Group 1 - The iGaming sector has been factored into stock prices, yet the stock has only reached the 'bear case' price target previously outlined [1] - There have been high single-digit gains in the stock, indicating some level of positive market sentiment [1] Group 2 - No specific investment positions or plans to initiate positions in the mentioned companies have been disclosed [2] - The article reflects the author's personal opinions and is not influenced by any compensation from the companies discussed [2] - The publication does not provide investment recommendations or advice, emphasizing that past performance does not guarantee future results [3]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was €26,100,000, representing a 4.9% year-over-year increase, with a 21% growth excluding The Netherlands [6][20] - Gross profit increased by 10.8% year-over-year to €13,700,000, with a gross profit margin of 52.7%, up 280 basis points [6][22] - Adjusted EBITDA for Q2 2025 was €3,500,000, a decrease of 4.3% from the same period in 2024, resulting in an adjusted EBITDA margin of 13.3% [7][22] Business Line Data and Key Metrics Changes - Proprietary content revenue grew by 270% year-over-year, contributing 14.8% of total revenue in Q2 2025, up from 10.8% a year ago [10][24] - The PAM and Turnkey segments generated CAD3.8 million, accounting for 14.6% of total revenue, down from CAD4.9 million or 19.9% in the same period last year [23] - Aggregated content made up 49.4% of revenue, slightly down from 49.6% the previous year [23] Market Data and Key Metrics Changes - In The Netherlands, the company experienced a 17% decline, outperforming the industry which saw a 25% decline [10][22] - The U.S. market showed significant growth, with proprietary content revenue increasing by 270% year-over-year [10][15] - Brazil's iGaming market is projected to grow from US$3.9 billion in 2025 to US$6.1 billion by 2030, with the company expecting Brazil to account for up to 10% of its revenue in 2025 [17] Company Strategy and Development Direction - The company is focusing on margin improvement and cash flow performance over aggressive revenue expansion due to increasing gaming taxes in key markets [7][27] - A strategic shift is underway to reduce reliance on The Netherlands, with projections indicating a decrease in revenue contribution from 49% in 2022 to 32% in 2025 [31] - The company aims to become an AI-first business by 2027, embedding AI into product development and operations to enhance player engagement and operational efficiency [18][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustainable profitable growth despite lower-than-expected top-line growth [28] - The company anticipates continued advancements in predictive analytics and the adoption of generative AI for scalable content creation [33] - Management highlighted the importance of diversifying revenue sources and leveraging proprietary content for profitability [31][43] Other Important Information - The company has made key hires to strengthen its leadership in content development and AI innovation [17][18] - A planned realization of cost synergies is expected to provide €2,000,000 in annualized cash savings [8] Q&A Session Summary Question: Revenue contribution from Hard Rock and Caesars - Management indicated a path to reach the previously mentioned 15% revenue contribution from proprietary content, with optimism about performance in the second half of the year [38][39] Question: Future growth opportunities - Management elaborated that highly accretive growth opportunities lie in proprietary content, with a focus on increasing production capabilities [42][43] Question: FX impact on guidance - There was a slight impact from the euro weakening against the US dollar, but it was not significant [41]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported consolidated revenue of $84.8 million, with adjusted EBITDA of $33.5 million, reflecting a decline from $88.2 million in Q2 2024 [6][12] - Social casino revenues decreased by 14% year-over-year, totaling $69.3 million, while iGaming revenues from Super Nation nearly doubled, increasing by 96% to $15.5 million [12][13] - Adjusted EBITDA margin was 39.5% for Q2 2025, down from 42.5% in Q2 2024, with net cash flows from operating activities at $19.7 million, compared to $34.8 million in Q2 2024 [17][18] Business Line Data and Key Metrics Changes - The Flexit DoubleDown Casino app remains a significant cash flow generator, with ARPDAU at $1.33, unchanged from Q2 2024, and payer conversion rate increased to 7% from 6.7% in Q2 2024 [7][14] - Direct-to-consumer (DTC) revenue now accounts for over 15% of total social casino revenue, indicating a successful shift towards DTC monetization [8] - Super Nation's revenue of $15.5 million in Q2 2025 marked the highest quarterly performance since its acquisition, reflecting a growth of $2.3 million from the previous quarter [9][10] Market Data and Key Metrics Changes - The company is expanding its presence in Europe through the acquisition of Val Games, which primarily generates revenue in Germany [8] - The integration of Wow Games is expected to diversify revenue streams and enhance operational success in new markets [9][10] Company Strategy and Development Direction - The company is committed to enhancing shareholder value through strategic acquisitions and investments in both social casino and iGaming sectors [6][10] - The acquisition of Wow Games is seen as an opportunity to leverage existing strengths in the social casino business while expanding into the European market [8][32] - Future growth strategies include launching additional brand sites for Super Nation and exploring new gaming categories and geographic expansions [48][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the social casino industry due to expected revenue declines in 2025 but remains committed to product development and marketing initiatives [15][16] - The company is optimistic about the growth potential of Super Nation, with plans to enhance retention and operational efficiency [48][56] Other Important Information - The transition to IFRS reporting is expected to have minimal impact on financial statements, primarily affecting lease treatment [4][12] - As of June 30, 2025, the company had a cash position of approximately $481.2 million, which was reduced following the acquisition payment [18][19] Q&A Session Summary Question: Balancing growth versus profitability for Wow Games - Management views Wow Games as an exciting opportunity to leverage strengths in Europe and plans to support its growth through existing expertise [24][25] Question: Future targets for direct-to-consumer revenue - Management is pleased with the current DTC revenue exceeding 15% and anticipates further growth but has not set a specific long-term target [26][28] Question: Background on the Wow Games acquisition process - The acquisition was seen as opportunistic, complementing the company's existing social casino business without detracting from other growth searches [32][33] Question: Impact of regulatory actions on the business - Management clarified that the company is not involved in the sweepstakes business and has not seen a quantifiable positive impact from regulatory actions against competitors [34][35] Question: Revenue and profitability expectations for iGaming - Management believes that Super Nation can achieve a profit margin of over 10% once sufficient scale is reached, with plans for further brand site launches [47][48] Question: Expansion plans beyond current markets - The company is exploring additional licenses in various European countries and Canada, aiming for regional expansion [53][54]

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Core Insights - Expanse Studios has formed a content partnership with Bragg Gaming Group to enhance the distribution of its iGaming content across over 30 regulated markets globally, including the U.S., Canada, Latin America, and Europe [1][2] Company Overview - Expanse Studios specializes in B2B iGaming content, offering a diverse portfolio of over 55 proprietary games, including slots, crash games, and table games [2][5] - Bragg Gaming Group is a leading provider of iGaming content and platform technology, with a portfolio that includes proprietary and exclusive casino titles distributed via the Bragg HUB platform [6] Strategic Importance - The partnership is viewed as a strategic milestone for Expanse Studios, aimed at scaling rapidly in the U.S. and European markets, leveraging Bragg's powerful distribution network [3][4] - The collaboration is expected to create synergies by combining Expanse Studios' high-quality content with Bragg's extensive distribution capabilities, enhancing global reach and offering operators a broader range of engaging iGaming experiences [2][3] Market Focus - The U.S. market is highlighted as a key focus area for Bragg's continued expansion in 2025, with expectations for a positive reception of Expanse Studios' content, particularly its crash games [4]

Core Insights - Expanse Studios, a division of Golden Matrix Group Inc., has received certification for its game Super Heli from Croatia's Ministry of Finance, marking a significant entry into the Croatian market [1][2] - The Croatian gambling market generated US$484.70 million in 2024, with a projected CAGR of 8.4% from 2024 to 2030, indicating strong growth potential for B2B gaming suppliers [2][3] - The certification enhances Expanse Studios' European presence, allowing it to leverage its portfolio of 56 proprietary titles and over 500 B2B partners to capture market share in the EU [3][4] Market Opportunity - Croatia's Online Casinos segment is projected to reach US$218.10 million in 2024, contributing to the overall gambling market expected to reach €720.42 million by 2025 [2][3] - The regulatory framework in Croatia favors established B2B providers, creating high barriers to entry for new competitors and positioning certified suppliers like Expanse as essential partners for operators [4] Company Overview - Golden Matrix Group is a B2B and B2C gaming technology company based in Las Vegas, operating across multiple international markets and developing proprietary gaming platforms [5] - Expanse Studios, founded in 2017, specializes in B2B iGaming content, offering a diverse portfolio of 55 proprietary games tailored for regulated markets [6]

Financial Performance - MGM Resorts International 的股票上涨，原因是该公司及其在伦敦上市的 Entain 公司提高了他们共同拥有的 BetMGM 体育博彩和 iGaming 运营商的全年展望 [1]