00:04 Good morning, my name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Bragg Gaming Group Fourth Quarter and Full-Year 2021 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. 00:37 Yaniv Spielberg, Chief Strategy Officer, you may begin your conference.

00:44 Good morning, everyone and thank you for joining Bragg Gaming’s fourth quarter and full-year 2021 results. I'm joined today by my friend and colleague Ronen Kannor, who will be hosting today's call. So on the second page you guys will see the forward-looking statement. And so I'd like you all to familiarize yourself with the forward-looking statements as some statements on this presentation will constitute forward-looking statements for the presentation. With the [indiscernible] behind us, let me talk about what we will talk about this morning. I'll provide an overview of Bragg Gaming, then we'll talk about operational and strategic highlights, we'll then turn to business performance, product strategies, and then we'll talk about M&A, licensing in new markets and then financials and guidance and we'll conclude with an outlook and conclusion. 01:34 And so with that, let's start with the Bragg overview on page 5. You will see an overview of the Bragg business. Bragg is a fast-growing vertically integrated global business-to-business gaming and Content Technology Group, we are dual-listed on the Toronto Stock Exchange and NASDAQ under the same ticker BRAG. We offer a full turnkey proprietary iGaming platform and content from our in-house studios, partner studios and aggregated content. We're operational and licensed in Europe, North America and LatAm. We have 286 employees pretty much around the world with offices in Toronto, Los Vegas, London, Ljubljana, in Slovenia, Malte and as soon we closed the Spin acquisition we’ll also have offices in Reno and Chennai in India. We're growing really well. We currently serve over 140 customers and growing, very excited about the future of the company and the customers that are coming on board. 02:35 With that let me turn to page 6 and talk about Bragg’s products and services. Bragg offers platform technology content…

07:46 Thank you, Yaniv. Good morning, everyone. I'm turning to slide number 11. Bragg Q4 ‘21 revenue performance and underlying revenue, including regulated German market was ahead of company's expectations. Q4 2021 reported revenue was EUR15.8 million, which amounted 22% above our reported guidance. The main catalyst for the underlying performance was EUR2.5 million from a stronger than expected start from launches of new customers, mainly in Netherlands driven by PAM managed services and content. EUR0.3 million from a better than expected existing customers, including recurring German regulated revenue and Wild Streak gaining revenue that was kept in line with expectations. The strong underlying performance further strong momentum going into Q1 2022, an upgraded guidance for the full year. 08:41 Now turning to slide 12. As I mentioned earlier, our entry into new markets, in particular, the Netherlands, which has been exceptionally strong coupled with new client wins and the ramping up with operators launched earlier in the year give us a significant momentum for the coming 2022 financial year. During the quarter the year 2021 business revenue was up by 500% from Q3 to Q4, driven by new market launches. Existing customers revenue, excluding Germany has also seen a growth in Q4 by more than 40% on the previous quarter. And the underlying recurring group revenue, including licensed Germany increased by 22% quarter-over-quarter. 09:24 In the following chart we presented the 2021 Bragg revenue split during the quarters. As you can see on the right hand side, representing the Q4 underlying revenue mix that is rolling into 2022 financial year, plus implementing the headwinds from Germany since the new regulatory changes took place in July 2021. 09:44 As a conclusion, Q4 performance further grew foundation to drive a significant acceleration of growth in ‘22 and beyond. Now back to you, Yaniv.

09:57 Thank you. Ronen. As you can see, the business has been performing well. And next, I want to talk about the product strategies that underline the business. First, on page 14, we'll talk about our content strategy, which is a rich portfolio of casino games from in-house and partner studios. We really divide internally our content into 3 buckets. The first bucket is Bragg’s proprietary studios. These are the fully-owned studios which produce in-house games, names that you know, the Wild Streak, the Oryx, the Spin and the newly founded Atomic Slot Lab. We offer online land based and social games, slots and table games. And of course no royalties to pay on proprietary content, which means higher gross profit margin start stay with the business. 10:41 The second bucket of content that we offer is our exclusive third-party content, essentially it means third-party studios who offer games via our remote gaming server for exclusive distribution by Bragg. And so we take the content from our partner studios, we host it, we certify it and then we sell it. It's diversed and localized portfolio and it caters to player preferences in different markets. Some of the names that you can see on page 14 include Gamomat, Bluberi, Blue Guru and others which are exclusively distributed through us. 11:14 The third bucket of content is the aggregated portfolio, where we offer thousands of online game titles from top studios and we continuously update our titles every month to get the best new games releases through our platform. And so, proprietary studio content and exclusive new offering have been driving and continue to drive our margins and boost revenues. 11:35 I want to take you through a case study of the game that we released recently through our newly founded Atomic…

23:12 Thank you, Yaniv. Thank you very much. I'll begin my comments on slide 24. The fourth quarter revenue was up by 14.4% year-over-year to EUR15.8 million and up by 22% from the previous quarter, mainly attributed to a stronger than expected start through launches of new customers in various markets, with our PAM and managed services which was offsetting the impact of the new German regulatory changes introduced in July 1, 2021. The gross profit increased by 33% to EUR8 million with margin increasing as well by 7 basis points to 51%, this is primarily attributed to a higher proportion of revenue derived from our platform and managed services, alongside with our Wild Streak games revenue, which has no cost of goods associated compared to games and content, which I’ve said, by the gross line. More about the gross profit will be explained in the next slide. 24:05 Adjusted EBITDA for the quarter was up by 23% to EUR1.5 million, up by EUR0.2 million from previous year, representing margin of 9.8% which is an improvement of 0.7 basis points compared to the previous year. Operating loss reduced by EUR3.4 million to EUR1.9 million, mainly as a result of reduction of the further continued consideration, reduction of selling, general and administrative expenses and with the improvement of our total gross profit for the period of about EUR2 million. From the business highlights perspective, during quarter 4 we obtained license to supply in the United Kingdom, we launched 10 new customer, we founded a new proprietary content studio Atomic Slots Lab and we also continue to retain 100% of our customers since 2018. And while our customers retention remains solid, our dependence on our top 10 customers was up by only 2% to 68% of our total revenue, the trend we…

28:22 Thank you, Ronen. 2021 has been a transformative year for the Bragg business which laid a strong foundation for the future. We're really very excited about the great work we've done and we're even more excited about the future. First, I want to thank each and every Bragg employee as we all worked really hard to deliver better than expected results in ’21, which laid the foundation and the groundwork for strong performance in ’22. Our strong Q4 performance led to an update of our numbers for 2022, both in terms of the revenue and the adjusted EBITDA guidance. We have a robust and scalable player account management supported by growing proprietary content portfolio which will, of course, as we discussed will increase our margins into the future. As we get more licenses, as we get more certifications, we're expanding our total addressable market, mostly driven by offline to online transition and casino gaming. We are increasing our gross profit margins and our adjusted EBITDA margin with limited CapEx needs and we present solid financial flexibility with a debt-free balance sheet. 29:26 The fourth quarter performance of ‘21 and all the hard work that has gone into 2021 highlights the opportunity and the excitement for the growth in 2022. And with that, I'd like to thank the whole team. Again, I'd like to thank Ronen and we can turn to your questions.

29:43 [Operator Instructions] And your first question comes from the line of Matthew Lee from Canaccord Genuity. Your line is open.

29:58 Hey, good morning guys. Let's start with the Canadian opportunity, given that it's probably on the top of everyone's minds right now. Can you just maybe frame how we should be thinking about Ontario in terms of upside versus your guidance? And is it fair to assume that the B2C players who already use Oryx and Spin will likely use you in Ontario?

30:17 Hi, Matt. Good morning. I think, yes, I'll start with the end first. Excluding some of our operators, both from the Oryx side and the Spin side, the European side, the North American side will become our customers in Ontario. Of course, behind the scenes, we've had various conversations as many of these operators are expected to or at least expecting to get their licenses in Ontario. So we're excited about the opportunity that some of these customers that we serve in the European market, and of course the American market will come to Ontario. 30:49 In terms of the opportunity, it's a significant opportunity. I mean we've had the case study in the Dutch market [indiscernible] new regulated markets, we've done exceptionally well in the Dutch market because we were one of the first platforms and the first B2B supplier to be certified and we're expecting to have good result in the Ontario market with respect to offering our product and services. As to guidance itself in our financials, I will turn to Ronen to kind of discuss of what we have in the numbers that are presented for 2022.

31:26 Thanks, Yaniv. Hi, Matt. Good morning. So we'll not necessarily define every single jurisdiction what is actually expected revenue is going to be, but I can assure that from a conservative perspective we included some revenue in the Canadian market, because we knew that we will get a license, we know we're going to -- how we're going to roll out in the year. But definitely, it's materially low that’s what the potential ahead of us. And I believe that going forward, especially from 4th of April we will be able to beat those numbers and even provide more, I’d say, guidance about the next Q1 and Q2 with our plan, but definitely there is a big roll up plan, we know who we approach, how do approach, how to continue with our -- with existing customers and the potential new customers. But overall, our estimations are very low.

32:19 Great. And then maybe we can talk with the Dutch market and Ontario market. Are you [indiscernible] those are kind of similar market in terms of size, maybe population, etcetera.

32:29 Actually, I think the answer is, yes. I mean if you think about the Dutch market and what analysts are estimating the Dutch market to be, they're talking about EUR1 billion in TAM. And so based on some of the analyst estimates on Ontario, at least for the first year, it's a very similar size in terms of total addressable market. And so I think that there are similarities, especially in the way that it's been rolling out. I mean Dutch market versus the Ontario market you're talking about relatively, a pretty good GDP in terms of the opportunity for the market. And so we believe, again, going back to the point about being one of the first supply with license, there is a lot of upside in the Ontario market. But as any new market that rolls out, it's kind of hard to have the mix of what will happen before you sign the first contract, before you go live with your first customer and before you see the adoption of your content and your platform. So as Ronen said, and I echo the sentiment, there is a lot of upside that is not baked into our numbers. And as we roll out the content on April 4 and as we certify our platform and on board new customers to the platform we will see how that rolls out and then we'll update our guidance accordingly.

33:40 Perfect. And then just maybe on cash flow, obviously all the investors are looking to invest in Bragg for cash, but certainly unless if you not burning cash like some of your peers, you are going to be cash flow positive in 2022.

33:53 Ronen?

33:54 Yes, sure. Yes, if you look at our guidance consensus numbers, we're going to generate about EUR10 million of adjusted EBITDA. We're going to have a positive free cash flow from a operation perspective. As you know, Matthew, we are reinvesting the entire profit we're making from our operation into recruits more developers, get into the North American market, in the US, the Canada in a quite accelerated pace. We satisfy our platforms as Yaniv mentioned, we are creating gains just let -- Just to give us some understanding, we're going to roll out 35 games next year, in 2022, all developed in-house. Not to mention other games they are going to [indiscernible] Wild Streak games, which wasn't going to go through other customers as well. So we really in 2021 will ramp this operation, in 2022 we're going to re-invest heavily on that particular side. 34:47 So from free cash perspective and working capital, I think from post-acquisition of Spin, we're going to have a narrow working capital, but again, we are controlling the cash we are reinvesting in the business and we definitely as a Board and the management we're looking for other opportunities to improve our cash position purely to accelerate growth and actually to capture on and capitalize on opportunities out there. As we did recently with launching and signing a new content provided.

35:17 That's perfect. Thanks and congrats on the good quarter. Thank you.

35:22 Your next question comes from the line of Neal Gilmer from Haywood Securities. Your line is open.

35:28 Yeah. Good morning. Congrats on the quarter. Thanks for taking my questions. Maybe I just wanted to see your perspective on the UK market, you got your license there in November. Just sort of what you're seeing from the first few months that you've been there? And what your outlook is for this year for that market?

35:45 Thanks, Neal. Good morning. Yeah. So the UK has been pretty much with our expectation, in line with the expectations. We received our license in November of last year, as you mentioned, we've signed various customers in ‘21 and we have [indiscernible] customers that will be signed in ‘22. I think it's worthy to mention that the UK iGaming market and gambling market is mature. It's probably the most mature market and very saturated [indiscernible] nationwide some of our proprietary content will lead our way into the market and that's exactly how it's playing out. [Technical difficulty] proprietary content, exclusive content that is not available elsewhere. And so far it's been within our expectation. And we're hoping to be able to announce more and more customers in the UK as our content becomes more desirable by the operators.

36:43 Okay. Thanks. Appreciate that. On your guidance for 2022, how is the Spin -- the closing of Spin acquisition factored into that as well as some of the licensing in some of those states that you've applied for? Obviously, the Spin transaction closing sounds completely out of your control and with the regulators. If that gets pushed out at all do you have -- is there any concern on how you might be able to grow into that US market?

37:12 Ronen?

37:13 Yeah. Hi, Neal. Good morning. Actually we factored it that it will take place around the second quarter, the end of the second quarter. So from our perspective, when we anticipated the close of Spin from our perspective, from our guidance we don't have any change. And as we said in the presentation, the integration already started, the inter-company relationship is already on the right pace, we are certifying – the games are certifying the integration. So in that respect, I would assume and we are expecting that guidance currently is on the lower base, not on the higher or the medium size.

37:54 Okay. Thanks, Ronen. That's helpful. Thanks and congrats on a good quarter, guys.

37:57 Thanks, Neal.

37:58 Thanks, Neal.

38:01 Your next question comes from the line of Adhir Kadve from Eight Capital. Your line is open.

38:08 Good morning, guys. Thanks for taking my questions here. I wanted to touch a little bit on your in-house developed content. I think you may have made -- you made a reference to how many games are in the market, but I didn't catch that. So I just wanted to kind of talk about how many games are in the market right now? How are those games are actually performing? And do you maybe potentially -- would you provide a target for how many games you would release here in 2022?

38:34 [Multiple Speakers]

38:35 Okay. Please go ahead.

38:36 Yeah. So as we said, we are shifting to some extent our efforts towards proprietary and exclusive content, because of the gross profit margins and because of the ability to sell that content better than third party, because, of course, it’s exclusive to us. And so as operators are looking for content, and they are looking for this specific content, we're the only ones that are able to supply it. In terms of the numbers, I know that there were some numbers that Richard have presented before. In our estimates for the year, we're looking at about 90 to 100 proprietary games developed on our RGS, some of them are third-party exclusive content from partner studio, we've announced Bluberi, we have Blur Guru and others. And then we're looking at about 30 to 35 titles that will be developed in-house from the Wild Streak, from the Atomic Slot Lab, from Oryx, O2X and from Spin, which will represent a great increase from ’21. And as we start rolling out this content we will get into the rhythm of having more and more proprietary content from our proprietary studios, which will, of course, drive margin and revenues into the future.

39:52 Helpful. Thank you. I appreciate that. And then you just talked about your 100% retention rate when it comes to your customer pipeline. So that's obviously very good to see. But from your current customers -- sorry, obviously very good to see, but then what about the actual pipeline? How is that looking in terms of new customer wins? Are you finding that you're seeing an acceleration in that one from that perspective?

40:14 I think it's tied to the TAM growth. I mean, as you can imagine and as you can appreciate, the more licenses, the more certifications we get in new jurisdictions it opens the door for us to sign up new customers. And so, as we get these certifications, as we get these license talking about the Dutch market which was not open to us pre-licensing, we now have an ability to sell in that market, the Ontario market, the US market, the Bahamian market, the Portuguese, Italian. As we roll our -- as we roll our strategy into all these new market, given the fact that we get the licenses and the certification, we're able to offer content and platform in these jurisdictions. 40:53 I think it's important to mention that in the European market a lot of our customers are multi-state operators. And so we have the integration and we serve them in specific market. As we roll out or as we obtain licenses and certifications in new markets it's safe to assume that these customers will grow with us into these new jurisdiction. One of the examples that is maybe worth to mentioned is, we announced recently that we've gone live with 888 in Spain with our content. And so you can imagine 888 is one of the first B2C operators to obtain their Ontario license. I would imagine that 888 would be a good customer of ours in Ontario as we sign addendum to serve them in the Ontario market, because they are already our customers in Europe. And so as we rollout into new markets it presents an opportunity for us to serve our customers that we serve in other markets.

41:46 Great. I appreciate all the color. I’ll pass it on.

41:52 Your next question comes from the line of Sid Dilawari from Cormark Securities. Your line is open.

41:58 Yeah. Hi, good morning, guys. First, on your Netherlands market. How are we doing there? Is the market share still around the 30% mark or has the market share improved materially from the last time we talked about it? And then, are there any other markets that you're looking at that are similar to the Netherlands market that you're looking to get licenses in?

42:23 So I'll start with the first question. I think the answer is still, yes. Look, we don't have the complete answers, because, of course, the numbers continue to grow in terms of the total addressable market for the Dutch market. And as the market rolls out, as more and more operators get licenses, analysts are updating their total addressable market as we [indiscernible] the market up. We do believe that we're still representing about 25% to 30% of the Dutch market. It's important to also mention that as more and more licenses are being rolled out to the B2C operators in the Dutch market, we are on-boarding more customers, we've had such a good launch in the Dutch market that we are now to some extent the go to platform and our content resonates really well with players in the market. So of course, as new operators get their licenses, they want to and they need to offer similar content to their competitors who are now our customers. So they'll come to us for the content, some of them will come to us for platform, we got the platform and the content certified. So for us, the gross margin and the expansion in the markets are just continuing to increase. And so we believe that the Dutch market will continue to present a great opportunity for us. 43:31 In terms of new market, it’s very hard to estimate how a launch of the new market would look like. Because it really depends on -- and I think Neal alluded to it, regulation, licensing and of course, the rollout of the certification. We do expect that some of the new markets that we get licensed in, Ontario and others will present a great opportunity for us. Because as we get the licenses, as we get the certifications and as we do the integration we become to some extent the go to B2B supplier for content, the go to B2B supplier of platform. And so it presents an opportunity for us to grow with the market as more and more B2C operator get their licenses.

44:15 Okay, great. That's helpful. And just one thing, in your prepared remarks you guys highlighted -- you guys -- like your long-term targets for your gross margins is around 60% and you guys currently stand around 49% and I know you mentioned that gross margins are expected to go up as you roll out proprietary content from your own studios. Is that sort of the only thing that's driving those targets or is there something else here at play that would result in higher gross margin? Because on the EBITDA line that makes sense, because you guys have operating leverage, so that seems highly achievable to me, but just on the gross margin some clarity would be appreciated.

44:58 Yeah. Sid, good morning. So, yes, there are 3 factors that’s affecting our gross profit margin. The first one is content, as you mentioned, which is correct. Once you have your own content, you don't have any royalties to third parties. So this is obvious. The second part is the managed services and iGaming platform. We literally utilize and scaling up our technology, so we're investing in technology rollout in different countries with different customers. The technology is there, the adaptation and that localization is something which, of course, we are investing in [Technical Difficulty] any sort of revenue. 45:28 If you look at our revenue mix, last year was 89% of content and about 11% of managed services and iGaming platform. This quarter it was 68% to 32%, that's improving significantly the margin because this quarter revenue does not have any cost of goods or royalty paid to third party. And the last thing where we're working on top of that is commercials with third party provider. The more we have -- we building our content -- building exclusive content into our RGS and scaling it up and distributing them in the US in few months’ time. And in Europe, we are trying to improve the margin. So A and B and C together improved the margins and from 50% to get to 60% [indiscernible] revenue more utilize your own in-house technology and game creation and manage relationship with suppliers that you get to 60% by 2024 or even earlier.

46:26 Okay, great. That's helpful guys. Thank you.

46:28 Thanks, Sid.

46:28 Your next question comes from the line of Barry Sine from Spartan Capital Securities. Your line is open.

46:37 Hey, good morning. Just wanted to better understand the results you just reported. And maybe dig into some of the key performance indicators. So revenue for the quarter was EUR15.8 million and then on slide 24, you talked about the number of customers, the amount of wagering. Could you kind of talk about how those operate? I'm assuming your revenue is solely based on the number of customers and the number of jurisdictions, not the amount that's wagered, but on that note, on slide 24 we do see a decline in the amount that's wagered. So if you could talk about those KPIs and how they roll-up to get to the reported revenue?

47:22 Ronen?

47:22 Yeah. It's a very good question. Thank you. Yeah, it's a very good question. I'll explain to you the narrative of that. So on one hand, as you see from Q2, Q3, Q4 there is a slight decline in wagering. This can be 100% attributed to our divestment from the German market. And as you know, the – from the 1st of July 2021 the new gaming relation actually took in place in Germany. And as a result wagering were kept up to the second point, the amount of beds have been cut, the deposit levels. So we can see the drop even in last quarter, we also notified it by last quarter. In addition, if you look at the revenue, as I mentioned just few minutes ago, the revenue composition is also scaling towards managed services and iGaming platform, the full turnkey solution that we're offering. So the revenue, yeah, it goes up but necessarily the content revenue goes up in the same line, and this is as a result that some of the German effect is still affecting us. But I believe the more we're going to grow revenue on both our content and our third-party content, we will see the numbers trading up back again. 48:31 So this is [indiscernible] like the headwind of the German regulation that's still affecting our customers and the ability to transact, but if you look at next year exposure to Germen will be significantly lower, I would say, that the numbers will start going up again and that will explain the drop.

48:54 So just to clarify, there is no relationship between the amount that's wagered. So are you doing doubles on one of your customers platform, your revenue doesn't go up, you have a fixed fee license, is that correct?

49:06 Yeah. We have a compulsion. So let me give an example. So if you take one only content compared to another content, the wagering is a very strong KPIs to reflect how much you transact for customers based on the content to content, but if you have changes in your revenue mix that the managed service and iGaming platform is increasing significantly. So your revenue is increasing significantly, but not necessarily the content revenue, especially when we have much more exposure to the German market. And now when we -- and some customers start divesting for the market, you will see some drop in wagering but we expect and we can see the trend that it's actually is going up again because it happened in Q3 and continued into Q4.

49:50 Barry, if I may just add a couple of more points. As we discussed, our breakdown of revenue mix is now going from third-party content to more proprietary content and to more platform revenue. And so therefore, you see the wagering numbers decreased but the proportion of the revenue that we keep is higher because the proprietary content derived our profitability, obviously more revenue -- more profitability on the same revenue and the same thing with the platform. And so as we diverse from purely third party aggregate content to exclusive content than the numbers that remain with us with the business as a proportion of the revenue get higher. Does that makes sense?

50:37 Yeah. That's very helpful. Thank you. Can I squeeze in one more question, please.

50:42 Sure.

50:42 In slide 28 you have your revenue build and obviously there is a negative red bar for the German regulatory affect. And I'm just want to take a look out going forward, maybe we can start understanding what drove the German regulators, were people going bankrupt with online wagering, they had to put a control on it? And if we look at other jurisdictions is there anything similar on the docket in other markets, New Jersey, for example or the UK or Netherlands that may have an impact on revenue going forward?

51:21 Yes. So look, let me start with the big picture and then Ronen can talk about the numbers per se, but the big picture in Germany is that, the German country have tried to regulate online gaming, I think for the past 15 years, maybe 20 years. Federally there was no regulation and then Germany is divided into 16 states. I think there was one state SH less than [indiscernible] held or provided some sort of regulated gaming regime. In 2020, in July of 2020 the regulate -- I mean the 16 states and the federal government in Germany agreed to regulate gaming on the federal level. And then you can see the effect of that regulation coming into full force and effect in July of 2021. And so, it's not about people going bankrupt, it's not about -- or maybe it is, we are not really sure of season in the German market, but it really has to do with the fact that German as a country wanted to regulate online gambling and they decided to do it on the federal level. 52:33 It is no different than other places like the Dutch market which had unregulated gaming until the Dutch government decided to regulate it on the federal level. And so, as they regulated online gaming, the framework that they put in place was – well, it had to do with a lot of player protection tools in place. 5 second spin, EUR1 spin limit, other player protection tools to make sure that the gaming market will be beneficial to operator [Technical Difficulty] players. And so that happen and came into full force and effect in July of 2021, the challenge is, that the German regulator has not really been established and licenses have not been granted yet. And so you have this dichotomy in the German market between the Gray, which I guess now turn black because of the regulator that is still affecting Germany and then the White operators. We as a regulated company, as a NASDAQ listed company, as the Toronto Stock Exchange company with licenses all around the world, we can’t support the black operators anymore so we had to shut down all the operators that are not complying with the regulation. And so, we've kept all the white operators which are applying for licenses and are operating within the scheme of the new regulated iGaming market, with sport betting market as well. And so, looking into the future that is our recurring German revenue, the nonrecurring German revenue is the stuff that we had to turn off because at some point the German government is going to start issuing licenses and enforce against the operators that are operating legally. Does that kind of give you color on it?

54:14 Yeah, on what happened historically. Looking ahead, are there any similar regulations on the docket being considered in any of your major jurisdictions? What's the likelihood we see in other red bar on slide 28 in the deck a year from now.

54:29 And so, look regulation is something that we think about all the time. In our view and based on analysts' estimates and the way that we see the market and the way that we see the world that we operate in, it's unlikely. Regulation is going with us, not against that. Germany was a one-off because of the nature of the market, but if you look all around the world, whether it's the Dutch market, the Ontario market, various US states, it's all going towards regulation rather than deregulation. And so we expect that red German bar to become green bars in many new jurisdictions that we enter into.

55:07Very helpful. Thank you for taking my questions.

55:09 No problem, Thank you.

55:12 [Operator Instructions] Your next question comes from the line of Lisa Thompson from Zacks Investment Research. Your line is open.

55:24 Hi, good morning.

55:26 Hi, Lisa. Good morning.

55:28 So you just finished up on Germany, as far as your guidance goes what are you thinking about in Germany? Is it kind of fourth quarter – 4 quarters or you have -- do you have something in there for licenses being granted?

55:47 So, Lisa, actually what we did to be super conservative, because to be honest with you, even the German don't know exactly when we are going to issue the licenses. So what we took, we took the run rate of Q4, which was very low after we made the changes internally as we guided in last quarter and we run some kind of very flattish type of growth. We have majority of the customers in Germany already. We know how the [indiscernible] waiting for license. So from guidance perspective, I don't think it could be worse than that. But definitely we have estimated some kind of potential growth with the market as the more is educated, as more license will be issued, as more black operators will be stopped, so there is a very flattish growth. So we believe this is the right way to approach that because we don't have clarity when licenses will be issued.

56:43 Okay. I had one more –

56:45 [Multiple Speakers] that I would like to add, just a big picture on the German market. Look, the German market, if we talked about the same conversation we're having right now in 2021 we would have said that it was a headwind for the business. We weathered the storm and now Germany can only [indiscernible]. We've taken the most conservative approach for the German revenue and once the licenses are starting to get granted and the enforcement is starting to take place against the black operators, when Germany scales up it's all gravy for us, because we're taking a very conservative approach and we think that it's actually going to drive our revenues up once the German regulators are set up and starting enforcement.

57:24 Great. Okay. So that's good to know about your guidance. One last question, can you describe a little bit more specifically what you're -- what happens on April 4th in Canada for you? Do you have an expectation of X number of customers signed up and do you flip a switch, how does that look?

57:45 So, new markets are always interesting markets because you kind of never know what happens and in our internal estimates we of course have many conversations with [Technical Difficulty] would be operators in Ontario. Some of them are current European customers that have applied for licenses and I gave 888 example, which has already been granted. Some of them are the Spin customers that will become Bragg customers, DraftKings, FanDuel, BetMGM, RSI, all of these that have applied for licenses. 58:17 The one thing I would say is that, it really depends on the regulator in terms of granting of the licenses. If all of these names that I've mentioned and others are granted licenses between now and March 10th and April 4the then we expect to roll out our content on day one. It's up to all of them. If some of them are in the next batch or a followed batch of licenses, then they will have to wait. I will say that from me a certification standpoint, we've been working with GLI and SIQ which are the certifying lab to get our content ready for the launch in Ontario. And so from that perspective, we will have games that are certified, and of course, Bragg is licensed, once we get -- once our customers get their B2C licenses, we're able to sign them on to our platform and then announced the deal for Ontario. But again, going back to the 888 example, we just launched 888 in Spain, we work with them in other jurisdictions in Europe, they announced that they just received their license. So it's more likely than not that someone like 888 will be a customer of ours in Ontario, because we're one of the only, one of the first B2B suppliers to be certified and licensed in the Ontario market. So it presents a great opportunity for us.

59:34 All right, great. Thank you for that. That's all my question.

59:38 Thanks, Lisa. Bye-bye.

59:40 And there are no further questions at this time. Mr. Yaniv Spielberg, I turn the call back over to you for some closing comments.

59:48 I want to thank everyone for joining the call today and I really want to thank the team for the hard work, putting the numbers and doing really great on the execution. We're very excited about the future of the company, very excited about the future of Bragg. A lot of exciting things ahead, we will speak soon on our next earnings call. Thanks everyone for turning in.

60:08 This concludes today's conference call. Thank you for your participation, you may now disconnect.