Core Insights - The iGaming market has experienced significant growth, driven by an increase in online players and the number of real money online casino sites, resulting in a multi-billion-dollar industry [1] Company Analysis - **Flutter Entertainment PLC**: Stands out due to its portfolio diversification across online casinos, sports betting, and daily fantasy sports, serving a wide audience in various regions including Europe, Australia, and the emerging US market [2][3] - **DraftKings**: Has established a strong presence in the US market through aggressive marketing and diversification into casino games and sports betting, leading in user numbers [4] - **Entain PLC**: Benefits from a strong position in regulated markets, particularly in Europe, which has provided sustainable revenue streams and includes well-known brands like Ladbrokes [5] - **Evolution Gaming Group AB**: Focuses on strategic acquisitions and investments in live casino technology, becoming a leader in B2B live casino and slot development [6] - **Bet365**: Excels in online sports betting, casinos, and bingo, with a strong emphasis on market expansion and deep penetration in the UK, Europe, and newly regulated markets like the US [9] - **Kindred Group**: Promotes safe gambling and corporate responsibility, enhancing its market share in Europe while offering diverse services through brands like Unibet [10] - **888 Holdings**: Utilizes diversification and strategic acquisitions of international assets, maintaining a dominant position in a competitive landscape [11] - **Betsson AB**: Focuses on emerging markets with high growth potential, particularly in Latin America and Central and Eastern Europe, while diversifying its services and brands [12] - **Playtech PLC**: Provides full-service B2B software solutions for online casinos and sports betting, adapting to changing regulations and creating solutions for new markets [13] - **Rush Street**: Offers online casino and sports betting services through brands like BetRivers, utilizing a unique platform for cross-selling and a localized approach in the US and Latin America [14] Industry Trends - Successful iGaming companies prioritize high-quality services, market diversification (geographically and through products), and unique strategies to attract and retain customers [15]

Core Insights - High Roller Technologies has promoted Carlo Scappaticci to Chief Marketing Officer and hired Frances Cong as Director of Marketing, effective immediately [1][2][4] Group 1: Leadership Changes - Carlo Scappaticci's promotion is aimed at enhancing the company's marketing strategy, brand development, and customer engagement as it expands into new regulated markets [2][3] - Frances Cong's appointment as Director of Marketing is part of the company's strategy to strengthen its marketing capabilities [4] Group 2: Company Overview - High Roller Technologies operates premium online casino brands including High Roller, Fruta, and Kassuuu, and is listed on the NYSE under the ticker ROLR [5] - The company offers a user-friendly online casino platform with over 6,000 premium games from more than 90 leading game providers, catering to a global customer base [5] - High Roller Technologies is recognized as an award-winning operator in the rapidly expanding multi-billion iGaming industry [6]

Core Insights - Expanse Studios has received a software provider license from Spelinspektionen, allowing it to distribute gaming software in Sweden's regulated iGaming market [1][2][4] - The license is valid until December 1, 2030, enabling Expanse Studios to supply its proprietary games to licensed B2C operators in Sweden, a market that generated approximately €2.4 billion in total gambling revenue in 2024 [2][3] - Sweden's online gambling revenue reached $1.9 billion in 2024, reflecting a 5% increase from the previous year, with online gaming accounting for 64% of total market activity [2][3] Market Characteristics - Sweden has around 100 licensed operators serving a population of 10.5 million, with internet penetration exceeding 95% [3] - The market has a high channelization rate of 85-90%, indicating strong player preference for licensed platforms [4] - The regulatory framework established by the 2019 Gambling Act emphasizes technical compliance, responsible gaming, and transparency, aligning with Expanse Studios' operational standards [4] Company Strategy and Growth - The CEO of Expanse Studios highlighted that the license approval validates the company's technical capabilities and commitment to responsible gaming [5] - The Swedish license complements Expanse Studios' recent regulatory approvals in Romania and partnerships with operators like AdmiralBet and MerkurXtip, indicating growing demand for compliant content in Europe [5][6] - Expanse Studios has a portfolio of 56 proprietary titles and aims to scale its B2B operations across Europe, Latin America, and North America [6][8] Parent Company Overview - Golden Matrix Group Inc. operates globally through B2B divisions, including Expanse Studios, and has various B2C operations [9] - The company focuses on expanding regulated B2B operations in jurisdictions with robust player protection standards [7]

Core Viewpoint - Game Play Network, Inc. has appointed Justin Sebastiano as Executive Vice President and Chief Financial Officer to enhance its financial infrastructure and drive growth [1][3]. Company Overview - Game Play Network, Inc. is a Los Angeles-based iGaming company that offers casino-style games for real money through its B2C website and app, Horseplay [6]. - The company operates under legal frameworks allowing wagering on horse races and has the potential to expand its operations in up to 40 states [6]. Leadership Appointment - Justin Sebastiano brings over 20 years of experience in strategic finance, capital markets, and investor relations, particularly in the gaming and consumer sectors [2]. - He will oversee the global finance organization, focusing on financial planning, accounting, treasury, and investor relations [3]. - Sebastiano previously held senior roles at Fanatics Holdings and Penn Entertainment, where he was recognized for his expertise in the gaming industry [4]. Strategic Goals - The leadership team, including CEO David Marshall and President Russell Fine, aims to leverage Sebastiano's experience to enhance profitability and operational excellence [3][4]. - Sebastiano expressed enthusiasm about joining GPN and emphasized the importance of disciplined growth and long-term stakeholder value [5].

Core Insights - Expanse Studios has received a Class 2 license from Romania's National Gambling Office, allowing it to distribute specialized gaming software in a rapidly growing regulated market [1][2][3] Market Overview - Romania's iGaming market generated approximately €600 million in gross gaming revenue in 2024, with a channelization rate exceeding 90% [2] - The total industry turnover in Romania surpassed €2 billion in 2023, reflecting a 15% year-over-year growth [3] Strategic Importance - The Class 2 B2B license enables Expanse Studios to distribute content to licensed Romanian operators without the need to establish a local entity or pay corporate taxes [4] - Romania's regulatory framework is designed to ensure technical compliance, player protection, and operational transparency, aligning with Expanse Studios' existing European operations [5] Company Positioning - The approval of the ONJN license validates Expanse Studios' technical capabilities and regulatory compliance in a demanding jurisdiction, enhancing its B2B footprint in Europe [6] - Expanse Studios has a portfolio of 56 proprietary titles, including popular games, and is expanding its high-margin B2B operations across Europe, Latin America, and North America [7][8] Future Prospects - The Romanian market's characteristics, such as a preference for mobile platforms and a strong affinity for slot content, align well with Expanse Studios' offerings [8] - The license approval supports Golden Matrix Group's strategy to expand regulated B2B operations in markets with transparent licensing frameworks and sustainable growth [9]

Core Insights - Expanse Studios has entered a strategic partnership with AdmiralBet to enhance its presence in the European iGaming market [1][3][4] - The collaboration allows AdmiralBet to integrate Expanse Studios' proprietary gaming titles into its online platforms, expanding the reach of Expanse's content [2][3] - This partnership aligns with Golden Matrix Group's strategy to scale its B2B operations in regulated markets, focusing on innovative and localized content delivery [3][4] Company Overview - Expanse Studios is a B2B iGaming content provider under Golden Matrix Group, specializing in various gaming formats and currently offers a portfolio of 56 proprietary titles [4][7] - Golden Matrix Group operates both B2B and B2C segments, with a focus on developing gaming platforms and running online casinos, including MEXPLAY in Mexico [7] AdmiralBet Profile - AdmiralBet is a sports betting and gaming operator in Serbia and Southeast Europe, part of the Novomatic Group, which has a significant global presence [6][7] - The company operates a network of gaming venues and online platforms, contributing to the competitive landscape of the European gaming market [6]

Core Viewpoint - Bragg Gaming Group Inc. is highlighted as a promising investment opportunity, with a Buy rating and a price target of $8.00 set by Maxim Group analyst Jack Vander Aarde [1]. Financial Performance - The company reported a 20% year-over-year revenue increase to €26.8 million in Q3, primarily driven by an 80% revenue increase in Brazil and an 86% increase in the US [3]. - Despite the revenue growth, Bragg Gaming experienced a net loss of €2.3 million, or €0.09 per share, compared to a net loss of €0.2 million, or €0.01 per share, in the same quarter last year [3]. Strategic Developments - Significant milestones were achieved during the quarter, including the launch of content with Fanatics Casino in key iGaming states such as New Jersey, Michigan, and Pennsylvania, contributing to a 35% increase in proprietary revenue [4]. - The company is focused on expanding its high-margin proprietary content business and geographic diversification [2]. Company Overview - Bragg Gaming Group Inc. operates as an iGaming content and technology solutions provider for online and land-based casino, lottery, and sportsbook operators, developing and distributing proprietary casino games and offering a player account management platform [5].

Core Insights - Everything Blockchain Inc. has launched a new suite of blockchain solutions targeting the iGaming industry, which is projected to grow from $78.7 billion in 2024 to $153.6 billion by 2030 [2][5] - The company has secured its first development contract with XR Casino, marking a significant step in establishing a revenue-generating business model [3][5] Industry Overview - The iGaming market is experiencing rapid growth, driven by digital adoption and the rise of crypto casinos, creating a demand for blockchain infrastructure solutions [2][5] - Everything Blockchain is positioning itself to support this growth by providing the necessary blockchain technology for next-generation gaming experiences [2][5] Company Developments - The engagement with XR Casino allows Everything Blockchain to enter the iGaming sector, establishing a foothold in a dynamic digital entertainment market [5] - The company plans to expand its Development Lab offerings to meet the increasing demand for blockchain solutions in gaming, payments, and digital asset integration [5] Leadership Statements - The CEO of Everything Blockchain emphasized the strategic timing of entering the iGaming industry and the potential for growth through partnerships like the one with XR Casino [4] - The founder of XR Global expressed confidence in Everything Blockchain's expertise and execution speed, highlighting the collaborative potential of the partnership [4]

Financial Data and Key Metrics Changes - In Q3 2025, revenue was EUR 26.8 million, up 2% year-over-year, with a strong 20% growth when excluding the Netherlands [9] - Gross profit increased 5% year-over-year to EUR 14.7 million, with gross margin improving 115 basis points to 54.7% [10] - Adjusted EBITDA grew 9% to EUR 4.4 million, with adjusted EBITDA margins rising 100 basis points to 16.6% [10] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 35% year-over-year, making it the best-performing margin contributor [10][12] - The U.S. market accounted for half of the proprietary content revenue in Q3 2025, highlighting its significance [12] - Revenue from North America and Brazil together accounted for 22% of total revenue for the quarter, up from 12% a year ago [9] Market Data and Key Metrics Changes - The U.S. market saw an 86% year-over-year revenue growth, while Brazil experienced an 80% increase compared to the same period last year [6][16] - Non-Netherlands revenue is projected to rise from 51% in 2022 to 68% in 2025, indicating improved geographic diversification [15] Company Strategy and Development Direction - The company is focused on building a higher-margin, more diversified business, with a strategic emphasis on proprietary content [10][12] - Plans to optimize product mix and internal processes are in place to enhance margins and cash flow [11][17] - The company aims to capitalize on newly regulating jurisdictions, such as Finland, which is set to launch its regulated iGaming market in January 2027 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the U.S. online casino market, projected to grow from around $10 billion in 2025 to over $30 billion by 2030 [12] - The company maintains its full-year 2025 guidance, projecting revenue between EUR 106 million and EUR 108.5 million, and adjusted EBITDA between EUR 16.5 million and EUR 18.5 million [17] Other Important Information - The company secured a tier-one credit line with the Bank of Montreal, enhancing liquidity and lowering borrowing costs [7][11] - The Netherlands market remains impacted by regulatory changes, with revenue down 22% year-over-year, but the company is focused on growth in other markets [9][14] Q&A Session Summary Question: Thoughts on proprietary content growth and SG&A increase - Management indicated that there are opportunities for structure and process optimization, which should help in realizing operational leverage next year [21][22] Question: Impact of BetCity migration - The migration is expected to occur in the first half of the year, with minimal impact on earnings due to mitigation strategies [24] Question: Growth drivers in U.S. and Brazil - The company is focused on increasing market share and revenue from margin-accretive products in Brazil, leveraging existing relationships [28] Question: Balance sheet optimization - Management expressed satisfaction with the new credit facility and indicated ongoing efforts to optimize cost structures for improved liquidity [31] Question: Consistency in operating income - The company highlighted significant development costs and amortization affecting operating income, but is focused on improving cash generation from operations [36]

Core Insights - High Roller Technologies achieved quarterly profitability for the first time since going public, marking a significant milestone in its strategic transformation [2][5][6] - The company generated total revenue of $6.3 million in Q3 2025, with net gaming revenue of approximately $5 million, reflecting a focus on more profitable markets despite a year-over-year revenue decrease of 16% [5][6][21] - High Roller reported positive Adjusted EBITDA of $622 thousand, a 72% increase quarter-over-quarter, indicating improved operational efficiency [5][6][21] Financial Performance - Q3 2025 revenue was $6.3 million, with total revenue for the nine months ended September 30, 2025, at approximately $20 million, showing a slight year-over-year increase [5][6] - The company achieved its first-ever quarterly profit as a public entity, with operating income of $80 thousand compared to a loss of $474 thousand in Q3 2024 [5][6][21] - Operating expenses decreased by 22% to $6.2 million in Q3 2025, down from $8 million in the same quarter of 2024, contributing to improved profitability [5][6][21] User Engagement and Market Strategy - High Roller served approximately 21,800 active users and 20,128 unique depositing customers during Q3 2025, representing increases of 11% and 18% quarter-over-quarter, respectively [6] - Total wagers exceeded $146 million, indicating a resilient core customer base [6] - The company launched a new localized online casino brand, Kassuuu, and made significant progress towards entering the Ontario market, estimated for H1 2026 [6][9] Operational Improvements - The company focused on streamlining costs, optimizing marketing spend, and enhancing operational efficiency, which contributed to the positive financial results [6] - High Roller commenced a data transformation and unification effort to enhance business intelligence and reporting capabilities using AI and machine learning technologies [6]