Good morning, ladies and gentlemen, and welcome to the Rivalry Corp second quarter 2023 financial results conference. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, August 29, 2023. I'd now like to turn the conference over to John Vincic. Please go ahead. Thank you, operator, and good morning, everyone. Our speakers on today's call will be Steven Salz, Co-founder and Chief Executive Officer of Rivalry Corp, and Kejda Qorri, Chief Financial Officer. Before we begin, I would like to remind listeners that certain statements made during this conference call presentation may constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws. These statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Rivalry Corp and its subsidiary entities or the industry in which it operates, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this conference call presentation, such statements use words such as may, will, expect, believe, plan, and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this presentation. These statements involve known and unknown risks, uncertainties, and other factors, including those risk factors identified in the company's annual information form, dated May 1, 2023, under the heading Risk Factors, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under securities legislation. I'd now like to turn the call over to Steven Salz. Steven? Thank you, John, and thank you everyone for joining us today. Q2 represented another successful quarter for Rivalry, consisting of continued product innovation, brand maturity, and growth. Our betting handle grew nearly threefold from the previous year. Revenue was CAD 8.5 million, a 60% year-over-year increase and all-time record for the second quarter. Gross profit increased by 86% year-over-year to CAD 3.8 million. An increased marketing sophistication and brand resonance was notable in the quarter, given our ability to achieve this quarter's year-over-year growth rates while decreasing marketing spend by 6% year-over-year. Despite that decreased absolute spend, we acquired 44% more new customers at a 41% lower cost to customer acquisition in Q2 of this year versus last. Additionally, enhancements to our core product led to operational improvements, driving increased player wallet share and platform engagement, with average betting handle per customer increasing 63% year-over-year, positioning us well in the coming quarters. Generally, we believe this validates that our product roadmap is delivering increased customer value, and we expect it to continue doing so. In terms of innovation, we've delivered several meaningful new products and enhancements across our sportsbook and casino. Just last week, we became the first operator in history, sorry, in the industry, to introduce Same-Game Combos for Esports. This is our own proprietary version of same-game parlays, wrapped in Rivalry's signature creative touch to further elevate the on-site entertainment experience. Not only are we bringing one of the most popular bet types on the board to esports fans for the first time, but we expect this offer to also increase our overall sportsbook margins, an important initiative to be touched on shortly. We also launched our mobile app in Ontario, allowing residents to access and bet on the region's most extensive catalog of esports titles as well as traditional sports from their phones. We built on the significant expansion of our casino product suite, adding a number of additional titles, and we will have more exciting new product releases to discuss as Q3 continues to progress. On the marketing side, Rivalry's social media presence and content strategy continues to be central to engaging our digitally native target customers and grew steadily throughout the quarter. In Q2, we saw an average 25% sequential increase in followers across all our channels and a 180% increase in engagement year-over-year. By all metrics, Rivalry's brand engagement, as measured by its social and content reach, is by orders of magnitude the largest brand in the esports betting category globally, and in many cases has the most engaged social property in our markets for any betting brand, period. This is a testament to not only our deep Gen Z and young Millennial demographic understanding in the betting category, but the consumer product category as a whole. In May, we signed a group of Counter-Strike creators, which grew our reach across social media and live streaming platforms by an additional 2.7 million fans. Counter-Strike has been one of the top three most bet on esports on Rivalry since our launch, and generally is one of the most viewed esports titles in the world for well over a decade. We also debuted a new esports-centric show in August with one of our top partners, which has already generated more than 2 million views in just a few weeks. This media strategy further entrenches our brand around our target customers' favorite entertainment and provides us with reliable touchpoints to engage them around key esports events approaching in H2. These are just a few of the highlights, with our marketing and creative teams delivering incredible work consistently across all our markets. Overall, we are pleased with the continued momentum of the business that we delivered throughout Q2, and now we would like to provide some forward-looking guidance. On the back of the consistent year-over-year growth trends we've experienced in handle, revenue and gross profit over the last few years, our growing customer base and consistent product enhancements, alongside the stabilization in operating expenses over the past four quarters, proving out the operating leverage of the business, has given us the confidence to introduce guidance on profitability. We are pleased to say that we expect to reach profitability in the first half of next year. On the path to getting there, we have some operational tuning to do that has been underway for some time as it relates to stabilizing sportsbook margins, which represents the majority of Rivalry's revenue base at approximately 80% of our revenue in Q2 and H1 2023 as a whole, with the balance being casino revenue. When comparing Q2 to Q1 of this year, we only saw a relatively modest 7% sequential decline in betting handle. In the past, we've seen a bigger slowdown during the second quarter, attributable to the seasonal dip in esports events during that time. That said, an increasingly diversified handle mix with casino and steadily growing base of traditional sports betting is resulting in greater monthly betting handle stabilization. This is a trend that we began to detect this quarter and something we are encouraged by. It is not to say all seasonality is gone, but the peaks and troughs are narrowing from where the business sits today in terms of geographic mix and weight and product mix and weight. As the business continues to scale geographically and product diversification increases meaningfully year over year, we will continue to watch for any further moderation of historical seasonal trends, just as they had in Q2 this year. Circling back against that 7% betting handle decline versus Q1 this year, investors will note that revenue declined from CAD 12 million in Q1 to CAD 8.5 million in Q2. That's a decrease of 29%, outpacing the 7% decrease in handle. Casino revenue was up marginally, so the decrease is due to the sportsbook segment. This sequential sportsbook revenue decrease contributed to a net loss expansion in the quarter. Q2 also saw, or just generally sees our annual salary increases, driving an increase in overhead, which is our largest expense, along with a few one-time expenses. These two factors expanded Q2 net loss greater than would have been expected against a sequential 7% decline in handle. The sportsbook margin challenges in Q2 is a subject we would like to spend a minute addressing. Rivalry's distinct approach in the space, centered around Millennials, Gen Z, and their unique entertainment preferences, is one of our key business differentiators, but it also presents unique challenges regarding betting behaviors and player margins that we're only able to learn as we scale and accordingly work to address in real time. Generally, we've experienced higher margin volatility within the sportsbook among this demographic, which, alongside a select number of low probability esports and sports outcomes in Q2, negatively impacted our revenue. It is worth noting that at consistent industry average margins, Rivalry would have been profitable in Q1 and Q2 this year against the betting handle we generated. This points to the latent profitability available to be realized at the business's current level of handle, let alone in the future as we continue to deliver growth. In the immediate term, we've been turning our operational initiatives to address normalizing and stabilizing margin and seeing early positive results. This includes an increase in higher-margin product mix through the release of same-game parlays, marketing higher-margin verticals to our media channels, selective posted margin increases where Rivalry is below market, and beefing up our internal sportsbook operational team to provide greater real-time feedback loops to enhance those efforts. Ultimately, this is just the nature of building a business that delivers triple-digit growth on a year-over-year basis, multiple years in a row, as Rivalry has. Intrinsic to rapid growth in any venture or field is rapid learning and an ever-expanding opportunity set on the back of that. Our sophisticated understanding of this highly coveted Millennial and Gen Z consumer is our biggest competitive advantage, and as the industry's traditional demographic starts aging out, we'll be an even more sought-after customer cohort. We have a significant head start on understanding and operationalizing the customer experience and success of this demographic, which has given us the proprietary ability to acquire, engage, and retain them, while many of our peers cannot. Capturing this elusive customer is only possible with innovative and engaging products, thumb-stopping marketing, and a brand steeped in internet culture around their favorite entertainment category. Most importantly, these ingredients are not easily replicated, and their benefits continue to materialize within the business and contribute toward the operating leverage we speak to so often in a number of the metrics that I provided at the start of this call. We believe our unique position and the adjustments being made to improve margin alongside continued operating expense stability, will positively impact bottom-line results and allow us to reach profitability during the first half of next year. At this point, I'd like to turn the call over to our CFO, Kejda, to review our financial results in greater detail. Thank you, Steven. Rivalry delivered strong year-over-year growth in the second quarter. Betting handle of CAD 112.2 million was up by CAD 73.8 million, or 192% from the second quarter of 2022. Handle was once again split relatively evenly between the sportsbook and gaming segments. Note, gaming is the segment of the business represented by casino, and we may use these words interchangeably. And on that, Rivalry is pleased to have delivered an increase of nearly CAD 57 million of gaming handle year over year. This is a testament to the growth we're capable of generating, purely from enhancing our product suite, and something we expect to continue demonstrating as we execute our deep product roadmap quarter after quarter. Sportsbook also contributed to the growth with CAD 54.6 million of handle, up CAD 16.7 million, or 44% from Q2 2022. The increase reflects the continued expansion of our customer base. On a sequential basis, sportsbook handle was down 7% from the record quarter in Q1 2023. As Stephen mentioned, Q2 has historically been a slightly seasonally slower quarter for our sportsbook business due to the timing of major esports events throughout the year. As we have diversified our revenue base, particularly with the addition of the Casino.exe platform, the seasonality has been reduced, but it is still present. Second quarter revenue of CAD 8.5 million reflects a similar pattern to betting handle. Strong year-over-year growth of CAD 3.2 million, or 60%. At segment level, revenue was weighted 80% sportsbook and 20% casino. While handle was more evenly split, in general, we generate higher margins on sportsbook betting given the inherent volatility associated with this product. However, it is this exact volatility that can also create some uneven margins quarter to quarter on the sportsbook. As Steven mentioned, we're undertaking a number of efforts to reduce volatility and deliver more consistent sportsbook margin, and as betting handle on the sportsbook in general scales, this will help as well. Casino segment margins on Rivalry are lower due to both the more stable margin mechanics of casino games and the decision we've made from a branding and customer experience standpoint to offer casino games with higher RTP, or Return to Player, which we believe is better suited for our unique audience. Sportsbook revenue of CAD 6.8 million was up 28% from Q2 2022, while casino revenue of CAD 1.7 million compares to a very modest figure in the prior year quarter, given the launch of Casino.exe at the start of Q3 last year. This also means that year-over-year percentage increases in the business may become less pronounced at the start of Q3, as we're now lapping the Casino.exe launch. Gross profit was CAD 3.8 million in the second quarter, compared to CAD 2.1 million in Q2 2022. On a year-over-year basis, 86% growth in gross profit outpaced the 60% growth in revenue for the quarter. This resulted in a 45% gross margin in Q2, well above 38.8% a year earlier, and similar to 45.5% in Q1 2023. We remain pleased with our gross margin trend. I'll turn now to operating expenses. The CAD 1.7 million year-over-year increase in OpEx largely offset a similar increase in gross profit, resulting in a 1% increase in net loss to CAD 6.3 million. General and administrative expense of CAD 5 million was up CAD 1.2 million from last year due to increased staffing to support the scaling of the business. Compared to Q1, when staffing levels were similar, general and administrative expenses were up CAD 500,000 due to the timing of certain one-time expenses and our annual salary increases that we implement across the organization in early Q2. Marketing, advertising, and promotion expense of CAD 3.2 million was down CAD 200,000 from last year. We're very pleased to have driven a much higher volume of betting handle on a lower marketing spend. Technology and content expense of CAD 1.5 million more than doubled from last year due to the growing betting volume in the business, which drove higher fees for odds providers and technology support, that in most cases, are variable based on activity. These three line items represented 96% of our OpEx in Q2 2023. When we account for the factors I just described, one-time items, and timing of expenses, our OpEx has remained relatively flat over the past four quarters. Over the same timeframe, we have delivered triple-digit year-over-year growth in betting handle each quarter. While we may see further growth in some expense lines to support the ongoing scaling of the business, we're confident that expenses will continue to increase at a much lower rate than betting handle and revenue. We will continue to manage expenses in a disciplined manner. Lastly, I will comment on our balance sheet. We ended the second quarter with CAD 14 million of cash, inclusive of CAD 5 million restricted cash, and we remain debt-free. Consistent with the outlook we have provided on reaching profitability in the first half of next year, we are confident we have sufficient liquidity to fund our continued growth. At this point, I will turn the call back to Steven to discuss our outlook. Thank you, Kejda. We are well positioned for a strong second half of 2023, as seen in our preliminary July results, which marks a new record monthly betting handle of CAD 46.6 million, a 99% increase from the year prior. As our peers are gearing up for the football season, Rivalry is well equipped for its own Esports Super Bowls in October with League of Legends Worlds Championship and Dota 2, The International. With further product enhancements to deepen the customer experience while betting on these events. We are also keen to share a number of additional product releases in Q3, which will further our position at the edge of technical and product innovation in betting and entertainment, and more broadly, our vision to create an on-site experience specifically for young Millennials, Gen Z, and their unique consumption habits. Similar to the prior releases, we expect these products to drive increased betting handle, improved player margins, and continue to demonstrate the operating leverage within the business. Our bespoke product, creative marketing, and brand entrenchment all contribute to our overarching strategy and goal within this demographic. Each of these core pillars are set to see continued enhancements throughout the coming quarter, including a new original casino game that we've developed in-house, increased depth and variety to our casino product, and campaigns that further embed Rivalry at the intersection of gaming, sports, and internet culture. We're looking forward to another quarter of meaningful product suite enhancements and growth that will collectively contribute to reaching profitability in the first half of next year. I will stop there and open up the call for Q&A. Operator, could you please provide the instructions? Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you would like to withdraw your request, please press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Our first question comes from Adhir Kadve from Eight Capital. Please go ahead. Hey, good morning, guys. Thank you for taking my questions, and congrats on the results. Just really solid improvements in the business this quarter. I wanted to unpack the profitability guidance a bit. So obviously great to see, especially, you know, since you noted that it's gonna be on the back of consistent growth, so not losing anything there. But I just wanted to unpack where the leverage is coming from. I know you guys are doing a great job on the marketing front, so it seems it's gonna be largely driven by margin improvements in H1 next year. So what sort of levers do you really have that you can, that you can pull to really smooth out that sportsbook margin as we think about modeling this into H1 next year? ...Yeah, I mean, it's a few things. It's also new product releases. So we, you know, at the end of the script, I was talking about some new stuff coming for casino. Casino is obviously like 50% of handle now. And as we talked about when we put out Casino.exe, late last year, we saw that instantly within the first quarter, it was, I think, 30 or 40% of handle with literally CAD 0 of marketing spend. And even to this day, it's kind of just organically injected into our existing spends rather than necessarily having some net new spend out there. So we're gonna get just an absolute lift from new products the same way, maybe not necessarily the same quantum, but certainly the same way that we saw a lift from casino and other things that we put out. So that's one piece of it, is just, yeah, driving growth, while still managing, I'd say, like, overall spend and marketing spend. But in terms of margin specifically, one is just volume. You know, we talked about this a lot over probably, like, the last few years. It's just the math of and the nature of this business is as you drive more sportsbook volume, just mathematically, your probability of having more consistent margin over time increases just because your ability on average, to balance or find, you know, closer to your post of margin in your sportsbook for every market increases just naturally on the volume. So again, it's why you would find the much more mature operators with, you know, billions of handle driving lower variability in their margin, because there is just kind of like a law of large numbers of the math of the whole thing. The other is definitely stuff like Same-Game Combos, like our same-game parlays for esports. So that is just a higher margin product, the same as parlays are generally. So again, margin mix through parlays and same-game combos will also help, and we're increasingly tuning marketing and even the way that we run, let's say, our CRM or offering efforts, incentive efforts in a way to drive and cross-sell higher margin products. So that's one which, again, is not like a thing that requires net new increases in spend, just how we operationally focus ourselves. Some selected posts to margin increases, which basically just means that we've been very competitive in margins for a long time. It's not—you know, we're not the most competitive. It's not the thing that necessarily is driving users to Rivalry, but there's always small opportunities here and there to modestly increase in selected posted margin without degrading customer interest in Rivalry. And those are probably, like, the big efforts. So it's really like net new product to drive growth without massive new spend, really just, you know, overhead in our own R&D to get it out, and then a variety of different margin efforts while simultaneously as, like, leaving operating expenses mostly stable and not expecting massive jumps or leaps in OpEx at this point. So it's really the combination of all those things that we feel will get us there. And then the last point is, you know, we said it earlier in the script, is if you look at the margin mix of, again, like talking super mature operators, look at like an Entain or like a Flutter Entertainment, which, you know, has massive portfolios of multiple brands, 10, 15+ brands. You'll see, like, industry margin now is, you know, 10, 11, 12%, even mid-teens for some operators in certain geographies. So there is a market precedent and product mix precedent that we're gearing to, where, again, even at current levels of handle, let's say the CAD 120 in Q1 or the CAD 112 that we did just now in Q2, at even the mid-range of those numbers that I gave would exceed the OpEx of the company. So yeah, we're feeling, like, pretty strong directionally on all these efforts, for sure. Okay, excellent. And then just on the casino margins, I know, you know, you guys have been taking a little bit of money off the table just to kind of run, or sorry, get more users into the ecosystem and have more favorable results for them. And do you see that kind of continuing, or do you think you're reaching like a scale with the casino handle that maybe you can pull back on that a little bit? Just any color around that would be helpful. Yeah, I think people will see with some of the stuff that we're expecting to put out in September, that the margin might, might get a little bit better. I'm talking, like, super modestly. Like, at the end of the day, even, like, if you just look at, like, the current set of games, we've obviously got Rushlane, our original game, and we're going to have another original game that we're just waiting for some kind of finalization of testing, but expecting that in September as well. But outside of that, we're, you know, we've got, let's say, like, Evolution table games like blackjack, baccarat, stuff that you would find on, on other operators. So there are some very, like, classic game types that exist on Rivalry that are not by any means atypical, and that really is just like the existing, you know, let's say, posted margin or RTP that exists within those games. So we're not, like, super off trends with some of the game set. But yeah, I think, like, some of the stuff we're putting out in September, I'm just thinking, like, the RTP is a little bit lower, which means that inversely, you know, our margin is a little bit higher, but I don't think we're going to be making super dramatic changes there, to be honest. Okay, got it. Maybe just changing gears a little bit here to, you know, the back half of the year. Obviously, you know, massive events coming with Dota 2 and The International coming up. What goes into preparing for those events? Like, what from an activations perspective. I know, you know, last year you just drove massive growth from those events. Just give us a sense of what you guys are doing to kind of get ready for those events as well. Yeah, there's a ton of internal operational stuff. Like, we talked about it internally, the same way that like a retail company would think about Christmas, where, you know, they hire a bunch of part-time workers to work at the retail store or whatever it may be, and/or Amazon does the same thing, right? Where they like, massively spike their warehouse employee base to manage, like, the peaks of the season. I think every business, depending on its seasonality or whatever it may be, has their version of equivalence of that. So for us, it's, you know, making sure we're providing real-time, world-class customer support and that we're, like, properly and effectively staffed there, and making sure we're moving money in and out super fluidly. So there's certain things you do with your payment providers and your internal payments teams to make sure, you know, money is moving in and out as fluid as possible. There's technical things you do. You want to make sure that the site is stable, so there's, you know, operational infrastructure-related items, consistent site stability and like quality of the offering. Same thing with your odds provider, like, there's all this kind of stuff. And then from a marketing perspective, yeah, I mean, the same as retail companies will plan many, many months in advance for their Christmas. We try to do the same thing as early as we possibly can for these events in October, which is, you know, building out pretty deep, very Rivalry-flavored, bespoke marketing and activations around all of our biggest creators for TI being Dota and World being League of Legends across all of our markets. And we've got a lot of very kind of quirky and fun stuff, I'd say, planned for that. The kind of beauty of it is like we built a lot of really great reputation in our markets, and our partners are our partners in terms of like ad and spend around these deals. And a lot of the value proposition of Rivalry is like exactly this kind of stuff. It's like, if you work with a traditional brand in, frankly, any consumer category, they, they, they probably don't go to the lengths that Rivalry does in terms of the, the types of activations we do. So we also just get, like, a lot of organic and natural excitement and buy-in from all of our marketing channels around Worlds and TI, because now they're like creatively expecting really big things for us that are really fun, that can deliver unique value to their community. So we're, we're getting like this very organic, almost flywheel style effect now, every time we come to this time of year where there's, yeah, like a- almost a community buzz that starts to build just because of the types of things that we do. So yeah, it's just across the board, it's everything. We've become like a bit of a well-oiled, I like to think at least, we've become a bit of a well-oiled machine around these months, or that month in particular. So yeah, we're expecting the same this month, for sure. Awesome. That's good to hear, and I'm looking forward to the results in Q3 when we talk next. Then my last question, I'll pass the line here, is just on some of the newer initiatives, especially, you know, like the app. I think that was a pretty big undertaking. How is it being received by customers in the Ontario market? Are you seeing, you know, from a unit economics perspective, a lift from what you were seeing before when you were traditionally mobile web-based? Just give us any color around, you know, how the app has been received by the Ontario market. Yeah, we can see just like, I think, double-digit month-over-month growth in Ontario generally since the launch. We've seen that trend for a while. And then mobile plus casino definitely has helped with that. And now you know, we're gonna have, I think, another release soon around the mobile app in Ontario that I think will just continue to bolster activity. So definitely we're seeing an increase in percentage of the overall activity in Ontario shifting to the mobile app. It was something we talked about maybe a month or like a quarter or so ago, where because of many of our other markets, it's not really possible to have a mobile app, whereas in the regulated market in Ontario, you can. Being one of the few operators at the launch that did not have one was, you know, certainly didn't help us. So in many ways, like, the mobile app was like a prerequisite to continuing to, like, exist and grow in this market because it's just expected from customers, and I don't really blame them. So yeah, it's been like a completely, like, natural boost in affinity, and people are finding it very easy to use, very straightforward, very clean UX. And again, there's some stuff we're gonna talk about, I think soon in September around additional releases and things we've done to bolster the mobile app. So yeah, we're feeling good about that. The other benefit is, like, the work that we did on that mobile app and just generally the mobile team that we built around it to support it and continue to develop it, is giving us some interesting opportunities to potentially lean on and do more with mobile in other markets. So that's something that we're exploring also that could probably or potentially happen before the end of this year. And the more that we can deliver, like, a great mobile product, the better. But yeah, I guess the one caveat is the vast majority of our traffic generally right now comes on mobile, and always has. So even, like, the design of the website from the beginning and the UX, everything was built to be mobile first. So, like, using Rivalry on your mobile browser is the main way most people around the world use Rivalry. So even though it's not, you know, clicking an app and loading it, which has a lot of different convenience factors, for sure, the mobile experience is already, like, quite attuned. So yeah, we had a lot of, you know, intuition, I guess you could say, in terms of like, what was gonna work, what was gonna make sense, and we're gonna see if we can pull more of that experience and success from Ontario into other markets, potentially. Okay, excellent. Maybe I might sneak one more in. I just wanted to ask about the cross-sell. Are you, are you seeing a significant cross-sell from the, from the sportsbook into the casino or vice versa? Like, how are you- how are you seeing the cross-sell now that, you know, the casino is kind of, call it, 50/50 with the sportsbook? Can you talk about that a little bit? Yeah, I mean, like, the approach of the business is the same from the pitch that I gave investors in 2017, where we were, you know, closing and raising our first money and applying for a license, which is using gaming, esports, and internet culture to build a brand and marketing and creative approach as a top-of-funnel to a demographic of sports betters as a whole, and then ultimately being able to offer that sports bettor and that demo, the full kind of menu and array of options, which includes casino. So, but that continues to be our top of funnel, meaning that, like, the way that we market, which is certainly more sportsbook-centric, more around gaming, more around esports betting, not necessarily casino. Although certainly we do leverage our creators sometimes to discuss it when there's not a lot going on in esports, so we try to balance the seasonality off with it. But we are for sure seeing that there is a very clear correlation right now between people that are coming in to bet on esports, potentially traditional sports, and then cross-selling to casino and continuing to play it. I suspect other operators do similar things. But yeah, maybe among our demo, it's a little more pronounced. So the cross-sell is, like, quite high, and we see that when there's a lot going on in the esports calendar, we definitely see an even bigger boost in casino. Like, it just adds kind of fuel on the fire in terms of, like, overall activity. So yeah, that has most definitely been a trend that we've been observing. I wouldn't say there's, like, a focused strategy at Rivalry that at least currently exists around just going for, like, casino customers and in a super targeted way. We continue with our general brand approach, which has worked so far and I think resulted in this operating leverage we find. Awesome, guys. Congrats on the quarter. Looking forward to H2. Looks like it's gonna be a really big one. I'll leave it there for questions. Thanks. Appreciate it. And that was it, actually. So yeah, thank you, operator. Thank you everyone for joining us, and always happy to continue the conversation offline. So yeah, just shoot me an email or, reach out to, our investor relations, and yeah, we'll field any additional questions. Thanks, everyone. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.