Gambling.com Group Ltd Q1 FY2025 Earnings Call

Greetings. Welcome to Gambling.com Group First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Peter McGough, Senior Vice President, Investor Relations and Capital Markets. Thank you. You may begin.

Thank you. Hello everyone. And welcome to Gambling.com Group's first quarter 2025 results call. I am Peter McGough, Senior VP of Investor Relations and Capital Markets. And I'm joined by Charles Gillespie, Gambling.com Group's Co-Founder and Chief Executive Officer; and Elias Mark, Chief Financial Officer. This call is being webcast live through the Investor Relations section of our website at Gambling.com/corporate/investors and a downloadable version of the presentation is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact Investor Relations support by emailing investors@gdcgroup.com. I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements. Some factors that could cause such differences are discussed in the risk factors section of Gambling.com Group's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. During the call, there will also be a discussion of non-IFRS financial measures. A description of these non-IFRS financial measures is included in the press release issued earlier this morning, and reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are included in the appendix to the presentation and press release, both of which are available in the Investors tab of our website. I'll now turn the call over to Charles.

Thanks, Pete. And good morning, everyone. I'd like to start by thanking Frederic Burvall and Greg Michaelson, two of our longstanding directors whose terms ended at the AGM yesterday, for their wisdom, service and support of the company over the better part of the past 10 years, and also welcome our two new directors, Fenton Costello and Jamie Mendal to the Board. It was just a short time ago that we reviewed our tremendous 2024 results while previewing the 2025 growth plan. The year is off to a strong start, as expected, with record all-time quarterly revenue and adjusted EBITDA. Revenue rose 39% year-over-year to $40.6 million, and adjusted EBITDA grew 56% to $15.9 million. With 24% of first-quarter revenue coming from recurring subscriptions, we have transformed a marketing-only business into a marketing and sports data services company with a substantial and growing percentage of highly predictable subscription revenues. Our competitive position in the global online gambling ecosystem and our sustainable growth opportunities have never been stronger in the company's 19 years. With our marketing business performing at all-time highs and the significant expansion of our sports data services following the acquisition of OddsJam and OpticOdds on January 1st, we are confident in not only achieving our growth targets for the year, but also delivering on our strategic objectives to expand beyond marketing and reach $100 million in adjusted EBITDA. The growth opportunity for OddsJam and OpticOdds is robust. The integration of these new sports data services is progressing as planned, and execution in this business continues to highlight the significant strategic and financial value this acquisition has brought to Gambling.com Group. Their entrepreneurial energy and ambition fit right in with our team of talented and accomplished entrepreneurs. It is great to now be working hand-in-hand with these talented operators. The consumer-facing part of the business, OddsJam, has a strong subscriber base that we are confident we can scale while maintaining margins and profitability. For the B2B side of the business, OpticOdds, we are just getting started with leveraging our reach and resources to grow enterprise subscription revenues. We continue to expect incremental adjusted EBITDA from OddsJam and OpticOdds to grow by at least 20% this year, and we see attractive long-term growth prospects for the current products. While the current suite of products has a very attractive growth opportunity, we now own a platform that is capable of powering a broader array of enterprise products and services to solve more problems for our online sports betting clients. Turning to our marketing business. Our iGaming-led strategy continues to drive performance with iGaming revenues rising 24% year-over-year. This growth reflects solid organic growth complemented by contributions from Freebets.com and its related assets. We continue to grow our market share in the UK and the rest of Europe, and our North American sports betting business has now lapped its last quarter of difficult comparisons. For the full year 2025, we continue to expect our marketing business to grow in all of the geographic regions where we operate, including North America. We will add Missouri to our guidance once the launch date is clear. While the uncertain macro environment has recently created volatility in the capital markets and some uncertainty about the economy, I want to highlight that during the entire history of the online gambling industry, no economic slowdown has ever had any meaningful impact on the underlying growth of the industry. The online industry is fundamentally insulated from these economic effects as players don't have to travel to a land-based casino to continue playing. We expect this current cycle will be no different from the other cycles the company has grown through since its founding in 2006. We can confirm that there have been no changes to our business volumes or expectations due to changes in trade policy. Furthermore, we do not expect any impact on our business from any change in tariffs, whether in the US or abroad. In addition to the resilient nature of online gambling, our strong competitive position sets us up to continue on our strong growth trajectory. Our industry-leading brands such as Gambling.com and Bookies.com, and growing brands like Casinos.com continue to drive market share gains. Our full embrace of AI has also accelerated our ability to keep improving upon our technology stack and digital marketing capabilities to continue to drive organic growth. On top of this, with the acquisition of OddsJam and OpticOdds, we have the best Odds data infrastructure in the industry, and the revenue from that platform increases our overall revenue visibility. As a result, we are in our strongest competitive position ever and are thus well positioned to drive continued growth, profitability, and free cash flow as reflected by our reiteration of our 2025 guidance, which will result in another year of record annual revenue and adjusted EBITDA, and move us increasingly closer to our next goal of $100 million in annual adjusted EBITDA. I will now turn the call over to Elias to review the first quarter's financial highlights.

Thank you, Charles. First-quarter revenues grew 39% year-over-year to $40.6 million. Our marketing business grew 13% as we delivered more than 138,000 NDCs to our customers, representing 29% growth year-over-year. Our sports data services business, which includes the first full quarter of revenue contributions from OddsJam and OpticOdds, quadrupled. Subscription revenue was 24% of revenue. Inclusive of the revenue share arrangement in our marketing business, recurring revenue was 50% of total first-quarter revenue. Revenue grew in all geographic regions, and we expect that to continue for the remainder of 2025. Gross profit increased 42% year-over-year to $38.4 million. Cost of sales was $2.2 million, which was flat year-over-year with lower media partnership fees offset by cost of sales related to the acquired OddsJam and OpticOdds businesses. While partnership fees were lower year-on-year, they were a bit higher than we had expected. Gross profit margin increased roughly 200 basis points compared to the first quarter of last year to 94.5%. Total operating expenses increased 50% to $28.7 million, primarily reflecting a significant increase in amortization from acquired intangible assets from the Odds Holdings and Freebets acquisitions. Operating expenses also absorbed the cost base of the Odds Holdings acquisition. Excluding the non-cash acquisition-related amortization, growth in operating expenses was well under our revenue growth of 40% for Q1. Adjusted EBITDA increased 56% year-over-year to another all-time record of $15.9 million compared to $10.2 million a year ago. First-quarter adjusted EBITDA margin was 39%, up 400 basis points from 35% in the year-ago period. First-quarter adjusted EBITDA margin would have been even higher if not for slightly higher-than-expected partnership share of revenue and its related cost of sales, as well as investments in an ambitious product roadmap. Typical softer seasonality combined with product investments will naturally result in sequentially lower margins in the second quarter before expanding in the second half of the year as we move into the seasonally stronger sports calendar and our current wave of product investments start to bear fruit. Adjusted net income for the first quarter of 2025 rose 78% to $16.5 million from the year-ago period. Adjusted net income was positively affected by the strengthening of the euro versus the US dollar when translating balance sheet items. Adjusted diluted net income per share increased 92% to $0.46 from the year-ago period. As a reminder, in Q4, we revised the way we define adjusted net income to more closely align adjustments we make to adjusted EBITDA. This is to improve the like-for-like comparability between periods. Free cash flow was $10.3 million, up 25% from the earlier period. Free cash flow in Q1 reflects strong growth in adjusted EBITDA, partly offset by the timing of tax payments and working capital movements related to the settlement of transaction expenses for the Odds Holdings acquisition. As of March 31st, we had total cash of $21.5 million and $70.5 million of undrawn capacity on our credit facility. On April 1st, we made the final payment of $11.2 million for the Freebets.com acquisition using cash balances. In total, we have drawn $94.5 million on our $165 million credit facility. Effective on April 1st, we entered into a swap agreement to effectively convert our $75 million of US dollar term loan to euro borrowings. This lowered our cost of debt capital by approximately 200 basis points. The swap transaction also aligned our borrowings with our functional currency, eliminating the corresponding Forex translation effects in our income statement moving forward. Our free cash flow and borrowing capacity continue to provide the flexibility to pursue both acquisitions and to optimize our capital structure to maximize shareholder value over time. As Charles noted this morning, we reiterated our full year guidance with a midpoint of our revenue guidance of $172 million, representing 35% year-over-year growth. The midpoint of our adjusted EBITDA guidance of $68 million represents 40% year-over-year growth. This guidance assumes a resumption of growth in the North American marketing business, continued global market share gains as well, and well over 20% of full-year revenue coming from recurring subscriptions. As per usual, our guidance does not include contributions from any new acquisitions or any new market launches. While we expect Missouri to launch sports betting in the second half of this year, as per our policy, we will not include it in guidance until the launch date is confirmed. Our guidance also assumes an average euro to USD exchange rate of 110 for the year.

We will now turn the call for questions.

So I want to start with kind of an industry topic, across not just your own industry but many, but AI search, growing interest from consumers where there's ChatGPT, Perplexity, etc. Apple also reported browser search was down in April for the first time. So curious, I guess, what Gambling.com is doing to keep its content in focus as there's still consumer demand but as that behavior is changing and how they're viewing content, finding content? And do you view this as an opportunity or a risk?

Apple executive Eddy Cue mentioned in a court hearing that search volume on Safari reached its peak in April. In response, Google stated that they are still observing an increase in search volumes from Apple's devices, reporting a 10% rise in global search volume for the first quarter. From our viewpoint, our marketing business is generating record revenue, primarily driven by natural search from Google, with no signs of a decline or significant change in search volumes. Additionally, we are experiencing a growing number of referrals from generative AI platforms like ChatGPT and Perplexity. This growth resembles a hockey stick, starting from virtually nothing a couple of years ago and increasing rapidly from a low base. Notably, this traffic shows a high intent level, even exceeding that from Google search. It appears incremental since referrals from natural search remain stable. Users engaging with these AI tools develop a deeper connection, asking specific questions and guiding the conversation, which indicates a more serious intent given the effort involved. We appreciate high-intent traffic regardless of its source. As the influx of high-intent traffic from AI tools increases, our dependence on Google's organic search channel decreases. I've been reflecting on this topic, as many in digital marketing likely have. Interestingly, the monetization approach of these tools appears to contrast with that of Google, as users are willing to pay for the service directly, eliminating the need for the AI tools to monetize their content. If we remain optimistic, this trend could benefit quality content publishers like us and signify a new era online, where advertising plays a less central role. However, while alternatives to Google search exist, most search products feature ads, whereas these generative AI experiences do not, leading to a more organic traffic flow and a direct relationship with consumers. The numbers are strong; we continue to earn significant revenue from Google natural search, and we're also profiting from these generative AI tools, which makes us optimistic about the future.

I want to switch over to OpticOdds. You mentioned some success there. Last quarter, you mentioned kind of the top asset at OpticOdds was in Malta running through Gambling.com's global client list. Curious for any updated details, anything you can share there on how those conversations and that cross-sell is going?

OpticOdds is performing exceptionally well and is experiencing significant growth. While OddsJam is also growing, OpticOdds is likely the fastest-growing part of our entire business. Our recent trip was productive and enlightening, and we've hired a senior salesperson in London to help expand the distribution of this product across Europe. We're in the early stages, having only one quarter of results, but our plans, hiring efforts, and roadmap are progressing well, and we anticipate sustained high growth in this area for some time.

Our next question comes from Jeff Stantial with Stifel.

I want to ask, we heard from Penn last week that they were turning back on performance marketing after leaning primarily on ESPN and reactivations for a handful of quarters. I'm curious if this specifically has been a material growth driver so far? And then more broadly just how you think about the potential for other operators to start to dig in a bit deeper here just as some lower CAC channels get exhausted or sort of start to naturally decelerate?

That would be consistent with our entire experience of having run this business for 19 years around the world. These operators, obviously, if you can acquire customers cheaply, you do it. But as you say, those channels get exhausted, becomes more competitive, all the low-hanging fruit is plucked and then where do you find players? Well, the affiliate channel. There's a reason it is central and fundamental to all these operators' marketing strategies and all of these different markets around the world. So to us, it's absolutely no surprise whatsoever that an operator like Penn would reach this conclusion. If anything surprising, it's that it took them as long as it did to reach that conclusion. But Penn as a client, there wouldn't be an enormous client at this exact moment in time. They have been an enormous client in the past, particularly around the point when ESPN BET launched. But we welcome, of course, any increase in demand from our customers.

Turning to guidance, Elias mentioned that the assumption for the euro has increased from 107 last quarter to 110. Can you provide details on how the higher euro has impacted revenue and EBITDA guidance? Should we interpret the reaffirmation of guidance as a sign that you might have been closer to the lower end if the euro had not helped, or does this suggest you are now tracking above the midpoint thanks to the favorable foreign exchange impact? Any insights on the implications for constant currency would be appreciated.

There are a few points to address. It's quite challenging to provide guidance on future Forex movements due to the current market volatility. In Q1, we experienced significant positive translation effects from balance sheet items at the quarter's end. However, on the P&L side, there weren't notable positive effects because the average rate aligned with our expectations. We've projected a rate of 110 for the remainder of the year, but it could fluctuate above or below that. It's important to highlight that a higher percentage of both our revenue and operating expenses are now in US dollars following recent acquisitions. As a result, any impacts from Forex movements have a smaller effect compared to last year or the year before. We have slightly adjusted our assumptions regarding the euro to USD exchange rate, which has a minor positive impact on our revenue, but it's not significant enough to alter our overall outlook. Fundamentally, our revenue and EBITDA expectations for the remainder of the year remain unchanged.

Our next question comes from Barry Jonas with Truist Securities.

I wanted to see if you'll share any thoughts on what the path could look like to get to your $100 million EBITDA goal. Really any color on business line or product composition, what M&A means to getting there and then timing would be helpful?

With guidance this year putting us on $68 million at the midpoint, we're going to be 68% of the way there this year. Obviously, we do M&A, that's the big delta here. If we find another acquisition that ticks all the right boxes for us, and reminder we're very picky about M&A, then it could shorten the timeline meaningfully. But we're still a high growth business even without M&A. So with a nice acquisition, it could happen very soon. But without that, it would, all things equal, take another year or two. So we don't want to put a specific year on it but it doesn't take a whole lot of imagination to see that we could get there pretty quickly if we did another acquisition of meaningful size.

And then just for a follow-up, on the OSB side, there's been investor concerns around decelerating handle trends for North American operators. I think you've talked about this in the past. But one, are you seeing anything concerning there, and two, what's your latest thinking about rev share versus CPA mix in the current environment?

There were some statistics regarding MBA and GGR that showed a decline year-on-year. However, I believe this is unique to the NBA and does not reflect the broader American OSB market. All the data suggests that in Q1, OSB grew by about 15% nationally in the US, while iGaming expanded even more rapidly. Therefore, there are no concerns on our end. While this data point raises some curiosity, we are not worried. Regarding revenue share and CPA, nothing has fundamentally changed. We remain neutral about the advantages of either option. Our approach involves modeling the situation; our advanced data science teams analyze all the deals available to us, and we select the one that will yield the highest profit. This year, we anticipate that 25% of group revenue will come from recurring subscription revenue, which includes B2B enterprise sales and B2C customer subscriptions like OpticOdds, OddsJam, and RotoWire's data services business. Additionally, if we consider the recurring aspect of our marketing business—whether through pure revenue share deals or hybrid deals that include a revenue share—we expect that over half of our group revenue will consist of recurring income. While we don't have a specific objective to increase the recurring portion of our marketing revenue, it tends to grow naturally as it often represents the most effective monetization strategy available to us.

Our next question comes from David Katz with Jefferies.

Charles, you are, I believe, in a unique position to opine and convey what you're seeing with respect to the topic of handle growth. There obviously is a bit of a debate at the moment about what the trajectory of US handle growth is looking like. And I would just welcome your perspective on sort of how you would characterize the sort of growth in handle in the US, please?

I think there's a lot of cross currents under the surface, which are making it a little more confusing for people to understand. But that mixed shift is what's happening. But fundamentally, in aggregate, the market is growing. I mean, we've got an interesting and unique perspective but at the same time, we follow a lot of these industry data sources, and all of those are pointing to double-digit gains in Q1 OSB growth. So we're certainly not seeing any slackening in our business but we're doing a lot more with things like same game parlays, that's a product which is a home run for the operators, they want that traffic, they're now very actively looking for it. And they want to collaborate with companies like ours to give them more of that type of traffic specifically. So we've built on the back of our fantastic technology stack a variety of really interesting same game parlay tools, which are available across different sites of ours, and that's helping drive more engagement on that type of product. But yes, I think it's just getting kind of more complicated but in aggregate, it's very clearly still growing.

Could you provide an update on iGaming legislation, particularly regarding any potential legalization in Ohio? I understand there are various opinions on the matter, but your insights would be highly valuable.

It has been somewhat quieter this year than we would have preferred. The developments in Ohio are encouraging. What I appreciate about the Ohio approach is their emphasis on comprehensive reform with a single regulator managing a revamped gaming economy. There won’t be multiple regulators, just one overseeing everything, which is definitely the way to go. This is not new information; we’ve seen similar situations globally. Ohio is a strong market with various competitive operators, and this direction would certainly be a positive move. While no one has inquired about prediction markets yet, they relate to this discussion. The legal landscape for prediction markets is becoming increasingly clear, indicating that this category will expand rapidly with a tax rate of zero. This makes it significantly more appealing from a business standpoint compared to the often high state gaming taxes, which some states are even attempting to raise. It’s an interesting area to monitor, and major operators are certainly exploring the viability of offering their services under this regulatory framework, which will encourage transparency and competitiveness among state gaming regulators.

Our next question comes from Clark Lampen with BTIG.

My first question is sort of a follow-up on iGaming in the US. I'm curious if you could give us an update on Casinos.com, where you are in the process of sort of building domain authority and traffic? And if there's any way that you guys have sort of thought about revenue upside or how that brand might perform when you start to get into an earnest, an iGaming legalization cycle in the US? Second question that I have is, going back to I think some questions that were asked earlier around the $100 million EBITDA target. I'm curious, I know this year, OddsJam and I think the sort of newer subscription businesses that you've been building out are going to represent something like 25% of overall mix, if I heard you correctly earlier. Have you thought about or tried to dimensionalize when you reach $100 million whether it is revenue or EBITDA? Where should the relative mix of sort of performance and I guess kind of if you were to bucket it broadly non-performance businesses land?

We're currently in Charlotte, having just completed our major management summit earlier this week, where we received updates from all the teams, including Casinos.com. There's some exciting developments in progress with Casinos.com as we work to establish a distinctive tone for the product, involving comedians to create unique content that sets it apart from other offerings in our portfolio. They've been very creative and are seeing strong growth over the past six months. While it's still a young product with room for improvement, we're on the right track, and they are implementing some innovative strategies. For instance, today, May 15th, they announced, with the Mayor of Las Vegas, International Casinos Day. This represents a significant public relations initiative by the Casinos.com team to amplify their brand and gain global visibility, not just in the US. It's important to remember that while Casinos.com generates US revenue, it is a global entity, servicing numerous casinos worldwide. Regarding the $100 million in margins, when we acquired the OddsJam and OpticOdds businesses, they had slightly higher adjusted EBITDA margins compared to our marketing division. This is a strong business model, and we believe it will remain consistent. Currently, this segment accounts for approximately 25% of our business, and it's growing at a faster pace than our marketing segment. It could eventually make up 30%, 35%, or even 40% of the overall business, but we expect the margin profile to remain comparable. Therefore, the contribution of sports data services to adjusted EBITDA should be around $30 million to $40 million, likely exceeding that of the marketing business.

Our next question comes from Chad Beynon with Macquarie.

I wanted to ask about Brazil. I feel like we've heard from some of the operators down there that it's been a little bit of a slower start than anticipated, yet everyone still has pretty high total addressable market sizing for that market. What are you seeing? I know that it's a big market with a lot of different operators, which I think is probably the best model for you guys. But are you working with different partners? I know, it's going to be a long haul there. And how have the expectations for 2025 changed in terms of what feeds into your model?

Our strategy in Brazil has been very much a wait and see and frankly still is. We have not done any M&A there, we have not made any big organic push there ourselves, and we've never had meaningful revenue from Brazil. All of our peers that had meaningful revenue from Brazil have been digesting some extremely challenging comps as the market has regulated, taxes have gone up, etc. We've reviewed it plenty of times and the math is challenging. It is competitive, there are lots of operators, sensible taxes. But at the same time, there are local regulations about how you have to run your business with a local entity and then there's challenges on getting money out of Brazil, which make it less attractive. We are continuing to take calls on M&A opportunities in Brazil. We remain interested. We'd like to have the right Brazilian business, but we are going to be as picky and cautious. We're probably going to be even pickier and even more cautious than we are in any other given market given the operating challenges we've seen from our peers in that market.

And then another question just kind of going back to some of the noise that we saw in the first quarter. I guess this one would be related to potential tax increases. We're still seeing in the trade rags that New Jersey is still contemplating this. But when the noise is heightened with a lot of your partners in the US with respect to potential tax increases, I know most of them haven't happened, but there's just been a lot of headlines. What happens with the conversations with you and your partners? Are they trying to pull back, are they more hesitant? I'm sure it's maybe even a time to lean in. But just trying to get a sense if we do see some tax increases in the US, what happens with your partner's goal to grow NDCs through affiliates?

If states increase gaming tax rates, it negatively affects player lifetime value, but this impact is not immediate and unfolds over time. The overall value we all rely on diminishes when that pool becomes smaller, resulting in less available for everyone. Based on our experience, it can take about a year for these effects to manifest, and not all of the burden is passed on to us. While it's not a favorable situation, it's also not extremely difficult to manage. Rates and agreements will adjust, and we move forward. With the prediction markets likely heading towards rapid growth, this could encourage state gaming regulators to reconsider raising taxes.

Our next question comes from Mike Hickey with The Benchmark Company.

Just I guess, on your near-term guidance, outside of FX contribution or not, just curious how you guys are thinking about potential upside scenarios here, especially we've got Missouri, which is in your guidance. I think we're still planning for Alberta in early 2026. So I'm guessing from your business standpoint that, that would be in in 2025. So it just feels like your business is strong here, maybe better than you're expected in 1Q, and then you've got sort of upside baked into your numbers here. Just curious, if we're thinking about that right.

So one of our big projects this year is the rather substantial revamp of the consumer side of RotoWire. The internal codename is Project Purple Rain, and that's going live at some point this summer. So it's not just a refresh of the brand, it's a fairly substantial refresh of the fundamental product. The data underlying that business is tremendous, and that data will continue to be the centerpiece of the product suite. But that is a big focus of our team at the moment, and that has the potential to outperform.

On the prediction market opportunity, it sounds like you're very enthusiastic. I mean, what do you think, Charles, from your view? Operators need to be more confident that we in fact have a very durable regulatory framework here so that they can invest monies on the marketing side. And then this just seems like on the surface like a massive opportunity for you guys just thinking about sort of many states kinda legalizing here at once. So curious if you could just sort of frame that for us the best you can. And then do you feel like you're sort of positioned today here, if it's sort of we get the framework we need? I guess it's already there but there's more belief that it's sustainable. Like you positioned to sort of benefit immediately, Charles? Do you feel like you have to make some acquisitions or deals or sort of how would you sort of position the framework of your company to benefit from the prediction market?

There have been several court rulings, and the prediction markets companies continue to succeed. This provides additional clarity that the situation is acceptable. The main question is whether states can override federal authority in this matter. The federal government has a comprehensive regulatory system in place, which has been established for decades and is now being expanded into new areas. It has never faced significant challenges before, but with the emergence of state gaming regulators, questions arise about their authority to impose restrictions or taxes. Although recent court victories suggest unlikely state intervention, this issue could further escalate, potentially reaching the Supreme Court. Clarity may not come soon, which is unfortunate, but it’s a reality we face. There is no specific limit on the number of participants; anyone who meets the necessary criteria can apply for regulation. This could lead to numerous new entrants in this field. While call sheet is currently leading the way, they are not the only ones interested. From our perspective, there isn’t much to acquire as this is a new category for us, aligned with our core business of producing content on gambling and related products. We can easily expand our coverage to include this area without needing significant operational changes or mergers. We already have commercial relationships with many of these companies, and while our revenue from this category is currently small, it holds the potential to grow significantly in the future. It may not take off immediately, but over the next few years, it could become an important part of the US market.

We have reached the end of our question-and-answer session, which concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.