Operator Intelligence Profile: Bet365

Bet365 stands as the most consequential privately held operator in global online gambling — a Stoke-on-Trent enterprise that has scaled to £4.0bn in annual revenue without ever filing an S-1, ringing a bell on the LSE, or absorbing the M&A-driven consolidation that defines its publicly traded peers. For competitors, the company represents a uniquely insulated rival: free from quarterly earnings discipline, capable of absorbing multi-year losses to acquire US share, and underpinned by a proprietary trading stack that competitors building on Kambi, OpenBet, or IMG Arena cannot easily replicate. The exit from China in March 2025, the consolidation around regulated jurisdictions, the £135m Denver HQ purchase, and persistent IPO/sale rumours all signal a strategic posture aimed at long-duration scale rather than short-term margin defence.

For B2B suppliers, Bet365 is simultaneously one of the most difficult and one of the most attractive accounts in the industry. The sportsbook trading engine, PAM, and risk infrastructure are closed — Hillside Technology builds in-house and shows little appetite to outsource the core. But the casino, live dealer, virtuals, data, payments, compliance, and marketing technology stacks all rely heavily on third parties, and the operator's accelerating US, Brazil, and Canadian expansion is creating sustained demand for content aggregation (EveryMatrix), live dealer studios (Playtech), virtuals (Inspired), data and streaming (Genius Sports, Sportradar, IMG Arena), open-banking payments (TrueLayer, Trustly), and compliance automation (Gentoo Media). Suppliers offering AML/KYC remediation, prediction-market-adjacent products, and crypto-or-instant-payment rails have particular leverage given the operator's documented enforcement exposure in the UK and Australia.

Operator Intelligence Profile: Bet365

Field	Detail
Headquarters	Stoke-on-Trent, Staffordshire, UK
Stock Exchange	Privately held (Hillside (Sports) ENG Holdings Ltd; Bet365 Group Ltd)
CEO	Denise Coates (Founder & Joint CEO) and John Coates (Joint CEO); Peter Coates (Chairman)
FY Revenue (FY25, ended 30 March 2025)	£4.036 billion (~$5.45 billion), +9% YoY
Avg Monthly Players	~90 million registered customers globally (operator-disclosed; not broken out by monthly actives)
Online Revenue Share	~100% (pure-play digital; no operator-owned retail estate post Stoke City demerger)
Retail Shops	None (digital-only operator)
Markets Active	17 US states + UK, Ireland, Spain, Italy, Denmark, Sweden, Germany, Netherlands, Bulgaria, Serbia, Greece, Malta, Gibraltar, Ontario, Brazil, Mexico, Peru, Colombia, Australia, New Zealand (impending)
Last Updated	May 2026

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Supplier Opportunity Summary

Opportunity Area	Strategic Driver	Most Relevant Supplier Categories
iGaming content & aggregation	Casino vertical growing 25% YoY; in-house build focused on sports only	Game studios, content aggregators, RGS providers
Live dealer studios	First dedicated US live tables (NJ, PA) launched Jan 2026; MI launched April 2026	Live casino studios, streaming/encoding infrastructure
AML / KYC / compliance	UKGC £582k fine; AUSTRAC formal probe; NJ DGE penalties; Mexico FIU blockade	RegTech, identity verification, transaction monitoring
Localised payments	Brazil (Pix), Canada (Alberta launch), open banking growth in UK/DE	Open banking, PSPs, alt-payment networks
Sports data & official rights	New UFC NA partnership; Champions League sponsorship; expanding US prop depth	Official league data, micro-markets, low-latency streaming
Virtuals & instant gaming	Inspired multi-year extension; pre-2026 FIFA World Cup product push	Virtual sports providers, RNG instant games
Marketing tech & affiliate compliance	$70m "Winning Is Everything" US campaign; vast global affiliate network	CDP/CRM, attribution, affiliate compliance monitoring
QE / DevOps / cloud	TestMu AI agentic QE deployment in 2026; six billion HTTP requests/day	Test automation, observability, hybrid cloud infrastructure

Business Overview

Bet365 is a privately held, vertically integrated, pure-play digital gambling operator headquartered in Stoke-on-Trent and controlled by the Coates family. The company reported group revenue of £4.036 billion ($5.45 billion) for the fiscal year ended 30 March 2025, a 9% year-on-year increase. Pre-tax profit fell 44% to £348.7 million, with operating profit dropping from £396.6 million to £227.6 million, primarily attributable to £324.7 million in administrative costs, a £59.2 million one-off restructuring charge linked to the China exit, and elevated customer acquisition spend across new regulated jurisdictions. Despite the earnings compression, the Coates family extracted £313.6 million in dividends during the period, with Denise Coates personally receiving approximately £287 million in combined salary (£104m) and dividends.

The company has no operator-owned retail estate following the July 2024 demerger of Stoke City Football Club to John Coates. Bet365's operational philosophy hinges on a proprietary technology stack developed by Hillside Technology Limited, which runs on Erlang and Elixir to handle in-play wagering across more than six billion daily HTTP requests. This distinguishes the company from US-listed peers that license sportsbook software from Kambi, OpenBet/Endeavor, or other third-party B2B platforms.

Regional Revenue Distribution (FY25 directional estimates; Bet365 does not publish segment financials):

Region	Strategic Role	Recent Developments
United Kingdom	Core profit centre and primary cash-generating market	Faces 40% Remote Gaming Duty from April 2026; 25% remote betting duty from April 2027
Continental Europe	Mature, regulated cluster (Italy, Spain, Germany, Netherlands, Denmark, Sweden, Bulgaria, Serbia)	Serbia launch in 2025; ongoing Netherlands compliance investment
North America	Primary growth engine; 17 US states + Ontario	Michigan launch April 2026 (17th state); Missouri Dec 2025; $135m Denver HQ purchase
Latin America	Newly regulated growth corridor	Brazil regulated market entry early 2025; Mexico FIU blockade lifted Dec 2025; Peru, Colombia active
Asia-Pacific	Australia retained; China exited March 2025	AUSTRAC formal probe ongoing; New Zealand regulated framework targeted for 2026

Revenue Mix by Vertical (FY25)

Vertical	YoY Growth	Strategic Notes
Gaming / iGaming	+25%	Primary growth driver; unified casino vertical with AI-driven recommendation engine
Sports Betting	+5%	Aided by UEFA Euro 2024; modest growth reflects mature core markets
Poker	Not disclosed	Operates on iPoker network; exclusive "Premium Tables" for Bet365 customers
Bingo	Not disclosed	Integrated within mobile app; retention-led rather than acquisition-led
Group Total	+9%	£4.036 billion (~$5.45 billion)

Strategic Positioning

Bet365's posture for 2024–2026 is defined by deliberate trade-offs: short-term profit compression in exchange for long-term, sustainable scale in regulated jurisdictions. The decision to exit China — historically considered the company's second-largest revenue market — and absorb £59.2 million in associated restructuring costs is the clearest signal that management is willing to forgo grey-market cash flow to secure governance credibility ahead of potential institutional financing or an IPO. Reports from Spring 2025 indicate the Coates family held exploratory discussions about a potential £9 billion sale or public listing on a New York exchange, though no formal process has been confirmed.

In the United States, Bet365 has rejected the M&A-led market entry favoured by DraftKings, BetMGM, and Fanatics. Instead, the operator is pursuing a hybrid market access strategy — tethered partnerships with tribal nations and land-based licensees where required, untethered direct licensing where permitted — supplemented by selective regional sponsorships (Detroit Tigers, Red Wings, St. Louis Cardinals) and a $70 million "Winning Is Everything" brand campaign launched in March 2026 with VML as agency of record. The strategy is to claim a defensible third position behind FanDuel and DraftKings by leveraging product depth, in-play liquidity, and competitive odds rather than promotional intensity. Industry experts consistently note that Bet365's private structure — insulated from the quarterly earnings cycle — is the single largest strategic advantage in absorbing US customer acquisition costs that have hobbled publicly listed challengers.

The company has also begun a quiet but consequential pivot in product architecture: the historically commoditised casino vertical has been re-engineered into a fully integrated cross-sell engine, growing 25% in FY25 and now consistently outpacing sports betting in revenue contribution. The UFC partnership signed March 2026 — replacing DraftKings as the official sports betting partner across the US and Canada — is the highest-profile US sponsorship Bet365 has ever executed.

Brand Portfolio

Brand	Vertical	Geography	Notes
bet365 (Sportsbook)	Sports betting	Global	Monolithic master brand; in-play and live streaming flagship
bet365 Casino	iGaming	Global	Unified central casino vertical
bet365 Live Casino	Live dealer	Global; dedicated US tables (NJ, PA, MI)	Powered primarily by Playtech studios
bet365 Poker	Poker	Europe-led	Operates on iPoker network
bet365 Bingo	Bingo	UK/Europe	Embedded in mobile app
bet365 Vegas	Casino sub-brand	Select markets	Slots-focused branded vertical
bet365 Games	Instant / RNG	Select markets	Themed games portal

Licensing & Regulatory Footprint

Jurisdiction	Regulator	Market Access Structure	Status
United Kingdom	UK Gambling Commission	Direct B2C licence	Core market; fined £582,120 (April 2024) for AML failures
Malta	Malta Gaming Authority	EU hub licence	Active
Gibraltar	Government of Gibraltar	EU/UK servicing licence	Active
Australia	Northern Territory Racing Commission	Direct licence	AUSTRAC formal investigation ongoing
United States — 17 states	State commissions	Hybrid (tethered/untethered)	AZ, CO, IL, IN, IA, KS, KY, LA, MD, MI, MO, NJ, NC, OH, PA, TN, VA
Canada (Ontario)	iGaming Ontario / AGCO	Direct registration	Active; Alberta launch targeted 2026
Brazil	SPA (Secretaria de Prêmios e Apostas)	Federal licence	Entered regulated market early 2025
Mexico	SEGOB	Tethered (TV Azteca / Grupo Salinas)	FIU blockade lifted Dec 2025
Peru	MINCETUR	Direct licence	Active since 2025
Colombia	Coljuegos	Direct licence	Active
Italy, Spain, Denmark, Sweden, Germany, Netherlands, Bulgaria, Serbia	National regulators	Direct licences	Localised compliance footprint
China	N/A	Withdrawn March 2025	£59.2m restructuring charge recognised

Recent enforcement and compliance notes: The UK Gambling Commission fined Bet365 £582,120 in April 2024 for AML and social-responsibility failures, including a lack of sanctions screening on new customers. The New Jersey Division of Gaming Enforcement ordered a $519,000 refund and a $33,000 fine relating to wager alterations and past-posting violations. AUSTRAC launched a formal federal investigation in early 2024 following a 2022 external audit into AML/CTF compliance, which remains ongoing. In late 2025 the Mexican Financial Intelligence Unit (UIF) temporarily blocked Bet365's domains during a money-laundering sweep targeting its local licensing partner TV Azteca; a federal judge lifted the blockade in December 2025. A Danish court ordered Bet365 to pay 4.7m DKK (~£533,000) in 2024 for unauthorised use of 23 professional athletes' images in social media marketing.

Incoming UK tax headwinds (the single biggest structural risk): The UK Autumn Budget 2025 confirmed Remote Gaming Duty will rise from 21% to 40% from 1 April 2026, and a new remote betting duty of 25% within General Betting Duty will take effect from 1 April 2027 (UK horse racing exempt at 15%). HM Treasury expects the changes to raise approximately £1.16 billion annually by 2030-31 and explicitly anticipates that up to 90% of the cost will be passed to consumers through worse odds or reduced bonusing. As the largest single online operator in the UK, Bet365 faces material margin compression from this regime.

Key Suppliers & Tech Partners

Function	Supplier	Scope
Sportsbook & PAM platform	Hillside Technology (in-house)	Proprietary trading engine, PAM, risk
iGaming content aggregation	EveryMatrix (SlotMatrix)	Access to 37,000+ titles from 350+ studios (signed Sept 2025)
Live casino studios	Playtech	Dedicated US tables in NJ, PA; foundational IMS components
Casino content (studios)	Hacksaw Gaming, Light & Wonder, Gaming Corps, PlayAGS, Games Global	Localised slot and instant content
Virtual sports	Inspired Entertainment	Multi-year extension (March 2026); V-Play NHL/NBA, Virtual Soccer
Sports data & odds	Sportradar, Genius Sports	Live data, micro-markets, integrity; Genius official NFL/EPL/NASCAR data
UFC data & streaming	IMG Arena	Official UFC data and live feeds
Fixed-odds racing	BetMakers Technology Group	Global Racing Network for NJ, CO
Cybersecurity	Darktrace	ActiveAI Security Platform
Infrastructure	Google Cloud, AWS, Continent 8 Technologies	Hybrid cloud + LatAm/regulated-market hosting
Quality engineering	TestMu AI	Agentic QE platform (deployed March 2026)
CRM / CDP	Optimove, Braze, Xtremepush	Player segmentation, cross-channel messaging
Payments	Paysafe (Skrill, Neteller, Paysafecard), PayPal, Trustly, TrueLayer	Multi-rail global cashier; open banking in UK/DE
Affiliate compliance	Gentoo Media (Sitebee, formerly GiG Comply)	Automated brand-protection monitoring
Creative & media	VML (WPP), dentsu X, BerlinRosen	NA AoR; global media; US PR

Ownership & Investor Structure

Shareholder	Equity Stake	Notes
Denise Coates	~58%	Founder, Joint CEO, majority shareholder
John Coates	Significant minority	Joint CEO; also sole owner of Stoke City FC post-demerger
Peter Coates	Minority	Non-executive Chairman; founder of original Provincial Racing retail estate
Other Coates family members	Minority	Closely held
External institutional / PE	0%	No outside ownership currently

In April–May 2025, multiple reports indicated the Coates family had held exploratory talks with US advisers regarding a potential full or partial sale valuing Bet365 at approximately £9 billion. Options reportedly considered include a New York Stock Exchange listing or a partial sale to a private equity sponsor with the family retaining a pre-float stake; expert calls cited Blackstone, Apollo Global Management, and CVC Capital Partners as the most plausible PE suitors. No formal process has been confirmed by the company. The Stoke City demerger in July 2024 — which included a £40 million distribution and a £90.5 million intercompany loan waiver — is widely interpreted as preparatory governance work consistent with an institutional financing or IPO pathway.

Recent Strategic Developments

Acquisitions & Partnerships

• UFC NA Sports Betting Partnership (March 2026): Multi-year deal naming Bet365 the Official Sports Betting Partner of the UFC across the US and Canada, displacing DraftKings; integrated broadcast features on Paramount+ including on-screen betting tickers and dynamic fighter odds.

  
  

• EveryMatrix Aggregation Deal (September 2025): Access to 37,000+ casino titles from 350+ suppliers via SlotMatrix platform.

  
  

• Playtech Live Casino Expansion (January 2026): Launch of dedicated live dealer tables in New Jersey and Pennsylvania — Bet365's first dedicated US live studios.

  
  

• Inspired Entertainment Multi-Year Extension (March 2026): Enhanced Virtual Soccer product with full "Bet Builder" functionality ahead of 2026 FIFA World Cup.

  
  

• VML as North America Agency of Record (March 2026): Anchoring the $70 million "Winning Is Everything" brand campaign.

  
  

• Detroit Sports Cluster (April 2026): Official Sports Betting Partner of the Detroit Tigers, Detroit Red Wings, 313 Presents, and presenting partner of Detroit SportsNet.

  
  

• St. Louis Cardinals Partnership (November 2025): First-ever Official Mobile Sports Betting Partner of the franchise, anchoring Missouri launch.

  
  

• Gentoo Media (Sitebee) Renewal (2024): Continued automated affiliate compliance monitoring.

Exits & Divestments

• China Market Withdrawal (March 2025): Ceased all bet acceptance from Chinese customers; £59.2 million one-off restructuring charge.

  
  

• American Gaming Association Membership Exit (March 2026): Withdrew citing strategic misalignment with AGA's land-based-operator focus; aligned US lobbying with Sports Betting Alliance.

  
  

• Stoke City Football Club Demerger (July 2024): Football club transferred entirely to John Coates; £40 million distribution and £90.5 million loan waiver.

Launches & Expansions

• Michigan (April 17, 2026): Sportsbook + casino launched; 17th US state; market access via Little Traverse Bay Bands of Odawa Indians.

  
  

• Missouri (December 1, 2025): 16th US state; Cardinals partnership anchored the launch.

  
  

• Maryland (August 30, 2025): 15th US state.

  
  

• Kansas (August 6, 2025): 14th US state.

  
  

• Illinois (March 16, 2025): Untethered launch.

  
  

• Tennessee (March 2025): Direct untethered licensing.

  
  

• Brazil regulated market (Q1 2025): Localised "Spinman" branded slot; Pix payment integration.

  
  

• Serbia (2025): New continental European market.

  
  

• Alberta (impending, July 2026): Regulated commercial market launch targeted.

  
  

• TestMu AI deployment (March 2026): Agentic AI quality engineering to accelerate global release velocity.

  
  

• Pennsylvania content expansion (early 2026): Hacksaw Gaming integration of localised PA-specific casino content.

Competitive Positioning

Competitor (US)	Estimated US Market Share	Bet365 Relative Position
FanDuel (Flutter)	~38–43%	Bet365 trails materially; FanDuel dominant in SGP and casual betting demographic
DraftKings	~25–35%	Bet365 trails; DraftKings benefits from legacy DFS database and integrated rewards
BetMGM	~10–14%	Bet365 trails; BetMGM leveraging MGM Rewards omnichannel
Caesars	~5–8%	Bet365 broadly comparable in scale; differs in integration depth
ESPN BET / Hard Rock / Fanatics	<5% each	Bet365 competing for "third-way" challenger slot
Bet365	~3.5–5%	Challenger; superior product depth, weaker localised marketing and loyalty

Competitor (Global)	Bet365 Comparison
Flutter Entertainment	Larger globally; multi-brand vs Bet365 monolithic; Bet365 stronger single-brand in-play depth
Entain	Comparable in legacy markets; Bet365 stronger in proprietary tech and private flexibility
Kaizen Gaming (Betano)	Direct rival in Brazil and emerging EU markets
Stake / crypto-native	Rising threat in unregulated international segments where Bet365 has withdrawn

Strengths: Industry-leading in-play depth and live-streaming inventory; competitive odds (often -108 vs typical US -110/-115); proprietary trading stack; private structure enables long-duration loss tolerance; vast brand equity across Europe and Latin America; deep cash position underwrites US expansion without dilution.

Vulnerabilities: No structured tiered loyalty program — a glaring weakness relative to BetMGM Rewards, DraftKings Dynasty Rewards, and Caesars Rewards. The May 2025 retirement of Edit Bet and Partial Cash Out features ceded a functional advantage to BetMGM. US-specific player prop depth lags FanDuel and DraftKings, which typically offer 150–200+ micro-markets per NFL/NBA game. UX/UI described by some US-based product executives as dated relative to FanDuel and DraftKings' more visually engaging interfaces. The closed in-house sportsbook tech, while a strength, limits speed-to-market when state-specific localisation is required. Heavy concentration risk in UK earnings ahead of the April 2026 RGD increase.

Commercial Opportunities for Suppliers

• Casino content distribution at scale: The 25% YoY growth in gaming revenue and the EveryMatrix aggregation deal indicate Bet365 actively integrates new studios with localisation capabilities. Independent studios offering regulated-market-ready content for Pennsylvania, Michigan, New Jersey, Brazil, and Ontario have a clear distribution path.

• AML/KYC remediation: The UKGC fine, AUSTRAC probe, and Mexico FIU exposure indicate underinvestment in legacy financial-crime infrastructure. Vendors offering transaction monitoring, sanctions screening, and identity verification with proven enforcement-grade reporting are strategically positioned.

• Open banking & instant payments: The TrueLayer "Pay by Bank" integration in early 2026 indicates strategic intent to move beyond legacy card processing. Brazilian Pix, UK Faster Payments, EU SEPA Instant, and US RTP rails are all open opportunities.

• Affiliate compliance automation: The Gentoo renewal confirms appetite for outsourced brand-protection across a sprawling global affiliate network. Competitors to Gentoo's Sitebee can pitch alongside or in adjacency.

• Live dealer infrastructure: The January 2026 NJ/PA launches were Bet365's first dedicated US live tables — additional state launches will require additional studio capacity, encoding, and game-show content.

• Sports data depth & official rights: As Bet365 expands US prop markets to compete with FanDuel/DraftKings depth, demand for player-tracking data, micro-markets, and low-latency streaming (Genius Sports/Second Spectrum, Sportradar Micro Markets, IMG Arena) will accelerate.

• Marketing technology localisation: The $70 million Winning Is Everything campaign and Denver HQ build-out signal sustained spending on regional creative, media buying, attribution, and CRM integration partners.

• Test automation & DevOps: The TestMu AI deployment confirms an enterprise appetite for agentic AI tools that reduce release-cycle latency across the high-volume Hillside platform.

Key Risks

Risk Category	Specific Exposure	Severity
UK taxation	40% RGD from April 2026; 25% remote betting duty from April 2027; ~90% of cost to pass to consumers per HMT	High — direct margin compression in core profit pool
AML / regulatory enforcement	AUSTRAC formal investigation (ongoing); UKGC fine April 2024; NJ DGE penalties; Mexico FIU blockade	High — multi-jurisdictional, reputationally damaging
US competitive intensity	FanDuel-DraftKings duopoly; entrenched BetMGM omnichannel; no Bet365 DFS or legacy database	High — limits ceiling on US share
Profit compression	Pre-tax profit down 44% YoY in FY25 to £349m; £59m China exit charge; rising US CAC	Medium-High — sustainable given private structure but politically sensitive
Crypto-native and prediction-market disintermediation	Stake, ZunaBet, Kalshi, Polymarket capturing recreational and VIP segments	Medium — Bet365 actively rejects crypto-first model
Loyalty / retention gap	No structured tiered rewards programme vs BetMGM/DraftKings/Caesars	Medium
Platform stability	Centralised infrastructure single-point-of-failure (e.g., Cloudflare-driven global outage Nov 2025)	Medium
Sale / IPO uncertainty	£9bn exit rumours unresolved; could trigger capital structure or strategic shift	Low-Medium — opportunity as much as risk
Geographic exits	Loss of China revenue stream; reduced grey-market diversification	Medium — by design, but compresses near-term EBITDA

M&A History

Year	Event	Value	Notes
2001	Bet365 founded	N/A	Coates family mortgaged retail betting estate to fund online pivot
2005	Provincial Racing retail estate sold to Coral	Undisclosed	Capital recycled into online operations
2016	Stoke City FC ownership consolidated under Bet365 group	N/A	Football club held within group structure
Mar 2025	China market exit	£59.2m restructuring charge	Voluntary withdrawal from largest grey market
Jul 2024	Stoke City FC demerger	£40m distribution + £90.5m loan waiver	Transferred to John Coates personally
2025	Denver One Platte HQ acquisition	$135m	Cash purchase from prior leased premises
Apr–May 2025	Exploratory sale / IPO discussions	Reported up to £9bn	No confirmed process

Bet365 has historically avoided the consolidation-driven M&A that defined Flutter (PokerStars/FanDuel/Sisal), Entain (BetCity, SuperSport, Enlabs, Crystalbet), and DraftKings (Jackpocket, Golden Nugget Online, SimpleBet). Its growth has been almost entirely organic, technology-led, and licence-by-licence.

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Sourcing & Methodology: This profile draws on Bet365's UK Companies House filings (FY25 published December 2025); UK Gambling Commission enforcement records; AUSTRAC public communications; HM Treasury Autumn Budget 2025 and HMRC policy paper on gambling duty changes (published 26 November 2025); UK GOV.UK guidance on Remote Gaming Duty and General Betting Duty changes; New Jersey Division of Gaming Enforcement reports; Michigan Gaming Control Board licensing announcements; Bet365's own US news releases; press releases from Inspired Entertainment, Playtech, Hacksaw Gaming, Gaming Corps, EveryMatrix, BetMakers, Genius Sports, IMG Arena, TestMu AI, and Continent 8; Financial Times, Bloomberg, Racing Post, The Times, ADWEEK, iGaming Business, SBC Americas, and Sportsbook Review coverage; Alpha-Sense expert call transcripts from former executives at Flutter, BetMGM, Hard Rock Digital, PENN Entertainment, and Bet365 competitors; and trade-press reporting from Yogonet, Sports Handle, and Play Michigan. The 17-state US footprint, Michigan launch date (17 April 2026), FY25 revenue (£4.036bn), profit metrics, dividend payout, and UK gambling duty change effective dates (40% RGD from 1 April 2026; 25% remote betting duty from 1 April 2027) have been independently verified against primary sources.

Disclaimer: This profile is intended for informational and commercial intelligence purposes only and does not constitute investment, legal, or regulatory advice. Figures are reported as disclosed by Bet365, regulators, or credible third-party sources at the time of publication and may be revised as new disclosures emerge. Where figures are derived as residuals or via aggregator triangulation rather than disclosed directly by the operator, they are flagged as estimates.