Good morning. Welcome to Super Group's Second Quarter 2025 Earnings Webcast and Conference Call. My name is Noreen. I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, press *1 on your telephone keypad. I would now like to pass the conference over to our host, Nkem Ojougboh. Please go ahead. Morning, everyone, and thank you for joining us today to discuss Super Group's Results for the Second Quarter of 2025. During these calls, we would mainly comment on reports of the nature that are subject to risk, uncertainty, and other factors discussed further in the SEC filings that would cause the actual results to differ materially from the historical results [of the company 's] forecast. Super Group assumes no responsibility to update forward-looking statements other than required by law. On today's call, Super Group mainly refers to certain non-GAAP financial measures. These non-GAAP financial measures are, in addition to, not a substitute for the measures of financial performance compared to inquiries to GAAP. Super Group has provided reconciliation of the non-GAAP financial measures for the most comparable GAAP figures in the press release issued yesterday in the billing and investor relations page of Super Group's website. Super Group recommends that investors refer to the supplementary presentation posted to the company's website. Today, I'm joined by Neal Menashe, Chief Executive Officer, and Alinda Van Wyk, Chief Financial Officer. Without further ado, we will open the call for questions. Now, I'd like to turn the call over to Neal. Thank you. Good morning, everyone, and welcome to Super Group's Second Quarter 2025 Earnings Call. Today, we are thrilled to report another landmark quarter. Our success stems from our continued focus on product and cost, as well as momentum in key regions. We are reshaping our global presence by exiting the U.S. while growing in our core market. In addition, we are scaling our tech platform and delivering top-tier products. Before we jump into the financial results, we'd like to share some important updates. First, we are excited to have hired Super Group's first Group Chief Technology Officer. This appointment reflects our commitment to innovation, operating efficiency, and synergy across all platforms. Second, on May 13th, we announced the appointment of Deloitte as an external auditor, a Big 4 audit firm that we expect will assist Super Group through continued growth. Third, on July 8th, we announced our intention to exit the U.S. iGaming market. This move supports our ongoing focus on capital discipline and long-term profitability. We thank all Digital Gaming Corporation employees for their contributions over the past few years and for their professionalism throughout this transition. Turning now to our numbers for Q2, we exceeded our own expectations for both total revenue and adjusted EBITDA for Q2 2025, setting new quarterly records for Super Group. The group generated a record total revenue of $579 million, up 50% year-over-year. Group adjusted EBITDA also reached an all-time high of $157 million, representing 78% year-over-year growth and a robust margin of approximately 27%. This demonstrates our significant operating leverage at scale. The exceptional quarter was driven by strong sports outcomes, smarter pricing, and continued traction of Bent Builder, our innovative parlaying product, and robust casino acquisition and retention. Growth was further supported by strong wagering activity, with sports betting wagers up 15% and casino wagers up 24% year-over-year, largely due to prioritizing more profitable markets. Let's not blur our territory. Europe's revenue surged 53% year-over-year, with the U.K. leading the charge, up 83%. This incredible growth was supported by regulatory clarity, enhanced product and marketing experience, and solid contributions from both Betway and Spin brands. Spain and Ireland also saw solid growth. In Spain, we expect the momentum to continue with the implementation of our new loyalty program, Supercamp. Germany was a primary headwind, with the revenue down due to tighter regulatory restrictions and our strategic pullback in marketing spend. Despite this, we successfully viewed Germany's EBITDA year-over-year, reflecting our rigorous cost management and operating resilience. Moving on to Africa, we saw growth of 59% year-over-year, with broad-based strength across all markets except for Nigeria. Ghana stood out, growing a massive 63% year-over-year, thanks in part to our blessed influence of products and currency tails. South Africa grew 51% year-over-year. Botswana, which only launched in February, also delivered remarkable growth. Its contribution to Africa's revenue rose tenfold to 4.5% in the current quarter. Super Group maintains a podium position in seven of the eight African markets that we are in. North America grew 23% year-over-year. Canada, not including Ontario, increased 22%. Growth was supported by an increase in deposits and strong customer retention, while the performance in June was negatively affected by gaming server consolidation. Ontario delivered 5% year-over-year growth despite ongoing elevated marketing spend from competitors. Growth in the product, while still below expectations, was a result of better digital marketing and continued customer engagement. In the U.S., revenue was up 112% year-over-year. We will address our U.S. exit in a moment. APAC faced a challenging quarter, revenue down 6% year-over-year, but this was still an improvement from last quarter's 13% year-over-year decline. New Zealand was down 13% due to currency and broader macroeconomic headwinds. We also consolidated technology in May, which contributed negatively, but we believe we will ultimately face cost sharing. We are working to mitigate the impact of various marketing restrictions to position this business for long-term success. Moving back out, we achieved the highest quarterly EBITDA in Super Group's history, underscoring our powerful operating leverage. As we scaled in more markets, we are capturing greater margins on every boost of revenue, hence the record margin of 27%. This margin expansion is a direct result of our game plan, aggressively reinvesting in high-performing markets, maintaining a disciplined cost base, improving our product and process efficiencies, including the strategic implementation of ANR, and driving marketing effectiveness. You can see this in our lower marketing ratio in the quarter, despite higher wage inequality and customer growth. We expect these dynamics to continue into the second half of the year, reinforcing our ability to deliver super growth at scale. As part of our high-return investment philosophy, we have made the difficult but necessary decision to proactively exit the U.S. iGaming market. We are doing this despite delivering a record quarter with EBITDA improving to a $5 million loss in Q2 2025, compared to nearly twice that in Q1 2025. Changing dynamics in the U.S. market, including the recent tax increase in New Jersey, led us to this decision. As part of this exit, we anticipate a one-time restructuring cash outflow of approximately $50 million and we're actively working to reduce the cash outflow. We are incredibly pleased with our operating metrics performance this quarter. We hit a record 5.5 million average unique monthly active customers, representing 21% year-over-year growth. Total sports wagering was also exceptional, hitting $968 million for the quarter, up 15% year-over-year. Our sportsbook margin also improved from 12.6% in Q2 2024 to 13.9% in Q2 2025. Even more impressive, wagering grew even though the Football Club World Cup was not expected to be as big a draw as last year's Euro and Copa America events. Our balance sheet remains strong. We ended the quarter with $393 million in unrestricted cash and no debt. As a reminder, we declared a regular cash dividend of $0.04 per share in June, bringing our total shareholders' dividend for the first half of 2025 to $0.08 per share. In the last 12 months, we have returned $166 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free cash flow generation and stringent capital allocation. Today, we are raising the full year 2025 ex-U.S. adjusted EBITDA target to between $500 million- $510 million from our previous expectations of greater than $418 million. This $25 million midpoint uplift reflects focused calculation of our market. Subject to the final phase of U.S. closure, we expect group adjusted EBITDA of between $470 million and $480 million, inclusive of the U.S. adjusted EBITDA loss of $50 million. Looking ahead, we see several compelling drivers for future upside, including a full calendar of global sporting events and a focus on enhanced trading and pricing, increased traction from our Bent Builder product, calculated marketing efficiency, further scaling casinos, and a revenue mix designed to support long-term margin expansion. We're also investing in our technology platform, particularly in South Africa and Nigeria, and we're preparing to roll out Jackpot City in several markets. We are also actively implementing and seeking new opportunities in the crypto space. These initiatives aim to position us for long-term success as alternative payment methods and digital asset frameworks become more integrated into regulated gaming ecosystems. With a strong balance sheet, consistent free cash flow, and an addition of a good CTR role to spearhead our technology initiatives, we remain confident that we are well-positioned to reinvest in growth and pursue strategic opportunities across key areas of the business. In closing, Super Group is powered by disciplined execution, scalable infrastructure, and a data-driven, customer-centric strategy. With strong financials, a clear plan, and an exciting second half ahead, we believe that Super Group will be able to generate further profitable growth and deliver long-term value for our shareholders. All of this is made possible by our Super employees. I want to thank everyone, all of them, for a superb Q2 achievement. I will now turn the call over to the operator to open the call up for questions. Operator? Thank you. If you would like to ask a question, please press * followed by 1 on your telephone keypad. If for any reason you'd like to remove your question, press * followed by 2. To ask a question, press *. As a reminder, you're only allowed one question at a time. If you are using a speakerphone, please remember to pick up your headset before asking a question. We'll pause here briefly as questions are registered. Our first question comes from Ryan Sigdahl with Craig-Hallum Capital Group. You may proceed. Hey, good day. Hey, good day, Neal, Nkem, Alinda. Really nice results. Good to see the guidance raised again a month after you just raised it. I want to stay kind of on that topic. If I just flow through kind of the awesome results in Q2, with the new guidance, it implies revenue and EBITDA are lower year over year in the second half of this year. I guess given the momentum in the business, is there anything that, besides conservatism, would cause for unusual compares? Anything else you're seeing in the business subsequent quarter end? How was July? I guess, anything to be concerned about within the business as you look and work your way through Q3 thus far? All right, Neal, yeah. We definitely don't see it as a deceleration. We obviously continue to maintain a disciplined approach to our forecast. July was also a great start, and this ended really nicely. Moving our business, what happened, our new football season starts in August. That's the biggest driver of our sports calendar, one of the biggest drivers. Even as you would, all the new teams serve everything with their new players. Now what has to happen is we have to see how the rest of August goes and September with how the favorites perform. As you know, our business is all about when the favorites don't do so well, the sports results go our way. From our point of view, that's it. We're super comfortable with seeing our business retention or the range we've got. I think you can see that in the growth. Very good. U.S. exit, you know, from my standpoint, smart move, reallocate resources where you have better structural advantages. Curious what made you make that decision now? I mean, I think you said 112% revenue growth in Q2. Why now? I understand the write-off of assets. Is there anything of value that can be sold here? Thinking your player databases, possibly your market access licenses, et cetera. Last question, the cash cost or expected $50 million, I think, if I caught that right. You said $30 million- $40 million previously. Just kind of bridge what's changed in those expectations. Thanks. Okay. I think on the U.S., obviously, it's always about the cost of revenue, the cost of doing business. It's not about just chasing the revenue. Can you make a profit on that revenue? We've always said there's been high costs in the U.S. to make an operating profit, right? Obviously, with some of the tax policy, the regulation in those two states, New Jersey and Pennsylvania, we have looked at it and said, actually, the opportunity cost of trying to support our product in that market to try to get to break even is actually much better to go into other markets. That's why you've seen we can take the whole dev team and focus in on the Canadian product, the U.K. product, the New Zealand product. I think from our point of view, there's huge upside there. We just couldn't see a path to profitability to see it up. Alinda will comment on the cost. Obviously, when it comes to the databases, we're all over there trying to sell it to the benchmark and to work out on our onerous contracts we've got there who, if and what we do with those skins. Thank you, Neal. The important thing also to note is that obviously post 2026, we will see some cost savings, which is also into our profile of making sure our margin lifts where we don't see the cost of profitability as Neal just referred to. We do foresee that we can deploy our resources of development costs into more profitable jurisdictions. We foresee a saving in half year two of 2025 of around $16 million and ongoing in 2026, which we've forecast already. Our general administrative costs also will have an unrelenting impact on cost savings. Just to recap what we've reported on in quarter two, even though the financial impact is at this point well contained, it did have an impact on quarter two. We had a non-cash impairment adjustment of $63.9 million on impairment of the investment. There were also some provisions on earnings contracts of around $22.6 million, which is mostly related to our market access agreements. We do foresee that there would be a small leak in this quarter three of around $6 million just to close the market out. Very good. Thanks, guys. Good luck. Thank you. Our next question comes from Jason Tilchen with Canaccord Genuity. Please proceed. Congrats on the strong results. Thanks for taking my questions. One thing I'm curious about as it relates to marketing, can you share a little bit more about some of the new channels that are driving strong returns, how much you would attribute that to the reacceleration of customer growth you've seen over the past two quarters, and maybe a little bit about what type of impact you're seeing from that Williams F1 deal specifically so far this year? Okay. As you know, we always looked at our marketing rates for 23%, 24%. It's not that we fixed on it. It's now becoming what is the dollar amount of how we're deploying it. Of course, we've gone into efficiency mode there to say which element are we under, where are we over, and we are redeploying some of the budget into different areas, if it's content, etc., and different marketing channels. I think that's making a great impact. On top of that, F1 was just one of our sponsorships. The F1 isn't only about the sponsorship. It's about the content. It's about driving all this new traffic to us. I think we are spearheaded across the globe trying to deliver all of this. Going forward, it's not that we want to stick at 23%. We're going to always say to people, when it comes to our marketing, as long as we have seen the return of our marketing paying back and it's been reinvested into these core markets. I think with that marketing, and we get even better at it and more effective at it, with the operating leverage that we get in all these countries, that every million extra of revenue we bring in, we bring down 50%, 60% to the bottom line. You see this operating leverage coming in perfect. Very helpful. One follow-up, the 14% gross hold for sports, but curious how much of the year-over-year improvement you would attribute to sort of sport outcomes being favorable in the quarter versus sort of structural improvements and parlay mix. How much more opportunity do you see for improvement on that area going forward? We are basically cut to world all over the sports margin, right? If you've got better parlay misses and parlay bets, that helps the sports margin, right? We've obviously got now a full calendar of sporting events. We have obviously improved the product, so that helps. We are keep working. I think, yes, in the past few months, there obviously was some better sports results, but you see that coming into the mix. Our new best over the product, all of that is employing to take effect. We are constantly trying to improve this margin. Yes, when that all comes together, when the favorites aren't winning and everything comes together in our sports, we'll go to where we see the opportunity. Great. Thank you very much. Our next question comes from Jordan Bender with Citizens. You may proceed. Hey, everyone. Good morning. Maybe to just follow up on that prior question, you know it's a topic of discussion we have a lot here in the U.S. with some of the books of how high your gaming margins can get to over time. I guess, do you have any sense of like where that level might be, where this ceiling might be in terms of where you can get gaming margins, you know just given some of the parlay penetration you have across some of your markets? Thank you. I mean, when it comes to the parlay product, you can definitely get closer to the 20% level, right? It all depends on how many bets are in that. Between our Bent Builder, our Bent Influencer, our risk management software that we've implemented across the board, we are hoping to increase them. Often more of things like the bets in our systems, right? We obviously had to be smart here. You can't just buy all of that. You've got to balance between the single bets and the parlay bets, et cetera. That's what we're working on. You understand in the casino business, it's a much more constant model. We've learned how to handle that really well. Now we add some other color into the sports side. Thank you. I want to follow up on the crypto comment and implementation of some of your markets. You know, outside of bringing in just incremental customers who want to leverage that, you know, how should we be thinking about that from a cost structure benefit? I'm thinking in terms of, you know, what does that help you with your payment processing costs? Thank you. I think especially in the African part of our business, we sort of have a banking website. I think crypto and coins can make a huge difference there because the banking is a really big cost in an African country for us onboarding our customers and then the payments across the continent. For us, I think crypto there also brings a different customer. As more regulation has come into the regulated markets we operate in that allows crypto, it's a different kind of customer, again a different genre. The same way in the casinos, we have different genres of casinos. Crypto is a different kind of customer. Obviously, that I think helps us. That's what we are actively looking at and have got great ideas coming up. As a long-term plan, I think the larger part of our strategy and especially on the processing side, if we can do something clever there, which we've got some ideas on, that effectively would bring pure profit to the bottom line. Great. Thank you. Nice quarter. Thank you. Our next question comes from Bernie McTernan with Needham. You may proceed. Great. Thanks for taking the questions. Maybe just to start, could you, Neal, you mentioned in your prepared remarks the competitive pressures to Ontario. Can you just describe exactly what those are, who they're coming from? Is this ahead of the, like, do you think it's related to the Alberta launches coming up or unrelated? Now, I think it's all about the marketing returns we see and the cost of acquisition in that market. We have now got the extra resource because of the U.S. closure to focus on the product in that region. You can see the rest of Canada is doing really well. We don't want to overspend and we can just overspend on the customer. I think with the gamification stuff, we've got something, et cetera, that we'll start seeing good growth there. As the rest of Canada has shown it, we can now start implementing in Ontario. Understood. Neal, you also mentioned hiring a new group CTO. Can you talk about some of the benefits? Is this more about bringing products and capabilities, or is this signaling another replatforming of the tech architecture? Just how should we think about it? I think it's a disciplined approach. I'm looking across the board, you know what we do. I think we roll out cost efficiency. Cost efficiencies come out of the processing efficiencies, come out of the test set, come out of our hosting costs. All of these are what we view as cost savings that are we have to how do we get the best value bang for our buck in those? That's what EGF could do, and how to integrate all our platforms, et cetera, and understanding how we can scale. As we scale, not scaling, but scaling properly and cast our long-term margin leverage on new platforms, working on new platforms and leading us up. I think on our side, it's taken us a long time to get to that role, but I think it's super important for where we are living. Understood. Thanks for taking the questions. Thank you. Our next question comes from Jed Kelly with Oppenheimer. You may proceed. Hey, Great. T hanks for taking my questions. I think recently you did a platform upgrade or iGaming upgrade in South Africa and a couple of other countries. Can you give us a progress on how that's going? Circling back to your cash balance, you know how do you plan to deploy that capital? Is it still, you know, maybe special dividends, or is there any areas of M&A that might look attractive, given some surrounding areas where you're making nice progress? Thanks. On product in Africa, I think there it was just an upscale of what they currently have. The benefit we had always in Africa is that it's end-to-end software, so they're in control of the entire ecosystem. It was just a change over to a new version of that software. We've seen with doing that, obviously, you can say based off all the announcements that Neal alluded to, such as Bent Builder, et cetera, which becomes a plug-and-play scenario and a faster rollout to other African countries, which is really a big benefit for the business. On cash, yes, with a strong balance sheet of unrestricted cash of $393 million, it gives us obviously the ability to operate and act very fast in case we need to do something. Our strategy remains consistent. We invest in high-return opportunities where we turn up capital via dividends, and we will remain to do that for the remainder of the year. As the decay of dividends at the moment is poor since the quarter, we maintain flexible to make sure that when the opportunity does arise, we will act fast. After that, on the product in Africa, there will be other products across every jurisdiction. Remember, we've launched our casino product. The same product Africa is now launching in other markets. That's another whole growth opportunity. It's all about the scale and having the best product on the continent. That's what we have to keep doing. In the rest of the world, we've got to keep building our product to be the best it can be. That's why over the past year, as we keep telling you guys, we have over the past year stopped certain markets across the world and now the U.S. The ones we are in, we are holding on and deliver a great product, great marketing, and obviously great profitability. I look forward to seeing you in Boston. Thank you. Our next question comes from Mike Hickey with Benchmark Company. You may proceed. Hey, Neal, Alinda, Spencer, Inc. Thanks for taking our questions. Great quarter, guys. Nice to see another bump in your 25% guide as well. Neal, just on the EBITDA, extremely impressive. Obviously, you mentioned 27%. You look at your ex-U.S. business, it's 29% in Q2. Maybe there's some one-time tailwinds, but doesn't seem to be anything maybe outside of a better hold really driving sort of a one-off here. I guess as your business continues this rapid growth, Neal, even reflecting back on the second half of last year, you had sort of 25% average plus you just needed with the margins. How should we think about your margin growth over time? I think your last guide long-term was plus 24%. You know now it's 25%. You know can we see 30% margins sort of over the long- term? Thanks, guys. Yes, of course, we can try and get to 30% margin. Again, it's all about the scale. It's the extra revenue. Remember, every bit of extra revenue is dropping at 50%, 60%. That's bringing this margin up. Again, it's about the sports results. Obviously, they make up 20% of our business. The 80% is casinos. As we get more gamification into the product, that helps. All these things are helping. I think you're seeing this as margin up, like the Liverpool obviously being 27%. All the cost savings, the cost efficiency are all starting to come through, right? We still have had some redundancy costs in H1. As we get through that and get the right people in our organization, it's all about the growth and it's customer-centric. I think over time, we would love to get to 30%. It's possible depending on the revenue, yes. Again, 25%, 26% is where I think we go. With all the sports results go away with the casinos, then you get Q2 looking like a good thing. Nice. Thanks, Neal. Obviously, Africa is a really important continent for you guys, and you had a podium position in a lot of markets there. Botswana is sort of newish. Can you talk about your success there? It seems like you guys right from the start have been doing incredibly well. I guess on the flip side, you're rolling up your sleeves in Nigeria, I guess, and trying to recalibrate and build share there. I guess you could kind of compare and contrast those two markets for us. Thanks, guys. Okay. I think Botswana is a very good example of what happens when you enter with the right product, really true tailwind and operational focus. High aura, high market entry. Obviously, it's not a one-off. It's all aspects coming together. Smart deployment of our strategy. It's got proximity to South Africa, so the brand awareness from the one country blends into the other. That's all about our global branding. Again, the only one that keeps underperforming for us is Nigeria. We've got some ideas for that, and it's got to be implemented. Our product is not right. We are key focus area again. The rest of the countries are all starting to show great growth, more growth. Remember, very importantly, our Jackpot City Casino is now coming through most of those markets. It just takes time to be able to influence this across the continent. Jackpot City is going to Ghana, Zambia, Botswana, Nigeria. That's a huge, another revenue stream. Plus, you take the crypto that we talked about before, the moving of the money, the processing fees. We are looking at everything under the hood across the world with all our spenders and how we become super efficient. With AI in our process, it's essential, the volume of customers we are getting through our product. How do we get to all of them? How do we give them the best service? That is how we keep. Remember, it's all great to get these customers into your ecosystem. If you don't love Austin in the ecosystem and I go for that store, there's no point giving them a phone call. You don't get the value. With AI, we can get to more of them. That's what we think in our risk software, in our core sensor software. For us, it's a volume game, but it's trying to treat every customer as if they are our only customer. Neal, last one from us. Nigeria, staying on that country, obviously, a tremendous amount of citizens there. I would imagine the TAM is significant. As you continue to sort of rewrite your script there and product, do you think you'd be in a position for that to be an area of growth, maybe outlier growth for you in 2026? Thanks, guys. We would hope so. You know, it's got all our focus. Is our product right? Is our offering right? Different methods of payment here, et cetera. That's what we have to do. I think if we got to sit elsewhere and we got to other countries, still think this. I would say Nigeria is one that we really would like to get it on the same surface in Botswana because, as you said, the populations are far more. They live in other markets. Nice. Thanks, Neal. Good luck, guys. Thank you. Our next question comes from the line of Clark Lumpen with BTIG. You may proceed. Thanks for taking the questions. First one that I have is on the iGaming exit, more of a follow-up, I guess. In terms of resource allocation, does this have a substantial sort of derivative impact on your plans, whether that's in Europe or U.K.? You've talked for a while about expansion in Africa. Does that accelerate your sort of plans in either continent? This is a little bit more of an expense question if he's on. In terms of retention, excuse me, retention dynamics, have you guys seen any downtick in sessions or engagement patterns in this sort of handoff period between football season and the Club World Cup? Or has it been in July and early August where you guys want it to be? Thanks a lot. Okay. I'll go first. Basically, on the fourth, and then Neal on the fourth, Spencer. Basically, in the U.S., when we've got. Now we've got the team who can work on our product. Remember what happened in our business. The Africa product is by itself. It is separate. What the U.S. agents allowed us to do is to work on the rest of the world. Think of Canada, U.K., Germany, Spain, Ireland, New Zealand, Mexico. It's those markets where we've now got the results that can now add in the product. In those markets, we were profitable. All that extra revenue that our product, extra revenue we get in, we are super profitable on. That's really what the key is, right? It doesn't affect the Africa model as well. Totally separate. Their cases, they can't open up in every African market straight away either. It's because you have to get your product right for each market. When it comes to the data that you're referring to, and what we've seen is obviously, I think we were pleasantly surprised by the Club World Cup. The Club World Cup wasn't expected to be a big betting sport, but it happened to be. I think that just showed because there was nothing else on that this is, and this is probably why FIFA pulled it in yet. For us, the good news is you have the Club World Cup, you've got the Euros, and you've got World Cup next year. We are seeing more and more of these competitions in our down season, which is effectively when there isn't ballgame results. I think it's helping there, and it definitely helps our July. Remember, what normally happens with casinos also starts kicking in. Depending on which countries you are, there's also the holiday season. All of these things add up. The more sports events there are, the more engagement we land up here. Across the board, I think that helps. I think the more events come, even get one now, the more get one, I think more people are engaging in that. Across the world, it's all about the sports events. Of course, our most important will be our Casinos. Thank you. Thank you. There are currently no questions, so I'll pass the conference back over to Nkem Ojougboh after this for digital remarks. Thank you. Okay. Thanks, everyone, for joining today's call. We're looking forward to meeting everyone yesterday on September 18th in London and via webcast to present Super Group's ongoing strategic initiatives as well as key growth opportunities. Thanks again to all our staff at Super Group for a fantastic quarter two, and we're on with another. Thank you, ladies and gentlemen. That concludes Super Group's Second Quarter 2025 Earnings Webcast and Conference Call. Thank you for your participation. You may now disconnect your line.