U.S. Markets closed

Edited Transcript of ASPIRE.ST earnings conference call or presentation 20-Aug-19 8:00am GMT

Q2 2019 Aspire Global PLC Earnings Call

Sep 7, 2019 (Thomson StreetEvents) -- Edited Transcript of Aspire Global PLC earnings conference call or presentation Tuesday, August 20, 2019 at 8:00:00am GMT

TEXT version of Transcript

================================================================================

Corporate Participants

================================================================================

* Motti Gil

Aspire Global plc - CFO & Chief Officer of Responsible Gaming

* Tsachi Maimon

Aspire Global plc - CEO & Director

================================================================================

Conference Call Participants

================================================================================

* Jonas Amnesten

Redeye AB, Research Division - Equity Analyst

================================================================================

Presentation

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [1]

--------------------------------------------------------------------------------

Good morning, and a warm welcome to Aspire Global's quarter report presentation and Q&A live from Redeye's Stockholm office. My name is Jonas Amnesten, I'm an equity research analyst with a focus on the online gambling industry and will also be the moderator during the Q&A session that will follow after the presentation in about 25 minutes.

For those of you viewing the live stream, you're welcome to send in your questions already at this point, and that is easily done through the form on the live streaming website just below the live stream.

And with that, we are ready for Aspire Global.

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [2]

--------------------------------------------------------------------------------

Thank you very much, Jonas, and also for Redeye for hosting us here for the Q2 presentation. Today, we will be here, me, Tsachi, the CEO of the company; and also Motti Gil will -- that will join me in the Q&A session if there will be questions around the financials as well.

So we'll start the presentation with a little bit of an overview of Aspire Global. Usually in this presentation, I used to have the slide only on Aspire Global, so I'm proud to mention that we have also Pariplay joining the group.

So Aspire Global by its own having around 200 employees, it's a platform provider in the gaming sector, providing a platform plus additional services for the different verticals: casino, sport and bingo.

Pariplay, it's the new company that we just acquired and supposed to be closed very soon. It's a company of 70 employees located in Sofia, Bulgaria and India, mainly operating and creating own games and acting as an aggregator. There are 2, 3 slides only for Pariplay to explain a little bit more about the strategic acquisition that we did.

So this platform, this slide provides an explanation of Aspire Global. So it's a platform provider. This is a platform that we developed throughout the time. On this platform, there are all these services and component that we developed throughout times, all the casino and games of sport, compliance, fraud risk management, everything is developed into one platform. And this platform is the base for any future activity and also M&A that we will have because this is the base of the synergies. Everything will be consolidated into this platform.

On this platform, we have several business lines. One of them is the B2C. We have our own proprietary brands operating on this platform. Second, we have the B2B business, partners, operators that decided to operate their online gaming on this platform as well. And the new business line that -- we called it previously as a hidden asset, it's the games. So this is the B2B games, also will be based on this platform.

And in this business line of games, we have 2 sub-businesses. One is our own proprietary games which have around 250 proprietary games combined of Aspire Global games plus Pariplay games. In addition, there is the third-party games that are integrated to Pariplay, because Pariplay is also an aggregator. So everything will be based on this platform and will be sold out to not only companies operating on this platform, but also outside of this platform. And this is the beauty in the acquisition that we did.

So a little bit highlights of the financials. So Q2 ended with almost EUR 33 million in revenue, which represent around 32% increase year-over-year. We ended with EUR 6.1 million in EBITDA, also it's around 7% increase year-over-year. There is a bullet mentioning that, if you remember last year in Q2, we had the addition of EUR 1 million of big winner return. So actually, when we look at the numbers as they should, without those onetime, it was a 30% growth in EBITDA from Q2 2018 -- '19 to Q2 2018. We ended with B2B revenues EUR 21.5 million, it's more than 50% growth year-over-year. The margin was 18.5%, with almost 100,000 new depositing players in the system, which is also more than 20% growth year-over-year.

The performance that we have in Q2, we are a little bit in the reporting seasonality here in Stockholm, so you already got the idea about some of the requirements and changes that were in Q2 2019 compared to 2018. One of them of course is the Sport that we had in 2018, and in 2019 we don't have the Sport event. And also there are new requirements and adjustments in several regulated markets like the U.K. one with the KYC and more. So I am proud to present this quarter, the numbers that we have is despite of those changes and amendments which, of course for the short term, can affect performance. So this is for this slide.

We also wanted to present the first 6 months for 2019 compared to 2018 in order to see the picture in a little bit broader angle. So we can see that H1 2019 revenues, it ended in EUR 66.6 million revenues, which is around 54% increase. The EBITDA, EUR 12.1 million, also compared to 2018 it's 42%. Only B2B revenues, almost EUR 40 million, more than 70% growth. The EBITDA of the B2B, more than EUR 8 million, which is almost 100% growth year-over-year. And the earnings per share which eliminate of course the noise that we had in different quarters is at EUR 0.18 compared to EUR 0.15 last year.

So overall, we see the trend. We see everything that are working for Aspire Global for the long term. And when we avoid noises within the quarter, we can see the trend, which is very inspiring.

Some of the operational highlights that we have. So we signed new 2 partners, I will elaborate about one of them later on. We launched 3 brands, all of them came from existing partners that decided to open another brand. We worked a lot throughout the quarters in amending our platform for the new requirements, mainly in the U.K., the KYC, anti-money laundering and responsible gaming. Those are new rules that came at around May 7 and needed to affect the flow of how the player is registering in the system. So we needed, of course, to adjust and be prepared, and this is something that we also worked on during the Q2. Currently, we have 43 partners operating on the Aspire platform.

Let's zoom in a little bit on the B2C. So the B2C, in the eye level, revenues grew 7% year-over-year, a little bit less than Q1 and Q4 2018. In the EBITDA, it's minus 37%. It seems like a very high number, but we can see that in Q2 2018, this is the big win that I shared with you in the first slide. And when we are eliminating this big win return, which of course increased the performance for Q2 2018, we can see that it was around 5%, give or take, from Q2 2018. So it's overall a stable performance for the B2C.

The marketing spend ended in around 33%. In this B2C, we know that the Sport was a bigger chunk of the revenues in Q2 last year. And this year, it's a -- with a low Sport seasonality, so it's affected a little bit the B2C in Q2. We launched recently, a few weeks ago, a new brand in the B2C called Generation VIP. And we are happy to inform that Karamba also won the EGR award for the best CRM campaign of the year. So this is for the B2C highlights.

We'll move to the B2B. It was a strong quarter. The same performance as Q1 2018 -- 2019, sorry, and around 50% higher than Q1 -- sorry, better than Q2 2018. And also in EBITDA, 62%. We signed 2 new partners. One of them is Codere Group, I will explain a little bit about who is Codere Group. And overall, the B2B income represent 60% of the company revenue already.

So this is a little bit explanation about Codere. Who is Codere Group? Codere is a Spanish gaming giant that already operate off-line and started online a few years back. You can see some of the information and background about Codere in the slide. It's a company, for example, that for the full year 2018 ended with EUR 1.5 billion in revenues, with almost EUR 300 million in EBITDA. It's one of the biggest companies in the world. They are already operating online, not with us, and their online activity represent around 3% of the total group.

With us, they decided to open a new brand for markets that are currently they are not operating in. So it's a great opportunity and cooperation, and we are welcoming Codere Group to Aspire Global and we'll be happy to serve them in markets that they are not operating currently. This is their brand, Greenplay, and this is how it looks. And it was launched in July 2019, a few weeks ago.

I will move now to some of the highlights of the platform, what we did and achieved throughout Q2 2019.

So we launched around 99, 100 games from various suppliers. We integrated our platform to a payment hub which will allow us to open new markets in a much faster mode than before. So we already opened those 2 new markets a few days ago, a few -- 2, 3 weeks ago. We renewed our license in Ireland for additional 2 years in July 1. We succeeded certifying our platform in Sweden. This is also a process that was due to be done until the end of June and we succeeded achieving that. And as I said before, we worked a lot in order to amend the platform for the new U.K. amendments and requirements from the regulator.

Some of the KPIs that we use to present in order to show how the business is performing within the inside is the company hold. Hold is the ratio between NGR to deposit. The industry standard stands at around 25%, 30%, 35% hold, and we are showing here a trend of more than 50% historically and also in Q2 2019, and I believe this is very unique compared to the industry standard.

Positive growth for Aspire Global. So this slide comes to present how the company is developing not only by the specific quarter but when this quarter is joining the last 12 months of the company. So we can see that in the last 12 months for Aspire Global, we are achieving almost EUR 130 million in revenues and with EBITDA that is approaching to EUR 25 million. So this is a good development of the company, not for 1 or 2 or 3 quarters but along the last few years.

Some slides about our financial position and the cash position. So we can see that we ended the quarter with EUR 53 million in cash. Out of them, EUR 46 million -- when we eliminate the balances of the players, EUR 46 million is available for M&As. And because we did the acquisition of Pariplay right after the quarter was ending, so if we will take this EUR 13 million of Pariplay, it will be from the EUR 46 million availability. So it's actually around EUR 33 million currently.

In the operating expenses. So the company continued to grow in comparison to last year. So with this growth from 2018 to 2019, we can see that the administrative expenses decreased from 14% to 10%, and the gaming duties that we paid for the different regulated markets that we are working stayed on the same level of 7%.

Our financial position, still very, very strong. Total assets combined to EUR 104 million, cash available is EUR 53 million and the retained earnings represent 47% of the total assets. We believe it's a strong and unique item as well for Aspire Global.

Some slide of Pariplay. So yes, we did this acquisition. We looked for some time for an acquisition that will strengthen the Aspire Global strategy in owning the B2B for gaming sector. So Pariplay, the acquisition was 100% from the GMS Entertainment, which owned Pariplay, for approximately EUR 13.1 million in cash.

Pariplay, they have 2 different business lines, one is that they are acting as an aggregator. They are already integrated to more than 25, 30 different game suppliers out there which already represent more than 2,500 games. Meaning that if any operator will want to have the fast access to those 2,500 and more to come in one integration, Pariplay is one of the companies to do it with. There are several companies in the world in this area. It became very, very crucial in the last 2, 3 years. And we were happy to acquire Pariplay, which is one of the leading aggregator in the world. And Pariplay, not only acting as an aggregator but also develop their own proprietary games, more than 50 games that they developed throughout time. This is just examples of their games.

So how Pariplay contribute to Aspire Global in our aimed future? So this is the value chain as we see it, from players playing to the actual game that they want to play. So in the middle, there are affiliates, Aspire Global doesn't exist in the affiliate area, but we exist now in much more places than before. We are existing in the operator side through our B2C and also through our B2B companies. We are in the platform area because we have our own platform to serve other operators out there.

We are now also in the games aggregator place, which is crucial. In the last 2, 3 years, there are more and more games suppliers that are being developed. And for an operator to do those integration with each and every new game supplier out there, it's becoming a little bit of a heavy operation. So this is where, in the last 2, 3 years, this aggregator area became crucial. So we are now in this aggregation place as well.

And of course, in the last one, game providers. So including Aspire Global proprietary games plus Pariplay proprietary games, we are also competing with the other game suppliers out there. The idea is that each and every euro currency that is entering in the gaming industry will have its place on one or many of the Aspire Global foothold in the gaming. So this is very important.

Internally, there will be a lot of synergies between Pariplay and Aspire Global. And of course, it will a broader our games portfolio. Externally, we are about to resell through Pariplay also our games that we developed throughout the time, the Aspire Global proprietary games. So this is something that we are expecting also in 2020. The integration -- the technical integration with Pariplay expected to be done in Q4 2019.

Some slides about the sustainability work -- ongoing work that we have. So this is something that we decided to, since the last quarter, to give like a snapshot of the situation of what we are working on. So we have 4 main areas, stakeholders that we decided to zoom in. First, which is the suppliers, employees, partners and players. Of course, there are more to come, which is the authorities, society and investors.

And in those 4 stakeholders, we decided to zoom in, in 4 different areas, which is responsible gaming, compliance, corporate governance and the reporting. So those are the areas. There is an ongoing work on that. We will share in the Annual Report of 2019 later on about the development, the KPIs and everything around the sustainability progress. This is the road map of what we already allocated from 2017 and onwards.

Going forward. So our future targets remain the same. When we are looking in 2021, we expect to be in EUR 200 million in revenues and an EBITDA of around EUR 32 million. So it's correct, Aspire Global already, in the last 12 months until now, is in around EUR 25 million. So 2.5 years from now, we expect to be more. We are taking into consideration that some of the business and revenues that we currently have will be taxed and we will pay gaming duties for, and this is why we expected to be around EUR 32 million, taking into account those future gaming duties. So this is what we are planning, so it's stay the same.

Some business plans for the future .So we have mr.play and Hopa to launch Sport in the coming 3 months. And it will be great for Aspire Global not only to take advantage of the remaining of the sport season that just started, but also to be prepared for next year tournament in summer -- in the summer.

We will integrate Pariplay to our platform in Q4. We are moving a big part of our technology assets to the cloud, already a process that we started and having a higher phase for it currently. And we will continue to search for additional M&As and acquisitions that will increase the offering of the B2B and the volumes of the B2B.

And that's all for this presentation.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [3]

--------------------------------------------------------------------------------

All right. Perfect.

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [4]

--------------------------------------------------------------------------------

I want to invite also Motti, the CFO of the company, for the Q&A.

================================================================================

Questions and Answers

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [1]

--------------------------------------------------------------------------------

All right. Perfect. Yes, that was a very good view of your quarter report. I guess you can stand on that side. And well, let us follow up with some questions.

And once again, for those of you viewing the live stream, you can send in your questions and that's easily done through the form on the live streaming website, just below the live stream. And well, let us start with our audience. Do we have any questions from our audience? No questions?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [2]

--------------------------------------------------------------------------------

Thank you.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [3]

--------------------------------------------------------------------------------

All right. Then we will go on with the online questions.

So you continue to add on new partners and there is a healthy development within the B2B segment. Could you elaborate a bit on the current growth drivers as well as future growth drivers for the B2B segment?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [4]

--------------------------------------------------------------------------------

So it's mainly due to 2 things that we expect the B2B to continue and grow. One of them is the new market that we are opening. This is something that our partners are looking for and happy to promote more and more of their brands. Those are marketing companies that are very fast and agile. And the second is that verticals, we're about to provide them more verticals to operate. And with regulated markets, especially in the U.K., we believe that you cannot succeed with only one vertical. So this is why mr.play, which is one of our good partners that we have, where we're going to add Sport very soon, to be ready. So we expect further growth from some of our partners.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [5]

--------------------------------------------------------------------------------

All right. Thank you. And you decreased the marketing within the B2C segment compared to last quarter. Why is that?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [6]

--------------------------------------------------------------------------------

To last quarter or last year Q2?

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [7]

--------------------------------------------------------------------------------

Last quarter.

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [8]

--------------------------------------------------------------------------------

Last quarter. So first of all, it's mainly because of the U.K. market where some of the requirements that I talked about with KYC, the know your customer, blocked players that the industry used to receive because of mistakes or because of any other reason. So because this business received a little bit less players, so is paying less for those marketing. And also some optimization we are doing all the time in order to make sure that if we did a good campaign or a bad campaign in Q1, let's stop it if it's something we don't see future value out of it. So it's all the time optimization. We cannot commit for 33% and we cannot commit for 37%, it's an ongoing dynamic issue.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [9]

--------------------------------------------------------------------------------

All right. And this is connected to the slightly lower revenue Q-on-Q for the B2C segment?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [10]

--------------------------------------------------------------------------------

I believe so. It's part of the reasons, yes.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [11]

--------------------------------------------------------------------------------

And the VAT item in your statement has increased 19% Q-on-Q. Does this strong increase related to German market? Or why has it increased so much?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [12]

--------------------------------------------------------------------------------

So we are not dipping into the different areas where it's grew. Germany is one of the markets. Motti, if there is more to elaborate about that?

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [13]

--------------------------------------------------------------------------------

No, I think that you answered it correctly. We do not refer to the specific markets. However, it is in line with our strategy to focus on regulated and taxed markets.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [14]

--------------------------------------------------------------------------------

Okay. And could you elaborate on why distribution expenses has increased so much year-on-year? It has increased over 50%.

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [15]

--------------------------------------------------------------------------------

So one of the things that I know for sure and maybe Motti will add onto it, part of the reasoning for us to grow in the B2B is also to create more and more incentive plans for our partners. Meaning, to have a temporary discount in order for them to be with more return and money from the operation in order to continue to invest. We take it into account that for Aspire it might lower for the short term the margins, but it's much more sustained to have high volumes to grow. And even if the margin will be lower, it's much stronger and stickiness to have those partners with good plans.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [16]

--------------------------------------------------------------------------------

All right. Makes sense. Makes sense. And the item company share in the result of associated companies was very low this quarter. Could you explain why? And what can we expect going forward?

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [17]

--------------------------------------------------------------------------------

So it was lower because part of the associated companies performed better and their losses decreased or even started to be breakeven and earned a little money. We cannot provide any guidance for the future. But this is certainly part of the work that we are doing together with our associated companies in order to assist them to grow and be profitable.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [18]

--------------------------------------------------------------------------------

All right. Perfect. And the Pariplay acquisition opens the U.S. market for you. What opportunities do you see in the U.S. market?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [19]

--------------------------------------------------------------------------------

So most of the operators that you are familiar, the big one, run into the U.S. In order to work in the U.S., you need to be with a certified games developer or an aggregator. And it's not easy for a games supplier to be certified in the U.S. It's a much more challenging work to do than in Europe. Pariplay already met the requirements, they're certified. So right now, we are looking for deals in the U.S. in order to start operating. So the position over there is pretty strong. Most of the aggregators are not available for the U.S. So this is the position that we're in.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [20]

--------------------------------------------------------------------------------

Okay. Interesting. And could you give any more information regarding the financial situation of Pariplay?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [21]

--------------------------------------------------------------------------------

I'm not sure how much we can share about this yet.

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [22]

--------------------------------------------------------------------------------

Once the transaction will be closed, so we will provide some additional information, also some pro forma information that will give a better view to the shareholders about the situation and how Pariplay contributes to our financial statements.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [23]

--------------------------------------------------------------------------------

All right. Perfect. And Aspire Global has a very strong balance sheet, including over EUR 50 million in cash. Are you still actually looking for companies to acquire, to use the cash there?

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [24]

--------------------------------------------------------------------------------

So as Tsachi mentioned earlier, out of the over EUR 50 million, approximately EUR 7 million are attributed to liabilities to players or players' deposits. And out of the remaining EUR 46 million, EUR 13 million already allocated for the Pariplay transaction. However, we are on the constant look for additional acquisition opportunities. So this is certainly something that we are looking all the time on.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [25]

--------------------------------------------------------------------------------

All right. And what new markets are you looking to enter?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [26]

--------------------------------------------------------------------------------

Some of them inside Europe, not a lot, and some of them outside of Europe. And once they will be a little bit more established and with a little bit more material revenues, we'll be happy to share. But this is something that we only now opened, so it's too early.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [27]

--------------------------------------------------------------------------------

All right. Yes. And could you elaborate on why Codere Group are choosing you as a partner?

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [28]

--------------------------------------------------------------------------------

I believe that it's the same reason like other partners that chose us. But especially Codere, it's true that they have their own proprietary in some of the platforms that they're working on. They wanted a fast-to-market entry. They wanted to have the ability to operate in licensed and regulated markets. And Aspire is in a good place where we already hold some of those licenses. So I believe this was one of the reasons for them to choose Aspire.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [29]

--------------------------------------------------------------------------------

All right. And we have one question regarding -- well, the stock price. I guess we're just not going to talk about that specifically because I assume you can't really comment on anything related to the stock price.

What is the status on the Israeli tax dispute?

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [30]

--------------------------------------------------------------------------------

So on this part, nothing new to add. This is an ongoing process. But there wasn't any new things to report. So it has the same status as it was in the previous quarter.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [31]

--------------------------------------------------------------------------------

All right. And what will be the main challenges the next few years for Aspire Global?

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [32]

--------------------------------------------------------------------------------

I think the main challenges will be to enter more and more markets which will be with gaming duties and tax, and to find the right formula and pricing model to be able to let our partners be profitable and to operate more than one vertical. We need to be much more scaled to have those verticals embedded in the system, to own them in order to be faster. So we have a very dedicated plan in order to meet those targets and to be strong not only now, because we don't look for the operations in the next quarters or 2 quarters, we look for the 2021, '22, '23. We want to be huge over there not only now.

--------------------------------------------------------------------------------

Jonas Amnesten, Redeye AB, Research Division - Equity Analyst [33]

--------------------------------------------------------------------------------

That makes sense. And that was actually our last online question. So do we have like any final questions from our audience here? No questions?

All right. Well, in that case, we will wrap this up. I'd like to thank Aspire Global. I'd like to thank our audience and our viewers for viewing. And well, I hope to see you all next time. Until then, take care and have a great day. Bye.

--------------------------------------------------------------------------------

Tsachi Maimon, Aspire Global plc - CEO & Director [34]

--------------------------------------------------------------------------------

Thank you. Thank you.

--------------------------------------------------------------------------------

Motti Gil, Aspire Global plc - CFO & Chief Officer of Responsible Gaming [35]

--------------------------------------------------------------------------------

Thank you very much.