Core Viewpoint - US stock markets experienced collective gains, with the Dow Jones up 0.47%, the Nasdaq up 0.98%, and the S&P 500 up 0.78%, indicating a positive market sentiment for the week [1] Group 1: Market Performance - The Dow Jones increased by 1.35% over the week, while the Nasdaq saw a significant rise of 3.87%, and the S&P 500 rose by 2.43% [1] - Notable tech stocks performed well, with Apple rising over 4% and achieving a weekly gain of 13%, marking its best weekly performance since July 2020 [1] - Other tech stocks like Google and Tesla increased by over 2%, while Nvidia saw a rise of over 1% [1] Group 2: Sector Performance - The automotive and consumer electronics sectors led the gains, with GoPro rising over 7%, Sony up over 4%, and both Toyota and Honda increasing by over 3% [1] - Conversely, the sports betting and cruise sectors faced declines, with Flutter Entertainment dropping over 8%, and Carnival and Royal Caribbean cruise lines falling by over 2% [1] Group 3: Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.26% but still recorded a weekly gain of 2.39% [1] - Among popular Chinese stocks, NIO rose over 3% and XPeng Motors nearly 3%, while Bilibili, iQIYI, and Miniso saw declines of over 1% [1]

Market Overview - The FTSE 100 index in London closed at 9095.73 points, down 5.04 points or 0.06% from the previous trading day [1] - European major stock indices showed mixed results on the same day [1] Sector Performance - Consumer stocks led the gains in the London stock market, with notable increases including: - Glencore up 2.78% - Antofagasta up 2.53% - Coca-Cola European Partners up 2.33% - Mondi up 2.03% - JD Sports Fashion up 1.79% [1] - Service sector stocks experienced the largest declines, with significant drops including: - WPP down 6.2% - Entain down 5.82% - InterContinental Hotels Group down 3.9% - Rightmove down 3.71% - Sage down 3.09% [1] Other European Indices - The CAC 40 index in Paris closed at 7743 points, up 33.68 points or 0.44% from the previous trading day [1] - The DAX index in Frankfurt closed at 24162.86 points, down 29.64 points or 0.12% from the previous trading day [1]

Group 1 - The match between Fredericia and Midtjylland is highlighted, with Fredericia's recent performance showing 2 wins, 2 draws, and 1 loss in the last 5 matches, while Midtjylland has 1 win and 4 draws in their last 5 matches [2] - Fredericia's main players are missing due to injuries, which could impact their performance in the upcoming match [2] - Midtjylland's recent form in European competitions shows 1 win, 1 draw, and 3 losses in their last 5 away matches, indicating a struggle in securing victories [2] Group 2 - Cluj's recent performance is poor, with 3 draws and 2 losses in their last 5 matches, and they are currently ranked 4th from the bottom in their league [3] - Braga has not won in their last 2 matches but has a strong pre-season record, indicating potential for improvement under new management [3] - Historical performance shows Cluj has won both previous encounters against Braga in the Champions League 13 years ago, but Braga is expected to perform better in this matchup [3] Group 3 - Thessaloniki's recent form includes 2 wins, 1 draw, and 1 loss in pre-season matches, suggesting an upward trend in performance [4] - Wolfsberger has struggled in their recent league match, losing 0-2, but had a strong showing in the Austrian Cup [4] - Thessaloniki is favored to win due to their overall stronger squad and Wolfsberger's lack of European experience [4]

Core Viewpoint - The ongoing European Championship has seen a rise in unexpected outcomes, challenging traditional betting logic and creating a new dynamic in the betting market [1][3]. Group 1: Market Dynamics - Over 7 matches in the current European Championship have seen odds of 2.8 or higher for "upset" outcomes, including strong teams like England and France underperforming [3]. - The betting market is experiencing significant emotional fluctuations, with increased betting on popular teams not necessarily reflecting their actual winning probabilities [6]. Group 2: Contributing Factors - Tactical diversity and rotation among strong teams have led to uncertainty, with some teams appearing to "take it easy" in group stages to conserve energy for knockout rounds [4]. - Players' physical conditions are not at peak levels due to the short interval between the current tournament and club seasons, making timely updates on player injuries crucial for accurate betting decisions [5]. - The rise of emotional betting has distorted market judgments, emphasizing the need for rational analysis over emotional responses [6]. Group 3: New Approaches for Bettors - A professional and neutral reference platform, such as Morgan Sports, has introduced a "European Championship dedicated data model" to assist both novice and experienced bettors in making informed decisions [7]. - Key features of the new model include automatic alerts for unusual betting patterns, analysis of hot and cold indices to avoid emotional betting, and tracking player conditions down to training and recovery data [8]. Group 4: Adjusting Betting Logic - Bettors are advised to prioritize short-term performance over long-term historical data, focusing on recent physical conditions, lineups, and team morale [10]. - Unusual changes in betting lines should be given higher priority than star player reputations, as they may indicate shifts in underlying information [11]. - Identifying upsets should rely on data models rather than gut feelings, as data can provide clearer insights into potential outcomes [12].

Financial Data and Key Metrics Changes - The company reported a year-on-year group revenue growth of 38% in Q4 to $176 million, bringing full year group revenue to $511 million, representing a 24% growth for the year [7][40] - Group adjusted EBITDA increased by over 2.5% year-on-year to $32 million in Q4, with full year EBITDA reaching $86 million, also in line with guidance [8][41] - Positive net cash flow was reported for the first time, generating $82 million of operating cash flow in 2024, up from $15 million in 2023, resulting in a year-end net cash balance of $135 million, a $9 million increase year-on-year [9][10] Business Line Data and Key Metrics Changes - Betting revenue increased by 48% year-on-year in Q4, representing nearly three-quarters of group revenue for the quarter, driven by successful contract renewals with major sportsbooks [35][36] - Media revenue surpassed $100 million for the first time, marking a 15% increase for the year, while sports revenue increased by 47% year-on-year in Q4 [38][39] - The company achieved a 24% group revenue growth in 2024, with betting revenue contributing significantly to this growth [40] Market Data and Key Metrics Changes - U.S. revenue increased by 51% year-on-year, primarily due to successful contract renewals with every major sportsbook in the U.S. [20][36] - European revenue grew by 26% year-on-year in Q4, while the Americas saw a 33% increase, and the Rest of the World increased by 44% [40] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and predictable cash-generative business model, focusing on capital allocation to support growth and scale [11][12] - The company is positioned as a natural consolidator in the fragmented sports technology industry, looking for opportunistic M&A that is margin and cash accretive [14][15] - The rollout of innovative products like BetVision is expected to drive engagement and revenue growth, with plans to expand to other sports [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth momentum into 2025, expecting group revenue of $620 million and group EBITDA of $125 million, representing over 20% growth [11][44] - The company highlighted the resilience of its business model, which is less exposed to volatility in bookmaker performance due to multiple growth drivers [19][132] - Management noted that the NFL's increasing popularity in Europe presents significant growth opportunities [55][56] Other Important Information - The company achieved a gross margin increase from 16.7% in 2023 to 25.2% in 2024, marking the highest annual gross margin since going public [42] - The company is focused on product development and operational execution, with a new senior management team in place to drive growth [67][68] Q&A Session Summary Question: Expectations for Media Tech growth into '25 and '26 - Management expects continued growth in Sports Tech, driven by strategic importance and specific deals with European soccer leagues [49][50] Question: Impact of NFL expanding to Europe - Management noted that the NFL is gaining traction in Europe, with significant interest and attendance at games, which is expected to drive betting growth [55][56] Question: Seasonality considerations for 2025 - Management anticipates strong growth in the first half of 2025, particularly from betting, while media growth is expected to be stronger in Q4 [60][61] Question: Priorities for management in 2025 - Focus areas include operational execution, product delivery, and expanding the management team to support growth [66][68] Question: Capital raise and M&A strategy - The company is looking for cash accretive tuck-in acquisitions that align with long-term strategy, while maintaining a strong balance sheet [74][76] Question: Dollar-based net retention and pricing impact - Management indicated that the strong dollar-based net retention is due to contract renegotiations, new products, and increased pricing [87][88] Question: Feedback on FanHub product - Early feedback on FanHub is positive, with expectations for significant upside as the product is rolled out [90][95] Question: Tax proposals impact on business - Management expressed confidence in the resilience of the business model, noting that tax changes are regulatory and not expected to have a significant impact [128][129] Question: In-play adoption and pricing impact - Management confirmed that in-play adoption is in line with expectations, supported by contract structures that mitigate risks from bookmaker performance [132][134]