Mr. Colin Walsh:

Regarding the business model that operates in IGB stadia or stadiums generally, we operate 52 weeks of the year at night-time throughout the week and on weekends, so it is a different model to that in the horse racing industry. Regarding the comparison, the narrative that has been around is how the IGB Tote has not been operating or functioning to the same level as the HRI Tote and the horse Tote. However, if one is going to adopt that narrative, one should have a direct comparison of like for like. The on-Tote revenues for horse racing and greyhound racing have continued to operate in very challenging betting environments since 2007, with a decline in Tote revenues of 67.9% at domestic horse tracks and 66% at greyhound tracks. Therefore, when one compares on-track Tote performance, there is a very similar level of decline. HRI has managed to offset the on-track decline with an exceptional performance in international markets, which would include the US, South Africa, Canada, France, Germany and Italy. Of those markets, IGB is only allowed to operate in the US. It is precluded legally from trading in terms of Tote, and the US performance in 2016 is up 42%-----