Good day and welcome to Q2 Investor Summit Virtual. We appreciate your participation in today's virtual event. Up next, we are pleased to introduce High Roller Technologies Inc. If you would like to ask a question during the webcast, you may click the Q&A icon button on the right side of your screen. Please type your question into the box and click Send to submit it. At this time, it is my pleasure to hand over the session to Seth Young, SVP Corporate Strategy and Investor Relations at High Roller Technologies, who will lead the presentation. Sir, the floor is yours.
Thank you so much. On that note, I'm going to pass it off to our CEO, Ben Clemes, to give us an introduction, and then we'll take it from there. Thrilled to be here today.
Good morning, everyone. Thank you for joining. My name is Ben Clemes. I'm the CEO for High Roller Technologies. I'm joined here today by Seth Young, SVP of Corporate Development and IR at High Roller. Just a little bit of background about myself before we kick into the presentation. I've been in the online gambling industry now for over 20 years. Started my career running a number of large, successful online casinos, mostly in the European landscape. In 2013, I co-founded a company that started its journey much like High Roller has today as an online casino. We grew that into a company called Gaming Innovation Group, listed on both the Oslo Børs and the Swedish Nasdaq. I exited that company in 2023. I joined the investment firm Happy Hour. Happy Hour was the second largest shareholder of High Roller.
At that time, I joined the High Roller management and board as a strategic advisor. I got to know more about the company during 2013, and then the opportunity presented itself at the end of 2023 to become group CEO. I jumped on the chance. I believe as we go through the presentation today, you'll see why. I'm just going to pass you over to Seth for a moment to introduce himself before we get into the presentation.
Thanks, Ben. I could have done that at the outset, too. That was fun. Pleased to meet everybody. So glad to be on the call today. My name is Seth Young. I've spent over 20 years in gaming now as an entrepreneur and executive, as an investor. Thrilled to be with High Roller. I'm the Senior Vice President of Investor Relations and Corporate Strategy. Prior to High Roller, I started my career in online poker many years ago, building and operating brands. Helped pioneer the daily fantasy sports space back going back to 2012. After that, went to Foxwoods Resort Casino, where I built and ran the interactive division, sat on the exec team with 7,500 employees up in Mashantucket, Connecticut. Huge casino, phenomenal time. We built a social casino product up there called Foxwoods Online and then some.
Following Foxwoods, I helped build this tiny little company at the time called PointsBet Sportsbook. I joined the C-suite, so the business was worth maybe $5 million. Fast forward a number of years, we took it public. I was on the IPO team. The business was worth about AUD 5 billion. For me, I was attracted to High Roller and online casino business, which we will talk about, because this feels a lot like PointsBet to me just for online casino. It is a veteran team, a highly skilled team with a really slick product, and it is pure play in the capital markets. Ben, over to you, and let's get it going.
Thank you, Seth. Let's go through the fine print that you can read through at your own time. Again, my pleasure to introduce you to High Roller. We operate two very successful online casino brands, High Roller.com. Our flagship brand really resonates to the highest value player segment, VIP experience. We have our secondary brand, Fruta, a fun, playful brand that really provides us with interesting expansion opportunities in the future. I'm actually blessed to just be surrounded by such a highly experienced founding team, a group of people that have just a tremendous track record in the industry, ones that I'm really pleasured to be around and provided so much insightfulness to this business. We leverage best-in-class tech. We have our own proprietary technology coupled with best-in-tech third-party solutions to create an amazing casino experience.
We have a strong partnership with industry-leading acquisition companies, SpikeUp Media. The founders of SpikeUp Media are also the founders of High Roller. Really gives us a strategic advantage into the markets that we operate in today, and we'll go into this in more detail later on through the presentation. We operate in high potential regulated markets with stable revenue growth. Again, we're going to go into these markets in more detail as we go through the presentation. Our operational headquarters are in Malta, long seen to be the pinnacle of online casino. We have an amazing talented group of people operating out of there and access to a huge talent pool. We're listed on the NYSE American under the ticker symbol ROLR. Casino content is sort of the make or break of any great casino, and we have the world's best games.
We have over 5,000 games from over 90 of the leading industry providers. We've been in the industry a really long time. I think I'm surrounded by a management group that has over 100 years of experience in the industry and an industry that's just over 20 years old. One of our competitive advantages in this space is the fact that we've built these long-term relationships with these game suppliers. Many of them we've known since inception, and we have very strong commercial agreements with these game suppliers, which really gives us an advantage over our competitors. How do we bring this content together, these 5,000 games? Our casino products are top class. As you can see here, the seamless experience that the players have. We are experts in the online casino product and the shows and what we build.
Again, we have our own proprietary technology coupled with third-party suppliers. We do everything that we can to ensure that the customer has the most seamless experience from registration to depositing all the way through the user journey. We are players ourselves. We understand the casino psyche. We understand when to bonus people, what the right promotion is, what the time to give it is. Through the development of our own technology, we have managed to automate this to a very high degree, which, giving real-time offers to the players at the right time, increases the engagement, the retention, and ultimately the return on that marketing spend.
Just to dovetail that. Sorry, Ben. Just to dovetail that very quickly. In a very competitive market, the best product always wins. This is why I correlated it to PointsBet. PointsBet has a super slick product. High Roller has an incredibly slick casino product. Very important.
Thank you, Seth. All of our brands are optimized to enjoy across all devices. Around 75% of our revenue comes from mobile. We develop everything mobile first. However, we ensure that we optimize across the other devices that we have, desktop and tablet. We want to ensure that we have the greatest marketing reach possible. We want to ensure that the customers that come to us have the same great experience no matter how they're enjoying Fruta or High Roller.com. As long as these devices are relevant, we will still continue to ensure that the customers have the same great experience. We really do leverage our marketing channels to the highest degree. As I said, I've been in the industry for about 20 years.
I got into this industry because I was working in Vegas at the time, and I just saw the online casinos coming up, and I was just excited about the technological shift. It's a high, very dynamic industry. It's a very fun industry, but there is a ton of money in this industry. In 2023, the online casino share of the global gambling market was $135 billion. This is projected to grow to over $210 billion by 2027 out of a total industry size of just under $700 billion. It's an incredibly dynamic industry, one that is very high value, and we're very excited to be in this high-growth industry.
I think worth pointing out here, too, is the 210, and we'll talk about the markets that we're in momentarily, but the $210 billion share of online, it's a massive number. We're not even scratching the surface with the total addressable market that we're addressing, which speaks to the upside opportunity for High Roller. I think this is just my opinion now. As consumer consumption habits continue to shift and online gaming or gambling shifts to a convenience model where players can play in the palm of their hands on their couch at home, that $681 billion number should really bleed down into that $210 billion number. It is growing quite rapidly year over year, outpacing the global economy. To make money in this business, as Craig Billings once said, total addressable market, TAM, doesn't pay my bills, my share of it does. I hit the win.
I thought that was a great saying. To that end, we're experts in customer acquisition. This is the lifeblood of any online casino or online gaming business. You have to acquire customers, and you have to do it efficiently in order to make margin on those customers. As Ben mentioned, we have a partnership with SpikeUp Media, notably because a number of our founders are also founders of SpikeUp Media, founders of High Roller. We have a deeply interconnected relationship with arguably the leading online casino customer acquisition firm and marketing firm in the world who have worked in over 30 international markets, spent hundreds of millions of dollars, and driven hundreds of millions of dollars in player deposits throughout their 10 years of business.
They work across effectively every digital medium and provide us with a tremendous strategic advantage in any jurisdiction in which we operate. The premise here, effectively, is to acquire customers at a cheaper rate than industry average and operate at a higher margin to be able to reinvest more rapidly and scale the business more rapidly as a function of having a strong UA. You see here, for us, a $1 in is a $1. 93 out. This demonstrates a positive return on investment. You can clearly see that we have a positive return on ad spend. This number is from 2023 and 2024, both years together. We might suggest this is not as efficient as we'd like to see.
We would definitely like to see better numbers, but notwithstanding, still a positive return, and we have been able to generate revenue and continue to grow the business. For those of you that are unfamiliar with online casino, the way that we drive revenue as a business is that we offer entertainment through slot machines, online slot machines, table games, and live dealer products. These products are built like a regular casino with a built-in house advantage. Directionally, for every dollar put into a slot machine, we might expect to make $0.05. You can do the math on how that scales. This is a direct result of working with groups like SpikeUp. This also includes affiliate marketing revenue, but we expect to continue to have a marketing engine that scales with investment.
We know a dollar in is going to be X dollars out moving forward. Touching on our team, this is an early-stage venture. Everybody's been here before, but it's a new opportunity with a highly experienced veteran group of entrepreneurs and executives. On our board, we have really strong governance. Mike Robari and Brendan Eaches are the two founders of SpikeUp Media that we just mentioned. Mike is the chairman of the business. Daniel Bradke has been in gaming for almost two decades as an entrepreneur, as an investor, as an operator, brings a tremendous amount of acumen, specifically around, well, particularly around financial planning and analysis, which has been instrumental in helping our team grow and be nurtured.
Kristen Britt, down on the bottom left, holds a senior leadership role in Anaxi, which is the online gaming subsidiary of Aristocrat, a public company, which must have you known. Jonas Martensson, over on the right, was the CEO of Mojang Studios, which many may or may not know is the group that built Minecraft. Jonas is now working with us. David Weld, rounding out, last but not least, is the former vice chairman of Nasdaq and more or less a legend in financial markets. We are thrilled to have him on our board, really strong governance. Our leadership team has changed significantly recently and is second to none. We are led by Ben. You heard his introduction. Somebody said the other day to us that Ben is out, what is it, outpunching our market cap in terms of experience.
I think we can say that for the rest of our team and the rest of our board. You have myself and Adam Felman, who recently joined us as Chief Financial Officer. Adam was the CFO at Digital Games Corp, which was acquired by Games Global, another public business. He was there since 2017. Emily McAuliffe is our Chief of Staff and has assumed Chief Operating Officer duties. She's super process-driven, the right person for the job, was within GreenTube, which is the online subsidiary of Novomatic, one of the largest online gaming companies in the world, and was an investment partner at Happy Hour. Sarah Steinman recently joined us as our Chief Legal and Compliance Officer. Sarah joins us from jackpot.com, where she had the same role. She's also our money laundering officer. She was counsel at Gaming1 to start her career.
On the right, I draw your attention to two advisors. One is Jeff Smith. Jeff has built brands that have reached hundreds of millions of people. Robin Reed, who was inducted into the iGaming Hall of Fame in 2019. Yeah, we do have one of those. Really strong group of people running this business. On the licensing side, in order to operate in the markets in which we are addressing with a regulated market profile, we need to have licenses. We currently hold licenses in Estonia and Curacao. They allow us to address certain global markets. We have applied for a license, which is pending in Ontario, which we are just about to touch on. We are planning to apply for licensure in Finland and Alberta shortly.
As part of any licensing and regulatory process, like any business you'd expect that would be regulated, we fully comply with anti-money laundering and other regulatory requirements. Our platform is built to suit and to scale. I'm going to pass it over to Ben, who's going to talk about our first market of focus, which is Finland.
Thank you, Seth. Very excited to talk about Finland. Currently, it is our largest market. 60% of our net gaming revenue comes from Finland. The online gaming industry in Finland is going from a monopolistic framework to an open regulatory framework. We estimate the market size to be between $600 million and $1.2 billion. A highly valuable market for us. We have a running start on this market. We believe that we will be able to over-index in the market. We have extensive expertise, both with this venture and past experience into the market. We have a highly experienced Finnish team running everything for High Roller and Fruta in Finland. The great thing with Finland is, with regards to the framework, open banking is a huge solution in the Finnish market. It is essentially seamless money in, money out.
Not only does that mean that player funds are transferred quicker and seamlessly, we can pay out winnings instantly, take money in instantaneously as well. It also reduces our operational expenditure and complexities with things like KYC and responsible gaming. There is a potential for prohibited revenue share-based affiliation. This has really justified our shift of the marketing spend that we have currently in other markets and to Finland to grow that market ahead of regulation. Really, again, we are incredibly excited about the progress of the Finnish regulation. We are well poised to exploit the growth of this market up to and continuing post-regulation. I am going to pass you over to Seth now. He is going to go through Alberta and Ontario.
Awesome. Finland is a great market. Not a tremendous amount of sophistication in that market, by the way, in the global iGaming space, which really makes this a bit of a unique one. We do have some somewhat, well, really strong sophistication in that market, which is why we're focusing on it. We're also looking at Ontario to enter this market. Ontario is the sixth largest regulated market in the world. Over the first three years of the market's lifetime, it's been the fastest-growing online gaming market in North America, outpacing New Jersey, Pennsylvania, and other legal iGaming jurisdictions. It increases our total addressable market opportunity by about $2.5 billion. That is inclusive of online casino and sports. As a casino-led brand, we will be focusing on the casino opportunity first, which makes up about 72% of that TAM.
In markets like this, it is worth mentioning, brands like ours, casino-led brands, tend to outperform relative to sports-led brands in the casino space. We are focusing on a different cohort of consumer. We have a really strong engine to optimize our acquisition. If you look at groups like Rush Street, for example, in the U.S., which is casino-led, or [Bet99] in Canada, which has a significant market share focused on casino, they tend to do quite well and focusing on the segments of the market, casino, where there is a significant amount of revenue, higher hold. We expect our premium brand will resonate with all the consumers, whether they are upmarket or every day. Going back to our product portfolio, there is something for everybody with over 5,000 games. This regulated market entry adds an additional license to our portfolio, which increases our value.
We are expecting to enter this market in the back half of the year. Directionally, we are hoping for October, but that license is submitted. In this market, Ontario, Canada has been pre-regulated or legally gray for a very long time. Much like Ontario, Alberta is expected to take in all of the operators who have been working in Canada and put them in a regulatory framework to drive tax revenue for public policy initiatives. We will look to enter Alberta after Ontario. Alberta just passed enabling legislation for online sports betting and online casino framework. We estimate the market size, or analysts estimate the market size, as up to $750 million. This could be low. It is a new market. It has typically been gray. It has been a government monopoly. It is not impossible that these markets are larger or undershooting projections.
We expect this market to go live sometime in 2026. It should have a, it has been, what's the word I'm looking for? It has been intimated that the market will have a nearly identical structure to Ontario. Subject to regulations coming out, we will apply for a license. In sum total here, we're looking at addressing in the short term a total addressable market opportunity of over $4 billion. You don't have to be the number one operator in a market. Everybody wants to be, obviously, but you don't have to be the number one operator to have a really strong business. 1% top line in these markets is a $40 million business. 2%, $80 million, 3%, $120 million. You can do the math, and these should be achievable targets for a group like ours with tremendous sophistication and tremendous product.
We've chosen these markets very deliberately. Finland, because it's a market that we have deep experience in and a lot of other people don't. Ontario and Alberta, Alberta, we would hope to be on the starting line at launch. Ontario is just a tremendously strong market where SpikeUp, for example, is really strong too. It's continuing to grow at a really rapid pace. We like these as a balance for our continued expansion. These markets all share the same types of player behaviors too. They were all legally gray or pre-regulated before moving to regulated profiles, which means that consumers are typically educated. That works for us because we have a strong product where a sophisticated consumer is going to find anything that they want, even the unsophisticated consumer, the recreational consumer. We sort of have it all.
This is good for us for sure. The tax rates are favorable. The regulatory structures are favorable. There is strong cultural crossover, and we get strong operational economies of scale working in these markets. All three markets rank amongst the highest in the world in terms of player engagement and customer value.
I mean, the success in these more core markets will drive our expansion strategy into new highly potential regulated markets, such as the United States and Latin America. We can really enter into these markets in three different ways. One is the licensing regime, which is very similar to what, much like what we've discussed with the entry into Alberta, Ontario, and Finland, where there's a local regulatory body that sets up and we apply for a license. Secondary is the market access. This is a little bit more prominent in the U.S., where retail casinos have been given the ability to sell essentially market access based off their retail license. Markets like New Jersey, for example, Pennsylvania, where then we would build a relationship, create a market access deal with a retail license holder, and then go through the online regulatory process.
Third, also very exciting, is a joint venture where we'd partner with a local license holder, somebody that's got license through regulation, but doesn't have essentially the expertise or the know-how to power and run the online business, nor do they, in some cases, have the brand identity and value, where we can provide essentially the whole framework from the brand, through the technology, through the operational expertise. Three accesses to market. Going into these markets, we really have our secret sauce with SpikeUp Media. Again, the founders of SpikeUp Media are the founders of High Roller Technologies. They've been in business for more than 15 years. They've sent over 1,000,000 first-time depositing customers in 30-plus markets, generating more than $600 million in deposits from just the spend of $150 million. You can kind of do the math on the return on that advertising spend.
They have a huge catalog of proprietary data and AI technology. They have also built a huge platform of influential social media. It really covers all areas of the marketing reach and the player acquisition side of things. This has been an incredibly valuable partnership leading up to the journey where we are today. Also, as we progress further into the regulated expansion that we have outlined earlier in the presentation. I think the other thing with SpikeUp is that they have been operating across so many markets. When we look to go into these regulated markets, most of the time, they have a lot of data from these markets. It allows us to really feed this data into our models that are extensive when we look at expansion. We make the good decisions on the markets that we want to go into.
We want to be great at a few markets, not average at many. Our revenue stream is diverse. We have, of course, the brands that we've gone through today, but we also have Casino Room, which is our B2B affiliate marketing channel. Just if you're not so familiar with the industry and how affiliation works, it's a bit like somebody selling a ticket to a party. They can sell the ticket and they can take a percentage of the fee for selling that ticket, or they can take a percentage of what the patron spends while in that venue, or a mixture of both. The great thing with Casino Room, it allows us to operate in markets that we do not currently operate our brands into, creating revenue streams from these markets. It is a very low-risk revenue stream, very cost-effective, and also feeding in data about market performance.
It allows us, again, to feed in as we look at regulatory market expansion. We also have the upscale opportunity where a casino-led brand, we are casino experts. We are, I think, the best at casino. However, we do have the opportunity, as markets present themselves as further mature, to add on bolt-on products like sports betting or other revenue-driving product verticals. It really allows us to, again, diversify our revenue streams from, again, just the B2C part into the B2B affiliation and add future revenue streams as we expand.
Just wrapping up here, quickly touching on products. This is important. I mean, best product in the market always wins, especially when a market is competitive and the global gaming business is quite competitive, which is why we focus so much on SpikeUp and the opportunity with them. It does highly differentiate us. We also have a really strong tech solution. We control our product. This slide demonstrates at a high level what it looks like, what our profile looks like. That control of our product allows us to scale effectively. We can localize into these new markets effectively. We can enter these markets quickly. We can scale quickly. We can manipulate the product quickly. It is really important. We also take a super data-driven approach to operations. Everybody says that. Few really mean it.
With our experience and with the depth of data and analysis that we do to drive our decisioning, it's a really strong, efficient business, particularly moving forward. We also have a lot of good AI workflows that we've built into the product to automate a lot of different key functions. That also allows us to gain some operational economies of scale. Effectively, the product has all the bells and whistles that you'd expect and some that you wouldn't. It really is a leading, leading product. We'll leave you with this. These are the key takeaways we want you to walk away from this call with. In a world where products are relatively commoditized, our branding sets us apart, really strong premium branding, and our product sets us apart.
We're casino-led, which means we're focusing on the vast majority of the revenue and a total addressable market opportunity. When we talk about a $2.5 billion TAM in Ontario, almost more than 2/3 of that is casino. We are operated by an incredibly strong team, industry veterans who have all been here before. We've built and scaled companies. We all know how to operate. We've worked across every function of every job and every gaming vertical. We do know how to do this. It is early. It's exciting. We have a regulation-first growth model. We're focusing on markets where we have no regulatory risk moving forward. We are able to address stable and growing revenue streams in the constraints of regulation. We have this incredible partnership with SpikeUp, and we have a tremendous amount of games.
We will work in a few markets, as Ben mentioned, and be great at them as an anchor for our continued expansion as we look towards growth in the future. Lastly, we are a pure play in the capital markets. If I'm assuming everybody on this call is well-versed in gaming, there are really very few comps out there that are like us, particularly at this stage of our business. If you'd like to have a closer look at our business, we recently put out a Q2 business update following our Q1 earnings. You can see everything you'd like at irr.highroller.com, irr.highroller.com. It's a mouthful. You can contact us directly. We'd be more than happy to speak with you. Thank you all very much.
Thank you.
Thank you, guys, so much. If you guys have any question for Seth and Ben, please feel free to drop it in the chat box area.
Play Jeopardy music, John. All right, seeing none. Thanks again. Thank you, everybody, for attending today. Thank you to John and team for having us.
Yes, thank you very much. Appreciate everybody's time.
Thanks, guys.
That concludes High Roller Technologies Inc's presentation. You may now disconnect. For details on upcoming presentations, please refer to the conference agenda. Thank you for your participation, and we look forward to welcoming you to the next session.
Okay.