Your life. Hello and welcome to Virtual Investor Conferences. We are very pleased you have joined us for our quarterly Small Cap Growth Virtual Conference. Our next presentation is from High Roller Technologies. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for a one-on-one meeting by clicking "Book a Meeting" in the top toolbar. At this point, I'm very pleased to welcome Seth Young, SVP, Corporate Strategy and Investor Relations of High Roller Technologies, which trades on the NYSE under the symbol ROLR. Welcome, Seth. Thanks, Greg. Greg Young, long-lost cousin. Good morning, good afternoon to everybody joining. It's about lunchtime on the East Coast, so if you're having lunch, please allow the dulcet tones of my voice to be a perfect accompaniment. It's my pleasure today to speak to you and introduce you to High Roller. It's an incredible business. I'm thrilled to be here and introduce you to an amazing company. Got the forward-looking statements and everything here. We'll skip right through that and get to the meat of it. Right off the bat, High Roller is a B2C online casino business. We operate an online casino with a dual-brand strategy. Our premium brand, High Roller, is accompanied by Fruta, which means fruit in Spanish. High Roller is an incredible brand name. It will resonate in just about every market that we go into. As you might expect, the product is super slick. We have an amazing and experienced founding team. It's not our first rodeo. We've built a number of companies before, and I'll talk to you a little bit about the team as we go on. What I want you to take away from this first slide: online casino brand with two brands, High Roller and Fruta. Amazing team, incredible technology with a very strong product. Product always wins in most markets. We have a partnership with one of the greatest, if not the most prolific, iGaming customer acquisition firm called Spike Up Media. Our founders, part of our founders, are the founders, and they drive traffic to our website. They've been working for about 15 years in the market. We'll talk more about them. That's a really interesting, unique selling point for us. We operate and we're focused on high-potential regulated markets that offer stable and high-growth revenue streams. We will talk more about where we are working and where we plan to expand. We have an operational headquarters in Malta, where most of our core operational team is based, and satellite offices in the U.S. and Europe. As Greg mentioned, we are public on the NYSE under the ticker ROLR. We have won some awards. You will see at the bottom there, we were a Casino Operator of the Year last year, and we have one of the best player retention systems in the market, which is going to be a theme. We have an incredibly large game library. It is one of the largest game libraries in the world. For those of you that may not be familiar with online casinos, it's effectively a business that offers slot machines, table games, live dealer products. We have over 5,000 games from more than 90 partners. Due to our experience as a team, we have a tremendous bench. We have really strong commercial rates across the market, which allows us to operate at great margin. There is something for everybody here. While High Roller is a strong brand, it may cater to the upmarket consumer. It also caters to the everyday player, so does Fruta. We have something for everybody on the site. Some snapshots of our product. For those of you that have never seen an online casino, this is what it may look like. You have your game tiles in the lobby, tons of features, very feature-rich platform. It's a really interesting experience. One interesting thing to note about online casinos is the barriers to entry are often quite a bit lower than a physical casino. You can play for pennies, dollars, instead of the high limits that may be offered at a physical land-based casino. We have an opportunity to engage new customers, offer really interesting entertainment products, and allow them to grow at their own comfort level. With that said, we receive large VIP segments in a market of experienced players that can play for quite a bit more than a dollar. We're experts in product. We've been around the block. Talk more about the founding team and sort of the things that we're involved with. Our brands are available and can be played on all devices. Mobile, desktop, you name it, for it. Here's the important stuff. The iGaming business, or the global gambling business, is huge. In 2023, H2 Capital, which is one of the analyst firms that cover the market, estimated the market was worth about $40 billion, about a 1/4 at $135 billion. In a couple of years, we're estimating the market will be just under $700 billion, with the online share worth just over 30%. I think this number is quite, consumer consumption habits shift and continue to shift from land-based to online. That number should grow on aggregate. Tend to work in tandem where you have one or we have both in the market. The iGaming industry is growing quite quickly, an annual growth rate of about 9%. It is growing very, very quickly. It's really good timing as well. This is one of the most important things. We have a really, really strong customer acquisition program, and this is through largely Spike Up Media. We can about every platform. Spike Up provides us access to high-value players in our current markets and in forward-looking markets. We will talk why this is important. As you can see, our player acquisition engine scales with investment. This slide is actually a bit dated, so I have to apologize for that. This may be the wrong presentation. That number on the other side should be $1.93, not $3.21. For every dollar that we put in, we make $1.93. It is a positive ROI. That $1.93 is lower than we would like. This $3.21 number is not bad, to be fair. As you can see, when we go into markets and we spend a dollar, our return on ad spend is positive. We know that if we spend money, we're going to make money. Because of our experience operating products for the last few decades, we are able to operate at margin and drive positive revenue with a positive return on ad spend. The way that we make money, excuse me, the way that we make money is quite simple. An online casino makes money by offering slot machines, table games, games that are basically built with a designed house advantage. The games are mathematically in our favor. They're entertaining, they're fun. The entire experience can be incredible for an end user. The games are in the favor of the house. As we continue to grow, and this is an early-stage business, the greater scale that we have, the more predictable revenue becomes. It is still quite predictable, but with, for example, let's say you're playing on a slot machine and you have a 95% return to player. That means for every dollar spent, the player will get $0.95 back or every dollar wagered, which means the house makes $0.05. At scale, those numbers tend to hold mathematically. The games are designed that way. That's how we generate revenue, one of the ways that we generate revenues in this. We'll talk about the team. The team is really, really important, especially for earlier-stage companies. We have one of the deepest benches in iGaming, frankly. Our board of directors is led by Mike Cribari, who's one of the founders of Spike Up Media, and his partner, Brandon Eachus. Together, they've spent nearly $150 million, maybe more than that, during their tenure within Spike Up and driven over $600 million in player deposits. Daniel Bradtke has been in the gaming business for nearly two decades as an executive, as an entrepreneur, particularly good in financial planning and analysis. Kristen Britt, down in the bottom left, is a well-known executive within the gaming business. She has previously held roles at Churchill Downs and Hard Rock Digital. Currently, she is the Vice President of People and Culture at Anaxi, which is the online gaming subsidiary of Aristocrat, publicly traded, which some of you may know. Rounding us out, we have Jonas Martensson over on the right side. He is the CEO, previously served as the CEO of Mojang Studios, which you may know as the founders and creators of Minecraft. Jonas is with us. Last but not least, we have David Weild, who is the former vice chair of NASDAQ and has held many senior roles within finance. From a governance perspective, we have a really strong team that covers off a lot of core areas that we need as a business. We have an incredible and relatively new exec team. In Q1, we went through a bit of a strategic shift that has led into Q2, where we have really strengthened our team. We are led by Ben Clemes. Somebody told me the other day, he is our CEO, that when he was describing his resume and his background, that Ben was punching above our market cap. I really liked that. Ben is one of the former founders of Gaming Innovation Group, another publicly traded company. He's been in gaming for nearly 20 years and has served in executive roles, done about every job and every function. Our CFO is a gentleman named Adam Felman, who is experienced in both public and private iGaming markets. He served as a CFO and as a board member of Digital Gaming Corp, which was purchased by Games Global, another public business. Emily McAuliffe is our Chief of Staff and COO. Emily was at GreenTube, which is the subsidiary of Novomatic, one of the larger gaming companies in the world. She was running HR there. Emily is incredibly process-driven, really detailed, tremendous addition to our team. Sarah Stienon is our CLO, Chief Legal Officer, and our money laundering officer. Sarah joins us from jackpot.com, and she was counsel at Gaming One. She's had a tremendous amount of experience working in both regulated and pre-regulated markets in gaming. For myself, I have over 20 years of experience in the gaming business. I've operated online casino businesses before, so this is a fun role for me where I get to talk. I've been a founder, executive, investor, just involved in really every, been on every side of every table in. We're on the right, two gentlemen in particular, Jeff Smith, who has run marketing campaigns at scale, reached hundreds of millions of people, incredibly important as we continue to grow. Robin Reed, who is one of the more well-known iGaming industry executives and founders, and he was even inducted into the iGaming Hall of Fame back in 2019. We have one of those. He's a tremendous, tremendous creative thinker and operator. We're supported by a tremendous operational staff. At this stage of the business, as we know, when you're considering opportunities, you're looking at team potential products. We really do have it all. We just happen to be leaning into a new venture, which is super, super exciting. What drew me to this business is, I think, is worth mentioning. Prior to High Roller, I was involved with a business called Points Bet Sportsbook, which went public in 2019, and that was focused on sports betting at the right time. That business went to just under $5 billion market cap on the ASX. This business, to me, feels a lot like Points Bet, but for online casino, which is reaching an inflection point in places like the United Sates, where iGaming legislation has been introduced in a number of states. It's being debated. It's just a really interesting time to be in the market and running a business like this. Today, High Roller holds licenses in a number of jurisdictions. We hold a license in Estonia and a license in Curacao that allows us to operate in certain markets. We have submitted our license application to enter the regulated market of Ontario, and we are planning to enter the markets of Finland and Alberta. Finland, we already operate in the pre-regulated environment, but that country is shortly undergoing regulation. Alberta recently passed legislation to create a regulatory framework. The market is expected to go live in 2026. We're looking at these markets as some core markets of focus. On the right side, you'll see a number of compliance-related jargon. Effectively, as a regulated business, in some cases, regulated more tightly than banks, we have to do a lot of deep checking on our customers. Age and ID verification to ensure that people are who they say they are and of age to play. Geolocation verification to ensure that we are only serving customers within the borders of a regulated environment when required, and so on. As a regulated business, we have all of these features and more within our platforms. This is effectively table stakes at this stage of the game. Let's talk about the couple of markets that we are going to be focusing on. First and foremost, Finland. Finland today drives about 60% of our net gaming revenue. These slides are, I think these slides are a bit dated. At this point, I'm going to just say, if those of you who are looking at this and want to see the updated deck, you can go to ir@highroller.com. Our corporate deck is available on the website. We'll get through this anyway. Finland, where we do operate, is this year for a go-live regulated market in 2027. The online gaming opportunity in Finland, the total addressable revenue opportunity, is up to $1.2 billion by some analyst estimates. The market could be larger. Historically, it's been a gray market that's been served by most global operators, same as Canada. That is just a fraction of the $210 billion TAM that we saw on an earlier slide. We have a running start here, we believe. We have strong expertise in this market. It is a market that not many people know very, very well. This does bode well for us moving forward. It does, in a regulated environment, offer us a good, stable, protected revenue stream with no risk of losing that revenue stream due to adverse regulatory developments, which can happen in many countries. For example, Brazil, which recently underwent regulation and is licensing operators, can no longer really be served without future penalty by some operators. Moving on, we go to the market of Ontario. As I mentioned, we did submit our license application to enter this market. We are expecting to enter the market around October this year, but it will be in the second half of 2025. Ontario is the sixth largest regulated market in the world. It has a total addressable market opportunity of about $2.5 billion. That is a mixture of sports betting and online casino. Online casino represents 72% of that number, about $1.8 billion U.S. It's the fastest growing online gaming market in North America over the first three years of its lifetime. It has really strong competition, but casino-led brands like ours tend to stand out in markets where you see a lot of advertising for sports brands on TV. We believe that we may over-index our fair share due to our operating acumen, our product, our brand. We do expect the brand to resonate quite well. As I mentioned earlier as well, Canada is historically a gray market served by global operators. What Ontario did and Alberta is following suit is they're licensing the operators that were working within the province and the country prior to regulation to bring in tax revenue to fund public policy initiatives. It's smart. Like Finland, Ontario and Alberta and wider Canada have a really good educated player base, which also bodes well for us because our product is very, very strong and we expect it to do well in this market. We will look at entering that this year. Very exciting one for us. Lastly, of the three core markets of focus, we have Alberta. Alberta passed legislation to create a regulatory framework. We expect the market to go live in early 2026. There is no hard date, but it has been indicated that early 2026 is the time for the market to go. Once that regulatory framework is published, we will pursue a license in the province. The market is estimated to be worth $750 million, potentially upwards of $1 billion. Altogether, this brings our total addressable market opportunity for the three areas that we plan to focus on to $4.2 billion. Let's call it $4 billion for an easy number. I think it was Craig Billings at Wynn who said on an investor call once that, "TAM, total addressable market doesn't pay my bills, but share of it does." Super important. 1% share of that TAM that we're addressing is a $40 million top-line business, 2% is $80 million, 3% is $120 million. You can do the math top-down with an industry standard EBITDA margin that could range anywhere from 20%-40%, depending on how strong you are as an operator and how at scale you are and how efficient your organization is. For our part, our organization is focused towards these markets. We do get some interesting economies of scale. It doesn't cost a tremendous amount of money to go from market to market if you have a good core operating team. We are very excited about the future. The markets share really interesting behavior. The players in both Finland, Alberta, and Ontario are amongst the highest value consumers in the world and the most engaged from a unit economic perspective. These markets of focus allow us to really lean into where we're potentially very strong. Spike Up Media, our secret sauce, are really strong in these markets. We believe that we'll be able to drive customer acquisition rates that are potentially more efficient than industry standard. Because of our strong product and automated process and our strong operating team, ideally, we can run at strong margin. What happens next? We want to be great at these markets, not just enter a ton and be good enough. We want to be very good and use these markets as a balance for our expansion into further markets. There are three ways that we can enter new markets in the future. Markets like Finland, Ontario, and Alberta feature a central regulatory structure where you can apply directly with the government for a license. Sometimes you cannot necessarily do that. Like the United States, in some cases, you must partner with an existing land-based casino business or an existing land-based incumbent in order to exploit a sub-license. They may be issued a license, and then they can commercialize that license in a partnership. In other markets, you may look at joint venturing. If a group has a license to operate, but they do not necessarily have the platform or the acumen to do it, that is where somebody like us may come in and be able to enter a market where we may not ordinarily be able to go into on our own. We will use the success of our core markets to power expansion in places like the United States or Latin America, which is one of the largest emerging growth opportunities in the regulated gambling sector. Those markets are very, very large. We will start creeping into that $210 billion TAM. We are addressing just a fraction of it with these markets. Still, you can see directionally what a strong business this could be. Talking about Spike Up Media a little bit, it is really important to us. We're very lucky to have a partnership like this because our founders have decided to be founders of this business too. It's a privilege. It's very, very hard to acquire customers that are very competitive out there, and to have effectively an in-house group that does it for us and are experts, absolute experts in this field, could be a very, very significant competitive advantage for us as we move forward. Spike Up has worked in plenty of international markets. They are one of the largest and the largest customer acquisition firms. They have really interesting proprietary technology that allows us targeting in real time, really strong team. Nobody's left that business since the day it started, which I think is a great statistic. It kind of speaks to the culture and the culture of the business, which is in many ways carried over to High Roller. To the point, our revenue is diversified. We talked about how we make some money with the how we drive revenue through operating the online casino business. We also drive revenue as an affiliate business. That is the casino room business segment of our business. The best way to describe affiliate marketing and the way it drives revenue online is think of a club and a club promoter. Say you are a club promoter and you send John Smith to Club X. Club X might pay you, the promoter, $100 for John to go in because they expect to make $200 from John within the club. They also may pay you potentially a 25% revenue share. If John spends $100, you make $25. If he spends $1,000, you make $250. This is how affiliate marketing works for online casino. You can get paid per head per depositing customer. You can get paid on a revenue share basis. Affiliate marketing is a really low-risk, high-reward way for us to drive revenue in markets that we may not operate in directly with our High Roller or Fruta brands for various reasons, whether they're unregulated, pre-regulated, whether we're not able to pursue a license because there aren't enough licenses available, which is rare. The upside here is it allows us to drive revenue from there, and it allows us to prospect in forward-looking markets where we can glean a tremendous amount of data to be helpful in informing our own projections and our own opportunities and strategic decisioning. A very interesting part of our business here. On product, talk about product, why not? We have a really strong product end-to-end. We have a fully customizable framework and the ability to localize our front end. Our product in Finland may look different than our product in Canada due to some different consumer habits or consumer behaviors. Having that control is super important. A lot of companies do not have that. Many companies fully license full third-party technology without any control. Some do partial licensing. Some own in-house. They all have their merits, and they all have their underlying costs and benefits. For our part, we leverage a lot of AI and process to automate key functions. The product is slick. It is fast, which is not always the case in every market. It is a real tier-one product that is competitive anywhere we put it. We are nearing the end. What I want you to take away from this is that online casinos can be relatively commoditized. There are a lot of them out there, but we have one of the best brands that I've ever seen in High Roller. We are a casino-led brand. We may choose to offer sports betting in the future. We do have that ability if we would like to, but we are focused on casino. It is typically the vast majority of a market's total addressable revenue opportunity. We do differentiate ourselves by being casino-led vis-à-vis many sports-led brands. Our team is backed by industry veterans who have been in the market since the day the market started, who have had success in the past with a proven track record, and the team is strong. We have a regulation-first growth model, which allows us to work in markets that have protected revenue streams and a built-in moat. There are high barriers to entry. Our experience allows us to surmount those barriers quite easily. When most people may look at that and say, "It seems impossible to get in," for us, that's the easy part. We have a really strong customer acquisition segment of our business led by Spike Up Media. We have one of the largest game libraries in the world that has something for everybody, caters to every consumer. We are focused on perfecting our operations and scaling out of the core markets of Ontario, Finland, and Alberta, which is super exciting for us. If you'd like more information about our business, you can go to ir.highroller.com. Within the deck on that site, you'll also see some links to our earnings releases and press. With that, I'll take a look at the questions. We have a lot of questions here, so I may not get to all of them. But thank you for taking the time to learn about High Roller today. All right, let's have a look. From Chip Russo, he asked about our growth drivers over the next 12 months. Thanks for the softball, Chip. I appreciate that. We just talked about entering some of these new markets. Ontario, with its $2.5 billion TAM, is a significant opportunity for us, as is Alberta in early 2026. So we expect to launch in those markets. We're not providing any guidance yet, but we are considering doing so once we have a few months of operating under our belt and we understand exactly what to expect. But directionally, again, as we look at that TAM, let's say the casino portion is $1.8 billion, 1% is $18 million, 2% is $36 million, 3% is $54 million, and so on. With our team, our product, etc., I do not think it's an unfair thing to say that those numbers are achievable and potentially easy to breach. We have another question. What states are your games available? Is iGaming available in the U.S. states in line with sports betting? That's a great question. We're not in the U.S. yet. The U.S. is one of those markets where typically you have to partner with an existing land-based entity to enter the market. Licenses can be limited. iGaming is legal in seven states. Online casino is legal in seven states. Sports betting is legal in the vast majority of states. It's a different nuance of law. The deals are quite expensive and it's highly competitive. Of those seven states, only four of those markets are actually accessible through a commercial deal. The others are lottery monopolies. With that said, because we've had so much time in market and we have very wide networks and plenty of business interests in and out of High Roller, many of the folks within the business are investors across the market themselves, like you. We do have strong relationships that allow us to identify and pursue interesting strategic opportunities, of which we're always opportunistic. Let's see what else we have that I can address. We have one more question that says, "Is your Spike Up relationship exclusive?" It is not necessarily exclusive, but it is the point of focus for Spike Up. If we're operating in a certain market, we'll have the focus of Spike Up. If we're not operating in a market, for example, Australia, it doesn't have online casino. Spike Up may work with others in a country like that. I see a lot of questions here, so I think what I'm going to do is take note of them, and I'd like to follow up with those of you that asked them after. Thank you again for taking the time. It's thrilling to introduce you to High Roller. I'm super excited about the business and its potential. Thank you again.