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]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q3 2025, compared to $83.0 million in Q3 2024, reflecting a year-over-year increase of approximately 15% [12][16] - Adjusted EBITDA for Q3 2025 was $37.5 million, slightly up from $36.5 million in Q3 2024, with an adjusted EBITDA margin of 39.1% [15][16] - Cash flow from operations was $33.4 million in Q3 2025, compared to $32.1 million in Q3 2024, indicating a positive trend in cash generation [16] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in revenue for Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [12][13] - Super Nation, the iGaming business, reported revenue of $16.2 million, marking a 108% increase from Q3 2024 and the highest quarterly performance since its acquisition [9][12] - The average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025, up from $1.30 in Q3 2024 [7][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is greater than in the U.S., particularly following the acquisition of Wow Games [8][10] - The payer conversion rate rose to 7.8% in Q3 2025, compared to 6.8% in Q3 2024, indicating improved monetization [14] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the recent acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][41] - The company plans to launch a new iGaming casino brand, Las Vegas Sites, to drive scalability and better ROI [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][20] - The company is optimistic about the integration of Wow Games and its contribution to growth in the European market [13][21] - Management highlighted the importance of monitoring return on ad spend (ROAS) for new player acquisitions to ensure profitability [20][21] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, with minimal implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [16] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [19][20] Question: Roadmap for Wow Games acquisition - The focus is on acquiring players and enhancing product development, particularly in the European social casino sector [26][27] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres being evaluated [30][31] Question: Revenue contribution from Wow Games for the quarter - Revenue from Wow Games has not been separately broken out as it is integrated into the social casino segment [33] Question: Impact of regulatory changes on player acquisition costs - It is too early to determine the impact of recent regulatory changes on advertising costs, but management is optimistic about potential benefits [34][35] Question: Direct-to-consumer revenue goals and timeframe - The goal is to exit Q4 with a run rate of over 20% DTC revenue, with potential for higher achievement [40][41] Question: Geographic expansion plans for Super Nation - Management continues to evaluate new markets but sees significant growth potential in existing markets before expanding [45]

Financial Data and Key Metrics Changes - For Q3 2025, DoubleDown reported consolidated revenue of $95.8 million, an increase from $83.0 million in Q3 2024, representing a growth of approximately 15% [11][12] - Adjusted EBITDA for Q3 2025 was $37.5 million, compared to $36.5 million in Q3 2024, indicating a slight increase [14] - Cash flow from operations was $33.4 million in Q3 2025, up from $32.1 million in Q3 2024 [15] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [11][12] - Super Nation, the iGaming business, reported revenue of $16.2 million in Q3 2025, marking a 108% increase from Q3 2024 [12][14] - Average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025 from $1.30 in Q3 2024 [12][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is currently greater than in the U.S. [9] - The payer conversion rate rose to 7.8% in Q3 2025, up from 6.8% in Q3 2024 [13] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][40] - The company plans to launch a new iGaming casino brand early next year, aiming to diversify its offerings [10][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][18] - The company is optimistic about the initial results from Wow Games and is assessing its operations to integrate and enhance growth [12][20] - Management acknowledged the potential impact of regulatory changes on user acquisition costs but noted it is too early to determine the effects [34] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, which has minor implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [15] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [18] Question: Roadmap for Wow Games acquisition over the next six months - The focus will be on acquiring players and enhancing product development, particularly in slot games and technology integration [20][26] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres, including both established and emerging assets [28][30] Question: Revenue contribution from Wow Games for the quarter - The revenue contribution from Wow Games has not been separately broken out as it is integrated into the social casino segment [32] Question: Impact of regulatory changes on player acquisition costs - Management noted that it is too early to determine the impact of recent regulatory changes on user acquisition costs [34] Question: Update on direct-to-consumer revenue goals and geographic expansion - The goal is to exit Q4 with a DTC run rate of over 20%, with ongoing evaluations for geographic expansion [40][43]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated $1,144 million in revenue, representing a 4% year-over-year growth [16] - Adjusted EBITDA for Q3 was negative $127 million, impacted by customer-friendly sports outcomes that affected revenue by over $300 million [16][10] - The company revised its fiscal year 2025 revenue guidance to $5.9 billion-$6.1 billion and adjusted EBITDA guidance to $450 million-$550 million, reflecting a growth of 24%-28% compared to fiscal year 2024 [18] Business Line Data and Key Metrics Changes - Sportsbook handle increased by 10% year-over-year to $11.4 billion, with strong engagement driven by promotions [17] - iGaming net revenue growth accelerated to 25% year-over-year, marking the fastest growth since Q1 2024 [8] - The parlay handle mix surged, with year-over-year gains of 800 basis points for NFL and 1,000 basis points for NBA season to date [8] Market Data and Key Metrics Changes - NFL handle grew 13% season to date, while NBA handle increased by 19% season to date, indicating an acceleration in growth compared to previous quarters [7] - Total sportsbook handle increased by 17% year-over-year in October [8] Company Strategy and Development Direction - The company is optimistic about future growth, driven by exclusive marketing agreements with ESPN and NBCUniversal, and the upcoming launch of DraftKings Predictions [5][12] - The focus will be on states without existing online sports betting, aiming to capture a new customer base and revenue stream [12][41] - The share repurchase program has been increased from $1 billion to $2 billion, indicating confidence in future cash flow [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of sports outcomes on financial results but emphasized that over time, these variances typically normalize [10][24] - The company remains confident in its long-term financial potential, citing strong customer retention rates and product enhancements driving engagement [5][7] - Management expressed excitement about the potential of DraftKings Predictions to expand the total addressable market [12] Other Important Information - The company is developing a Spanish-language app to cater to a growing demographic ahead of the 2026 World Cup [9][93] - The company has made significant progress in growing its sportsbook hold percentage and net revenue margin, primarily due to an increasing parlay handle mix [9] Q&A Session Summary Question: OSB hold percentage and confidence in future swings - Management acknowledged the frustration with recent outcomes but noted that over time, results tend to normalize, and the business model remains strong [21][24] Question: Value addition of new board member Greg Went - Management expressed excitement about Greg Went's expertise in gaming investment and his potential contributions to the company's strategy [25] Question: Volatility of hold due to parlay increases - Management indicated that while parlay betting can increase volatility, the focus remains on maximizing long-term value while managing risk appropriately [29][30] Question: Profitability of prediction markets - Management plans to adopt a conservative approach to investment in prediction markets, focusing on data-driven decisions and shorter payback periods [32][33] Question: Conversations with regulators regarding prediction markets - Management emphasized the importance of relationships with regulators and the strategic focus on states without existing online sports betting [38][41] Question: Significance of ESPN deal - Management highlighted the long-standing relationship with ESPN and the potential for significant customer engagement through integrated marketing efforts [51][52] Question: Breakdown of the $300 million impact on guidance - Management indicated that most of the impact was due to sports outcomes, with some additional considerations for prediction market spending [62] Question: Investment strategy for next year - Management stated that there would be minimal incremental investment in core business areas, with a focus on new states and AI technology [70] Question: Customer acquisition through Spanish-language app - Management expressed optimism about the potential for the Spanish-language app to capture a significant share of the growing Hispanic demographic [93][95] Question: Attribution of growth in parlay mix - Management attributed the growth in parlay mix to product innovation and effective promotional strategies [98][100]

Financial Data and Key Metrics Changes - In Q3 2025, DraftKings generated $1,144 million in revenue, representing a 4% year-over-year growth [14] - The company reported a negative adjusted EBITDA of $127 million for the quarter, which was below expectations due to customer-friendly sports outcomes impacting revenue by over $300 million [14][9] - For fiscal year 2025, revenue guidance was revised to $5.9 billion-$6.1 billion, down from the previous guidance of $6.2 billion-$6.4 billion, reflecting a growth of 24%-28% compared to fiscal year 2024 [17] Business Line Data and Key Metrics Changes - Sportsbook handle increased by 10% year-over-year to $11.4 billion, with a significant acceleration in October, where total sportsbook handle increased 17% year-over-year [16][6] - iGaming net revenue growth accelerated to 25% year-over-year in Q3 2025, marking the fastest growth since Q1 2024 [6] - Customer retention rates for NFL Week One customers improved by over 300 basis points compared to the same weeks a year ago [5] Market Data and Key Metrics Changes - The parlay handle mix surged with year-over-year gains of 800 basis points for NFL season to date and 1,000 basis points for NBA season to date [6] - NFL handle grew by 13% season to date, while NBA handle grew by 19% season to date, indicating an acceleration in growth compared to previous quarters [5] Company Strategy and Development Direction - The company is optimistic about its future, citing new exclusive marketing agreements with ESPN and NBCUniversal as key advantages [4] - DraftKings is set to launch DraftKings Predictions, which is viewed as a significant incremental opportunity to expand its total addressable market [10] - The company plans to focus on states where it does not currently offer sportsbooks, targeting areas with the most financial opportunity [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of customer-friendly sports outcomes on financial results but emphasized that these variances typically normalize over time [21][22] - The company remains confident in its long-term financial potential, with expectations of generating $450-$550 million in adjusted EBITDA for fiscal year 2025 [17] - Management highlighted the importance of maintaining strong customer engagement and product enhancements to drive future growth [5] Other Important Information - DraftKings has repurchased 9.3 million shares since the inception of its share repurchase program, with the board authorizing an increase in the program from $1 billion to $2 billion [12] - The company is developing innovative slot and jackpot content in iGaming and has brought in a new leader to solidify its position in this area [8] Q&A Session Summary Question: Concerns about OSB hold percentage and customer-friendly outcomes - Management acknowledged the frustration with recent outcomes but noted that such variances are part of the business and typically normalize over time [21][22] Question: Value of new board member Greg Went - Management expressed excitement about Greg Went's addition to the board, highlighting his expertise in investing and capital markets [24] Question: Balancing structural hold and volatility with increasing parlay offerings - Management emphasized the importance of maximizing long-term value while managing risk, acknowledging that volatility can occur during concentrated events [26][29] Question: Profitability of prediction markets - Management stated that they will take a conservative approach to investment in prediction markets, focusing on data-driven decisions and shorter payback periods [30][32] Question: Conversations with regulators regarding prediction markets - Management confirmed ongoing discussions with regulators to ensure compliance and to understand the market landscape [36][38] Question: Significance of the ESPN deal - Management highlighted the strategic importance of the ESPN partnership, which will enhance customer engagement and marketing efforts [45][46] Question: Impact of promotional spending on guidance - Management indicated that most of the guidance adjustment was due to sports outcomes, with some consideration for promotional spending related to new product launches [57] Question: Investment focus for the upcoming year - Management indicated that there would be minimal incremental investment in core business areas, with a focus on new states and AI technology [63][64] Question: Spanish-language app opportunity - Management expressed excitement about the upcoming Spanish-language app, particularly in light of the World Cup and the growing Hispanic demographic in the U.S. [86][88] Question: Attribution of growth in parlay mix - Management attributed the growth in parlay mix to a combination of product innovation and effective promotional strategies [90]