Nick Taylor: Yes. Hi, Eric. Look, we take a market view in terms of new states coming on board, and we take an average of that, and therefore we’re not particularly beholden to requiring one particular state as we sit here. I think North Carolina opens up, I think it’s next week, I think. So that’s obviously baked into our numbers. Florida, we continue to be cautious with, but that’s baked into 2024, if that continues. And also to be clear, we’re also looking at TAMs on a global basis. And Brazil is something I think we name-checked in the prepared remarks, and that’s a really interesting opportunity. Again, we’re being very cautious, given the fact it’s Brazil and that’s not always the most straightforward place to do business. But we’re expecting at the moment betting to be live from broadly around the sort of September time onwards.
Eric Martinuzzi: What’s the size of that opportunity of the Brazilian market, just maybe in comparison to the U.S. market for a sense of scale?
Nick Taylor: Yes. I mean, the great thing about Brazil, I mean, I’ll give you the exact numbers. We think it’s going to be roundabout a $2 billion opportunity in 2024. So, look, for Genius, it’s not significantly material for us, given the fact, let’s say, it would only be probably included in our numbers in really — in anything meaningful in Q4. But it’s also worth just remembering, Brazil is a really interesting opportunity for us because it really plays into our natural business model in terms of having additional revenues without any really significant additional costs that go with it, given the fact that the events that we have are also relevant for the sportsbooks betters in Brazil. The likelihood is that a lot of the customers that we get in Brazil, but sportsbooks will be already customers that we have on a global basis. So it’s a classic example of that operating leverage that we talked about earlier in the call.
Mark Locke: The other thing obviously worth pointing out as well, is the NFL are pretty focused on Brazil. There’s a September NFL game, and I think they’re all in on that. So I think there’s quite a big focus on that market, and we’re cautiously excited about it.
Eric Martinuzzi: Got it. Thanks for taking my question.
Operator: Your next question comes from the line of Mike Hickey from The Benchmark Company. Please go ahead.
Mike Hickey: Hi, Mark, Nick, Brandon, Charles. Congrats on 23 days. Thanks for taking our questions. Just on the BetVision product, just looking at the U.S. market, obviously, share is kind of consolidated across two primary operators here. And it seems like from an innovation standpoint, on product, in-play is getting a lot of heat. And of course, BetVision fits perfectly there. So just curious, as you sort of think about scaling the product, if you thought about selling it exclusive versus selling it across multiple operators. And then the second question is a follow-up on the M&A. I think the question was directed more towards potential add-ons on tech, but obviously, I think there’s at least one asset that’s openly for sale that would be more of an addition to your core business and somewhat transformative. So just curious, your appetite for a deal like that versus just sort of tech add-ons. Thanks, guys.
Mark Locke: Hi, Mike. So on the sort of exclusive, non-exclusive, I mean, our model is to work with our partners. We’ve got to remember that one of our core focuses is to distribute sports products as widely as we possibly can. We’re looking to get fan engagement and we’re looking to really sort of drive the growth of the sports. So from an exclusive, non-exclusive point of view, that’s not something we really consider, we’re not going to be doing that. From an M&A opportunity, look, as I think I said, the tech is something that we feel pretty comfortable with. We’re in a good place on and we’ll obviously look at opportunities as and when they come up. But we’re pretty price-sensitive. We’re pretty price-sensitive when we come to buying rights.
We’re pretty price-sensitive when we come to buying other companies. So if it makes sense, if we can make those sort of acquisitions, whether it’s rights or whether it’s companies in a profitable way, we’ll do that. But they’ve really got to make sense on that sort of basis.
Mike Hickey: Thanks, guys. Good luck.
Operator: Your next question comes from the line of Brett Knoblauch from Cantor Fitzgerald. Please go ahead.
Brett Knoblauch: Hi, guys. Thanks for taking my question and congrats on the quarter. Just curious, as you’re thinking about 2024, looking at 2023, we’ve seen win rates do very well, particularly for the NFL. But, I guess, what is factored in your guidance in terms of win rates for this year? Do you guys just assume that they maybe remain constant or we see some marginal uplift given in-play’s increasing percentage of total handle? Thank you.
Nick Taylor: Yes. Hi, Brett. I would just say, it’s worth just remembering that U.S. is roundabout 30% of our revenues, and therefore, specific win rates on particular months are either up or down, although they do have an impact, are not always material impact for Genius’ position. But on the specific question, we’ve forecasted and built in a win rate that’s pretty consistent from ’24 to ’23.
