Super Group (SGHC) Ltd

Hello, everyone, and thank you for joining the Supergroup third quarter 2025 earnings webcast and conference call. My name is Lucy and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. It is now my pleasure to hand over to your host, Enkem Ojibwe, head of investor relations to begin. Please go ahead.

Good morning, everyone. And thank you for joining us today to discuss Supergroup's results for the third quarter 2025. During this call, Supergroup may make comments of a forward-looking nature that are subject to risk, uncertainties, and other factors discussed further in its SEC filings that could cause the actual results to differ materially from historical results or from the company's forecast. Supergroup assumes no responsibility to update forward-looking statements other than as required by law. On today's call, Supergroup may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. Supergroup has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page of Supergroup's website. Supergroup recommends that investors refer to a supplementary presentation posted to the company's website. Today, I'm joined by Neil Menashe, Chief Executive Officer, and Alinda Von Veig, Chief Financial Officer. After our prepared remarks, we'll open the call for questions. And now, I'd like to turn the call over to Neil.

Thank you, Inc. Good morning, everyone, and welcome to Supergroup's third quarter 2025 earnings call. We delivered another strong and resilient performance this quarter, powered by consistent execution, record customer engagement, and continued focus on margin expansion. We achieved this despite customer-friendly sports results in September, and with customer acquisition up very nicely year on year, we are positioned for a good fourth quarter. We enjoyed seeing many of you in our London office for our investor day in September. Now we would like to share some key takeaways since then. First, we hit a record of 6 million monthly active customers in September, which we have already surpassed in October. This reflects the depth of our global footprint, our localized execution, and the value loyal customers continue to place on our products and platforms. Second, we are proud to officially announce the upcoming Q4 launch of SuperCoin, our South African Rand PEG digital asset stablecoin initiative. This marks a significant and strategic step forward in how we think about payments, rewards, and engagement. Finally, despite unfavorable sports outcomes in September rolling marginally into October, we are raising our full-year group revenue in EBITDA 2020 Before I turn to Linda for the financial details, I wanted to offer a quick overview of our operational performance this quarter and elaborate more on Supercoin. Europe's revenue surged 46% year-over-year, with the UK and Spain leading the charge, up 71% and 11% respectively. This outstanding performance reflects a combination of regulatory stability product innovation and enhanced marketing execution. In contrast, Germany continued to be impacted by tighter regulatory restrictions, as well as an intentionally reduced marketing spend to preserve unit economics in a challenging environment. Africa delivered 36% year-over-year growth, driven by strong performance across all markets. Botswana remains a standout with continued momentum since launch. Malawi and Tanzania also posted solid gains, while South Africa grew 23% year-over-year. In Nigeria, we have successfully completed the migration to our new technology platform, which positions us for improved scalability and customer experience. In Zambia, we are proactively navigating casino tax headwinds and are making good progress. North America grew 14% year-over-year. Canada ex-Ontario increased 15%, supported by higher deposit volumes and strong customer retention. Ontario increased 3%. We are planning to launch our new casino client there in the first half of 2026. APAC revenue was also up 3% year over year, marking a solid improvement from last quarter's 6% decline. In New Zealand, revenue declined 2%, primarily driven by continued marketing restrictions, We are obviously actively addressing this issue. We are on track to launch the ZAR Supercoin in late November in partnership with LUNA, the largest customer-consumer crypto exchange in South Africa. This new South African Rand peg stablecoin is designed to deepen customer loyalty, reward engagement, and enable cross-platform benefits across the super group ecosystem. We intend SuperCoin to be more than just a rewards tool. It marks a crucial first step in integrating digital assets into our product stack. Our digital asset wallet is expected to launch in Q1 2026, starting in South Africa, where adoption of alternative payment methods continues to accelerate. This wallet will provide customers with a seamless and secure way to store, send, and transact using SuperCoin, and we expect it will lead to cost deficiencies over time. In the longer term, we plan to expand availability in line with local regulatory frameworks. With that, I'll now turn over to Alinda.

Thank you, Neil. Let's now walk through the financials. We had an exceptional July and August, and despite those sports outcomes that Neil mentioned, our core business outperformed, enabling us to confidently raise our full-year guidance above previous investor day targets. The group generated a total revenue of $557 million, up 26% year-over-year. Group-adjusted EBITDA reached $152 million, representing 65% year-over-year growth, with a robust margin of approximately 27%. This quarter's margin improvement reinforces the strength of our model. We are investing in markets that deliver the best returns while maintaining cost disciplines and increasing operational efficiency, including expanded use of AI across customer support and trading. We again approved our marketing ratio and still drove record customer engagement and wagering growth. These fundamentals, disciplined reinvestment, efficiency gains, and a sharpened ROI positions us to finish this year strongly and carrying momentum into 2026. The quarter was also driven by strong sports outcomes in July and August, and increased uptake of parlays. Girls were further supported by favorable wagering activity, with sports betting wages hitting $901 million for the quarter, up 12%, and casino wages up 20% year-over-year. Our sports book margins also improved from 11% in Q3 2024 to 12.8% in Q3 2025. Our balance sheet remains strong. We ended the quarter with $462 million cash on the balance sheet. Over the last 12 months, we have returned $136 million to shareholders, including $20 million paid out in the past quarter. Once again, demonstrating our robust free cash flow generation and careful consideration capital allocation strategies. Today, we are raising our full year 2025 group revenue to be between 2.17 and 2.27 billion dollars and group adjusted EBITDA guidance to between 555 and 565 million dollars. This uplift reflects our robust growth in monthly active customers, diversification in our revenue mix and steady start to quarter four. I will now hand back to Neil for closing remarks.

Thank you, Linda. Q3 showcased the power of our diversified global footprint, efficient cost structure, and strong operating leverage. Even in a tough sports hold environment, we delivered record customer activity, 65% year-over-year growth inhibitor, and consistent reinvestment in our product and tech platforms. As we move into the final quarter of 2025, we remain focused on executing our growth strategies, unlocking further margin expansion and delivering long-term value to our shareholders. I'll now turn the call over to the operator to open the call up for questions. Operator?

Thank you. If you ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask a question, please ensure your device is unmuted locally. The first question comes from Jason Tilchen of Canaccord Genuity. Your line is now open. Please go ahead.

Good morning, and thanks for taking my question. One thing I'm curious about, if you could share a little more detail regarding the magnitude of the difference in payments costs in Africa relative to some of the other markets you operate in, and a little bit more about maybe the level of investment required in this initiative relative to the potential savings over time from reduced payments costs. Thank you.

Yes, so in Africa, because of the wallets and stuff, it's significantly more than other markets in the world. So with this initiative, it can over time obviously reduce that. And yet the cost involved in implementing the SuperCoin haven't been excessive at all. It's actually quite, it's easily manageable. And over time, obviously, with engagement in the customer base going forward, we are really excited about this opportunity.

And just to follow up on that, you mentioned in prepared remarks a few times about rewards. I'm just curious what the opportunity is to potentially use this as a mechanism to drive retention for the user base in those markets.

Yes. Listen, it's all about our customer acquisition, keeping the retention of our customers and keeping them in our ecosystem. So with the SuperCoin, there's lots of different benefits we can give them. as they start interacting with that, because it's a method that we will control, and we're in total control of that destiny. So for us, it's a very exciting opportunity because of that. There's bonus money. You can give them. There's lots of different things you can give them.

Great. Thank you very much.

Thank you. The next question comes from Jordan Bender of Citizens. Your line is now open. Please go ahead.

Hey, everyone. Thanks for the question. I want to start on guidance. Adjusting for the tough sports comp in the prior year, 4Q revenue still implies slowing growth trends from what we've seen year to date. Are you seeing anything into November that would imply anything slowing across some of your major KPIs outside of just some of the poor sports results that have bled into October?

Thank you, Jordan, for your question. In the guidance for the remainder of the year, we just assumed a normalized port hold in line with around 14%. As you can see in the investor presentation, we've prepared a slide on that. We can't, as you know, it's very tricky for us to have any kind of understanding of the impact of of when it does have an outlier, like in September. But what happened in September is, well, because July and August were so significantly higher, you do have an equalized quarter. So that's why we just kept it normalized. And we're also very excited about the continued momentum in the customer activity, fueled by also marketing efficiencies in line with our prior quarters. So that all will help deliver that last part of the year. And furthermore, we just have to rely on consistent execution and a seasonal supportive calendar.

And I'll just add in Jordan that obviously quarter four 2024 was a hard come because the sports margin was at 15.9%.

Perfect. Thank you. And then just maybe to follow up on the U.S. business, anything left from a revenue or a cost standpoint we should be expecting in the fourth quarter?

The gaming operations is all wrapped up in the US. And the only thing that is now that we're just doing is the operational wind down and wrap up. In the guidance for quarter four, we've included that. That is an absolutely immaterial number. And we won't foresee any revenues coming through in quarter four.

Perfect. Thank you, and really nice quarter. Thank you.

Thank you. The next question comes from Jed Kelly of Oppenheimer. Your line is now open. Please go ahead.

Hey, great. Thanks for taking my questions. You know, I think you highlighted, you know, we're kind of watching some tax developments here, you know, in a couple of countries in Africa and then potentially in the UK. Can you just remind us, you know, how much of a tax cushion you baked in and sort of some of the medium term guidance you laid out at your recent investor day?

Yes, so remember taxes, obviously, with us, the way to mitigate taxes is number one, cost efficiencies. There's cost efficiencies in everything we do. Then it's the product efficiencies and it's the marketing efficiencies. So all of that is coming together. And for us, we have lots of headroom there to take some of these steps. tax increases the big one obviously for everyone's mind is the uk and how much they they plan to to go up by but for us is we've got a resilient business model and we're growing so yes it might take some of the some of the extra profit out of it but with all the other savings coming in we have to mitigate against them so just just

To go back to the reference to Africa, the only really impact at the moment on tax in Africa is around Zambia, and that's been embedded in the Q4 guidance forecast.

Got it. Thanks. That's helpful. And then just circling back to Ontario, I think it's grown. You said you highlighted it's growing, you know, 3%. I think overall Canada's growing high teens. How should we think about Alberta's growth rate when that market legalizes? Should we think that grows mid-single digits, or do you think you can maintain sort of that strong growth you're seeing in the rest of Canada? Thank you.

So I think we've learned our lessons, obviously, as we always say, in Ontario. Again, we've got the new clients being launched there shortly in next quarter in Ontario, and we're obviously enhancing the product, so all of that will help us deliver more in Alberta, but this is one that we will I would say Alberta would would be higher teams, etc. We would expect to be closer to to what else we see in Canada. Thank you.

Thank you. The next question comes from Bernie McTernan of Needham. Your line is now open. Please go ahead.

Hi, this is Stephanos Chris calling in for Bernie. Thanks for taking our questions. Pretty healthy margin level despite some negative sports results. Can you just talk about the puts and takes on margin in the quarter and if that's sustainable going forward?

Yes, Stephanos, directionally 100%. Our model benefits from mixed towards higher quality casino revenue. And we also have this strong geographic diversification. And what we've been seeing, even though the sports results have been under pressure, we've seen increased polar contribution, which had a favorable impact, as well as what Neil and I constantly talk about our structural efficiencies as we roll out AI enabled operations and discipline processing, negotiations, et cetera. We definitely believe that this is this margin is sustainable.

Gareth J. about it, thank you, and then you called out strength in the UK and Spain just anything specific to call out there, thank you.

Gareth J. So, so I think if you take UK and Spain it's the product. Gareth J. Again, remember we close a lot of markets and I keep telling people that when we close those markets within to be able to focus the resource in. on on the markets where we're winning and that you can see that in obviously the uk and stuff so all the stuff we're doing on parlays the product the processing everything that happens in the product is you're seeing a direct correlation of how those numbers are going so it's not look this is a dedicated resource allocation and we keep pushing more more and more and our brand strength obviously is compounding spain we've got like the super club loyalty was introduced ongoing product upgrades And so all of that's coming together. And that's all about this operating leverage that sits in our platforms. Got it. Thank you.

Thank you. The next question comes from Clark Lampin of BTIG. Your line is now open. Please go ahead.

Thanks for taking the questions. Neil, maybe I can follow up a little bit on that comment around UK growth and the product and the product, I guess, sort of driver underpinning it. Was that apricot driven? And if so, is that something that we should think about maybe being sort of earlier stages with the UK sportsbook? And then sort of second question, as we think about the sportsbook business overall, maybe it's sort of a follow up on Jordan's question around the forward outlook. If we sort of run forward the numbers, you know, with seasonal improvements in your customers in line with what we've seen in the past, it would seem like there was a pretty significant downtick on a per customer basis. Is that in any way sort of related to engagement patterns? Have you seen any downtick or maybe should we read this as just sort of a prudent? uh, way of approaching, I guess, the, the sort of 4Q setup and modeling. Thank you.

Okay. So, so just back on the UK, obviously I always think we under indexed the brand was really good in the UK, but as we've got more focused on the product, you've seen the uptick there. Plus remember, we've also launched the casinos or the jackpot city, et cetera. And we put a lot of effort into that. So all of that's coming together. Plus you've got the parlay mix that, that, that product, which is obviously that we purchased from Apricot that we almost finally getting over the line and owning it in the next few months is all coming together because we actually own 100% of the roadmap there and what's happening. So that's all coming together for what I call Betway Global internationally. Obviously, the Betway Africa has always been running a superb product, right? So that all helps. No, I think when you come to the outlook and stuff, it's not. Listen, we're always prudent, as you know. This is how we operate. Again, we're still 80% in this quarter. I think we're 83% or something. It just depends how the football lay of the land actually falls in because football is our number one sport. I think in September, what we saw with the Champions League, was that all the favorites were winning in the champions league round robin but now we're starting to move in we'll move into the next supplement into the next phase and that's when there's there's the favorites don't always win so for us it's just being prudent we've got listen for me it's all about and for them that always keeps discussing it it's all about customers in the house and how they're engaging and we delivering more and more of those months on months And then that's why I said October's numbers of customers in the house was even more than September.

Okay. If I could throw one more in, your Africa growth was up 36% this quarter. Anything that you would call out sort of along the lines of, you know, the same sort of underpinning drivers with product in that territory? And maybe more importantly, how should we think about the sustainability of growth at an elevated pace? Thank you.

You know, it's definitely more durable growth-based growth. We do obviously see Botswana as a standard in the mix when it comes to first launch. I mean, Botswana was about 4% in quarter one, 4.5% in quarter two, and now 6.5% in quarter three. So that just shows how that one country contributed to the growth of Africa. But generalize the growth is around the consistent African, consistently across all the African countries. and we've also just completed the nigeria tech migration which we hope to also see a nice uplift and stability in the next couple of months and then just to conclude remember we've launched jackpot city as a secondary casino brand in africa it's now live in south africa ghana malawi and tanzania and we foresee that uh ghana will be the launch will happen in ghana now

So we've done that. So I think for Mount Boomer, we set out that we've got to get our casinos in all the markets we're operating in. And that's the same for UK, same for Africa. We're now hopefully coming soon to Spain. And then the last one, obviously, is Germany, that we've still got some tech stuff to do there because it's quite restrictive of what we have to do.

Thank you. The next question comes from Ryan Sital of Craig Helen. Your line is now open. Please go ahead.

Hey, good day. Really nice results. Want to move or stay on the hold kind of the sports impact in September? If I look at August, it looked like it was kind of an outsized good guy for the sports book from a hold standpoint when offset by September. Are you able to kind of net those two together throughout the whole quarter on kind of what the the net impact was from sports gross margin impact relative to what you were expecting?

So I think it's on slide 12 in the Investors Deck. We've included quite a nice slide now just to explain the ebbs and the flows of sports margin, which is obviously, you know, you can't really predict any of that So what we've just started to see, like Neil explained, as well as the timing of the matches and how the outcomes will now be a bit more favorable for the customer, maybe because in the beginning you have much more favors that win. But on this slide, you will see we had a high of 18.8%. and a low of 7.3%. So that we've actually marked now. So that average of 14% is what we kind of project forward. But over a period of time, the margin is increasing due to everything that Neil has mentioned of, you know, more rollout of the Pauli product in other parts of our, which was quite dominant in Africa, but now in other parts of the world, as well as just customer engagement.

Fair enough. Supercoin, is South Africa kind of the initial launch? Is there plans to launch a similar coin in, let's say, Nigeria and other markets? Or is this kind of a one, let's trial it and see how it goes before making any other kind of further strategy and decisions? Yes.

So South Africa was the first place to start just because of the cash license and high digital wallet adoption there. And so also we've got a big customer base there. So we try it out there and as it works there, then we'll see the other markets. And I have to be looking at the other markets, but we rather want to start in one country and then move to others as opposed to try and do it in so many countries all at once. I mean, there's quite a lot of technical lift that has to happen here. And with the Luna being the largest consumer exchange, having the biggest customer base in South Africa, we decided to start there first. So there's a road to go there. This is obviously the first part, listing on the exchange, and then you would get into the wallet adoption into Bestway, which I said would probably happen in quarter one, towards the end of quarter one.

Maybe just a follow-up on that, maybe a naive question to crypto, but can you launch the same supercoin in other markets, or would it have to be a kind of full separate infrastructure and coins?

Yeah, it's basically every coin will be, this is the ZR coin, some super coin, then you have the different currency coins in each market. But it's all the same technology, same everything. We've just got to get onto those relevant exchanges in the countries we decide to go. And that's the laws of that country allow us to do it. Helpful. Thanks, guys. Good luck. Thank you.

The next question comes from Mike Hickey of Benchmarks.com. Your line is now open. Please go ahead.

Yeah. Hey, Neil. Alinda Inc., Supergroup team. Congrats, guys. A great quarter and a great year. Definitely getting a real picture here of 2025. Neil, just curious, when you look at sort of the drivers here of your growth, and there's a lot of them, Just curious, sort of the main drivers, the most durable drivers that you think will also be a positive impact to your 26 outlook. So I guess, Neil, just curious if you can kind of give us what 26 looks like here, growing off such a great 25 and how much are sort of existing drivers of growth versus new drivers like Supercoin. And Supercoin sounds great. It's just hard to sort of understand the impact and how material you think it could be. It seems like it could be great on revenue and cost. But I guess I'm just getting a better idea of 26, you know, would be great.

I won't comment on 2026 yet, but I'll tell you what we delivered on. So we've delivered on marketing efficiencies everywhere, right in the business. You know, we spend $400,000, $400,000, $500 million on marketing for 2025. So it's getting that efficient. We said in the beginning, we've got to get that more efficient. We're doing it, finding the new channel. So that's one. Obviously, closing the markets that we never saw a possibility. I always think the opportunity cost of being in those markets is huge. And you've seen it that we can redeploy into the product, into the markets we are winning in. and that's one like ontario now the new clients coming new stuff's coming there so so and that's all happening plus we've we've got product it's all about your product right it's like what is your product how's your product relative to the competitors in each market so in africa i think we've got a standout product i think we're catching up in in some of the other markets especially the uk and as we closing that parity we are seeing the uplift in in our customers behavior customer loyalty etc You then talk about process efficiencies. One is payment efficiencies. We're all over that, new rates, et cetera. In the African business, processing is expensive. It can be anything from 3% to 6% of deposits. But remember what happens in those markets is they deposit, they cash out, they redeposit, they cash out, they redeposit. So you've got a lot of churn of the same money. So you're paying deposit fees in and out all the time. So hopefully with our Supercoin, et cetera, we can build that balance that stays in our ecosystem. We're not paying for the same money, but three or four or five times. You know, in the US, as an example, in the UK, the processing fees are tiny. They're pennies, right, in transaction fees, but not in some of the other markets. So that's where that comes together. And then what we always said, and we said for the last three years, and since we finally got stuck into it, especially with the lenders being really pushing it, is these cost efficiencies. It's how do we do the business? How do we double the business without doubling the cost? And that's really what this is all about. And we're finally seeing that coming through. And there's more and more efficiencies, new core center software, new risk management. It's happening everywhere. And that's what we have been pushing. And then, you know, that you ultimately need that because in some markets you can win and some markets you're not winning like Germany. But Germany is really a function of the regs. But also, you know, when Germany, we had to wait to split out our wallet. So, yes, has it been on the main burner for us? Probably not. But now we can finally get to it that we split out the casino wallet from the sports wallet so we can finally offer casino in Germany. So, you know, all these things take time, but we're finally getting them. And I think it's about actioning the points that we believe in. And that's what you can see is dropping down. So if you have to look to 2026, we are setting some of the goals we set on our best today. How do we increase the revenue? And then the operating leverage kicks in. So you'll probably hear from us about 2026 in February time, right? When we do our end of year wrap up, et cetera. And most importantly, you know, our deposits and net revenue are really tracking well. And it's all about the customers in the system. And again, if you look, remember that invest today, we had one slide, which obviously Spencer did on his cohort analysis, but around it, it's all about the customers. And we can't forget this business is all about this customer. And everything we do has to evolve around the customer. And as you get 6 million in, you've got a lot of work that the system has to do to make sure that all 6 million are treated correctly, right? And that's what we're striving to do.

Thanks, Neil. The other piece on Africa, obviously, it just seems like an incredible opportunity for you guys, near and long term. We noticed that Kenya has made a change to their act scheme. And we know that you exited Kenya because of some, I guess you could say, one of your guys says ridiculous. environment. Obviously, it wasn't great. You left and now they've got to change. Just curious your thoughts on that change and if it's significant enough that maybe you could re-examine that market as an opportunity. And if you think the new tax scheme may have positive implications for other countries where you operate.

Yes, I think that's actually a very good point. You know, if you bring up Kenya, they had this excise tax on sports and casino where you could actually do it on sports and couldn't actually apply it to casino. And it takes them, what, two years almost to do it. So yes, absolutely. That's a case that we could absolutely go back in there, turn on the software. And it just means they finally found a mechanism that they're more comfortable in, which is taxing on deposits in and out, which is a much more fair and easier way basically for them to monitor and the the tax collection so zambia also went against this exercise but i think the first time what we saw in zambia is as an industry all of us came together to go to go and lobby the government to finally say you don't have casino there you're going to lose all this revenue and they're slowly lifting and in kenya as we do that kenya goes to the exact model that we suggested for zambia so i think it's the ebb and flow and as these new businesses come in You know, we are working with the government, so absolutely. And that's the thing, as a person pointing, that you have always got opportunities to go back in, and so that's what we'll do, right? Our products there, we've just got to get the resource to be able to just to turn them back on.

And Neil, last question. Thank you for your time on this. When Lawrence gave his presentation on Africa, your investor day, he noted four, countries that were, maybe Kenya was one of them, I can't remember, before countries where you're not in today but are sort of on the radar. And this sort of maybe ties back to 26, which I know we can't exactly talk about, but I appreciated the color. But it's a pretty significant can that he outlines in his presentation. Is that something that we should pencil in as a possibility, or is it still fairly remote? It just seems like given the success here, yeah, that it could be something.

No, we haven't gone into them yet, but we are far down the line getting the model right, getting how the money has to be charged, et cetera. So we're all over them, and there are a lot of them. They've got the capacity to deliver them. The question is at what stage, in next year we will be launching in. But that's definitely 100% part of our plan. You know, it's all about the African continent.

Yeah, absolutely. When you say far down the line, Neil, that means that there's no roadblocks to opening those countries. No, there's no roadblocks.

It's just about the regulation and getting the legal structures in place, et cetera, because each one's got a slight nuance in the other one, but there's lots happening. The team's on it, and for us, That's all part of our journey. That's exactly what we want to be delivering on. Absolutely. And that's why we freed up all that. And that's particularly why we feed up the African business just to do Africa. And we feed up the rest of the world for them to do the rest of the world. This is exactly the point.

Good. Thank you, guys.

Good luck. Thanks. Thank you. The next question comes from Chad Benham of McGuire. Your line is now open. Please go ahead.

Hi, good morning. Thanks for taking my question and nice results. I wanted to start with the New Zealand regulatory news that we've seen in terms of the online gambling tax change and I guess this fairly different licensing regime. I know that's been a smaller market and one that hasn't led to as much growth as others. But Neil, can you maybe just kind of touch on how your how you're feeling about the market and kind of how you think, you know, operators will react to this. Thank you.

Okay. So again, you know, it's still in all these regulations are still in and out of the different committees in New Zealand. We are all over it. It's just a matter of when they actually finally decide that they are going to fully regulate it, especially this is all to do with casino, right? So we're all over it. What we are doing is, and I've been doing it for a while, is they've got certain advertising restrictions that we are adhering to. And that's very important. Some other competitors aren't, but we are because for us it's all about the longevity of that market for us. So we're doing that. We're able to do certain marketing, not others. So we've actually taken a constant stance there, which is why you see the growth not being what it is, also subject to there has been some devaluation of the New Zealand dollar. So yeah.

And just to add to Neil's point, remember New Zealand has been taxed for a very long time. So we buy a a GST tax in New Zealand for a couple of years already. And mid last year, they introduced a smaller gaming tax. And the noise around taxes, just how the regulation are coming to maturity to win a loan is to peg that rate of tax. And I think there has been now rumors to increase it a bit more. But like Neil said, this is very early days. The point I'm just making is that we have been paying taxes for a while, even though there wasn't a regulation regime at that point in time.

Great. Thank you both. And then lastly, just in terms of the strong capital position that you're in, any update in terms of how you're thinking about tuck-in or bolt-on M&A in this market? Thank you.

Okay, so we won't get this. Listen, we're highly selective. We don't want to overpay, but also I don't think we can totally underpay either. So we have to find that balance. But, you know, at the moment, we make small tiny little ones along the way, marketing ones, et cetera. But it's all about is it at the right price and does it work? And we can't just base these acquisitions on synergies, right? They've got to stand on their own two feet. So when we find the right ones, it's not that we're not looking, we've got a long list. It's got to make sense for us, right? And that's what we're doing. And really what we're also doing is operational side is we're working out where we need to bolt on along the way. If it's in the marketing domains, if it's in other stuff, et cetera, which is what we're doing. You know, so like the super coin ones, another example. We bought a cash license. We had to buy it from someone else. So we bolt on these smaller ones along the way. Thank you very much. We are all over this. Yeah, we're all over this. Thanks. Thanks.

Thank you. We currently have no further questions, so I'd like to hand back to Neil for any closing remarks.

Thanks everyone for joining us today. We are really proud of our performance this quarter and excited about how well positioned we are for the future. We will speak to you all again soon. Thank you.

This concludes today's call. Thank you all for joining. You may now disconnect your lines.