You are right, there are countries where we see it is a bit more difficult. The UK is probably the most prominent of this, but there are other opportunities for example, in Italy or in Croatia where we see the opposite. So I would say that’s a balanced view for Europe. Looking into Asia, we have continued to monitor India very closely. We are looking to the Philippines here, and we believe there is an opportunity, not in this year, but maybe in two or three years in Japan, not so much in China. So overall, if I’m looking around the globe from a growth opportunity, we see significantly more opportunities than threat. That’s the overall picture. Looking to MTS and MBS, we see enormous scale. We see that we established the system, which is really solving a problem for the operator.
It’s delivering a higher return for them in the risk management with a lower cost. And we see that this product is really sensational performing. That is something which we can relatively quickly implement with the operators. The risk management, the managed batting service and the platform is a slower development. It takes longer, longer lead times to convert operators on the platform. But we showed that we can do this on scale with the Taiwanese lottery. And we are building up here a very strong pipeline for looking into the managed betting services in the future. It’ll take a bit longer than the MTS integration and to finally give you the percentages, 75% of it is MTS, 25% of it is the managed betting sports book services, what we predict in the next years.
Shaun Kelley : Great. Thank you so much. And then maybe as just a follow up, same idea, but obviously the year experienced a little bit of pressure in the rest of world betting segment margins. Is that just, I mean, amortization of sports rights across the broader global portfolio or is there anything else that’s driving that? Do you expect that to start to level out again as you gain operating leverage? Anything specifically to cloud on the segment margin side?
Gerard Griffin : No, I think, it’s partially due to the point you make made sports rights. We also obviously we’re continuing to invest in our global platform with the majority of that cost will would be hitting the rest of the world, which is it’s the largest part of our scale. As you think about moving forward, the rest of world is sort of you can look at the total company view and rest of world is very similar. We do expect to see operating leverage over the coming years out of rest of world. We actually expect, I know you made some comments about some of the more developed markets. We still expect our rest of world business to grow very strongly over the coming years and for all of the reasons we’ve said in the various questions and the prepared remarks. So yes, rest of world is expected to follow a similar flow for the total company, which means operating leverage coming out of ‘24 to ‘25 and ‘26.
Carsten Koerl: Thank you everyone for joining us for our earnings call. We’ll turn it back to the operator.
Operator: Thank you for your participation. This does conclude the program and you may now disconnect. Everyone, have a great day.
