Draftkings Inc (DKNG) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，謝謝你的支持。

Welcome to the DraftKings Second Quarter 2021 Earnings Conference Call.

歡迎來到 DraftKings 2021 年第二季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Stanton Dodge, Chief Legal Officer.

現在，我想將會議交給今天的發言人，首席法律官斯坦頓·道奇 (Stanton Dodge)。

Please go ahead.

請繼續。

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

大家早上好，感謝今天加入我們。

Statements we make 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 result to differ materially from our historical results or from our forecast.

我們在本次電話會議期間發表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 指標。

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業績。

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, which is 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，可在我們的網站 investors.draftkings.com 上查閱。

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'll 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 6 key messages.

在今天的電話會議上，我將介紹 6 條關鍵信息。

First, we generated $298 million of revenue in Q2 due to excellent engagement from our customers and no discernible adverse impact from the reopening of the economy.

首先，我們在第二季度創造了 2.98 億美元的收入，這要歸功於我們客戶的出色參與以及經濟重新開放沒有帶來明顯的不利影響。

Second, we saw positive legislative momentum continue with several states authorizing mobile sports wagering this year.

其次，我們看到積極的立法勢頭繼續存在，今年有幾個州授權移動體育博彩。

Third, we continue to make big strides on product and technology, including the migration to our in-house Bet engine.

第三，我們繼續在產品和技術方面取得重大進展，包括遷移到我們內部的 Bet 引擎。

Fourth, we are laying the foundation for our media and content business.

第四，我們正在為我們的媒體和內容業務奠定基礎。

Fifth, we are launching an exciting new vertical in the non-fungible token industry under the brand of DraftKings Marketplace.

第五，我們正在 DraftKings Marketplace 品牌下推出不可替代代幣行業令人興奮的新垂直領域。

And before turning it over to Jason Park, I will also provide an update on our ongoing responsible gaming 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計劃的最新信息。

We continued to deliver strong and healthy revenue growth in the second quarter of 2021.

我們在 2021 年第二季度繼續實現強勁健康的收入增長。

Revenue for the quarter increased 297% year-over-year to $298 million on a pro forma basis.

按備考計算，本季度收入同比增長 297% 至 2.98 億美元。

Monthly unique players increased 281% to 1.1 million, and average revenue per monthly unique player increased 26% to $80.

每月獨立玩家增加 281% 至 110 萬，每個每月獨立玩家的平均收入增加 26% 至 80 美元。

While year-over-year comparisons were obviously impacted by COVID, our results were very strong relative to our expectations.

雖然同比比較明顯受到 COVID 的影響，但我們的結果相對於我們的預期非常強勁。

At this stage, we're not seeing any signs of the economies reopening impacting demand for our mobile product offerings.

在這個階段，我們沒有看到經濟重新開放影響對我們移動產品供應的需求的任何跡象。

We continue to acquire customers efficiently with CAC at or below our target.

我們繼續有效地獲取客戶，CAC 達到或低於我們的目標。

And as a data-driven company, we will dial up or down our investments according to the numbers.

作為一家數據驅動的公司，我們將根據數字增加或減少我們的投資。

ARPMUP is also outperforming our expectations, which may be an indication that player LTVs could be even better than we thought.

ARPMUP 的表現也超出了我們的預期，這可能表明玩家 LTV 可能比我們想像的還要好。

As of now, we are not making any adjustments to our models or internal cap target.

截至目前，我們沒有對我們的模型或內部上限目標進行任何調整。

Engagement in the quarter was outstanding across all our products, particularly during the NBA and NHL playoffs and finals, major golf tournaments, Champions League, Copa America and the Euro Cup.

我們所有產品在本季度的參與度都非常出色，尤其是在 NBA 和 NHL 季后賽和決賽、大型高爾夫錦標賽、冠軍聯賽、美洲杯和歐洲杯期間。

We're also very excited about the continued traction we are seeing in combat sports such as the UFC.

我們也對我們在 UFC 等格鬥運動中看到的持續吸引力感到非常興奮。

To give a sense of the engagement we saw in the quarter, excluding new states, NBA playoffs handle and paid actives increased 82% and 47% compared to the 2020 playoff.

為了了解我們在本季度看到的參與度（不包括新州），與 2020 年季后賽相比，NBA 季后賽處理和付費活動增加了 82% 和 47%。

To give a sense of engagement on a more normalized basis, handle and paid actives for the NBA playoffs grew 293% and 119% in New Jersey compared to the NBA playoffs in Q2 of 2019.

與 2019 年第二季度的 NBA 季后賽相比，新澤西州 NBA 季后賽的處理和付費活動在更正常化的基礎上給人一種參與感，增長了 293% 和 119%。

Also excluding new states, handle for the Masters increased 47% with paid actives up 35% compared to the 2020 Masters in November.

同樣不包括新州，與 11 月的 2020 年大師賽相比，大師賽的處理量增加了 47%，付費活動增加了 35%。

Handle and paid actives for the Masters grew 241% and 78% in New Jersey compared to the Masters in Q2 of 2019.

與 2019 年第二季度的大師賽相比，新澤西州大師賽的處理和付費活動分別增長了 241% 和 78%。

In fact, overall OSB handle in New Jersey grew 196% and paid actives increased 111% in the second quarter of 2021 compared to the second quarter of 2019.

事實上，與 2019 年第二季度相比，2021 年第二季度新澤西州整體 OSB 處理量增長了 196%，付費活躍用戶增長了 111%。

iGaming gross revenue also continued to grow at an impressive rate in the quarter despite retail casinos reopening to full capacity in all of the 4 states where we operate with iGaming.

儘管我們與 iGaming 合作的所有 4 個州的零售賭場都重新滿負荷營業，但 iGaming 總收入在本季度也繼續以驚人的速度增長。

The overall New Jersey iGaming market grew 33% in Q2, which is even more impressive when considering that New Jersey iGaming has been available for almost 8 years.

整個新澤西 iGaming 市場在第二季度增長了 33%，考慮到新澤西 iGaming 已經推出將近 8 年，這一數字更加令人印象深刻。

More importantly, DraftKings' iGaming gross revenue in New Jersey grew more than 2.5x the rate of the overall market in the second quarter, which is outstanding given the tailwinds we experienced in the same period last year due to COVID.

更重要的是，第二季度 DraftKings 在新澤西州的 iGaming 總收入增長率是整體市場增長率的 2.5 倍以上，考慮到我們去年同期因 COVID 經歷的順風，這一數字非常出色。

Our business momentum has continued into Q3.

我們的業務勢頭一直持續到第三季度。

On July 9, we announced an expansion and extension of our existing exclusive daily fantasy sports and sports betting relationship with Major League Baseball.

7 月 9 日，我們宣布擴大和延長我們與美國職業棒球大聯盟現有的獨家每日夢幻體育和體育博彩關係。

As an official sports betting partner of MLB, our brand will be visible throughout digital odds displays and virtual signage within MLB games.

作為 MLB 的官方體育博彩合作夥伴，我們的品牌將在 MLB 比賽中的數字賠率顯示和虛擬標牌中可見。

The expanded relationship also includes rights to an innovative "Bet & Watch" streaming integration with fans with open and active mlb.com and DraftKings accounts will be able to watch a free live MLB game within the DraftKings app.

擴大的關係還包括與擁有開放和活躍的 mlb.com 和 DraftKings 帳戶的粉絲進行創新的“Bet & Watch”流媒體集成的權利，他們將能夠在 DraftKings 應用程序中觀看免費的現場 MLB 比賽。

July 10 was an all-time top 10 day for acquiring new mobile sports betting customers, even though July is traditionally our slowest acquisition month of the year.

7 月 10 日是獲取新移動體育博彩客戶的歷史前 10 天，儘管 7 月傳統上是我們一年中獲取速度最慢的月份。

This critical day included the Wimbledon Women's Championship, Brazil versus Argentina in the Copa America Final and the Poirier versus McGregor fight.

這個關鍵的日子包括溫網女子錦標賽、美洲杯決賽中巴西對阿根廷以及普瓦里埃對麥格雷戈的比賽。

On July 15, we received a license from the Louisiana Gaming Control Board to launch our Fantasy Sports product and approved parishes in the state.

7 月 15 日，我們獲得了路易斯安那州遊戲控制委員會的許可，可以在該州推出我們的 Fantasy Sports 產品並獲得批准。

We moved forward with the launch on July 16.

我們推進了 7 月 16 日的發布。

Arizona also recently legalized Fantasy Sports, and we are actively preparing to launch in the state, pending receipt of licensure and regulatory approval.

亞利桑那州最近還使 Fantasy Sports 合法化，我們正在積極準備在該州開展業務，等待獲得許可和監管部門的批准。

And on July 21, we revealed plans to launch DraftKings Marketplace, which I'll comment on in a few minutes.

7 月 21 日，我們公佈了推出 DraftKings Marketplace 的計劃，我將在幾分鐘後對此發表評論。

Looking ahead, due to the continued outperformance of our core business, we are raising our revenue guidance, which Jason Park will cover in more detail a little bit later on the call.

展望未來，由於我們的核心業務表現持續出色，我們正在提高收入指引，Jason Park 稍後將在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 seen continued momentum in both mobile sports betting and iGaming legislation.

我們看到了移動體育博彩和網絡博彩立法的持續發展勢頭。

In 2021, 25 state legislatures have introduced legislation to legalize mobile sports betting, 5 state legislatures have introduced legislation to expand their existing sports wagering 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-only legislation.

此外，有 4 個州引入了 iGaming 立法，3 個州引入了僅限在線撲克的立法。

6 of the states where DraftKings has the potential opportunity to participate via a market access agreement or direct license: Wyoming, Arizona, New York, Maryland, Louisiana and Connecticut have already authorized mobile sports wagering this year.

DraftKings 有可能通過市場准入協議或直接許可參與其中的 6 個州：懷俄明州、亞利桑那州、紐約州、馬里蘭州、路易斯安那州和康涅狄格州今年已經授權移動體育博彩。

These 6 states represent 13% of the U.S. population and brought the percentage of the population with legalized mobile sports betting to 39%.

這 6 個州占美國人口的 13%，使移動體育博彩合法化的人口比例達到 39%。

DraftKings is live with online sports betting in 12 states that collectively represent 25% of the U.S. population.

DraftKings 在 12 個州提供在線體育博彩服務，這些州總共占美國人口的 25%。

Additionally, DraftKings is live with iGaming in 4 states, representing approximately 10% of the U.S. population.

此外，DraftKings 在 4 個州與 iGaming 一起直播，約占美國人口的 10%。

Connecticut has also authorized iGaming, which would add about 1% of the population.

康涅狄格州還授權了 iGaming，這將增加約 1% 的人口。

I want to provide a bit more color on Florida and New York.

我想為佛羅里達州和紐約州提供更多色彩。

In Florida, we have teamed up with FanDuel and Florida Education Champions to collect approximately 900,000 verified signatures.

在佛羅里達州，我們與 FanDuel 和 Florida Education Champions 合作收集了大約 900,000 個經過驗證的簽名。

If we were able to successfully collect those signatures, we will have a mobile sports betting question on the ballot in November 2022.

如果我們能夠成功收集到這些簽名，我們將在 2022 年 11 月的選票上提出移動體育博彩問題。

It is our shared goal to have a safe, legal, regulated and competitive market for online sports betting in the sunshine state, and Floridians deserve a market-leading and technologically advanced product offering.

我們的共同目標是在陽光之州擁有一個安全、合法、規範和競爭激烈的在線體育博彩市場，佛羅里達人理應獲得市場領先且技術先進的產品。

In New York, the RFA for mobile sports betting was issued in July, and we are prepared to respond in a fulsome and timely manner.

在紐約，移動體育博彩的 RFA 已於 7 月發布，我們已準備好及時做出全面回應。

We look forward to the potential of offering mobile sports betting in New York.

我們期待在紐約提供移動體育博彩的潛力。

Turning to Canada.

轉向加拿大。

We continue to believe that the country represents a very meaningful opportunity, and we have seen strong legislative progress this year.

我們仍然相信，這個國家代表著一個非常有意義的機會，我們在今年看到了強有力的立法進展。

At the federal level, the bill to repeal the single-game sports wagering prohibition has passed the legislature and received royal assent, so it is now law and parlays are no longer required.

在聯邦層面，廢除單場體育博彩禁令的法案已通過立法機關並獲得皇家批准，因此現在已成為法律，不再需要連贏。

At the provincial level, Ontario has enacted a law that creates a regulatory framework for a competitive iGaming and mobile sports wagering market.

在省一級，安大略省頒布了一項法律，為競爭激烈的在線博彩和移動體育博彩市場創建監管框架。

For context, Ontario represents about 40% of Canada's population.

就背景而言，安大略省約佔加拿大人口的 40%。

If Ontario were a U.S. state, it would be the fifth largest state by population.

如果安大略是美國的一個州，它將是人口第五大州。

We're excited about this momentum, and we look forward to further progress in Ontario and Canada as a whole.

我們對這種勢頭感到興奮，我們期待在安大略省和整個加拿大取得進一步進展。

Moving on to product and technology.

轉向產品和技術。

I'm very pleased to announce another quarter of significant progress.

我很高興地宣布又一個季度取得了重大進展。

As we have mentioned in the past, we believe that the long-term winners in industry will have a relentless focus on bringing the best product experience to customers.

正如我們過去提到的，我們相信行業的長期贏家將不懈地專注於為客戶帶來最佳的產品體驗。

For mobile sports betting, we have completed our back-end migration in 11 states and have just 1 state left pending final approval.

對於移動體育博彩，我們已經完成了 11 個州的後端遷移，只剩下 1 個州等待最終批准。

Being vertically integrated will greatly enhance our ability to continuously drive differentiated products and customer experiences and offer markets unique to DraftKings.

垂直整合將大大增強我們不斷推動差異化產品和客戶體驗的能力，並提供 DraftKings 獨有的市場。

For example, we are happy to announce that we have launched Same Game Parlays.

例如，我們很高興地宣布我們推出了 Same Game Parlays。

Same-game parlays are a sought-after feature from our customers that we are now able to offer due to our vertical integration.

由於我們的垂直整合，我們現在能夠提供同場連贏投注這一深受客戶歡迎的功能。

In addition, we are on track to bring other new features, including new in-game markets to our customers by the start of the NFL season.

此外，我們有望在 NFL 賽季開始前為我們的客戶帶來其他新功能，包括新的遊戲內市場。

We signed a multiyear sports data supplier agreement with Genius Sports, which gives us access to Genius' full portfolio of global sports data and content, including official NFL data and content.

我們與 Genius Sports 簽署了一項多年期體育數據供應商協議，這使我們能夠訪問 Genius 的完整全球體育數據和內容組合，包括官方 NFL 數據和內容。

The terms of this deal are consistent with our long-term gross margin expectations.

這筆交易的條款符合我們的長期毛利率預期。

For iGaming, we added DK Craps to our mobile casino suite in New Jersey with Pennsylvania, Michigan and West Virginia to follow pending approval.

對於 iGaming，我們將 DK Craps 添加到我們在新澤西州、賓夕法尼亞州、密歇根州和西弗吉尼亞州的移動賭場套件中，以等待批准。

The game is a DraftKings exclusive and built in-house.

該遊戲是 DraftKings 獨有的內部構建遊戲。

Craps is a challenging game to develop given the seemingly endless path players can take, and our internal teams were able to deliver an authentic and truly differentiated Craps experience.

考慮到玩家可以採取看似無窮無盡的路徑，擲骰子是一款具有挑戰性的遊戲，我們的內部團隊能夠提供真實且真正差異化的擲骰子體驗。

In addition, we have launched our jackpot technology, which is enabled by our prior acquisition of Blue Ribbon.

此外，我們還推出了我們的累積獎金技術，這是通過我們之前收購 Blue Ribbon 實現的。

Over the past quarter, we have taken additional meaningful steps to begin building out our media business.

在過去的一個季度中，我們採取了更多有意義的步驟來開始構建我們的媒體業務。

We firmly believe that DraftKings has an exciting opportunity to play in the media space, given our brand recognition and trusted relationship with millions of paying customers across our DFS, OSB and iGaming verticals.

我們堅信 DraftKings 有一個令人興奮的機會在媒體領域發揮作用，因為我們的品牌知名度以及在我們的 DFS、OSB 和 iGaming 垂直領域與數百萬付費客戶的信任關係。

We also have tremendous relationships across the industry with sports partners and media entities as well as newly acquired assets like VSiN and our distribution relationship with Meadowlark.

我們還與整個行業的體育合作夥伴和媒體實體以及 VSiN 等新收購的資產以及我們與 Meadowlark 的分銷關係建立了良好的關係。

When analyzing the media vertical, we see 3 critical factors that will lead to our success in both the short and long term: media is a logical adjacent vertical to DFS, OSB and iGaming, given the clear LTV to CAC benefits for our core business.

在分析垂直媒體時，我們看到了 3 個將導致我們在短期和長期取得成功的關鍵因素：考慮到我們的核心業務從 LTV 到 CAC 的明顯優勢，媒體在邏輯上與 DFS、OSB 和 iGaming 相鄰。

Specifically, we have the potential to acquire DFS, OSB and iGaming customers through the content assets such as VSiN and distribution relationships such as Meadowlark.

具體來說，我們有潛力通過 VSiN 等內容資產和 Meadowlark 等分銷關係獲得 DFS、OSB 和 iGaming 客戶。

We believe we will also be able to improve retention of our existing DFS, OSB and iGaming players as a result of our differentiated media content.

我們相信，由於我們差異化的媒體內容，我們還將能夠提高現有 DFS、OSB 和 iGaming 播放器的保留率。

Given our well-known brand, millions of paying customers, ownership of proprietary content in the form of gaming and DFS data and the VSiN platform, we will have the opportunity to be a unique content provider in the sports and entertainment space.

鑑於我們的知名品牌、數百萬付費客戶、遊戲和 DFS 數據形式的專有內容的所有權以及 VSiN 平台，我們將有機會成為體育和娛樂領域獨特的內容提供商。

Media, in and of itself, is a great business, which has the potential to diversify our revenue streams through ad sales, content distribution deals and potentially even recurring subscription revenue.

媒體本身就是一項偉大的業務，它有可能通過廣告銷售、內容分發交易甚至可能的經常性訂閱收入來使我們的收入來源多樣化。

Suffice it to say, we are very excited about the future of our media and content business, and we will continue to update you on this topic in the coming quarters.

可以這麼說，我們對媒體和內容業務的未來感到非常興奮，我們將在未來幾個季度繼續為您更新這個話題。

We are continuing to explore exciting new growth sectors, some of which we can pursue organically, some inorganically.

我們正在繼續探索令人興奮的新增長領域，其中一些我們可以有機地追求，一些可以無機地追求。

On July 21, we revealed plans to launch DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility.

7 月 21 日，我們公佈了推出 DraftKings Marketplace 的計劃，這是一個專為主流可訪問性而設計的數字收藏品生態系統。

DraftKings Marketplace offers curated NFT drops for U.S. dollar purchase and support secondary market transactions.

DraftKings Marketplace 為美元購買提供精選的 NFT 掉落，並支持二級市場交易。

Our first NFT drop will be in the near future and, instantaneously, millions of customers will have the ability to seamlessly buy and sell digital collectibles across sports, entertainment and culture using their existing DraftKings accounts.

我們的第一個 NFT drop 將在不久的將來推出，數百萬客戶將能夠立即使用他們現有的 DraftKings 帳戶無縫買賣體育、娛樂和文化領域的數字收藏品。

This first drop is enabled by our exclusive sports content distribution relationship with Autograph.

這第一滴是通過我們與 Autograph 的獨家體育內容分銷關係實現的。

We've established exclusive relationships with prominent iconic athletes such as Tom Brady, Wayne Gretzky, Tony Hawk, Derek Jeter, Naomi Osaka, Tiger Woods and more.

我們與著名的標誌性運動員建立了獨家合作關係，例如湯姆·布雷迪、韋恩·格雷茨基、托尼·霍克、德里克·傑特、大坂直美、泰格·伍茲等。

We are pursuing this vertical because it fits the criteria we have outlined to you in the past, notably that NFTs offer a logical cross-sell opportunity with our existing customers.

我們正在追求這個垂直領域，因為它符合我們過去向您概述的標準，特別是 NFT 為我們現有的客戶提供了合乎邏輯的交叉銷售機會。

As a result, this vertical can enhance customer stickiness in LTV as well as the potential for new customer acquisition through affiliation with these iconic athletes' fan base.

因此，這個垂直領域可以增強 LTV 中的客戶粘性，並通過與這些標誌性運動員的粉絲群建立聯繫來增加獲得新客戶的潛力。

It also has very attractive economics given the large potential revenue opportunity based on transaction fees, modest initial investment and excellent EBITDA margins.

考慮到基於交易費用、適度的初始投資和出色的 EBITDA 利潤率的巨大潛在收入機會，它還具有非常有吸引力的經濟效益。

We also continue to explore other vectors, including deepening and strengthening our existing product offerings and geographic expansion outside of the U.S. I also want to provide some recent updates on one of our highest ESG priorities, Responsible Gaming.

我們還繼續探索其他方向，包括深化和加強我們現有的產品供應和美國以外的地域擴張。我還想提供一些關於我們最重要的 ESG 優先事項之一，負責任博彩的最新消息。

DraftKings Responsible Gaming mission is to leverage technology, employee training and evidence-based research to protect consumers.

DraftKings Responsible Gaming 的使命是利用技術、員工培訓和循證研究來保護消費者。

In the second quarter, we announced 3 ways we are advancing this critical mission.

在第二季度，我們宣布了推進這一關鍵任務的 3 種方式。

In May, we made a financial commitment to the International Center for Responsible Gaming Fund to support research on sports wagering.

5 月，我們向國際負責任博彩中心基金做出財務承諾，以支持體育博彩研究。

As a result of DraftKings' contribution, the ICRG was able to proceed with the competitive request for applications from researchers around the world who are interested in pursuing groundbreaking research.

由於 DraftKings 的貢獻，ICRG 能夠繼續處理來自世界各地有興趣從事開創性研究的研究人員的競爭性申請。

In June, we collaborated with the American Gaming Association to promote the AGA's Have A Game Plan; Bet Responsibly public service campaign.

6月，我們與美國博彩協會合作，推廣AGA的Have A Game Plan；投注負責任的公共服務活動。

DraftKings has committed to publicize the campaign in many of the company's own channels, including DraftKings retail gaming properties to promote safer play.

DraftKings 已承諾在公司自己的許多渠道中宣傳該活動，包括 DraftKings 零售遊戲資產，以促進更安全的遊戲。

This collaboration marks the first time in the industry to have a game plan campaign will be comprehensively rolled out across the national retail Sportsbook footprint.

此次合作標誌著業內首次在全國零售體育博彩足跡中全面推出遊戲計劃活動。

Most recently, we finalized the strategic consulting agreement with the Division on Addiction at Cambridge Health Alliance, which is affiliated with Harvard Medical School.

最近，我們與隸屬於哈佛醫學院的劍橋健康聯盟成癮部門敲定了戰略諮詢協議。

In coordination with the DraftKings' Responsible Gaming team, the Division on Addiction will create an innovative systems-based safer play approach to training employees across the business and responsible games.

與 DraftKings 的負責任博彩團隊合作，成癮部門將創建一種創新的基於系統的安全遊戲方法，以培訓整個企業和負責任遊戲的員工。

Responsible Gaming is an area in which we will continue to work with the industry and invest in as a company.

負責任的博彩是我們將繼續與該行業合作並作為一家公司進行投資的領域。

We are committed to continually improving and evolving how we can best support our customers with gold standard tools for proactively identifying, intervening and providing guidance that players can set limits, effectively utilize cool-off periods and self-exclude.

我們致力於不斷改進和發展我們如何使用黃金標準工具最好地支持我們的客戶，以主動識別、干預和提供玩家可以設置限制、有效利用冷靜期和自我排除的指導。

I will now turn the call over to DraftKings' CFO, Jason Park, who will discuss our second quarter results and revised expectations for 2021.

我現在將把電話轉給 DraftKings 的首席財務官 Jason Park，他將討論我們第二季度的業績和修訂後的 2021 年預期。

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早上好。

Before I begin, I want to remind everyone that we will be discussing our results on a combined company pro forma basis to improve comparability as if we owned our B2B business starting on January 1, 2020, rather than on April 23, 2020.

在開始之前，我想提醒大家，我們將在合併後的公司備考基礎上討論我們的結果，以提高可比性，就好像我們從 2020 年 1 月 1 日而不是 2020 年 4 月 23 日開始擁有我們的 B2B 業務一樣。

We are pleased to announce that we generated $298 million in revenue for the quarter, representing a 297% increase versus Q2 2020 revenue of $75 million.

我們很高興地宣布，我們本季度的收入為 2.98 億美元，與 2020 年第二季度的 7500 萬美元收入相比增長了 297%。

Our B2C business generated $270 million for the quarter, representing a 383% increase versus prior year.

我們的 B2C 業務在本季度創造了 2.7 億美元的收入，比去年同期增長了 383%。

We continue to drive strong growth in player and player retention as measured through MUP as well as player engagement and monetization as measured through ARPMUP.

我們繼續推動通過 MUP 衡量的玩家和玩家保留率以及通過 ARPMUP 衡量的玩家參與度和貨幣化的強勁增長。

B2C monthly unique payers in the quarter increased 281% year-over-year to 1.1 million.

本季度 B2C 每月獨立付款人同比增長 281% 至 110 萬。

The increase reflects strong unique payer retention and acquisition across DFS, OSB and iGaming, the expansion of our OSB and iGaming product offerings into new states and the lack of traditional sports for much of the second quarter of 2020.

這一增長反映了 DFS、OSB 和 iGaming 強大的獨特付款人保留和收購、我們的 OSB 和 iGaming 產品供應擴展到新州以及 2020 年第二季度大部分時間缺乏傳統體育。

Q2 MUPs represented typical seasonality with Q2 being a slower sports quarter than Q1.

Q2 MUPs 代表了典型的季節性，Q2 是一個比 Q1 慢的運動季。

Average revenue per monthly unit payer, or ARPMUP, was $80 in Q2, representing a 26% increase versus the same period in 2020.

第二季度每個月單位付款人的平均收入 (ARPMUP) 為 80 美元，比 2020 年同期增長 26%。

Our ARPMUP was positively impacted by the return to a more normal sports schedule, which resulted in stronger and more consistent customer engagement across our DFS and Sportsbook product offerings.

我們的 ARPMUP 受到回歸更正常的運動日程的積極影響，這導致我們的 DFS 和 Sportsbook 產品提供更強大和更一致的客戶參與。

The launch of our Sportsbook and iGaming product offerings in additional states also positively impacted our product mix.

我們在其他州推出的 Sportsbook 和 iGaming 產品也對我們的產品組合產生了積極影響。

We also continue to drive engagement across our B2C product offerings as we cross-sell our users into more products.

隨著我們向用戶交叉銷售更多產品，我們還繼續推動 B2C 產品的參與度。

Clearly, a portion of the tremendous year-over-year growth of our B2C business is due to the sports cancellations and postponements that occurred in Q2 2020 due to COVID-19.

顯然，我們 B2C 業務同比大幅增長的部分原因是 2020 年第二季度因 COVID-19 而發生的體育賽事取消和延期。

Second quarter 2021 revenue also exceeded our expectations, not only due to the overperformance of our core business as a result of continued strong customer acquisition, retention and monetization, but also due to higher-than-forecast OSB hold percentage, which contributed about $20 million to our outperformance in the quarter.

2021 年第二季度的收入也超出了我們的預期，這不僅是因為我們的核心業務由於持續強勁的客戶獲取、保留和貨幣化而表現超常，而且還因為高於預期的 OSB 持有百分比貢獻了約 2000 萬美元我們在本季度的出色表現。

Year-to-date in 2021, higher than forecast OSB hold percentage has contributed approximately $40 million to our outperformance.

2021 年年初至今，高於預期的 OSB 持有百分比為我們的優異表現貢獻了約 4000 萬美元。

B2B revenue was $27 million for the quarter, up 44% versus prior year, which was negatively impacted by COVID.

本季度 B2B 收入為 2700 萬美元，比去年同期增長 44%，這是受到 COVID 的負面影響。

We generated $139 million of gross profit dollars on an adjusted EBITDA basis for the entire business in the quarter, representing a 223% increase versus the prior year period.

我們在本季度為整個業務創造了 1.39 億美元的調整後 EBITDA 毛利潤，比去年同期增長 223%。

Gross margin rate on an adjusted EBITDA basis for the business was 47% in the quarter.

該業務在調整後的 EBITDA 基礎上的毛利率在本季度為 47%。

As we have noted in the past, our gross margin rate is impacted by a mix shift out of our more mature and thus higher-margin DFS product offering and into higher growth rate and lower-margin OSB and iGaming product offerings.

正如我們過去所指出的那樣，我們的毛利率受到從我們更成熟、利潤率更高的 DFS 產品組合轉向更高增長率和利潤率更低的 OSB 和 iGaming 產品組合的影響。

In addition, gross margin rate within a period is impacted by promotional intensity, typically most intense when a new state launches and at the beginning of a major sports season as we aim to acquire customers.

此外，一段時間內的毛利率受促銷強度的影響，通常在新州啟動時和主要體育賽季開始時最為強烈，因為我們旨在獲得客戶。

Gross margin rates for OSB will be positively impacted by the conversion to our own Bet engine, which is now complete in all states but one, pending approval.

OSB 的毛利率將受到轉換為我們自己的 Bet 引擎的積極影響，該引擎現已在所有州完成，但有一個正在等待批准。

So we will continue to pay our third-party Bet engine provider through the end of Q3 2021.

因此，到 2021 年第三季度末，我們將繼續向第三方博彩引擎提供商付款。

Adjusted EBITDA for the quarter was negative $95 million as we invested in external marketing and in our product technology and G&A functions.

本季度調整後的 EBITDA 為負 9500 萬美元，因為我們投資於外部營銷以及我們的產品技術和 G&A 職能。

Our sales and marketing expenses were $157 million, which included our external marketing.

我們的銷售和營銷費用為 1.57 億美元，其中包括我們的外部營銷費用。

External marketing was higher than prior year due to there being a full sports calendar in Q2 2021 versus a COVID-impacted calendar in Q2 2020 as well as being live in 12 total states versus 8 in Q2 2020.

外部營銷高於上一年，因為 2021 年第二季度有完整的體育日曆，而 2020 年第二季度有受 COVID 影響的日曆，並且在 12 個州進行直播，而 2020 年第二季度為 8 個。

We are continuing 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 $41 million and $36 million, respectively, as we continue 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.

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 4100 萬美元和 3600 萬美元，因為我們繼續投資以擴大我們的後台職能，如客戶服務、財務和會計、法律和人力資源以及加入我們的技術團隊。

A majority of the combined $17 million of year-over-year growth in these 2 expense lines was from compensation.

這 2 條支出項目的 1700 萬美元同比增長中的大部分來自薪酬。

Much of the headcount growth was in our customer experience department, where we are focused on providing best-in-industry customer experience and is largely a variable cost impacted by our rapid growth in MUP.

大部分員工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，並且主要是受我們在 MUP 快速增長的影響的可變成本。

In the quarter, we expensed $226 million in items that we exclude from adjusted EBITDA but are included in GAAP operating income, including $172 million for stock-based compensation and $54 million for amortization of acquired intangibles, depreciation and other amortization and other nonrecurring expenses.

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 2.26 億美元，其中包括 1.72 億美元的股票薪酬和 5400 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。

The expense associated with our stock-based compensation awards is based on a defined service period for our time-based brands and a probability-based model for performance-based and long-term incentive plan grants.

與我們基於股票的薪酬獎勵相關的費用是基於我們基於時間的品牌的定義服務期以及基於績效和長期激勵計劃贈款的基於概率的模型。

Our Board grants equity awards to retain, motivate and incentivize key employees, align their interest with other shareholders and tie a significant amount of their compensation for working together to produce outstanding company performance.

我們的董事會授予股權獎勵，以留住、激勵和激勵關鍵員工，使他們與其他股東的利益保持一致，並將他們的大量報酬與共同努力產生出色的公司業績掛鉤。

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 $2.6 billion of cash on our balance sheet.

本季度末，我們的資產負債表上有 26 億美元現金。

We are very 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 exploring opportunistic and accretive M&A.

我們有足夠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，繼續在產品創新方面引領市場並探索機會主義和增值併購。

Looking at the rest of 2021.

展望 2021 年剩餘時間。

On our first quarter earnings call in May, we increased our 2021 revenue guidance to $1.05 billion to $1.15 billion from $900 million to $1 billion.

在 5 月份的第一季度財報電話會議上，我們將 2021 年的收入預期從 9 億美元上調至 10.5 億美元至 11.5 億美元至 10 億美元。

Given our continued strong performance in 2021, and underlying acquisition, retention and monetization of players, we are increasing our guidance to $1.21 billion to $1.29 billion of revenue for 2021, which equates to year-over-year growth of 88% to 100%.

鑑於我們在 2021 年的持續強勁表現，以及玩家的潛在收購、保留和貨幣化，我們將 2021 年的收入指引上調至 12.1 億美元至 12.9 億美元，這相當於同比增長 88% 至 100%。

We are raising the midpoint of our 2021 revenue guidance, which results in implied second half growth of more than 40%, based on our strong results in Q2 and Q3 to date as well as our demonstrated and continued plan for strong user engagement and efficient customer acquisition.

我們正在提高 2021 年收入指引的中點，這導致下半年增長超過 40%，這是基於我們迄今為止在第二季度和第三季度的強勁業績以及我們為強大的用戶參與和高效的客戶展示和持續的計劃獲得。

We expect both MUP and ARPMUP to grow in 2021 with MUP increasing at a higher rate than ARPMUP.

我們預計 MUP 和 ARPMUP 都將在 2021 年增長，其中 MUP 的增長率高於 ARPMUP。

We also assume that all professional and college sports calendars that have been announced come to fruition and that we continue to operate in states in which we are live today.

我們還假設已宣布的所有職業和大學體育賽事日程都將取得成果，並且我們將繼續在我們今天居住的州開展業務。

These states collectively represent 25% of the U.S. population for mobile sports betting and 10% of the U.S. population for iGaming.

這些州總共代表了美國 25% 的移動體育博彩人口和 10% 的美國 iGaming 人口。

Though Wyoming, Arizona, Maryland, Louisiana, Connecticut and New York have authorized mobile sports wagering, we do not know the exact date these states will launch nor in the case of New York, the results of the selection process.

儘管懷俄明州、亞利桑那州、馬里蘭州、路易斯安那州、康涅狄格州和紐約州已授權移動體育博彩，但我們不知道這些州啟動的確切日期，紐約也不知道選擇過程的結果。

As such, we are not including them in our revenue guidance.

因此，我們沒有將它們包括在我們的收入指導中。

The underlying strength in our business is responsible for the revenue guidance increase.

我們業務的潛在優勢是收入指引增加的原因。

Regarding our 2021 quarterly revenue cadence, we have a high conviction plan in place for the start of the NFL season and have incorporated sensitivities on a variety of internal and external factors, the largest being sport outcome variability.

關於我們 2021 年的季度收入節奏，我們為 NFL 賽季的開始製定了一個高信念計劃，並結合了對各種內部和外部因素的敏感性，其中最大的是運動結果的可變性。

Based on this analysis, we expect Q3 to be roughly 17% of the midpoint of our new 2021 revenue guidance, which is similar in dollar terms to the guidance we shared with you on May 7. Due to ongoing excellent customer retention, the efficacy of our customer acquisition investments and new product features, we expect Q4 to account for approximately 34% of our revenue for the year, based on the midpoint of our revised guidance range.

基於這一分析，我們預計第三季度約為我們新的 2021 年收入指引中點的 17%，以美元計算，這與我們在 5 月 7 日與您分享的指引相似。由於持續出色的客戶保留率，我們的客戶獲取投資和新產品功能，根據我們修訂後的指導範圍的中點，我們預計第四季度將占我們全年收入的 34% 左右。

While we are not providing guidance for 2021 adjusted EBITDA, our investment in sales and marketing is a key input.

雖然我們沒有為 2021 年調整後的 EBITDA 提供指導，但我們對銷售和營銷的投資是一項關鍵投入。

We always use facts to inform our decision on where, how and how much to invest in external marketing.

我們總是根據事實來決定在何處、如何以及在外部營銷上投資多少。

Our results since the economy fully reopened confirm that our CAC continue to be very attractive.

自經濟完全重新開放以來，我們的結果證實我們的 CAC 仍然非常有吸引力。

Based on the attractive LTV-to-CAC ratio opportunities we're seeing, we plan to continue to invest in sales and marketing to take advantage of these circumstances.

基於我們所看到的具有吸引力的 LTV 與 CAC 比率機會，我們計劃繼續投資於銷售和營銷以利用這些情況。

From a quarterly perspective, we plan to deploy and optimize but overall similar promotional and marketing campaign as we did in Q3 of 2020, including more activity in the later part of the quarter, which would disproportionately affect adjusted EBITDA in Q3.

從季度的角度來看，我們計劃部署和優化但總體上與 2020 年第三季度類似的促銷和營銷活動，包括在本季度後期開展更多活動，這將對第三季度調整後的 EBITDA 產生不成比例的影響。

In the fourth quarter, we expect a slight improvement compared to adjusted EBITDA in the second quarter as we monetize our Q3 promotional and marketing investments and benefit from higher seasonal revenue.

在第四季度，我們預計與第二季度調整後的 EBITDA 相比將略有改善，因為我們將第三季度的促銷和營銷投資貨幣化並受益於更高的季節性收入。

As a result, we expect our adjusted EBITDA loss in the second half of 2021 to be approximately 60% of our total annual loss for 2021.

因此，我們預計 2021 年下半年調整後的 EBITDA 虧損將約佔 2021 年年度虧損總額的 60%。

Before wrapping up, I want to touch on state-level unit economics.

在結束之前，我想談談州級單位經濟學。

As you know, our business model is predicated on states turning profitable after 2 to 3 years due to underlying LTV-to-CAC dynamics.

如您所知，由於潛在的 LTV-to-CAC 動態，我們的商業模式基於各州在 2 至 3 年後實現盈利。

At this point, I want to affirm our outlook for our most mature state, New Jersey, which we said would generate $210 million in net revenue and $65 million in contribution profit at our March Investor Day.

在這一點上，我想確認我們對我們最成熟的州新澤西州的展望，我們在 3 月的投資者日表示，該州將產生 2.1 億美元的淨收入和 6500 萬美元的貢獻利潤。

Our other states are on a similar trajectory, and I look forward to providing you updates on those in the near future.

我們的其他州也處於類似的軌道上，我期待著在不久的將來為您提供最新情況。

As a reminder, our marketing spend is highly flexible and can be reduced or paused altogether if the sports calendar shifts or if LTV-to-CAC opportunities become less attractive.

提醒一下，我們的營銷支出非常靈活，如果體育賽事日程發生變化，或者如果 LTV 到 CAC 的機會變得不那麼有吸引力，我們可以減少或完全暫停。

Our spend is also impacted by the launch of new states.

我們的支出也受到新州推出的影響。

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)

（操作員說明）

Our first question will come from the line of Shaun Kelley from Bank of America.

我們的第一個問題將來自美國銀行的 Shaun Kelley。

I was wondering if we could just dig in a little further on the customer acquisition spending outlook for the third quarter to the back half.

我想知道我們是否可以進一步深入了解第三季度到下半年的客戶獲取支出前景。

Maybe just help us a little bit with the timing.

也許只是在時間上幫我們一點點。

It looks like you got very good cost leverage this quarter with -- on the sales and marketing line and those numbers coming down sequentially.

看起來你本季度的成本槓桿非常好——在銷售和營銷線上，這些數字依次下降。

So just what's the right expectation for thinking about that investment, especially into NFL?

那麼考慮這項投資的正確期望是什麼，尤其是對 NFL 的投資？

And given the timing of probably some of your larger broadcast contracts and the like?

考慮到你的一些較大的廣播合同等的時間安排？

Thank you, Shaun.

謝謝你，肖恩。

So really, we're going to -- as far as we've seen recently that what we had kind of expected or at least thought there might be some slowdown in performance due to the reopening, we're not seeing that.

所以說真的，我們將——就我們最近所看到的，我們曾預期或至少認為由於重新開放可能會導致性能有所放緩，但我們沒有看到這一點。

So based on what we're seeing today, I would expect we're going to get very good results going into NFL.

因此，根據我們今天所看到的情況，我預計我們將在 NFL 中取得非常好的成績。

NFL is basically like our holiday season.

NFL 基本上就像我們的假期。

It's when we acquire the most new players and reactivate large portions of the player base.

這是我們獲得最新玩家並重新激活大部分玩家群的時候。

We do have a lower CAC target as the players that we acquire tend to be a little bit more casual than the ones that we acquire in say Q2.

我們確實有一個較低的 CAC 目標，因為我們獲得的玩家往往比我們在第二季度獲得的玩家更隨意。

So we're going to manage that CAC target, and we'll dial the investment up or down accordingly based on results, which is really hard to predict.

因此，我們將管理該 CAC 目標，我們將根據結果相應地增加或減少投資，這真的很難預測。

I mean we always learn a lot the first weeks going into NFL.

我的意思是我們總是在進入 NFL 的前幾週學到很多東西。

And based on what we've seen recently, I would expect strong results will continue, and we want to invest into it, but it's really hard to say.

根據我們最近看到的情況，我預計強勁的業績會持續下去，我們想對其進行投資，但這真的很難說。

And we'll be monitoring the data on an hourly basis and turning campaigns on and off accordingly.

我們將每小時監控一次數據，並相應地開啟和關閉活動。

Our next question come from the line of Stephen Grambling from Goldman Sachs.

我們的下一個問題來自高盛的 Stephen Grambling。

I guess just following up on the outlook.

我想只是跟進前景。

I think that you referenced that the dollar guidance is roughly unchanged when we think about the math.

我認為當我們考慮數學時，您提到美元指導大致沒有變化。

I guess, what are some of the puts and takes to think about that could drive numbers above or below, I guess, as we think about the strong growth that you've seen, and it looks like that's embedding some deceleration?

我想，當我們考慮您所看到的強勁增長時，我想，考慮哪些因素和需要考慮的因素可能會推動數字高於或低於數字，並且看起來像是嵌入了一些減速？

Are you talking about Q3 specifically?

你是專門說Q3嗎？

I guess, both Q3 and Q4.

我猜，第三季度和第四季度。

I think we've raised reached a little bit in the back half of the year.

我認為我們在今年下半年提高了一點點。

But you're right, we aren't necessarily banking on the overperformance we've seen in Q1 and Q2 carrying over.

但你是對的，我們不一定指望我們在第一季度和第二季度看到的超額表現會延續下去。

I think that continues to be us being a bit cautious about what this NFL season might look like.

我認為這仍然是我們對這個 NFL 賽季可能會是什麼樣子持謹慎態度。

Obviously, COVID has been up and down and we could see this swing either way.

顯然，COVID 一直在上下波動，我們可以看到這種搖擺。

But based on what we see today, everyone is going to be back in stadiums, gatherings will be back to normal, generally in most places.

但根據我們今天看到的情況，每個人都會回到體育場，集會會恢復正常，一般在大多數地方都是如此。

So we're just being a bit cautious given how significant the NFL period is for customer acquisition and activation about what we think will happen in the back half of the year.

因此，考慮到 NFL 時期對於我們認為下半年會發生的客戶獲取和激活有多麼重要，我們只是有點謹慎。

Also, there's only 3 weeks of NFL in Q3.

此外，第三季度只有 3 週的 NFL。

So it's not -- It's an interesting period because you activate a lot of players, but a lot of their spending comes in Q4.

所以這不是——這是一個有趣的時期，因為你激活了很多玩家，但他們的很多支出都來自第四季度。

So the ARPMUP is typically not as high in Q3 as we see in other quarters.

因此，第三季度的 ARPMUP 通常不像我們在其他季度看到的那麼高。

So that's something we're also paying attention to.

所以這也是我們正在關注的事情。

Got it.

知道了。

And I guess the NCAA being back would be maybe a partial offset.

我想 NCAA 的回歸可能會部分抵消。

I guess one follow-up, I guess, on the SBTech integration.

我猜是關於 SBTech 集成的後續行動。

I know that you talked about some of the increased functionality.

我知道您談到了一些增加的功能。

How are you thinking about the kind of milestones?

您如何看待里程碑式的事件？

Do you feel like the most challenging aspects are behind you?

你覺得最具挑戰性的方面已經過去了嗎？

Or do you still have to kind of test it through the NFL season?

或者你還需要通過 NFL 賽季來測試它嗎？

Yes, that's a great question.

是的，這是一個很好的問題。

So we definitely tested it quite extensively over the last few weeks.

因此，我們在過去幾週確實對它進行了相當廣泛的測試。

We've migrated in all but 1 state, that one is pending approval.

我們已經在除 1 個州以外的所有州進行了遷移，該州正在等待批准。

So we feel pretty good.

所以我們感覺很好。

Obviously, we want to see how NFL looks from a trading perspective.

顯然，我們希望從交易的角度來看 NFL 的表現。

But we've done pretty rigorous testing throughout the other sports on the calendar, and we feel pretty good about it.

但是我們已經對日曆上的其他運動進行了非常嚴格的測試，我們對此感覺非常好。

We launched Same Game Parlays last week, which is a big feature that our customers have been asking for also typically has a higher margin, so we have not built in any additional revenue or any additional hold percentage based on new features we're launching.

我們上週推出了 Same Game Parlays，這是我們的客戶一直要求的一項重要功能，通常也有更高的利潤率，因此我們沒有根據我們推出的新功能增加任何額外收入或任何額外持有百分比。

We don't -- sort of building off what you said, we want to test those things and see how they look going into NFL before we would promise any more revenue based on it, but we do think that there's some potential upside in the new features that we'll be launching in the coming weeks and months.

我們沒有——有點建立在你所說的基礎上，我們想測試這些東西，看看它們在 NFL 中的表現如何，然後我們才承諾基於它獲得更多收入，但我們確實認為這有一些潛在的好處我們將在未來幾周和幾個月內推出的新功能。

Our next question will come from the line of Jed Kelly from Oppenheimer.

我們的下一個問題將來自奧本海默的傑德凱利。

Just following back up on the SBTech and Same Game Parlays, I expect you plan to market that product into NFL.

緊接著 SBTech 和 Same Game Parlays，我希望你計劃將該產品推向 NFL。

And do you think that will close the yield gap with some of your competitors that are a little more vertically integrated?

您是否認為這會縮小與您的一些垂直整合程度更高的競爭對手之間的收益差距？

And then another question, just on the seasonality of MUPs, the decline in sports betting, Jason, how do you think of sort of making sports betting a year-round phenomenon and not as seasonally dependent on football?

然後是另一個問題，關於 MUP 的季節性，即體育博彩的下降，傑森，你如何看待讓體育博彩成為一種全年現象而不是季節性地依賴足球？

So on the first question, I think that we certainly have seen evidence across other companies in the marketplace that Same Game Parlays have a higher yield, so we could certainly see that.

所以關於第一個問題，我認為我們肯定已經看到市場上其他公司的證據表明 Same Game Parlays 的收益率更高，所以我們當然可以看到這一點。

We have not built that into any of our forward-looking guidance, so we're not counting on it, but it's something that we're certainly hoping will be the case.

我們沒有將其納入我們的任何前瞻性指南中，因此我們不指望它，但我們當然希望如此。

And in general, I would say we're not really trying to maximize hold percentage at this stage.

總的來說，我會說我們在這個階段並沒有真正試圖最大化持有百分比。

We're onboarding a lot of new customers.

我們正在招募很多新客戶。

It's the early days of the industry.

這是這個行業的早期。

So really, we're focusing on getting people onto the platform, getting them active and there will be a time and a place where we'll focus more attention on increasing hold percentage.

所以真的，我們專注於讓人們進入平台，讓他們活躍起來，我們將在某個時間和地點更加關注提高持有率。

It's just not right now.

只是現在還不行。

And then -- sorry, what was the second question?

然後-- 抱歉，第二個問題是什麼？

Just on MUPs, we saw a seasonal decline.

就 MUP 而言，我們看到了季節性下降。

I mean how do you think about sort of making sports betting more year-round and not as dependent on football?

我的意思是，你如何看待讓體育博彩變得更全年而不是依賴於足球？

It might be impossible, but how do you think about that?

這可能是不可能的，但你怎麼看呢？

Of course, yes.

當然，是的。

You're -- I don't know -- certainly, we think that as more people try more sports, it will smooth out a little bit.

你——我不知道——當然，我們認為隨著越來越多的人嘗試更多的運動，它會變得平緩一些。

There are certain sports like soccer, which are very popular among the younger generations, which I think over time will increase.

有一些運動，比如足球，在年輕一代中很受歡迎，我認為隨著時間的推移，這種運動會越來越多。

But you're right, the sports themselves are seasonal.

但你是對的，運動本身是季節性的。

So it's very hard for us to control anything when there's popularity differences between different sports and they're only certain times a year.

因此，當不同運動之間存在受歡迎程度差異並且每年只有特定時間時，我們很難控制任何事情。

As hard as we may try, we're not anytime soon going to be able to get more people to bet on basketball or baseball than they do on NFL.

儘管我們盡了最大的努力，但我們不會很快讓更多的人在籃球或棒球上下注，而不是在 NFL 上下注。

It's just based on the fan-base size.

它只是基於粉絲群的大小。

So that's something that I think just will always have to kind of live with on sports.

所以這就是我認為在體育運動中永遠必須忍受的事情。

But what we can do is continue to launch other types of products.

但我們能做的是繼續推出其他類型的產品。

So obviously, iGaming has been a good one for us.

很明顯，iGaming 對我們來說是一個很好的選擇。

That's something that people can play year-round.

那是人們一年四季都可以玩的東西。

We're cross-selling very effectively onto that product.

我們非常有效地交叉銷售該產品。

So while certainly, we see bumps when there's more actives, we do think it's a bit smoother seasonally.

因此，雖然可以肯定的是，當有更多活動時我們會看到顛簸，但我們確實認為季節性會更平穩一些。

We recently announced that we're launching the marketplace, so NFTs, I think, will be a year-round thing.

我們最近宣布我們正在啟動市場，所以我認為 NFT 將是全年的事情。

There might be some seasonality given the sports focus, but we're also going to branch into NFTs for other things outside of sports.

考慮到對體育的關注，可能會有一些季節性，但我們也將分支到 NFT 中，以處理體育以外的其他事情。

So I think as that product continues to grow in the coming years, we'll see that help smooth out.

因此，我認為隨著該產品在未來幾年繼續增長，我們將看到這有助於順利進行。

So I think really, that's the way that we're looking at smoothing out seasonality is just trying to diversify into other products that we can effectively cross-sell our customers into and might have a little bit less seasonal variation.

所以我認為真的，這就是我們正在考慮消除季節性的方式，只是試圖多樣化我們可以有效地交叉銷售我們的客戶的其他產品，並且可能會減少季節性變化。

Our next question is from the line of Michael Graham from Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Congrats on the great performance.

祝賀您的出色表現。

I wanted to ask two.

我想問兩個。

One on ARPMUP.

一個在 ARPMUP 上。

Jason, if you can just take us under the hood a little bit on what's driving that strength?

傑森，你能不能帶我們深入了解是什麼推動了這種力量？

You mentioned cross-selling a minute ago, is it iGaming?

您剛才提到交叉銷售，是 iGaming 嗎？

Is it more sports being engaged in by each player?

每個球員都參與了更多的運動嗎？

Or bigger bets from players?

還是玩家下更大的賭注？

Or just can you tell us anything that help us understand that?

或者你能告訴我們任何有助於我們理解的事情嗎？

And then you had mentioned a long time ago that when you got to 1/3 coverage of the United States that you would switch a lot of resources towards national ads, and I know you're sort of like almost there but not quite there.

然後你很久以前就提到過，當你覆蓋美國的 1/3 時，你會把很多資源轉向全國廣告，我知道你有點像差不多了，但還不完全是。

Just wondering if you could update us on sort of how you're thinking about the marketing mix going forward?

只是想知道您是否可以向我們介紹您對未來營銷組合的看法？

So thanks for the question.

所以謝謝你的問題。

Regarding ARPMUP, certainly, there's some seasonality to it, Q3, because it's a high activation quarter but only a few weeks of NFL to monetize.

關於 ARPMUP，當然，它有一些季節性，Q3，因為它是一個高激活季度，但只有幾週的 NFL 才能獲利。

I think we'll have lower ARPMUP in Q2.

我認為我們將在第二季度獲得更低的 ARPMUP。

But even relatively speaking, meaning year-over-year and actually given the sport calendar change, really looking at 2019 can be helpful versus Q2 of 2021.

但即使是相對而言，也就是同比，實際上考慮到運動日曆的變化，與 2021 年第二季度相比，真正關注 2019 年可能會有所幫助。

I think that we're cautiously optimistic that we might just have a higher LTV player than we thought.

我認為我們謹慎樂觀地認為我們的 LTV 播放器可能比我們想像的要高。

And I think that's probably the biggest driver beyond anything else.

我認為這可能是最重要的驅動因素。

We have also improved cross-sell rates.

我們還提高了交叉銷售率。

So iGaming is helping.

所以 iGaming 正在提供幫助。

But even on the core sports betting products, I think that it's still looking like ARPMUP was higher than expected, again, with the caveat that it's hard to compare anything Q2 versus 2020 Q2.

但即使在核心體育博彩產品上，我認為 ARPMUP 看起來仍然高於預期，再次提醒，很難將任何第二季度與 2020 年第二季度進行比較。

And looking back at 2019, it was a very different time than only a few states that we had, I think, live with sports betting at that point.

回顧 2019 年，那是一個非常不同的時期，我認為當時只有少數幾個州接受體育博彩。

So actually, I think it might have just been New Jersey at that point.

所以實際上，我認為那時可能只是新澤西州。

Although I could be wrong on that, there might have been 1 or 2 others.

儘管我在這方面可能是錯的，但可能還有 1 或 2 個其他人。

Nevermind, I'm sorry, it was New Jersey, West Virginia and Indiana at that point.

沒關係，對不起，當時是新澤西州、西弗吉尼亞州和印第安納州。

So there were only a few.

所以只有幾個。

So it's a little hard to compare, but that's why we've also not changed our CAC targets.

所以比較有點困難，但這就是為什麼我們也沒有改變我們的 CAC 目標。

We're not counting on higher LTVs, but we're certainly optimistic, cautiously that, that could be the case, and we're going to be monitoring that in the coming quarters.

我們不指望更高的 LTV，但我們當然樂觀，謹慎地認為情況可能如此，我們將在未來幾個季度對此進行監控。

And hopefully, we'll have more data as the sports schedule stabilizes and it's easier to make year-over-year comparisons.

希望隨著運動日程的穩定，我們將獲得更多數據，並且更容易進行年度比較。

And then the second question was -- sorry, can you remind me what the second question was?

然後第二個問題是——抱歉，你能提醒我第二個問題是什麼嗎？

National ad spend.

全國廣告支出。

National ad spend, right, so we're at, right now, 25% of the population.

全國廣告支出，對，所以我們現在佔人口的 25%。

I do think there's a possibility that some new states will launch either right before during the NFL season, Wyoming and Arizona being two that seem like they're on a good track.

我確實認為一些新州有可能在 NFL 賽季之前啟動，懷俄明州和亞利桑那州是兩個看起來進展順利的州。

And I think others like Louisiana may get in there as well.

而且我認為像路易斯安那州這樣的其他人也可能會進入那裡。

And if that happens, I still don't think we'll quite be at 33%.

如果發生這種情況，我仍然認為我們不會達到 33%。

But I do think you'll see us start to mix some national advertising in this year to test.

但我確實認為你會看到我們在今年開始混合一些全國性的廣告來進行測試。

I think it's important that if we're planning on shifting quite a bit as we get into the mid-30s and 40s level into national advertising, that we have some data in this NFL season to look at to be able to optimize for next year.

我認為重要的是，如果我們計劃在進入 30 年代中期和 40 年代進入全國廣告時進行相當多的轉變，那麼我們在這個 NFL 賽季中有一些數據可以查看，以便能夠為明年進行優化.

So you will see us start to test into that this NFL season.

所以你會看到我們開始測試這個 NFL 賽季。

Our next question will come from the line of Bernie McTernan from Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Bernie McTernan。

Just a follow-up before, Jason, you mentioned a bit more cautious on the NFL.

只是之前的後續行動，傑森，你提到了對 NFL 更加謹慎。

I was hoping you could dive into that a little bit more.

我希望你能深入研究一下。

Is it competitive environment?

是競爭環境嗎？

Or something else you're referring to?

或者你指的是其他什麼？

Well, I think we're still waiting to see what a year of potentially people in stadiums and more of an open economy looks like.

好吧，我認為我們仍在等待，看看一年中潛在的體育場館人員和更多的開放經濟會是什麼樣子。

That's the biggest factor.

這是最大的因素。

Of course, that could change, and we also don't know that.

當然，這可能會改變，我們也不知道。

So I think there's a lot of moving variables, and we're just trying to exercise caution and not getting overly bullish based on results that we've seen early on suggesting that the reopening is having no adverse effect on the momentum we've seen.

所以我認為有很多變化因素，我們只是試圖謹慎行事，而不是根據我們早期看到的結果過度樂觀，這些結果表明重新開放對我們看到的勢頭沒有不利影響.

If we get an NFL season under our belt with the economy generally open around the country and around the states we have online sports betting and iGaming, I think, then we start to feel really good that we're not going to see any adverse impact.

如果我們在全國和各州的經濟普遍開放的情況下獲得一個 NFL 賽季，我認為我們有在線體育博彩和 iGaming，那麼我們就會開始感覺非常好，我們不會看到任何不利影響.

In that, it's really just truly momentum in the industry and with drafting.

在那方面，它真的只是行業和起草的真正動力。

Understood.

明白了。

And then just to drill down the NFT marketplace for a second, could you just talk about like what the economics of a transaction in the marketplace are?

然後再深入 NFT 市場一秒鐘，你能談談市場交易的經濟性嗎？

The level of investment of time and money that it will take?

需要投入多少時間和金錢？

And kind of what's the upside opportunity?

什麼是上行機會？

I think there's 3 or 4 major NFT marketplaces right now.

我認為現在有 3 或 4 個主要的 NFT 市場。

Do you need to be a top operator to really move the needle for the company?

您是否需要成為頂級運營商才能真正為公司做出貢獻？

Or is that the right way to think about it?

或者這是正確的思考方式嗎？

I think it is the right way to think about it because being a marketplace, having liquidity is important.

我認為這是正確的思考方式，因為作為一個市場，擁有流動性很重要。

That said, we also have exclusive rights that we've secured through our relationship with Autograph to be able to sell NFTs bidder for top athletes like Tom Brady, Wayne Gretzky, Naomi Osaka, Tiger Woods, Derek Jeter and many others, Tony Hawk and many others.

也就是說，我們還擁有通過與 Autograph 的關係獲得的獨家權利，能夠為湯姆布拉迪、韋恩格雷茨基、大坂直美、泰格伍茲、德里克傑特等頂級運動員出售 NFT 投標人，托尼霍克和好多其它的。

So we feel pretty good that having that exclusivity, no matter how liquid our marketplace is, initially it will drive a lot of traffic.

因此，我們感覺非常好，擁有這種排他性，無論我們的市場流動性如何，最初它都會帶來大量流量。

But over the long term, I think being a marketplace, it's important to have the highest or close to highest level of liquidity.

但從長遠來看，我認為作為一個市場，擁有最高或接近最高水平的流動性很重要。

People are going to go where there's the most buying and selling when they're posting secondary transactions and things like that, which is true of any marketplace really.

當人們發布二級交易和類似的東西時，他們會去買賣最多的地方，這對任何市場都是如此。

So I think that is how we're looking at it.

所以我認為這就是我們看待它的方式。

We do have a much larger user base than any of the other marketplaces that exist today.

我們確實擁有比當今存在的任何其他市場都大得多的用戶群。

So we feel like we're starting from a position of strength, much like the daily fantasy user base has helped us as we launch online sports betting into other states.

因此，我們覺得我們從優勢地位開始，就像每日幻想用戶群幫助我們在其他州推出在線體育博彩一樣。

I think that having a big database with millions of active customers will really be a leg up for us.

我認為擁有一個擁有數百萬活躍客戶的大型數據庫對我們來說確實是一個優勢。

And it just comes down to how effectively can we cross-sell.

這歸結為我們交叉銷售的效率如何。

And I think we feel pretty good about that given our track record of selling other -- cross-selling other products, but this is also our first foray into something that's a little bit different.

鑑於我們銷售其他產品的記錄 - 交叉銷售其他產品，我認為我們對此感覺非常好，但這也是我們第一次涉足有點不同的東西。

So we're going to have to see how the data shakes out.

所以我們將不得不看看數據是如何產生的。

Our next question will come from the line of Ben Chaiken from Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Ben Chaiken。

It looks like the -- it seems like the media angle is particularly interesting.

看起來——媒體角度似乎特別有趣。

You talked about MLB streaming.

你談到了 MLB 流媒體。

I think you mentioned exploring some subscription revenues, if I caught that.

我想你提到過探索一些訂閱收入，如果我明白的話。

I guess when it comes to unique sporting events that require a onetime payment or some type of exclusive access, I guess, I'm thinking like boxing or out-of-network game, why not offer a promotion that allows access upon sign-up and deposit with DraftKings?

我想當談到需要一次性付款或某種類型的獨家訪問權的獨特體育賽事時，我想，我想像拳擊或網絡外遊戲，為什麼不提供允許在註冊時訪問的促銷活動並存入 DraftKings？

High level, it just seems like the cost of that versus your normal CAC is compelling relative to other channels.

高水平，相對於其他渠道，與您的正常 CAC 相比，它的成本似乎更具吸引力。

Is that something you could do?

那是你能做的事嗎？

And then forgive me if this question lacks awareness in some way, and there's an obvious answer, why it wouldn't work?

然後請原諒我，如果這個問題在某種程度上缺乏意識，並且有一個明顯的答案，為什麼它行不通？

I think it's a great idea.

我認為這是個好主意。

That's definitely something we've talked about.

這絕對是我們討論過的事情。

In order to do it, it depends on the event.

為了做到這一點，這取決於事件。

But most of the time, you have to have the rights.

但大多數時候，你必須擁有權利。

So that's something that we'll look into exploring as well.

所以這也是我們將要探索的東西。

And those rights, of course, costs money.

當然，這些權利是要花錢的。

So while giving it away is one way to look at it.

因此，贈送它是一種看待它的方式。

It's actually really the cost of the right that matters, which, of course, are lower than the cost of the pay-per-view because that's how money is made by companies that traditionally do that.

實際上真正重要的是權利的成本，當然，它比按次付費的成本要低，因為傳統上這樣做的公司就是這樣賺錢的。

So that's something that we're absolutely looking at amongst other things.

所以這是我們絕對要關注的事情。

We're still very early in developing our media strategy.

我們在製定媒體戰略方面仍處於早期階段。

Our goal is to have much more of it fleshed out by the end of the year and have explored some of those opportunities in the marketplace such as the one you mentioned to see if it could be something that works for us.

我們的目標是在今年年底之前充實更多內容，並探索市場中的一些機會，例如您提到的機會，看看它是否對我們有用。

We do want the media vertical to, on its own, be a profit-generating vertical, certainly over the long term.

我們確實希望垂直媒體本身成為一個盈利的垂直行業，當然是從長遠來看。

I think we have the flexibility to not do that if we wanted to.

我認為如果我們願意，我們可以靈活地不這樣做。

But as of today, we believe that we can both make a profit directly in the vertical and have the synergistic benefit of being able to acquire and keep -- retain users using the content that we put out there as well.

但截至今天，我們相信我們既可以直接在垂直領域獲利，又可以獲得和保持的協同效益——使用我們在那裡發布的內容來留住用戶。

Got you.

明白了

That makes sense.

這就說得通了。

And then just quickly, a follow-up or second question would be, I think, I know Canada is not in your numbers, but it sounds like Ontario is going to be live maybe by the end of this year, October and November, who knows.

然後很快，後續或第二個問題是，我想，我知道加拿大不在你的數字中，但聽起來安大略省可能會在今年年底、10 月和 11 月上線，誰知道。

But will that follow -- will Canada follow a similar cadence to how you've launched new states?

但這會隨之而來——加拿大會遵循與你們建立新州的方式類似的節奏嗎？

And I think you've provided some guidance around New Jersey and other states about how you think about promotion and external marketing.

我認為您已經在新澤西州和其他州提供了一些關於您如何看待促銷和外部營銷的指導。

Is that a reasonable way to think about Canada?

這是考慮加拿大的合理方式嗎？

Or is there a different format just because this is a little, size-wise, is different?

或者是否有不同的格式只是因為它在尺寸方面有點不同？

I think we look at it the same way.

我認為我們以同樣的方式看待它。

It's an LTV-to-CAC question.

這是一個 LTV 到 CAC 的問題。

We have plenty of daily fantasy customers in Canada, and we don't see really any differences between their spend levels and the customers that we have in the U.S. So I don't really have any reason to believe it's different.

我們在加拿大有很多日常幻想客戶，我們看不出他們的消費水平與我們在美國的客戶之間存在任何差異，所以我真的沒有任何理由相信它有什麼不同。

The interesting thing about Canada is that most major operators around the world have been in Canada for quite some time.

加拿大的有趣之處在於，世界上大多數主要運營商都已在加拿大經營了相當長的一段時間。

So it's a little bit different than new U.S. states where they're opening up.

因此，這與美國開放的新州略有不同。

And in some ways, I think we have to focus on taking customers that have already been playing as much as trying to convert new customers, which is why we projected a lower long-term market share for Canada than we have for the U.S.

在某些方面，我認為我們必須把重點放在吸引已經玩過的客戶上，而不是嘗試轉換新客戶，這就是為什麼我們預計加拿大的長期市場份額低於美國。

One thing I wanted just on your previous question note as well that occurred to me after I answered.

在我回答之後，我也想到了你之前的問題筆記中我想要的一件事。

A lot of pay-per-views that distribute through multiple platforms, they actually have in their contracts with the platforms they distribute on that no one can give away for free or even under a certain price because it undermines the other platforms, they would say, why would anyone pay to -- for a pay-per-view online platform if they're getting it free elsewhere.

許多通過多個平台分發的按次付費觀看，他們實際上在與他們分發的平台的合同中規定，沒有人可以免費贈送甚至以一定價格贈送，因為這會破壞其他平台，他們會說，如果他們在其他地方免費獲得它，為什麼有人會支付 - 用於按次付費在線平台。

Very common in the media industry.

在媒體行業很常見。

There's lots of things like this.

有很多這樣的事情。

MFNs are a very common thing and also restrictions on what you can and can't sell things for very common.

MFN 是一件很常見的事情，它也限制了你能賣什麼和不能賣什麼。

So that's something we would have to work around unless we had exclusive rights to distribute a pay-per-view.

所以這是我們必須解決的問題，除非我們擁有分發按次付費的專有權。

Our next question comes from the line of Robin Farley from UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

Can you quantify a little bit how much of the revenue raise for the year is due to new initiatives like Marketplace?

您能否稍微量化一下今年的收入增長中有多少是由於 Marketplace 等新舉措帶來的？

Robin, we have not built in any additional revenue expectations from new initiatives.

羅賓，我們沒有從新舉措中建立任何額外的收入預期。

We really don't have enough data.

我們真的沒有足夠的數據。

We have no data to base it on.

我們沒有數據作為依據。

So we haven't assumed any new states.

所以我們沒有假設任何新的狀態。

We haven't assumed any new initiatives generating revenue.

我們沒有假設任何新的創收舉措。

Those are all things that once we have a little bit more clarity on the state side as to which states and when might go live, we would be able to update.

這些都是一旦我們在州方面更加清楚哪些州以及何時可能上線，我們就能夠更新。

And then as we get a little bit of data on new initiatives, I think we'd be able to update that.

然後當我們獲得一些關於新計劃的數據時，我認為我們能夠更新它。

That said, I wouldn't expect new initiatives to generate a huge amount of revenue this year.

也就是說，我預計今年不會有新舉措產生大量收入。

This will be very early days of us launching them.

這將是我們推出它們的早期階段。

Obviously, we have very strong conviction and are very excited about the long-term prospects and think that the markets that we're entering, like NFTs could be really, really large.

顯然，我們有非常堅定的信念，對長期前景感到非常興奮，並認為我們正在進入的市場，比如 NFT，可能真的非常大。

But it will take a little time for those new products to ramp.

但這些新產品的推廣還需要一些時間。

Okay.

好的。

And then other question is, on the agreement that you signed with Genius Sports, you mentioned you access to all of their other data outside of the NFL, that, that was part of the deal.

然後另一個問題是，在你與 Genius Sports 簽署的協議中，你提到你可以訪問他們在 NFL 之外的所有其他數據，那是交易的一部分。

Does that lower your cost in some way for things outside of the NFL?

這會以某種方式降低你在 NFL 之外的事情的成本嗎？

In other words, was it packaged with other things that lowers the cost that you've been paying for that data elsewhere?

換句話說，它是否與其他東西打包在一起可以降低您在其他地方為該數據支付的成本？

It's a great question.

這是一個很好的問題。

We aren't really able to give any specifics on that contract.

我們真的無法提供有關該合同的任何細節。

But what we will say is that we do not expect any adverse effect to our long-term gross margin projections based on the pricing that we receive.

但我們要說的是，根據我們收到的定價，我們預計不會對我們的長期毛利率預測產生任何不利影響。

So I think you can kind of read between the lines based on that.

所以我認為你可以基於此來理解字裡行間。

But due to confidentiality, we're not able to disclose any details of the contract.

但出於保密原因，我們無法透露合同的任何細節。

(Operator Instructions) And our next question will come from the line of David Katz from Jefferies.

（操作員說明）我們的下一個問題將來自 Jefferies 的 David Katz。

My one question is, and it's one that I've asked a few quarters back, but not lately, is around in-game wagering and the breadth of offerings there.

我的一個問題是，這是我在幾個季度前問過的問題，但不是最近，是關於遊戲內投注和那裡提供的產品的廣度。

Obviously, we're reminded by the parlay indication.

顯然，parlay 指示提醒了我們。

If you could just talk about the breadth of offerings, where you are today and what we can reasonably expect in the future?

如果你能談談產品的廣度，你今天在哪里以及我們未來可以合理期待什麼？

And is that something that's entirely driven within the confines of SBTech or are there other B2B services or tuck-ins or other things you may need to fully build that out?

這是否完全在 SBTech 的範圍內驅動，或者是否有其他 B2B 服務或塞入或其他您可能需要的東西來完全構建它？

Thank you.

謝謝。

One of the things that really we've noted we're excited about with now having migrated to our in-house platform is the ability to drive innovation and things like in-game wagering and other innovative types of bets that, previously, we had a lot more dependence on our partner Kambi for.

我們真正注意到的一件事是我們很高興現在遷移到我們的內部平台是推動創新的能力以及遊戲內投注和其他創新類型的投注，我們以前有過更加依賴我們的合作夥伴 Kambi。

So we're really excited about that and it's been an all-consuming thing, the migration.

所以我們對此感到非常興奮，遷移是一件耗費心力的事情。

As you can imagine, it was a large project, the largest we've ever done from a product and technology perspective.

你可以想像，這是一個大項目，從產品和技術的角度來看，這是我們做過的最大的項目。

And it's a real testament to the great people on our product and engineering team to be able to have not only done that a little bit ahead of schedule but also to continue to launch new things, including our upcoming launch of the marketplace but also several new states and other sorts of things along the way, including DK Craps and many iGaming games that we release.

這確實證明了我們產品和工程團隊中的優秀人才不僅能夠提前一點完成這項工作，而且能夠繼續推出新產品，包括我們即將推出的市場，還有幾個新產品沿途的狀態和其他種類的事情，包括 DK Craps 和我們發布的許多 iGaming 遊戲。

So really, just I'm so proud of that team for not only ahead of schedule, completing a very smooth migration, but also continuing to innovate.

所以真的，我為這個團隊感到驕傲，他們不僅提前完成了非常順利的遷移，而且還在繼續創新。

But it is true that it was very all-consuming.

但它確實非常耗費精力。

And so I think now that, that's mostly behind us.

所以我現在認為，這主要是在我們身後。

We do still have 1 state left.

我們還剩下 1 個州。

We're really in a position to start focusing on driving innovation and launching new things.

我們確實能夠開始專注於推動創新和推出新事物。

As far as third parties, much like our iGaming product, we're going to do both.

至於第三方，就像我們的 iGaming 產品一樣，我們將兩者兼顧。

There's just a speed-to-market aspect of being able to integrate different providers and also, at the same time, launch things ourselves.

能夠整合不同的供應商，同時，我們自己推出產品，這只是一個快速上市的方面。

And much like what we're doing with iGaming, we'll look at things that either we can't get through third-party providers or economically, it just makes sense for us to bring in-house.

就像我們在 iGaming 上所做的一樣，我們將研究我們無法通過第三方提供商獲得的東西，或者在經濟上，我們內部帶來的東西才有意義。

And we'll do that over time with the goal being most things are in-house over the long term.

隨著時間的推移，我們會這樣做，目標是從長遠來看，大多數事情都是在內部進行的。

But there's just such a long tail of different types of bets and same thing on iGaming, different types of games that there's always going to be a mix of things that we've completely built on our own and things that we've built either partially or in partnership with third parties.

但是，在 iGaming 上，不同類型的投注和相同的事情有這麼長的尾巴，不同類型的遊戲總是會混合我們完全自己構建的東西和我們部分構建的東西或與第三方合作。

Our next question will come from the line of Joe Stauff from Susquehanna.

我們的下一個問題將來自 Susquehanna 的 Joe Stauff。

One other question to add on regarding your product offering.

關於您的產品供應的另一個問題。

How do you think about, especially given your newfound flexibility in the in-house platform about extending out to different consumer segments.

您如何看待，特別是考慮到您在內部平台中新發現的關於擴展到不同消費者群體的靈活性。

Again, whether they be offshore or something?

再一次，他們是在離岸還是什麼地方？

I know it's not an immediate thing, but how do you think about extending your product into those other consumer segments, say, over time?

我知道這不是立竿見影的事情，但你如何考慮將你的產品擴展到其他消費群體，比如說，隨著時間的推移？

So I definitely think that there's an opportunity, as you noted, to expand globally, and that's something that we're looking at doing either inorganically or organically or a combination of the 2. But I think within sports betting, the opportunity to maybe branch into other sports that we haven't had as deep of an offering that could reach different types of people is interesting.

所以我絕對認為，正如你所指出的那樣，有機會在全球範圍內擴張，而這正是我們正在考慮的事情，無論是無機的還是有機的，或者兩者的結合。但我認為在體育博彩中，有可能分支的機會進入我們還沒有深入研究的其他運動，可以接觸到不同類型的人，這很有趣。

And I think something that we're exploring.

我認為我們正在探索的東西。

And then outside of sports, which we've always -- isn't specific to the migration, of course.

然後，在我們一直以來的體育運動之外——當然，並不特定於移民。

We definitely feel in the iGaming segment that we do better with people who are sports fans that we can cross-sell, and we've been working hard to try to extend our brand and extend our reach into the non-sports fan iGaming audience.

在 iGaming 細分市場中，我們確實感覺到我們可以與可以交叉銷售的體育迷一起做得更好，並且我們一直在努力擴展我們的品牌並將我們的影響力擴大到非體育迷 iGaming 觀眾。

And that's something I think we've been getting a bit of traction on, but really need to continue to invest.

這就是我認為我們已經獲得了一些吸引力，但確實需要繼續投資的事情。

I think that's probably the biggest opportunity for us now in terms of consumer segments that we're just not penetrating at the moment.

我認為，就我們目前尚未滲透的消費者細分市場而言，這可能是我們現在最大的機會。

Our next question on the from the line of Stephen Glagola from Cowen.

我們的下一個問題來自 Cowen 的 Stephen Glagola。

I just wanted to unpack the announcement with Genius yesterday a bit more on Same Game Parlays.

我只是想在昨天與 Genius 就 Same Game Parlays 展開更多的公告。

Were the Same Game Parlays launched on the app, a product built in-house by DraftKings?

Same Game Parlays 是否在 DraftKings 內部開發的應用程序上推出？

Or are you using Genius's BetBuilder product?

或者您正在使用 Genius 的 BetBuilder 產品？

And if it is Genius's products, why are you using their product?

如果是 Genius 的產品，您為什麼要使用他們的產品？

I believe BetMGM is also using that same product and FanDuel has developed an in-house parlay product.

我相信 BetMGM 也在使用相同的產品，而 FanDuel 已經開發了一種內部過關產品。

So if you can just talk around that, please?

所以，如果你能談談這個，好嗎？

Yes.

是的。

I mentioned this a few moments ago, but we're going to put out a mix of different things that are organically developed and things where we're partnering, and it's going to depend on a variety of factors such as the opportunity cost of building them in the short term, the actual cost of using a third-party.

我剛才提到過這一點，但我們將把有機開發的不同事物和我們正在合作的事物結合起來，這將取決於多種因素，例如建設的機會成本他們在短期內，使用第三方的實際成本。

In this particular case, it was packaged up with a larger deal, so we felt like it was a good way to get Same Game Parlays into the market really quickly in advance of NFL.

在這種特殊情況下，它與更大的交易打包在一起，因此我們認為這是在 NFL 之前真正快速地將 Same Game Parlays 推向市場的好方法。

And it frees up our engineering time to focus on other things.

它可以騰出我們的工程時間來專注於其他事情。

So that's a lot of how, in the short term, we're going to look at it is if there's a good solution, and it gets us something that's as good or better than what our competitors have, and we can free up engineering bandwidth to focus on other things that maybe our competitors don't have, that's going to be the initial focus.

所以這就是很多，在短期內，我們要看看它是否有一個好的解決方案，它給我們帶來了與我們的競爭對手一樣好或更好的東西，我們可以釋放工程帶寬專注於我們的競爭對手可能沒有的其他東西，這將是最初的重點。

And then, over time, I think we will take things that prove to be large parts of our offering that we think there's an economic benefit to vertically integrating and focus on those.

然後，隨著時間的推移，我認為我們將採用那些被證明是我們產品的很大一部分的東西，我們認為垂直整合具有經濟利益，並專注於這些。

But in the short term, it's really about as quickly as possible, having the broadest and deepest product offering since we think at this stage of game getting maximum activation and retention of consumers is the most important thing.

但在短期內，它真的是盡可能快，提供最廣泛和最深入的產品，因為我們認為在遊戲的這個階段，最大限度地激活和保留消費者是最重要的。

All right.

好的。

Thanks, Jason.

謝謝，傑森。

But just to be clear, so that is -- it is -- you are working -- that is the Bet Genius product that is on the app right now for the Parlay?

但要明確一點，那就是 - 它是 - 你正在工作 - 這是應用程序上現在用於 Parlay 的 Bet Genius 產品？

I believe so.

我相信是這樣。

I know we were using so we just announced the deal, I think, yesterday, and we had Same Game Parlays we launched earlier this week.

我知道我們正在使用，所以我們剛剛宣布了這筆交易，我想是在昨天，我們在本週早些時候推出了 Same Game Parlays。

I know we were using another provider.

我知道我們正在使用另一個供應商。

I'm not sure if we fully switched over to Bet Genius yet, but that's the plan.

我不確定我們是否已完全切換到 Bet Genius，但這是計劃。

Our next question will come from the line of Barry Jonas from Truist Securities.

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

States have been slower to legalize iGaming than say, sports betting.

各州使在線博彩合法化的速度比體育博彩慢。

I know your expectations there aren't as the same as sports betting, but what do you think needs to happen to get more momentum on the iGaming legalization front?

我知道您的期望與體育博彩不同，但您認為需要做些什麼才能在 iGaming 合法化方面獲得更多動力？

I think we've always felt, and I think I have said that it's going to be sports first and then iGaming.

我想我們一直都覺得，我想我已經說過，首先是體育，然後是 iGaming。

I think that it's just the kind of natural evolution of things that states are going to be more comfortable, in many cases, going sports first.

我認為這只是事物的一種自然演變，在許多情況下，先去運動會讓人更舒服。

And then once they get used to the tax revenues coming in, see more and more states doing iGaming, we think more and more states will get comfortable with iGaming as well.

然後，一旦他們習慣了稅收收入，看到越來越多的州從事在線博彩，我們認為越來越多的州也會對在線博彩感到滿意。

Some states such as Connecticut this year chose to do them all at once.

康涅狄格州等一些州今年選擇一次全部完成。

Michigan did the same thing.

密歇根也做了同樣的事情。

Pennsylvania did the same thing.

賓夕法尼亞也做了同樣的事情。

So we may see that here and there.

所以我們可能會在這里和那裡看到它。

And then we may see states like West Virginia, for example, that it's sports betting first and then 1 year or 2 later, did iGaming.

然後我們可能會看到像西弗吉尼亞州這樣的州，首先是體育博彩，然後在 1 年或 2 年後，進行了 iGaming。

So I think it will be a mix, but we certainly expect the momentum to be first with sports betting legalization and then iGaming to be something that follows that.

所以我認為這將是混合的，但我們當然希望這種勢頭首先是體育博彩合法化，然後是隨後的 iGaming。

And I think that in terms of your question about how to get them comfortable, I think there's really 2 things: One is just most states don't want to be the guinea pig.

我認為，就您關於如何讓他們感到舒適的問題而言，我認為確實有兩件事：一是大多數州不想成為試驗品。

So more and more that they see other states, particularly, it tends to be regional in their geographic areas, doing it.

因此，他們越來越多地看到其他州，特別是在他們的地理區域中，它往往是區域性的，這樣做。

And the more that they feel like everything is going well and the playbook on how to regulate it is clear, the more I think comfort they'll get.

他們越覺得一切進展順利，關於如何監管它的劇本越清晰，我認為他們就越會感到安慰。

I think also seeing how much tax revenue can be generated and back to the kind of regional point, if there's bleed from states like right neighboring them because they have iGaming and a state that's chosen to do sports betting does not.

我還想看看可以產生多少稅收並回到那種區域點，如果有來自像他們相鄰的州的流血，因為他們有 iGaming 而選擇進行體育博彩的州沒有。

I think that could be a reason that they move faster.

我認為這可能是他們行動更快的原因。

But it's really just time and we're going to continue to push the message out there that this is something that can be done in a safe manner.

但這真的只是時間，我們將繼續向外界傳達這樣的信息，即這是可以以安全的方式完成的事情。

We have great guardrails in place and are continuing to invest in getting better at Responsible Gaming, and there's real meaningful tax revenue that can be generated by adding that product.

我們有很好的保護措施，並會繼續投資以改善負責任的博彩，並且通過添加該產品可以產生真正有意義的稅收。

Our next question will come from the line of Ryan Sigdahl from Craig-Hallum Capital.

我們的下一個問題將來自 Craig-Hallum Capital 的 Ryan Sigdahl。

Nice metrics on New Jersey iGaming that you gave, really strong performance there.

您提供的新澤西 iGaming 指標不錯，那裡的表現非常出色。

What do you think is driving that accelerated market share gains recently here versus the past several quarters?

與過去幾個季度相比，您認為是什麼推動了最近這里市場份額的加速增長？

And then secondly, why do you think you're having more success taking share on iGaming versus OSB?

其次，為什麼你認為你在 iGaming 上比在 OSB 上更成功？

Great question.

很好的問題。

I mean I think iGaming is actually and, hopefully, it foreshadows OSB, a great example of where we've invested in launching our own games and enhancing our own products.

我的意思是，我認為 iGaming 實際上是而且希望它預示著 OSB，這是我們投資推出自己的遊戲和增強我們自己的產品的一個很好的例子。

And, for example, we mentioned we have launched our own in-house Craps game last quarter.

並且，例如，我們提到我們在上個季度推出了我們自己的內部擲骰子遊戲。

And I think that that's really helped generate momentum and gain market share.

我認為這確實有助於產生動力並獲得市場份額。

And we've been really consumed with the migration.

我們真的很忙於遷移。

And also, of course, there are many things we couldn't do on the product front before migrating.

當然，在遷移之前，我們在產品方面還有很多事情是做不到的。

So I think now that we're finally in a position where we control our own destiny there, and we're able to innovate, I hope to be able to do many of the same things that we've done in the last several quarters on the iGaming front product-wise and we hope that, that helps us gain more share and retain and acquire customers more effectively.

所以我認為現在我們終於可以控制自己的命運，並且我們能夠創新，我希望能夠做我們在過去幾個季度所做的許多相同的事情在 iGaming 前端產品方面，我們希望這能幫助我們獲得更多份額，更有效地留住和獲取客戶。

And our last question for today will be coming from the line of Mike Hickey from The Benchmark Company.

我們今天的最後一個問題將來自 The Benchmark Company 的 Mike Hickey。

Nice quarter, guys, and guide, congrats.

不錯的季度，伙計們和嚮導，恭喜。

First one, just any progress you made on sort of adding social layers to your app?

第一個，您在為您的應用程序添加社交層方面取得了哪些進展？

I think that was sort of the theme on your last call with the tie-in on retention there on your user base?

我認為這是你上次電話會議的主題，與你的用戶群的留存率相關聯？

And the second question on NFTs, just curious, obviously, the cross-sell opportunity seems like a no-brainer.

關於 NFT 的第二個問題，只是好奇，顯然，交叉銷售機會似乎是顯而易見的。

But curious on the user acquisition side, thinking about NFT offerings may be tied into live events and that can bring players into the ecosystem.

但好奇的是，在用戶獲取方面，考慮 NFT 產品可能與現場活動相關聯，這可以將玩家帶入生態系統。

Social is off to a great start.

社交有了一個良好的開端。

It's very early.

現在還早。

I mean we've launched an MVP only a few months ago.

我的意思是我們僅在幾個月前推出了 MVP。

And so we still feel like we have a very lengthy and exciting road map there, but the early results have been very strong.

所以我們仍然覺得我們有一個非常漫長和令人興奮的路線圖，但早期的結果非常強勁。

We've seen great adoption.

我們已經看到了廣泛的採用。

We monitor daily and monthly active users on the social features separate from daily and monthly active users on the product -- on the other products.

我們監控社交功能的每日和每月活躍用戶，與產品的每日和每月活躍用戶分開——在其他產品上。

And we've seen that continually increasing since we've launched.

自推出以來，我們已經看到這種情況不斷增加。

And I think we'll learn a lot in NFL season based on how many of our customers that we acquire and activate were able to get adopting those social features, so very excited about it.

而且我認為我們會在 NFL 賽季中學到很多東西，這取決於我們獲得和激活的客戶中有多少能夠採用這些社交功能，對此非常興奮。

I think it's too early to share any metrics, but we're starting to flesh out what metrics we might be comfortable sharing in the coming quarters.

我認為現在分享任何指標還為時過早，但我們開始充實我們可能會在未來幾個季度分享的指標。

On the NFT side, I definitely feel like it will be a great cross-sell product.

在 NFT 方面，我絕對覺得它會是一個很棒的交叉銷售產品。

We'll know when we get the data, but we've done enough market research on our customers to know that quite a few of them are interested in it and there's good overlap with our current customer base.

我們會知道何時獲得數據，但我們已經對客戶進行了足夠的市場調查，知道他們中的很多人對此感興趣，並且與我們當前的客戶群有很好的重疊。

And I do agree that it could also potentially have some upside on the customer acquisition side, just like we do with every product in our portfolio, we test which are the best products to most efficiently bring people onto the platform.

而且我確實同意它在客戶獲取方面也可能有一些好處，就像我們對我們產品組合中的每一種產品所做的那樣，我們測試哪些是最有效地將人們帶到平台上的最佳產品。

And then once they're on the platform, we try to cross-sell them across everything we do.

然後一旦他們在平台上，我們就會嘗試在我們所做的一切中交叉銷售它們。

And I think there could be some upside on that front for sure, but we're going to have to wait and see and, really, we'll do whatever the data suggests, but it's something that we've talked about as a potential upside.

而且我認為這方面肯定會有一些好處，但我們將不得不拭目以待，實際上，我們會按照數據所暗示的去做，但這是我們已經討論過的潛在問題上行。

And in general, I think just having the broadest product portfolio gives us the most options for how we can acquire different pockets of customers.

總的來說，我認為只有擁有最廣泛的產品組合才能為我們提供最多的選擇，讓我們可以如何獲得不同的客戶群。

So not only does it increase LTV, but also has a positive effect on our CAC efficiency over time to just have the broadest and deepest product portfolio possible.

因此，它不僅增加了 LTV，而且隨著時間的推移對我們的 CAC 效率產生了積極影響，從而盡可能擁有最廣泛和最深入的產品組合。

Thank you.

謝謝。

That's all the time we have for questions today.

這就是我們今天所有的提問時間。

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。

Our performance in 2021 continues to be very strong, and we're excited for what the rest of the year and beyond hold for us.

我們在 2021 年的表現仍然非常強勁，我們對今年餘下時間及以後的表現感到興奮。

DraftKings is well positioned with $2.6 billion in cash to capitalize on legislative advancements in several states, complete the migration to our own in-house Bet engine, expand and initiate relationships with important organizations and advance new product technology and content initiatives.

DraftKings 擁有 26 億美元的現金，可以利用幾個州的立法進步，完成向我們自己的內部 Bet 引擎的遷移，擴展和啟動與重要組織的關係，並推進新產品技術和內容計劃。

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

我希望你們都平安健康，我們期待在 11 月的下一次財報電話會議上與你們交談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。