Everyone, thank you for tuning in to GAN's first-ever investor event. We, of course, regret that we're unable to conduct this event onsite G2E on October 4 th with many in-person attendees. As with so many other events over the past two years, the pandemic has required us to be flexible and adapt our plans. I'm pleased to inform everyone that the members of our executive management team who were required to quarantine in accordance with CDC guidelines are healthy and well, and we are excited about conducting this investor event today in a virtual format. You're going to hear a lot about GAN today, both where we've been and where we're going. If nothing else, I hope you walk away from today's event with the following takeaways about where we stand, as well as our strategy to drive shareholder value in the years to come. Okay. Let's start this presentation together on slide four, key data summary. B2B demand is strong, and we have more business expansion opportunities than we can serve, hence the need to scale talent and scale fast as we're doing today. It's the right call right now to maximize our ability to capture market share and best serve our diverse B2B clients in the way they need and deserve to be served. New product offerings will be online and are expected to be operational in the coming months. That's GAN Sports and the iGaming content offerings otherwise known as the Super RGS. Meanwhile, B2C remains fast-growing and expanding organically in Latin America. Underpinning all of this is the unassailable fact that our technology is complex, very hard to replicate, battle-tested, and a reliably scalable option for all manner of future clients, as well as existing clients already choosing to expand into additional states. We get our clients live to market on time. We have many success cases to point towards. Last year, we delivered $35 million in top line. This year we expect to deliver between $125 million and $135 million. In 2023, a year which starts in just 15 months time, we are estimating to deliver between $225 million and $260 million, with projected long-term annualized adjusted EBITDA margins of 30%-35%. Lastly, we believe we can drive our revenue to between $500 million and $600 million by 2025, and our leaders today will describe for you our strategy to achieve that target. In terms of our agenda, I'll start by taking us through the history and strategy of GAN. I'll provide a fresh perspective on our opportunity set. I'll also make introductions to the heads of our B2B and B2C operating divisions, Mr. Don Ryan and Mr. Anders Karlsen respectively. I'll also provide our Global CIO, Simon Knock, the opportunity to articulate the complexity of our technology. I'll also introduce our Chief Commercial Officer, Mr. Jeff Berman, who's here to discuss the demand environment. Finally, I'll provide our CFO, Ms. Karen Flores, with an opportunity to outline our medium to longer-term financial targets. Collectively, we're here to provide you, the investor, with greater transparency on our business, on our strategy, on our operations, and of course, our technology in order to further explain our business opportunity. This remains the definition of a gold rush in which GAN is the U.S. market leader in selling picks and shovels to market participants, newly augmented by a demonstrably superior sports betting experience, which we unveiled at G2E just last week. Here on the fifth slide, let's discuss together the mission of GAN. We moved our headquarters and targeted operational teams to the U.S. to deliver industry-leading online experiences to consumers enabled by cutting-edge technology. We have built on the accumulated optimization and experience hard won from the pioneering years in 2012 through to 2018, shortly before the repeal by the Supreme Court of the national ban on sports betting here in America. We took the U.S. opportunity and became the leader in B2B platform technology provision to commercial and tribal casinos as clients coast to coast today. We integrated sports betting to retain our market leadership as the sports betting opportunity emerged as we went through 2018. We have now acquired our own sports capabilities, now integrated and offered in both online and retail form factors. We have a global technology-weighted workforce load balanced to an average cost of just $80,000 per head, with major groups in the U.K., in Bulgaria, in Estonia, and of course, right here in Las Vegas, with a fast-growing team in Miami, Florida. Of course, we have the fast-growing and award-winning B2C operations centered on both Northern Europe and Latin America. Moving on to slide six. We possess a B2B technical capability that we have developed and optimized over nearly two decades and have been building our U.S. technology platform here since 2012. Together, they represent tens of millions of dollars in strategic capital investment in our global team of skilled software developers. It is this global team that created a system specifically optimized for the unique U.S. interstate regulated market. We believe that our technology, which is among the best, if not the best in the industry. Coupled with the institutional knowledge that is required to deploy and operate that technology on behalf of our B2B clients, represents both a massive competitive advantage and a continuing early mover advantage as we roll out state by state across America with five new states rolled out already year-to-date. We launched online and took the very first online bet in New Jersey's regulated market on November 21st 2013. Since then, we have created and verified more than 3 million online gambling accounts for Americans. We have successfully processed more than $2 billion in online deposits into those same accounts and handled more than 6 billion U.S. online bets. This year, we estimate we'll deliver nearly $1 billion of revenue to our B2B clients now operating in New Jersey, Pennsylvania, Indiana, Michigan, Tennessee, Colorado, and most recently, Arizona, which together represents roughly 20% of the total online revenues generated by iGaming in 2021. We remain the only B2B technology provider in the U.S. equipped to deliver this one account, one app, multi-state capability, which remains the preserve of Tier 1 B2C operators. This capability is currently ably leveraged by Triple Crown's DraftKings and BetMGM regulated online sports and iGaming operation, now live on the GAN platform across six states, with imminent expansion into New Jersey, Louisiana, and Maryland. As we're looking back across nearly two decades, I can offer the perspective to investors that I believe we have never been in a better position with our tech platform, with our diverse clients, a burgeoning sales pipeline, and the opportunity to expand our clients' existing businesses. We haven't just come a long way in a short period of time. We've actually come a short way in a long time, such is the magnitude of the continuing U.S. opportunity here, where we are and will remain a market leader in the B2B provision of scarce, highly optimized enterprise software technology and operational services to retail casinos of America and online-only operators alike. Where are GAN's employees located globally? Let's take a look together. As you can see here on slide eight, we now have over 600 people worldwide, the vast majority of them focused on serving the U.S. market, which makes us the largest B2B technology group singularly focused on the U.S. opportunity. We are investing in talent in all locations, with an emphasis on recruitment in the emerging tech hub of Miami, where we've seen not just strong availability of people across all the diverse technical disciplines, but also a very encouraging set of indicators that GAN is a welcome entrant to the local market, including hiring our first engineers in just the first few weeks since we opened the office. The key talent acquisition messages of GAN is tech-listed, join a tech startup without the risk of a startup, and get involved at the early stages of online betting tech in America are all resonating with talented software engineers. Our largest business opportunity is here in the U.S., and we are proudly expanding our operational support in this labor market. The path ahead of us. We have new clients to announce and onboard. We have new states to launch for both new and existing clients. We have significant local opportunities just across the border from Michigan in Ontario, and by extension, all other provinces of Canada. We have also now deployed our iGaming platform in Connecticut for FanDuel, which will shortly become our fifth iGaming operational state, adding to New Jersey, Pennsylvania, Michigan, and of course, West Virginia. It's worth noting that Connecticut is permitting only three operators of iGaming, which means we're expecting significant incremental market share operating on the GAN platform. One way of characterizing our platform business, which I personally like, is the notion that we're building out a content distribution network where the value of the network increases with each state we launch into and with each B2C operator who starts providing content through our pipes. Deploying our platform technology into all of these jurisdictions, we've created a broad distribution network for content, both iGaming content and sports betting content, with sports betting content comprising not just technology, but also offsetting and risk management to enable profitable bookmaking for our clients. In delivering an estimated gross operator revenue of nearly $1 billion this year, we believe that we are already the number one content distribution network here in the U.S. This speaks to how we increase our take rate to capture more of the value chain to drive B2B recurring revenue. We now have the pipes. We recently acquired content in both sports and iGaming. We are executing well to deliver strong gains in our take rate over time to the planned scaling of both GAN Sports and those Super RGS. Outside of the U.S., we see Canada as an exciting B2B bolt-on to the U.S. market with a forecast TAM of between $3 billion and $5 billion, being directionally 10% or more of the forecast U.S. TAM. Outside the U.S., we see substantial growth opportunities in Latin America. The leader of the B2C segment, Mr. Anders Karlsen, has joined me today. I'll invite Anders to speak to the Latin American opportunity and our current market position in that region. It's also worth stating that, as I mentioned, we're also investing in our technology and our people, which we anticipate to ensure we are prepared to meet the high client demand we're experiencing today. We expect to see operating leverage out of these segments continue to scale. Tailwinds driving both growth and normalized EBITDA delivery remains firmly intact. Between now and the end of 2021, we'll have Louisiana, add to our list of operational states, as well as Connecticut, and of course, Maryland to follow within a few months. We'll also be ready to go in Ontario on day one, which will add momentum to existing seasonal growth factors originating from NFL's launch just last month. Further south, we're seeing organic secular growth trends across the board in Latin America as more South Americans come online and engage the mobile betting. We're excited by the domestic U.S. B2B opportunities afforded by GAN Sports, consequent to the acquisition of Coolbet late last year, and we've just taken the wrapping off our retail and online solutions, which were extremely well received by the industry at G2E just last week. On the B2B offering, it's a worthwhile comparison to equate the technology platform to an iceberg, with the visible tip of the iceberg being the mobile apps or website that customers use to interact with the platform. The back office system, which we call iSight, which is used by our clients' frontline customer service agents to serve their customers, or their marketing specialists to use iSight to undertake acquisition or retention marketing, and of course, other of our clients' operational executives responsible for managing their online business. The visible tip of our technology iceberg is the front-end user interface. One for the B2B clients to use and a diverse range for our clients' customers to download and use. All told, the tip of the iceberg today represents more than 100 websites and mobile apps for customers to visit or download. The latest generation of mobile apps programmed in state-of-the-art native applications, including Apple's Swift software language, designed to minimize app download size and optimize launch performance. On the B2B client side, we offer responsive design web interfaces with custom features depending on what product our B2B client is operating. In the back office, iSight, the interface changes according to the needs of the client, and a full platform client enjoys the complete range of capabilities from account creation to marketing promotions, to reporting and analytics. The B2B back office is a complete management solution, proven capable of supporting even the largest online operations here in the U.S. Has a myriad of features which come specifically from GAN's experience serving major retail casino clients, as well as massive online and retail OTC operators. That's just the visible tip of the iceberg, which our clients tell their customers to interact with. Below that visible layer, you have the incredible complexity in each functional component. That complexity is a byproduct, not of the function itself, but of the development and optimization of each function required to operate in the U.S. across multiple states differing regulatory regimes. To operate at scale through the demand blizzards of the playoffs and Super Bowls, to enable our clients to deploy their marketing capital secure in the knowledge that our platform converts their expensive media traffic and app downloads at a market-leading conversion rate into successfully verified and funded online accounts capable of gambling online on the widest portfolio of content offered by anyone in the market. This is the definition of accumulated operational capability, born of experience which cannot be guessed at, and must be hard-earned over years of operation across multiple states. Just as an example, let's take the pedestrian-sounding function in the form of regulatory controls on the bottom left of this slide. It sounds simple enough. Permits the end user customer to limit their own online gambling. So far, so simple. Each state takes a differing approach. Some states require controls that limit the value of each individual deposit permitted into a customer's online account. Some require limits on the absolute value of an individual sports bet. Some require self-exclusion from sports betting content while permitting continued play in the online casino, and of course, vice versa. Others, the regulatory controls which grant the state regulator the technical ability to switch off or suspend the individual customer's account in the event of a failure by that individual to pay local state taxes. All of this capability is required within the platform, which has been painstakingly implemented by GAN as we roll back in one state after another. It's a single technology platform with literally tens of thousands of optimizations specifically designed and developed in-house by GAN, sometimes in collaboration with our clients, sometimes in collaboration with the relevant regulator. The vast majority are technical solutions designed and implemented entirely in-house, representing an intellectual property treasure trove of scarce technical capability that continues to increase in both scarcity and value as we roll out into additional states, with four brand new states rolled out this year alone, including Michigan, Tennessee, Colorado, and of course, most recently, Arizona. Connecticut, Louisiana, and Maryland inbound in the coming months. There are expected to be 46 states offering online gambling in one form or another to their residents within just five years. We expect to deploy our technology into nearly all of those states over time. The level of complexity is simply on a logarithmic ascent, which will continue to escalate and enhance the scarcity value of our core enterprise software platforms delivered to our clients. I am entirely satisfied with the premise that our capability leads the market today and will continue to lead the market for many years to come. To insourcing. I've already set the scene by articulating the complexity of our technology and the operational requirements to operate at scale across an increasing number of states. In truth, nearly every B2C operator covets the technical ability we own inside GAN. Given the option, every B2C operator would choose to operate their own technology in order not to give a modest percentage of their revenues to a B2B vendor. However, it's become apparent to us that only a very few large-scale B2C operators with access to vast financial resources, small armies of software developers, and an existing technology platform will likely prove successful at getting even within touching distance of GAN capability today, and only in the event they're given years to develop what we have today, never mind what we'll have in that few years time. In short, GAN socializes the enormous cost and complexity of the required technology between all of our B2B clients. You can rent our B2B capability, invest in a dedicated team of GAN's developers to execute against your own product roadmap, and still be tens of millions of dollars better off than if you try and develop the technology in-house. For the vast majority of B2C operators today and in the future, in-house development of technology is simply not a credible option. There have already been plenty of industry case studies out there on both sides of the Atlantic. How do we know this? Because we talk to our clients and our prospective clients. We know what options exist out there in the market. We are satisfied the vast majority of U.S. retail casino operators do appreciate the genuine complexity of our technology platform, as well as the accelerating cost required to develop the same. Of course, the underlying time cost of years required in seeking to do so themselves. The sheer futility of seeking to save a few cents on each online dollar versus a multi tens of millions of dollars investment over several years, only to end up with a technical asset and product offering simply not competitive with the state-of-the-art product experiences such as those enabled today and in the future by GAN. Some B2C operators will try, some will fail. We are happy to enable all sizes of B2C operators, from single-state retail casinos to multi-state retail casinos, even to the largest B2C operators who all have the same execution challenge today, created by insufficient engineering bandwidth to execute against all of the addressable opportunities created by regulation. This is the autonomous car crash that I have spoken of several times in recent earnings calls. Each time to launch in each state by each B2C operator active in the online market, you will notice who does and who does not have serious technology execution issues in getting to market on time on day one with a competitive product offering. We still stand ready to assist those B2C operators as and when they need our help. I'm going to turn to a brief overview of our B2C business, which as a reminder, we acquired just 11 months ago. Mr. Anders Karlsen will provide a deeper dive into the business later in the presentation. In summary, we launched in 2016, and Coolbet is an award-winning, best-in-class sports betting engine with a modern and social offering. Coolbet is having tremendous success on a B2C basis in Latin America and Northern Europe. Importantly, this success is sustainable. We believe the B2C success of their product internationally is a clear proof point for B2B GAN Sports as it's deployed here in the United States. GAN Sports will allow us to provide a modern, cutting-edge sports betting experience to our B2B clients end user customers, supported by best-in-class risk management and trading capability with the ultimate objective to provide GAN with a greater share of our clients risk operator revenues in order to drive our overall take rate and therefore continue a strong B2B revenue growth. Existing U.S. online sports betting experiences are literally several years behind the state-of-the-art experience available to residents of Europe and beyond. As a general statement, aging sports betting technologies have been deployed in a rush to get to this market. There's a second wave coming. GAN Sports represents the first and best of that coming wave. Customer engagement features, additional transparency for the sports customer, and the market-leading mobile user experience were some of the drivers for Coolbet to recently win the Mobile Sports Product of the Year and the Innovator of the Year awards from the prestigious International Gaming Awards organization. This couples perfectly to GAN's recent achievement, winning the Global Gaming Business Gold Award for Best Interactive Product at the opening of G2E just last week. With Coolbet and GAN, we brought together the global industry's best sports betting experience with the best U.S. platform capability. The next two slides I'll flip through relatively quickly. We are clearly still in the early innings of the U.S. digital gaming growth, presenting an avenue for strong revenue from new states adopting wagering. Internationally, we see these similar strong trends ahead, particularly in Latin America, where we conservatively expect gross gaming revenue to more than double in the next five years. You'll hear us reiterate this theme throughout our presentation. We have strong growth from new markets and new states approving digital gaming. We have new product growth to capture greater wallet share on the value chain. Three, we have significant opportunities for growth internationally. This will be a truly exciting growth environment to be a stakeholder in GAN, whether as a client, an employee, or, of course, a shareholder. To wrap up my opening dialogue, I'll offer summary comments here on our capital allocation priorities. This year, we secured exclusive U.S. iGaming content deals with both Gamesys and Incredible Technologies. Looking forward, GAN will continue to explore opportunities for must-have portfolios of recognized U.S. iGaming content, together with value-added services for both the known B2B platform. We will remain active in reviewing these relevant opportunities commensurate to our balance sheet strength, which remains unburdened by debt, with a cash balance of $52 million as of the end of the second quarter 2021. With that, I'd like to show a short sizzle video of our B2B offering. Following the video, Mr. Don Ryan will run us through the B2B opportunity in more detail. [Presentation] Thanks, Dermot. Hi, everyone. Thank you for joining us here today. I'm very proud to show you the exciting new products we launched at G2E, as well as share details on our rapidly expanding B2B business. Before we get started, let me introduce myself. I'm Don Ryan, GAN's Chief Operating Officer. I'm responsible for operations of the B2B division in concert with two gentlemen you'll meet shortly, Jeff Berman, our Chief Commercial Officer, and Simon Knock, our CIO. My career started at Microsoft, first in the operating system division, working on networking technology, and then in the home and entertainment division, working on online gaming services like the Xbox Live arcade. My career in online gambling started seven years ago immediately after the U.S. online casino market first opened in New Jersey. The enormous size of the online gambling opportunity here in the U.S. was immediately clear to me, and I dropped what I was doing to join bet365 as their first SVP of gaming, responsible for introducing the well-known U.K. brand to the skeptical New Jersey consumer. Using clever marketing and leveraging GAN's technology content and operational expertise, bet365 Casino soon became one of the leading online-only brands in the market. I was a GAN client a second time when I later joined BetRivers Casino as their SVP of gaming development, helping them prepare for the pending online gambling legislation in Pennsylvania. It's both of these client experiences that gave me a deep appreciation for the touching of the GAN platform, as well as the strength and experience of the GAN team. Last year, when Dermot asked whether I'd be interested in joining the team to help scale the business, I jumped at the opportunity. Here I am. Let me give you a quick tour of our B2B business and look at the exciting new products we introduced at G2E. Let's start with simulated gaming. GAN's white label SIM product helps brick-and-mortar casinos quickly establish their online presence with a fully branded PlayForFun online casino experience that is legal to operate anywhere in the country. Not only can you quickly establish an online relationship with your existing patrons ahead of regulation, you can also establish a relationship with new online-only customers in every state that desires. Best of all, GAN can manage the entire offering. Just insert brand assets and marketing dollars. GAN takes care of the rest. GAN currently has 19 SIM clients, each vying for their share of the $8 billion social casino market and collectively representing a compelling distribution network for PlayForFun content. Our real money offering works the same way. GAN's flagship white label product helps brick-and-mortar casinos quickly launch a fully branded real money online casino experience in authorized jurisdictions. Highly scalable, highly configurable, with a huge library of popular casino content, GAN's platform has been battle-tested with some of the largest operators in the world and has helped GAN's clients collectively capture over 20% of the total gross operator revenue in the United States. GAN currently has eight real money online casino clients, each vying for their share of the current U.S. online casino market and collectively representing an equally compelling distribution network for real money content. Sports betting works the same way as casino. GAN's white label product helps brick-and-mortar casinos quickly launch a fully branded online sports betting experience in authorized jurisdictions. GAN has integrated several leading third-party sportsbooks to offer clients a variety of options depending on their risk profile. The core offering has survived multiple Super Bowls and very high volumes. GAN recently made the strategic decision to invest in its own B2B sportsbook offering, which we are calling GAN Sports. We will continue to support our third-party sportsbook partners, but we are excited to push the boundaries of what's possible with a much more integrated solution. The vision of this product is to harness the power and innovation of our award-winning B2C offering, Coolbet, and unleash it in the U.S. as a disruptive new B2B sports product in both online and retail, featuring a level of customization, transparency, and social functionality not seen before in the U.S. market. We are excited to have showcased it at G2E for the first time. GAN currently has five combined sports betting clients, each using a third-party book as they vie for their share of the current U.S. combined sports betting market. Together, these products form a complete enterprise solution for casino operators who wish to retain and grow their patron database in the era of online gambling and retail sports betting, all powered by our patented loyalty linking technology to supercharge retention and boost financial performance. Our other new product at this year's G2E was Super RGS. This is a standalone service which aggregates content from third-party game providers, along with GAN's own exclusive games, and delivers all of that content to operators via a single easy-to-use integration pipeline. This gives operators instant access to a huge portfolio of games, and it gives GAN an opportunity to generate continuing revenue on platforms other than its own, dramatically expanding the reach of our content distribution network. We're particularly proud of our mobile sports betting offering, which will allow clients to vie for their share of that rapidly expanding market. It is critical to understand that even though this B2B sports offering is new to the U.S. market, the B2C foundation on which it was built is an established international success, delivering market-leading results in highly competitive markets in North and South America as well as continental Europe, and winning awards for innovation and best mobile product. Built from scratch as a fast and flexible modern sportsbook, the back end has been built to scale in volume utilizing state-of-the-art technology to design an in-house development team with extensive sportsbook experience. It is highly customizable with the ability to support custom markets, custom odds, custom margin targets, custom betting limits, as well as the ability for the operator to trade certain sports themselves if desired. The front end has been crafted around our vision of the ultimate betting experience, but is also highly customizable so the operator can adjust layout, icons, color, even naming conventions to create a unique and differentiated user experience. In addition to this high degree of back end and front end customization, the differentiating features of the GAN Sports experience include transparency and social functionality. Customers can see the total number of tickets and total handle on each side of a sporting event. Customers can see all incoming bets and copy an interesting ticket to bet on their own. Customers can see a live feed of all winning tickets, which can be visualized by location. Customers can also see suggested bets from our recommendation engine based on past behaviors and so on. With over 70 traders across multiple time zones, GAN Sports offers operators a unique opportunity to launch an innovative, award-winning mobile sportsbook with minimum financial burden, maximizing their chance of success. The GAN Sports retail solution centers around our industry-leading kiosk technology with built-in loyalty integration. It allows our clients to buy a fair share of the retail sports betting market. With all of the back-end and front-end customization of our mobile solution, the GAN Sports kiosk allows operators to deploy a unique and differentiated sportsbook experience with minimal OpEx costs. The betting terminal software itself is also fully hardware agnostic if the casino operator prefers a different form factor. GAN's over-the-counter solution utilizes a similar streamlined betting experience as on the kiosk with built-in kiosk monitoring and tracking. GAN's retail solution also fully supports bring-your-own-device with QR codes that can be scanned at the OTC and the kiosk. Finally, our retail solution supports fully configurable digital signage with the ability to display sports calendar as well as on-property messaging. Given the economics of retail sports betting are generally two to four times more favorable to mobile, GAN's easy-to-deploy retail solution represents a viable alternative for casino operators concerned about allowing a competing online brand to have a retail presence on their property. As discussed before, the other key product we rolled out at G2E is Super RGS. This is a standalone service which aggregates content from third-party game providers along with GAN's own exclusive games and delivers all of that content to operators via a single easy-to-use integration pipeline. As a key part of this initiative, GAN continues to build out its library of exclusive game titles with two content deals signed this year. First, GAN obtained the exclusive online rights to all current and future Ainsworth online games, representing 180 titles during the term of the agreement. Second, GAN obtained exclusive online rights to all current and future Incredible Technologies online games, representing an additional 110 titles during the term. Currently, GAN's Super RGS has 1,200 games across 35 different game providers. As a quick lesson on how this works, starting with the leftmost column, this list represents the 35+ game providers which currently supply content via GAN Super RGS. Moving to the right, this list simply represents which of the available game providers the operator has negotiated agreement with and therefore wants enabled. The operator may not need all of the content, or some game providers may not yet be present in certain jurisdictions. The final two columns represent the single integration point into the operator. If a new provider is added in the leftmost column, all the operator needs to do is sign an agreement. GAN will turn on the content flow. No additional integration with the operator is needed. It's just that simple. Even though we formally rolled out Super RGS to the U.S. at G2E, GAN has been successfully operating as Super RGS in Italy for many years. By relentlessly adding more and more game providers to its offering, GAN managed to integrate with every single Tier 1 operator in the country. It was able to integrate with every single Tier 1 operator in the country and more and more game providers wanted distribution. A nice virtuous cycle ensued to the point where GAN became the leading aggregator in Italy, and this is our aspiration in the U.S. market as well. As we continue to grow the business investment-wise, I'll briefly discuss scalability. What we're attempting to demonstrate in this slide is the inherent scalability of certain aspects of our model. In particular, that launch costs, scope development costs, marketing costs are all the responsibility of the client. If GAN can attract multiple clients in the same state and it can make the necessary technical adaptations for that state once to benefit multiple times. If GAN can prioritize only the scope development that multiple clients would want, then it can perform that work once and benefit multiple times. This inherent scalability is impacted, however, if one client wants to enter a particular state alone or if several clients demand their own PCRA integration that no other client is interested in. GAN's dev costs are covered, but we don't benefit from the full network effect. As the client base grows, we should encounter these situations less and less. However, in the meantime, allowing our clients the right level of flexibility within our product offering will be key, as will our ongoing efforts in automation and tooling. Finally, one of our biggest pain points right now is keeping up with demand. As one of our senior execs likes to say, we have a growth-led problem. We continue to attract more and more new clients, and each client wants to expand into more and more new states. Unfortunately, each client adds some administrative overhead, and each state adds some regulatory overhead. GAN has recently opened an office in Miami to attract Latin clients talent there. As we scale the business and bolster our ranks, we also continue to recruit in Sofia and London to meet these demands. Before I hand it off to talk about the demand side of the equation, we're going to show a short video showcasing our GAN Sports offering. Hello, I'm Jeff Berman, and as our Chief Commercial Officer, I oversee the origination and execution of all of our strategic partnerships and initiatives across our core products and services, in addition to all of the other diverse opportunities for the company, such as example, the Ainsworth and Incredible Technologies exclusive content distribution deals that we announced earlier this year, and that Dermot Smurfit and Don spoke of. I've been with the company's leadership team for eight years, across two stints, and I have almost 30 years of specific experience in the sports and media space, including over 20 years experience serving on the executive leadership teams, including at StubHub, up until its acquisition by eBay, Ticketmaster, and SportsLine, which was ultimately acquired by CBS Sports and now serves as cbssports.com. Okay. Why GAN? Why do clients choose to work with GAN? In addition to the robust best-of-breed product and service offerings that Don described, we focus on four competitive advantages. The first is we're fast to market, right? We're fast, and we have efficient delivery. As we've seen, state adoption of online sports gambling can be rapid, and our clients all come under pressure to be first to market when states go live. We commit contractually what we're going to build and develop and when we're going to deliver, and then we do what we say, and we deliver on time for our clients. Here are two recent proof points. We launched three clients simultaneously on the first day of go live in Michigan, and the second proof point is that for our client, Sports Gambling, we've launched for them in six states in this calendar year alone. We're fast, we're efficient, and we are exclusively and entirely focused on this part of the value chain, which are things, frankly, that our peers are not. Second, our platform was purpose-built to be flexible for our operators. We've already got a very wide range of content and tools and services that are part of our core offering. Should an operator wish to utilize a third-party tool or service or piece of content that we do not have in our core toolkit, we can and easily meet our clients' needs. An example of this is that we've recently enabled one of our customers to switch their chosen CRM provider four times over just this calendar year. Third, we've got a proven track record, and more importantly, we've scaled gracefully to what we call Super Bowl scale. In fact, we can confidently say that we are one of, if not the only platform who did not experience any outages and associated downtimes during this past Super Bowl. Lastly, we have our patented loyalty linking, which Dermot Smurfit and Don mentioned earlier, which represents a very real competitive advantage, not just for GAN, but also for our clients and our operators as they go out and attract and retain customers. All of these have allowed us to maintain a considerable new current pipeline, which I'll speak to shortly, but also and more importantly, it's allowed us to maintain our premium pricing in the marketplace and position ourselves as a premium provider. Okay, this slide speaks to our success in expanding with our operators as new states open up across the country with regulated real money gaming. With our simulated gaming clients in advance of real money gaming regulating, which allows our clients to start building their online database before legislation occurs. You'll note at the bottom that Ontario and Nevada and Maryland and Connecticut and Louisiana are all slated to launch either in this calendar year or in 2022, pending regulation, and we'll be bringing our operators into those states as well. I mentioned earlier the velocity of state regulation, and this slide speaks directly to our associated increase in launch velocity and capabilities, having grown from just five launches in 2019, two years ago, to 14 launches thus far in 2021 alone. Growth opportunities. While we already have a very large pool of potential business just for our core assets and services, the next few slides speak specifically to our new business arms that Don just discussed, both of which represent enormous growth initiatives for us. The first is our Super RGS, which allows us to partner with and share revenue with every single operator, not just our specific clients. Non-client operators want and need to integrate our RGS to obtain the Ainsworth and Incredible Technologies catalogs, in addition to GAN's own proprietary games, which in turn allows us to also serve all third-party RGS content, which will be integrated into our platform via the Super RGS. The obvious benefit is that for operators is that instead of having to execute and manage 50 to 100 individual integrations, they can do one single integration with GAN to gain access to literally the entire online casino content that's currently available. We're highly encouraged by the response to the Super RGS already and see tremendous growth opportunities in the near term. As Don discussed, we're bringing a better product to the market full stop. We already have an enormous pipeline, and not just with new operators who are coming to the market, but equally through displacement opportunities with existing operators who simply want a better solution. The recent market consolidation and the Caesars-William Hill acquisition is an obvious and relevant example, has led to several relationships shaking loose, both in online and retail sports, and we're extremely well-positioned to capitalize and win this subset of clients. Now I'll turn it over to Si, Simon Knock, our CIO, to discuss in more detail the competitive advantages of our actual B2B tech stack and architecture. Hello, everyone. My name is Simon Knock. I'm the CIO for GAN Incorporated. By way of a short introduction, I've worked in the industry for 20 years. Firstly, as a software engineer with U.K. operator William Hill on the online sports book team, then moving on to manage various teams across retail, casino, and poker products. I worked with another gaming company in London, and for the last 10 years, I've been with GAN. I ran the project to develop and deploy our services in New Jersey for our U.S. in 2015, and subsequently, I've worked in a variety of capacities on technical, operational, and commercial aspects of our business. Five years ago, I relocated to Las Vegas, Nevada to support our U.S. expansion. Most recently, I've been focusing on platform infrastructure, associated policy, working with compliance and development teams, and dealing with the strategic and day-to-day IT challenges of operating our multi-jurisdiction business. Today, I'll speak briefly to give you a flavor of the scale of our technical platform operations and how we deploy and manage our technology. Of course, I'll be happy to take any questions after the next section. Our model is, of course, to provide solutions on a software as a service basis. Because of state and customer requirements, we have to deploy and manage a lot of physical equipment. In most cases, customers also want touch systems, particularly for their executive use. To date, we have deployed and managed hardware and software in over 30 locations. This comprises just under 500 servers and networking devices, and we manage over 55 storage across 20 enterprise. To put that into perspective, that would be enough streaming video to last around 150 years. A large amount of data. Our objective is to make the rollout and ongoing maintenance of our solutions easy and cost-effective for clients, so we don't put any burden on their existing IT teams, and we don't need them to staff up with resources to deploy or gray out our platform solutions from a technical perspective. We've done this in multiple jurisdictions over the years. As a team, we have a deep knowledge of varying registry requirements. We've also developed excellent relationships with all the third parties who we work with. We can offer consulting services to our clients and take them through the build, deployment, and any certification phases as well as developing internal controls or specific jurisdictional requirements. Regarding the platform deployment itself. At a high level, our systems follow a standardized hardware design, which we constantly tweak to ensure we're taking advantage of the latest cloud features, but can be cost-effective and with capacity to scale up or down based on the expected volume of the business for a given project, making it as cost-effective as possible. We ensure we have sufficient extra capacity in any systems we deliver, so we can react quickly to market changes, such as spinning up additional environments for an RGS partner or accommodating new regulatory systems at short notice. Our solution is designed to be fault-tolerant, having redundancy across all system components, so that's the actual compute, storage, networking, cabling, power, or the layout of the software on those devices. This allows the system to continue operations in the event of unexpected system failure of any given subsystem or hosting component. In terms of the actual process of engaging a client and getting the system deployed, we work with our client's IT partners closely through several steps. Again, we take the lead, and we do not require a significant time investment from any of our client's IT staff. We work with them to understand the opportunity, the scale, and likely traffic patterns so we can spec the system accordingly. There may be specific customer requirements we have to accommodate. For example, there may be a technical policy of using certain manufacturer's equipment or certain site or hosting constraints or restrictions. We take these requirements and overlay the differences, if any, onto our standardized build-out pattern, and then work with our vendors to determine the best approaches based on pricing, location, lead times to be built, and then we manage the procurement of that equipment. Pre-build the solution in our warehouse, perform all of the baseline configuration, networking, virtual machines, and setup from our templates, and then ship it wherever it is needed in the world. We deploy it into a data center or a customer's non-related facility, depending on the needs of a specific market. This approach means there's no overhead for the customer's IT team. The working solution is checked, built, and arrives at the nominated location and is presented to the customer ready to go. We manage every aspect of the software and hardware deployment remotely for the lifetime of the agreement. To do that, we have specialists who work across time zones managing and maintaining all aspects of the system's life, including operating systems, networking, security, databases, storage, archiving, backups, as well as general system performance and tuning. With this structure, we have an economy of scale, which delivers a specialist skill across multiple jurisdictions and customers by utilizing a standard approach to the infrastructure and its management to make each deployment fast-paced. The client is not needing to employ specialists in each of these areas, which would be a significant cost to them. Our systems are secured to high standards. We employ accredited cybersecurity professionals within our infrastructure team. They define the policy to monitor and manage all of our systems. We support best-in-class internal and external threat management systems and products, which protect our systems against malicious actors, as well as a robust internal intrusion detection and audit systems across the entire enterprise. We're also a partner in the Department of Homeland Security Critical Infrastructure program. We're monitoring, testing, and mitigating against the latest technology threats as they emerge. These account systems are battle tested in multiple jurisdictions for legal, reliable, secure, and high-performance transaction handling, including operating at our highest levels of peak traffic during major sports events such as Super Bowl. As we deploy the platform to every live jurisdiction, our optimized software experience delivers industry-leading returns on our client's marketing spend. We achieve this by refining all of the core functions critical to platform success, registration, ID verification, payments, geolocation, equity, all the actions getting customers in, signed up, and playing today. By using innovative techniques, we have managed to reduce friction points, reduce processing costs, and improve conversion rates based on several years of data points and product iterations. Cost and efficiency areas are policy items that platforms must have for specific vendor, regulatory, and market requirements that represent a high barrier to entry to start with, and optimizing these functions ensures the highest client returns and lowest operating costs for our clients. In addition, our one app to multi-state solution reduces confusion for existing trained users. Players just have to access one single set of products and only need to locate and install one application regardless of the state in which they play in. We can complement this with our patented loyalty linking framework, which allows our clients to integrate any valuable existing loyalty rewards programs with our online systems. You can leverage this functionality for quick sign-ups, automatically enroll players in a loyalty program, award or redeem points, and again, give a single view of the player regardless of online or offline play. In summary, we deliver cost-effective, highly secure, and profitable technology to our clients at no burden on their IT teams. We leverage our software, optimized with years of data from multiple jurisdictions, to ensure the maximum return on our clients' marketing efforts. If we have to take any questions on these topics, we're now taking any questions. I'd now like to hand over to President of B2C, Anders Karlsen. Hi, everyone. My name is Anders Karlsen. I am the President of GAN's B2C brand, Coolbet. My objective in this presentation is to educate you on our B2C operation and what Coolbet has achieved and delivered to the market. I will briefly go through our history, talk a little bit about our concepts and what we have achieved, and then take a little look at the sports calendar. To introduce myself, I have been in the industry for almost 20 years. I started basically on the ground with support, payments, risk business, sportsbook, et cetera, and then it evolved into more betting, casino, poker, and different management roles. I was actually part of launching casinos on Oryx back in 2003, and had the responsibility of launching poker for Oryx back in 2004. For me, learning everything from the ground has given me very good experience and also all the tools in order to understand our customers and also the overall business. I was one of the first employees in Coolbet. I started out as the COO, and I've been involved with everything in Coolbet, and that includes the strategy and the vision. Our timeline so far. Coolbet is a very new company. It was founded by the industry veteran, Jan Svendsen, back in 2016. In the first year, we had the management, had over 100 years of industry experience. We built our PAM and sports solution from scratch, especially in 14 months. Sportsbook is indeed complex, and we would never have managed to make that in time if it hadn't been for all the experience we had in our IT team, sports team, and the management. In May 2016, we went live, and we used the experience and our success from previously to enter Norway, Sweden, and Finland. Half a year later, we opened up in Estonia on an Estonia license, and Estonia is also the place where most of the B2C and GAN Sports employees are situated. In 2017 to 2021, it was all about growth. Expanded to Chile in 2017, Chile and Canada in 2019, Peru last year, and Ecuador this year. We believe that we are market leaders in Chile and Costa Rica. First of January, we became part of GAN, and we are now part of the GAN family, and except from the B2C, of course, we're going to utilize Coolbet and Sportsbook to launch GAN Sports from the U.S. market. A little bit more about Coolbet. We have an operation of over 270 employees. About half of the employees are either working in sports or IT. We have a license in Estonia for Estonian customers, Sweden for Swedish customers, and we use the Maltese license for our other markets. We are also in the process to get a license in Ontario. Our foundation is to have ownership over as much as possible in the value chain, and that includes the PAM, sports solution, and the CRM solution. Coolbet is built on the newest technologies with no legacy systems. I like to compare the mobile phones 10 years ago with what it is today. A lot has changed. It's faster, it has better user experience, and it's far more scalable. The same can be said with our sports tech compared to competitors. I believe that we are several years ahead of other sports tech operators on the market. Coolbet is a very customer-driven brand, especially for sports. Coolbet would not have existed without the focus and passion for sports. Innovation has always been a focus area for us, and it comes from the sports point of view. I will speak more about innovation on some slides later on. Coolbet has won many awards. Just last month, we won the Mobile Sports Product of the Year and Innovator of the Year from International Gaming Awards, and that was the third time we won the Mobile Sports Product of the Year. That was a little bit about the history and the overview of Coolbet. Now I will talk a little bit more about our concept. As mentioned earlier, for our foundation, Coolbet is about ownership and quality of everything we do. To achieve that, we need to have full control of our tech stack and our customer lifecycle. That also means that we have 100% control over our roadmap. If you want to build a special feature to launch a project or a campaign, we can do that with our tech and resources in-house. We are sports focused. We have a team of 70 in-house bookmakers who deal with everything from odds compiling, trading, risk and strategy assessment, and modeling. Pre-game is done 100% in-house, and modeling and automation is a key part of our sports strategy. We also do some key in-play events in-house. We also empower our traders to take positions when they believe the market is wrong, which essentially means that we can offer more attractive odds on these events. The message to our customers is basically that they will win more with us in the long run than with any other competitor. We do have an attractive pricing strategy. Being local and offering local products is a key ingredient for us. We offer local sports products in every market we operate, which means that we go wide and deep in our sports offering. The main way to attract customers is through sports and then cross-sell to casino. Again, about ownership, since we have full ownership of our platform, front office, and CRM, it's easy for us to create smooth customer journeys and campaigns. We do have also 100% ownership of our customer base, so we have no revenue share or profit share deals with partners. It's pretty normal in the industry to share 30%-50% of the revenue from a partner that send you customers. We don't have that commitment, which also means that we will keep all the future revenues from these customers. Coolbet has a very solid and loyal customer base, where over 30% of our customers have been acquired through organic growth. That has been achieved with our focus on product, and from a marketing perspective, we utilize social media and content marketing. That was shortly about our concept. Now I will explain more about our approach for expansion. We do have a playbook for that. We go very deep into the scoping and we limit the amount of agencies, and the reason for that is to have the ownership in-house. First, identify the market. Of course, everything around financials, software, addressable market, legal, and regulatory requirements. We make sure that we get the right local people, and that includes the sports operation, and also making sure that we have local marketeers, and ideally, situated in that market as well. That's because of local knowledge, to be hands-on with what is happening in the market, and of course, also to be close to our customers. We also need to ensure that our support departments are scaled for the local language. That is all about localizing the product for us. For sports, to make sure that we cover the sports that engage customers in those markets. An example, when we launched in Chile, we launched it also on all our top three soccer divisions, and that was something that competitors didn't do. Those who did it, they had very weak lines. We did see a gap in that market. We also have a very competitive casino product that we also need to make sure that we offer those content types which are popular in that region. Payments are of course important. We also need to make sure that we have payment solutions that are popular in that region. Finally, we need to localize the marketing. An example for that are streamers, ambassadors, and local influencers. When all these boxes are ticked, we are ready to launch in the new market. Just to sum up, we have a stable organization, including a sales team that is already operating. Our solution is mobile and online. We need very little capital investment up front to launch in a new market. I can tell a little bit about our marketing strategy. First of all, our growth this year is mainly thanks to all the work we did in the past, as it of course takes time to build the trust and credibility needed to ensure organic growth. Coolbet, very important to buy customers because from our experience, these customers are not loyal. If they're not loyal, it's hard to ensure organic growth. The first thing we do is to focus on social media and refer a friend, just to get the foundation right for growth. Our experience is that it's cheaper and easier to engage customers in these channels. Secondly, creating the right content is very important for further engagement and also to rank high in search optimization channels in the long run. We also own many content sites to drive traffic to Coolbet. Third, we always include the product into the marketing messages or the campaigns. It can be to showcase that we have the best prices, or that we have odds on something that nobody else has. That is all possible things for the tech and all possible to localize per market or per segment if we want. It's very important for us that product and marketing work together, and that everything is coordinated by the acquisition, both online and offline. If we want to put up odds on something that is engaging, something in a local market or a community, we can easily do that. First, our marketing sees an opportunity, then it speaks directly with the product team, and then about executing it. Finally, to build more trust, we look at different sponsorships. They are very tactical with our sponsorships. Sometimes we prefer to go for several small partnerships instead of one big one. This way we can reach almost the same number of customers, but for several times more cost efficient. In Chile, we sponsor 14 different local football clubs, and in Sweden we sponsor the football federation. On top of that, we also focus on sponsoring many streamers, and we have ambassadors in most of the markets that we are in. Everything in our 360. Innovation. Innovation has always been a focus area for us. Before Coolbet was launched, we created a free-to-play site. We had two objectives. One was to acquire customers, and the other one was to experiment another technical solution. That free-to-play product exists today on Coolbet, and it's a product we use frequently in most of our markets. We can also use this product for any third-party site. We have developed some really cool transparency features. First, we have turnover or handle split, where we show how much handled is on any event, all possible to share on social media. We have the winners map, where we show the customers winning, including where they are from. My favorite is the incoming bets, where we show all incoming bets. You can click on the bets, and if you want, you can copy the bet, and you can also share it on social media. To sum up about our innovation, it's always going to be a key driver for us. We have invented a pool we have that is working on our future innovations full time. Everything that we have built for Coolbet can also be used for GAN Sports. This is where we currently have our customers from nine countries, three continents, Europe, North America, and South America. You can see the customer growth in all regions on the right side. We are still in the very early stages of online gaming, and we have huge opportunities for growth in both existing and new markets. So going back to Europe for a cold starter. We do see a nice growth in all our European markets, and we expect that to continue. Northern Europe is one of the most saturated and competitive gaming markets in the world due to the high online penetration and the large amount of established operators. That Coolbet has succeeded in that region is evidence of sustainability of the business model, and the reason we believe we can succeed in any other market. We saw that our approach to the market works, this is from Latin America, and the reason for Latin America is that Chile, as an example, has 82% internet users, 71% mobile penetration, and 79% social media penetration. Since we are so focused on social media, that was really good for us. They also love soccer the same as we do, so it was a perfect match. After our success in Chile, we adopted the same strategy to Peru and Ecuador, which we also see good growth, and we are expecting to continue in the whole region. We also plan to enter some new markets in that region already next year. About North America, Coolbet has no plans to enter U.S. In Canada, we have seen a good growth so far, and we expect that to be much higher the coming years. We do believe in our product and marketing strategies, and we have also strengthened our team and resources considerably in the last half year. We are definitely scaled for bigger growth in Canada. Coolbet also have ambitions for a global B2C operator, both Asia and Africa are interesting down the line. To sum up, online gaming is still in the very early stages, and there are plenty of opportunities both in existing and new markets. Our organization is scaled for growth. With our success seen in current markets and with the large resources we have at hand, we are in a position to enter larger markets at a much higher pace than previously. Still, we are selective in the process, and we are fully dedicated to succeed in every market we enter. Let's have a look at our KPIs. We are actually very proud of what we have achieved since launch, and especially the last year. We have 70% conversion rate, which means that seven out of 10 customers that register make a deposit. 84% of our customers return to play the next month. That we have managed by having attractive products, easy user interface, and of course, great support and payouts. This year, the average cost for acquiring a customer is $38. That's actually exceptionally low and mainly thanks to our huge organic growth in Latin America. Looking back since launch, we have $80 cost per customer. That's over a period of five years. It just shows that we can maintain a much lower cost per customer than peers. A normal cost per customer is around $300 in Europe and $700 in U.S. Regarding revenues, we have seen a massive revenue growth this year, 165% compared to last year. Our customer growth has been even higher, 335% more than the same period last year. To mention again, we do have 100% ownership of our customer base and our tech. This means that we keep all the future revenues, and we also are in full control of our roadmap and what we also want to develop. I've heard many questions about how a quiet sports period will affect the revenues. The truth is that there aren't many quiet sports periods at all. I think this slide will set that very well. Something is always happening in sports. The normal periods are actually good periods in sports. The great periods is when they use international event cycles like the Euro and Copa América in soccer this summer. Next year will be Christmas for us because then the World Cup in soccer is in November, December. The only weak sports period are during the summer when these big soccer championships are not arranged. Even then, we have local soccer leagues and other big events going on. I also want to highlight that our customer base is spread on different continents, and all have their local sports calendar. To illustrate again that there are not many quiet sports periods at all, and as we can see on the graph, the handle has seen a steady growth in 2020 and exceptional growth this year. The only dip was at the start of the COVID when there was very little sports going on. In periods with low sports margin, we do see higher turnover in casino, but also in sports. The net effect COVID loss for sports betting is not as much as you might think. Further on, we have a healthy product revenue mix, almost 50/50 between sports and casino. We also have a healthy geographical split of revenues, which basically is around 50/50 between Europe and Latin America plus Canada. To sum up, the overall chain, the COVID played very well. We have enough of sports action. Poker was booming, and we saw a very strong casino growth. Online gaming is one of the few industries you can call recession-proof. We believe in our product and marketing strategy, and we do expect strong growth to continue the coming years. Thank you very much for listening. I will now turn it over to our CFO, Karen Flores. Thank you, Anders. We've covered a lot today, and I want to first thank you for your support and interest in GAN. As you've heard from our senior leadership team, I hope you get a sense of our shared conviction in building a one-of-a-kind portfolio business spanning the U.S. and broader global markets of both B2B and B2C, fueled by our premium technology and content offerings. We believe the combined strength of all our efforts will continue to transform GAN, creating significant long-term value for our shareholders and positioning us to achieve even greater success as we move forward. We are so proud of what we've accomplished, and now I'll share with you how we expect our plans to drive growth and impact for the financial results. Let me start with some highlights. As you know, our 2021 revenue growth to date is well ahead of our expectations. We increased the original target revenue range of $100 million-$105 million in each of the last two quarters to our current target revenue range of $125 million-$135 million. The exceptional performance of the B2C segment out of the gate resulted in a substantial step up in our revenue base from $16 million in the first half of 2020 to now $52.5 million in the first half of 2021. A nearly 4x increase was due to nearly matching our revenue in all of 2020. This includes year-over-year growth of 200% for our B2C segment and 50% for our B2B segment in the first half of 2021, thanks to the launch of Michigan and key new client relationships. We now observe healthy, sustainable momentum in our operating segments and consider the catalyst for our future growth, our midterm targets have grown. We are currently targeting annual revenue growth of 35% over the next five years, outpacing the market by 2x-3x each year, which results in a target revenue range of $225 million-$250 million by 2023 and $500 million-$600 million by 2026. Our long-term margin target we shared historically is 30%-35% in adjusted EBITDA. Our thinking remains unchanged for our existing targets. In the first half of 2021, we achieved 10% adjusted EBITDA margin, with 6% from Q1 increasing to 13% in Q2. Our investments in talent, optimizing our market share, and building out the product infrastructure may result in somewhat volatile and lower margins in the near term. We believe this will yield accelerating growth and improving margins over time. Our existing B2B and B2C businesses present a remarkable opportunity to build a substantial global business. We also believe in the strength of the opportunity to further diversify our existing business model with the upcoming launches of our omni-channel GAN Sports offering and Super RGS content distribution lines of business. As we launch and begin to scale these significant offerings in the market, we'll continue to be responsive to our investors, focusing on maximizing long-term shareholder value. Finally, we are focused on maintaining a strong balance sheet. We intend to manage to an appropriately efficient capital structure, and what that looks like will vary over time. Today, we enjoy a debt-free balance sheet. With this said, we will periodically leverage the capital markets as appropriate to fund our growth and long-term success. Real money gaming is one of the last remaining major industries to undergo digital transformation, which H2 Gambling Capital has projected to represent a long-term opportunity of between $40 billion and $60 billion globally by 2026. With this in mind, let me quickly share with you our assessment of the five-year 2026 total addressable market and revenue opportunity for our business. The figures I'll share are drawn from H2 Gambling Capital. Our B2B segment will continue to compete in North America, where we believe the iGaming and online and retail sports betting total addressable market will reach $25 billion. Overlaying our market share assumptions, we are targeting revenue for our B2B segment of up to $250 million by 2026. Our B2C segment will continue to compete in Northern Europe, Latin America, and Canada specifically, where we believe GAN's iGaming casino will reach $5.5 billion, and online sports betting will reach $8 billion for a total addressable B2C market of $9.5 billion. Overlaying our market share assumptions, we are targeting revenue for B2C in Northern Europe and Latin America of up to $350 million by 2026. Altogether, today we envision a $34.5 billion TAM for the products and markets we currently compete in and planned expansion with a potential revenue opportunity of up to $600 million by 2026. All of this translates into a significant runway for growth. Let's shift to a deeper look at the key catalysts to enable this projected level of success on the next slide. This next phase of GAN growth will come from three areas: organic growth, new product launches, and international expansion. Fundamentally, we believe GAN has two sizable market opportunities in both North America B2B and international B2C, which we are still in the very early innings. Extrapolating our current business over the next five years with no new products or territories likely yields the business generating over $300 million in revenue based on the growth trajectory of the existing geographic markets alone. As you've heard today, the investments we've already made to launch our new Super RGS and GAN Sports products for the North American market, as well as the investments we'll make in expanding Betfred to logical territories in the near future, approximately doubles our expectations, and we envision a five-year revenue potential of up to $600 million. More granularly, Super RGS content product suite is capable of aggregating and distributing a wide breadth of iGaming content, such as casino content and simulated gaming content. It allows us to expand our addressable market and capture a share of wallet from the remaining 80% of iGaming operators not currently on the GAN platform. The GAN Sports omnichannel sports betting solution for North America positions us to tap into a total addressable market opportunity expected to reach $12 billion by 2026. A geographic region where we are not currently a significant player today. Across the market landscape, the combination of aging technologies and recent M&A disruptions have presented a unique opportunity for GAN to bring its technology, which has been awarded multiple Sports Product of the Year 10 years in a row to the North America market in the form of GAN Sports. In our estimation, approximately 50% of the market share for sports betting is offered through third parties and is a potential addressable market for GAN Sports. We are also excited to continue expanding Betfred in Latin America and Canada. The Betfred brand and B2C product is particularly resonating with players, and the Latin American gaming market is expected to triple in size from $1 billion to approximately $3 billion in 2026. We believe we will see varied market share growth for Betfred within the international territories but are optimistic that the breakout success we are currently observing in Chile is repeatable. To recap again, we envision that these new products and geographic opportunities will approximately double our new business opportunity to a potential $300 million of incremental revenue for 2026. Let's move to the illustrative economics of these opportunities on the next slide. One of our primary goals is to maximize our market share and share of wallet capture. Our B2B business historically has seen a steady take rate of gross operator revenue in the last year ranging from 5%-7%, with our most current quarter yielding approximately 5%. When we first brought our story to the NASDAQ, our target take rate was 10%, and we believe our new B2B initiatives with GAN Sports and Super RGS provide the opportunity for us to meet and even possibly exceed this target as we scale these pipelines. I'll start first with GAN Sports. We anticipate pricing of the online sports betting offering will generally range from 8%-12% of net gaming revenue. Retail sports TAM is smaller. However, these economics are materially better, with lower average tax rates and pricing ranging between 25% and 50% of net gaming revenue. Super RGS commands higher pricing as well. Content distribution fees can range as high as 12% for exclusive premium casino content. To close on the slide with the economics of our B2C segment, one of the most compelling aspects of the Betfred sports book offering is that we compete on price with more favorable odds, and we generally target a sports hold of 7% and casino margin of 3% as the players in these international regions have historically demonstrated more price sensitivity than the U.S. market. This pricing strategy attracts a higher handle, which balances well with the social media low cost acquisition strategy that plays into the overall favorable economics of the Betfred business, which is a good transition point for a discussion of our long-term margins on the next slide. When we deliver meaningful, sustainable margin expansion, it will come from top-line growth and having successfully scaled a business that is differentiated for our talent, technology, and content. Hopefully, you are as excited as I am at the point of the runway ahead. Just in the last four quarters, our adjusted EBITDA has ranged as low as -68% in Q4 2020 to as high as 13% just in our last quarter. Our adjusted EBITDA was impacted following our IPO as we built out the corporate and operational infrastructure required to deliver scale. Today, G&A is our largest single cost category at 36% of revenue for each of the last two quarters. Over time, we anticipate that our direct contribution cost categories of cost of revenue, sales and marketing, and product and technology will not substantially shift as a percent of revenue from where we are today. We do anticipate that our G&A costs as a percent of revenue will significantly decline as we scale closer to 10% in a steady-state environment. As a company, we are committed to delivering improving margins on an annual basis, operating margin profitability by 2023 and long-term EBITDA of 30%-35%. Lastly, I'll quickly touch on our capital allocation on the next slide. First, we want to support our growth both organically and through acquisitions. The investments we've made this year in acquiring Coolbet and securing exclusive distribution rights to the Ainsworth and Incredible Technologies content portfolios demonstrates our commitment to our strategy in response to this dynamic and formative time in the industry. While it is clear that our strategy has already firmly positioned us as a leading global player, we will continue to invest in the areas needed to realize our ambitions: additional talent, technology, and content. In pursuit of this, it's possible we will make additional strategic acquisitions in the future that complement and accelerate our mission to deliver industry-leading gaming experiences enabled by cutting-edge technology. To recap what you've heard from us today, the points are clear and compelling. Our mission is to deliver industry-leading gaming experiences enabled by cutting-edge technology. That technology is growing clearer as M&A consolidation and global strategic alliances across the industry continue to rapidly evolve the online gaming supplier landscape. We believe we are now in possession of one of the leading, if not the leading, full-stack technology and omni-channel product offerings, as well as one of the fastest-growing international B2C companies, and we are committed to capturing the maximum opportunity through revenue and profitability optimization of our business portfolio. We've set bold ambitions and a clear strategy on how we'll achieve that. We hope your time today has been helpful. Thank you for your support and your interest in GAN. With that, we're ready for our final Q&A. Profitability optimization from our business portfolio. We've set bold ambitions and a clear strategy on how we'll achieve that. We hope your time today has been helpful. Thank you. We'll now be conducting a question and answer session. Participants on the webcast, please click on the question mark icon on the left-hand side of your screen. Type in your question and then click send. Our first question comes from David Bain at B. Riley. The question is, how should we think about 2023 EBITDA margins as new businesses come online and as the business mixes? How can we get a sense of new margins from new businesses? Karen, over to you. Thank you for the question. The key component, as we talked about in the presentation of the margin improving gradually over time is really scaling the top line revenue and reducing G&A costs as a percent of our top line revenue, which we expect to happen as we scale the business. We've talked a lot about the corporate structure leveling off, seeing more normalized margins as we're moving forward. We are committed to improving margins year-over-year. I think we've mentioned in the past that we expect the B2B business to be in the range of 35%-40% longer term. We expect the B2C business to be in the range of 20%-25% longer term. I think we will see that as the business scales and as growth unfolds. We're confident we can achieve that combined 30%-35% target by 2026. We have multiple paths of getting to the top line revenue target that we outlined. We're confident in that based on our sales pipeline. It really is just about controlling the growth as we scale the top line revenue. Hopefully that answers the question. We'll now take a question from private investor. What's the status of the Westgate SuperBook launch? Back to you, Dermot. I'll be happy to take that. We're working towards Westgate SuperBook launch. It's looking like it could be a Q1 2022 event for us. Of course, we're collaborating well with the executive leadership group who are setting up and managing the online division for Westgate. Sounds great. Another question from private investor. Is Coolbet or the B2C business using GAN software? If not, is there a plan to do so? Yeah. Coolbet actually has a highly unique and professional approach towards curating their online casino content and making rather than a one-stop shop, Walmart style supermarket offering of thousands of games, they very carefully and intelligently curate the content to present a best curated selection or subset specific to their customers' appetites in each country. We will be deploying the GAN casino content at some point during 2022. I would imagine in the first half of 2022 as opposed to the second half. Great. Next question comes from Chad Beynon at Macquarie. Regarding the Ainsworth Incredible Technologies via content deals, are there any game titles that are highly coveted by operators? What's the pipeline look like for Super RGS? How important is it to have top games to drive Super RGS deals? Yeah, thank you, Chad. I think I'll invite Jeff Berman to address those very specific topics. Jeff, over to you. Sure. Having coverage content is obviously a key part of our overall content strategy and is a driver of our Super RGS initiative. The pipeline itself is extremely large. I can't really go into too much more detail beyond the fact that we are engaged in live conversations with all operators, not just ours, obviously, but those that we are not currently operating with. We expect to have widespread distribution across all operators soon. Thanks, Jeff. The only additional point I'd make is that it's based on our current technical integration activities, which have been going on for some period. We'll have our first two clients on the Super RGS live before the end of this year. Sounds great. Next question, private investor. Can you talk about your relationship with FanDuel? More generally, how should we think about your deal pipeline going forward given the trend we're seeing in sourcing technology? I will, again, invite Jeff to comment on the FanDuel relationship, and I'll take the second part. Jeff? Sure. Thanks, Dermot. The FanDuel relationship is very healthy. As you saw in our announcement recently, we just launched with them in Connecticut. I'd categorize it as very healthy, and any other specific questions should probably be best directed to them. Thanks, Jeff. When it comes to in-sourcing, I would point very specifically towards the announcement we made earlier on today, about our award of a key strategic relationship with Red Rock Resorts, otherwise known as Station Casinos, the dominant player in the locals market of Nevada. That wire actually just hit a few minutes ago. That demonstrates the continuing strong demand amongst retail casino operators for our B2B platform. Crucially, this is a relationship which extends into both online and retail sports betting. It's our first and extremely significant client of online and retail sports betting capability, consequent to our acquisition of Coolbet, which closed at the very beginning of this year. If you haven't seen it, I'd suggest you go and take a look at the press release, which just hit the wires. Sounds great. Next question comes from Ryan Sigdahl at Craig-Hallum. This question is probably for Karen. The financial highlight targets you provided include M&A, or is that all organic growth? Do financial targets include existing customers, or does it assume any new incremental customers? Yeah. The targets are not going to include M&A, but as we walked through in the presentation, it does include new business. That definitely includes new customers, new markets, new products. In the midterm, when you think about 2023 is really primarily an extension of organic growth of the existing business and what we would expect to be logical growth of the business relative to new states that are coming online. Then we would have new regions built in for Coolbet associated with that. As Simon said, as Anders walked through that, the Coolbet strategy going into new regions is more of a slow build, heavily reliant on social media. There is about 35% new business that is embedded in total in the 2023 target. As you go further out into 2026, approximately half the revenue forecasted for 2026 is coming from new business. We think, again, just with all of the investments that we've already made, we are launching eminently Super RGS, GAN Sports, as we just announced with Red Rock Resorts. It is a slow scaling of those businesses over the course of the next couple of years and substantially more meaningful as we get out into the five-year timeframe. Great. Next question comes from Greg Gibas at Northland Securities. How should we think about the opportunity in Canada and Ontario, both from a B2B perspective and B2C perspective? Dermot? Thanks, Bobby, and thanks, Greg. I'll invite Don Ryan to talk about the Canadian opportunity and where we are in terms of preparation. Don? Absolutely. Thanks, Dermot. We are actively building out our capability in Canada and ready for a day one launch. As mentioned earlier in the presentation, we take the day one launch very seriously. We've done all the preparation, and we're actively going to be pursuing that opportunity when the market opens. Yes. Thanks, Don. We have our first client in motion for Ontario and will be talking about that in relatively short order. However, to address the second part of Greg's question, yes, Coolbet is a Canadian B2C operator. They will be continuing to participate in the regulated Canadian market. Next question comes from private investor. Are there any updates on licensing your offline online loyalty patents? Any updates in terms of your strategy in asset enforcement? Question for you, Dermot. Thanks, Bobby. Yes, we are committed to patent enforcement. That's the most important thing to say. I think over the course of the next few weeks, and as we move quickly into 2022, you'll see us taking much more proactive steps. We do know who the infringers are, and there are some infringers who are infringing into the full knowledge of our patented capability, that we will be targeting specifically, and there are others who are perhaps simply unaware of our intellectual property in this space. As we go into 2022, in the early part of 2022, you will see us aggressively pursue infringers in order to secure appropriate compensation for historic infringement and compensation for continuing licensing of that patented capability. It's a major priority for us. It's a huge strategic asset for us. It's a major competitive advantage for us, and we've licensed it, of course, two or three times over the last two years, and we're fully committed to continuing to monetize that asset. If we need to resort to litigation, we will absolutely resort to litigation. Next question, also from private investor. We've obviously seen a very active M&A market. Any ideas how you can benefit from all the activity in the space through M&A? To you, Dermot. Yeah. To an extent, it's a tricky question in the sense that we, of course, are aware of the transactions and the activity in the marketplace. Without really wanting to comment on any specific transaction, I would simply highlight that our technology has become increasingly scarce and therefore increasingly valuable. There are very, very few technology companies such as GAN that are as focused as we are on the U.S. market. We've deployed our platform technology in several states, even six year to date already. We've just taken the wraps off Connecticut and we're moving rapidly through to address Louisiana and Maryland. I think our multi-state single app capability, one account capability, is genuinely valuable at both the operational and strategic level. As all of these M&A transactions have happened around us, it simply massively increases our scarcity and as I said, our intrinsic value. Beyond that, I think it's not appropriate for me to comment. Next question is a follow-up question from Chad Beynon at Macquarie. What does the opportunity look like in Latin America and other countries? Do you expect the margin profile of companies to be much different than existing countries you're in? I'll start with you, Dermot, question on Latin America. Latin America is what I call one of the few last remaining regions that are undergoing secular growth. Secular growth driven by increased adoption of online and penetration of online consumer Internet. The increased adoption and rapidity of adoption of credit card and other methods for online payments, I think is a critical part. Of course, you've got various different economies under the hood of the concept of Latin America. The Coolbet leadership team are very specific and deliberate in targeting which of those pre-regulation markets to enter in order to start building the brand, build customer activity, and build the database in advance of regulation. I think beyond that, I'd be very happy to invite Anders Karlsen to talk a little bit about the Latin American market strategy on a general basis. Anders? Thank you, Dermot. As I said in the presentation, we are basically very well-positioned in LatAm, and we are very confident that our focus on local products, attractive pricing strategy, and also local execution on the marketing strategy will ensure our growth to continue there. Next year, we aim to enter two new markets. It's going to be a super exciting 2022, and we are well positioned for the World Cup in soccer in the end of next year. It's going to be massive for the B2C. Sounds great. Next question from private investor, asking about capital allocation. Would you guys consider share repurchases or anything else to kind of boost your near-term equity value? I'll start with you, Dermot. Yeah, thank you. I think the market will correctly recognize the increasing scarcity of our technology and the sheer expanse of the B2B side of the business and, of course, the Coolbet growth profile and profitability profile as we go through the second half of the future. Beyond that, I'll invite Karen to say a few words as well. Karen? Yeah. We are well positioned from a balance sheet standpoint with respect to the current cash balance, and we would like to use that to continue growing the business. There is not a near-term plan around share repurchasing, but it's something maybe we might consider longer term. The goal would be to unlock shareholder value really through recognition, as Dermot just mentioned, of scarcity of the technology and effectively growing the business rather than repurchasing shares at this point. Sounds great. We have one more question in the queue, so this will be our last question. This comes from a private investor. Is GAN looking at anything in the esports category? I'll start with you there, Dermot. Well, esports is an add-on to the sports betting markets that are offered. That's a general statement. I think it's most appropriate if Anders, you maybe pass comment on the relevance of esports to the sportsbook making activities of you and your trading team. Yeah. We have a good esports product already today. Of course, we are looking into improving that further as esports is very early as a gaming product. Yes, we are going to focus a lot more on esports in the future. Thank you. Okay, look, if that was the last question, probably I'll simply wrap up by thanking everybody for being online today. A very substantial audience. Delighted to see that. Of course, my apologies for contracting COVID a couple of weeks ago, which prevented us from having the in-person investor session together. I very much look forward to seeing you all at our next Investor Day. Thank you again, and appreciate your time tuning in to the GAN equity story. Very exciting end of the year coming up, and we're looking forward to continued delivery for our shareholders in 2022 and much beyond that.