Draftkings Inc (DKNG) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the DraftKings Q3 2021 Earnings Call.

女士們，先生們，感謝你們的支持，歡迎來到 DraftKings 2021 年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Stanton Dodge, Chief Legal Officer.

我現在想把電話轉給你的東道主，首席法律官斯坦頓道奇。

You may begin.

你可以開始了。

Good morning, everyone, and thanks for joining us today.

大家早上好，感謝今天加入我們。

Statements made during this call that are not statements of historical fact constitute forward-looking statements that are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from our historical results or from our forecast.

本次電話會議期間作出的非歷史事實陳述構成前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與我們的歷史結果或我們的預測存在重大差異。

We assume no responsibility for updating forward-looking statements.

我們不承擔更新前瞻性陳述的責任。

For more information, please refer to the risks, uncertainties and other factors discussed in our SEC filings.

如需更多信息，請參閱我們提交給 SEC 的文件中討論的風險、不確定性和其他因素。

During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating DraftKings' operating performance.

在電話會議期間，管理層還將討論某些我們認為可能有助於評估 DraftKings 經營業績的非 GAAP 措施。

These measures should not be considered in isolation or as a substitute for DraftKings' financial results prepared in accordance with GAAP.

不應孤立地考慮這些措施或替代 DraftKings 根據公認會計原則編制的財務結果。

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is available in our quarterly report on Form 10-Q filed today with the SEC and in our earnings presentation, both of which are available on our website at investors.draftkings.com.

我們今天向美國證券交易委員會提交的 10-Q 表季度報告和我們的收益報告中提供了這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬，兩者均可在我們的網站 investors.draftkings 上找到。 com。

Hosting the call today, we have Jason Robins, Co-Founder, Chief Executive Officer and Chairman of DraftKings, who will share some opening remarks and an update on our business; and Jason Park, Chief Financial Officer of DraftKings, who will provide a review of our financials.

今天主持電話會議的是 DraftKings 的聯合創始人、首席執行官兼董事長 Jason Robins，他將分享一些開場白和我們業務的最新情況； DraftKings 的首席財務官 Jason Park 將對我們的財務狀況進行審查。

We will then open up the line to questions.

然後我們將打開問題熱線。

I will now turn the call over to Jason Robins.

我現在將把電話轉給 Jason Robins。

Good morning, everyone.

大家，早安。

On today's call, I will cover the following topics.

在今天的電話會議上，我將討論以下主題。

First, we are very pleased with our Q3 performance.

首先，我們對第三季度的表現非常滿意。

Revenue in the third quarter grew 60% year-over-year and met our guidance due to continued excellent customer acquisition and engagement.

由於持續出色的客戶獲取和參與，第三季度的收入同比增長 60% 並達到了我們的指導。

Lower-than-expected sports betting hold primarily due to NFL game outcomes impacted revenue and EBITDA in the quarter.

低於預期的體育博彩主要是由於 NFL 比賽結果影響了本季度的收入和 EBITDA。

Strong customer acquisition performance and new state launches, particularly Arizona, drove additional promotional investment, which also impacted third quarter revenue and EBITDA.

強勁的客戶獲取業績和新州的推出，尤其是亞利桑那州，推動了額外的促銷投資，這也影響了第三季度的收入和 EBITDA。

In addition to mobile sports betting launches in Arizona and Wyoming in Q3, we also launched mobile sports betting in iGaming in Connecticut in October.

除了第三季度在亞利桑那州和懷俄明州推出移動體育博彩外，我們還在 10 月份在康涅狄格州的 iGaming 推出了移動體育博彩。

Second, looking forward, the pipeline in new states and Canadian provinces continues to be healthy.

其次，展望未來，新州和加拿大各省的管道將繼續保持健康。

Louisiana, Maryland, New York and Ontario have all authorized mobile sports betting and Ontario has authorized iGaming.

路易斯安那州、馬里蘭州、紐約州和安大略省都已授權移動體育博彩，安大略省已授權在線博彩。

We expect these jurisdictions to launch in the coming months.

我們預計這些司法管轄區將在未來幾個月推出。

Third, the migration to our in-house bet engine and proprietary sports betting technology is complete.

第三，向我們的內部博彩引擎和專有體育博彩技術的遷移已經完成。

We are thrilled with the early performance and our new ability to rapidly add innovative features and functionality to our top-ranked mobile sports betting app.

我們對早期的表現和我們為我們排名第一的移動體育博彩應用程序快速添加創新特性和功能的新能力感到興奮。

I'm also very proud of the team for delivering ahead of our scheduled deadline.

我也為團隊在我們預定的截止日期之前交付而感到自豪。

Fourth, our new growth initiatives, which include DraftKings Marketplace and our content media business, are seeing promising early results.

第四，我們的新增長計劃，包括 DraftKings Marketplace 和我們的內容媒體業務，都取得了可喜的早期成果。

Fifth, we are very excited about the pending acquisition of Golden Nugget Online Gaming and are working towards closing in early 2022.

第五，我們對即將收購 Golden Nugget Online Gaming 感到非常興奮，並正在努力爭取在 2022 年初完成。

I will also comment on the discussions we had with Entain.

我還將評論我們與 Entain 的討論。

And before turning it over to Jason Park, I will also provide an update on our ongoing responsible gaming and corporate and social responsibility (sic) [Corporate Social Responsibility] initiatives.

在將其移交給 Jason Park 之前，我還將提供有關我們正在進行的負責任博彩以及企業和社會責任 (sic) [企業社會責任] 舉措的最新情況。

We delivered strong revenue growth of 60% in the third quarter of 2021, which met our guidance from our Q2 earnings call.

我們在 2021 年第三季度實現了 60% 的強勁收入增長，這符合我們在第二季度財報電話會議上的指引。

On a same-state basis as well as adjusting for lower-than-expected hold primarily due to NFL game outcomes, revenue would have been $40 million higher than our guidance.

在同一個州的基礎上，以及主要由於 NFL 比賽結果對低於預期的持有進行調整，收入將比我們的指導高出 4000 萬美元。

I'm very pleased with our market share in Q3 as well, which reflects the success of our technology migration and the strength of our overall business.

我對我們在第三季度的市場份額也感到非常滿意，這反映了我們技術遷移的成功和我們整體業務的實力。

Our handle share from mobile sports betting across all active states improved from an average of 31% in July and August to 33% in September.

我們在所有活躍州的移動體育博彩處理份額從 7 月和 8 月的平均 31% 提高到 9 月的 33%。

For iGaming, our GGR share improved from an average of 15% in July and August, 17% in September.

對於 iGaming，我們的 GGR 份額從 7 月和 8 月的平均 15% 提高到 9 月的 17%。

Third quarter monthly unique payers increased 31% versus Q3 2020 to 1.3 million, which includes a record month of more than 2.1 million in September.

第三季度每月獨立付款人與 2020 年第三季度相比增長了 31%，達到 130 萬，其中 9 月創下了超過 210 萬的記錄。

Average revenue per monthly unique payer increased 38% to $47.

每個每月唯一付款人的平均收入增長 38% 至 47 美元。

We are particularly proud of the growth in MUPs and ARPMUP given that Q3 of 2020 had a jampacked sports schedule with 2 months of basketball and hockey that did not occur in this year's third quarter.

我們對 MUP 和 ARPMUP 的增長感到特別自豪，因為 2020 年第 3 季度的運動日程安排很擁擠，有 2 個月的籃球和曲棍球，而今年的第三季度沒有。

Fundamental user acquisition, retention and engagement trends are all tracking better than we had projected last quarter, which sets us up well for the rest of the year in 2022.

基本的用戶獲取、保留和參與趨勢都比我們上個季度的預期要好，這為我們在 2022 年剩餘時間做好了準備。

This is true across all of our products.

我們所有的產品都是如此。

In Week 1 of the NFL season, we had more than 2x the number of mobile sports betting paid actives than we had for NFL Week 1 last year.

在 NFL 賽季的第 1 週，我們的移動體育博彩付費活躍人數是去年 NFL 第 1 週的兩倍多。

And in the third quarter of 2021, OSB paid actives on a same-state basis increased 50% compared to the third quarter of 2020.

與 2020 年第三季度相比，在 2021 年第三季度，OSB 在同州基礎上支付的活躍人數增加了 50%。

IGaming gross revenue has grown sequentially on a same-state basis in each quarter of 2021, and we expect that sequential growth to accelerate in the fourth quarter.

2021 年每個季度，IGaming 總收入在同州基礎上環比增長，我們預計第四季度環比增長將加速。

iGaming gross revenue grew 154% year-over-year in Q3 2021, including all states, and 82% on a same-state basis.

2021 年第三季度，iGaming 總收入同比增長 154%，包括所有州，同州增長 82%。

In DSS, we set a single day record for paid entries on September 12, and NFL Sundays for weeks 2 and 3 were our second and third largest days, reinforcing that our DFS product continues to grow and provide an ongoing CAC advantage that new states notch.

在 DSS 中，我們在 9 月 12 日創下了付費條目的單日記錄，第 2 周和第 3 週的 NFL 週日是我們第二和第三大日子，這加強了我們的 DFS 產品繼續增長並提供持續的 CAC 優勢，新州缺口.

Looking at New Jersey, our most mature state where we launched mobile sports betting and iGaming in 2018, our MUPs continued to grow at an impressive rate.

看看我們最成熟的新澤西州，我們在 2018 年推出了移動體育博彩和 iGaming，我們的 MUP 繼續以驚人的速度增長。

In the third quarter of 2021, despite not having basketball and hockey, combined OSB and iGaming MUPs grew 23% year-over-year.

在 2021 年第三季度，儘管沒有籃球和曲棍球，但 OSB 和 iGaming MUP 的總和同比增長了 23%。

MUPs in New Jersey increased 124% versus the third quarter of 2019.

與 2019 年第三季度相比，新澤西州的 MUP 增長了 124%。

We had very successful OSB launches in Arizona and Wyoming in Q3 and launched OSB and iGaming in Connecticut in early Q4.

我們在第三季度在亞利桑那州和懷俄明州成功推出了 OSB，並於第四季度初在康涅狄格州推出了 OSB 和 iGaming。

Our launch in Arizona went extremely well and exceeded our internal underwriting case.

我們在亞利桑那州的推出非常順利，超過了我們的內部承保案例。

Our data-driven and highly disciplined marketing approach resulted in much higher-than-expected new user acquisition in September, which has given us the confidence to continue to invest in acquiring new customers.

我們的數據驅動和高度自律的營銷方法導致 9 月份的新用戶獲取量遠高於預期，這使我們有信心繼續投資於獲取新客戶。

The result is that we are set up very well to be a leader in the state.

結果是我們非常適合成為該州的領導者。

We are also very excited about Wyoming, which is a smaller state but offers a meaningful opportunity with visitors to the state.

我們也對懷俄明州感到非常興奮，這是一個較小的州，但為該州的遊客提供了一個有意義的機會。

To put the ramp-up of Arizona in perspective, it took DraftKings just 17 days to acquire 100,000 first-time paid betters compared to 170 days for New Jersey, 312 days for Pennsylvania and 344 days for Indiana.

為了正確看待亞利桑那州的增長，DraftKings 僅用了 17 天就獲得了 100,000 名首次付費的更好的人，而新澤西州為 170 天，賓夕法尼亞州為 312 天，印第安納州為 344 天。

This was despite the fact that DraftKings did not have DFS in Arizona until August 28, only 12 days before we launched mobile sports betting.

儘管事實上 DraftKings 直到 8 月 28 日才在亞利桑那州推出 DFS，也就是我們推出移動體育博彩的前 12 天。

In New Jersey, Pennsylvania and Indiana, DFS was operational for more than 6 years prior to launching mobile sports betting in those states, which makes our customer acquisition success in Arizona even more impressive.

在新澤西州、賓夕法尼亞州和印第安納州，DFS 在這些州推出移動體育博彩之前已經運營了 6 年多，這使得我們在亞利桑那州的客戶獲取成功更加令人印象深刻。

Our business momentum has continued into Q4.

我們的業務勢頭一直持續到第四季度。

For DFS, October 3, which is the NFL Sunday featuring the Tampa Bay versus New England game, was the highest gross revenue day in our history.

對於 DFS，10 月 3 日是美國國家橄欖球聯盟 (NFL) 週日舉行的坦帕灣對陣新英格蘭隊的比賽，是我們歷史上總收入最高的一天。

For OSB in New Jersey, the October 5 wildcard playoff game between the Yankees and the Red Sox was the highest MLB handle game in our history, beating the previous all-time high by 12%.

對於新澤西州的 OSB，10 月 5 日洋基隊和紅襪隊之間的外卡季后賽是我們歷史上最高的 MLB 處理遊戲，比之前的歷史最高高出 12%。

For iGaming, October was our strongest GGR month of the year by more than 10% even when excluding the launch of iGaming in Connecticut.

對於 iGaming，即使不包括在康涅狄格州推出的 iGaming，10 月也是我們今年最強勁的 GGR 月份，增幅超過 10%。

We announced on October 13 that as the exclusive odds supplier, DraftKings will provide sports betting information and daily fantasy content across Turner Sports telecasts and Bleacher Report digital channels, including the B/R app related to Turner's NHL content.

我們在 10 月 13 日宣布，作為獨家賠率供應商，DraftKings 將通過特納體育電視轉播和 Bleacher Report 數字頻道提供體育博彩信息和每日幻想內容，包括與特納的 NHL 內容相關的 B/R 應用程序。

On October 18, we continued to lay the groundwork for our vision of DraftKings Marketplace by announcing a blockchain collaboration with Polygon, which provides us a scalable, eco-friendly blockchain solution that enables added throughput and expanded capabilities.

10 月 18 日，我們宣布與 Polygon 進行區塊鏈合作，繼續為我們的 DraftKings Marketplace 願景奠定基礎，這為我們提供了一個可擴展、環保的區塊鏈解決方案，可以增加吞吐量和擴展功能。

Also, DraftKings now has the option to potentially contribute to Polygon's governance and help secure the network as a validator node.

此外，DraftKings 現在可以選擇為 Polygon 的治理做出潛在貢獻，並作為驗證節點幫助保護網絡。

On October 19, we launched mobile sports betting and iGaming in Connecticut.

10 月 19 日，我們在康涅狄格州推出了移動體育博彩和 iGaming。

In Connecticut, DraftKings is 1 of only 3 sportsbook operators and 2 iGaming operators authorized in the state.

在康涅狄格州，DraftKings 是該州僅有的 3 家體育博彩運營商和 2 家 iGaming 運營商之一。

And on November 4, we announced an expanded multiyear relationship with the NBA to make DraftKings a co-official sports betting partner partner of the league.

11 月 4 日，我們宣布擴大與 NBA 的多年合作關係，使 DraftKings 成為聯盟的聯合官方體育博彩合作夥伴。

This agreement grants DraftKings expansive NBA rights and assets to integrate within its sports betting, daily fantasy, iGaming and free-to-play products and promotional offerings.

該協議授予 DraftKings 廣泛的 NBA 權利和資產，以整合其體育博彩、日常幻想、iGaming 和免費遊戲產品以及促銷產品。

As has been widely publicized, NFL game outcomes have been favorable to players this year for a number of reasons.

正如廣泛宣傳的那樣，由於多種原因，今年 NFL 比賽結果對球員有利。

Prime time NFL games played on Thursday, Sunday and Monday nights typically have high viewership and, therefore, high handles.

在周四、週日和周一晚上進行的黃金時段 NFL 比賽通常收視率很高，因此也有很高的關注度。

Through Week 7, 71% of NFL prime time favorites and 57% of NFL prime time overs have won in 2021.

在第 7 週，2021 年 71% 的 NFL 黃金時段熱門球隊和 57% 的 NFL 黃金時段熱門球隊獲勝。

There also have not been as many big upsets across all NFL teams.

所有 NFL 球隊也沒有那麼多大冷門。

Before Week 8, there was not a single upset by an underdog of at least 7.5 points.

在第 8 週之前，沒有一次被至少 7.5 分的弱者爆冷。

Additionally, we have had 4 NFL weeks where more than 66% of the favorites won.

此外，我們有 4 個 NFL 週，超過 66% 的熱門球隊獲勝。

A very popular Parlay bet is to pair a large favorite on the moneyline with other bets.

一種非常流行的 Parlay 投注是將勝負線上的大熱門與其他投注配對。

Therefore, when large favorites win consistently, parlays hit more frequently.

因此，當大熱門持續獲勝時，過關連贏更頻繁。

Of course, game outcomes can also swing the other way.

當然，遊戲結果也可以反過來。

The last week of October had very favorable results for the house.

10 月的最後一周對房子有非常有利的結果。

Between last Thursday and this Monday alone, DraftKings generated a positive variance of more than $25 million of revenue compared to our forecast due to favorable event outcomes.

僅在上週四和本週一之間，由於有利的活動結果，DraftKings 的收入與我們的預測相比產生了超過 2500 萬美元的正差異。

While we had a great finish to the month, we still ended October close to $25 million below our forecast due to lower-than-expected hold resulting from player-friendly event outcomes.

雖然我們在本月取得了不錯的成績，但由於對玩家友好的賽事結果導致持有量低於預期，我們在 10 月份結束時仍比我們的預測低了近 2500 萬美元。

Despite these outcomes and due to the continued momentum of our business, we are increasing the midpoint of our 2021 revenue guidance, which Jason Park will cover in more detail later on the call.

儘管取得了這些成果，但由於我們業務的持續發展勢頭，我們正在提高 2021 年收入指引的中點，Jason Park 將在稍後的電話會議上對此進行更詳細的介紹。

Turning to legalization trends.

轉向合法化趨勢。

We have continued to see momentum in mobile sports betting and iGaming.

我們繼續看到移動體育博彩和 iGaming 的發展勢頭。

In 2021, 25 state legislatures have introduced legislation to legalize mobile sports betting, 5 state legislatures have introduced legislation to expand their existing sports betting frameworks and 2 state legislatures have introduced legislation to legalize sports betting limited to retail locations.

2021 年，25 個州立法機構立法使移動體育博彩合法化，5 個州立法機構立法擴大現有體育博彩框架，2 個州立法機構立法使僅限於零售場所的體育博彩合法化。

In addition, 4 states have introduced iGaming legislation and 3 states have introduced online poker legislation.

此外，有 4 個州引入了 iGaming 立法，3 個州引入了在線撲克立法。

In total, nearly 13% of the U.S. population saw laws passed in their state legalizing competitive online sports betting markets in 2021, demonstrating continued momentum 3 years after the overturn of PASPA.

總的來說，近 13% 的美國人看到他們所在州在 2021 年通過了競爭性在線體育博彩市場合法化的法律，這在 PASPA 被推翻 3 年後顯示出持續的勢頭。

Following our launches in Wyoming, Arizona and Connecticut, DraftKings is live with online sports betting in 15 states that collectively represent 29% of the U.S. population.

繼我們在懷俄明州、亞利桑那州和康涅狄格州推出後，DraftKings 在 15 個州提供在線體育博彩服務，這些州總共占美國人口的 29%。

Additionally, DraftKings is now live with 5 iGaming states, representing approximately 11% of the U.S. population.

此外，DraftKings 現在有 5 個 iGaming 州，約占美國人口的 11%。

Three of the states where DraftKings has a potential opportunity to participate via a market access agreement or direct license, New York, Maryland and Louisiana, authorized mobile sports betting this year.

DraftKings 有可能通過市場准入協議或直接許可參與其中的三個州，即紐約、馬里蘭和路易斯安那，今年授權了移動體育博彩。

These 3 states represent 9% of the U.S. population and bring the percentage of the population with legalized mobile sports betting to 39%.

這 3 個州占美國人口的 9%，使移動體育博彩合法化的人口比例達到 39%。

We are actively preparing to be able to launch in these jurisdictions pending the necessary licensing and regulatory approvals to do so.

我們正在積極準備能夠在這些司法管轄區推出，等待必要的許可和監管批准。

I also want to comment on California and Florida.

我還想對加利福尼亞和佛羅里達發表評論。

In California, we are working with a number of leading online sports betting operators in support of a campaign to bring a well-regulated, safe and responsible online sports betting market to the state.

在加利福尼亞州，我們正在與一些領先的在線體育博彩運營商合作，支持一項旨在為該州帶來監管良好、安全和負責任的在線體育博彩市場的活動。

Legal online sports betting will bring hundreds of millions of dollars in tax revenue annually to the state directly funneled to 2 of its biggest challenges, homelessness and mental health, by providing permanent shelter and housing as well as addiction services for those in need.

通過為有需要的人提供永久性住所和住房以及成癮服務，合法的在線體育博彩每年將為該州帶來數億美元的稅收，直接用於解決其最大的 2 個挑戰，即無家可歸和心理健康。

The California Solutions to Homelessness and Mental Health Support Act ensures a comprehensive licensing process, one that requires extensive vetting of experienced operators, and creates a competitive marketplace as competition for market share will ensure the best products and experience for consumers.

加州解決無家可歸者和心理健康支持法案確保了一個全面的許可程序，該程序需要對經驗豐富的運營商進行廣泛審查，並創建一個競爭激烈的市場，因為市場份額的競爭將確保為消費者提供最好的產品和體驗。

In Florida, we continue to work with FanDuel in the Florida Education Champions to collect the signatures required to have a mobile sports betting question on the ballot in November 2022.

在佛羅里達州，我們繼續與 FanDuel 在佛羅里達州教育冠軍賽中合作，收集 2022 年 11 月在選票上提出移動體育博彩問題所需的簽名。

We are excited for the potential prospect of Florida voters deciding to have a safe, legal, regulated and competitive market for online sports betting in the state with a market-leading and technologically advanced product offering.

我們很高興佛羅里達選民決定在該州擁有一個安全、合法、受監管和競爭激烈的在線體育博彩市場，並提供市場領先和技術先進的產品。

If enacted, all tax revenues from mobile sports betting conducted pursuant to this referendum will be dedicated to the funding of state public education system.

如果頒布，根據本次公投進行的移動體育博彩的所有稅收收入將專門用於國家公共教育系統的資金。

Turning to Canada.

轉向加拿大。

Ontario continues to establish parameters for the launch of the online gaming market in the province.

安大略省繼續為該省在線遊戲市場的啟動制定參數。

We look forward to further progress in Ontario and Canada as a whole.

我們期待安大略省和整個加拿大取得進一步進展。

For context, Ontario represents about 40% of Canada's population and would be the fifth largest U.S. state by population where in America.

就背景而言，安大略省約佔加拿大人口的 40%，按人口計算將成為美國第五大州。

Moving on to product and technology.

轉向產品和技術。

I am very proud of all that our team accomplished in the third quarter.

我為我們的團隊在第三季度取得的成就感到非常自豪。

For mobile sports betting, we completed the full online and retail migration to our own in-house bet engine in the third quarter.

對於移動體育博彩，我們在第三季度完成了向我們自己的內部博彩引擎的全面在線和零售遷移。

The migration went very smoothly and was completed ahead of schedule.

遷移非常順利，提前完成。

This is the largest technology project we have ever undertaken.

這是我們承接過的最大的科技項目。

It consumed resources that are now free to focus more on innovation, and we are already experiencing benefits from the transition to our own technology.

它消耗了現在可以自由地更多地關注創新的資源，我們已經從向我們自己的技術過渡中受益。

To provide context for our recent product improvement, over the first 3 weeks of the NFL season, new users bet nearly 20% more on average than new users did during the same period in 2020.

為了為我們最近的產品改進提供背景信息，在 NFL 賽季的前 3 週內，新用戶的投注平均比 2020 年同期的新用戶多出近 20%。

And their mix of handle on any type of Parlay as opposed to single-event bets increased to 23% from 15%.

他們對任何類型的 Parlay 的組合處理與單一事件投注相比從 15% 增加到 23%。

We now price approximately 80% of our combined prematch and live bet handle in-house and aim to increase that percentage over time.

我們現在對大約 80% 的賽前和現場投注進行內部定價，並打算隨著時間的推移增加這一比例。

In August, we announced the launch of micro-betting across the DraftKings Sportsbook.

8 月，我們宣佈在 DraftKings Sportsbook 推出微型投注。

Integrating micro-betting technology allows our customers to engage even further with the sports they love by betting play-by-play throughout a supporting event.

集成微型投注技術使我們的客戶能夠通過在整個支持賽事中逐場投注來進一步參與他們喜愛的運動。

We are particularly proud of the depth of the futures markets and player props that we now offer.

我們對我們現在提供的期貨市場和玩家道具的深度感到特別自豪。

For example, in NBA, we are now offering micro-bets on approximately 40 different players, covering statistics such as points, assists and rebounds for each.

例如，在 NBA，我們現在提供對大約 40 名不同球員的微博，涵蓋每個球員的得分、助攻和籃板等統計數據。

For iGaming, we continue to benefit from the games we have developed internally.

對於 iGaming，我們繼續受益於我們內部開發的遊戲。

79% of our iGaming users that played in the third quarter at some point played a DraftKings-developed game.

我們在第三季度玩過的 iGaming 用戶中有 79% 玩過 DraftKings 開發的遊戲。

We also added DraftKings Rocket to our mobile iGaming suite in New Jersey on September 1. Built entirely in-house, DraftKings Rocket is the latest game that our team has developed and follows the addition of both Spanish 21 and DKCraps earlier this year.

9 月 1 日，我們還在新澤西州的移動 iGaming 套件中添加了 DraftKings Rocket。DraftKings Rocket 完全由內部開發，是我們團隊在今年早些時候添加 Spanish 21 和 DKCraps 之後開發的最新遊戲。

In New Jersey, Rocket set a new launch month record for most gross revenue by a DraftKings-developed game, improving on the debut of DraftKings Blackjack in New Jersey by 46%.

在新澤西州，Rocket 創下了 DraftKings 開發遊戲的最高總收入的新發布月記錄，比新澤西州 DraftKings Blackjack 的首次亮相提高了 46%。

DraftKings is the only provider of Rocket in the United States, and developing this game is further evidence of us bringing ongoing innovation to our consumers.

DraftKings 是美國唯一的 Rocket 供應商，開發這款遊戲進一步證明了我們為消費者帶來了持續的創新。

Following our April acquisition of Blue Ribbon Software, jackpots are now live in New Jersey, Pennsylvania, West Virginia and Michigan.

在我們 4 月份收購 Blue Ribbon Software 之後，現在新澤西州、賓夕法尼亞州、西弗吉尼亞州和密歇根州都推出了累積獎金。

We are continuing to add to this functionality, including launching a feature that allows multiple games to be attached to a jackpot.

我們將繼續增加此功能，包括推出允許將多個遊戲附加到累積獎金的功能。

In the third quarter, research firm Eilers & Krejcik tested 34 sports betting app and ranked each on user experience, betting interface, features, core and aesthetics.

在第三季度，研究公司 Eilers & Krejcik 測試了 34 款體育博彩應用程序，並根據用戶體驗、投注界面、功能、核心和美學對每個應用程序進行了排名。

As part of this survey, Eilers & Krejcik evaluated the new DraftKings app post migration based on our own in-house technology.

作為本次調查的一部分，Eilers & Krejcik 基於我們自己的內部技術對新的 DraftKings 應用程序遷移後進行了評估。

I am pleased to say that we ranked #1 overall.

我很高興地說我們總體排名第一。

And we were also ranked in the top 3 across 4 of the 5 criteria, including user experience, betting interface, features and aesthetics.

我們還在 5 項標準中的 4 項中排名前 3，包括用戶體驗、投注界面、功能和美學。

We are continuing to make significant progress with several exciting, new organic growth vectors.

我們將繼續通過幾個令人興奮的新有機增長載體取得重大進展。

The launch of DraftKings Marketplace has been amazing.

DraftKings Marketplace 的推出令人驚嘆。

I'm proud of the highly accessible and easy-to-use experience that we've built, which, combined with compelling content, has driven positive user engagement.

我為我們構建的高度可訪問且易於使用的體驗感到自豪，這些體驗與引人入勝的內容相結合，推動了積極的用戶參與。

Marketplace is a large opportunity given our ability to cross-sell existing customers and acquire new ones by offering a new way for fans to interact with their favorite athletes and sports moments.

市場是一個巨大的機會，因為我們有能力交叉銷售現有客戶並通過為粉絲提供一種與他們最喜歡的運動員和體育時刻互動的新方式來獲得新客戶。

The 70 drops on DraftKings Marketplace provided by our partner, Autograph, were oversubscribed 14:1 on average.

由我們的合作夥伴 Autograph 在 DraftKings Marketplace 上提供的 70 drops 平均超額認購 14:1。

And the secondary transactions market has seen strong engagement by users seeking to collect their favorite NFTs.

在二級交易市場上，尋求收集自己喜歡的 NFT 的用戶的參與度很高。

In the third quarter, more than 1/3 of Marketplace users were new to DraftKings.

第三季度，超過 1/3 的 Marketplace 用戶是 DraftKings 的新用戶。

These users completed over 120,000 primary and secondary transactions totaling approximately $20 million of gross merchandise volume.

這些用戶完成了超過 120,000 筆主要和次要交易，總交易量約為 2000 萬美元。

Since the initial drops, which featured Tom Brady, Wayne Gretzky, Tony Hawk, Derek Jeter, Naomi Osaka and Tiger Woods, we have added drops by Usain Bolt and Rob Gronkowski.

自從最初的空投包括湯姆布雷迪、韋恩格雷茨基、托尼霍克、德里克傑特、大坂直美和泰格伍茲以來，我們又增加了烏塞恩博爾特和羅伯格隆考斯基的空投。

Recently, Autograph teamed up with Lionsgate and Twisted Pictures to release on DraftKings Marketplace exclusive digital collectibles from Saw, one of the most successful horror franchises in history.

最近，Autograph 與 Lionsgate 和 Twisted Pictures 合作，在 DraftKings Marketplace 上發布了 Saw 的獨家數字收藏品，這是歷史上最成功的恐怖系列之一。

Our media business continues to grow as sports betting content is in demand, and we recognize the importance of reaching a wider audience through our own channels.

隨著體育博彩內容的需求，我們的媒體業務持續增長，我們認識到通過我們自己的渠道接觸更廣泛受眾的重要性。

Since we acquired VSiN, it has expanded its talent lineup and broadcasting footprint.

自從我們收購 VSiN 以來，它擴大了人才陣容和廣播足跡。

In September, we scaled up production to offer a full 24/7 lineup.

9 月，我們擴大了生產規模以提供全天候 24/7 產品線。

We also landed our first nationwide content distribution deal with YouTube TV that delivers VSiN's leading sports betting news and insights to subscribers as part of YouTube TV's Sports Plus add-on package and will introduce millions of subscribers to VSiN's premium content.

我們還與 YouTube TV 達成了首個全國性的內容分發協議，作為 YouTube TV 的 Sports Plus 附加包的一部分，向訂閱者提供 VSiN 領先的體育博彩新聞和見解，並將向數百萬訂閱者介紹 VSiN 的優質內容。

VSiN's podcasts on iHeartRadio are also experiencing incredible success as they surpassed 4 million downloads in the month of September.

VSiN 在 iHeartRadio 上的播客也取得了令人難以置信的成功，9 月份的下載量超過 400 萬次。

We will continue to invest in these exciting and differentiating growth vectors into 2022, with the approach that each of them will continue to drive the LTV-to-CAC flywheel that we are creating along with our existing DFS, OSB and iGaming offerings.

到 2022 年，我們將繼續投資於這些令人興奮和差異化的增長向量，方法是它們中的每一個都將繼續推動我們正在創建的 LTV-to-CAC 飛輪以及我們現有的 DFS、OSB 和 iGaming 產品。

I'd also like to provide an update on our acquisition of Golden Nugget Online Gaming.

我還想提供有關我們收購 Golden Nugget Online Gaming 的最新消息。

In Q3, we made significant progress towards closing the acquisition of Golden Nugget Online Gaming and have strong plans in place to integrate the business and capture the synergies we outlined in the presentation materials from August.

在第三季度，我們在完成對 Golden Nugget Online Gaming 的收購方面取得了重大進展，並製定了強有力的計劃來整合業務並獲得我們在 8 月份的演示材料中概述的協同效應。

For more information on the strategic rationale for this deal, please refer to the materials on our Investor Relations website and our filings with the Securities and Exchange Commission.

有關此交易的戰略依據的更多信息，請參閱我們投資者關係網站上的材料以及我們向美國證券交易委員會提交的文件。

I also want to make a few comments on the discussions we recently concluded with Entain.

我還想就我們最近與 Entain 結束的討論發表一些評論。

We are continuously looking at multiple organic and inorganic growth opportunities that are accretive to our shareholders, most of which never come to fruition but offer great learning opportunities for me and the team.

我們一直在尋找能夠為我們的股東增值的多種有機和無機增長機會，其中大部分從未實現，但為我和團隊提供了很好的學習機會。

This situation was unique.

這種情況是獨一無二的。

Because there was a leak, pursuant to the U.K. Takeover Code, it had to be disclosed that we were in discussion even though the discussions were very early.

因為存在洩密，根據英國收購法，必須披露我們正在討論，即使討論很早。

We had the chance to meet with the leadership of Entain in order to explore the merits of the combination.

我們有機會會見了 Entain 的領導層，以探討合併的優點。

Entain has a very impressive team, and we have a great deal of respect for the business they had built.

Entain 擁有一支令人印象深刻的團隊，我們非常尊重他們建立的業務。

However, after carefully assessing a potential transaction and weighing various considerations, including our own organic growth plans as well as other deal flow, we decided not to make an offer.

然而，在仔細評估潛在交易並權衡各種考慮因素（包括我們自己的有機增長計劃以及其他交易流程）之後，我們決定不提出要約。

We continue to be very excited about the vision we have for growing DraftKings.

我們對發展 DraftKings 的願景仍然感到非常興奮。

We have the industry-leading brand, a vertically integrated technology stack, top-ranked apps across our verticals, a robust and innovative product road map and the best team in the world.

我們擁有行業領先的品牌、垂直整合的技術堆棧、我們垂直領域中排名第一的應用程序、強大和創新的產品路線圖以及世界上最好的團隊。

We are very well positioned to maintain and grow our leadership position in North America and beyond.

我們完全有能力保持和發展我們在北美及其他地區的領導地位。

We recognize that we are very fortunate and have worked very hard to get to where we are, a company with a strong balance sheet and a clear path to many years of very high growth in a market with tens of billions of dollars of still unrealized TAM.

我們認識到我們非常幸運，並且非常努力地工作以達到我們現在的位置，一家擁有強大資產負債表的公司，並且在一個擁有數百億美元尚未實現的 TAM 的市場中實現多年高速增長的清晰路徑.

The bar for changing that trajectory is incredibly high, and it would take a lot for us to decide to pursue any large asset with a slower growth profile.

改變這一軌蹟的門檻非常高，我們需要很多時間才能決定追求任何增長速度較慢的大型資產。

At the same time, we felt obligated to look at this deal, but just because we look at something doesn't mean we will decide to do it.

與此同時，我們覺得有義務審視這筆交易，但僅僅因為我們審視了某件事並不意味著我們會決定這樣做。

Turning to Corporate Social Responsibility.

轉向企業社會責任。

DraftKings S.E.R.

DraftKings S.E.R.

V.E.

V.E.

S is a catalyst to facilitate meaningful relationships between our employees and customers and the communities and causes they feel passion about in order to create a better world for everyone.

S 是一種催化劑，可以促進我們的員工與客戶和社區之間建立有意義的關係，並讓他們對事業充滿熱情，從而為每個人創造一個更美好的世界。

Keeping with our focus on responsibility, we integrated the American Gaming Association's Have A Game Plan.

為了保持對責任的關注，我們整合了美國博彩協會的 Have A Game Plan。

Bet Responsibly public service campaign across our retail sportsbook and into our team partners' stadiums, along with our own responsible gaming tag, It's More Fun When It's for Fun.

在我們的零售體育博彩和我們團隊合作夥伴的體育館中開展負責任的公共服務活動，以及我們自己的負責任博彩標籤，“為樂趣而更有趣”。

Last month, our partners at the NFL announced a new responsible gaming initiative in collaboration with the National Council on Problem Gambling.

上個月，我們在 NFL 的合作夥伴宣布了一項與全國問題賭博委員會合作的新的負責任博彩計劃。

We commend the NFL's commitment to this important work and look forward to our future collaborations to advance safe play.

我們讚揚 NFL 對這項重要工作的承諾，並期待我們未來的合作以促進安全比賽。

We quickly mobilized our customers to raise funds for Feeding Louisiana in the aftermath of Hurricane Ida.

颶風艾達過後，我們迅速動員客戶為路易斯安那州提供食物籌集資金。

We raised funds for the Larry Fitzgerald Foundation in support of breast cancer research.

我們為 Larry Fitzgerald 基金會籌集資金以支持乳腺癌研究。

And we supported 3 mission-driven organizations for Hispanic Heritage Month with total donations of $625,000 to further our commitment to equity and entrepreneurship.

我們為西班牙裔傳統月捐贈了 625,000 美元，支持 3 個使命驅動的組織，以進一步推動我們對公平和創業的承諾。

This week, we also announced a relationship with the Pat Tillman Foundation, which honors NFL great turned military hero, Pat Tillman.

本週，我們還宣布與帕特·蒂爾曼基金會建立合作關係，該基金會旨在表彰 NFL 偉大的軍事英雄帕特·蒂爾曼。

The foundation carries on Pat Tillman's legacy by giving military service members, veterans and their spouses the educational tools and community support to reach their fullest potential as leaders.

該基金會通過為軍人、退伍軍人和他們的配偶提供教育工具和社區支持來繼承 Pat Tillman 的遺產，以充分發揮他們作為領導者的潛力。

We are proud to support the foundation's work and all military personnel, veterans and their families.

我們很自豪能夠支持基金會的工作以及所有軍人、退伍軍人及其家人。

I will now turn the call over to DraftKings CFO, Jason Park, who will discuss our third quarter results and revised 2021 guidance.

我現在將把電話轉給 DraftKings 首席財務官 Jason Park，他將討論我們第三季度的業績和修訂後的 2021 年指導方針。

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早上好。

We are pleased to announce that we generated $213 million in revenue for the quarter, representing a 60% increase versus Q3 2020 revenue of $133 million.

我們很高興地宣布，我們本季度的收入為 2.13 億美元，與 2020 年第三季度的 1.33 億美元收入相比增長了 60%。

Our B2C business generated $189 million for the quarter, representing an 82% increase versus prior year, offset by B2B, which declined 19% versus the prior year to $24 million.

我們的 B2C 業務在本季度產生了 1.89 億美元，比去年同期增長 82%，被 B2B 業務所抵消，後者比去年同期下降 19% 至 2400 萬美元。

The year-over-year decline in B2B reflects the impact of the termination of our Asia reseller agreement, which we ended on April 1, 2021, with a transition period that has already ended.

B2B 的同比下降反映了我們終止亞洲經銷商協議的影響，該協議於 2021 年 4 月 1 日結束，過渡期已經結束。

In terms of the B2C business, we continue to drive strong growth in player acquisition and retention, as measured through MUPs, as well as player engagement and monetization, as measured through ARPMUP.

在 B2C 業務方面，我們繼續推動玩家獲取和保留（通過 MUP 衡量）以及玩家參與度和貨幣化（通過 ARPMUP 衡量）的強勁增長。

B2C monthly unique payers in the quarter increased 31% year-over-year to 1.3 million.

本季度 B2C 每月獨立付款人同比增長 31% 至 130 萬。

The increase reflects the expansion of our OSB and iGaming product offerings into new states and superb retention of existing players.

這一增長反映了我們將 OSB 和 iGaming 產品擴展到新的狀態以及現有玩家的出色保留。

Results reflect typical intraquarter seasonality with July and August lower from a MUPs perspective, while in September, we had a record 2.1 million MUPs due to the start of the NFL season.

結果反映了典型的季度內季節性，從 MUP 的角度來看，7 月和 8 月較低，而在 9 月，由於 NFL 賽季的開始，我們的 MUP 達到了創紀錄的 210 萬。

Average revenue per monthly unique payer, or ARPMUP, was $47 in Q3, representing a 38% increase versus the same period in 2020.

第三季度每個月唯一付款人的平均收入 (ARPMUP) 為 47 美元，比 2020 年同期增長 38%。

Our ARPMUP was positively impacted by strong customer engagement, a continued mix shift into our Sportsbook and iGaming product offerings and cross-selling our customers into more products.

我們的 ARPMUP 受到強大的客戶參與、持續混合轉向我們的體育博彩和在線博彩產品以及向我們的客戶交叉銷售更多產品的積極影響。

We guided to $213 million at the midpoint and delivered $213 million.

我們在中點引導至 2.13 億美元，交付了 2.13 億美元。

Revenue would have been $40 million higher were it not for lower-than-forecast hold rates and investment in new state launches.

如果不是低於預期的持有率和對新州推出的投資，收入將增加 4000 萬美元。

Lower-than-forecasted hold cost us roughly $25 million of revenue in the third quarter.

低於預期的持有讓我們在第三季度損失了大約 2500 萬美元的收入。

While hold was higher than Q3 prior year, it was lower than we expected with NFL outcomes being the largest contributor.

雖然持有率高於去年第三季度，但低於我們的預期，NFL 的結果是最大的貢獻者。

For context, in September, 67% of prime time favorites won outright and 89% of prime time overs hit.

就背景而言，9 月份，67% 的黃金時段熱門節目贏得了冠軍，89% 的黃金時段熱門節目獲得了成功。

As we've mentioned in the past, Q3 is uniquely exposed to hold variances because of the concentration of just 3 weeks of NFL games in the quarter.

正如我們過去提到的那樣，由於本季度只有 3 週的 NFL 比賽集中，第三季度特別容易受到持有差異的影響。

So sport outcomes can impact Q3 results meaningfully.

因此，運動成果可以對第三季度的結果產生有意義的影響。

In addition to hold, we launched 2 new states in Q3 which were not included in our prior guidance.

除了持有之外，我們在第三季度推出了 2 個新狀態，這些狀態未包含在我們之前的指導中。

These new states resulted in negative $15 million of net revenue due to new customer promotional investment driven by much better-than-expected customer acquisition.

這些新州導致淨收入為負 1500 萬美元，這是由於遠好於預期的客戶獲取推動了新客戶促銷投資。

In Arizona, for example, over the first 30 days, we acquired 8x the number of customers that we acquired in New Jersey on a population-adjusted basis.

例如，在亞利桑那州，在最初的 30 天裡，我們獲得的客戶數量是在人口調整的基礎上在新澤西獲得的客戶數量的 8 倍。

Customer response has exceeded our own expectations, which we attribute to broader awareness of sports betting and the continuous improvement of our state launch playbook.

客戶的反應超出了我們自己的預期，我們將其歸因於對體育博彩的更廣泛認識以及我們州推出劇本的不斷改進。

The net revenue investment was due to promotional contra revenue in the final weeks of the Q3 period, which has already begun to pay back in Q4.

淨收入投資是由於第三季度最後幾週的促銷對銷收入，該收入已在第四季度開始收回。

Please note we are breaking out the impact of lower-than-forecast hold in new state launches because these factors were material to third quarter results relative to our guidance.

請注意，我們正在打破新州發布低於預期的影響，因為這些因素相對於我們的指導對第三季度業績具有重要意義。

We generated $71 million in gross profit dollars on an adjusted EBITDA basis for the entire business in the quarter, representing a 17% increase versus last year.

我們在本季度為整個業務創造了 7100 萬美元的調整後 EBITDA 毛利潤，比去年增長 17%。

Gross margin rate on an adjusted EBITDA basis for the business was 33% in the quarter versus 46% last year.

該業務在調整後的 EBITDA 基礎上的毛利率在本季度為 33%，而去年為 46%。

Very importantly, on a year-over-year basis, our gross margin rate was impacted heavily by the aforementioned investment of net revenue in new states launched in Q3 and as well as 3 additional seats, Tennessee, Michigan and Virginia, that launched after Q3 of 2020.

非常重要的是，與去年同期相比，我們的毛利率受到上述第三季度在新州推出的淨收入投資以及第三季度之後推出的田納西州、密歇根州和弗吉尼亞州三個額外席位的嚴重影響2020 年。

These new states together accounted for more than 3/4 of the year-over-year decrease in gross margin rate.

這些新州合計佔毛利率同比下降的 3/4 以上。

Outside of this, we saw improvement in our COGS structure across our product offerings, offset by the ongoing mix shift out of our more mature and thus higher-margin DFS product offering and into OSB and iGaming.

除此之外，我們看到我們產品的 COGS 結構有所改善，但被持續的組合從我們更成熟、利潤更高的 DFS 產品轉向 OSB 和 iGaming 所抵消。

As a reminder, our COGS as a percentage of revenue for OSB will improve starting in Q4 due to the migration to our in-house bet engine.

提醒一下，由於遷移到我們的內部投注引擎，我們的 COGS 佔 OSB 收入的百分比將從第 4 季度開始提高。

Adjusted EBITDA for the quarter was negative $314 million, which includes approximately $60 million of impact from lower-than-forecasted hold percentage in the investment we made in new states.

本季度調整後的 EBITDA 為負 3.14 億美元，其中包括我們在新州進行的投資中持有比例低於預期的約 6000 萬美元的影響。

Excluding the $60 million impact of these items, adjusted EBITDA would have been significantly better than the same state-based expectations we provided on our Q2 earnings call.

排除這些項目的 6000 萬美元影響，調整後的 EBITDA 將明顯好於我們在第二季度財報電話會議上提供的基於州的相同預期。

As a reminder, investment in new state launches includes promotional expense, cost of revenue and external marketing.

提醒一下，對新州推出的投資包括促銷費用、收入成本和外部營銷。

Our sales and marketing expenses were $289 million, which include our external marketing.

我們的銷售和營銷費用為 2.89 億美元，其中包括我們的外部營銷費用。

External marketing was higher than the third quarter of 2020 as we were live in 14 total states versus 9 last year.

外部營銷高於 2020 年第三季度，因為我們在 14 個州居住，而去年是 9 個。

The 5 new states represent 10% of the U.S. population and are in their first full NFL season.

這 5 個新州占美國人口的 10%，並且正處於他們的第一個完整的 NFL 賽季。

We continue to see very attractive CAC opportunities that support this investment in marketing.

我們繼續看到非常有吸引力的 CAC 機會來支持這種營銷投資。

Our general and administrative and product and technology costs on an adjusted EBITDA basis were $58 million and $38 million, respectively, as we continued to invest to achieve scale in our back office functions, such as customer service, finance and accounting, legal and human resources, as well as adding to our technology team principally for new product development.

我們在調整後的 EBITDA 基礎上的一般和行政以及產品和技術成本分別為 5800 萬美元和 3800 萬美元，因為我們繼續投資以擴大我們的後台職能，例如客戶服務、財務和會計、法律和人力資源，以及主要用於新產品開發的技術團隊。

A majority of the combined $29 million of year-over-year growth in these 2 expense lines was from compensation for new employees.

這 2 條支出項目合計 2900 萬美元的同比增長中，大部分來自新員工的薪酬。

Much of the head count growth was in our customer experience department, where we are focused on providing best-in-the-industry customer experience and is impacted by our rapid growth in MUPs.

大部分員工人數增長來自我們的客戶體驗部門，我們專注於提供業內最佳的客戶體驗，並受到我們快速增長的 MUP 的影響。

In the quarter, we expensed $233 million in items that we exclude from adjusted EBITDA but are included in GAAP operating income, including $176 million for stock-based comp and $57 million for amortization of acquired intangibles, depreciation and other amortization and other nonrecurring expenses.

在本季度，我們從調整後的 EBITDA 中排除但包含在 GAAP 營業收入中的項目支出了 2.33 億美元，其中包括 1.76 億美元的股票補償和 5700 萬美元的收購無形資產攤銷、折舊和其他攤銷以及其他非經常性費用。

Moving on to our balance sheet and liquidity.

繼續我們的資產負債表和流動性。

We ended the quarter with $2.4 billion of cash on our balance sheet.

本季度末，我們的資產負債表上有 24 億美元現金。

We are well capitalized to execute our multiyear plan and address our key priorities of customer acquisition, entering new states as they legalize, continuing to lead the market on product innovation and pursuing accretive M&A.

我們有充足的資金來執行我們的多年計劃並解決我們的客戶獲取的關鍵優先事項，進入合法化的新州，繼續在產品創新和追求增值併購方面引領市場。

Looking at the rest of 2021.

展望 2021 年剩餘時間。

On our August earnings call, we increased the midpoint of our revenue guidance from $1.1 billion to $1.25 billion.

在 8 月份的財報電話會議上，我們將收入指引的中值從 11 億美元上調至 12.5 億美元。

Today, we are increasing the midpoint to $1.26 billion and narrowing the range to $1.24 billion to $1.28 billion.

今天，我們將中點上調至 12.6 億美元，並將範圍縮小至 12.4 億美元至 12.8 億美元。

We are increasing our guidance because of broad strength in fundamental customer acquisition, engagement and monetization trends as well as modest contribution from our 3 new states.

由於在基本的客戶獲取、參與和貨幣化趨勢方面的廣泛實力以及我們 3 個新州的適度貢獻，我們正在增加我們的指導。

These factors are offset by close to $25 million in lower-than-forecast hold in October, which we assume we do not make up for during the rest of the quarter.

這些因素被 10 月份低於預期的近 2500 萬美元的持有量所抵消，我們認為我們不會在本季度的剩餘時間內彌補這一點。

October has been an exciting month, to say the least, with 2 very challenging hold weekends, only partially offset by last weekend, which was very positive.

十月是一個令人興奮的月份，至少可以說，有 2 個非常具有挑戰性的舉行週末，只是部分被上週末所抵消，這是非常積極的。

Thank you, [Jess] and [Sims].

謝謝你們，[Jess] 和 [Sims]。

Our revised guidance equates to year-over-year revenue growth of 93% to 99%.

我們修訂後的指引相當於收入同比增長 93% 至 99%。

We expect both MUPs and ARPMUP to grow in 2021 with MUPs increasing at more than twice the rate as ARPMUP.

我們預計 MUP 和 ARPMUP 都將在 2021 年增長，MUP 的增長率是 ARPMUP 的兩倍以上。

This guidance assumes no new states.

本指南假定沒有新的狀態。

We expect Q4 EBITDA loss to be a little less than half of our Q3 2021 loss.

我們預計第四季度 EBITDA 虧損將略低於 2021 年第三季度虧損的一半。

This is a wider loss than what we communicated in August primarily because our August guidance did not include new states.

這比我們在 8 月份傳達的損失更大，主要是因為我們 8 月份的指導不包括新州。

We are acquiring customers faster than we expected in our new states at still attractive CACs, consistent with our 2- to 3-year payback period.

我們在新州以仍然具有吸引力的 CAC 獲得客戶的速度比我們預期的要快，這與我們的 2 至 3 年投資回收期一致。

And on that note, I want to affirm our conviction in our state-level path to profitability.

在這一點上，我想重申我們對州級盈利之路的信念。

As a reminder, we have discussed a 2- to 3-year time frame for new states to become profitable.

提醒一下，我們已經討論了新州盈利的 2 到 3 年時間框架。

And at our Investor Day earlier this year, we confirmed that New Jersey had already reached this threshold on the earlier side of that 2- to 3-year window.

在今年早些時候的投資者日，我們確認新澤西州已經在 2 到 3 年窗口的早期達到了這個門檻。

I look forward to providing an update on New Jersey as well as more detail on path to profitability in additional states early next year once we have full 2021 results.

我期待著在我們獲得 2021 年的完整結果後，在明年初提供新澤西州的最新情況以及更多有關其他州盈利路徑的詳細信息。

As we look beyond 2021, we have completed our multiyear and annual planning processes and have high confidence that our 2022 revenue will be in the range of $1.7 billion to $1.9 billion.

展望 2021 年以後，我們已經完成了多年和年度規劃流程，並且對我們 2022 年的收入將在 17 億美元至 19 億美元之間充滿信心。

We are only including states in which we are currently live, and we are utilizing empirical data on cohort performance, along with new product functionality and its expected impact.

我們只包括我們目前居住的州，並且我們正在利用關於群體表現的經驗數據，以及新產品功能及其預期影響。

We are also including expected growth from our media and content business as well as DraftKings Marketplace.

我們還包括我們的媒體和內容業務以及 DraftKings Marketplace 的預期增長。

We are not including the impact of the Golden Nugget acquisition, which we anticipate will close in Q1 of 2022.

我們不包括 Golden Nugget 收購的影響，我們預計該收購將在 2022 年第一季度完成。

We are very excited about our growth prospects underpinned by an exciting TAM, sustainable differentiation due to our brand and product and technology capabilities, which drive very attractive unit economics and LTV-to-CAC ratios.

我們對我們的增長前景感到非常興奮，這是由令人興奮的 TAM 支撐的，由於我們的品牌、產品和技術能力，可持續差異化，這推動了非常有吸引力的單位經濟和 LTV-to-CAC 比率。

That concludes our remarks, and we will now open the line for questions.

我們的發言到此結束，我們現在開始提問。

(Operator Instructions) Our first question comes from Bernie McTernan with Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Bernie McTernan。

I was just wondering on the Entain offer, is there a reason why it would be advantageous to go global now?

我只是想知道關於 Entain 的報價，是否有理由說明現在走向全球會有優勢？

I know it's obviously still pretty early days in the U.S. opportunity.

我知道現在在美國的機會顯然還處於早期階段。

And then within that, how unique is Entain as a potential global asset as you evaluate other M&A framework?

然後，在您評估其他併購框架時，Entain 作為一項潛在的全球資產有多獨特？

Thank you, Bernie.

謝謝你，伯尼。

So we've laid out a few areas that we would potentially look to in terms of M&A.

因此，我們列出了一些我們可能會在併購方面關注的領域。

One is global expansion, also product expansion, also things that we think would help us further improve our position in the U.S. market.

一個是全球擴張，也是產品擴張，也是我們認為可以幫助我們進一步提高在美國市場地位的事情。

So all of those are areas we look at.

所以所有這些都是我們關注的領域。

I think as opportunities come along, it's hard to sort of say, hey, I'm going to do this one first, this one second, this one third.

我認為隨著機會的到來，很難說，嘿，我要先做這個，這一秒，這三分之一。

It's kind of like here is the list, and we'll look at things as they come along.

這有點像這裡是列表，我們會在它們出現時查看它們。

I think that we were certainly very impressed with the Entain team and the company they've built.

我認為我們對 Entain 團隊和他們建立的公司印象深刻。

I think they're a great asset.

我認為他們是一筆巨大的財富。

There are other international assets that I think are of interest as well.

我認為還有其他國際資產也值得關注。

But Entain is a great company.

但 Entain 是一家偉大的公司。

So in this case, we just decided it wasn't the right thing for us at this time to pursue them, and I think we'll continue to kind of look at things out there.

所以在這種情況下，我們只是認為此時追求他們不是正確的事情，我認為我們會繼續關注那裡的事情。

Most of the things we look at, we don't end up pursuing.

大多數我們看到的東西，我們最終都不會去追求。

And this was a unique one because due to the U.K. Takeover Code, a very early discussion had to kind of get publicized when normally we would just never have to see the light of day.

這是一個獨特的問題，因為根據英國的《收購法》，很早的討論就必須公開，而通常情況下我們永遠不必見天日。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Great.

偉大的。

Just on the guidance for next year.

只是關於明年的指導。

I think you mentioned product -- some of the products.

我想你提到了產品——一些產品。

So how much of that factors in sort of migrating SBTech and closing the yield gap?

那麼在遷移 SBTech 和縮小收益率差距方面有多少因素？

And then, Jason, just a longer-term one.

然後，傑森，只是一個長期的。

On media, a lot of it seems commoditized between all the different providers.

在媒體上，很多內容似乎在所有不同的提供商之間商品化了。

You see it all on Twitter every Sunday.

你每個星期天都會在 Twitter 上看到這一切。

How do you think about differentiating your media strategy?

您如何看待差異化媒體策略？

Is it going to be getting Tier 1 sports content on your platform?

它會在您的平台上獲得一級體育內容嗎？

So on the first topic, I think that we have really exciting plans and a great product road map for next year.

所以關於第一個話題，我認為我們有非常令人興奮的計劃和明年的偉大產品路線圖。

I think we recently launched Same Game Parlays.

我想我們最近推出了 Same Game Parlays。

Pushing that and continuing to make that a best-in-class offering and driving additional user adoption, I think, will be very helpful.

我認為，推動它並繼續使其成為一流的產品並推動更多用戶採用將非常有幫助。

We already saw overall parlays move from, I think, 15% to 23% in just a couple of months.

我認為，在短短幾個月內，我們已經看到整體 parlays 從 15% 上升到 23%。

So I think with a full year next year under our belt, we think we can really move that percentage up and get a lot more adoption of Same Game Parlay and parlays in general.

因此，我認為明年我們將整整一年，我們認為我們真的可以提高這個百分比，並讓更多人採用 Same Game Parlay 和一般的 parlays。

And we have a number of other features, including our social features and other things that we think are going to have really exciting developments next year.

我們還有許多其他功能，包括我們的社交功能和我們認為明年將會有真正令人興奮的發展的其他事情。

So we do expect that to contribute.

所以我們確實希望這會有所貢獻。

What we would say about that hold question is we're not always really -- we don't really look to optimize the rate of hold.

關於這個保留問題，我們要說的是我們並不總是真的——我們並不真正希望優化保留率。

We look to optimize gross profit.

我們希望優化毛利。

In some cases, that might mean that you actually drive more volume through having promotions and other things that can drive down hold percentage but end up being gross profit positive.

在某些情況下，這可能意味著您實際上通過促銷和其他可以降低持有率但最終毛利為正的事情來增加銷量。

And then, of course, we look to maximize long-term LTV of our customers.

然後，當然，我們希望最大限度地提高客戶的長期 LTV。

So that's really our primary focus.

所以這真的是我們的主要關注點。

But I do think some of the things, such as the continued adoption of Same Game Parlays, will help drive that rate of hold up as well.

但我確實認為某些事情，例如繼續採用 Same Game Parlays，也將有助於推動這種保持率。

On the media question, I agree that there is a lot of commoditized media and content out there.

關於媒體問題，我同意那裡有很多商品化的媒體和內容。

We'll have more to say.

我們會有更多話要說。

I don't want to kind of tip our hand.

我不想透露我們的手。

But I actually am very excited about the strategy that our new Chief Media Officer, Brian, has put together, and I think it's going to allow us to pursue this in a unique and differentiated way.

但實際上，我對我們的新首席媒體官布賴恩制定的戰略感到非常興奮，我認為這將使我們能夠以獨特和差異化的方式追求這一目標。

So beyond that, I think there's also just really strong synergies with the things that we have planned along with the core areas of our business now in the DFS, OSB and iGaming side.

因此，除此之外，我認為與我們計劃的事情以及我們現在在 DFS、OSB 和 iGaming 方面的核心業務領域也有著非常強大的協同作用。

So we'll have more to say on that in the coming quarters.

因此，在接下來的幾個季度中，我們將有更多話要說。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Jason, thanks for providing 2002 (sic) [2022] revenue guidance.

Jason，感謝您提供 2002 (sic) [2022] 收入指導。

I was hoping you could speak a little bit maybe directionally on cost of revenue and sales and marketing in 2022 relative to what you've anticipated and incorporated for 2021.

我希望你能就 2022 年的收入、銷售和營銷成本相對於你對 2021 年的預期和納入的成本進行一些方向性的發言。

I think the big wildcard with 2022 is, of course, what new state launches look like.

我認為 2022 年的大通配符當然是新州啟動的樣子。

We didn't include that in our revenue guidance.

我們沒有將其包含在我們的收入指南中。

But by the time we actually end up publishing results, I'm expecting there will be additional states in there, and that's going to move the needle quite a bit on our external marketing investment.

但當我們真正最終公佈結果時，我預計會有更多的州，這將對我們的外部營銷投資產生很大影響。

Beyond that, I think right now, we really like the flexibility of being able to spend deeper when the results are there.

除此之外，我認為現在，我們真的很喜歡在結果出現時能夠更深入地支出的靈活性。

We had tremendous CACs in Arizona.

我們在亞利桑那州擁有巨大的 CAC。

I mean that just absolutely blew away our expectations with the volume we were able to acquire and keeping that CAC as low as we did.

我的意思是，這絕對超出了我們對我們能夠獲得的數量和保持 CAC 盡可能低的預期。

So I think we like the flexibility of being able to spend deeper and not having an external commitment to what sales and marketing would look like.

因此，我認為我們喜歡能夠更深入地支出而不對銷售和營銷的外觀做出外部承諾的靈活性。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I just wanted to ask a little bit more maybe on the CAC environment.

我只是想多問一點關於 CAC 環境的問題。

Jason, there's been some discussion out there that maybe the marketing and promotional environment actually slowed a little bit just given some really aggressive tactics very early on in the NFL launch.

傑森，那裡有一些討論，也許營銷和促銷環境實際上放慢了一點，只是在 NFL 推出的早期就採取了一些非常激進的策略。

Is that consistent with the behavior you've seen?

這與您看到的行為一致嗎？

And sort of how do you think of that trend as we move across the quarter in particular?

特別是在我們跨季度移動時，您如何看待這種趨勢？

It's hard for me to say what others are doing.

我很難說別人在做什麼。

We certainly monitor the marketplace, but it's not totally precise.

我們當然會監控市場，但並不完全準確。

That said, I do think you're -- but I do think you're right that there's been a little bit of a pullback.

也就是說，我確實認為你是——但我確實認為你是對的，有一點回調。

From our perspective, we just follow the data.

從我們的角度來看，我們只是遵循數據。

So we're going to spend when the results are coming in, and we're going to pull back if they're not.

因此，我們將在結果出來時花錢，如果沒有，我們將撤回。

And we're seeing still really, really strong CACs and really, really good volume coming not just in new states but in some of our more tenured states as well.

我們仍然看到非常、非常強大的 CAC 和非常、非常好的數量，不僅在新州，而且在我們一些更長期的州。

So that's really our approach.

所以這確實是我們的方法。

Obviously, the overall media environment has an effect on that, but it cuts both ways.

顯然，整體媒體環境對此有影響，但它是雙向的。

There's -- yes, there's competition for customers.

有——是的，存在對客戶的競爭。

But also, more overall spend from the entire industry drives more people into the market, which I think benefits those that -- which we feel we do have the best-in-class products and experiences.

而且，整個行業更多的總體支出會推動更多人進入市場，我認為這對那些我們認為我們確實擁有一流產品和體驗的人有利。

So I think that's actually an interesting way to look at it, that, yes, of course, there's more competition for customers, but it's also growing the market faster.

所以我認為這實際上是一種有趣的看待它的方式，是的，當然，對客戶的競爭更加激烈，但它也在更快地發展市場。

And Arizona is a great example of that, where we just -- we're way, way ahead of the pace that we've seen in other states like New Jersey, Pennsylvania and Indiana despite the fact that we didn't really have a DFS database there like we did in those other states.

亞利桑那州就是一個很好的例子，我們只是——我們遠遠領先於我們在新澤西州、賓夕法尼亞州和印第安納州等其他州看到的步伐，儘管事實上我們並沒有真正的那裡的 DFS 數據庫就像我們在其他州所做的那樣。

Our next question comes from Thomas Allen with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Allen。

Right.

正確的。

I'm going to try and sneak 2 in here.

我要試著把 2 偷偷帶進來。

First off, there are news reports this week about you likely getting a license in New York.

首先，本周有新聞報導稱您可能會在紐約獲得駕照。

Can you just talk about how you're going to approach that market and if you think there can be long-term profitability there with such high tax rate?

您能否談談您將如何進入該市場，以及您是否認為在如此高的稅率下可以長期盈利？

And second, just on the 2022 guide, how much are you thinking about -- how much are you embedding NFTs in that guide?

其次，就 2022 年指南而言，您在考慮多少——您在該指南中嵌入了多少 NFT？

Thanks, Thomas.

謝謝，托馬斯。

So I think we obviously want to wait and see what the regulator and what the state of New York says about whether we're able to achieve getting that license.

因此，我認為我們顯然想拭目以待，看看監管機構和紐約州對我們是否能夠獲得該許可證的看法。

Certainly, we would love that, and hopefully those rumors are true.

當然，我們會喜歡的，希望這些謠言是真的。

But we'll find out when we find out, and we'll be respectful of that process.

但我們會在發現時發現，我們會尊重這個過程。

That said, if we were to be awarded a license, I think we feel, just like we do in other states, that we can achieve the same long-term profit margins in New York.

也就是說，如果我們獲得許可，我認為我們感覺，就像我們在其他州所做的那樣，我們可以在紐約實現相同的長期利潤率。

There's a lot of levers we can pull such as cutting back on rate of promotion and spending less on external marketing.

我們可以採取很多措施，例如降低晉升率和減少外部營銷支出。

Those are things I would expect everyone in the industry would do because I don't think anyone is going to want to run at a long-term, unprofitable rate in any state.

這些是我希望業內每個人都會做的事情，因為我認為任何人都不想在任何州以長期、無利可圖的速度經營。

Certainly, early on, we'll approach it just like we do other states where we'll invest into it and look for that 2- to 3-year path to profitability.

當然，在早期，我們會像對待其他州一樣對待它，我們將投資它並尋找 2 到 3 年的盈利之路。

But I think over the long term, we feel we can achieve something in a similar range to what we're achieving in other states from a long-term margin perspective.

但我認為從長遠來看，從長期利潤率的角度來看，我們認為我們可以取得與我們在其他州取得的成就類似的成就。

And then on the second question, it's not insignificant, but it's not super meaningful either.

然後關於第二個問題，它不是微不足道的，但也不是特別有意義。

We have less than $100 million in the plan for that -- for the NFTs.

我們的計劃中只有不到 1 億美元用於 NFT。

So we're pretty excited about it.

所以我們對此感到非常興奮。

We think it's going to be a growthful product, but we're also taking a measured approach and not putting too much in there and really relying on the strength of the core business to carry next year in our guidance.

我們認為這將是一個增長的產品，但我們也在採取慎重的方法，並沒有投入太多，真正依靠核心業務的實力來實現我們明年的指導。

The next question comes from Michael Graham with Canaccord.

下一個問題來自 Michael Graham 和 Canaccord。

A quick one.

一個快速的。

Just can you remind us on the magnitude of the gross margin benefit you're expecting to see from the in-house technology switch?

您能否提醒我們您期望從內部技術轉換中看到的毛利率收益的大小？

And then more broadly, wondering if you can comment -- like going back and looking at a more mature state like in New Jersey, what are you seeing in terms of player behavior where you're not as focused on gaining new players in terms of like what is driving loyalty or what is driving switching?

然後更廣泛地說，想知道你是否可以發表評論——比如回頭看看像新澤西這樣一個更成熟的州，你在球員行為方面看到了什麼，你沒有那麼專注於獲得新球員比如什麼在推動忠誠度或什麼在推動轉換？

Just any learnings you have there in some of those more mature states that you can apply to the newer states.

您在一些更成熟的州中學到的任何知識都可以應用於較新的州。

I'll answer the second one first, and then I'm going to turn it to Jason Park to answer the first one.

我會先回答第二個問題，然後我會把它交給 Jason Park 來回答第一個問題。

So New Jersey -- and it's almost funny to call it a more mature state.

所以新澤西州——把它稱為一個更成熟的州幾乎是滑稽的。

It's still only a little over 3 years in, and we're still seeing really strong user growth there that is, in part, driven by strong loyalty.

它仍然只有 3 年多一點，我們仍然看到那裡的用戶增長非常強勁，部分原因是強大的忠誠度。

We're seeing great retention numbers, but we're also still acquiring customers as well.

我們看到了很大的保留數字，但我們也仍在獲取客戶。

So really excited about New Jersey.

對新澤西真的很興奮。

Really excited about our more tenured states.

對我們擁有更多終身職位的州感到非常興奮。

I think that what we're proving out is that, that 2- to 3-year payback on the customer and 2- to 3-year path to profitability in the state really will hold.

我認為我們正在證明的是，2 到 3 年的客戶回報和 2 到 3 年的盈利之路在該州確實會成立。

And we're going to talk more about that once we have full year results in the Q1 time frame.

一旦我們在第一季度的時間框架內獲得全年業績，我們將更多地討論這一點。

And I think similar to all of -- or how we approach everything, we're just going to follow the data.

而且我認為類似於所有 - 或者我們如何處理所有事情，我們只是要關注數據。

As long as customer acquisition is continuing to work, we're going to invest there.

只要客戶獲取繼續有效，我們就會在那裡投資。

Certainly, we expect some of the earlier cohorts to have stronger LTVs.

當然，我們預計一些較早的人群會有更強的生命週期價值。

So we're keeping a close eye on that.

所以我們正在密切關注這一點。

But New Jersey is still only 3 years in.

但新澤西仍然只有 3 年。

And I think if you -- obviously, a little bit of a different ramp.

而且我認為如果你 - 顯然，有點不同。

But if you look at the iGaming market, which is, I think, in its seventh or eighth year at this point, it's still growing 30-plus percent.

但如果你看看 iGaming 市場，我認為目前已經進入第七或第八個年頭，它仍在以 30% 以上的速度增長。

We're growing more than that.

我們的成長不止於此。

So I think New Jersey, you're going to see growth for many years to come.

所以我認為新澤西州，你會看到未來很多年的增長。

And then, Jason, do you want to take the...

然後，傑森，你想不想...

Yes, sure.

是的，當然。

The gross margin rate impact from being vertically integrated does commence in Q4.

垂直整合對毛利率的影響確實從第四季度開始。

As a reminder, it's a roughly high single digits of revenue for the OSB product offering only, so please don't apply that to the entire business, for the OSB product offering.

提醒一下，僅 OSB 產品的收入大約是高個位數，因此請不要將其應用於 OSB 產品的整個業務。

And that essentially goes away in Q4.

這在第四季度基本上消失了。

Next question comes from Stephen Grambling with Goldman Sachs.

下一個問題來自高盛的 Stephen Grambling。

You made a comment that nobody wants to run an unprofitable business.

你發表評論說沒有人願意經營一家不盈利的企業。

And it seems like some peers, from piecing together public disclosures, may be running sports betting at near -- I would say, even close to 0 revenue, let alone profit to feed into iGaming.

似乎一些同行，通過拼湊公開披露，可能正在經營體育博彩——我想說，甚至接近於 0 的收入，更不用說為 iGaming 提供利潤了。

Are you seeing any of this dynamic playing out?

您是否看到任何這種動態正在發揮作用？

And how do you think about your strategy in that context?

在這種情況下，您如何看待您的策略？

I think it is still very early in the market, and I'm not so sure that, that's going to continue long term.

我認為它在市場上還很早，而且我不太確定，這會長期持續下去。

As far as how it interplays between products, we're always looking at total value.

至於它如何在產品之間相互作用，我們總是關注總價值。

So right now, that doesn't seem like an approach that we think, based on what we see, makes sense.

所以現在，根據我們所見，這似乎不是我們認為有意義的方法。

But could it ever be something that us or others think make sense?

但它會是我們或其他人認為有意義的事情嗎？

Perhaps.

也許。

But I don't see that as a likely outcome.

但我不認為這是一個可能的結果。

I think that sports betting on its own is going to be a very profitable business for us.

我認為體育博彩本身對我們來說將是一項非常有利可圖的業務。

We're already seeing that in New Jersey as an example.

我們已經在新澤西州看到了這一點。

So I expect that to be the case across states.

所以我預計各州都會出現這種情況。

Also, most states don't have iGaming at this point.

此外，大多數州目前還沒有在線博彩。

There's about 39% of the population with legalized sports betting and only, I think, 11%, I want to say, with iGaming.

大約有 39% 的人擁有合法的體育博彩，我想只有 11% 的人使用 iGaming。

So we really have to feel like we can run the sports betting vertical at a profit even just to make it work from that perspective.

因此，我們真的必須覺得我們可以垂直經營體育博彩並從中獲利，即使只是為了讓它從那個角度發揮作用。

Our next question comes from Joe Stauff with Susquehanna.

我們的下一個問題來自 Joe Stauff 和 Susquehanna。

Just a question on user growth.

只是關於用戶增長的問題。

2.1 million MUPs in September.

9 月有 210 萬個 MUP。

With the NBA launching in October, I would imagine that number directionally is going to go up.

隨著 10 月份 NBA 的開賽，我想這個數字會定向上升。

What's the right way to think about how that is going to, say, evolve both going into November as well as December?

考慮 11 月和 12 月將如何演變的正確方法是什麼？

And then New Jersey, MUP growth at 23% in third quarter, which you said, Jason, is interesting.

然後是新澤西州，第三季度 MUP 增長率為 23%，傑森，你說的很有趣。

I'm curious to see, is it fair to assume most of that MUP growth is really sourcing from the sports side of the product offering?

我很好奇，假設 MUP 的大部分增長真的來自產品供應的體育方面是否公平？

Sorry, can you say the second question one more time?

抱歉，你能再說一遍第二個問題嗎？

And I'll answer.

我會回答。

Sure.

當然。

In New Jersey, your MUP growth, up 23% in third quarter, are most of those new users really coming from the sports side of your product offering?

在新澤西州，你們的 MUP 在第三季度增長了 23%，這些新用戶中的大多數真的來自你們產品的運動方面嗎？

So on your first question, overall MUP, we think Q4 will be in a similar range to what September was.

所以關於你的第一個問題，整體 MUP，我們認為第四季度的範圍將與 9 月份相似。

Yes, you're right, NBA's starting.

是的，你沒看錯，NBA 開始了。

But also, as the NFL season continues, there's less activity.

但是，隨著 NFL 賽季的繼續，活動也越來越少。

And right now, I think that we're still seeing really strong month-over-month going into both October and early November.

而現在，我認為我們仍然看到進入 10 月和 11 月初的月環比表現非常強勁。

But historically, we've seen that turn down a bit and then it tends to pick back up again once the playoffs start and going into the Super Bowl.

但從歷史上看，我們已經看到這種情況有所下降，然後一旦季后賽開始並進入超級碗，它往往會再次回升。

In terms of New Jersey, it's really a combination of customer acquisition and also really strong retention that's driving that.

就新澤西而言，這實際上是客戶獲取和強大的保留力的結合。

And our sports offering is certainly a big driver of what gets people there.

我們的體育產品無疑是吸引人們到那裡的重要推動力。

They're -- once we have them on the platform, they're playing across products, so it's really hard to say is sports driving more actives or is it iGaming.

他們 - 一旦我們將他們放在平台上，他們就會跨產品玩，所以很難說是體育運動推動了更多活動還是 iGaming。

But our goal, of course, is to get as much crossover as possible, and we've been able to cross-sell over 50% of our online Sportsbook customers into iGaming.

但我們的目標當然是盡可能多地進行交叉，我們已經能夠將超過 50% 的在線體育博彩客戶交叉銷售到 iGaming。

So I think typically, sports is where we acquire the players.

所以我認為通常，體育是我們獲得球員的地方。

But in a state that's a few years in like New Jersey, where there's so much being driven off of existing cohorts, it's really hard to say.

但是在像新澤西州這樣的幾年裡，現有人群中有太多人被趕走了，這真的很難說。

Our next question comes from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

Jason, if you could, when you guys think about how -- kind of the hold percentage and, directionally, when you think about the hold percentage, we all look at, obviously, state data.

傑森，如果可以的話，當你們考慮如何 - 某種持有百分比時，並且在方向上，當你考慮持有百分比時，我們都會看，顯然，狀態數據。

And there's a lot that's in there that we don't necessarily have full transparency of.

裡面有很多我們不一定完全透明的東西。

But when you look at like kind of average blended holds that get reported of 8%, how would you say that number compares to what the reality is when you kind of take out the promo aspect of what drags those holds lower?

但是，當你看到類似的平均混合持有率被報告為 8% 時，你會如何說這個數字與現實情況相比，當你去掉拖累這些持有率的促銷方面時？

Hey, Carlo.

嘿，卡羅。

This is Jason Park.

這是傑森帕克。

I'll try to tackle that one.

我會盡力解決那個問題。

I totally agree with you, the state tax reports, I think it's really important to remind everyone, those are regulatory and tax reports, and trying to bridge those to GAAP can be difficult, not to mention that every state has a slightly different definition of hold and handle.

我完全同意你的看法，州稅務報告，我認為提醒大家真的很重要，那些是監管和稅務報告，試圖將它們與 GAAP 聯繫起來可能很困難，更不用說每個州對持有和處理。

So I think that's the most important thing.

所以我認為這是最重要的事情。

It is difficult.

這很難。

We -- having said that, we do see those, and we notice, I think, what you're noticing, which is DraftKings is sort of at parity with the broad swath of the industry.

我們 - 話雖如此，我們確實看到了那些，並且我認為我們注意到了你所注意到的，即 DraftKings 在某種程度上與行業的廣泛領域相當。

There's a couple of outliers.

有幾個異常值。

I think the right way to think about it is what would drive those state tax report hold numbers -- hold percentages higher for certain competitors.

我認為正確的思考方式是推動那些州稅收報告持有數字的因素——某些競爭對手的持有百分比更高。

And it really just comes down to a couple of different vectors.

它實際上只是歸結為幾個不同的向量。

I think product mix is a big one, and certain operators just likely have a higher Parlay mix as a percentage of their total handle, which would drive hold percentage up.

我認為產品組合很大，某些運營商的 Parlay 組合可能佔其總處理量的百分比更高，這將推動持有百分比上升。

And as you know, we've launched Same Game Parlay, and we're really excited about the traction there.

如您所知，我們推出了 Same Game Parlay，我們對那裡的吸引力感到非常興奮。

So I think that will change over time.

所以我認為這會隨著時間的推移而改變。

And then another potential reason is just promotional mix, which really does get obfuscated in the state tax reports and -- to the extent that an operator uses more free bets that can really sort of make the state tax reports look like they have a higher hold percentage of those free bets come through at a very high hold percentage.

然後另一個潛在的原因只是促銷組合，這確實在州稅報告中被混淆了——在某種程度上，運營商使用更多的免費賭注，這實際上可以使州稅報告看起來更有吸引力這些免費賭注的百分比非常高。

Yes.

是的。

And then just to add to that last point, the free bet doesn't pay out the stake.

然後補充最後一點，免費投注不支付本金。

So it inflates the hold rate versus odds boosts or other sorts of things that are directly affecting the odds.

因此，它會誇大持有率與賠率提升或其他直接影響賠率的因素。

That takes it down.

那把它記下來了。

The promotional impact from a GAAP perspective might be similar, but the state hold rate looks higher and the tax basis looks higher.

從 GAAP 的角度來看，促銷影響可能相似，但國家持有率看起來更高，稅基看起來更高。

And that's one of the factors we consider when deciding what types of promotions to run.

這是我們在決定開展何種類型的促銷活動時考慮的因素之一。

Obviously, we want to do what's best for the customer, but we're also looking at how we optimize for taxes.

顯然，我們希望為客戶做最好的事情，但我們也在研究如何優化稅收。

Our next question comes from Daniel Adam with Loop Capital Markets..

我們的下一個問題來自 Loop Capital Markets 的 Daniel Adam。

Regarding the $25 million hold impact to revenues in the quarter, what was the EBITDA impact from hold in Q3?

關於 2500 萬美元的持有對本季度收入的影響，第三季度持有對 EBITDA 的影響是什麼？

And then separately, yesterday, Penn called out a $12.5 million lobbying expense in California.

然後，昨天，佩恩分別宣佈在加利福尼亞州投入 1250 萬美元的遊說費用。

Just wondering if -- were you guys part of that lobbying consortium as well?

只是想知道——你們是否也是遊說聯盟的一部分？

And if so, did that flow through the P&L in Q3?

如果是這樣，那是否流經了第三季度的損益表？

Yes.

是的。

So the flow-through on the Q3 $25 million, and this would apply to Q4 as well, it's very high flow-through.

因此，第三季度的流量為 2500 萬美元，這也適用於第四季度，流量非常高。

There are -- it is not a 100% flow-through because there are certain elements of COGS that you still have to pay regardless of what the GGR is.

這不是 100% 的流通，因為無論 GGR 是多少，您仍然需要支付 COGS 的某些元素。

Yes.

是的。

And so on the second question, we are part of the consortium in California.

所以關於第二個問題，我們是加利福尼亞財團的一部分。

There are 7 operators that have contributed to it, and we've raised about $100 million so far.

有 7 家運營商為此做出了貢獻，到目前為止我們已經籌集了大約 1 億美元。

So I think we're really well positioned there.

所以我認為我們在那裡確實處於有利地位。

As far as how it impacted the P&L, I think it does.

就它如何影響損益而言，我認為確實如此。

Does it include -- it's adjusted out?

它是否包括——它被調整掉了嗎？

Yes.

是的。

So it's not part of our adjusted EBITDA.

所以這不是我們調整後的 EBITDA 的一部分。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

I just wanted to understand some of the puts and takes for the change in your full year guidance.

我只是想了解您全年指導中的一些變化。

You mentioned that Marketplace would contribute about $100 million to next year.

你提到 Marketplace 將在明年貢獻約 1 億美元。

So thinking about maybe $25 million to the '21 change in guidance.

因此，考慮為 21 年的指導變更提供 2500 萬美元。

And you highlighted the hold issues in Q3 and Q4.

你強調了第三季度和第四季度的持有問題。

How much for new states -- because your previous guidance didn't include new states that have since come online.

新州的數量——因為您之前的指導不包括後來上線的新州。

So just how much is that piece?

那這塊多少錢？

So Marketplace, I know I said less than $100 million.

所以 Marketplace，我知道我說的不到 1 億美元。

It's in the 70s.

這是在 70 年代。

And we launched it in August of this year.

我們在今年 8 月推出了它。

So I think that this year, it's going to be closer to $10 million, $15 million versus $25 million.

所以我認為今年，它將接近 1000 萬美元，1500 萬美元對 2500 萬美元。

But we don't really know yet.

但我們還不知道。

It's still sort of a very new product.

它仍然是一種非常新的產品。

So we've actually been, I think, quite conservative with how we've looked at that in the guidance.

所以我認為，我們實際上對我們在指南中如何看待這一點非常保守。

As far as the new state impact to next year, we have not included any new states.

至於新州對明年的影響，我們沒有包括任何新州。

Were you asking about next year, sorry, or this year?

對不起，你問的是明年還是今年？

Oh, no.

不好了。

So the new states this year, the -- so your -- I know the net change in your '21 guidance.

所以今年的新州——所以你的——我知道你的 21 年指南中的淨變化。

And just what piece of it was the new states?

它的哪一部分是新州？

Okay.

好的。

So new states are pretty modest in terms of their contribution in Q4, and they're actually close to 0 in terms of the year.

因此，就第四季度的貢獻而言，新州的貢獻相當有限，就年份而言，它們實際上接近於 0。

So as we noted in our earnings call, we had about $14 million, $15 million investment in Arizona in particular that hit Q3 on a negative revenue side.

因此，正如我們在財報電話會議上指出的那樣，我們在亞利桑那州的投資約為 1400 萬美元，特別是 1500 萬美元，這在第三季度造成了負收入。

We're going to make back less than that in the Q4 time frame.

我們將在第四季度的時間框架內收回更少的錢。

So really -- there's really no impact from new states on the guide this year.

所以真的 - 今年新州對指南真的沒有影響。

In fact, if anything, it's slightly negative.

事實上，如果有的話，它是有點消極的。

Okay.

好的。

No, that's helpful.

不，那很有幫助。

And I appreciate that you guys are now breaking out the hold impact.

我很欣賞你們現在正在打破保持影響。

Is there anything when we think about next year -- because you talked about the negative hold in Q3 and Q4.

明年我們會考慮什麼嗎——因為你談到了第三季度和第四季度的負面影響。

Is there anything that was above-average hold that benefited in the first half that we should think about that will be a tougher comp for you or that would make your guidance next year actually incrementally better?

是否有任何高於平均水平的東西在上半年受益，我們應該考慮這對你來說將是一個更艱難的競爭，或者會讓你明年的指導實際上逐漸變得更好？

Yes.

是的。

We actually mentioned in our Q2 call that we held above what we were forecasting.

實際上，我們在第二季度的電話會議中提到，我們的業績高於我們的預測。

So we had a positive variance in Q2.

所以我們在第二季度有一個積極的變化。

I can -- we can go back and look and see.

我可以——我們可以回去看看。

I think we quantified that.

我認為我們對此進行了量化。

Yes, we quantified it but happy to, offline, have our team point you towards the materials.

是的，我們對其進行了量化，但很高興在線下讓我們的團隊向您指出這些材料。

And then Q1, Jason, do you remember if that was -- it was also above?

然後是 Q1，傑森，你還記得那是不是——它也在上面嗎？

It was also a good guide in Q1.

這也是第一季度的一個很好的指南。

Yes.

是的。

So we had another positive variance in Q1.

所以我們在第一季度有另一個積極的變化。

So you're right, the first half of the year did benefit.

所以你是對的，上半年確實受益。

It swings both ways, of course, but we can point you towards some of the specific numbers as you think about next year offline.

當然，它是雙向的，但我們可以為您指出一些具體的數字，因為您會考慮明年的離線情況。

Yes.

是的。

No, appreciate it.

不，欣賞。

I don't think you had quantified the first half completely, so.

我不認為你已經完全量化了上半年，所以。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

You've started to roll in micro-betting and in-game wagering, which I've understood historically has higher hold, considerably so.

你已經開始進行小額投注和遊戲內投注，據我所知，這在歷史上具有更高的持有率，相當大。

Number one, has that performed the way you've expected it to so far?

第一，到目前為止，它的表現是否符合您的預期？

And second, should that be accretive to hold percentage as you roll more and more of it in?

其次，當你投入越來越多的資金時，這是否會增加持有百分比？

So definitely have seen an increase in Parlay mix.

所以肯定看到了 Parlay 組合的增加。

As we noted, it went up already in just a couple of short months from 15% of our hold -- or, excuse me, of our -- is it revenue or handle?

正如我們所指出的，它已經在短短幾個月內從我們持有的 15% 上升——或者，對不起，我們的——是收入還是處理？

Handle.

處理。

Of our handle to 23%.

我們處理了 23%。

Interestingly, because so many favorites hit and so many moneyline favorites hit, it swings both ways.

有趣的是，因為有如此多的熱門熱門歌曲和如此多的贏利熱門熱門歌曲出現，所以它是雙向的。

Overall, it can be a positive.

總的來說，這可能是積極的。

But when you have a lot of favorites winning, it can actually go the other way.

但是當你有很多奪冠熱門時，它實際上可以走向另一條路。

Parlays just tend to have higher variance in general, even though the average is higher.

Parlays 只是一般來說往往有更高的方差，即使平均值更高。

We do expect, over a longer period of time, which hopefully Q4 will be and certainly we expect for 2022, to see those continue to increase both as a percentage of handle and then also have a positive impact on our hold rate and our revenue overall.

我們確實希望在更長的時間內，希望第四季度，當然我們預計到 2022 年，看到這些在處理量中所佔的百分比繼續增加，然後也會對我們的持有率和我們的整體收入產生積極影響.

Some of that is built into the guide for next year.

其中一些已納入明年的指南。

Our next question comes from Daniel Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Daniel Politzer。

I just want to drill a bit more into Entain.

我只想深入了解 Entain。

Can you talk a bit more about your rationale there for approaching them?

你能多談談你在那裡接近他們的理由嗎？

Was it global, technology or cash flow?

是全球化、技術還是現金流？

And then just on your rationale for walking away, was it more of a function of price, deal complexity or something else altogether?

然後就你離開的理由而言，它更多的是價格、交易複雜性或其他因素的作用嗎？

So as we noted earlier, one of our pillars, we think, for long-term growth will be global expansion.

因此，正如我們之前指出的那樣，我們認為，我們長期增長的支柱之一將是全球擴張。

That could happen soon.

那可能很快就會發生。

It could happen years from now.

它可能會在幾年後發生。

We don't have a set time table.

我們沒有固定的時間表。

We kind of look at different things as they come about as long as they fit our long-term strategy.

只要它們符合我們的長期戰略，我們就會看待不同的事情。

So this is one that we thought potentially could have been a good route for global expansion.

因此，我們認為這是一條可能成為全球擴張的好途徑。

As far as why we walked away, I think there are a variety of factors.

至於我們離開的原因，我認為有多種因素。

And certainly, value is one of them, but there were a variety of factors that led us to feel like it just wasn't the right thing for us to do at this time.

當然，價值是其中之一，但有多種因素讓我們覺得這不是我們現在做的正確事情。

I think deal complexity was probably a smaller part of it, although not entirely unmeaningful factor.

我認為交易複雜性可能是其中的一小部分，儘管並非完全沒有意義的因素。

It was really more about our confidence in our current trajectory in the U.S., our desire to focus on the U.S. and, ultimately, the value that we felt like we would be shedding by pursuing that asset.

這實際上更多地是關於我們對我們目前在美國的發展軌蹟的信心，我們專注於美國的願望，以及我們最終認為追求該資產會失去的價值。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自 Chad Beynon 和 Macquarie。

With respect to your $25 million stock investment in Vivid, how should we think about what the intention was for this if you have more access to the industry and you'll be able to learn more and kind of what your plans are in the future in the ticket space?

關於你對 Vivid 的 2500 萬美元股票投資，如果你能更多地接觸這個行業並且你將能夠了解更多以及你未來的計劃，我們應該如何考慮這樣做的意圖是什麼？售票空間？

Well, we're very excited about the relationship we've developed with Vivid.

好吧，我們對與 Vivid 建立的關係感到非常興奮。

We have a lot of interesting things planned, which we'll be unveiling in the coming quarters.

我們計劃了很多有趣的事情，我們將在未來幾個季度公佈。

And ticketing is certainly an area that we think overlaps.

票務肯定是我們認為重疊的領域。

We have sports fans, and tickets are often bought by sports fans to sporting events.

我們有體育迷，體育迷經常買票看體育賽事。

And sports fans go to other events, too, like concerts and things like that.

體育迷們也會去參加其他活動，比如音樂會之類的。

So our expectation is that with a hopeful return to post pandemic, we're going to see a lot more activity in terms of concerts and sporting events.

因此，我們的期望是，隨著大流行後充滿希望的回歸，我們將看到更多的音樂會和體育賽事活動。

It seems like demand is up for those things.

似乎對這些東西的需求增加了。

And we also got a really good deal.

我們也得到了一筆非常划算的交易。

We don't typically invest.

我們通常不投資。

It's not a way that we really use investor capital often.

這不是我們真正經常使用投資者資本的方式。

We, in fact, established a totally separate entity called Drive by DraftKings, which is our vehicle that we see as really -- the bulk of the investments that would be considered would be through that, albeit earlier stage.

事實上，我們建立了一個完全獨立的實體，稱為 DraftKings 的 Drive，這是我們真正認為的工具——將考慮的大部分投資將通過它進行，儘管處於早期階段。

In the case of Vivid, we got a great deal because along with the investment, we got a put, right, which protects us 100% on the downside.

在 Vivid 的案例中，我們得到了很多，因為除了投資，我們還得到了看跌期權，對，它可以 100% 保護我們的下行空間。

So beyond just wanting to have a deeper relationship with them, we also felt like it was just a really smart use of capital for the next year or so.

因此，除了想與他們建立更深層次的關係之外，我們還覺得這只是未來一年左右資本的一種非常明智的使用。

Our next question comes from Barry Jonas with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Barry Jonas。

Maybe just a high-level question.

也許只是一個高級問題。

As you think about that $1.7 billion EBITDA target you presented at your Analyst Day, where do you see the most areas for upside and I guess also downside as we sit here today?

當您考慮您在分析師日提出的 17 億美元 EBITDA 目標時，您認為我們今天坐在這裡的上行空間和下行空間最大的地方在哪裡？

Well, I think it's a great question.

好吧，我認為這是一個很好的問題。

There's a few areas, I think, that could have upside.

我認為，有幾個領域可能有上升空間。

One is the TAM could end up just being larger than we think.

一是 TAM 最終可能比我們想像的要大。

Certainly, we've seen evidence that the industry is developing faster, and remains to be seen if that's actually an indication that the TAM is larger.

當然，我們已經看到該行業發展更快的證據，而這是否真的表明 TAM 更大還有待觀察。

But that could very well be a possibility.

但這很有可能。

Secondly, I think you could see a deeper amount of legalization.

其次，我認為你可以看到更深層次的合法化。

We only assume, for example, 30% of the population would have iGaming and 65% would have sports betting.

例如，我們僅假設 30% 的人口會玩在線博彩，而 65% 的人會玩體育博彩。

And already, we're at 39% for online sports betting and 11% for iGaming less than 3 years since -- or a little over, excuse me, 3 years since PASPA was overturned.

而且，在 PASPA 被推翻後不到 3 年的時間裡，在線體育博彩佔 39%，iGaming 佔 11%。

So that could be another area of upside.

所以這可能是另一個優勢領域。

Additionally, some of the areas we've talked about, expansion, both global and product expansion, are not built into there.

此外，我們談到的一些領域，全球擴張和產品擴張，都沒有內置在那裡。

I think there could be some upside in that as well.

我認為這也可能有一些好處。

We're particularly excited about the Marketplace product that we launched.

我們對我們推出的 Marketplace 產品感到特別興奮。

We have big plans in the media and content space.

我們在媒體和內容領域有很大的計劃。

And at some point, we'll have to see when we do think we'll expand globally.

在某個時候，我們必須看看何時我們確實認為我們會在全球範圍內擴張。

So I think there's a lot of upside along all of those dimensions.

所以我認為所有這些方面都有很多好處。

As far as where there could be downside, I mean, I think the biggest assumption that we're focused on is around the share.

至於可能存在的不利因素，我的意思是，我認為我們關注的最大假設是圍繞份額。

And so far, that's done great.

到目前為止，這做得很好。

I mean despite the fact that the narrative has been competition, competition and everyone jumping in, we actually saw our share rise in September.

我的意思是，儘管故事一直是競爭、競爭和每個人都加入進來，但我們實際上在 9 月份看到了我們的份額上升。

We went up 2% in mobile sports betting.

我們在移動體育博彩方面上漲了 2%。

We went up 2% in iGaming.

我們在 iGaming 中上漲了 2%。

We're now above our long-term target for mobile sports betting.

我們現在已經超過了移動體育博彩的長期目標。

We're right in the middle of the range for our long-term target for iGaming.

我們正處於 iGaming 長期目標範圍的中間。

And that's despite the fact that we're in perhaps the most competitive time.

儘管事實上我們正處於競爭最激烈的時期。

Certainly, I hope it's near the peak, but I think there's good argument that this is as competitive as it's ever going to get.

當然，我希望它接近頂峰，但我認為有充分的理由表明這是前所未有的競爭。

So certainly, we're pretty excited about that.

當然，我們對此感到非常興奮。

I think that there might even be some upside there as well on the share side.

我認為股票方面甚至可能還有一些上行空間。

But right now, we feel comfortable with what we've guided to long term.

但現在，我們對我們長期的指導感到滿意。

Last question comes from Ryan Sigdahl with Craig-Hallum Capital Group.

最後一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

Just one on the negative NGR and impact to revenue from promos and new state launches.

只是關於負面 NGR 以及促銷和新州發布對收入的影響。

Is that a primary function of the start of football in Q3 impacting that?

這是第 3 季度足球比賽開始的主要功能嗎？

Or is that the right assumption as we think about new state launches throughout other parts of the year?

或者當我們考慮在一年中的其他時間推出新州時，這是正確的假設嗎？

So I think that for -- I'll answer that in 2 ways.

所以我認為 - 我會用兩種方式回答這個問題。

One, we are always optimizing our go-to-market playbook.

第一，我們一直在優化我們的上市手冊。

I think we've gotten way better, and that's part of why we've acquired so quickly in a state like Arizona, where we achieved 100,000 customers hundreds of days earlier than some of our older, more tenured states took.

我認為我們已經變得更好了，這就是為什麼我們在亞利桑那州這樣的州如此迅速地收購的部分原因，我們在亞利桑那州比我們一些更老的、更終身的州提前數百天獲得了 100,000 名客戶。

And part of that is figuring out what the right cocktail of external marketing spend is, what promos work, how to mix everything, channel mix, other things.

其中一部分是弄清楚外部營銷支出的正確組合是什麼，促銷活動是什麼，如何混合一切，渠道組合，以及其他事情。

So I think that's been a big thing that we've improved on, and the results are pretty striking.

所以我認為這是我們改進的一件大事，結果非常驚人。

So that's part of what I would say there.

這就是我要在那裡說的內容的一部分。

It's hard to say this is going to be -- we're 3 years into this thing, and I think it's hard to say that like this is going to be exactly how it looks for any long-term period of time.

很難說這將是——我們已經研究了 3 年，而且我認為很難說這將是任何長期的樣子。

And we're always following the data and doing analytics to make it better.

我們一直在跟踪數據並進行分析以使其變得更好。

That said, I do think you're right that football is going to be -- or has been a big driver here because the volume of new customers that you can acquire -- let's say a state launched in the middle of like May.

也就是說，我確實認為你是對的，足球將成為——或者一直是這裡的重要推動力，因為你可以獲得大量新客戶——假設一個州在 5 月中旬推出。

There's no way we would have been able to achieve the volume of new customers that we achieved in some of the states that launched at the beginning of football season.

我們不可能達到我們在足球賽季開始時在某些州獲得的新客戶數量。

That's just always the best time of the year to acquire customers.

那總是一年中獲取客戶的最佳時間。

So when you have more new customers coming in faster, it's going to drive more promotional investment, more external marketing investment.

所以當你有更多的新客戶更快地進來時，它會推動更多的促銷投資，更多的外部營銷投資。

And that's what I think you saw in Arizona and, to, of course, a lesser extent but still important, Wyoming.

這就是我認為你在亞利桑那州看到的，當然，在較小程度上但仍然重要的懷俄明州。

And despite the fact that I said in the beginning we're always optimizing, I would be surprised if that ever changes, unless there are some -- if football ever becomes less of the outsized customer acquisition time, then maybe.

儘管我一開始就說過我們一直在優化，但如果這種情況發生變化，我會感到驚訝，除非有一些 - 如果足球變得更少的超大客戶獲取時間，那麼也許。

But I don't see that changing anytime soon.

但我認為這種情況不會很快改變。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference.

女士們，先生們，今天會議的問答部分到此結束。

I'd like to turn the call back over to our host for any closing remarks.

我想將電話轉回給我們的主持人以獲取任何結束語。

Thank you all for joining us on today's call.

感謝大家參加今天的電話會議。

We appreciate your questions and look forward to continuing our conversations with you.

感謝您提出問題，並期待繼續與您對話。

We're excited for what the rest of the year and beyond holds for us.

我們對今年餘下時間及以後的情況感到興奮。

I hope you all stay safe and well, and we look forward to speaking with you on our next earnings call in February.

我希望你們都平安健康，我們期待在 2 月份的下一次財報電話會議上與你們交談。

Ladies and gentlemen, this does conclude today's presentation.

女士們，先生們，今天的演講到此結束。

You may now disconnect and have a wonderful day.

您現在可以斷開連接並度過美好的一天。