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      "text": "Gross Gaming Revenue (GGR): Gross dollar value of wagers less player wins\nNet Gaming Revenue (NGR): GGR less player bonuses / promotional bets\nFirst Time Depositor (FTD): New players who make a deposit for the first time during a given period\nConversion Rate: Number of FTDs in a given period divided by the number of new player registrations during the period\nMonthly Active Players: Number of customers who placed a wager in a given month\nLifetime Value (LTV): The average amount of NGR generated per FTD (based on all FTDs acquired in a given period) in the first 5 years following acquisition\nCost Per Acquisition (CPA): ATL, BTL and retail affiliate program marketing investment during a given period divided by number of FTDs acquired during the period\nAbove the Line (ATL): Marketing investment to acquire customers through traditional media resources (TV, radio, print, etc.)\nBelow the Line (BTL): Marketing investment to acquire customers through digital channels (pay-per-click campaigns, search engine optimization, Google search, social media platforms, online affiliates, etc.)\nOmnichannel Players: Existing Codere Group registered retail customers who are then converted to online\nPure Online Players: Codere Online customers who were not previously registered through a Codere Group retail location\nCore Markets: Markets in which Codere Online is currently operating or expects a near-term launch (Mexico, Colombia, Panama, City of Buenos Aires, Spain, Italy)\nExpansion Markets: Currently unregulated markets in which Codere Online does not yet have an existing presence (Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excluding City of Buenos Aires)",
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