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  "presentationDate": "2022-03-01 00:00:00",
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      "text": "1. Many of our variable costs are tied to gross revenue, not net revenue; therefore, as promotional rates decrease, gross margin increases\n2. Given that new customer promotions are richer than existing customer promotions, promotions as a percentage of GGR naturally decrease as we shift from acquisition investments to retention and cross-sell investments\n3. As we continue to grow revenue and deposit volume, certain variable costs decrease as a percentage of revenue due to pricing tiers that result in volume discounts\n4. Continuous focus on operational initiatives around platform costs, processing fees, and revenue share drives margin increase across all cohorts",
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      "text": "Cohort Level Gross Margin Improvement",
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