Greentube today operates across B2B, B2C and social gaming. Is that diversity a legacy of its origins or something you now see as fundamental to its future? Greentube actually began as a social gaming and skill-game company. B2B became a significant business segment later, as did real-money B2C gaming once the markets became regulated and licensed. In some ways, that reminds me of NOVOMATIC's own history. Technology and R&D became a means to an end because if you want to innovate in your own operations, you don't want to remain dependent on somebody else - which ultimately created a fully integrated group. Greentube has followed a different path, but the principle is similar. You build capabilities because they solve problems.


You've also pushed for closer connections between NOVOMATIC's land-based operations and Greentube's digital expertise. Has that always been easy? Tere were periods where the two sides didn't necessarily understand each other. Sometimes online was perceived as a threat by land-based businesses entering the same market. But we have to recognise that we're talking about the same ecosystem and sometimes the same


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players. Growth is increasingly happening in digital, while in mature land-based markets growth can be relatively flat. Te answer isn't to have those businesses fighting each other. It is to understand how they can create incremental value together. Spain and Italy are good examples. We have worked towards getting the land-based and online teams much more closely aligned and asking how the online business can create additional revenue from players connected with physical venues. Once everybody can see that in the P&L, the conversation changes.


Luxembourg appears to be one of the clearest examples yet of your long-standing vision for convergence. Why is that project im- portant? For a long time I have believed land-based and online are ultimately one ecosystem. Te difficulty is that regulation doesn't necessarily see it that way. Land-based gaming has historically been extremely localised and heavily restricted, while online originally developed with far fewer restrictions. Now the two are converging. Online is becoming increasingly regulated. We see minimum game


times, stake limits, loss limits and other requirements that are very familiar from land-based gaming, which creates an opportunity for us


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