Gianluca Tucci: Hi, good morning, guys. And congrats on another good quarter. I’m just wondering if we can start off on the news from earlier this week, I think you did a good job of providing color, Matz. But the extension, like does it take you through ‘25 or at the start of ‘25? And I’m curious if you can speak to how the company expects the revenue like mix to shift from this one customer over the duration of this extension agreement.
Matevz Mazij: So the exact details of the commercial terms remain obviously subject to the parties of eyes only as their sensitive commercial terms. We – by negotiating this deal, we focused on keeping the PAM and aggregation deal, and it’s in place until September 2025. And we reduced managed services resources already has in-house. The – moving forward, we are going to work very aggressively on decreasing the exposure to one of our top clients, and we are going to work very aggressively in the direction of growing our content – proprietary content portfolio of clients, the Tier 1s that we have signed recently and the increasing number of aggregation and PAM clients where we believe that we have a very good opportunity to leverage that position and grow our proprietary and Powered by Bragg content revenue with them.
Gianluca Tucci: Great color. Thanks, Matz. And so on your commercial efforts, with all the recent Tier 1s that have been signed over the last quarter or so, I’m just wondering how you’re thinking about 2024 at this point from a growth perspective, combined with your cadence of Games comment accelerating, it appears that 2024 could be even growthier than ‘23 at this point? Just curious for your comment on that.
Matevz Mazij: Sure. So we now have agreements with most of the Tier 1 operators, but they don’t represent top customers for Bragg. Our plan in 2024 and ‘25, as well as to grow our wallet share with all of these existing content-only operators as well as existing PAM and aggregation operators as they present a great revenue growth opportunity for our proprietary Powered by Bragg content. We are also looking to establish ourselves in markets that we’re in, but we are underrepresented. And finally, newly regulated markets in LatAm and Europe are a great opportunity for our PAM aggregation engagement and content products with these Tier 1 operators that we already signed with and new operators that are coming out of these newly regulated landscapes.
Gianluca Tucci: Okay. That’s great. And my last question here. As it pertains to the American markets in the U.S. particularly, are you doing anything differently? Or is it pretty much the same kind of execution plans from a growth perspective in the U.S.
Matevz Mazij: Well, as discussed in the presentation, in 2023, we will eventually roll out 69 titles, both in the U.S. and Europe. And preliminary data suggests that the content performs well. Bragg is now live in the four largest U.S. gaming market being Pennsylvania, New Jersey, Michigan and Connecticut with its proprietary content. And we continue to roll out with more operator brands in these states, further expanding its reach. To answer your question, we launched our content portfolio in Pennsylvania with Rush Street Interactive and have also launched content with Fani in Michigan and Connecticut and Winbet in New Jersey, and we expect this trend to continue into 2024 and 2025. I would like to also say that we’re very excited about the U.S., and I want to remind everyone that our business is extremely successful in Europe and that we’re one of the largest content aggregators and leading PAM providers in Europe, and we expect to leverage our expertise coming into the U.S. and become a leading content provider in iGaming partners to global operators and U.S.-only operators, obviously, such as Bet365 and others.
Gianluca Tucci: Okay. Thank you for the color and congrats again on the quarter. a good work.
Matevz Mazij: Thank you.
Operator: Thank you, Gianluca. And our next question comes from the line of Jordan Bender with JMP Securities. Jordan, please go ahead.
Jordan Bender: Great. Thanks for taking my questions. You actually just mentioned Rush Street in your prior comments. They are the new operator starting here soon in the State of Delaware to run the online platforms. I was wondering what does that kind of mean? And can you kind of frame the revenue or potential revenue opportunity for the company over the course of ‘24 and ‘25. Thank you.
Ronen Kannor: So it’s probably too early to discuss the revenue opportunities for ‘25. We believe that Rush Street is obviously a great operator that they have an extremely good team, an extremely good product. And I believe that they’re going to use all of that to significantly grow the GGR in the state of Delaware, and we plan to be very high on their list of content providers for that state. Exactly what the revenues are going to be, it’s probably too early to discuss.
Jordan Bender: Understood. And then in terms of your player and wager growth, nice growth in the quarter, but from a wager per player perspective, you’re seeing a little bit of a deceleration year-to-date and especially here in the third quarter. Is that just a function of mix? Or is there something in the underlying consumer just spending less? Thank you.
Ronen Kannor: Yes. So this is mainly connected to the seasonality. Third quarter is usually slower than first and second quarter.
Jordan Bender: I guess from a growth perspective, first half down roughly 5% in the third quarter, it’s down about 24%. Is that – is there anything kind of in that?
Ronen Kannor: I wouldn’t say there’s anything in that any underlying reason that we would be able to identify.
Jordan Bender: Understood. Thank you very much.
Operator: And our next question comes from the line of Adhir Kadve with Eight Capital. Adhir, please go ahead.
Adhir Kadve: Thans, guys. Thanks for taking my question. Matz, congrats on the role. Looking forward to working with you. I just wanted to talk about some of the European markets, specifically the UK and Italian markets. You’ve been in these markets for some time, some meaningful wins. How are you thinking about those two markets, just given how large they are and how meaningful they could be for your revenues moving forward.
Matevz Mazij: Yes. So we were – we started with these markets anywhere between 24 and 12 months ago. And we were using this time to integrate with clients. These are obviously very heavily regulated markets. We believe that they are a great opportunity for our content only proposition, and we believe that we were largely underrepresented in those markets. And we feel that these markets represent a great growth opportunity for our content in ‘24 and ‘25.
Adhir Kadve: Okay. Excellent. And then just the content in different European markets, you’ve obviously had success. How easily transferable are those markets from, say, the Netherlands into the UK and then into Germany? And just like how does that all work? And do you find that there’s minimal heavy lifting or investment that needs to go into launching this content in different markets?
