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Notes to the Financial Statements
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23 1.11 Net Gaming Revenue (“NGR”) Net gaming revenue is measured at the fair value of consideration received or receivable net of betting duties and similar taxes, and comprises the following elements: Casino: net win in respect of bets placed on casino games that have concluded in the year, stated net of certain promotional bonuses Sportsbook: gains and losses in respect of bets placed on sporting events in the year, stated after certain promotional bonuses. Open position are carried at fair market value and gains and losses arising on this valuation are recognised in revenue, as well as gains and losses realised on position that have closed. Poker: net win in respect of rake for poker games that have concluded in the year, stated net of certain promotional bonuses 1.12 Expenses 1.12.1 Operating lease payments Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease, where the lessee does not bear substantially all of the risks and rewards of ownership associated with the asset. 1.12.2 Financial expenses Financial expenses comprise interest payable on borrowings calculated using the effective interest rate method. 1.13 Exceptional items Exceptional items are those that in judgement of the directors, need to be disclosed by virtue of their size or incidence in order for the user to obtain a proper understanding of the financial information. 1.14 Financial Income Financial income is interest income recognised in the income statement as it accrues, using the effective interest method. 1.15 Tax Current tax is the tax currently payable based on taxable profit for the year. Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits to the group are assessed for recognition as deferred tax assets. Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.