Good morning, everybody, and welcome to today's presentation from Wetson. My name is Ulrik vonstrom, and I will be handling the Q and A session after today's presentation. With me today, I have CEO, Pontus Lindwall and CFO, Martin Erman. If you have questions, you can ask them in writing here on the site or you can dial in and of the instructions. With that, I want to hand the word over to Pontus, please.
Thank you. Welcome to the presentation of the Q4 2020. Here's the outline for today's presentation. We're going to go through some highlights, So the highlights for the quarter. We reached All time high revenues of SEK1.8 billion, which is 37% year on year growth.
EBIT was €318,000,000 which is a 59% year on year growth. EBIT margin 18%, Quite a healthy business once again. Casino revenues up 33% and all time high sports book revenues Up 47%. Really happy about the performance in the sports book. So the strategic drivers and achievements.
This is a picture of Betson's strategy in one single picture. And in order to grow the company, we focus on existing markets, but also new markets, Business to business and M and A. And I'm going to talk a little bit about what we do in these different areas, at least a Few of them. So in the existing markets where, of course, the bulk of our revenues comes from, We have done a lot of initiatives, and it's really important that we manage to grow in the existing markets in order to sustain growth for the company. In the quarter, we have launched bingo.
It in Italy. We have a strong growth in Nordics, supported by product development and the successful growth of Jarla Casino in Sweden. Apart from that, we do continuous product development to offer the best customer experience In all different markets, and we see strong traction in most of our markets. We have done consolidation in the U. K.
To focus on only one But we don't only focus on the existing market. We look forward to bright futures in many new markets With high growth potential, so we see now strong growth in Sika and Rest of World, which were actually like new markets Fortunately, we cannot market there yet, but we have the product in place, and we're ready once the market opens up for marketing. We have also obtained a license in Argentina as one of 7 operators, and we look forward to that a lot and see presentation. From Batson, iBet is up and running since December 2020. Our long time B2B client, Rian, which operates Not only the sportsbook, but also on the bets on platforms since a long time has opened up a new instance of the bets on Sportsbook on another platform called JetBahis.
And we see a great interest from the market in the BATSON Sportsbook, especially now Encouraged by the great performance on the sportsbook that we saw in the Q4. So really looking forward to 2020 1, in terms of B2B, this is the year when it happens for Betson. Talking about B2B, I can go Going to the U. S. Market, we have a 10 year agreement with Dostal Ali Casino in Colorado, Developing our offering, we're adapting the sports book, and we have signed an agreement with CG Lab as a System supplier for the platform, which is usually referred to as PAM, player account management system.
And And they're developing U. S.-focused, very modern platform, which we're going to enter the Colorado market with. So the ambition is to launch in the second half of 2021, looking much forward to that. And of course, the Colorado B2C You see, operation that we will operate there will help us to reach our goals in the B2B market. So we get a nice showcase for our presentation.
So what is it that makes Betson successful and Makes us create value. I will go through a few value drivers here. So we run a responsible business where We put the player first. We have operational excellence that drives efficiency and effectiveness all across presentation. We leave the bets on culture and values, which is 1 bets on passion and fair play.
1 bets on Being very important now as we spread out globally, but we act as one company, Betson. In order to do that, we need to be the preferred employer and attract the best staff available everywhere. And we realized that We need to be local even though we have a global scope. So that's the last one. And that, again, Now into sustainable operations.
As you can see on this picture, The online part of the gambling industry is showing good traction. We have had Growth of 11% until 2019, and it's expected to grow another 9% per year going Customer Protection and Social Responsibility. We have a lot of tools to help the players, Some of them presented here. And we do a lot of interactions with our clients, especially now during the COVID period. In the Q4, we had more than 94,000 contacts with customers in regards of So now over to the financial overview, and I say welcome to Martin to do that.
Thank you, Pontus.
Thank you, Pontus. And
Yes, I have a few words to say first. Thank you, Pontus. Pontus will be back shortly for the Q and A session. But first, Martin, all time high revenues, both in the sports book and in general. I think we're all curious to hear your thoughts about Are you happy?
I'm happy, and I will try to go more into details on that. Thanks, Ole. Thank you. So the good momentum from Q3 remains, and customer activity continued to be high with growth of 44% in active customers And now summing up to close to 1,000,000 active customers. The 4th quarter is now the 5th Consecutive quarter where we see revenue growth quarter over quarter.
Revenue from the Q4 was close to SEK 1,800,000,000 which is all time high and shows increase by 30 7% year over year, although impacted by negative currency fluctuations of almost NOK 200,000,000. The increase in revenue comes from all regions and from both casino and sport book, where the sport book revenue is all time high. License revenue from our B2B business grew from €5,000,000 in Q4 2019 to €302,000,000 in Q4 2020 and corresponds to 17% of the group's total revenue. When looking at revenue by region, we see the Nordic region continue the growth trend that we saw in Q3, driven primarily by organic growth in Sweden and Denmark. Sport book revenue from the region is up 30% year over year and casino is 26%.
Revenue from Western Europe increased by 19% and now constitutes some 26% of the group's total And the growth is driven by increase in both casino and sport book, whilst casino revenue constitutes the larger part of the region's total revenue. In December, additional restrictions were implemented in Germany following the tolerance regime. As a consequence, Revenue from German market has decreased by 70% from mid December and onwards. The Sika region increased by 38%, where both Sportbook And casino contributed to the growth. Revenue in the Sika region is heavily impacted by FX in the quarter, and the organic Growth shows increased by 77%.
Revenue from the rest of the world grew by 164% compared to the same period Last year, and the growth comes from both Sportbook and Casino. In this region, Peru is an important market with a good growth trend. Revenue from regulated market increased by 30% compared to the same period last year and now constitute 34% of the group's total Petzl's current casino offer includes 5,000 games, of which more than 4,000 are available on mobile devices. Casino revenue increased by 33% compared to last year and amounts to almost SEK 1,300,000,000. In the Q4, we see another wave of lockdowns and increased restrictions around the world.
This has, however, not had the same impact on Besan's business as we saw in Q2 when Landbase Place discovered online casino for the first time, and we saw Online activity levels have remained relatively stable in the quarters following Q2 independently of ease of restrictions or increased The gross turnover in Sportbook was SEK 8,900,000,000, which is all time high and represent an increase by 23% Compared to the Q4 last year, spot book revenue increased by 47% compared to last year and is also all time high. The spot book margin was 7.3%, which is in line with the 8 quarter rolling average margin And slightly higher than the same period last year when the margin was 6.8%. Cost of services provided has increased in the 4th quarter by SEK199,000,000 and this mainly follows The increased revenue. However, cost of service provided is impacted by a one off provision of NOK 44,000,000 and the provision relates to All payment provided balances from various markets for which we now have taken a prudent approach and accounting have provided for the balances, although we still strive to recover the balances. Gross profit amounts to NOK1.13 billion, which is an increase of NOK274 1,000,000 compared to the same period last year.
And gross profit margin is 63.1%, which is lower than the Q4 2019 and previous Quarter in 2020, but adjusted for the 1 off provision, gross profit margin is 65.7 percent which is in line with the same quarter last year and the previous quarter in 2020. Marketing spend increased by some 100,000,000 compared to last year and constitutes some 18% Petson continue to monitor and manage cost very tight as we have done in the past years And we'll continue to do so. Cost in absolute number have slightly increased, both in terms of personnel cost and other operating cost in the Q4 compared to the same period last The explanation is the same as we have communicated in the previously quarter presentations, namely investments in developing our technology, broadening the And improve the user experience, scaling up the B2B organization and least but not last, geographical expansion, including M and A. EBIT amounted to SEK 380,000,000, an increase of 59% year over year, driven by revenue growth and displaying the scalability in the Betson business EBIT margin is 18% and as Ponto said, a healthy margin, which is higher than last year, although it is heavily impacted by negative FX effects of some SEK 110,000,000.
EBIT adjusted for the one off provision amount to SEK362 1,000,000, Which correspond to an increase of 81% compared to last year. Cash flow from operating activities amounts NOK 224,000,000 driven by strong operating income of NOK 306,000,000 but however impacted negatively by changes in working capital of some NOK NOK 90,000,000 in the quarter. Impact from working capital is explained by decrease in debt to player balances and increased receivables on payment providers Investments are slightly higher than previous quarters, but the bulk of the investment still relates to investments in our proprietary technology. Cash flow from financing activities impacted cash flow by SEK 184 1,000,000 where the majority relates to repayment of our RCF. As of end of December, NOK 74,000,000 was utilized out of the total credit framework of NOK880,000,000.
Petson has low leverage and as of end of December, a net debt position of SEK 158,000,000 and net debt to EBITDA ratio of 0.1 and an equity rate The Board of Directors will propose to the That NOK502,900,000 is distributed to shareholders corresponding to NOK 3.68 per share. And the proposed dividend is an increase of NOK 109,000,000 compared to last year, and this is all in line with the Betson dividend policy. I will now hand over to Pontus to take you through the trading update.
Thank you, Martin.
We'll, of
course, be back in A few moments for the Q and A session, but first, let Pontus wrap up.
Yes. The trading update. So the average daily revenues until 5th February was up 11% compared to the average daily revenue of the full quarter presentation. 2020 Q1. Adjusted for the negative currency effects that Martin So now I will go in a bit on the regulations.
In Germany, we see an interim tolerance regime in place from 15th October with additional restrictions from The 15th December. And that has, as we said earlier, a negative impact on the revenues from Germany. In Sweden, there are temporary restrictions implemented in July. They are implemented recently but extended July 2021, and there's a new gaming investigation that include proposals for risk classification of games and licensing requirements for gaming software. In Netherlands, the licensing process is delayed by 1 month, which will bring the whole process in Netherlands See an estimated revenue drop of 70% due to the new tolerance regime.
And of course, these revenues are not Has not disappeared. They will be pushed out of the regulated markets. So the channelization in Germany will be quite low under this framework. In Netherlands, as I mentioned, the process is expected to start 1st April 2021, We'll expect license by the end of 2021. Now I will go in on product and technology.
So as I said before, we're moving ahead strongly with products into new markets, new Launches and to mention a few, we have launched BetSafe in Kenya in November. We have launched a new brand in Italy, Bingo. And we continue to roll out our new native apps for casino, the latest 1 being the most modern casino app in Sweden for betson.com. In payments, we have launched faster withdrawals, And we have new payment providers in several markets. So the summary of the Q4 is an all time high revenue Driven by both our main products, casino and sports, we see growth in all regions, all time high revenue in sportsbook, So very strong set of figures.
EBIT of 3.18, which is 59% growth and adjusted for the one off provisions, DKK362 1,000,000. And at the same time, as we're executing on our growth strategy, expansion on several markets, entering The new markets and launching new brands and going into the U. S. With our competitive sports book, which will happen during 2021. So that's it.
Thank you, Pontus. First, before we move the questions to the audience, I want to ask Both you and Markus, please, will come up. What would you like to highlight from the last year, both Q4 and 2020? What was your main takeaways from the year's total?
2020 was a very special year with the pandemic. And of course, We could see that the pandemic kind of increased the speed in digitalization within gaming. But commenting on the Q4, I think we leave 2020 in a very strong pace. And I'm Very happy to see that because at the same time, we develop a lot for the time to come. We're very We have a lot of new things going on in new markets.
We have the B2B things going on. So I'm happy that we can be as strong going forward despite the fact that we have gone through very sad times during 2020.
And what about you, Martin, do you have something else to highlight? Or do you have the same memories?
I agree with Pontus on the digitalization part, but I also would like to mention that we are in a very good The company as such, we see strong growth, and we represent good numbers. And we also have a really Stable financial position. So we are in a good position to execute on the strategy going forward.
Yes, that's really important. I mean, we have so many initiatives going on right now
presentation.
Presentation. Our first question comes from the line of Malen Vannik from Pareto
Good morning, Fondus and Martins and Ulla. Presentation. So first, on the casino side for Sika, it Continues to surprise, doing really well, up 43%, I think it was year on year. What's the main driver of growth here during the And what markets are performing especially well within CKE compared to other CKEA markets?
Of course, the business to business that we have going on there is doing really strong,
Speaking generally of the casino activity, if you compare it to the activity in the beginning of the quarter with end of the quarter, what can you say here? So basically, what I'm trying to find out is what
We can't see any general shift in activity over the quarter as such From the beginning to the end of Q4, of course, we saw a big shift on the German market happening in the middle of December. That's by the end of the quarter. But apart from that, there's no big changes.
And as I mentioned, What we see was the big leap in Q2. And I mean, after that, the digitalization has kind of increased, and that is the kind of All
right. It's a question also on the sports I mean, the other operators have provided very strong sportsbook margin shares during Q4, whereas Betten came in 10.3%, in line with your 2 year quarterly average. Can you explain why you differ so much during the quarter in terms of sporting results compared to other operators?
Yes. Obviously, the margin comes out of the same games that are going on, but we have players from different Markets and they act in different ways. And we ended up on a margin which is spot on our rolling average, which I think is good.
All right. And last question before and also, I mean, you mentioned that You mentioned a lot of new expansion, new market and so on. How should we view the market spend going forward if you compare it to Q4 2020 in terms of the share of
sales?
We don't want to give any You could see also in Q4, we managed to do that with still while still maintaining a strong profitability.
So Q4 is kind of a good base or how should we I mean, given the Kenya and U. S. And The market also coming here, have you seen and so on?
I don't want to give any projections of that.
Presentation.
And the next question comes from the line of Martin Arnaud from DNB Markets. Please go ahead.
Hi, guys.
Hello.
Hi, Alo. So my first question is maybe to you, Martin. I mean, this payment provider balances And the one off that you took in the quarter, I just want to understand how often
Very common thing. I don't I can't recall that we have done that before, not at least during my time here, and I don't think even before that. So it's not a commonly thing. And As we as I said as well, this is a prudent way of handling it accounting wise, and we still haven't Given up on this to recover this balance.
Okay. And also On the market breakdown, where you're taking these losses? Is there anything you can say there? Is it evenly split So in Europe or can you comment anything on the market breakdown?
It is evenly split over our regions. So it's not In one specific market or so, it's many markets.
Perfect. And then on the cash flow, You had a quite sharp negative effect from changes in working capital. Is that mainly on the receivables increase? And if so, same question there. What is it evenly split throughout the market?
Is there any market that stands out anything that stands out that You can comment on. Thank you.
I think you need to divide it into 2. 1 is sort of debt to players. And we saw a little bit lower Activity in the end of the year impacting the sort of debt to players from certain markets, especially the German market where Just to mention the drop in relation to receivable and payments, it's a natural swing in the end of the year. We We have a lot of bank holidays in the end of the year. And clearance of sort of accounts on the banks do not happen on bank So it's a natural swing in the seasonality of that balances.
So basically, you expect a reversal In the coming quarters or throughout quarter?
I mean, looking back at sort of the seasonality in the quarters, that's Typical behavior that we could expect, yes.
Great.
Thank you. And then On your just while we're on this subject on payment providers, You have tax pressure since you're going into more and more regulated markets. And Then you I guess you have a plan how to mitigate that to some extent on your margin and one of those areas could be Your payment costs, I guess, there is one of your peers that have announced plans to go for an open banking system. Is that Something that you also have plans to do?
Of course, we look into such options. And going into regulated markets should, by nature, bring down the payments costs in such markets. So Automatically, there should be a reduction on payment costs.
Okay. Thank you So clarifying that. And then my final question is on your expansion. When do you Expect launch with the new Sportsbook B2B customer? And also, when do you expect entry into the U.
S?
The new B2B customer, who do you refer to?
The Asian operator that is going to launch in Europe, I don't think I've seen them that launch yet with the B2B sportsbook.
Just go to iabet.com, and you will see them launched already.
Okay.
And Regarding the U. S, we aim to open up our BetSafe brand in Colorado during the second half of this year.
Ericsson from Carnegie. Please go ahead.
Thank you, and good morning, guys. Few questions from me as well. Starting with Germany. German revenue is down 70% since 15th December. Did the magnitude of the decline surprise you?
And also, do you see any gradual improvements in yet January to February,
presentation. On the first part, we were not surprised by the downturn because if you make Draconic impact on the products like that and you take away some of the major products like blackjack and roulette from The offering, then of course, the customers will find those products in other places. And therefore, you lose That part of the revenue. So that's natural, and that's up to the regulator to choose how big they want The regulated market to be. And if they just want to have a fraction of the market, then they can implement drug chronic Restrictions like that, if they want to have a bigger regulated market, then the offering must be more I can't comment on that.
We have mentioned the drop, and that should be a new foundation, and we always strive to improve our revenues. So let's hope for that.
Understood. And a follow-up on Germany. What have you seen in terms of the black market? You see a lot of activity on Besides operators who do not intend to comply with the new interim regulation.
We have a hard time following that in detail, of course, but we get info from the industry that they are doing tremendously well,
Interesting. And
then a question on COVID-nineteen and the digital shift that you discussed quite a bit. I mean given continued COVID-nineteen restrictions across Europe and most regions, what makes you confident that the shift is more structural and that it will last even I mean, until H2 and beyond.
Of course, some of the changes we have seen are created by the COVID and the restrictions that has been implemented in the society. But Just as natural is the fact that many people that has now tried digital gaming will stick with it in the same way as we will, to some presentation. And we have also seen, I think, this has created a new level of presentation.
And we have also seen easing increase in restrictions from time to time, and sort of the levels
Okay. Great. Very good. And just two more questions for me. First, on The B2B opportunity, which you seem very positive on.
Going forward, is The U. S. Main opportunity from your in your view and also what is the What types of customers would you say is the key focus ahead?
I think the U. S. Is a great opportunity, but also Other markets as well, and we are going for both the U. S. And other markets.
I can't point out what kind of customers that we will go for in the U. S. But Having looked at the landscape in the U. S, there's definitely room for a high quality sportsbook. It lacks a little bit of competition in that market.
So we see a nice spot for our product to come in there.
Thank you. And then the final question on Kenya. If you You could just elaborate a little bit on the sort of phasing there between costs and revenue. Obviously, you had some higher marketing costs now in Q4.
I don't think there's a marketing ban in K and F for the time being. So I think we haven't Been able to exactly follow our marketing plan over there, but of course, there will be marketing costs as we ramp up in Thank you, Anja. I hope that answers the question. It's not that we there was not too much And going into that market in the Q4.
Understood. Yes, that's great. That's it for me. Thank you very much.
And the next question comes from the line of Jaldma Elberg from Kepler Cheuvreux. Please go ahead.
Thank you. First, just one more on this penetration. I mean, it was on all markets, but Could you say if there's any specific that triggered this? As you said, it hasn't really happened historically. So just more some color on that maybe.
No, I don't think that there are that much more color to give on that. It's over a lot of markets. And As I said earlier, it's a prudent way of handling this. And we have not seen it in the past, and we don't expect it to be something coming back in
Okay. Then a question on Netherlands. And then you mentioned this in the report with the use of the Player databases. Can you explain what this means in practice? I mean, does it mean, for example, when this market is launched that the players that presentation.
And just your site, do you need to register again? Can you add some more color on what it means in practice and what kind of negative impact it could have?
Basically, I guess it will mean that the players will have to reregister at the site. Well known to the brands, so they will find their way to the brand, but they will have to reregister.
Yes. And do you think that's a big problem? Or have you I guess you have seen this before in other markets maybe? Or is it difficult to handle, I think?
We haven't gone through that exact procedure in any previous markets, so it's hard to tell what kind of impact it will have.
Got it. And then just on Germany, as you said, this is a tough environment there now. And I mean, one of your strategies is M and A, you mentioned. Do you think that this could open up more opportunities for M and A in Germany? Or is it better to try to grow the organic if you want to do that?
Yes. We will strive to grow organically from this new level, of course, and And possibly evaluate M and A as well. Now I believe it's a little bit of a period where it's not 100% define what the final regulations will look like. So the market is a little bit in limbo in my view for the time being.
Got it. And in terms of U. S. Strategy, I mean, you mentioned that you have a lot of opportunities here. Did you have any Aim, what do you expect to achieve?
I mean, do you want to be in all states? Or do you want to aim in some states that are large or Good. Tax levels and so on and any words on that?
We will get back on that one. We will need to assess the situation a little bit more in detail, where are the big clients, Where are the big market volumes and where do we see the fit for our B2B product? So first of all, we want to get ourselves established in Colorado
And then in terms of your cost, I mean, you talked a bit about marketing expenses. But looking at our cost personnel and other expenses, you saw kind of a step up in Q3. Now it looks more and more stable. But how should we do this in 2021? Do you expect to add more?
I'm pleased to achieve this growth in new markets and also on other potential expenses for when you more launch in new markets.
Yes. We are aiming to grow in the future. I think we will not stop employing people from We have such a strong traction in all the markets and in the organization, especially. We managed to deliver in a lot of different
Got it. I can't remember, sorry, if somebody asked this before, but the trading statement. Do you have any comment? And if there was any specific Impacting, I mean, the strong sports margin, weak sports margin on a specific market that grow less or more?
We didn't comment on that.
Presentation.
And we have one more question from the line of Erik Moburg from ABG. Please go ahead.
Good morning, gents. Just to circle back on the payment providers there. If I recall correctly, You had some issues with this in Norway during 2019. If you compare the situation today in Norway Versus 2019, what's your view on this?
I don't want It's not related really. If you want to comment on how we perform in Norway, we performed better We did at that point of time.
Okay. Fair enough. And then just on the Dutch market. I'm just curious to hear your view on that on the outlook for that market once it becomes regulated. Do you believe this to still be Do you believe the market to grow underlying once this market regulates in 2022?
Yes. That I believe, the Netherlands market has been more or less Without marketing for a very long time, so there's still mature market in many aspects. So I think the market will grow once it regulates.
Got it. And just in terms of the cost outlook for 2022, obviously, we will have quite an increase in marketing Then from the Dutch market, what sort of a strategy to mitigate this increase in the cost base? And what is in terms of the margin outlook?
That's nothing that we can comment on now. And as you know, we are on so many markets, and the markets are in different phases. And normally, that kind of evens out over time.
Got it. And just in terms of On the launch date in the Dutch market, you mentioned in the beginning of 2022. Do you see there is a risk that will get sort of Postponed it to, say, March 2022 before you are able to go live on the regulated markets?
It's hard to comment on that. We look forward to go live as soon as possible. And we have well known brands and we We have a good product, so we should be able to perform relatively well there.
For closing remarks.
Thank you very much. We've gotten in a few questions, quite a few actually, and quite a few of them are about Germany, but most of them have been answered Although a question that's coming in over and over again is, of course, how big of a market Germany is for you and how do you prioritize this? What can you say about
We don't comment on the size of the market as such. We have commented on the drop that we saw In mid December, and that's about all we can say on the German market. Of course, everybody knows that
A great follow-up for that would be what's your experience of government's handling of regulations when they Are overshooting as they seem to be now in Germany?
It's a learning curve, And we have seen changes in the other direction. It is very rare, though. But my view is that most regulator wants to have a regulated market, and it's pretty obvious that if you over regulate, So we believe that there is room for changes in not only the German regulations but also in other regulations.
Okay. A specific question about Croatia. Can you comment about your launch in Croatia? As I understand, you are one of the only few operators
Yes. We launched, and we see good traction. It's an interesting market, And the KPIs looks good so far. Of course, it's not the biggest market for us at this point of time, but
presentation. Interesting. Here's a very specific question. I think it's for you, Martin. But do you expect negative currency effects for 2021 as a total.
And if so, what can you do to mitigate this effect?
I mean, that's a tricky question. You never know what happens with the So you can just assume going forward. So I rather not comment on that. But And we are sticking to that, and that we have done for the past years and we'll continue to do.
Perfect. Could Also, I'm not sure who this is for, but could you elaborate on your expectations of the B2B offering and pipeline of potential deals in the U. S. During 20 one.
I can do that, but on a higher level, without commenting on figures or when to close deals. It's a huge market with a great interest in sports. We see that our product that we now Kind of rebuild for the U. S. Market will become a very competitive product.
So I'm very optimistic on that one.
Thank you. And there's also a very specific question. But within the casino vertical, how was the development for live casino
Yes. I mean we should see an increase in the Lai casino for the past years. But I think that is also depending on market to market. I mean, we've discussed Germany quite a lot And there, table games and live casino is not allowed for the time being. So I think you need to Dig a bit deeper down to each individual market to have a comment on that.
I understand. Looking at the trading update for Q1, One can see that it started somewhat slower than the average of the Q4. Can you elaborate a little bit of the reasons for that or what you expect or think the reasons would be
Strong activity in many markets. Smaller markets that have started out strongly, they continue to grow strongly. So we are I think it looks pretty good.
Okay. As Pontus mentioned earlier, I mean, we the start of this If you adjust for the FX, the question I got earlier, what we have seen so far is that we have a negative impact from the takes. And sort of adjusting for that, I think we see a good start, very good start, as Pontus said. The operations are running smooth.
Another very specific question here. When you bought Gig in Q2 2020, you made a prepayment for for the platform service. Are you going to start to pay for the platform services now in Q1? Or what's the deal on that?
I think we have to refer to what we said in the press release in that Transaction, we can't give any more details than what we said in that press release.
Fair enough. Let's see if
we have
line with the historical average. Why is this?
As I mentioned before, that's depending on the composition Of the end users and from which markets they are because players in certain markets, they battle certain events There is a different outcome, but this is a good outcome. We're spot on with the rolling Margins, so you can phrase it that our players won a little bit more, and they should be happy about that.
Okay. Thank you. That actually sums up the questions for me. So with that, I want to thank you and thank all the viewers online and welcome