Most Influential Women 2023: Part 3

Joanne Whittaker
CEO, Betfred Group

To be named successor to Fred Done – at a company that bears his name – shows how highly the Betfred founder values group chief executive Joanne Whittaker. Their working relationship dates back 20 years, covering two tenures at the operator and Whittaker’s own businesses, including childcare voucher specialist Fideliti and financial adviser Angel Advance.

“I have been able to understand our business from the ground up, as well as going away and developing my own businesses, experiencing the highs and lows that this brings,” Whittaker explains.

Her management style is simple: “I am known for saying it as it is, being persistent (some may say relentless), asking stupid questions to ensure I understand exactly what I am being told and working hard. I really believe that if you work hard, you can achieve whatever you want.”

Joanne Whittaker, CEO, Betfred Group

She has no interest in living up to any stereotypes, and believes the secret to success is simply hard work and determination. “I am used to being either the only female, or one of a small number, in the room. It is important people are recognised for the work they do and the value they add; this is the culture I feel we have within Betfred and it is something I am proud of.”

Away from the office Whittaker is a mother of three, with her husband handling the day-to-day childcare duties, a setup she says works well for the family as she looks to build on a successful 2022 when turnover grew 37.5% year-on-year to £723.2m. This means she spends more and more time travelling as the business expands in markets such as the US and South Africa. “But I always plan my work diary so I am at home every weekend,” she says.

Clearly delighted to be named one of iGB’s Most Influential Women in Gaming for 2023, Whittaker says there’s an emerging female leadership class in the industry today. She’s proof of that.

Jonna Danlund
Head of sustainability, Betsson

For Jonna Danlund, being named as one of iGB’s Most Influential Women is testament to her leadership in championing environmental, social and governance (ESG) initiatives in the workplace.

As head of sustainability for close to seven years, she has fostered an environment at Betsson that is focused on the employee experience. This encompasses leadership, career and competence development, as well as diversity and inclusion.

For Danlund, it’s all about establishing a place where talent can flourish. “It’s essential to create an environment that can cater to many different people and talent types,” she says. “To paraphrase a Swedish idiom, not all flowers bloom under the same conditions.

“Any strides a company takes towards sustainability need to happen out there in the organisation; it’s not a one-woman show. On the contrary it’s all the competent people at Betsson who drive sustainability within their respective fields, where diversity is one such key area.”

Jonna Danlund, head of sustainability, Betsson

Jonna has been instrumental in the creation of – and is the driving force behind – Betsson’s Sustainability Framework. This strategic framework is made up of five crucial focus areas: responsible gaming, business compliance, employee impact, social impact and climate impact – with long-term goals and KPIs for each area.

“Every organisation needs a platform to help promote and support talent and, just like with any project, you need to have a unified philosophy and goals to drive the company forward,” she says.

“At Betsson, we have a number of supporting policies and procedures for diversity, inclusion and belonging and equal opportunities. But, more importantly, we have a culture that celebrates diversity.”

Danlund explains that Betsson is represented by 70 different nationalities across 2,000 employees. For her, this means “diversity is something we celebrate every day of the year”.

“We believe that diversity is the basis for an innovative company culture and we are committed to raising further awareness around DEI.”

Ultimately, Jonna partly attributes her success to the people around her. “If you’re lucky enough to be surrounded by a group that helps you, lifts you up and encourages you, then that makes all the difference.

“Because the thing is, you can be hardworking and talented and it might still not be enough. No woman, or indeed person, is an island – you don’t get anywhere without other people.

“On the contrary it’s all the competent people at Betsson who drive sustainability within their respective fields, where diversity is one such key area.”

Cath Burns
COO, Anaxi

As chief operating officer for Aristocrat-owned Anaxi, Las Vegas-based Cath Burns leads a team of 800 with a mission to expand the games provider globally, applying over 20 years of experience to her role.

At the forefront of Anaxi’s stellar progress over the past year, Burns has overseen deals with the fast-growing company’s expanding list of new partners, including BetMGM, FanDuel, Caesars and Penn Interactive.

Despite the company only being a year old, her influential leadership has ensured that Anaxi has become one of the most-sought after providers in North America.

Burns started her career in gaming at Bally Technologies as vice-president Asia Pacific back in 2006, where she established the company’s Asia Pacific head office in Macau. As well as holding key roles at Scientific Games, TCS John Huxley and Aristocrat, she has worked across Africa, South America and Europe.

Cath Burns, COO, Anaxi

As COO of Aristocrat’s newest business unit, Burns leads a strong team of leaders ranging from CXS to igaming, product, commercial, technology, content, communications and corporate affairs. As referenced by her own team, Burns’ dedication and valuable skills have made her the ideal leader to ensure Anaxi can truly establish itself on the global stage.

Her company mission has been to bring new games and innovative online experiences to players and customers every time – a proposition she has evidently succeeded in, given the company’s outstanding success over the past 12 months.

Under her leadership, the organisation has created a global team of creators and innovators to drive and inspire what they believe will be the next frontier of online gaming.

Ones to watch:

1. Danielle Calafato, chief commercial operator, Gaming Corps

2. Katie Kohler, igaming communications manager, BetMGM

3. Claudia Heiling, COO, Golden Whale Productions

4. Maria Loumpourdi, head of talent development, Betsson Group

Read parts one and two of our Most Influential Women 2023 countdown.

Profiles by Robin Harrison and Nick Brown

MGA publishes performance report for H1 2023

The report studies the MGA’s achievements over the first half of the year, as well as the performance of the Maltese gaming industry as a whole.

The MGA conducted 14 compliance audits over H1, as well as 85 desktop reviews. The regulator handed out nine administrative penalties, with a total financial penalty of €124,400 (£107,697/$136,345).

The MGA also carried out 11 Compliance Examinations on behalf of the Financial Intelligence Analysis Unit (FIAU). During the same period, the FIAU imposed administrative penalties on three licensees based on violations discovered during examinations carried out in previous years. In total, these amounted to €599,420.

The MGA gave their assistance to 2,216 players who requested help, while 40 responsible gambling website checks were carried out. It issued 16 observation letters to highlight potential areas for improvement.

The MGA issued seven of the 16 applications received for gaming licences. Eight applications were either rejected or withdrawn.

International cooperation

The MGA noted its work with other regulatory authorities, who made 12 requests for information. From this, 17 data exchanges occurred as a result of that cooperation, with 166 allegations of suspicious activity received.

The MGA sent 23 requests for international cooperation, while also receiving 37 requests for international collaboration from other regulatory bodies. The MGA issued 53 official replies over H1.

It also worked with local authorities, receiving 45 requests for information from other local governing bodies.

Maltese gaming industry performance

The MGA’s report outlined the positive impact the gaming industry is having on the Maltese economy.

The total gross added value (GAV) of the gaming industry to the Maltese economy was €810.7m for H1, which is around 9.5% of the economy’s GVA. With indirect effects included, that number jumps to 12.2%.

The growth in GVA of the gaming industry was 1.1% over H1 2022, showing the stabilisation of its contribution. The MGA expects gaming to “continue playing a fundamental role in the Maltese economy”.

Mizzi appointed new MGA CEO

The MGA’s report was published in the wake of Charles Mizzi being appointed as its new chief executive on Friday.

Mizzi will assume his new role on 26 January, taking over from Charles Brincat, who is stepping down after two years in charge.

One of Mizzi’s potential first tasks will be to defend Europe’s opposition to Malta’s Bill 55. The bill protects Malta-licensed operators from legal liability regarding their gambling activity.

This has proved contentious with other European stakeholders, who feel it is incompatible with European law. The controversy came after news in August that the German gambling regulator said the law conflicts with the Brussels Recast Regulation. The regulation governs how EU members resolved legal judgements.

PointsBet appoints new group chief financial officer

Lui, PointsBet’s current chief financial officer (Australia) and head of group finance, will assume the role following Mellor’s departure on 29 February 2024. Mellor will remain in place until the group’s half-year results are published. Until his departure, he will also continue to work towards the final completion of the $225.0m (£178.4m/€208.1m) sale of PointsBet’s US business to Fanatics Betting and Gaming (FBG).

Alister Lui

Lui has been with PointsBet for more than six years in financial controller and treasury roles. He is a chartered accountant with more than 17 years’ experience in senior banking and finance roles in London and Melbourne. He previously worked with Ernst & Young and ANZ prior to joining PointsBet in November 2017.

PointsBet chairman Brett Paton paid tribute to Mellor’s contribution towards the group’s transformation. This has seen the company go from a small-cap start-up to a global business over the last five years.

Paton said: “Andrew has made a transformational contribution to Pointsbet over his tenure. He has built a world class finance function that has grown from a small number of employees based in Australia to a high performing team operating across multiple regions. He has been an integral part of the global executive leadership team, driving our strong growth and expansion into new regions, while ensuring we had the right capital structure to execute the global strategy.”

Group CPO role now defunct following US withdrawal

PointsBet has also announced the cessation of the group chief people officer role and departure of incumbent Melissa Fitzpatrick. The position is deemed surplus to requirements as a result of the sale of the US business. These duties will now be incorporated into the PointsBet Australian and Canadian Human Resource functions.

Chief executive Sam Swanell said: “Mel has played a valuable role at the group level managing our people functions across six countries, with a focus on ensuring consistent best practice. Her experience and expertise came to the fore particularly during the challenges of Covid, with driving forward our global sustainability and diversity initiatives, with leadership training programs and with Remuneration Committee processes.”

FBG in June agreed to acquire the US operations of PointsBet in a deal valued at $225.0m. Since then, Fanatics has slowly started to take over PointsBet’s operations in states across the US.

PointsBet: We’ll break even in FY25

At the group’s recent AGM, Swanell outlined a focus on technology to deliver growth in Australia and Canada following the group’s departure from the US. Swanell told investors that PointsBet remains on course to break even this year and deliver growth in FY25. Revenue from continuing operations in Australia and Canada have grown from $26m in FY19 to an anticipated $230m-$250m in FY24.

Central to its performance, Swanell said, will be the proprietary technology powering its own platforms as well as Fanatics. In total, PointsBet’s platform handled more than $7bn in wagers during the most recent financial year.

PointsBet also retains the rights to use and further develop the Banach “Oddsfactory” technology assets. This drives in-play, parlay products and cash-out features in Australia, Canada and the US.

“The strength of our technology has also been validated through our sale of the platform to Fanatics,” Swanell said. “While we have provided Fanatics with a perpetual licence to our technology platform, importantly we retain ownership of this technology. That means we can develop and exploit it in a manner that creates the most value for PointsBet shareholders.”

In its full-year results ended 30 June 2023, ASX-listed PointsBet generated net revenue of AU$383.1m ($248.1m/€227.4m/£195.3m). This was up 7.6% year-on-year. Revenue from continuing operations – removing the US business – was up from AU$195.4m to AU$210.3m. PointsBet reported a negative EBITDA of AU$230.6m for 2023, with AU$49.0m of that coming from its continuing operations.

Boyd Interactive’s Stardust online casinos to feature Playtech games

A “wide array” of Playtech’s online casino games will be available to Boyd Interactive customers in Pennsylvania and New Jersey. Live casino games will also be on offer through the collaboration.

The deal includes popular Playtech titles like Age of the Gods, Gold Rush: Cash Collect and Adventures Beyond Wonderland.

Stardust launch

Land-based casino operator Boyd Gaming acquired Pala Interactive and its subsidiaries in 2022 in a $170.0m (£147.9m/€171.2m) deal.

Boyd Gaming then rebranded Pala Interactive as Boyd Interactive and launched its Stardust online casinos in spring 2023.

In October, Boyd Gaming cited successful online growth for an increase in Q3 revenue.

Meanwhile, Playtech USA chief commercial officer Marcus Yoder said the supplier is confident the new collaboration will bring “mutual success”.

“By introducing the exciting Stardust online casinos, Boyd Gaming expanded its long-standing tradition of surpassing expectations and delivering unique entertainment experiences into the online space,” he said.

Playtech stated that Boyd Gaming’s “reputation for excellence make them an ideal collaborator in this new phase of growth”.

Playtech’s US growth

The US has been a particular focus for Playtech in 2023.

In July, the supplier announced plans to launch a live casino game show format in the US, with plans to open a dedicated studio in New Jersey.

The supplier then launched a new Pennsylvania Live Studio for live casino games at the end of November.

In September, Playtech posted record H1 earnings driven by growth in the US and Latin America.

Michigan operators boosted by record monthly igaming receipts

Michigan’s total gaming revenue beat the previous record of $171.8m in March and $160.3m in October, the Michigan Gaming Control Board stated. Total igaming handle was not reported.

November’s total online sports betting handle of $568.8m also set a new monthly record – up 6.7% from $533m in October. However, online sports betting receipts fell from $45m to $33.9m versus the previous month.

Accordingly, igaming and sports betting gross receipts totalled $209.2m in November. This represented a 1.9% increase on October’s total.

Sports betting falls in Michigan

Combined igaming and internet sports betting adjusted gross receipts (AGR) for Michigan in November totalled $158.1m. This included $157.8m from igaming and just $294,810 from online sports betting.

The November totals represented a month-on-month 9.4% increase and 98.7% decrease for igaming and online sports wagering. Meanwhile, year-on-year, AGR for igaming was up 20.5% and for sports betting AGR nosedived by 98.9%.

No reasons were given by the regulator for the drastic fall in sports betting receipts for operators. However, other jurisdictions, including Massachusetts and Washington, DC, also reported a successful month for punters versus operators in November.

A total of $33.6m in taxes and payments to the state were reported in November 2023. This included $32.9m from igaming and $740,056 from sports betting.

Additionally, the three Detroit casinos paid the City of Detroit $8.4m in wagering taxes and municipal services fees in November. Tribal operators submitted $4.1m in payments to governing bodies in November.

Record receipts for Michigan gaming revenue

Additionally, igaming operators surpassed last year’s total gross receipts in November. By the end of the month, receipts for 2023 totalled $1.742bn versus $1.582bn for the whole of 2022.

Furthermore, running total receipts for sports betting stood at $359.25m by the end of November. This was up by 2.4% from $350.78m at the same stage of 2022.

However, sports betting handle for the first 11 months of 2023 stood at $4.046bn – down slightly from $4.071bn last year.

A total of 15 commercial and tribal operators are authorised to offer igaming or online sports betting in Michigan. Of these commercial and tribal operators 14 currently offer online sports betting, with all 15 offering igaming.

Swedish consumer protections law set for April launch

The government submitted the proposed Swedish gambling law yesterday to the Riksdag, the country’s parliament.

The bill aims to fight gambling-related crime, as well as protect consumers, according to Spelinspektionen, Sweden’s gambling regulator.

Penalty fees under new Swedish gambling law

Under the proposals, penalty fees will be increased for gambling companies that violate the Money Laundering Act. Currently, penalties for operators that contravene the Money Laundering Act are lower than for violations of the Gambling Act. 

Additionally, licensed operators will have the right to access personal financial and health data provided by prospective customers. The aim of this is to counteract problem gambling.

Consumers will also have to provide written confirmation before engaging in telephone gambling.

Last month, Spelinspektionen director-general Camilla Rosenberg welcomed the proposals that are due to enter into law on 1 April.

Legislative changes

The legislative landscape for gambling in Sweden is evolving relatively quickly.

On 1 July, supplier licences came into force while Spelinspektionen was handed new enforcement powers.

Additionally, in September, the government proposed a gambling tax increase from 18% to 22% of gross gaming revenue. However, this will be introduced no earlier than next July.

Stalled growth under Spelinspektionen

The changes are being introduced as growth appears to have stalled in Sweden’s regulated gambling market.

In Q3, gross gaming revenue declined 0.6% year-on-year and was flat versus the second quarter of this year.

Furthermore, a report last month suggested that illegal gambling in Sweden has increased tenfold since 2019.

Pennsylvania blames ESPN Bet for November betting revenue drop

The total revenue in Pennsylvania in November was $444.5m (£351.2m/€405.6m), down on the $452.4m reported the same month last year.

This was in spite of sports betting handle reaching $934.1m, smashing the previous record of $829m recorded in October of this year. Notably, November’s sports betting handle was 18.4% higher than the $789.2m accumulated in the same month last year.

ESPN Bet blamed for Pennsylvania’s sports betting revenue decrease

Despite the sizeable increase in handle, sports betting revenue fell to $12.9m in November from $52.9m in October, a 73% drop month-on-month.

The Pennsylvania Gaming Control Board pointed to a low hold percentage, as well as the November launch of ESPN Bet, as reasons for the “steep drop in revenue”.

Operating under the Hollywood Casino at Penn National, ESPN Bet recorded a $7.8m loss, largely because of its “significant amount of non-taxable promotional play” it looked to utilise to make its mark in Pennsylvania.

ESPN Bet, a product of a $1.5bn (£1.2bn/€1.4bn) deal earlier this year between Penn Entertainment and Disney-owned ESPN, launched across 17 states on 14 November.

FanDuel and DraftKings on top for sports betting

While ESPN Bet is still new to the market in Pennsylvania, perennial sports betting leaders FanDuel and DraftKings continue to dominate.

FanDuel, operating under the Valley Forge Casino Resort, recorded a state-leading $384.1m in sports wagering handle in November with $8.4m in total revenue.

DraftKings, meanwhile, lagged behind with a reported $253.1m in handle, though its total revenue of $7.9m was only around $500,000 behind FanDuel’s.

Parx Casino finished third for total sports betting revenue in the state in November, but its $1m fell well short of the numbers FanDuel and DraftKings were able to accumulate.

The growth of igaming in Pennsylvania

Despite the overall drop in revenue, igaming continues to prove successful in Pennsylvania, one of just seven states where it is currently legal.

In November, igaming accounted for $158m of revenue, a 22.8% increase on the same month last year. It was also 2.1% higher than the $154.8m recorded in October 2023.

In terms of igaming revenue, slots and tables were up 26.2% and 17.6% year-on-year respectively, though poker revenue was down 10.3% on November last year.

A new partnership, announced on Wednesday, will see Playtech slots and table games featured on Boyd Interactive’s Stardust-branded online casinos in Pennsylvania, as well as New Jersey. 

Pennsylvania’s increase in igaming revenue follows the trend of Michigan, one of the only other states to offer online gaming. Michigan’s commercial and tribal igaming operators generated record gross receipts of $175.3m in November, beating the previous record of $171.8m in March and $160.3m in October.

Play’n GO and William Hill link up to strengthen Italian presence

The operator will offer players in Italy access to the entire Play’n GO catalogue of online casino games. Popular games like ‘Book of Dead’, ‘Rise of Olympus’ and ‘Reactoonz’ are included in the deal.

Play’n GO said that the agreement represented a “firm commitment to the Italian” market by both parties.

Play’n GO and William Hill’s well-established partnership

William Hill and Play’n GO already have a well-established partnership in various markets.

Earlier this year, they collaborated on introducing ‘Book of Dead’ to William Hill fixed-odds betting terminals across the UK. According to Play’n GO, the move has been “highly successful”.

Valerio Micchio, head of commercial at William Hill in Italy, described Play’n GO is a “natural partner” for expansion. 

“Our already-existing relationship points towards further success here in Italy,” Micchio said. “We’re pleased to welcome a company who are as equally committed as we are to providing a safe, exciting experience to players everywhere.” 

Italy importance to Play’n GO

Michele Stefanelli, Play’n GO’s sales leader for LATAM and Southern Europe, underlined that the “Italian market is very important” to the supplier.

The length of the deal was not disclosed. However, Stefanelli said that Play’n GO is looking forward to “many years of success together” with William Hill in Italy.

He added: “We’re pleased to continue our growth in the region with William Hill, who we’ve already had enormous success with around the world.

“We’re committed to providing Italian players with the best online casino experience possible. This partnership with William Hill is another big step in that direction.

“We’re confident that William Hill’s Italian players will love the opportunity to engage with our content.” 

Last month, Play’n GO chief commercial officer Magnus Olsson outlined the provider’s expansion plans, including in the US. The supplier already has a presence in several states, including Michigan, New Jersey and West Virginia.

Alea’s 3 principles for aggregator success: Being robust, scalable and secure

Eduard Fumàs Cases, chief technology officer at Alea, discusses the evolution of Alea’s offering since its creation more than eight years ago. Facing challenges with latency performance, the supplier decided to rebuild Alea from scratch using three key principles – it must be robust, secure and scalable. Currently processing more than 500 requests per second versus its previous 25 requests per second, the aggregator is now one of the most popular choices in the the igaming industry. 

Waterhouse VC: Monopolies in regulated markets

A coffee for $10? It’s too much, but if you are the only cafe in town, you have pricing power – and people love coffee.

So monopolies commonly exist in regulated wagering markets. They have significant advantages in that they offer exclusive products, have widely trusted brands and a strong relationship with the government and the industry. However, due to a lack of competition and a limited product offering, it can sometimes lead to a suboptimal outcome for consumers.

Examples of some monopolies are provided below.

Happy Valley

Established in 1884, the HKJC has a rich history rooted in horse racing. The club’s inaugural races were held at Happy Valley. The club actively contributes to charitable causes, becoming a hallmark of its identity and position in Hong Kong’s economic landscape.

In 1959, regulatory changes through the Betting Duty Ordinance expanded the HKJC’s scope to allow off-course betting.

The HKJC incurs a 50% duty on its gross margin from football, while the duty on racing reaches up to 75%. In the 2022-23 fiscal year, the HKJC gave back US$4.6bn to the community. This comprised US$3.7bn contributed to the government in the form of duty, profits tax and Lotteries Fund contributions, along with US$0.9bn in donations to charities.

B2Bs and monopolies

At Waterhouse VC, we focus on B2B suppliers that provide a critical or innovative service to wagering operators. Nearly every wagering operator requires odds pricing, trading and risk management, player account management (including KYC/AML compliance), customer engagement and marketing services.

Similarly to other operators, monopolies benefit significantly from technological advancements in the industry, closely monitoring trends in product offering and integrating with innovative B2B products. There is a huge opportunity for B2B suppliers to integrate with monopolies. For example, Voxbet – one of our portfolio companies – has had PMU as a client for seven years.

If monopolies maintain a modern technology stack and are permitted to develop a full product offering, it could give them the technological capability, product offering and great customer experience required to expand their already well-known brand outside their domestic jurisdiction to operate effectively in more competitive regulated markets.

Geographical expansion would also allow them to increase their tax contributions and charitable activities in their home country.

By applying their domestic experience, product offering and technology stack to other markets, monopolies could echo Flutter’s global strategy. Flutter developed its expertise in the UK through Paddy Power before expanding to Australia (Sportsbet), the US (FanDuel) and globally (local heroes including Sisal and MaxBet).

The company has cultivated market-leading global wagering businesses by leveraging its expertise and resources in product development, customer insights and data analytics. They have effectively taken advantage of operational leverage, leading to a “flywheel” effect.

Flutter’s flywheel. Source: Flutter Entertainment Plc

Bleeding out to unregulated operators

On 5 September, following its annual general meeting, the HKJC specifically highlighted the leakage that has been occurring as wagering volumes shift towards unregulated operators.

“In the digital age, the club faces significant competition from illegal bookmakers who pay no tax, and from overseas sports betting bookmakers who operate under very low tax regimes,” it said. “Illegal and overseas betting operators are already earning profits in excess of HK$15bn a year from Hong Kong customers.

“If betting duty rates increase the club would face a significant decrease in income and would be less price competitive. As a result the club would be unable to invest for its future.”

Taxation revenue leakage is occurring throughout regulated wagering markets. For example, in the US, it is estimated that unregulated operators attract annual bets totalling US$510.9bn from Americans. This leads to a substantial loss of US$44.2bn in gaming revenue for the regulated betting industry and a loss of US$13.3bn in tax revenue for state governments (“Sizing the Illegal and Unregulated Gaming Markets in the United States” – American Gaming Association, 2022).

Filling gaps in product to grow monopolies

Relying solely on their monopoly position is not an optimal strategy for monopolies, particularly in the context of increasingly accessible unregulated wagering. Unregulated wagering will compel monopolies to engage in at least some level of competition and they must deliver an attractive product offering and customer experience. As regulated monopolies face continued pressure from unregulated operators, they must consistently innovate to retain and attract customers.

In markets where some wagering products are banned – such as igaming and sports outside of football in Hong Kong; or igaming and in-play wagering in Australia – introducing a monopoly licence covering product gaps could significantly reduce leakage to unregulated operators while increasing taxation and charitable donations. This would also protect bettors as unregulated markets generally provide lower levels of consumer protection.

If a monopoly operator is unable to provide a comprehensive range of wagering products within their domestic jurisdiction – including pre-match sports, in-play sports, racing, igaming, lottery and bingo – unregulated operators seize the opportunity to attract customers and further enhance their own “flywheel”.

In this scenario, monopolies are not maximising their potential domestically – let alone internationally.

For wholesale investors interested in following wagering and gaming industry news and trends, please follow Waterhouse VC updates on Twitter (@waterhousevc) or through our website at WaterhouseVC.com.