120 Free Spins No Deposit Australia 2026: The Operator List, the Maths, and the Fine Print Nobody Reads

Australia does not have a legal online casino market. That sentence should be tattooed on the inside of every “free spins” landing page aimed at this country. The Interactive Gambling Act 2001 prohibits operators from offering real-money casino games to people physically located in Australia, which means every 120 free spins no deposit offer you see in 2026 comes from a brand licensed somewhere else — Curaçao, Anjouan, Kahnawake — accepting Australian registrations through a legal grey zone that benefits the operator far more than the player.

That doesn’t make the offers fake. It makes them conditional, offshore, and almost never as generous as the headline suggests. A 120-spin pack sounds like a free lunch. It is a customer acquisition tool with a price tag attached, paid in wagering volume, max cashout caps, and the hours you’ll spend clearing a bonus that was designed to keep the expected value tilted toward the house.

This guide treats the 120 free spins no deposit Australia 2026 market as a numbers problem first and a marketing claim second. You’ll get the operators that actually run the offer, the terms that decide whether you withdraw $30 or nothing, the legal backdrop that shapes every signup, and the payment rails that determine how quickly — or slowly — your cashout moves.

What 120 Free Spins No Deposit Actually Means in Australia (2026 Reality)

A 120 free spins no deposit bonus is exactly what the words say: you register, sometimes verify an email or mobile number, and the casino credits 120 spins to your account without asking for a deposit. The spins are locked to a nominated pokie — Gates of Olympus, Sweet Bonanza, Big Bass Bonanza, or a Hacksaw title like Wanted Dead or a Wild are the usual suspects.

What the headline doesn’t say is that the spins themselves are not cash. They produce outcomes. Those outcomes land in a bonus balance, and that balance sits behind a wagering requirement, a game-weighting matrix, a maximum conversion cap, and a time limit. Miss any one of those rails and the balance goes to zero.

Stake size per spin is fixed by the operator, typically between A$0.10 and A$0.20. At A$0.10, 120 spins represent A$12 of wagering. At A$0.20, the face value climbs to A$24. That single number — the spin value — is the first thing to check before you claim anything, because it determines the theoretical starting value of the entire pack before the house edge even enters the room.

Face value vs. withdrawable value

Face value is spins multiplied by stake per spin. Withdrawable value is the portion of converted winnings that survives wagering, respects the max cashout, fits inside the game contribution rules, and clears KYC. The gap between those two figures is where most disappointment lives.

A 120-spin pack at A$0.10 per spin has a face value of A$12. At a 96% RTP — the band most Pragmatic Play and NetEnt titles sit in — the theoretical hold on that face value is roughly A$0.48 before wagering friction. Wagering turns that mild hold into a thicker filter. If you convert A$30 from the spins and the requirement is 40x, you must push A$1,200 through eligible games. At a 4% house edge, that volume expects about A$48 in player loss. Your A$30 “win” is, in expectation, already underwater.

That is not a bug. That is the product design. The operator is not handing out 120 spins because it likes you. It is buying a registered, verified account with a known customer acquisition cost, and the spin pack is priced to keep the realistic median withdrawable outcome near zero for a large share of claimants, a small tail of A$20–A$80 cashouts, and a rare spike above the cap that still gets clipped to the cap.

Why the number 120 sticks

Fifty spins looks cheap. Two hundred looks suspicious or triggers heavier KYC friction. One hundred twenty sits in a psychologically tidy zone and maps cleanly onto the A$0.10 × 120 = A$12 maths that affiliate pages can repeat without thinking. Search demand around the exact string keeps the number sticky even when the underlying economics barely move. The number is a marketing convention, not a value guarantee.

The Legal Reality: Why Every 120-Spin Offer Comes From Offshore

Australia’s regulatory position shapes everything about this market. The Interactive Gambling Act 2001 makes it illegal for gambling providers to offer online casino services to people in Australia. Banned services include online casinos, in-play sports betting, and betting on lottery outcomes. Banned services also must not be advertised in Australia.

That prohibition targets operators, not players. Australian residents are not committing an offence by claiming an offshore bonus. The legal asymmetry is why brands licensed in Curaçao, Anjouan, and Kahnawake keep accepting Australian registrations while blocking deposits from certain payment rails. No Australian regulator will arbitrate a dispute on your behalf. That is not a scare tactic. It is the operational reality you agree to when you sign up.

What the Interactive Gambling Act does (and doesn’t) forbid

The Act bans online casino operators from serving Australian customers. It does not ban Australian customers from signing up at offshore casinos. The enforcement machinery targets providers: ACMA can investigate, issue removal notices, and refer directors to the Australian Border Force. Between April and June 2026, ACMA completed 30 investigations into 76 gambling sites and found 56 breaches of the Act. The regulator is active. The offshore brands still operate because enforcement against foreign entities is slow, jurisdictional, and incomplete.

What this means for a player is simple: the 120-spin offer exists in a market segment where Australian consumer law protections do not reach. There is no local ombudsman, no local licensing condition, and no local dispute-resolution body. You are relying on the operator’s reputation and the licence jurisdiction’s complaints process — and Curaçao’s process is not known for speed.

The 2026 reforms and what changes on 1 January 2027

On 19 August 2026, the Australian Parliament passed the Interactive Gambling Amendment (Gambling Reform) Bill 2026. The reforms include restrictions on gambling advertising across TV, radio, online, and sports venues; a global opt-out register for gambling advertising; restrictions on direct marketing of inducements for new account holders during the first 14 days; a ban on commissions to staff or affiliates based on customer activity; and stronger takedown powers for illegal gambling services. Most of the reforms commence on 1 January 2027.

The 14-day inducement restriction matters for the 120-spin market. It restricts direct marketing of inducements to new account holders during that window, which could change how aggressively offshore brands push signup offers to Australian registrants. The affiliate commission ban also hits the comparison-site economy that keeps the 120-spin headline in circulation. The offer won’t disappear overnight. The marketing machinery around it will get more expensive to run.

Top Operators Running 120 Free Spins No Deposit for Australian Players in 2026

A genuine 120-spin no deposit package is uncommon in 2026. The few that surface come almost entirely from offshore-licensed brands, and the spin counts frequently sit below the headline number — 20, 30, or 50 spins are more common as the no-deposit teaser, with the 120-spin figure attached to a deposit package or a combined welcome structure. The operators below are the ones Australian players most consistently encounter in the 100-plus spin band, ranked by how closely their actual offer matches the 120-spin promise and how cleanly the cashier behaves when it’s time to withdraw.

Quick verdict

If you want the closest thing to a genuine 120-spin no-deposit package and can tolerate crypto payouts: BitStarz or 7Bit. If you want PayID and a local-feeling cashier: Rocket Casino or National Casino. If you want a low wagering multiplier on the deposit side: HellSpin at 35x. If you want to avoid the 120-spin theatre entirely and play with a small real balance: take the A$10–A$20 no-deposit cash offers at Joe Fortune or Ricky Casino and skip the spin-count marketing.

Ranked operator breakdown

1. BitStarz — the benchmark for speed, not spin volume. BitStarz is a Curaçao-licensed crypto casino on the SoftSwiss stack, and its no-deposit teaser is typically 20 free spins after email verification, with no promo code required. The 120-spin figure appears more often in the deposit welcome package — up to 5 BTC plus 180 spins across four deposits, with 40x wagering as the standard. The reason BitStarz ranks first here is not the spin count. It’s the payout behaviour: crypto withdrawals under 10 minutes are the documented norm, with a best case of 3 minutes. If you clear a no-deposit bonus and want the cash out without a three-day wait, this is the operator that treats speed as a product feature rather than a favour.

2. 7Bit Casino — the crypto-native alternative with a low-friction signup. Also Curaçao-licensed and built for crypto players, 7Bit runs a 20-spin no-deposit teaser on selected slots and a welcome package up to 5 BTC plus 100 spins at 40x wagering. Crypto withdrawals typically land in 10–20 minutes, with a minimum payout around A$25. The 120-spin headline is less consistently attached to 7Bit than to BitStarz, but the operator appears repeatedly in Australian-facing no-deposit discussions because the cashier doesn’t punish small-balance players with excessive minimums. If your no-deposit win is A$40, you can actually withdraw it.

3. Rocket Casino — the PayID-friendly option with a 120-spin claim in the market. Rocket Casino runs on a SoftSwiss white-label platform with AUD accounts, PayID and POLi deposits, and a Curaçao licence. The 120 free spins no deposit package has been attached to selected Pragmatic Play titles, with wagering around 40x and spin values in the A$0.10–A$0.20 band. The welcome package is typically a 100% match up to A$1,000 plus 100 free spins, split across the first two or three deposits. Crypto withdrawals clear in 5–15 minutes; e-wallet withdrawals in 15–60 minutes. The trade-off is that the 120-spin no-deposit offer is not always live — it appears in waves, and the terms shift. Check the promotions page before you register, not after.

4. National Casino — PayID support and a 10–30 minute crypto payout window. Curaçao-licensed, with a welcome offer shape of a multi-deposit match plus spins and 40x wagering. National Casino’s no-deposit offers tend to sit in the 50–100 spin range rather than a clean 120, but the operator appears in the 120-spin conversation because its deposit packages are spin-heavy and its cashier supports PayID alongside crypto. Crypto withdrawals clear in 10–30 minutes; e-wallet withdrawals in 15 minutes to 2 hours. If you want a local rail for the deposit and a fast rail for the withdrawal, this is a reasonable middle ground.

5. HellSpin — the low-wagering outlier. HellSpin has been in the market since 2022 and typically runs a 100% match up to A$400 plus 100 spins at 35x wagering — a lower multiplier than the 40x standard that dominates this segment. The no-deposit offer is usually smaller (20 spins on a nominated slot), but the deposit-side wagering is the most player-friendly number in this list. If you intend to deposit after claiming the no-deposit teaser, the 35x multiplier on the welcome package is worth more than an extra 20 spins on a 40x package. Payout speed sits in the 1–3 hour range for e-wallets.

6. Joe Fortune — the Australian-facing veteran with a loyalty programme. Operating since 2016 and built specifically for Australian punters, Joe Fortune uses AUD balances and local payment methods. The no-deposit offer is typically a small cash amount (A$10–A$20) rather than a 120-spin pack, and the welcome package can be large depending on deposit type. The five-tier Joe’s Rewards programme is the differentiator if you plan to stay beyond the first bonus. The trade-off is that the “no deposit” flow has been criticised for excessive pop-ups and friction before you can actually spin. If you value a clean signup over a loyalty scheme, look elsewhere.

7. Ricky Casino — fee-free deposits and withdrawals, but a 30x wagering reality. Ricky Casino’s pitch is that it doesn’t charge fees on deposits or withdrawals, with a minimum deposit around A$30. The no-deposit offer is typically small and the welcome bonus advertises zero deposit, but the wagering requirement on bonus funds sits around 30x. That’s a lower multiplier than the 40x standard, but the max cashout caps and game restrictions still apply. Ricky appears in 120-spin discussions more because of its Australian-facing positioning than because it consistently runs a 120-spin no-deposit pack. Treat the spin count as variable and the fee-free cashier as the actual selling point.

Comparative table

The Fine Print That Decides Whether You Cash Out or Get Nothing

Every 120-spin offer has four moving parts that determine the real value: wagering requirement, max cashout, game weighting, and the crediting schedule. The headline number tells you none of them. The terms page tells you all of them, and almost nobody reads the terms page until it’s too late.

Wagering requirements: the 40x filter

A 40x wagering requirement means you must bet 40 times the bonus amount before any of it converts to withdrawable cash. If you win A$30 from 120 spins and the requirement is 40x, you need A$1,200 in total bets on eligible games. At A$0.20 per spin on a 96% RTP slot, that’s 6,000 spins and an expected loss of roughly A$48 — more than the A$30 you’re trying to clear.

The maths does not guarantee you lose. Short samples swing hard in both directions. What the maths does guarantee is that the operator can afford to hand out 120 spins freely, because the house edge does the work over the volume the wagering requirement forces you to generate. A 40x multiplier is not a formality. It is the product.

Lower multipliers exist. HellSpin’s 35x on the deposit package is the most player-friendly number in the operator list above. Joe Fortune and Ricky Casino sit around 30x on certain bonus funds. But a lower multiplier on a smaller bonus is not automatically better than a higher multiplier on a larger one. Run the expected-loss calculation on the specific numbers before you decide which offer is “better.”

Max cashout caps and game weighting

The max cashout cap is the ceiling on what you can withdraw from a no-deposit bonus. Common caps in the 120-spin segment sit between A$50 and A$100. If you hit a A$500 win on spin 40, the cap still clips you to the maximum conversion amount. The rest disappears. This is not a hidden term — it’s in the bonus conditions — but it is the term most players discover after the win, not before.

Game weighting is the other silent filter. Not every pokie contributes 100% toward wagering. Some titles contribute 50%, some 20%, some 0%. If the 120 spins are locked to a game that contributes 50%, your effective wagering requirement doubles. Check the weighting table before you spin, not after you’ve cleared A$600 of a A$1,200 requirement and realised half your bets didn’t count.

The drip-feed structure

Roughly eight in ten no-deposit spin offers split the total across four to seven daily logins. A 120-spin pack might credit as 20 spins per day for six days, or 30 spins per day for four days. The drip-feed exists for two reasons: it keeps you logging in daily, and it caps the operator’s exposure if you hit a large win on day one and never return.

If you claim a 120-spin offer, plan for the login schedule. A pack that requires six daily logins is not a one-session bonus. Miss a day and the remaining spins may expire. The time limit is typically seven days from crediting, but the daily structure means the effective window is tighter than the headline suggests.

How to Claim 120 Free Spins Without Wasting an Afternoon

The signup flow for a no-deposit spin offer is usually shorter than the bonus terms page, but it still has friction points that catch people out. Here’s the sequence that works across most of the operators listed above.

Register with a valid email address you actually control. The verification step is where most offers trigger. Some casinos credit the spins immediately after registration; others wait for email or mobile verification. Use a real mobile number if the operator supports SMS verification, because the accounts that skip verification are the ones that hit a KYC wall at withdrawal.

Check the promotions page before you register, not after. The 120-spin offer is not always the default no-deposit offer. Some operators rotate the teaser — 20 spins on one slot this week, 50 spins on another next week. If the 120-spin pack is not listed, registering and hoping the spins appear is a waste of an email address. The offer is either live or it isn’t.

Claim the bonus in the cashier or promotions section before making any deposit. No-deposit bonuses are for new accounts only, and the trigger is usually a button or a code. If you deposit before claiming the no-deposit offer, the system may classify you as a depositing player and the no-deposit teaser disappears. Claim first, deposit later — if you deposit at all.

Read the max cashout and wagering terms before you spin. The two numbers that matter are the wagering multiplier and the maximum conversion amount. A 120-spin offer with 40x wagering and a A$100 max cashout is a fundamentally different product from a 20-spin offer with 20x wagering and no cap. The spin count is the least important number on the page.

Set a reminder for the daily login if the pack is drip-fed. A six-day schedule is easy to break. The spins are worth nothing if they expire unused.

Payment Methods and Payout Speed: What Australian Players Actually Use

Australian-facing offshore casinos have adapted their cashiers to local rails. PayID and POLi are the dominant deposit methods because they connect directly to Australian bank accounts and settle in under a minute in most cases. Crypto is the dominant withdrawal method for players who care about speed, because a PayID or Osko transfer still depends on the casino’s internal approval queue before the bank rail even starts.

Deposits: PayID, POLi, crypto

PayID deposits typically settle within 60 seconds. A 2026 test across 18 Australian-facing casinos found 94% of PayID deposits landed inside a minute. PayID often carries a small surcharge — around 0.5% on a A$100 load — while POLi charges a flat fee per deposit, which hits small deposits harder.

POLi is a real-time bank transfer service that connects to online banking without storing card details. It’s deposit-only for most operators; withdrawals route through bank transfer or crypto. The minimum deposit at most Australian-facing casinos sits at A$10, with a handful going as low as A$5. Neosurf and Skrill sit in the A$10–A$20 minimum band.

Crypto deposits — Bitcoin, Ethereum, Litecoin, USDT — are supported at BitStarz, 7Bit, Rocket, and National. The trade-off is volatility exposure between deposit and withdrawal, but the payout speed advantage is real.

Withdrawals: who pays fast and who doesn’t

Crypto withdrawals are the fastest rail in this market. BitStarz processes crypto withdrawals in under 10 minutes on average, with a documented best case of 3 minutes. Rocket Casino clears crypto in 5–15 minutes. 7Bit sits at 10–20 minutes. National Casino clears crypto in 10–30 minutes. These are operator-side processing times, not bank settlement times — once the crypto hits your wallet, it’s yours.

PayID withdrawals are slower because the casino’s approval queue sits in front of the bank rail. A PayID or Osko transfer settles in under 60 seconds once released, but release can take hours or days depending on the operator’s KYC and payments team. The fastest recorded PayID withdrawal in 2026 testing was 11 minutes at SkyCrown; the slowest took 18 hours at MyStake and Donbet. Most casinos fell in the 2–4 hour range.

E-wallet withdrawals — Skrill, Neteller — sit between crypto and PayID for speed. Rocket and National process e-wallet withdrawals in 15–60 minutes. HellSpin sits at 1–3 hours. Joe Fortune and Ricky Casino route through local rails with 1–24 hour windows depending on the method.

The practical takeaway: if the no-deposit bonus is small and you want the cash out without a multi-day wait, choose an operator with fast crypto payouts and a low minimum withdrawal. A A$40 win is not worth a three-day PayID queue. It is worth a 10-minute crypto withdrawal if the operator supports it.

The Pokies You’ll Actually Be Spinning

The 120-spin pack is almost always locked to one or two nominated titles, and the studio roster is predictable. Pragmatic Play dominates: Gates of Olympus, Sweet Bonanza, and Big Bass Bonanza are the three names that appear most consistently in Australian-facing no-deposit spin offers. Hacksaw Gaming’s Wanted Dead or a Wild appears in the high-volatility slot of the rotation. NetEnt’s Starburst and Microgaming’s Immortal Romance fill the low-volatility and legacy-slot positions.

RTP matters more than the theme. Pragmatic Play titles in this band typically publish RTPs between 94% and 97%, with Gates of Olympus at 96.50% and Sweet Bonanza at 96.48%. Hacksaw’s Wanted Dead or a Wild sits at 96.38%. NetEnt’s Starburst publishes 96.09%. The same Pragmatic title can ship at 96.5% in one casino and 94% in another, so the RTP shown in the game info panel is worth checking before you assume the number is fixed.

Volatility is the other variable. Gates of Olympus and Sweet Bonanza are high-volatility titles with long dry spells between features. A 120-spin sample can produce nothing or a single feature that pays the entire pack’s face value ten times over. Wanted Dead or a Wild is similarly volatile. Starburst is low-volatility — smaller swings, more frequent small wins, and a lower chance of a headline cashout. If the no-deposit pack is locked to a high-volatility title, the realistic median outcome is closer to zero than the face value suggests. That is not a reason to avoid the offer. It is a reason to treat the spin count as a lottery ticket rather than a bankroll.

New Casinos and the 120-Spin Bandwagon

New offshore casinos launch into the Australian-facing market with spin-heavy welcome packages because the acquisition maths works. A new brand has no loyalty base, no organic traffic, and no reputation. A 120-spin no-deposit teaser buys registrations, and a multi-deposit welcome package with 100-plus spins buys first deposits. The operator is not trying to be generous. It is trying to compress the customer acquisition cycle into a single signup session.

The problem with new casinos is that the bonus terms are less tested and the payout reputation is unproven. A brand that launched six months ago may have a 120-spin offer and a 40x wagering requirement on the landing page, but no track record of actually processing withdrawals when the bonus converts. The established operators — BitStarz, 7Bit, Rocket, National — have years of payout data behind them. The new entrants have marketing copy.

If you claim a 120-spin offer at a new casino, treat the first withdrawal as a test. Withdraw the minimum amount as soon as you clear wagering, using the fastest rail the operator supports. If the cashout lands, the operator has passed the first test. If it stalls, you’ve learned something useful before depositing. The 120-spin headline is not a reason to trust a new brand. It is a reason to verify the cashier before you give them anything more than an email address.

Our Methodology: How We Ranked These Operators

We ranked the operators in this guide on four criteria, weighted toward the things that actually affect a player’s outcome rather than the size of the headline bonus.

Offer authenticity (30%). Does the operator actually run a no-deposit spin offer in the 100-plus range, or is the 120-spin figure a deposit-package number dressed up as a no-deposit teaser? Operators that consistently attach a genuine no-deposit spin pack to the signup flow score higher than operators that use the number as a landing-page hook.

Cashier behaviour (30%). This combines payout speed, minimum withdrawal thresholds, and the consistency of the KYC process. An operator that pays crypto in 10 minutes but has a A$100 minimum withdrawal is less useful for a A$30 no-deposit win than an operator that pays in 30 minutes with a A$25 minimum. We weighted the combination, not the single fastest recorded payout.

Wagering and cap transparency (25%). The terms page should state the wagering multiplier, the max cashout, the game weighting, and the crediting schedule without requiring a support ticket to decode. Operators that bury the cap in a linked PDF or a collapsed accordion score lower than operators that state the numbers on the bonus page.

Licence and track record (15%). Every operator in this list is offshore-licensed. Curaçao is the most common licence in the segment. We did not treat Curaçao as a disqualifier — almost the entire 120-spin market runs on it — but we weighted operators with longer operating histories and documented payout records above new brands with unproven cashiers.

We did not rank on the number of pokies in the lobby, the size of the deposit welcome package, or the existence of a VIP programme. Those are real features, but they do not change the maths of a no-deposit spin offer. The maths is decided by the wagering requirement, the max cashout, and the cashier’s willingness to release a small balance without friction.

Responsible Gambling: The Part the Affiliates Bury

A 120-spin no-deposit offer is designed to feel risk-free. It is not risk-free in the way that matters. The spins cost nothing, but the wagering requirement creates a path where a small win turns into a larger deposit, and the deposit turns into a session that lasts longer than intended. The house edge does not care whether the first 120 spins were free.

The structural risks in this market are the same as in any gambling product: chasing losses, treating bonus funds as income, and letting the daily login schedule of a drip-fed spin pack become a habit rather than a one-off claim. The offshore nature of the market removes the local consumer protections that would otherwise apply. There is no Australian regulator to escalate a dispute to, no local ombudsman, and no statutory cooling-off period attached to the bonus.

If you are going to claim these offers, set a boundary before you register. Decide the maximum deposit you will make after the no-deposit spins are exhausted — and treat that number as a ceiling, not a starting point. Use the operator’s deposit limit tools if they exist. If you are in Australia and need to exclude yourself from licensed wagering services, BetStop is the national self-exclusion register. It does not cover offshore casinos, which is exactly why the offshore market requires more self-discipline, not less.

The “free” in 120 free spins is a marketing word. The spins are free. The time, the wagering volume, and the deposit that often follows are not. Treat the offer as a paid acquisition funnel with a free sample at the top, and the maths stops being mysterious.

Are 120 free spins no deposit bonuses legal for Australian players?

Yes, for players. The Interactive Gambling Act 2001 prohibits operators from offering online casino services to people in Australia, but it does not criminalise players who claim offshore bonuses. The prohibition targets providers, not individuals. No Australian regulator will mediate a dispute, so the practical risk is consumer-protection exposure, not legal exposure.

What is the real value of 120 free spins at A$0.20 per spin?

The face value is A$24. At a 96% RTP, the theoretical return is roughly A$23 before wagering. If you convert A$30 in winnings and the wagering requirement is 40x, you must bet A$1,200 to clear it. At a 4% house edge, that volume expects about A$48 in player loss — more than the win you’re trying to convert.

Why do 120-spin offers come in daily batches instead of all at once?

Roughly eight in ten no-deposit spin offers split the total across four to seven daily logins. The drip-feed keeps you returning to the site and caps the operator’s exposure if you hit a large win on the first batch and never come back. Miss a daily login and the remaining spins may expire.

Can I withdraw the winnings from 120 free spins immediately?

No. The winnings land in a bonus balance and must clear the wagering requirement before they convert to withdrawable cash. The max cashout cap also applies — common caps in this segment sit between A$50 and A$100. If your converted balance exceeds the cap, the excess is removed at withdrawal.

Which Australian payment method is fastest for withdrawing a no-deposit win?

Crypto. BitStarz processes crypto withdrawals in under 10 minutes on average, Rocket Casino in 5–15 minutes, and 7Bit in 10–20 minutes. PayID withdrawals settle in under 60 seconds once released, but the casino’s internal approval queue can add hours or days before release.

Do 120 free spins no deposit offers exist at Australian-licensed casinos?

No. Australian-licensed venues cannot legally offer online casino games under the Interactive Gambling Act 2001. Crown Sydney, Star Casino, and the land-based pokies network operate under state regulators and cannot offer online no-deposit spins. Every 120-spin no-deposit offer in the Australian market comes from an offshore licensee.