Financial Data and Key Metrics Changes - The company generated total revenue of $557 million, representing a 26% year-over-year increase [13] - Group adjusted EBITDA reached $152 million, reflecting a 65% year-over-year growth with a margin of approximately 27% [14] - Sports betting wagers hit $900 million for the quarter, up 12%, while casino wagers increased by 20% year over year [15] - The sports book margin improved from 11% in Q3 2024 to 12.8% in Q3 2025 [15] - The company ended the quarter with $462 million in cash on the balance sheet [15] Business Line Data and Key Metrics Changes - Revenue in Europe surged 46% year over year, with the UK and Spain leading at 711% and 111% growth, respectively [6] - Africa delivered 36% year-over-year growth, with Botswana showing strong performance since launch [7] - South Africa grew 23% year over year, while North America saw a 14% increase, with Canada (excluding Ontario) up 15% [8] - APAC revenue was up 3% year over year, marking an improvement from the previous quarter's 6% decline [9] Market Data and Key Metrics Changes - The company successfully completed the migration to a new technology platform in Nigeria, enhancing scalability and customer experience [8] - In Zambia, the company is navigating casino tax headwinds and making progress [8] - Ontario's revenue increased by 3%, with plans to launch a new casino client in 2026 [8] Company Strategy and Development Direction - The company announced the upcoming Q4 launch of Supercoin, a South African rand-pegged digital asset stablecoin initiative, aimed at enhancing payments, rewards, and customer engagement [5] - The focus remains on executing growth strategies, unlocking further margin expansion, and delivering long-term value to shareholders [17] - The company is investing in markets that deliver the best returns while maintaining cost discipline and increasing operational efficiency [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for a strong fourth quarter despite unfavorable sports outcomes in September [4] - The company raised its full-year 2025 revenue guidance to between $2.17 billion and $2.27 billion, and adjusted EBITDA guidance to between $555 million and $565 million [16] - Management highlighted the importance of customer engagement and retention as key drivers for future growth [72] Other Important Information - The company returned $136 million to shareholders over the last twelve months, including $20 million in the past quarter [15] - The digital asset wallet is expected to launch in Q1 2026, starting in South Africa [11] Q&A Session Summary Question: Details on payment costs in Africa - Management indicated that payment costs in Africa are significantly higher than in other markets, but the implementation costs for Supercoin are manageable, with potential long-term savings [20][21] Question: Opportunity for using Supercoin to drive retention - Management emphasized that Supercoin will enhance customer acquisition and retention, providing various benefits to users [22] Question: Guidance and growth trends - Management acknowledged that Q4 revenue guidance assumes normalized sports hold and expressed excitement about continued customer activity and marketing efficiencies [26][27] Question: Tax developments in Africa and the UK - Management discussed the potential impact of tax changes in Kenya and Zambia, indicating opportunities to re-enter those markets [34][35] Question: Growth sustainability in Africa - Management noted that Africa's growth is broad-based and durable, with Botswana showing significant improvement [54] Question: New Zealand regulatory changes - Management is monitoring regulatory developments in New Zealand and adhering to advertising restrictions to ensure long-term market viability [90][91] Question: M&A strategy - Management stated that they are highly selective regarding M&A opportunities, focusing on finding the right price and ensuring acquisitions stand on their own [94][96]

Financial Data and Key Metrics Changes - The company generated total revenue of $557 million, up 26% year-over-year [8] - Group-adjusted EBITDA reached $152 million, representing 65% year-over-year growth, with a robust margin of approximately 27% [8][9] - Sports betting wagers hit $901 million for the quarter, up 12%, while casino wagers increased by 20% year-over-year [9] - The company ended the quarter with $462 million cash on the balance sheet and returned $136 million to shareholders over the last 12 months [9] Business Line Data and Key Metrics Changes - Europe's revenue surged 46% year-over-year, with the UK and Spain leading at 71% and 11% growth respectively [5] - Africa delivered 36% year-over-year growth, with Botswana showing significant momentum since launch [6] - North America grew 14% year-over-year, with Canada ex-Ontario increasing by 15% [6] - APAC revenue was up 3% year-over-year, marking an improvement from the previous quarter's decline [6] Market Data and Key Metrics Changes - The UK and Spain's strong performance was attributed to regulatory stability, product innovation, and enhanced marketing execution [5][32] - Germany faced challenges due to tighter regulatory restrictions and reduced marketing spend [5] - In Africa, the successful migration to a new technology platform in Nigeria is expected to improve scalability and customer experience [6] Company Strategy and Development Direction - The company plans to launch Supercoin, a South African rand-pegged digital asset stablecoin, in Q4 2025, aiming to deepen customer loyalty and engagement [5][7] - The focus remains on executing growth strategies, unlocking further margin expansion, and delivering long-term value to shareholders [11] - The company is actively addressing regulatory challenges in various markets, including potential re-entry into Kenya due to favorable tax changes [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging sports hold environment while maintaining record customer activity [11] - The guidance for the remainder of the year assumes a normalized sports hold, with continued momentum in customer activity expected [20] - Management highlighted the importance of customer engagement and operational efficiencies as key drivers for future growth [52] Other Important Information - The company is investing in AI to enhance customer support and trading operations, contributing to improved operational efficiency [8] - The balance sheet remains strong, allowing for continued investment in growth opportunities [9] Q&A Session Summary Question: Details on payment costs in Africa - Management noted that payment costs in Africa are significantly higher than in other markets, but the implementation costs for Supercoin are manageable [15] Question: Opportunity for using Supercoin to drive retention - Management emphasized that Supercoin will enhance customer acquisition and retention through various benefits and rewards [17] Question: Guidance and growth trends - Management indicated that guidance reflects a normalized sports hold and expressed excitement about continued customer activity and marketing efficiencies [20][21] Question: Tax developments in Africa - Management discussed the impact of tax changes in Zambia and the UK, indicating a resilient business model that can absorb some tax increases [26][27] Question: Growth sustainability in Africa - Management highlighted Botswana's strong growth and the consistency across African markets, with expectations for continued stability following the tech migration in Nigeria [40] Question: New Zealand regulatory changes - Management is monitoring regulatory developments in New Zealand and adhering to advertising restrictions to ensure long-term market viability [65] Question: M&A strategy - Management remains selective regarding M&A opportunities, focusing on finding the right price and ensuring acquisitions stand on their own [68]