, I would like to hand over to Kindred's CEO, Henrik Tjärnström. Thank you very much, Patrik. Warm welcome everyone on the webcast. If we take a step back and look at the quarter in totality, and despite the tough comparatives we had from the first quarter of 2021 and also the temporary headwinds we experienced from ceasing our services to Dutch citizens at the third quarter 2021, we still continue to build a very strong group for the shareholders for the longer term. I would like to deliver a big thanks to all the colleagues of Kindred making this possible. It's also fair to say that the impact from the Dutch reregulation was always gonna be felt for us, like we saw at the time of the Swedish reregulation in 2019 and in previous reregulations as well. It's fair to say that the impact became even more severe than we anticipated after we took our prudent decision to cease services to Dutch residents at the third quarter or in September 2021. We really believe the current situation to be of a temporary character, and we continue to build the group for the longer term. We're very confident that that's gonna happen similar to what we showed after the Swedish re-regulation. If we look over a longer-term perspective, we're confident to say that we expect the underlying EBITDA margin to normalize towards the above 20% level over the coming 2-3 years. If we look at today's outline of the presentation, it's as follows. We're gonna start with some highlights from the first quarter, and then we take a look at the business overview with various elements of that, and then we round off with a summary. If we look at some of the headlines for the first quarter, as we reported this morning, the decision to cease services to Dutch residents and also the tough comparatives led to a substantial top-line decline, with of course, having an impact also on our short-term profitability. Indeed, we deem these effects to be of a shorter term. If we look at the revenues, they came in at GBP 246.7 million for the quarter, and that's the combination of both B2C and B2B. Down 30%. If we look at the B2C element, we reached GBP 242.4 million, and that's a decline of 3% in constant currency if we exclude the Netherlands market. Locally regulated revenues increased sequentially slightly, but still remained at 77% of the total revenues, which is a new all-time high, and GBP 187.2 million for the quarter. This we really deem to be of a very high level, and we're expecting this to increase fast also after our re-entry into the Dutch market. In the underlying EBITDA, for the reasons mentioned, as we deem this situation to be more of a temporary character, and we continue to invest, especially selectively across the group, we see an impact on our underlying profitability, and EBITDA came in at GBP 24.5 Million for the first quarter. Free cash flow came in at minus GBP 5.5 million, also clearly affected by the impact on EBITDA. That's minus GBP 5.5 Million for the quarter. Active customers reduced with 24% year-on-year, which is also effect of the cessation of services to Dutch residents. We also saw extremely tough comparatives in the UK and French market that also contributed to the slight decline for the full year or for the year-on-year comparatives. Net cash stood at just under GBP 67 million at the end of the quarter. If we look at the graph on what we see for the full quarter and also how this compares to our previous years, it's worth highlighting that, as we said already during the third and fourth quarter of last year presentations, we've seen an extremely high period towards the end of 2020 and also at the beginning of 2021, and they are indeed offering very tough comparatives for us, and that was always expected. If we look at the combined revenues for the group and also excluding Netherlands and in constant currency, we're down actually 1% for the year-on-year comparatives. Still, with the 246.7, there are also an FX element into that number. In constant currency, that would have been GBP 256.1 million, and as such, it would have put us as being the second strongest quarter for the first quarter ever for the group. That's despite in 2020 when we have Netherlands also participating for the full quarter. Really positive elements, albeit challenging headwinds of temporary character. If we look at the cost base and our relentless focus to try to optimize this as much as possible, and if we exclude betting duties and affiliates from the cost of sales category, and of course, a lot of those costs are related to revenues. If revenues decline, so does the cost of sales category. But we're still seeing a slight uptick for the first quarter compared to the full years on the previous years. That's expected also driven by product and market mix. If we look at the marketing costs, they took a bigger step up, which is also expected due to the situation in the Netherlands, and came in at 27.6% for the first quarter. If we look over a full year cycle, what we're confident to say is that we're expecting the full year 2022 marketing reinvestment percentage to come in slightly above the mid-20s in percentage points. If we look at the salaries, we see quite a big step up here, and that is also partly due to the situation overall, as we already mentioned, but also the recent acquisitions and additions of Blancas and Relax year on year, but also our selected investments in certain areas, specifically around tech and development that enables future growth. In other OPEX, we're seeing a slight COVID normalization also internally with a little bit more kind of back to normal from an OPEX point of view, but still on a sort of lower scale than we saw previously. Also, of course, the recent acquisitions has also played an element into this. In CapEx, as we say, we increase our headcount selectively, and we're seeing increases in our capitalization of the development costs and also replacements of IT hardware that's causing the uptick in CapEx elements, which is perfectly normal and as expected, also based on the communication we've had over the last couple of quarters. We also try to show the current scalability in this illustration, and it's a visualization of the current scalability. It's not to be interpreted as a forward-looking guidance, but more reflecting on the cost base and market and product mix as well. That's given the span of the purple line here. Depending on the market and product mix, we can operate in these different underlying EBITDA margin territories, and also based on revenue. As indeed, as we deem the situation to be of a temporary character, we have continued to invest for the longer term, and that's what we're showing here as well. Clearly, if we look at the outcome for the first quarter of 2022, we've seen our top line pressures reduce our profit margin for the short term, and also the cost of the Netherlands is currently carried across the group as we deem the situation to be of a temporary character, and we want to come out as strong as possible after it. We have taken initiatives to really try to adapt as much as possible within this framework and to drive broader cost optimization. We have initiated further actions there. We also further improved our marketing efficiencies and also optimization of our U.S. investments, as we already talked about at the time of the fourth quarter presentation, where we have scaled back our investments in certain states, and we also refocused our investments into multi-product states. We also worked very hard on our underlying fundamentals in the U.S. business. We also expect to enter the Dutch market, and as a consequence, we're carrying those costs as we have here as well. Also, the strategic investments that we do in Relax and KSP will improve our long-term profitability as well. If we look at the numbers, when we come in on 10% underlying EBITDA margin for the first quarter, that's where we're gonna end up with the revenue of around between GBP 240 million and GBP 250 million. Indeed, if we look at excluding the US as an example, we would have been more on a 13.6% underlying EBITDA margin. That again just shows the investments that we're doing in this great long-term opportunity for the group, and excluding that, the underlying EBITDA margin would have been substantially higher than it actually was now. If we see the full cost base and also the other elements, and if we look at the underlying EBITDA for the group, it came in on GBP 24.5 million for the quarter, down 77% for the reasons we've mentioned, which is broadly in line with the fourth quarter of 2021 as well. When revenues are in these territories, around the GBP 245 million mark, as we showed on the previous slide, and the cost base remains pretty much where it is right now, then these are the effects on the underlying EBITDA margin and underlying EBITDA. But again, we're confident that this is of a temporary character, and within the next couple of months, we're expecting to see a gradual return to more normalized situation and then to the benefit for the longer term. If we exclude the U.S., as we said here as well, GBP 33.6 million would have been the underlying EBITDA, again, shown on the previous slide. If we look at FX across the group, we have had the pound strengthening against our bucket of currencies and around 4% overall, and of course has an impact also on our reported numbers. In constant currency, as I said, the revenues would have been GBP 9 million higher, and also the EBITDA would have been around GBP 2.4 million higher. Indeed, that has a meaningful impact on the overall business as well. If we look at the business overview, and again, trying to highlight and explain a bit more about the different periods throughout the first quarter and where we stood at the sixth of February, when we reported the Q4 numbers and the trading update period we gave up to that time when we reported on the February 12. The average daily gross winnings revenue during the first quarter of 2021 now 2022 came in on GBP 2.7 million overall, albeit that at the start of the quarter during the trading update period, we came in on GBP 2.9 million, as you can see here. What we're showing here is basically the two main product segments. Casino and all the other products in the purple ones, and then sports betting in the blue bars on top. Then the total is the average daily revenue throughout the quarter is the number on top of the bars. For the fourth quarter of 2021, we came in on GBP 2.6 million of average daily revenues throughout the quarter, over the full quarter. In the trading update period, that number then was GBP 2.9 million for that trading update period over those 37 days, as you can see on top. Then for the remaining 53 days of the quarter, it came in on GBP 2.6 million daily average, and that resulted in the total daily average of GBP 2.7 million over the full quarter. That's an expected fluctuation as we can see in the sportsbook margin, and as we highlight here on the right-hand side as well. Casino continued to be, as you can see here, stable throughout the quarter, but the sports betting had a very strong start, as we highlighted also at the time of the Q4 presentation, with above-normal margin in the beginning of the year. Towards the end of the quarter, sports betting activity slowed and also margin normalized. We saw especially low activity during the second couple of weeks of March and with the international weeks during the quarter only comprising six World Cup qualifier fixtures this year compared to 75 during last year. Of course, we also took an active decision to cease the Russian and Belarus offering to the business, which of course had more of a marginal, but still an impact also on the sports activity throughout the quarter as customers during the COVID period got used to play on those leagues as well. That had an impact, albeit not as significant. There's a lot of elements contributing to this. Overall, sports betting is the explanation factor of the reduced gross winnings daily average for the rest of the quarter after the trading update. If we look at our absorption ability, we're very pleased to report, as I said, a new all-time high in share of revenue from locally regulated market, and it came in at 77%. It's been a conscious decision for us over the last 10 years plus to really grow our locally regulated markets faster than our dot.com markets. That's indeed what we continue to do from full year 2019 to the last 12 months to Q1 2022. As you can see here, our locally regulated markets have grown with 41% compounded over that period. The other markets have grown with 3% over that period. That is showing the effects that we've seen also clearly in the other markets. We are excluding Netherlands for two quarters now in the red one, and that of course has an impact as well. The underlying growth that we've seen over the long term in our other locally licensed market is reflective of this 41% growth. If we look at the right-hand side, the transition towards locally regulated markets continue. As we see, the blue line is going upwards over time, and again, up to 77% now. We expect this to take another trend upwards at the time of the Dutch license award. At the same time, you can also see here that the tough comparatives we experienced during 2021 is reflective of the green line, where especially the French market was growing very fast during the first and second quarter of last year, and now have had a sort of albeit sequential growth, but still the overall betting duties have come down slightly. The red one is even more interesting. As I mentioned, we're expecting this to continue to be on a downward trends for the next couple of quarters until it bottoms out. Then we're expecting it to come back up towards the long-term average that we show here. We're expecting this to take 2-3 years to get back to that level of profitability. Again, we're very confident that this will happen, and we're shown that before at the time of the Swedish re-regulation. If we look at active customers, it came in at 1.38 million actives for the quarter, a decrease of 24% compared to the first quarter of 2021. As I said, that's an expected decrease as a result of the closure of services to Dutch residents, but also the strong and tough comparatives for especially the UK and the French market is also contributing to that, as I mentioned. The RPU remained broadly in line with the Q4 of 2021, but showed an approximately 10% decline from the first quarter of 2021, again reflecting the very tough comparatives we experienced during that period. If we look at the product segment update, we're returning now to more pre-COVID split in the product segment. In the quarter, casino and games came in on 49%, sports betting on 46%. Of course, if we look at sports betting, it's 30% behind tough comparatives, of course, adversely impacted by the cessation of Dutch activity, but also 10% increase sequentially, which is very positive. Our proprietary racing product platform contributed to 9% of the total sports betting gross winnings revenue during the quarter. In casino and games, the overall revenues decreased with 32%, but excluding Netherlands, it was flat against the same quarter last year, and that's also reflected on the previous slide. We're seeing a continued strong activity despite the offline segment now being reopened. We're handling the COVID normalization better in casino than we're able to do in sport, mainly due to the scheduling of sporting event. Also, televising of sporting events was a big difference in, for example, the UK market in this first quarter compared to the previous quarters. Poker and other products remain stable on around 5% of the revenues. If we look at the sports betting margin, as we said, it came in on 10.2% for the quarter, slightly above the long-term average. The weighted average has been coming up also depending on the product, but also the market mix. Of course, when the French market that encompasses of 85% cap payback ratio, that has an upward trend on the overall margin. The mix within pre-game and live betting has been tilted more towards the pre-game over the last couple of years, and that of course also have an upward pressure on the margin or a stretch on the margin. We're also seeing an increase in multiples and bet builders that's coming out as well as an upward impact on the overall margin. Again, it's important to stress that we are working very much on optimizing the long-term margin rather than maximizing it, and it's the combination of turnover and margin that is the important metric to really look at. If we look at the regional update, we seen an effect, of course, in the Western European segment, down 47%, heavily impacted by the Dutch situation. Also, if we exclude Netherlands, we're down 14% year-on-year. That's predominantly, as I said, an effect of the French market that year-on-year declined 15%, but sequentially increased 13%. The continued trend that we've been on from the third quarter into the fourth quarter and now continued into the first quarter with an increase of 13% sequentially, but still down 15% year-on-year, of course, against very tough comparatives. If we look at the Belgian market, it grew with 9%, and in the UK, we saw a 21% decline year-on-year. If we look over a longer period in the UK, we were up 68% versus the first quarter of 2020. The UK is negatively impacted by further short-term tightening of our affordability measures that we have worked on for the last couple of years to put us in a best possible situation for the longer term in the market. We, of course, are fully aware and anticipate this to have more of a short-term effect, but to the benefit of the long-term sustainability and quality of our customer base and business. In the Nordics, we had an increase of 9% or 14% up in constant currency, which is very encouraging and good growth across markets. In Central, Eastern, and Southern Europe, we saw a decrease of 4% with both sports betting and casino still though showing stable year-on-year developments. In the Other segment, decline with 8% driven by the US. Australia had a solid development and increased 34% in constant currency. For North America, as we said, it's an important long-term growth opportunity, and we remain very optimistic of our long-term potential in the US market. New depositing players were up 16% in the quarter, in increasing activity levels as well within the operational states we are live in. The gross winnings revenue came in at GBP 5.6 million for the quarter, and that's approximately 26% down in local currency. The product margin across both sport and casino came in slightly lower year-on-year, which of course impacted overall revenues. We continue to focus very hard on the bonus and marketing efficiency and really optimizing our investments. The midterm investment focus is indeed, as I said, to really focus on states where both sportsbook and iGaming is available. A key enabler for our long-term growth and what is fundamental is to bring our own proprietary technology platform to the market, and that's progressing, and we're set to launch in New Jersey during the third quarter of this year, and thereafter, rolling it out over the different states. Also, very positive developments in the North American market is that we've been able to launch on day one of the market opening in Ontario, and to give some facts on the Ontario province as put it into context of more of a North American market. It's the seventh-largest economy in North America by GDP, and it's expected by Eilers & Krejcik to reach CAD 4.4 billion at maturity. That would equate to around GBP 2.6 billion as we're reporting in pounds. It is our seventh regulated market in North America after the 6 US states. We're also launching there with the same marketing concept as we have across the other states. We're seeing positive indications on the feedback we're getting from customers on this marketing concept, and that indeed have played a part in the increased intake and activity that we highlighted on the previous slide. That's of course where it starts to see an improved intake activity, which in turn converts into turnover and revenues, and eventually profits as well. This is the long-term journey we are on, which is again, exactly similar to our other market entries. It's just that the US is so many countries over a relatively short period of time, and of course leads to these investments needs. Relax continue to work very hard and with the excellent team at Relax, and it expands both the operator portfolio and also the footprint. In the first quarter, Relax revenue amounted to GBP 4.3 million. That's slightly down from GBP 4.4 million in the fourth quarter, but it's worth highlighting that the fourth quarter is always the strongest for a casino-heavy business, of course, which Relax is predominantly. If we looked during the first quarter, Relax signed 30 new operators and launched six own games during the quarter as well. Steady progress in that area, and it still continued strong focus on growing with several new customers launching during 2022, and a solid pipeline of new games as well coming. The upcoming launch of Dream Drop jackpot product, which is a proprietary product that Relax team has developed over the last year and is scheduled to go live on the fourth of May. It's an innovative product that is high expectation and really excitement around, and will be really interesting to see when the network gets access to that product, and of course, Kindred as being part of the network as well. Also, Relax went live in Ontario from day one and has been licensed and also plans to enter the U.S. market during the year. Our dedicated focus on sustainability is continuing and our focus on journey towards zero. If we look at the revenue from harmful gambling, it continues to decline, which is very positive. We continue to work very hard to make it decline even faster, and we're expecting that to happen for the rest of the year and also throughout 2023. Data from the first quarter show that 3.3% of our revenues came from high-risk players. We also saw an improvement in the effect of intervention, increasing to 83.1%. There is a seasonal impact as well, but also improved risk processes and manual intervention towards high-risk players resulted in good effects. Also the work that we've done to focus, especially on the lower age demographics, had a positive effect, taking the number down from 4% in Q4 down to 3.3% now at the first quarter. We also, as we highlighted in the report this morning, signed an agreement with the RecoverMe, an app to manage gambling addiction, and making that free for all our customers in the UK and US market. Also very positive that the Kindred was reconfirmed our AAA rating by Morgan Stanley Capital International on ESG on the fourteenth of April. We were the first operator to achieve this back in 2016, and we're very pleased that we have got that reconfirmed for yet another year. If we summarize, if we look especially on the trading update for the first 26 days of April, the casino activity remained very stable and which is very positive. As we highlighted in the report this morning, the Sportsbook margin came in slightly lower for the trading update period, which indeed is not unusual. We had it most recently at the fourth quarter when we had an exceptionally low margin. Now for the first 26 days, we had a margin of only 7.8% of the free bets, and that should be highlighted that in the second quarter of last year, we had an all-time high over the full quarter of 10.7%. Reductions in the Sportsbook margin, of course, that's playing a part in, again, the similar analogy here on the blue box of the Sportsbook revenues. For the 26 days, the average daily revenue for the trading update period came in on GBP 2.5 million, and that should be compared to 2.7, as we said, for the first quarter, and also the 2.6 million for the fourth quarter of last year. We're expecting this indeed, as we saw in the fourth quarter, statistically, the Sportsbook margin would normalize over the full quarter as we're comparing to a relatively short time period here is worth mentioning. We would see a gradual normalization over the rest of the quarter if that would hold true again. Of course, the casino, as we said, continued on the same levels as we've shown before, and that's a positive and strong underlying message that we want to convey. Despite, to summarize overall, and as said, despite our short-term headwinds, our long-term optimism firmly remains. We see these short-term top-line pressures reduces our profitability in the shorter term, but we remain very positive about our long-term opportunity. Our long-term strategic direction of increased product and CX control is really well on track, thanks to the development we've done and the initiatives we've taken already during the last couple of years. The Kindred Sportsbook Platform and Relax acquisition are fundamental initiatives for our future scalability. They are really instrumental in the long-term scalability aspects of the group. We remain also very firmly focused on cost optimization to further minimize the impact without adversely impacting our future growth. We indeed see this as a temporary period, but of course, it's worth highlighting that, as we said already at the fourth quarter, now for the second quarter as well, we're expecting very tough comparatives, and we're expecting that to remain, but then gradually tail off towards the end of the year. Locally regulated markets now came in on 77%, and we're expecting these to materially increase throughout the year, so within the next couple of months to start and then gradually increase from there. 2022 is an exciting year with the first-ever Winter World Cup in the fourth quarter. In a normal championship year, Q2 and Q3 are boosted by the World Cup, but now we have that effect coming in the fourth quarter, which will make the back end of the year even more exciting. That concludes the presentation. I invite back Patrick Kortman for the Q&A session. Fantastic. Thank you very much. I'm sure there will be a lot of questions from the audience, but I would like to start up with as a warm-up with a question that we received from the web, and it's from Peter Black. He's asking, first of all, about the Netherlands and how confident that you are that we will soon regain access to the historically important market from Kindred. Secondly, you mentioned that you are 10 years into a transformative plan for the company. You expect the final stage of that transformation to be achieved in the next few months. What exactly does that mean for the company and its shareholders? The Netherlands, as we said already at the fourth quarter, the process in the Netherlands, it will be our eighteenth or nineteenth license now after Ontario. It follows exactly the same process as we see in another license application processes and developments. We're very confident that we're nearing the end of that process, and we look forward to get the license once the KSA is happy with everything. We're expecting that to happen during the second quarter still. We've also been, as you mentioned, on the long-term journey. This is really something we embarked on already in 2010, 2011, and really to transform the group from a dotcom to dotcountry locally licensed company. We always knew that the transition would always happen first on top line, and then gradually, as we grow scale and improved scalability, we'll see an improved profitability and transformation happening there as well. That's really what we're seeing, and that's why we're nearing the end, as we highlighted in the report this morning, the end of that process. As such, we're really preparing the business to be as strong as possible once we pass also this milestone so that we are not underinvesting now that will impact the longer term. Again, we're looking at the horizon and looking at the long-term journey we've been on for more than 10 years, and that's what we want to mention or explain in that statement regarding nearing the end of that journey. We're at least passing 1 of the final large milestones. Thank you. I think with that, we'd like to invite the participants from the teleconference. Thank you. If you have a question for the speakers, please press zero one on your telephone keypad. Our first question is from Oscar Rönnkvist of ABG. Please go ahead. Thank you, and good morning. Thanks for taking my questions. Good morning. A few ones. The first one is. Okay, we already maybe gone through the Dutch license. Just remind me, which date did you send in the application? We sent it in on 29 of November, exactly. That is Okay. the date. Okay. No changes from any statements from the KSA regarding the six months maximum? No, not the six-month maximum. They said that they anticipate the process could take around six months time. It could be shorter. It could be slightly longer. It depends on various circumstances. The six months is the guidance that we go with. We're, of course, expecting or waiting the communication from the KSA. As we said, we're nearing the end of the process, and at the end, it's completely at the discretion of the KSA to define when they deem operators ready to go live. Okay, got it. Just next one. Last year, you obviously had a positive impact from the Euros in Q2. Mm. Probably in the latter part of the quarter. Could you just remind us of, like the effective impact that had on revenues? Yeah, we highlighted. I don't have the numbers in front of me now, but if you look back at our Q2 presentation, you can see how much the impact was from the European Championship during last year. I don't want to speculate on the numbers, but please look at that. We can, of course, provide that to you as well. Oh, okay. Yeah. Thank you. Just looking at Ontario then again, you say that you're supposed to have, like, the same marketing concept as in the US, and that's your loss-making in the US. Did you expect further margin pressure from the Ontario launch, or do you expect it to be financially good market just from the beginning? Yeah, we're working very hard, as I explained, on optimizing our investments, and also the return that we're getting, especially in the North American market. As I said, we have scaled back on investments, not participating at the bleeding edge of these marketing and customer incentive behaviors that we've seen over the last years really in the US market, and we don't deem them to be sustainable. We're focusing our fundamentals, reducing our offers and marketing to some extent, but we're still concentrating more our investments in fewer select states and then scaling up. Of course, as we add another state, and we are in the investment phase of that, the overall investment will increase, and that is again then for the longer term benefit. It's an inevitable investment that we need to do short-term for a long-term benefit. Yep. We could interpret the Ontario launch to be quite loss-making in the beginning in Q2. We're of course optimizing it as well, but I would not speculate on the magnitude, but it will be an increased investment that we need to do. Okay, understood. Just in terms of the start, if you could comment anything. I've seen some news regarding the Ontario launch, and I haven't really seen Unibet as one of the top operators there. Of course, there are a lot bigger ones, of course, in the market. Can you comment on the start? Yeah, the start has been as I said, we're positive that we went live on day one. We've had a small presence in Ontario historically, which we migrated over to our local license now. We're gradually increasing our marketing efforts from the fourth of April onwards. We've launched digital and we expect. We also launched some of the other in the media mix, but we're still to launch TV in the market. We've seen good conversion from our historical database and then also some intake of new customers. As you say, we are not one of the larger operators in the market, but we are really optimistic about the opportunity. Also, again, with bringing our own platform to the U.S. market, we see that as a great opportunity also for the longer term in Ontario. Okay, understood. One question about the Winter World Cup. Obviously, your partner Kambi says that the World Cup will not have, like, this great impact that it normally has because of the, I mean, the timing in the middle of a busy sports quarter in Q4. What do you think the effective impact, do you expect it to be kind of diminished or do you expect, like, a ramp-up from Q3 to Q4, just additional from the normal ramp-up in seasonality? There is an element of that, of course, which we're also fully agreeing with. That is kind of the unusual pattern this year, which when this kind of event will have to take place throughout, in the middle of a busy schedule normally. It has to be created space for the World Cup in the sporting schedule, especially regarding football then, of course. There will be a pause of the normal leagues and Champions League, et cetera, that will then be replaced by World Cup events. I believe that for us as an operator, one of the big benefits with these major tournaments is the customer intake opportunity and also reactivation of historical database. Those items will still remain. It should be a significantly improved opportunity to attract and reactivate historical customers. Then it will be important to see what the impact of this creating space, because it means that, like, the Premier League will start only one week earlier in the autumn, and it's still about four weeks that has to be created. It has to be more of a busy sporting schedule throughout the season then, logically. That could mean that even as you say, normally in the World Cup year, we see a boost during the summer period when there's not much else around, especially in football. But now it will be a different situation. It will be very interesting to follow that, how it will be. We see it as a great opportunity as an operator to especially acquire and activate, reactivate historical customers, which normally is to the benefit of the period also after the tournament. Okay, got it. Just a final quick one. If you could comment on the sportsbook development? Do you have, like, any additional flavor to add, as it has gone some couple months before you, or after you announced it? Yeah, that progressing well. As we highlighted in the report, we've had good progress, and we're continuing on our long-term plan there. I would also say on the trading update, worth highlighting is that sequentially, the sports book turnover is up 8% quarter-on-quarter from first quarter. So that is a positive and the underlying margin then is reduced. That is the important element to the mix as well. Okay, got it. That was all for me. Thank you very much. Thank you. Thank you. Thank you. Our next question is from Oskar Eriksson of Carnegie. Please go ahead. Thank you, and good morning, Henrik and Patrik. Good morning. You just answered my first question here on the turnover. I mean, just to follow up on that, what do you see compared to Q1? Is it sort of similar market environments, any sort of incremental developments in activity and market-specific changes? No, I mean, it is over a very short term, things doesn't change that quickly. Some of the headwinds that we experienced in the first quarter is of course remaining also now in the start of the second quarter. That's again what we highlighted at the Q4 presentation, that we will have very tough comparatives now for the first and second quarter especially. Some of that remains. Also of course, what we highlighted regarding the French and the UK market situation as well is not ending on thirty-first of March, in a sense. It's continuing now into the second quarter as well. Normally, when historically, we experience these kind of headwinds, we address them, and we try to turn them more into competitive advantage for the longer term. Again, as we showed in France, when we had this situation, especially during first half of 2021, when we started to see some platform stability issues coming on the back of the high loads that we had and the initiatives we took during the third and fourth quarter, and we saw a sequential improvement during that period, now also into the first quarter. Long term, we're very optimistic about the growth opportunity. Indeed, it's normal that we pass through these kind of troughs and sort of challenging periods, but then we come out stronger in the end as a large operator. We're expecting this to happen now as well. This work, as I said as well for the UK, where we are really preparing ourselves for the longer term, working hard on our sustainability aspects in the business, and that we are confident will pay dividends for the longer term, especially if you compare to the smaller operators in the market. Understood. Thank you. You discussed that perhaps, yeah, end of May, very late May should be sort of base case, assuming six months. What do you see for the Netherlands in Q2, assuming an end of May launch? Can it have a meaningful impact through the first month after you go live? What would your marketing strategy look like given certain restrictions? Yeah. Thank you. We of course will start from zero in the Dutch market and then we'll have to work with that, and that's what we're planned for and expect. There's nothing unusual there. We will see a gradual development throughout the year. It's a little bit too early to speculate on the outcome in the Dutch market until we have a license and we're back and we can see some more tangible results of the efforts we're doing. We work very hard on our preparations and our plans and we look forward to the date when we can go live. We look forward also to come back to you guys on more of the effects that we'll see in the market. Out of respect of the ongoing process, we don't want to speculate on kind of the outcome until we're there. Understood. I mean, it would be helpful to hear sort of how you think about it and how we should think about it. I mean, the Q2 trading update here indicates revenue of around GBP 230 million in Q2. That is with a clearly weak sports margin. It's before the Netherlands. I expect that you have ambition to end up clearly higher to accelerate the growth in the quarter. It would be interesting to hear your thoughts on it. No, I mean, the mathematics is exactly as you say. If you extrapolate out to GBP 2.5 million for the full 91 days, then of course that's what you're gonna arrive at. As you say, we and as I mentioned, statistically margins tend to normalize over a longer period of time, and that's indeed what we saw at the time of the fourth quarter. It, then again, it's nothing we can sort of guarantee, but statistically and mathematically, that is the normal pattern. As you say, we're also expecting the growth in our other markets to continue and hopefully we can see some recovery also in the markets where we're seeing some headwinds now. Again, we are up against very tough comparatives from the second quarter of last year, so that makes it more challenging. We are optimistic about the long-term opportunity and seeing this gradual normalization throughout the rest of this year and seeing a different situation and a more normal situation developing gradually over the year. Understood. Questions on the sort of market situation. The more challenging comparisons, but also perhaps some markets being a bit tougher in Europe. What do you make out as sort of post-COVID effects versus regulatory aspects impacting growth? Yeah, you're spot on on that. It's very hard to, and it's not possible to single out the effects and put it on one item. It's many different aspects that come into play here and resulting in the effects. It's very hard to tell in an underlying growing business as well. Nothing is exactly the same from quarter to quarter for various reasons. For sure, there is a COVID normalization effect. I'll say especially that the first half year of last year was boosted by sports scheduling and effects from COVID. Now this year it will be also with the kind of alternative entertainment options being available. We're also seeing a different sporting schedule becoming more of the normal like we're seeing throughout Q4 and Q1. That also plays a part, of course, in the overall mix. To put a number on what is contributing with exactly what, it's very hard. There is an underlying element of that, as we highlighted, that's one of the four items we highlight as a sort of a distorting comparatives from a year-over-year period. Great. Thank you. Just a final question before I go back to the queue. Marketing guidance for the full year. I haven't seen you mention anything specifically. How should one think regarding marketing, either in absolute terms or perhaps rather in relative terms to sales? Yeah, I mentioned it slightly in passing during the presentation, but it's worth highlighting again. As you said, we are expecting the full year marketing reinvestment percentage to be slightly over the mid-20s as a percentage for the group. Excellent. Thank you, Henrik. Thank you. Thank you. Our next question is from Simon Davies of Deutsche Bank. Please go ahead. Yeah, morning. A few from me. Can we kick off with the UK? You talked about tightening affordability measures. Can you give us a bit more detail in terms of what these are, what, at what level they're being introduced, and what kind of impact you are seeing from them. And have you introduced any other measures such as stake limits on online slots, which we're seeing from some of your competitors there? Yeah, thanks, Simon. Now, it is various initiatives that we've done on affordability, and especially during sort of the checks that we do and the kind of tiering that we do also on the customers that we take on. But also we have input a sort of backstop on the accounts as well that we have sort of enforced as well throughout the customers. So there is various initiatives that we've done to really address the affordability challenges. The challenge to some extent is that the current regulation is a bit unclear, and we've gone over and above what is required. It's always a question if kind of what is enough. What we've done is especially affected the higher value segments of the business. With the tools that we have at our disposal to estimate affordability and basically requiring questions being asked to the customers, large part of the customers, and especially in the high net worth segment, are reluctant to provide the documents necessary to clear them. As a consequence, we are unable to accept that kind of business. That's the kind of the biggest impact we've seen during the quarter and especially in the high-value segment. That's also something that we brought to bear in our contribution to the review that we need to be given access to the and allowed to use the most recent and effective tools to gauge a customer's affordability. Hopefully also as the BGC has sort of argued that we also need to see more of a tiered approach and the more confirmation and information we can secure on the customers, the higher the limits can also be for customers who indeed can afford to play at the higher level. What kind of declines are you seeing in the high net worth segment? We haven't given that detail, so we cannot comment on that specifically, but it's predominantly in that area. We've seen a sort of an increase in the lower and mid segment, but it's predominantly in the high value that we've seen sort of contributing to the decline. Again, as we said, some of these measures are of course also needed to have a more sustainable business longer term to the benefit. Of course, it's a bit blunt as it is now, and we want to be more surgical and really see what customers can actually afford to play at a higher level, and we want to allow them to do that within the regulated system rather than risking to push them onto the black market. There is a risk that the current situation is causing that with the worsening channelization in the market. Yeah. Understood. Secondly, just on the US. Is it realistic to think losses for the full year in line with last year, given that you've already seen a reasonable spike up in the first quarter? Can you talk a bit about when you think realistically the US business might hit breakeven, FanDuel on that and BetMGM, obviously, given their indicators of 2023? Yeah, as I said, as we are in more states, and we're in the investment phase across them, it's expected that the investment will increase overall for the full year also as we come in with a higher base right now. But we're really trying to pace our investments and optimize them as much as we possibly can. Of course, not undermining the long-term opportunity, but not over-investing too soon either in a sense. For us, it's fair to say that we are behind those other operators that you mentioned in the development curve. For us, it's a little bit longer time until we expect to get to profitability, of course. But we have our sights firmly on that point and we have an internal forecast. Again, it's nothing that we have disclosed, so we will have to come back to that at a later stage. It's some years away still. We're also then saying that we have a broad group with a broad portfolio of markets, and we're really seeing this as a key investment market and growth opportunity for us for the longer term. Of course, as we said, and as we've done throughout the last year, we are constantly evaluating and readapting and adjusting and reapproaching. That's what sort of will have an impact also on that longer term timeline. Lastly, just on the Dutch market, what are you seeing in terms of the growth of that market? There've been reports that it's already running above pre-regulated levels. Can you talk a bit about the new competitive setup? Who of the new licensees appear to be trading particularly well? Is bet365 taking a significant share of the market? Now we've highlighted ourselves that the independent data analysts like H2 Gambling Capital and others are expecting the market to go through an increased growth phase after re-regulation for the perhaps first five years or so. As you say, what we were only picking up as well, what's being communicated on the kind of public communications and in that, there are some indications that the market is following that kind of pattern. We don't want to speculate on other competitors or the market overall until we are kind of back in the market, and then we can hopefully also communicate then with our own numbers on what we see. We'll have to come back to you on that one. What you're seeing so far in terms of the shape and scale of the market and competitive activity within the market, there's nothing there that particularly surprises you or would change your view on how long it'll take you to get back to a market leadership position? No, not really. We see sort of expected developments, as I said, like H2 Gambling Capital anticipated, and what we hear is that the market seems to be developing in that direction. KSA published numbers also for the fourth quarter numbers, and they were also indicative of course, our expectation on the market development. Then of course, as more operators come into the market, this would be logical that the overall market also continues to expand a bit going forward as well. Great. Okay. Thank you very much. Thank you. Thank you. Thank you. There are no further questions on the audio line, so I'll hand back over to our speakers. Thank you very much. I can see that we have no further questions that are from the web, so I think we can hand over to final remarks from Henrik. Thank you very much. Thank you. Thank you very much, Patrik, and thank you very much for listening in today and participating. We really look forward to welcome you back in July for our Q2 presentation on the twenty-second. Our Q3 will be on the twenty-seventh of October. Please note those days in your calendars. In the meantime, we continue to work very hard for our long-term success, albeit the temporary headwinds that we're experiencing. Again, we're very confident that we are on the right path, and this journey that we've been on for such a long time will continue in the right direction and will yield good shareholder value over time. We really look forward to show you more about that over the coming couple of quarters. Thank you very much for today, and look forward to see you in the next quarterly presentation. Thank you.