Global Gaming´s gross profit margin and EBIT margin came in well above of our estimates. The gross profit margin reached 65% (estimated 62%), and the EBIT margin reached 24% (estimated 18%). The strong gross margin was primarily driven by more beneficial agreements with payment and game suppliers, as well as a lower CPA spend for affiliation. The EBIT margin was positively affected by the strong gross profit as well as the low marketing spend in relation to the sales. The sales came in slightly above our estimates at MSEK 253.1 (estimate MSEK 248.3). The strong sales were impressive since the marketing spend was lower than expected, suggesting a strong product and effective marketing. We have updated our estimates, which results in a new fair value of SEK 52 per share in Base case.