Ladies and gentlemen, welcome to the Net Gaming Europe Q3 Report 2018. Today, I'm pleased to present CEO Marcus Teilman. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question-and-answer session. Speakers, please begin.
Thank you very much, and good morning, everyone, both on the web and on the phone. My name is Marcus Teilman. I'm the CEO, and I'm happy to present this Q3 report with 21% organic growth, primarily driven by the US markets. Looking at the agenda today, I will start off with giving you some highlights of the third quarter 2018. Then I will guide you briefly through the company and speak about the company, what we do, and how we do it. Then I will hand over to our CFO, Gustav Vadenbring, who will guide you through the financials for the third quarter. Then I will speak about the growth strategy, and then to sum it up and speak about the outlook. And then we'll round this call off by having a Q&A session. If we move on to the next slide and the Q3 highlights. Q3 highlights 2018.
We saw an increase in affiliate revenues of 33%, up to 51.1 million SEK, with an organic growth of 21%, which was an improvement by 6%. EBITDA came in at 32.3 million SEK, which was up 26% from the same period last year. EBITDA margin remained strong with 63%, down slightly. And our earnings per share was at 0.27 SEK for the third quarter 2018, and we remain at a strong cash conversion of 101%. Gustav will speak more about the financial aspects later on in this presentation. During the quarter, we launched new financial targets with an improved focus on organic growth. We will speak more about that later on in the presentation and how we will drive the organic growth. With that said, I'm also happy to see an increased organic growth of 21%.
We saw that the organic growth in the U.S. market was 108%, and the U.S. market, North America, now accounts for 23% of our total revenues. And I'm very happy to see that the development in North America continues. I'm also very happy to see that the underlying growth in new depositing customers is still continuing to grow. We saw casino NDC growth of 52% in the third quarter, while the total NDC growth was of 35%. So 35% underlying growth in NDC numbers in comparison to 33% total revenue growth that was also impacted by strong tailwind in the SEK. I'm also happy to see that the organic growth was also driven by the European casino market, and the European casino grew 17% organically during the third quarter. Like I said, we continue to show strong margin and a high cash conversion.
During the quarter, we have also made some key recruitments to execute on a growth plan, one being our CEO, Gustav Vadenbring, but also CTO, Clinton Cutajar. We will continue to recruit more people with core competence in the areas that we see that can give us further growth according to the growth plan. Let's move on to the next chapter and Net Gaming in brief. If we look at our market, we are in the affiliate industry. We have other large players in the affiliate industry like Booking.com, Expedia Inc., Hotels.com, and TripAdvisor that are comparing different services or products. But we are in the iGaming affiliate industry like Catena Media and Better Collective that are both listed on the Nasdaq Stockholm main market.
So what we do, we don't operate our own casino brands or sports betting operation, but we refer end customers or end users to the operators, being our partners. Let's move on to the next slide and speak more about what we do. What we actually do, we own and develop strong digital brands within iGaming affiliation. And you see here, you see our core brand, Casino Top 10, PokerListings. These are two brands that we have had in our portfolio for a very long time, PokerListings. We founded in 2003. Casino Top 10 was founded in 2004, and Casino Guide was acquired in 2005, but the domain name itself was launched in 1995. On top of this, we also have Casino Topl ist and Mr Live. Mr Live is a niche site in the live casino segment.
So what we do is that we will continue to develop these strong digital brands in the iGaming affiliation, but we will also add more brands than we have actually. In fact, we have more than 130 different brands. So what we do, we guide and inspire users to find the right operator. And that we do from different brands in different geographies. And we also have local brands for each geography. In Germany, for example, we have CasinoSpielen.de. In the UK, we have CasinoGuide.co.uk. So we will work both with global brands, but also with more local brands for different geographies. If we move on to the next slide, Net Gaming at a glance. As you can see, we have offices both in Malta and in Stockholm with approximately 90 employees.
We have more than 130 websites that we're monetizing from and also more than 200 partners that are active, partners being the iGaming operators. Active, I mean operators that we have gained revenue so that we have directly paying end customers and new depositing customers. Revenues for the last 12 months amounted to 189 million SEK, with an EBITDA for the last 12 months of 123 million SEK. And this is constantly growing, as you might understand, since the EBITDA during this quarter was 32.3 million, and affiliate revenues were 51.1 million SEK. We have 89% of our revenues are coming from casino, the casino vertical, and 10% of our revenues are coming from poker. 1% is other verticals like sports betting, finance, and also some smaller verticals like bingo and esports.
Our edge and DNA is that, first of all, we are a true quality player when it comes to sending high-quality leads in the affiliate industry in iGaming. We are working a lot with high-quality content in order to lower the risk and also to follow Google guidelines from when we are developing our different brands. We're working a lot with data and a process-driven approach. We have our own developed or proprietary business intelligence platform and a scalable core digital platform in order to scale our business up, to launch new brands, to launch new updates, and especially since we are seeing an increase in or a trend in more markets going towards regulation. In Sweden, for example, Sweden is being regulated from the 1st of January 2019, and it's easy for us to adapt the business and to scale the business when different markets are regulating.
We have been public since 2009, but we have been on the First North Premier Stockholm list since the end of June this year. Before that we were on Spotlight Stock Market. Our ticker name is NETG, and our market cap is approximately SEK 750 million. Let's move on to the next slide. We are a true reliable growth partner for operators to grow. If you are an operator and you want to grow your business further, we believe that Net Gaming is the right partner for you. We are a true generator of high-value leads, and we are doing that by always developing our core competencies further. We have been in this industry for more than 15 years, and we have built up a strong and a fantastic structured capital during these 15 years of operation.
Like I said, we have a scalable platform, and recently we introduced our new CTO, Clinton Cutajar. He and his team, they are constantly developing our core platform in order to scale our business further. I'm happy to see the underlying development in that aspect, and we will see more digital brands that will be launched later on this year and also during 2019. We are working a lot with data-driven analysis, and we can do so by continuing to develop our own business intelligence platform. We have been collecting data for almost 15 years, and that means that we can optimize our operations every day, and we take it to the next step all the time. Our core competence also lies in the SEO team and in the content team.
We work a lot with search engine optimization, but also with adding high-quality content and a lot of content to our different digital brands. By that, we are increasing the value of the leads that we are generating, high-value leads that the operators can gain from when they want to grow their own business. It's a very scalable company, scalable business, and we are active in more than 30 countries, and it's easy to scale a business and move into entering new markets all the time with this foundation and the structure that we have in the company.
We have also a legal and compliance organization in place, meaning that when we see updates in regulations, let's take the U.K., for example, when we see updates in that specific market, it's easy for us to adapt that in our core platform and then to launch that across the board for all brands that are active in that specific market. With that, that increases also the barriers to entry in the market. So it's growing all the time, and we like actually that more and more markets are going towards regulation. With that, I would like to hand over to our CFO, Gustav Vadenbring, to go through the financials for the third quarter 2019.
Thank you, Marcus. Thank you for that. We'll turn to the slide with the financials, please, and we'll kick off with the financial part before Marcus takes over again and we go through our growth strategy, so like Marcus said, it was a successful Q3 quarter, and I'll touch base on a few points I think it's important to keep in mind when reading the interim report and also looking on the financials. The financials as such show that we have a strong third quarter, which we're proud of, but if we look first on the first slide showing the revenue growth, EBITDA, and the margins and earnings per share, which we think are important, like highlighting on the net revenues that it shows the growth of 28%, but that it's showing the total revenues, so if you look on the interim report, you'll see the split between the operator business and affiliate business.
And the underlying affiliate business is growing more than the total, and we're winding down the last part of the operating business, so the underlying growth is stronger, and it's also mainly driven by organic growth, so from this quarter, we're also disclosing in the interim report our organic growth on a constant currency basis, which is the main driver in our equity case as well, so the revenues are driven by organic growth, and we also have one part that is impacting, which is the split between CPA and revenue share. We'll come back to that later on in the slides, but it's important to keep in mind that it's slowing down the growth on a short-term basis since we have a shift in CPA to revenue share. On the EBITDA development in the middle graph, you see we have a strong EBITDA development with high margins.
It's important to keep in mind that in Q1 2018, the high margin is 69%. You see it's impacted by the investment of Battle of Malta. So adjusted for that, it's around 65%. So we are operating with margins which are sustainable around 63%-65% in average as it is now. Then you need to keep in mind as well that this is a scalable platform, and that's unique with this business model as well that some of our costs are semi-variable. We'll come back to that later as well. That means the more we grow, there will be a positive impact on the margin. At the same time, there will be other contradictive costs that will balance. But it's a sustainable margin with around 63%-65%.
Also, in Q2, there was an impact by the listing to First North, and that total impact has been around 900,000 SEK, so 0.9 million SEK in total impact in Q2 and Q3. We'll go to the earnings per share. Also need to keep in mind that the ratios in 2017, we had a big refinancing that decreased our finance costs, and we'll come back to that later as well. But the finance net in the company has decreased significantly in 2018, and the negative result in EPS in Q3 2017 is totally related to one of costs related to the refinancing. Those amounted to around 39.4 million SEK if you look on the interim report 2017.
The trend that is decreasing from 0.3 to 0.27 in Q1 2018 to Q3 2018. Also, you need to keep in mind that, as you probably read in the earlier reports, that we've been converting the convertibles has been transformed to shares, which is impacting. So now we don't have any convertibles left, and so we have a quite clean financing, which we'll come back to later, and that also will decrease our financing costs on the long run. We turn to the next slide, please. It shows our revenue split in Q3. Marcus touched base on that earlier. I think the highlight on this page is that our US is increasing significantly. So we're up to 23% in US and 73% in Europe. We're very happy to this, and we'll see our continued increase in US, all of ours, which also is good for our diversification.
As Marcus said as well, the casino is growing strong, and the poker is stabilizing, so around 10% of the revenues is poker, and we can see on the continuous pages that the NDC development also is positive within poker. We will turn to the next page, please. Showing NDC development, which is an underlying driver in our business. We see a very strong development where poker is stabilizing and the casino is performing very strong. The betting and finance verticals are still small. Marcus will come back to that in the strategy section, but they're growing and showing positive trends and will develop over time, so it's one of our growth pillars within the betting that Marcus will come back to, so we see very strong positive trends in NDC, which is one of our most important KPIs.
If we go to the next page, to the revenue split, it shows our relation between CPA and revenue. We have been changing the last months from last quarters from CPA to revenue share. Marcus, could you take over one second?
Sure. So we have made a strategic shift from CPA to revenue share because we believe that this is to optimize our revenues in a long-term sustainable way. And we have been doing so constantly, and we will continue to do so over time without giving any exact numbers on where we will end between the split in CPA and revenue share.
However, when we are shifting from CPA to revenue sharing, keep in mind also that this will short-term negatively impact the top-line growth in revenues because you will see a timing effect because when you have a CPA, you get the revenues upfront, but on a revenue share, you will get perpetual revenues for the coming quarters. We can move on to the next slide on the P&L, and Gustav will continue.
Yes, thank you, Marcus. So we look at the P&L on the next slide. I would like to highlight a few points. If we look on our cost base, you can see that in the interim report as well. It's directly related, and of course, our EBITDA development, which is stable. That our cost base is mainly two things that we're working with recently. One is winding down the operating business, which will improve our margins onwards.
The other one is, like we mentioned in the interim report, is the paid media costs that are also being wind down. That will be positive factors improving EBITDA onwards together with the scalable platform. Also, I would like to highlight on the financial net is that it's to some extent high in Q3, and that's related to that we are releasing the last convertibles and two shares. That has impacted around SEK 1.1 million on the financial net, which is a one-off cost. In general, our financial cost is around SEK 8 million a month. If you calculate backwards and you know our interest rates on our bond of SEK 375 million, our interest cost is around SEK 7 million a quarter.
And then we have also, from accounting purposes, we have commitment fees related to the financing, and those are around SEK 0.8 million a quarter. So you will see in the financial net onwards, where we now have a quite clean financing, is around SEK 8 million a quarter on a run-rate basis. If you compare the financial net to Q3 2017, it's hard to compare since we have a significant one-off cost with financing 2017. And those are in total, if you look on the page, we'd say SEK 50 million, but that's including the recurring costs as well during 2017. So the one-off cost is around SEK 39.4 million. Also, I'd like to pinpoint then at the margin, as you saw the trend, it's somewhat impacted by the listing costs in Q3, around SEK 200,000.
And the year-to-date that it's relatively high is impacted by the Battle of Malta, around SEK 3 million in Q1. So the trend is relatively stable. If we go to the next page, please, to the balance sheet. Also related to the business model Marcus talked about, it's a relatively simple balance sheet, if I can express myself in that sense as a CFO. It's mainly comprising tangible assets related to the Net Gaming acquisition of Agent M 2016. That's the absolute main part. There are also some minor parts in tangible assets from previous acquisitions from our first three business combinations, but they're very limited. So takeaways, the main part of the balance sheet is the goodwill from Agent M. And if you look on the working capital part, Net Gaming is operating with a slightly positive working capital, around 10% of sales.
We're not building up much working capital when expanding. It's mainly accounts receivable, so debtors to our operators and customers, so I think if you look onwards, our net working capital will probably remain around 10% as it is now, and it will, in absolute terms, increase as our business is growing, and the other part in the balance sheet is the cash. We're building cash very fast. We'll come to the cash flow statement in the next page, but we're building cash very fast, and the debt in the balance sheet is mainly related to the bonds, so let's go to the next page. It's important when you compare the cash flow to the interim report. In Q3 2017, we have adjusted to show the working capital more accurate and operating cash flow, so if you compare to the interim report, there will be a deviation from Q3 2017.
This page shows one of the key strengths of this company and also by the business model. It has a very high cash conversion. A lot of the EBITDA is transforming to cash quarterly, and that's why we're delivering very fast, which you will see on the coming pages as well, so from out of our 32.3 million EBITDA, we have very limited CapEx investments that's mainly in domains that we're buying and capitalizing, and then we have our financing costs that are eating up some of the EBITDA that we're generating, so in general, if we look on the cash conversion, which we calculate, which is operating cash flow minus the investments, we have a very high transformation cash. It's only a small part, which is going out from the free cash flow related to working capital since we're not very working capital intents either.
Also, to highlight in the year-to-date 2018, it's mainly related to the investment activities that's related to the clearance of the additional purchase price of Agent M. And also the acquisitions of Webpromo. So on a run-rate basis, we have very limited cash flow from investments in general. Can we turn to the next page? See, our net debt leverage in the company. So we're deleveraging very fast due to both the high cash conversion and our high EBITDA growth now. So we're down to 2.3 in relation between net debt and EBITDA, and our goal is to be more or less debt-free in 2020 when our bonds mature. They mature in September 2020, and the pace we're holding now.
Then we'll end up being debt-free, and then of course our financial costs will be much lower, which are around SEK 8 million as in the P&L, as you can see. I think that was the financial section and what we want to highlight. I will hand over to Marcus for the growth strategy.
Thank you very much, Gustav. We can turn to the next slide in the presentation, which is my favorite part of the presentation, our growth strategy with a clear focus on organic growth. That's in accordance with our new financial target that we recently launched. If we move on to the next slide, you will see our three growth pillars. First of all, earlier this year, we paid a final earn-out payment to the sellers of Agent M Malta Limited.
That means that now we can operate the company exactly the way we want it without no limitations on operations, how to do it, or what we can do. I'm very happy to show you our growth plan and our three growth pillars. The first growth pillar is the European online casino affiliation market. We have a significant growth potential in this market. Our market share is of approximately 1% of the total casino affiliate market in Europe. So we have just got started in this market and in this aspect. This is our core competence that relies within, first of all, in the casino vertical, but also in the European market. We saw an organic growth in Europe for the casino vertical of 17% during the third quarter of 2018.
I'm very happy to see that development, and we also saw a strong underlying growth in the NDC numbers of 52% for casino totally. Second growth pillar is the U.S. iGaming affiliate market, and I would say that we are very well positioned for the U.S. iGaming market going forward. We have really strong brands in this market, both global and also local brands, and I'll come back to that later. You see our three core brands in the U.S. market: PokerListings for the poker market that has been active since 2003. We also see CasinoGuide.com, a domain name that has been active since 1995. And also SportsbettingGuide.com, which is a domain that we have recently just purchased, and we will develop our sports betting product for the U.S. market on this domain and build it to become a really strong digital brand.
We are well prepared for continued rapid growth across all main verticals in the US market, and I'm happy to say that we will continue to execute on our growth plan on the US affiliate market going forward, and our growth pillar is the sports betting affiliate market in Europe. We are building up our operations and our brands in this new vertical class. It's a very large vertical. We see a lot of opportunities in the European sports book market, so we are well prepared for that, and we are building long-term sustainable growth by adding this new vertical to our existing operations. Let's move on to the next slide, which is the European online casino affiliate market. As you can see, at the moment, our market share of the European casino market is of approximately 1%, so we have a lot to do on this market.
Total online casino affiliate market accounts is of approximately EUR 1.2 billion. It's a market that is growing somewhere between 7% and 9% on a yearly basis. But like I said, I'm very happy to show our organic growth in the online casino market within Europe of 17%. So we are growing faster than the average casino player in this region. Our revenue growth on casino in total was 48% in the third quarter. So we are really strong in this vertical, and we will continue to make investments in strategic markets within Europe. We see the UK, for example, that is an important and interesting market for us. We also see lots of other opportunities now in the region, but also other countries as well in Europe. Let's move on to the next slide, and that is the U.S. iGaming affiliate market.
Total affiliate market in the U.S. accounts for approximately EUR 0.6 billion in comparison to EUR 2.8 billion for Europe. That's only for casino and betting, though. So 0.6 billion euros is what we believe is the total affiliate market in Europe for casino and betting. It's expected to grow, have a compound annual growth rate between 2017 and 2023 of 9.5%. However, we are growing really rapidly at the moment. We saw an organic growth in the US market of 108%. So we are continuing to grow rapidly, and our total revenues from North America is almost 23% of our total revenues. We are investing in both existing and new assets in the US market, and we aim to becoming a long-term major player within the iGaming affiliation market in Europe. We estimate our market share for casino and poker online affiliation at approximately 1%.
We want to be proactive on this fantastic market with great opportunities going forward. Let's move on to the next slide, where you see different states. The green states that have been marked in green that are states that have already been regulated, that we are already active. You see one state that is more yellowish, which is Pennsylvania. We are active in that market. We are preparing that market with domains. That's why Pennsylvania opened up. Hopefully now in Q1 2019, we will be prepared. But we also have a lot of domains that we are building up in several states. Approximately slightly over 20 states we are prepared for further growth when these states will open up.
First of all, you need to keep in mind that the states need to regulate so that they can bring on operators that we can send traffic to. But we need to be prepared already now to start building up these sites so they can start ranking in Google search results. And once the states have opened up, we can then also add on the links to the operators, our partners. And when we are referring a player that is paying for the operator, then we will get paid as well. Let's move on to the next slide, please. So three states are open today, and we have a year-on-year growth of over 100%, which I'm very happy to see. But we know that more states are likely to open up, and once more states have opened up, we have more partners to send traffic to.
We see our core brands in the U.S. affiliate market to the right. You have PokerListings. You have CasinoGuide.com, but you also have CasinoTop10 and CasinoToplists. But we also have upcoming U.S. brands. Like I said before, we have SportsbettingGuide.com that we have recently purchased as a main name. But we also have local brands. I'm giving you a few examples here by showing you CaliforniaCasino.com, NewYorkBetting.com, and CaliforniaPoker.com. So we have a really strong domain portfolio that we will continue to develop and develop these assets to become really strong digital brands within all the selected states that we believe will see great growth potential going forward. So we are well positioned today with our existing and the new U.S. brand portfolio that we will launch going forward. And we will continue to make investments in this very interesting market.
If we move on to the next slide, sports betting affiliation in Europe. Sports betting is not only happening in the U.S. For us, it's a very interesting market in Europe. The European sports betting market for affiliates accounts for approximately 1.6 billion EUR, and we have hardly even touched this very interesting market and this very interesting vertical. We are at the moment laying the foundation for betting, and we have continued to build up and invest in new assets within our new betting vertical. And we will continue to do so going forward with methodological and structured work. And we believe that growth opportunities over time are very good in this interesting market in Europe, but also in this very interesting vertical. However, I want to point out, I wanted to point out that we need to have some patience.
We are building up the brands and the organization and so on now, but it takes time before we actually can see the large revenues coming in. We have already seen revenues and the CAGR, but from low levels now in the third quarter 2018. So we are building, we are doing this, we are doing these investments to add on a long-term sustainable growth, to add on to the European casino affiliation market, but also to the U.S. iGaming affiliation market. So these are our three main growth pillars for further organic growth in Net Gaming and on. Confident that betting will become an important vertical for us on a long-term basis. Let's move on to the next slide, please. Like I said, the focus remains the same.
We will continue to invest heavily in our organic growth and to increase our organic growth further from our current 21% that we showed now in the third quarter. However, we have a flexibility, and we have an opportunity to add on new acquisitions if we find the acquisition prospects that are a perfect match for us. We have an in-house M&A expertise, and we have executed on five successful acquisitions recently for the past two years. If you look to the right, you'll see that we have a very fragmented market that we are active on at the moment. We have approximately 20 to 30 large affiliate players, affiliate companies like us, that account for EUR 0.6 billion of the total affiliate market in Europe. And the rest, which we are talking about thousands of smaller affiliate companies, they account for EUR 2.2 billion.
So there is a consolidation going on in this market, and we want to take part in this consolidation. However, we will only do so if there is a perfect fit, and the prospects will match our quite hard investment criteria, I would say. We will be very disciplined when we are evaluating potential additional acquisitions, and we will only acquire when we see that all criteria are fit. We look at strategic match. We look at low risk, low underlying risk in the acquired business. High-quality targets and attractive valuation multiples are just a few of our many investment criteria. So like I said, our strategy remains the same. We will continue to focus on our organic growth. But if there is a fit and there is a match for M&A, we will execute on that strategy to add on to our existing operations.
So let's move on in the presentation and go to the summary and outlook. And next slide. Summary and outlook. Like I said, 33% growth in the affiliate business with an organic growth of 21%. I'm very happy to show that we have improved our organic growth, and we will continue to work hard to improve it even further. I'm also very happy to see growth in North America and organic growth in North America of 108% and a strong casino and SEO growth of 52%. Cash conversion was of 101%, still very, very strong in this scalable business, and we are working hard to show high margins and high cash conversion. Let's move on to the next slide about financial targets that we launched during the third quarter this year.
Growth in earnings per share according to the financial targets should over time be at least or over 20%. Since we had a negative net profit or a negative earnings per share in Q3 2017, you can't really compare that now. However, we are having a growth in earnings per share of over 20% at the moment. Financial targets for organic revenue growth should be between 15% and 25% over time. Now, in the third quarter, we showed an organic growth of 21%. Yeah, organic growth and also earnings per share, growth in earnings per share, are two very important financial targets that we are constantly looking at. Capital structure, net assets to EBITDA should be of maximum 2.0.
Like just I showed you for the net assets to EBITDA graph, you see that we are constantly delivering our net assets to EBITDA ratio, and now we are down to 2.3. Dividend policy, we will prioritize our internal growth projects in order to increase the organic growth further. We will also prioritize our capital structure and acquisitive growth before we make any dividends during the next three years. Let's move on to the next slide, please. So why should we invest in Net Gaming? First of all, we own and operate and develop strong digital brands within iGaming affiliate in 30 countries. It's a very fragmented market that constantly has been growing heavily for a couple of years now, and it is expected to grow further for many years going forward. Global online gambling amounts to approximately 12% of all total gambling.
Online gambling is only still 12% if you look at it from a global perspective. In Europe, we're talking about slightly over 20% online gambling, but in the US, you just see a few percentages that are online compared to land-based gambling. The foundation is there for iGaming, and we have a really strong position in the affiliate market that has an expected CAGR of 7.5% between 2019 to 2024. We have basically our operations with 15 years of experience from SEO and high-quality content work. We are investing resources now in scaling the business further and investing in our core competencies and in our core brands, but also having new brands. We are doing so to increase our organic growth. We have high margins, and we have a really strong cash conversion, like we have presented earlier in this presentation.
I would say that we are in pole position in the fast-growing U.S. market at the moment. We have digital core brands in the U.S. market like PokerListings and CasinoGuide.com. We will be adding SportsbettingGuide.com as a global brand for the U.S. betting market, but we also have a very strong portfolio when it comes to local domain names for each and every state when this will open up regulation. And finally, we have a strong management and board of directors with a solid background in the iGaming industry that will add our core competencies to the company and to grow the company further. With that, I'm happy to hand over to the operators to start off the Q&A session.
Thank you, ladies and gentlemen. If you do have an audio question for the speakers, please press zero one on your telephone keypad now, and you will enter a queue. After you're announced, please ask your question. If you would like to withdraw your question, please press zero two on your telephone keypad. And once again, it's zero one if you would like to ask a question, and there will be a brief pause while any questions are being registered. And once again, as a reminder, if you would like to ask a question, it is 01 on your telephone keypad now. And as we do not have any questions registered, I'll hand back to our speakers for any closing comments.
Thank you very much for that. To round off, I'm happy to show continued improved organic growth. We have some fantastic opportunities when it comes to improve our organic growth further now, both in the European casino affiliate market, also in the U.S. iGaming market in total, both in casino betting and poker.
And also, we have added sports betting as a new vertical. So with that, we will continue to work hard to improve our organic growth further and with a drive to show a long-term sustainable growth going forward over time. I hope you will all join us for the year-end report that we will be presenting on the 21st of February 2019.
Thank you very much for listening today.
This now concludes our conference call. Thank you all for attending. You may now disconnect your lines.