(DKNG) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the DraftKings Q2 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to hand the conference over to your speaker today, Mr. Stanton Dodge, Chief Legal Officer. Sir, please go ahead.

美好的一天，感謝您的支持。歡迎參加 DraftKings 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，首席法律官斯坦頓·道奇先生。先生，請繼續。

Good morning, everyone, and thanks for joining us today. Certain statements we make during this call may constitute forward-looking statements that are subject to risks, uncertainties and other factors as discussed further in our SEC filings that could cause our actual results to differ materially from our historical results or from our forecast.

大家早上好，感謝您今天加入我們。我們在本次電話會議中做出的某些聲明可能構成前瞻性聲明，這些聲明受到風險、不確定性和其他因素的影響，如我們在SEC 文件中進一步討論的，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 to update forward-looking statements other than as required by law. During this call, management will also discuss certain non-GAAP financial measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute for DraftKings financial results prepared in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings presentation, which can be found on our website and in our quarterly report on Form 10-Q filed with the SEC. Hosting the call today, we have Jason Robins, Co-Founder and Chief Executive Officer of DraftKings, who will share some opening remarks and an update on our business; and Jason Park, Chief Financial Officer, DraftKings, who will provide a review of our financials, and we will then open the line to questions. I will now turn the call over to Jason Robins.

除法律要求外，我們不承擔更新前瞻性陳述的責任。在這次電話會議中，管理層還將討論某些非公認會計準則財務指標，我們認為這些指標可能有助於評估 DraftKings 的經營業績。這些措施不應被孤立地考慮或作為根據 GAAP 編制的 DraftKings 財務業績的替代品。這些非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的對賬可在我們的收益報告中找到，該報告可以在我們的網站和向 SEC 提交的 10-Q 表格季度報告中找到。今天主持電話會議的是 DraftKings 聯合創始人兼首席執行官 Jason Robins，他將分享一些開場白和我們業務的最新情況；以及 DraftKings 首席財務官 Jason Park，他將對我們的財務狀況進行審查，然後我們將開始提問。我現在將把電話轉給傑森·羅賓斯。

Good morning, and thank you all for joining. I'm excited to be with you today to talk about our outstanding second quarter and significantly improved outlook for fiscal year 2023. Revenue and adjusted EBITDA exceeded expectations in the second quarter. And importantly, we generated significant positive adjusted EBITDA. Second quarter revenue increased 88% year-over-year to $875 million. Our revenue growth trajectory has been very strong due to our continued focus on enhancing our products and improving our customer experience, which is driving excellent retention and rapidly improving monetization. At the same time, we remain relentlessly focused on efficiency, and our mantra of revenue growth and cost efficiency is now a core tenet of the organization.

早上好，感謝大家的加入。我很高興今天能與大家一起談論我們出色的第二季度以及顯著改善的 2023 財年前景。第二季度的收入和調整後 EBITDA 超出了預期。重要的是，我們產生了顯著的正調整 EBITDA。第二季度收入同比增長 88% 至 8.75 億美元。由於我們持續專注於增強產品和改善客戶體驗，我們的收入增長軌跡非常強勁，這推動了出色的保留率和快速提高的貨幣化。與此同時，我們仍然堅持不懈地關注效率，我們的收入增長和成本效率的口號現在已成為該組織的核心宗旨。

As a result of our strong revenue growth and ongoing efforts to capture efficiencies, we delivered $73 million of positive adjusted EBITDA in the second quarter. We are increasing our full year revenue guidance to a range of $3.46 billion to $3.54 billion, implying growth of 56% year-over-year at the mid-point. Our fiscal year 2023 revenue guidance includes our expectation of nearly $1.2 billion of revenue in the fourth quarter of 2023. We are also improving our full year adjusted EBITDA guidance to a range of negative $190 million and negative $220 million, an improvement of 35% at the midpoint versus our May full year guidance.

由於我們強勁的收入增長和持續努力提高效率，我們在第二季度實現了 7300 萬美元的正調整 EBITDA。我們將全年收入指引提高至 34.6 億美元至 35.4 億美元之間，這意味著中點同比增長 56%。我們的2023 財年收入指導包括我們對2023 年第四季度收入近12 億美元的預期。我們還將全年調整後EBITDA 指導提高至負1.9 億美元和負2.2 億美元的範圍，提高了35% 。與我們五月份全年指引的中點。

Our fiscal year 2023 adjusted EBITDA guidance includes our expectation of $150 million to $175 million of adjusted EBITDA in the fourth quarter of this year. Turning to our OSB product. We have continued to focus on powering our own Same Game Parlays and differentiating our live betting content. We now have live Same Game Parlays built in-house for most of the major sports, including NFL, NBA, MLB, college football and college basketball and added to our live markets for golf, tennis and MLB. We are improving our product at a very fast velocity with very high quality.

我們的 2023 財年調整後 EBITDA 指導包括我們對今年第四季度調整後 EBITDA 1.5 億至 1.75 億美元的預期。轉向我們的 OSB 產品。我們繼續專注於推動我們自己的同場過關投注並讓我們的現場投注內容與眾不同。現在，我們為大多數主要體育項目（包括 NFL、NBA、MLB、大學橄欖球和大學籃球）內部構建了現場同場過關投注，並添加到了高爾夫、網球和 MLB 的現場市場。我們正在以非常快的速度和非常高的質量改進我們的產品。

In iGaming, we're executing our 2-brand strategy while focusing on differentiating through more in-house content, including Live Dealer and Jackpot Offering. Our persistent focus on product differentiation is already apparent in share trends. In the states where we are currently live, we achieved OSB handle share of 35% and OSB GGR share of 32% in the quarter, which were the highest they have been since the COVID impacted second quarter of 2020. We also maintained #1 iGaming GGR position and set an all-time record for our iGaming GGR share at 27%. Looking ahead, we are very excited for football season. Our entire organization has dialed in and ready for the start of NFL and NCAA football. I am proud of the team and the culture we have put in place. In particular, I am proud of our team for their relentless focus on efficiency and expense management over the past 12 months. Our work of achieving (inaudible) is not done, and we feel great about the trajectory of the business. With that, I will turn it over to Jason Park.

在 iGaming 中，我們正在執行雙品牌戰略，同時專注於通過更多內部內容實現差異化，包括真人荷官和大獎發行。我們對產品差異化的持續關注已經在股票趨勢中顯現出來。在我們目前所在的州，我們在本季度實現了35% 的OSB 處理份額和32% 的OSB GGR 份額，這是自2020 年第二季度受新冠疫情影響以來的最高水平。我們還保持了iGaming 排名第一的地位GGR 地位並創下了我們 iGaming GGR 份額 27% 的歷史記錄。展望未來，我們對足球賽季感到非常興奮。我們整個組織已做好準備，迎接 NFL 和 NCAA 橄欖球比賽的開始。我為我們的團隊和我們所建立的文化感到自豪。我特別為我們的團隊在過去 12 個月裡對效率和費用管理的不懈關注而感到自豪。我們實現目標（聽不清）的工作尚未完成，我們對業務的發展軌跡感覺很好。這樣，我就把它交給傑森·帕克。

Thank you, Jason. I'll hit on the highlights, including our Q2 performance and our improved 2023 guidance. Please note that all income statement measures discussed except for revenue, are on a non-GAAP adjusted EBITDA basis. As Jason mentioned, the organization is executing very well, and that is showing up in our results. We achieved $875 million of revenue in the quarter, which is 88% higher than our second quarter 2022 revenue, and our adjusted EBITDA of positive $73 million significantly outperformed our expectations and improved by nearly $200 million on a year-over-year basis. Customer retention and engagement outperformed expectations, as we successfully transitioned customers from the NBA season into MLB.

謝謝你，傑森。我將重點介紹重點內容，包括我們第二季度的業績和改進的 2023 年指導。請注意，除收入外，討論的所有損益表指標均基於非公認會計準則調整後的 EBITDA 基礎。正如傑森提到的，該組織執行得非常好，這也體現在我們的結果中。我們本季度實現了 8.75 億美元的收入，比 2022 年第二季度的收入高出 88%，調整後的 EBITDA 為正 7300 萬美元，大大超出了我們的預期，同比提高了近 2 億美元。我們成功地將客戶從 NBA 賽季轉移到了 MLB，客戶保留率和參與度超出了預期。

We have seen significantly better-than-expected engagement on MLB, due to our enhanced product. Structural hold was also above expectations at approximately 9% for the quarter, while promotional intensity improved together supporting more than 550 basis point year-over-year improvement in our adjusted gross margin rate to 47%. Fixed expenses were slightly better than expected as we manage vendor-related costs and exerted discipline on our compensation expense. We were particularly pleased with the results in our more mature online sportsbook, iGaming States. In our states that launched from 2018 through 2021, combined handle growth accelerated quarter-over-quarter and increased more than 35% compared to the same period in 2022.

由於我們增強的產品，我們發現 MLB 的參與度明顯好於預期。本季度的結構性保持也高於預期，約為 9%，同時促銷強度的提高共同支持我們調整後的毛利率同比提高了 550 個基點以上，達到 47%。固定費用略好於預期，因為我們管理與供應商相關的成本並對補償費用實行紀律。我們對我們更成熟的在線體育博彩 iGaming States 的結果感到特別滿意。在我們從 2018 年到 2021 年推出的州中，合併處理量增長環比加速，與 2022 年同期相比增長超過 35%。

In these states, revenue increased more than 70% year-over-year. Adjusted gross margin rate increased more than 800 basis points and external marketing declined more than 10%, while total unique customers increased approximately 25%. These strong results and our visibility into continued improvement have enabled us to raise our full year 2023 revenue guidance range to $3.46 billion to $3.54 billion from $3.135 billion to $3.235 billion or by $315 million at the midpoint.

在這些州，收入同比增長超過 70%。調整後毛利率增長超過800個基點，外部營銷下降超過10%，而獨立客戶總數增長約25%。這些強勁的業績以及我們對持續改進的了解，使我們能夠將 2023 年全年收入指導範圍從 31.35 億美元提高到 32.35 億美元，提高到 34.6 億美元到 35.4 億美元，中間值提高 3.15 億美元。

We are also improving our full year 2023 adjusted EBITDA guidance range to negative $190 million to negative $220 million from negative $290 million to negative $340 million or by $110 million at the midpoint. The bridge from our May full year 2023 guidance to our current full year 2023 guidance includes increases due to stronger customer retention, acquisition and engagement, structural sports book hold improvement and favorable sport outcomes in the second quarter. These items are partially offset by Kentucky now launching this year and being included in our forecast and Ohio's tax rate increasing effective July 1.

我們還將 2023 年全年調整後 EBITDA 指導範圍從負 2.9 億美元至負 3.4 億美元提高至負 1.9 億美元至負 2.2 億美元，中間提高 1.1 億美元。從我們5 月的2023 年全年指引到當前的2023 年全年指引，包括由於客戶保留、獲取和參與度增強、結構性體育博彩持有量改善以及第二季度有利的體育賽事結果而帶來的增長。這些項目被肯塔基州今年推出並納入我們的預測以及俄亥俄州稅率從 7 月 1 日起生效部分抵消。

Customer retention, acquisition and engagement are exceeding expectations and account for $225 million of the revenue improvement and $100 million of the adjusted EBITDA improvement. Our structural sports book hold percentage forecast is also higher, supported by our introduction of in-house same game parlay capabilities and new live betting markets. This trend accounts for $40 million of the revenue improvement and $30 million of the adjusted EBITDA improvement. Favorable sport outcomes in the second quarter contribute $30 million to the revenue improvement and $20 million to the adjusted EBITDA improvement. We are very excited that Kentucky's Horse Racing Commission recently set a target launch date of September 28, 2023, for online sports betting, which is sooner than we previously anticipated.

客戶保留、獲取和參與度超出了預期，收入增長了 2.25 億美元，調整後 EBITDA 增長了 1 億美元。我們的結構性體育博彩持有百分比預測也較高，這得益於我們引入內部相同遊戲連贏功能和新的現場投注市場。這一趨勢導致收入改善 4000 萬美元，調整後 EBITDA 改善 3000 萬美元。第二季度良好的體育賽事成果為收入增長貢獻了 3000 萬美元，為調整後 EBITDA 增長貢獻了 2000 萬美元。我們非常高興肯塔基州賽馬委員會最近將在線體育博彩的目標啟動日期定為 2023 年 9 月 28 日，這比我們之前的預期要早。

As a result, we expect $20 million of additional revenue in 2023, and a headwind of $30 million to 2023 adjusted EBITDA. Last, we expect Ohio's increased tax rate from 10% to 20%, which went into effect July 1 to result in $10 million of additional costs this year. In terms of our full year 2023 adjusted gross margin percentage, we now expect to be in the 43% to 45% range, an improvement from our previous guidance of 42% to 45%.

因此，我們預計 2023 年將增加 2000 萬美元的收入，而 2023 年調整後的 EBITDA 將面臨 3000 萬美元的阻力。最後，我們預計俄亥俄州稅率從 10% 提高到 20%（7 月 1 日生效），今年將導致 1000 萬美元的額外成本。就 2023 年全年調整後的毛利率百分比而言，我們目前預計在 43% 至 45% 範圍內，較之前 42% 至 45% 的指導有所改善。

We expect contribution profit, which we define as adjusted gross profit less external marketing to grow to approximately $700 million in fiscal year 2023, which includes our investment into Kentucky.

我們預計貢獻利潤（我們將其定義為調整後毛利潤減去外部營銷）將在 2023 財年增長至約 7 億美元，其中包括我們對肯塔基州的投資。

With regard to our balance sheet, we ended the second quarter with $1.1 billion of cash and now plan to end the year with more than $1 billion. As a reminder, we expect approximately $120 million of capital expenditures and capitalized software development costs for fiscal year 2023 and change in net working capital to be slightly positive for the year.

就我們的資產負債表而言，第二季度結束時我們擁有 11 億美元的現金，現在計劃年底時擁有超過 10 億美元的現金。提醒一下，我們預計 2023 財年的資本支出和資本化軟件開發成本約為 1.2 億美元，並且今年淨營運資本的變化將略有積極。

In sum, we had a strong second quarter and are very excited for the upcoming football season. That concludes our remarks, and we will now open the line for questions.

總而言之，我們的第二季度表現強勁，並對即將到來的足球賽季感到非常興奮。我們的發言到此結束，現在我們開始提問。

(Operator Instructions) Our first question will come from Shaun Kelley of Bank of America.

（操作員指示）我們的第一個問題將來自美國銀行的 Shaun Kelley。

Jason or Jason, maybe just to start off, obviously, dramatic market share gains, and I think a lot of this comes back to just truly core product improvement. So I was wondering if you could give us just a little bit of color on what you think the big success stories have been over the last 3, 6, 9 months on the product side? And then maybe to put it in quantification terms, what would it take to narrow the gap between your OSB handle share that you outlined at 35% and the OSB GGR share at 32%, is that a realistic goal?

傑森或傑森，顯然，這可能只是一個開始，市場份額的大幅增長，我認為這很大程度上取決於真正的核心產品改進。所以我想知道您能否給我們介紹一下您認為過去 3、6、9 個月在產品方面取得的巨大成功故事？然後也許用量化的術語來說，如何才能縮小您概述的 35% 的 OSB 手柄份額與 32% 的 OSB GGR 份額之間的差距，這是一個現實的目標嗎？

Thank you, Sean. So first on the question around product, it's been a lot of things. I think it's a very complicated product, and there's a lot of things that can create customer friction if you're not careful. And I think really a big focus for us over the last 1.5 years has been removing customer friction throughout the journey. So that's been a big deal. We've obviously greatly enhanced our same game parlay offering. That's been a huge part of the story over the last 6 to 8 months. And I think our live betting options have gotten better as well. I can objectively say, I think in H2, we feel we're going to have the best product in the market. So really excited about that. And I think that's the big difference maker as you noted. As far as whole rate goes, we're continually working to improve that.

謝謝你，肖恩。首先，關於產品的問題，涉及很多方面。我認為這是一個非常複雜的產品，如果你不小心的話，很多事情都會造成客戶摩擦。我認為過去 1.5 年我們真正關注的重點是消除整個旅程中的客戶摩擦。所以這是一件大事。我們顯然極大地增強了我們相同的遊戲連贏服務。這是過去 6 到 8 個月裡故事的一個重要部分。我認為我們的現場投注選項也變得更好了。我可以客觀地說，我認為在下半年，我們感覺我們將擁有市場上最好的產品。對此我真的很興奮。正如您所指出的，我認為這是最大的不同之處。就整體率而言，我們正在不斷努力改進。

We've obviously closed the gap quite a bit between handle share and GGR share, and I have no reason to believe that we can't continue to do that.

顯然，我們已經在很大程度上縮小了手柄份額和 GGR 份額之間的差距，我沒有理由相信我們不能繼續這樣做。

(Operator Instructions) Next question will come from Stephen Grambling of Morgan Stanley.

（操作員說明）下一個問題將由摩根士丹利的史蒂芬·格蘭布林（Stephen Grambling）提出。

I'm going to change over to marketing and costs. It looks like in the back half, the assumption is for effectively, I think, very much lower growth. So it seems like you're continuing to be focused on reducing costs, are there still big contracts out that could be up for renegotiation or that we could be considering as we look into the second half or into next year as we look at the guidance or beyond?

我將轉向營銷和成本。我認為，在後半部分，假設的增長實際上要低得多。因此，看來你們繼續專注於降低成本，是否仍有可能需要重新談判的大型合同，或者我們在考慮下半年或明年的指導時可以考慮這些合同或者超越？

Yes, it's a good question. I mean, we always are reevaluating every time we have a deal come up, whether it makes sense to continue and at what price. And that's a continual thing. So we're going to continue just over the course of our lifetime to see optimization there. I think same thing across the board with marketing, promotion and I do think there's opportunity also if we can gain more market share to generate better top line as well. So those are really the core areas of focus for the company. I think on the corporate cost side, we really -- there's probably a little bit here and there. We've really spent so much effort on that for the last 1.5 years or so that I think the low-hanging fruit there has been picked. But certainly, the intent is to have significantly slower fixed cost growth next year. And I do think there's some room to optimize some of the levers that I mentioned.

是的，這是一個好問題。我的意思是，每次達成交易時，我們總是會重新評估繼續下去是否有意義以及價格是多少。這是一件持續不斷的事情。因此，我們將在我們的一生中繼續看到那裡的優化。我認為營銷、促銷方面也是如此，而且我確實認為，如果我們能夠獲得更多的市場份額，從而產生更好的收入，那麼我們也有機會。所以這些確實是公司關注的核心領域。我認為在企業成本方面，我們確實——可能到處都有一些。在過去 1.5 年左右的時間裡，我們確實在這方面投入了很多精力，我認為唾手可得的成果已經被摘取了。但可以肯定的是，其目的是明年固定成本增長大幅放緩。我確實認為我提到的一些槓桿還有優化的空間。

But as a quick clarification, are any of the bigger kind of national marketing contracts embedded in the guidance in terms of cost reductions? Or are those still kind of outstanding?

但作為快速澄清，是否有更大類型的全國營銷合同包含在成本削減方面的指導中？或者那些仍然很出色？

No, we don't have any cost reductions embedded in the guidance from any of that. We, certainly, as I mentioned, always look at when things come up, but we're at this point not building any favorable renegotiations into the guidance.

不，我們的指南中沒有包含任何成本削減。當然，正如我所提到的，我們總是會關注事情何時發生，但目前我們還沒有在指導方針中建立任何有利的重新談判。

Makes sense. Thank you.

說得通。謝謝。

Stephen, as you know, our approach to guidance in general has been -- we're going to bake what we know. If we have lots of things that we're working on, some of them may come through, some of them may not. So we don't kind of forecast like a probability adjusted number. We really bake what we know. And then we look at anything like you're describing as well as potentially any additional market share gains or anything else that might drive top line. We look at that as upside.

斯蒂芬，如你所知，我們的總體指導方法是——我們將烘焙我們所知道的東西。如果我們正在做很多事情，其中​​一些可能會成功，有些可能不會。所以我們不會像概率調整數字那樣進行預測。我們確實烘焙我們所知道的東西。然後我們會考慮您所描述的任何內容，以及任何潛在的額外市場份額收益或任何可能推動營收增長的其他內容。我們認為這是有利的。

I would add, Stephen, that these types of team and league deals are a much smaller percentage of our total marketing expense than some of the other operators in the industry. And as a general philosophy, we have implemented more short duration deals to give us the chance to evaluate actual performance more frequently.

斯蒂芬，我想補充一點，與業內其他一些運營商相比，這些類型的球隊和聯盟交易在我們總營銷費用中所佔的比例要小得多。作為一般理念，我們實施了更多短期交易，使我們有機會更頻繁地評估實際績效。

(Operator Instructions) Our next question will come from David Katz of Jefferies.

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

So in the comments, you talked about backward-looking friction removal as a product focus. Can you just talk a bit more about how that focus looks going forward and what the to-do list is to sort of keep your product on a winning track?

因此，在評論中，您談到了將向後看的摩擦消除作為產品重​​點。您能多談談未來的重點以及讓您的產品保持成功的待辦事項清單嗎？

It's a great question. I mean, I think that this is an area that there's still a lot left to do. It's true of any product in the digital space that there's always going to be room to optimize your funnels and improve the experience, but particularly in regulated gaming, where there's a lot of requirements that you have to follow and there's a lot of states that launch very quickly. So the focus for us has been on how do we get live and make sure that we're complying with all relevant laws and regulations.

這是一個很好的問題。我的意思是，我認為這個領域還有很多工作要做。對於數字空間中的任何產品來說，總是有空間來優化您的渠道和改善體驗，但特別是在受監管的遊戲中，您必須遵循很多要求，並且有很多州推出了非常快。因此，我們的重點是如何開展業務並確保遵守所有相關法律和法規。

I think as you then kind of say, okay, let's take a look at along the way, what is that done that might have created bad experiences for customers? Flags that go off that were misfires or things that were actually correct, but don't really properly give the customer a path to resolving them even with better explanation. I think there's so much there. And for us, it's really about the customer experience. We look at the product and we say, if you're a customer, what elements of it would be frustrating, what elements of it would make you feel like I'm just going to go try somewhere else. And we try to improve that the best we can, obviously, making sure that we continue to follow all compliant -- stay compliant with all regulations and laws in every jurisdiction that we operate.

我想，正如你所說，好吧，讓我們看看，到底做了什麼可能會給客戶帶來糟糕的體驗？發出的標誌是失火或實際上是正確的，但即使有更好的解釋，也沒有真正正確地為客戶提供解決問題的途徑。我認為那裡有很多東西。對於我們來說，這確實關係到客戶體驗。我們查看產品，然後說，如果您是客戶，其中的哪些元素會令人沮喪，哪些元素會讓您覺得我要去其他地方嘗試。顯然，我們會盡力改進，確保我們繼續遵守所有合規性——遵守我們運營的每個司法管轄區的所有法規和法律。

But I think there's a lot there and just will continually be because of the sort of nature of the regulated gaming industry. And I think particularly now given how many states launched now quickly, there's just a lot of low-hanging fruit still available on that front.

但我認為，由於受監管的遊戲行業的性質，其中有很多因素，並且將繼續存在。我認為，特別是現在，考慮到有多少州正在迅速啟動，在這方面仍然有很多容易實現的目標。

Understood. And as my follow-up, I do have to ask, periodically, there's a lot of discussion, and I think it's been obviously ramping up M&A. What are the boundaries and what thoughts might you be able to share in terms of what you might want for or need to keep the momentum going?

明白了。作為我的後續行動，我確實必須定期詢問，有很多討論，我認為這顯然在增加併購。就您可能想要的或需要保持動力的方面而言，界限是什麼？您可以分享哪些想法？

I know there's a lot of chatter about M&A. At this point, we're about -- I mean we had a great quarter. We're really excited about that, but we're kind of on to this quarter. It's about to be the most important time of year seasonally for us. We have fall coming up with the NFL and call it football calendar, NBA. Lots of things happening this fall. So this is the most important time of the year. This is when we acquire the most customers, when we have the biggest opportunity to gain more market share, to where we generate the most revenue, we'll generate the most EBITDA.

我知道有很多關於併購的討論。在這一點上，我們即將——我的意思是我們度過了一個很棒的季度。我們對此感到非常興奮，但我們即將進入本季度。這即將成為我們一年中最重要的季節。我們秋季推出了 NFL，並將其稱為橄欖球日曆，NBA。今年秋天發生了很多事情。所以這是一年中最重要的時刻。當我們獲得最多的客戶時，當我們有最大的機會獲得更多市場份額時，當我們產生最多的收入時，我們將產生最多的 EBITDA。

I think this is so important moment for DraftKings that we as a team laser focused on executing and everybody's really dialed in now. We have a lot of exciting stuff coming for NFL and college football and basketball and hockey and everything else, and we're pretty excited about that.

我認為這對於 DraftKings 來說是非常重要的時刻，我們作為一個團隊專注於執行，現在每個人都真正投入了。我們將為 NFL、大學橄欖球、籃球、曲棍球以及其他所有項目帶來許多令人興奮的內容，我們對此感到非常興奮。

And listen, there's always talk of things happening in the background, and we have small teams that make sure they're aware of what's going on. But as a company, we're very, very focused on executing and winning in the U.S.

聽著，總是有人談論幕後發生的事情，我們有小團隊來確保他們了解正在發生的事情。但作為一家公司，我們非常非常專注於在美國的執行和獲勝。

(Operator Instructions) Our next question will come from Robin Farley of UBS.

（操作員說明）我們的下一個問題將來自瑞銀集團的 Robin Farley。

I wonder if you could talk a little bit about the percent of players that migrate from the OSB side to the iGaming side and how that's kind of changed from before Golden Nugget till now?

我想知道您是否可以談談從 OSB 方面遷移到 iGaming 方面的玩家百分比，以及從 Golden Nugget 之前到現在有何變化？

Robin, thank you. So it's been pretty consistent actually around 50% in states that have both products tend to cross over. That hasn't really changed with Golden Nugget because Golden Nugget is such a smaller piece of the pie. It's less than 5% of our revenue. So that doesn't really move the overall needle. We do see Golden Nugget is certainly a more dominant casino brand. So the crossover is a little bit less there. But it doesn't really move the needle on the overall business. The overall businesses stay pretty consistent in the 50-ish percent range.

羅賓，謝謝你。因此，在兩種產品傾向於交叉的州，實際上大約 50% 的情況相當一致。金塊的情況並沒有真正改變，因為金塊只是蛋糕中較小的一塊。這還不到我們收入的 5%。所以這並沒有真正改變整體情況。我們確實看到金塊無疑是一個更具主導地位的賭場品牌。所以交叉點要少一些。但這並沒有真正改變整體業務。整體業務保持在 50% 左右的範圍內。

Okay. And do you expect that to change when you talk about migrating in the next couple of months to the DraftKings' tech stack or not necessarily, it sounds like?

好的。當您談論在接下來的幾個月內遷移到 DraftKings 的技術堆棧時，您是否期望這種情況會改變，或者聽起來不一定？

I don't think so, at least not in the short term because it's such a small piece of the revenue. But certainly, we hope that, that's a brand that grows and becomes bigger and bigger, and it could potentially impact long term. But I don't think we expect an immediate change when we migrate. I think, if anything, the focus will be on continuing to build out the casino audience and the CRM and cross-sell, multi-brand strategy within casino.

我不這麼認為，至少短期內不會，因為它只佔收入的一小部分。但當然，我們希望，這是一個不斷成長、變得越來越大的品牌，並且它可能會產生長期影響。但我認為我們在遷移時並不期望立即發生變化。我認為，如果有的話，重點將是繼續擴大賭場受眾以及賭場內的 CRM 和交叉銷售、多品牌戰略。

But as time goes on, I think that we'll have to see how the brand is growing and developing and if it can become more of a sports brand than it is today. But I think as of now, we think of it as more of a casino brand.

但隨著時間的推移，我認為我們必須看看這個品牌如何成長和發展，以及它是否能變得比今天更像一個運動品牌。但我認為到目前為止，我們更多地認為它是一個賭場品牌。

(Operator Instructions) Our next question will come from Joe Stauff of SIG.

（操作員說明）我們的下一個問題將來自 SIG 的 Joe Stauff。

I was curious I guess just in terms of understanding maybe the speed of adoption, especially looking at newer states. You've reached about 7% adult penetration of the adults in the newer states. And I'm wondering how you think about maybe that continuum in terms of the level of penetration that you have in some of your older states, call it, New Jersey or whatever? And then the second question I had was whether it be the number or the percentage of jurisdictions you operate in that are now contribution positive?

我很好奇，我想只是為了了解採用的速度，特別是考慮較新的州。在較新的州，成人滲透率已達到 7% 左右。我想知道你如何看待在一些較老的州（新澤西州或其他州）的滲透水平方面的連續統一體？我的第二個問題是，您所在的司法管轄區現在貢獻正值的數量或百分比是多少？

(technical difficulty)

（技術難度）

All right. I'll ask the questions, I guess, again. I was curious of the speed of adoption especially as we think about maybe the newer states, you've reached about 7% penetration there. And just wondering how quickly now do we think about that continuum reaching penetration of some of your older states, whether it be New Jersey or so? And then the second question was really about the percentage or the number of jurisdictions that you operate in where you're contribution positive now?

好的。我想我會再次問這些問題。我對採用速度感到好奇，尤其是當我們考慮到可能較新的州時，那裡的滲透率已經達到了 7% 左右。只是想知道我們現在考慮這種連續體滲透到一些較古老的州（無論是新澤西州還是其他州）的速度有多快？第二個問題實際上是關於您現在做出積極貢獻的司法管轄區的百分比或數量？

(technical difficulty)

（技術難度）

Yes, this should be hopefully better. So you're asking about the penetration of new states being -- I apologize. I missed the last part of the question.

是的，這應該會更好。所以你問的是新州的滲透——我很抱歉。我錯過了問題的最後一部分。

Yes, no problem. Just trying to understand the newer states, right, you've reached about 7% penetration or so in the newer states and wondering how quickly you think that adoption rate will get to levels in those newer states that you have in New Jersey or so?

是沒有問題。只是想了解較新的州，對吧，您在較新的州已經達到了 7% 左右的滲透率，想知道您認為這些較新的州的採用率要多快才能達到新澤西州左右的水平？

It's hard to say. I mean still very new. I think we're continuing to see good acquisition in those new states. And then we're going to know a lot more in a couple of months after NFL starts (inaudible). This will be the first time, for example, in Massachusetts that there's NFL betting available online. So one would expect you'll see another wave of customer acquisition, but we'll know more how things are tracking in the next couple of months, and we'll certainly be able to update you on the next earnings call.

很難說。我的意思是仍然很新。我認為我們將繼續在這些新州看到良好的收購。然後我們將在 NFL 開始後的幾個月內了解更多信息（聽不清）。例如，這將是馬薩諸塞州首次提供在線 NFL 投注。因此，人們預計您會看到另一波客戶獲取浪潮，但我們會更多地了解未來幾個月的情況，並且我們肯定能夠在下一次財報電話會議上向您通報最新情況。

And I'd add, Joe, our older vintage states, we continue to see really healthy acquisition. We're obviously bringing marketing spend down in those older states to match the level of acquisition and achieve appropriate CAC. But we haven't really found a ceiling in even our older -- our most mature states.

我想補充一點，喬，我們的舊年份狀態，我們繼續看到真正健康的收購。顯然，我們正在降低這些較舊州的營銷支出，以匹配收購水平並實現適當的 CAC。但即使在我們最古老、最成熟的州，我們也沒有真正找到上限。

Interesting. And one follow-up, if I could. Are you willing to maybe share with us maybe the percentage of jurisdictions or the number where you're contribution positive?

有趣的。如果可以的話，還有一個後續行動。您是否願意與我們分享您積極貢獻的司法管轄區的百分比或數量？

Yes. We'll definitely be talking more about that this fall on our Q4 earnings call and at the preceding Q3 earnings call in November and at our Investor Day. So I don't want to front run the team on that one, but we have a...

是的。我們肯定會在今年秋天的第四季度財報電話會議、11 月份的第三季度財報電話會議以及投資者日上更多地討論這一問題。所以我不想在這個問題上領先團隊，但我們有一個......

(Operator Instructions) Our next question will come from Dan Politzer of Wells Fargo.

（操作員說明）我們的下一個問題將來自富國銀行的 Dan Politzer。

First one, one specific question and maybe one more high level. Just in terms of the quarter, (inaudible) was 10%, I think adjusting for the favorable sport outcomes around 9%. Can you maybe give us just some more detail there in terms of parlay mix and late count? And then in terms of how you're thinking about this over time, I think your largest competitor has called out a goal of 12%. So it feels like you're closing that gap pretty quickly. How do you think about this evolving over time? And maybe any guidepost for how you think about this year versus next year?

第一個是一個具體問題，也許還有一個更高層次的問題。就本季度而言，（聽不清）為 10%，我認為根據有利的體育結果進行調整後，該比例約為 9%。您能否給我們提供有關連贏組合和後期計數方面的更多詳細信息？然後，就您隨著時間的推移如何思考這個問題而言，我認為您最大的競爭對手已經提出了 12% 的目標。所以感覺你很快就縮小了這個差距。您如何看待這種隨著時間的推移而演變的情況？也許有什麼指南可以告訴你如何看待今年和明年？

Yes. It's a great question on ceiling. I think we're still trying to figure out what we think the right level and appropriate level to get to is and we'll continue to follow the data. I don't feel like we have enough yet to say that we have a long-term target there other than I think there is still room to increase. And we thus far have seen really no material impact to handle, so definitely room to go up.

是的。這是一個關於天花板的好問題。我認為我們仍在努力找出我們認為正確的水平和適當的水平，我們將繼續跟踪數據。我覺得我們還沒有足夠的證據來說明我們在那裡有一個長期目標，除了我認為還有增加的空間。到目前為止，我們還沒有看到真正需要處理的重大影響，因此肯定有上升的空間。

And parlay mix is actually right on expectation for us this quarter. There's definitely some upside, I think, in average like count with the rollout of our new bet slip that will be powered by our in-house SGP models. I think that will improve the leg adding experience in the UI, and that should hopefully increase average like count this fall. But as far as Q2 goes, we are really at where we...

連本帶利組合實際上符合我們本季度的預期。我認為，隨著我們新投注單的推出，平均計數肯定會有一些好處，該投注單將由我們內部的 SGP 模型提供支持。我認為這將改善用戶界面中的腿部添加體驗，並且有望增加今年秋天的平均點贊數。但就第二季度而言，我們確實處於......

One moment, please. Speakers, are you able to hear us?

稍等一會兒。各位演講者，你們能聽到我們的聲音嗎？

Yes. Yes. Could I just squeeze in one more for my follow-up.

是的。是的。我可以再擠一張來進行後續活動嗎？

(technical difficulty)

（技術難度）

Actually, one moment, please, sir. Mr. Robins, Mr. Park, are you able to hear us?

事實上，請稍等一下，先生。羅賓斯先生、帕克先生，你們能聽到我們說話嗎？

Just a moment. We're just having a technical difficulty. Please stay on your lines.

一會兒。我們只是遇到了技術困難。請保持冷靜。

(technical difficulty)

（技術難度）

And pardon me, Mr. Robins, Mr. Park, are you able to hear us?

請原諒，羅賓斯先生、帕克先生，你們能聽到我們說話嗎？

Can I just squeeze in one quick follow-up.

我可以快速跟進一下嗎？

Yes, sure.

是的，當然。

Okay. Okay. Yes, just looking out the next few years, maybe more long term. As you think about seasonality involving, do you envision a scenario where you could be EBITDA positive in all 4 quarters? Are you going to always kind of have this big jump just given the start of sport season and then maybe the shoulder season?

好的。好的。是的，只是展望未來幾年，也許更長遠。當您考慮季節性因素時，您是否設想在所有 4 個季度實現 EBITDA 為正值的情況？考慮到體育賽季和平季的開始，你是否總是會出現如此大的跳躍？

No. No. We definitely expect that as the business inflects towards more permanent profitability there...

不，不。我們絕對預計，隨著業務轉向更持久的盈利能力......

(technical difficulty)

（技術難度）

(technical difficulty)

（技術難度）

One moment, please.

稍等一會兒。

Everyone, we ask you to please standby. Speakers will be back on momentarily.

請大家耐心等待。揚聲器將立即恢復。

(technical difficulty)

（技術難度）

Hello?

你好？

Yes, speakers, we are able to hear you.

是的，發言者，我們能夠聽到你們的聲音。

Line service, I apologize. I don't know if there's a technical issue on the service provider's end, but we've tried several different phones here. I apologize to those listening the call.

專線服務，抱歉。我不知道服務提供商端是否存在技術問題，但我們在這裡嘗試了幾種不同的手機。我向那些收聽電話的人道歉。

That's all for me.

這就是我的全部。

(Operator Instructions) Next question will come from Carlo Santarelli of Deutsche Bank.

（操作員說明）下一個問題將由德意志銀行的卡洛·桑塔雷利（Carlo Santarelli）提出。

You guys previously -- I believe it was back in March of 2022, more or less articulated a longer-term goal with sales and marketing representing about 10% of revenue and promotions -- sorry, 10% of net revenue and promotions, about 22% of gross revenue. Given the experience over kind of the last several quarters of reducing promotions, seeing how the customer reacted as well as the experience you've had in your vintage states taking out some of the external marketing. Are those still kind of where you're thinking? And do you believe that -- do you have any sense around the time line of when you think you can get to those levels?

你們之前——我相信是在 2022 年 3 月，或多或少地闡明了一個長期目標，銷售和營銷約佔收入和促銷的 10%——抱歉，淨收入和促銷的 10%，大約 22佔總收入的百分比。考慮到過去幾個季度減少促銷的經驗，了解客戶的反應以及您在老式州取消一些外部營銷的經驗。您仍然在想這些嗎？你是否相信——你對自己何時能夠達到這些水平有任何了解嗎？

(technical difficulty)

（技術難度）

Speakers, are you there?

各位演講者，你們在嗎？

Mr. Santarelli, if you could please repeat your question?

Santarelli 先生，您可以重複一下您的問題嗎？

(technical difficulty)

（技術難度）

Is there a way to fix this issue. It doesn't seem to be on our end.

有沒有辦法解決這個問題。看來我們的結局不是這樣的。

(technical difficulty)

（技術難度）

One moment, please.

稍等一會兒。

Should we join as a participant?

我們應該作為參與者加入嗎？

(technical difficulty)

（技術難度）

Actually it is possible that you can -- maybe you can call in on a different line. Maybe give me one moment. I'm going to pause the call and I will -- and we will work something else.

實際上，您可以——也許您可以使用不同的線路撥打電話。也許給我一點時間。我要暫停通話，我們會做其他事情。

Everyone, we ask you to please stay on your lines. We'll be resuming the conference shortly.

各位，我們請你們保持通話。我們將很快恢復會議。

(technical difficulty).

（技術難度）。

Pardon me, we do apologize. I'm afraid that we do have the (inaudible) what has happened. We do have the speakers back.

請原諒，我們深表歉意。恐怕我們確實有（聽不清）已經發生的事情。我們確實把揚聲器拿回來了。

One moment, Mr. Carlo Santarelli, I'm going to place you back and you may ask your questions. One moment, please.

等一下，卡洛·桑塔雷利先生，我要把您放回去，您可以問問題。稍等一會兒。

Carlo Santarelli, are you able to hear us?

卡洛·桑塔雷利（Carlo Santarelli），你能聽到我們說話嗎？

I could hear you, yes. Thanks.

我能聽到你的聲音，是的。謝謝。

Welcome. If you could please repeat your questions?

歡迎。如果可以的話請重複一下您的問題？

Is the management team there?

管理團隊在嗎？

Yes, we're here.

是的，我們在這裡。

While you guys were gone, I just gave guidance for '24 to the rest of the (inaudible) on the call, if that's all right.

你們離開後，我只是向通話中的其他人（聽不清）提供了 24 年的指導，如果可以的話。

My question related to, with some of the experiences that you've had now reducing promotions, reducing sales and marketing, I believe back in March of '22, you guided sales and marketing kind of as a longer-term target to be about 10% of revenue with promotions about 22% of GGR. Based on kind of your experience in working those expenses lower, do you guys feel there's an appropriate time line? Or do you feel those targets have shifted at all?

我的問題是，根據您現在減少促銷、減少銷售和營銷的一些經驗，我相信早在 22 年 3 月，您就將銷售和營銷作為長期目標指導為 10 左右促銷佔收入的百分比約為GGR 的22%。根據你們在降低這些費用方面的經驗，你們認為有合適的時間表嗎？或者您覺得這些目標已經發生了變化嗎？

So we'll definitely talk more about this at our upcoming Investor Day in Q4. But I don't think that there's going to be a material change to either of those targets from what we're seeing today. But obviously, over the next few months, we'll continue to do the work to prepare and we'll have more to say on that in the fall.

因此，我們肯定會在即將到來的第四季度投資者日更多地討論這一問題。但我認為，與我們今天看到的情況相比，這兩個目標都不會發生實質性變化。但顯然，在接下來的幾個月裡，我們將繼續做好準備工作，並且我們將在秋季對此進行更多討論。

(Operator Instructions) Our next question will come from Bernie McTernan of Needham & Company.

（操作員說明）我們的下一個問題將來自 Needham & Company 的 Bernie McTernan。

Jason, in -- can you just expand on some of the comments in the letter on AI? Should we think about them more as revenue-generating opportunities or cost efficiencies and just any specific initiatives or products to point to there in the works?

Jason，您能詳細闡述一下信中關於人工智能的一些評論嗎？我們是否應該更多地將它們視為創收機會或成本效率，以及任何具體的舉措或產品來指出工作中的情況？

I think it's definitely both. When you can do more for less, that drives both revenue and cost efficiency. And so I think that's really the thematic. Obviously, depending on what it is and where in the stage of development, it is that will affect the relative ways that we use it. I think, for example, right now with our developer efficiency initiatives, we're focused on how do we get more done with our development team. So I think that -- what that probably means is over time, we don't need to add as many engineers to get the work done that we didn't want to do as we continue to scale the business and build out the product and serve the customer. But I do think it's a combination, if you think about it from a P&L standpoint of both cost opportunity and revenue opportunity.

我想這絕對是兩者兼而有之。當您能夠以更少的成本做更多的事情時，就會提高收入和成本效率。所以我認為這才是真正的主題。顯然，根據它是什麼以及處於哪個開發階段，它會影響我們使用它的相對方式。例如，我認為，現在通過我們的開發人員效率計劃，我們重點關注如何與我們的開發團隊一起完成更多工作。所以我認為，這可能意味著隨著時間的推移，我們不需要添加那麼多工程師來完成我們不想做的工作，因為我們繼續擴展業務並構建產品，服務客戶。但如果你從損益表的角度考慮成本機會和收入機會，我確實認為這是一個組合。

None of that is baked into any of our guidance or any of the things we've shared in the past at Investor Day. This is something that we really view is upside. And it's in the category of the long list of things that we're working on that we think could create even better long-term economics for our shareholders.

這些都沒有納入我們的任何指導或我們過去在投資者日分享的任何內容中。我們確實認為這是有好處的。這屬於我們正在努力的一長串事情的範疇，我們認為這些事情可以為我們的股東創造更好的長期經濟效益。

Is it helping some of the product road map that's coming out for this current NFL season? Or is that too early, and it's more of a '24, '25 event?

它對當前 NFL 賽季的產品路線圖有幫助嗎？或者這是否為時過早，而且這更像是“24、25 年的事件”？

I think the -- there will be some impacts. We've been working on machine learning for a long time and base-level AI. I think some of the advances in what third-party tools are out there and available are really hitting inflection point in the last months. And I think that's where really the opportunity lies to take it to the next level. But there's things we've been working on in and around this space for years. So there will be some impact of the machine learning and AI work in the coming season. But I think some of the really big more like things that can kind of fundamentally change the outlook of the business, those are still on...

我認為——將會產生一些影響。我們長期以來一直致力於機器學習和基礎人工智能領域。我認為第三方工具的一些進步在過去幾個月確實達到了拐點。我認為這才是將其提升到新水平的真正機會所在。但多年來我們一直在這個領域及其周圍做一些事情。因此，機器學習和人工智能工作在下一季將會產生一些影響。但我認為一些真正大的事情，更像是可以從根本上改變業務前景的事情，這些仍然存在......

(Operator Instructions) Next question will come from the line of Jed Kelly of Oppenheimer.

（操作員說明）下一個問題將來自奧本海默的傑德·凱利（Jed Kelly）。

Great. Two, if I may. Are you now just seeing structurally lower tax just on getting better amortization from your brand spend. And then can you speak to, I know, that the product enhancements, but what is keeping players more engaged outside of football? Is some of the merchandising you're doing on the front page or products? Just can you talk about the engagement trends you're seeing?

偉大的。如果可以的話，兩個。您現在是否只是因為從品牌支出中獲得更好的攤銷而看到了結構性較低的稅收？然後你能談談，我知道，產品的改進，但是什麼讓球員在足球之外更加投入？您正在做的一些推銷活動是在首頁或產品上進行的嗎？您能談談您所看到的參與趨勢嗎？

Yes. So great question. I think on the CAC side, it's a combination of several things. One, certainly, what you're mentioning, this national scale of the brand that we've built and the leverage we're getting out of that. It's also -- this is another area of the business. It's constantly being analyzed and optimized. We have a team of analytics people. We have machine learning and now we're actually starting to implement AI as a means of helping with things like betting on PPC platforms or creation of multiple -- many multiples more of different types of creative that you can test and optimize in the market.

是的。很好的問題。我認為在 CAC 方面，這是多種因素的結合。其一，當然，就是你提到的，我們建立的品牌的全國規模以及我們從中獲得的影響力。這也是該業務的另一個領域。它不斷被分析和優化。我們擁有一支分析人員團隊。我們擁有機器學習，現在我們實際上開始實施人工智能，作為一種幫助處理諸如在 PPC 平台上投注或創建多種不同類型創意的手段，您可以在市場上測試和優化這些創意。

So that's just a continual thing that we've been doing, and I think it's going to continue and potentially could be even with some of the AI work that we're exploring in for another sort of step function improvement, but it is what you're saying, too, absolutely. I think that there's sort of an underlying advantage that we have and that we have a brand, we have national scale. But then we also have a team that's really been honing and optimizing the marketing engine. It's a complicated thing, right? I mean this is very not straightforward analysis. We're, at any given point in time during our peak season, spending in so many different places with so many different partners, so many different creatives in market. So it's really just the opportunity to just continually optimize an engine like that, I think, should be a continual tailwind for us for many years to come.

所以這只是我們一直在做的一件持續的事情，我認為它會繼續下去，甚至可能與我們正在探索的另一種階躍功能改進的一些人工智能工作一樣，但這就是你所要做的也說絕對。我認為我們有一個潛在的優勢，我們有一個品牌，我們有全國規模。但我們也有一支真正在磨練和優化營銷引擎的團隊。這是一件複雜的事情，對吧？我的意思是，這不是一個簡單的分析。在旺季的任何特定時間點，我們都會與許多不同的合作夥伴一起在許多不同的地方進行消費，市場上有許多不同的創意。因此，我認為，這確實是不斷優化這樣的引擎的機會，這應該成為我們未來許多年的持續推動力。

And then on player engagement like...

然後關於玩家參與度，例如......

All right. So I think the big difference this year was the way that we are able to continue to retain NFL players into NBA season, and that's continued into baseball season as well. Those have both exceeded our expectations. We also have seen excellent cross-sell into iGaming. Robin was asking about that earlier. That's continued as we -- it's kind of like this halo effect of when you retain better and cross more people into NBA, on the sports side, that then has some spillover effect on iGaming because more active players on the OSP platform cross-sell more into -- more active players on the iGaming products. So that's really, I think, what I would attribute Q2. If you look at past years, we've typically seen revenue decline, Q2 to Q1.

好的。所以我認為今年最大的不同是我們能夠繼續留住 NFL 球員進入 NBA 賽季，而且這種情況也延續到了棒球賽季。這些都超出了我們的預期。我們還看到 iGaming 的出色交叉銷售。羅賓早些時候就問過這個問題。這種情況一直持續下去——這有點像光環效應，在體育方面，當你更好地保留並讓更多人進入NBA 時，就會對iGaming 產生一些溢出效應，因為OSP 平台上更活躍的玩家會交叉銷售更多產品進入——iGaming 產品上更活躍的玩家。我認為這確實是我認為第二季度的原因。如果你看看過去幾年，我們通常會看到第二季度到第一季度的收入下降。

We weren't expecting this. I mean, this was the result of a huge market share gain year-over-year. Lots of really just metrics that for last 1.5 years we've been testing and really just hit a great point where the optimization is really kicking in. And just the culmination of a ton of grid product work. I mean the product is so much better year-over-year from where it was last year. And as I said earlier, I feel like in the back half of the year, we're going to have the best product in the market.

我們沒想到會這樣。我的意思是，這是市場份額同比大幅增長的結果。在過去的 1.5 年裡，我們一直在測試許多真正的指標，並且真正達到了優化真正發揮作用的關鍵點。這只是大量網格產品工作的頂峰。我的意思是，該產品比去年好得多。正如我之前所說，我覺得在今年下半年，我們將擁有市場上最好的產品。

Yes. I think -- look, I think all the work we do in that sport retention or sport to sport cross-sell, however, you want to think about it. You got to cross-sell them, but most importantly, the product's got to be great when you're bringing NFL player into NBA or an NBA player into MLB, and we're just super proud of how strong both our NBA product and MLB product improved on a year-over-year basis.

是的。我認為——看，我認為我們在體育保留或體育交叉銷售方面所做的所有工作，但是，你想考慮一下。你必須交叉銷售它們，但最重要的是，當你將 NFL 球員帶入 NBA 或將 NBA 球員帶入 MLB 時，產品必須很棒，我們對我們的 NBA 產品和 MLB 的強大程度感到非常自豪產品較去年同期有所改善。

(Operator Instructions) Our next question will come from Michael Graham of Canaccord.

（操作員說明）我們的下一個問題將來自 Canaccord 的 Michael Graham。

Awesome quarter, guys. I wanted to ask on the growth outlook for the rest of the year. Can you maybe deconstruct that from the perspective of the vintages of your states, like how much of the growth do you think is going to come from some of your newer states versus more established ones? And related to that, just maybe a layer of depth into how you layered the launch of Kentucky into your outlook for Q3?

伙計們，很棒的季度。我想問一下今年剩餘時間的增長前景。您能否從各州歷史的角度來解構這一問題，例如您認為與較成熟的州相比，您認為一些較新的州將有多少增長？與此相關，也許只是深入了解您如何將肯塔基州的推出納入您對第三季度的展望？

Absolutely. So definitely, the bulk of the growth is going to come from the states that we launched from 2018 through '21. We are starting to get some real good contribution from some of the 22 states as well. But I think the degree to which we are still seeing growth in our older states, it's very significant, and they're obviously a bigger piece of the pie. So when you can get that kind of growth in your older states, it makes it a very big impact on the overall business. And then I'm sorry, what was the second part of the question?

絕對地。因此，可以肯定的是，大部分增長將來自我們從 2018 年到 21 年推出的州。我們也開始從 22 個州中的一些州獲得一些真正好的貢獻。但我認為我們仍然看到老州的增長程度非常重要，而且它們顯然是一塊更大的蛋糕。因此，當你能夠在較老的州獲得這種增長時，這會對整體業務產生非常大的影響。然後我很抱歉，問題的第二部分是什麼？

Kentucky.

肯塔基州。

Kentucky, Kentucky. So Kentucky, I think we had a slide on this, but we're projecting roughly -- we're expecting, I should say, $20 million of revenue and $30 million EBITDA loss from Kentucky in fiscal year '23. And I think that assumes September 28 launch date. Last time when we guided, we did not actually have a clear launch date for Kentucky and now that we do, we put it into the guidance.

肯塔基州，肯塔基州。所以肯塔基州，我認為我們在這方面有所下滑，但我們的預測是粗略的——我應該說，我們預計肯塔基州在 23 財年將有 2000 萬美元的收入和 3000 萬美元的 EBITDA 損失。我認為發布日期是 9 月 28 日。上次我們指導時，我們實際上並沒有肯塔基州的明確啟動日期，現在我們有了，我們將其納入指導中。

And I'll note that despite that not being in our prior guide and now being in our current guide, we still had a massive improvement in the guide. So that shows that not only can we fund new state launches through the results that we're generating in old states and the cost efficiencies we're finding, but we can do that and continue to see upside on top of that, which is a great story, I think, from years past where we always had to kind of increase the loss outlook every time that we've had a new state launch.

我要指出的是，儘管它沒有出現在我們之前的指南中，但現在出現在我們當前的指南中，我們仍然對指南進行了巨大的改進。因此，這表明我們不僅可以通過我們在舊州產生的結果和我們發現的成本效率來資助新州的啟動，而且我們可以做到這一點並繼續看到除此之外的好處，這是一個我認為，這是一個很棒的故事，從過去的幾年來看，每次我們推出新的狀態時，我們總是不得不增加損失前景。

(Operator Instructions) Next question will come from Brandt Montour of Barclays.

（操作員說明）下一個問題將由巴克萊銀行的 Brandt Montour 提出。

Just one from me. So back to the same game parlay enhancements for the upcoming NFL season, it sounds like you're pretty confident chasing that product is going to be the best as you call it, I guess, it sounds like you baked in higher holds for this. It sounds like you baked in higher retention and no share gains, if I'm reading your comments correctly.

只有我的一份。因此，回到即將到來的NFL 賽季的同一個遊戲連贏增強功能，聽起來您非常有信心追逐該產品將成為您所說的最好的產品，我想，聽起來您對此有更高的要求。如果我正確地閱讀了您的評論，聽起來您的保留率很高，但份額卻沒有增加。

I guess the question is, are the product enhancements differentiated enough that it could be a driver of market share or is it the kind of thing where you would have to go out and get people to flip from your main competitor to try it? How does the mechanics work of gaining share of something like that?

我想問題是，產品增強功能是否足夠差異化，可以成為市場份額的驅動力，還是你必須走出去，讓人們從你的主要競爭對手那裡轉向嘗試它？獲得類似東西的份額的機制是如何運作的？

I mean, you're right. It's a combination of two things. It could be actual wallet that was going to your competitors, customers that were using your competitors before or it could simply be just better engagement and monetization of customers on your platform. And I think what we felt like in Q2, it was a combination of both definitely being able to increase whole rate year-over-year, made a big difference in share.

我的意思是，你是對的。這是兩件事的結合。它可能是流向你的競爭對手、之前使用過你的競爭對手的客戶的實際錢包，也可能只是客戶在你的平台上更好的參與和貨幣化。我認為我們在第二季度的感覺是，兩者的結合肯定能夠逐年提高整體利率，在份額上產生很大的差異。

But it was a combination of both. We think we got handle share from people that were playing NBA with competitors last year as well. And I think that's really a result of just the product improvement year-over-year. So to answer your question, absolutely, could there be upside? Yes. I mean the goal for the team is to go out and beat anything that we put out there. And I think that we feel like we have quite a few initiatives that could help us gain share and could help us further retain, engage and monetize our users in the back half of the year. We've just consistently taken approach of not putting things that we don't feel we have full line of sight to -- in the guide, our guide, we consider to be what we commit to. And then we go out and we try to deliver above that by executing better and hopefully, some of the things that you hope come through, but we don't put hope in the guide. We put what we know in the guide.

但這是兩者的結合。我們認為我們也從去年與競爭對手一起打 NBA 的人那裡獲得了手柄份額。我認為這實際上是產品逐年改進的結果。那麼，回答你的問題，絕對有好處嗎？是的。我的意思是，團隊的目標是走出去並擊敗我們所推出的任何產品。我認為我們覺得我們有很多舉措可以幫助我們獲得份額，並可以幫助我們在今年下半年進一步留住、吸引用戶並通過其獲利。我們一直採取的方法是，不把我們認為自己沒有完全看到的東西放在指南中，我們的指南，我們認為是我們承諾的內容。然後我們出去嘗試通過更好地執行來實現上述目標，並希望您希望實現的一些事情能夠實現，但我們不會將希望寄託在指南中。我們將我們所知道的內容寫入指南中。

(Operator Instructions) Our next question will come from Stephen Glagola of TD Cowen.

（操作員說明）我們的下一個問題將來自 TD Cowen 的 Stephen Glagola。

Thanks for the question. On the updated implied second half guidance and quarterly cadence versus your prior guide, could you just walk us through your assumptions for the greater implied EBITDA upside to Q3 versus Q4, particularly in light of the Kentucky launch and favorable sport outcomes in Q3 last year? And then also just what are the hold percentage rates you're assuming for Q3 and Q4?

謝謝你的提問。關於更新後的隱含下半年指導和季度節奏與之前的指導相比，您能否向我們介紹一下您對第三季度相對於第四季度更大的隱含EBITDA 上升的假設，特別是考慮到去年第三季度肯塔基州的推出和良好的體育成果？然後，您假設第三季度和第四季度的持有百分比是多少？

Thank you. Yes. So we're assuming a similar hold rate to what we had in the back half of last year. I think for the Q3, Q4 question, Kentucky definitely made a little bit of a difference but the fact that we were able to increase the guide for the back half of the year, increased the Q4 guide, I think really had to do with just the overall performance of the existing states that we're in and of the overall business on the cost efficiency side.

謝謝。是的。因此，我們假設持有率與去年下半年相似。我認為對於第三季度、第四季度的問題，肯塔基州肯定有所不同，但事實上我們能夠增加下半年的指南，增加第四季度的指南，我認為這確實與我們所處的現有狀態以及整體業務在成本效率方面的整體績效。

And I think that, that's more than enough to offset the Kentucky EBITDA that we're -- negative EBITDA that we're expecting to generate in the back half of the year. So we're pretty optimistic about a really great second half and I think we'll have to see exactly what ends up happening with states like North Carolina and Vermont. But right now, we feel like Kentucky is going to provide a great opportunity for us to go and invest in acquiring customers and in our existing states. And there's also several new states that haven't had a full NFL season. Massachusetts hasn't had any NFL season. Ohio didn't launch until January last year. So there should be a lot of upside in any customer acquisition numbers in H2 this year.

我認為，這足以抵消我們預計在今年下半年產生的肯塔基州 EBITDA 為負值的 EBITDA。因此，我們對下半年的表現非常樂觀，我認為我們必須看看北卡羅來納州和佛蒙特州等州最終會發生什麼。但現在，我們覺得肯塔基州將為我們提供一個很好的機會，讓我們可以去投資獲取客戶和現有的州。還有幾個新州還沒有完整的 NFL 賽季。馬薩諸塞州還沒有任何 NFL 賽季。俄亥俄州直到去年一月才推出。因此，今年下半年的客戶獲取數量應該會有很大的上升空間。

Jason, just one more, if I can. In light of the Ohio move to double its tax rate, could you maybe just discuss the long-term risk to your business and state governments would look to take increase in taxes on gross gaming revenue. And sort of what are the incentives that would keep state governments maintaining lower tax rates?

傑森，如果可以的話，再來一張。鑑於俄亥俄州將稅率加倍，您能否討論一下您的企業面臨的長期風險，以及州政府是否會考慮增加博彩總收入的稅收。是什麼激勵措施可以讓州政府維持較低的稅率？

Yes. I think it's a great question. Obviously, disappointing to see, but I think most state governments understand that if you start taxing this too high, you kind of defeat the purpose because it makes it really impossible for the legal regulated operators to compete with the illegal offshore operators that are not paying some of them onshore now. They're not paying taxes that are not following regulations.

是的。我認為這是一個很好的問題。顯然，令人失望的是，但我認為大多數州政府都明白，如果你開始徵稅太高，你就達不到目的，因為這使得合法監管的運營商實際上不可能與不支付費用的非法離岸運營商競爭其中一些現在在岸上。他們不會繳納不遵守規定的稅款。

There is, I think, great awareness of that in state legislatures. So I'm optimistic that states are going to keep taxes at a reasonable level. I think that they understand that they're ultimately going to drive volume back into the illegal market if they try to tax the industry too heavily.

我認為，州立法機構對此有很高的認識。因此，我對各州將把稅收保持在合理水平持樂觀態度。我認為他們明白，如果他們試圖對該行業徵收過高的稅，最終將導致非法市場的交易量重新回歸。

(Operator Instructions) Next question will come from Robert Fishman of MoffettNathanson.

（操作員說明）下一個問題將由 MoffettNathanson 的 Robert Fishman 提出。

Two questions on partnership. First, ahead of the NFL kickoff, can you help us understand how the Amazon Thursday Night Football partnership helped your business last year and whether there are more opportunities to build upon that success this year? And then anything you can share on how the ESPN partnership has been a driver of your strong (inaudible) growth or overall business? And would you be willing to expand your ESPN partnership depending on which direction Disney ends up going with its strategic review?

關於夥伴關係的兩個問題。首先，在 NFL 開賽之前，您能否幫助我們了解亞馬遜週四橄欖球之夜合作夥伴關係去年如何幫助您的業務以及今年是否有更多機會在這一成功的基礎上再接再厲？那麼您可以分享一下 ESPN 合作夥伴關係如何推動您的強勁（聽不清）增長或整體業務嗎？您是否願意根據迪士尼最終的戰略審查方向來擴大與 ESPN 的合作夥伴關係？

Yes. So Amazon has been a great partner. Last year, we were really happy with Thursday Night Football results. That was big driver of customer acquisition for us. Those games are also really well built for same game parlay offerings to really help drive a lot of parlay mix through better promotion of same game parlays on Thursday Night. We have a few extra things that we're going to be doing on Amazon this year. I'm pretty excited about that we'll be, I think, coming to everybody in and do order once the season launches.

是的。所以亞馬遜一直是一個很好的合作夥伴。去年，我們對周四晚間足球比賽的結果非常滿意。這是我們獲取客戶的重要推動力。這些遊戲也非常適合相同遊戲連贏產品，通過在周四晚上更好地推廣相同遊戲連贏，真正有助於推動大量連贏組合。今年我們將在亞馬遜上做一些額外的事情。我認為，一旦賽季開始，我們就會向每個人進行訂購，對此我感到非常興奮。

So it really should be a great year with Amazon, and we're really just thrilled with that partnership, and as far as the ESPN goes, same story. We've been really happy with them as a partner. They've been great. We continue to get great value out of that relationship. And we'll have to see. I think, obviously, we saw the same comments everybody else did from Bob Iger and I think it's still fairly early days for them, but I don't want to speak for them.

因此，今年與亞馬遜確實應該是偉大的一年，我們對這種合作關係感到非常興奮，就 ESPN 而言，也是如此。我們對與他們作為合作夥伴感到非常滿意。他們很棒。我們繼續從這種關係中獲得巨大的價值。我們必須拭目以待。我認為，顯然，我們從鮑勃·艾格那裡看到了其他人的相同評論，我認為對他們來說還為時過早，但我不想代表他們說話。

They'll know better than I will, what their plans are. But we're always happy with great partners like ESPN. If there's a way to have a deeper relationship, that makes sense for both companies and something we would certainly consider. And if it doesn't make sense, and there's something that doesn't really work for us or for them, then we won't. We're perfectly happy with the relationship as it is now. So I think that's how we're thinking about it.

他們會比我更清楚他們的計劃是什麼。但我們總是對像 ESPN 這樣的優秀合作夥伴感到滿意。如果有辦法建立更深層次的關係，這對兩家公司都有意義，我們肯定會考慮。如果它沒有意義，並且有些東西對我們或他們來說並不真正有效，那麼我們就不會這樣做。我們對現在的關係非常滿意。所以我認為這就是我們的想法。

(Operator Instructions) Our next question will come from the line of Ryan Sigdahl of Craig-Hallum Capital Group.

（操作員說明）我們的下一個問題將來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

Just one for us. You mentioned MLB has been a positive surprise. Is there specific product that's resonating better with the player, whether it be live, same game parlay, et cetera?

只為我們準備了一份。你提到美國職業棒球大聯盟是一個積極的驚喜。是否有更能引起玩家共鳴的特定產品，無論是現場直播、同場連贏等？

Yes. I think first of all, MLB itself has made some great changes that have helped increase engagement with the sports, so they're getting credit for that. But I think betting has helped a lot too. And MLB, first of all, is very well built for live betting. So that's been a real product that works very well with that sport, and we're excited about the offering we have there this year. Also, the same game parlay product has been significantly enhanced this year. We brought our own models into the fold, and I think really just improved both the UI and the overall offering of same game parlays for MLB and there's been a number of other things we've done. We've done some work on the cash-out feature. I mean there's a lot of different areas that we've worked on that I think have really helped improve the MLB offering year-over-year and that, combined with really strong engagement, from a viewership perspective, I think has driven unexpectedly positive to the upside results for MLB season so far.

是的。我認為首先，美國職業棒球大聯盟本身已經做出了一些重大改變，這有助於增加人們對體育運動的參與度，因此他們因此而獲得了讚譽。但我認為博彩也有很大幫助。首先，MLB 非常適合現場投注。所以這是一款非常適合這項運動的真正產品，我們對今年的產品感到很興奮。此外，今年同樣的遊戲連贏產品也得到了顯著增強。我們將自己的模型納入其中，我認為實際上只是改進了 UI 和 MLB 相同遊戲連贏的整體產品，我們還做了許多其他事情。我們在提現功能上做了一些工作。我的意思是，我們在很多不同的領域開展了工作，我認為這些領域確實有助於逐年改善MLB 的服務，而且從收視率的角度來看，再加上真正強大的參與度，我認為這已經出乎意料地積極推動了MLB 賽季迄今為止的積極結果。

(Operator Instructions) Next question will come from Barry Jonas of Truist.

（操作員說明）下一個問題將由 Truist 的 Barry Jonas 提出。

You've previously given some advice on how to think about NFL results and corresponding hold. Last year, it correlated maybe a little less as the season went on. Just curious as we head into football season, if there's anything you can give us to help think about sort of that week-to-week success?

您之前已經就如何考慮 NFL 的結果和相應的保留給出了一些建議。去年，隨著賽季的進行，這種相關性可能會減弱一些。只是好奇，當我們進入足球賽季時，您是否可以給我們提供任何幫助我們思考每週的成功？

Yes. I think it's very similar to what we had shared last year that the results can definitely range between negative 10% and probably positive 20% depending on -- if you're really taking like that 95% confidence interval, it can get that wide in any given week, obviously, over the course of several weeks, over the course of the season, that (inaudible) but that's how I would think about kind of a week-to-week thing. And really, it's a result generally in NFL of two things. One, do the favorites win or lose? And second is how the player props do?

是的。我認為這與我們去年分享的內容非常相似，結果肯定可以在負 10% 和可能正 20% 之間變化，具體取決於——如果你真的採用 95% 的置信區間，它可以變得那麼寬顯然，在任何給定的一周，在幾週的過程中，在整個賽季的過程中，（聽不清）但這就是我如何看待每週的事情。事實上，在 NFL 中，這通常是由兩件事造成的。一、熱門球隊是贏還是輸？其次就是玩家的道具怎麼做？

And that second part has become increasingly important as the industries evolve because so much betting is now happening on player props and so much same game parlay it depends on player props. So that's really made a big difference. I think given Q3 is always one that -- for our business planning group, it's their least favorite quarter because so much volume comes in the last 3 weeks of the quarter and not that it's the only thing going on, but like relatively speaking, July and August are slower months. So it's really the last few weeks to get always NFL volume and a few good or bad weeks can definitely swing the results a little bit. But I think that as we've gotten bigger and our customer base has become more diversified, the effects of that are lower as we've gotten more of a mix of player parlays, so it's not just straight game outcomes that -- so I think we'd have to look at this season.

隨著行業的發展，第二部分變得越來越重要，因為現在有太多的投注發生在玩家道具上，而同樣的遊戲過關投注也依賴於玩家道具。所以這確實產生了很大的不同。我認為，對於我們的業務規劃團隊來說，第三季度始終是他們最不喜歡的季度，因為該季度最後三週的交易量很大，並不是唯一發生的事情，但相對而言，七月八月是較慢的月份。因此，最後幾週才是 NFL 總成交量的關鍵時期，幾週的好壞肯定會對結果產生一點影響。但我認為，隨著我們的規模不斷擴大，我們的客戶群變得更加多元化，這種影響會降低，因為我們獲得了更多的玩家組合，所以這不僅僅是直接的遊戲結果——所以我我想我們必須看看這個賽​​季。

I think this year, we might see a little bit tighter band, certainly over 3 weeks, we will. But I think still fair, given what we know today. I think week-to-week about that minus 10% to plus 20% possibility on hold depending on the game outcomes and player parlay outcomes.

我認為今年，我們可能會看到收緊的範圍，肯定會超過三週。但鑑於我們今天所了解的情況，我認為仍然公平。我認為每周有負 10% 到正 20% 的可能性被擱置，具體取決於比賽結果和玩家連贏彩蛋結果。

That's helpful. And just a quick follow-up. Wanted to get your thoughts on Florida, given the recent court decision. Do you see a pathway for DraftKings to compete in the state?

這很有幫助。只是快速跟進。鑑於最近的法院判決，想了解您對佛羅里達州的看法。您認為 DraftKings 有一條在該州競爭的途徑嗎？

I think too early to tell what the path is, but I'm optimistic there will be a pathway there because I think people in Florida want great products. And so I do think that it will get figured out. But right now, I think it's really hard to say. There's still going to be a few steps to play out and a few things with court rulings and other things. So it's really at this point, a little bit murky, and I think we'll know a lot more in the coming months.

我認為現在判斷這條道路是什麼還為時過早，但我樂觀地認為那裡會有一條道路，因為我認為佛羅里達州的人們想要優質的產品。所以我確實認為這個問題將會得到解決。但現在我覺得真的很難說。仍有一些步驟需要完成，還有一些法庭裁決和其他事情。所以現在確實有點模糊，我想我們在接下來的幾個月裡會知道更多。

(Operator Instructions) Next question will come from Jordan Bender of JMP Securities.

（操作員指令）下一個問題將由 JMP 證券的 Jordan Bender 提出。

So you gave comments on where your GGR margin could potentially go over time, more of a wait and see. But maybe just on the NGR margin side, that still lags international markets. Just given the parlay mix, can we maybe exceed 10% to 12% NGR margin that we see in the international market?

因此，您對 GGR 利潤率隨著時間的推移可能會走向何方發表了評論，更多的是觀望。但也許僅在 NGR 利潤率方面，這仍然落後於國際市場。考慮到連本帶利組合，我們的 NGR 利潤率能否超過國際市場上的 10% 至 12%？

Yes. I think that at this point, we have no reason to believe that we can't get to the same sort of NGR margins that we see internationally. But obviously, there's still -- it's still early days here. So let's see how it plays out. But given the fact that we've, over the last couple of years, continued to optimize the hold rate, continue to optimize the promo mix and we've actually seen better customer engagement, better retention, I'm pretty optimistic and have no reason to believe that we can't reach similar type of numbers that you're talking about that more mature markets across the globe have been able to get to.

是的。我認為，在這一點上，我們沒有理由相信我們無法達到國際上看到的同樣的 NGR 利潤率。但顯然，現在還處於早期階段。那麼讓我們看看結果如何。但考慮到我們在過去幾年中不斷優化保留率，繼續優化促銷組合，而且我們實際上看到了更好的客戶參與度和保留率，我非常樂觀，並且沒有我們有理由相信，我們無法達到您所說的全球更成熟市場能夠達到的類似數字。

Great. And then just on the follow-up, you called out some states that have legalized, but not launched yet. A market that we don't talk about is Nevada. Is there any interest from DraftKings to go into that state at any point in time?

偉大的。然後在後續行動中，您指出了一些已經合法化但尚未啟動的州。我們不談論的市場是內華達州。 DraftKings 有興趣在任何時候進入這種狀態嗎？

Yes, we're definitely interested. I mean, Nevada is obviously an important state for gaming. There's a robust sports betting market there. It is in-person registration. So I would temper any expectations for the possible contribution there, but I do think it's an important state because people go there who are our customers, and they want to be able to make bets. And so I think being able to give them that option as well as to be able to access the Nevadans that are now betting with others and I think would like to try DraftKings' product is definitely something that we're exploring.

是的，我們絕對感興趣。我的意思是，內華達州顯然是遊戲的重要州。那裡有一個強勁的體育博彩市場。這是親自登記。因此，我會緩和對那裡可能做出的貢獻的任何期望，但我確實認為這是一個重要的狀態，因為人們去那裡是我們的客戶，他們希望能夠進行投注。因此，我認為能夠為他們提供這種選擇，並能夠接觸到現在正在與其他人一起投注的內華達人，並且我認為願意嘗試 DraftKings 的產品絕對是我們正在探索的事情。

(Operator Instructions) Next question will come from Jeffrey Stantial of Stifel.

（操作員說明）下一個問題將由 Stifel 的 Jeffrey Stantial 提出。

My question is on the continued structural hold rate expansion. It seems that a lot of time is spent talking about the parlays and the impact on mix, but maybe not as much on the optimized trading and risk management improvements you guys have made. Can you just unpack this a bit more for us. I guess, are there specific bet types or sports or you've been getting better at minimizing these trading inefficiencies? And how do you think about further upside here? Are there any comps you would point to or perhaps you're tracking an even better spread between, call it, the underlying (inaudible) and the realized hold rates?

我的問題是關於持續的結構性持有率擴張。似乎花了很多時間討論連本帶利和對組合的影響，但可能沒有那麼多時間討論你們所做的優化交易和風險管理改進。你能為我們再解壓一下嗎？我想，是否有特定的投注類型或體育項目，或者您在最大限度地減少這些交易效率方面已經做得更好了？您如何看待這裡的進一步上漲？您是否會指出任何比較，或者也許您正在追踪標的（聽不清）和已實現持有率之間更好的利差？

Very good question. I think you're absolutely right that we've talked and everybody has talked a lot about parlay mix and average like count and those are certainly very important drivers of hold rate improvement. But there is also -- there are also the other levers that you mentioned. I would say that really across the board, we feel we've improved. In fact, the Q2 outperformance is really more a function of those other things that you mentioned because parlay mix, even though was way up year-over-year, was kind of on track with our expectations. So it was really the customer risk management, the trading improvement. We've spent a lot of dev effort on tooling for our traders to make it easier for them to adjust lines, spot soft lines to move them faster and to better optimize them. We've also really significantly invested in our modeling and approach for customer risk management.

非常好的問題。我認為你說得完全正確，我們已經討論過，每個人都討論了很多關於連本帶利組合和平均點贊數的問題，這些當然是提高持有率的非常重要的驅動因素。但還有——還有你提到的其他槓桿。我想說的是，從整體上看，我們感覺我們已經有所進步。事實上，第二季度的優異表現實際上更多地取決於您提到的其他因素，因為連本帶利組合儘管同比大幅增長，但在某種程度上符合我們的預期。所以這實際上是客戶風險管理和交易改進。我們在為交易者提供工具方面投入了大量的開發精力，使他們能夠更輕鬆地調整線路、發現軟線路以更快地移動它們並更好地優化它們。我們還對客戶風險管理的建模和方法進行了大量投資。

So I think those are things that are really paying off as well as you look at the hold rate improvement and the outperformance in Q2.

因此，我認為這些都是真正帶來回報的事情，以及你看看第二季度的持有率改善和優異表現。

(Operator Instructions) Next question will come from the line of John DeCree of CBRE Securities.

（操作員說明） 下一個問題將來自 CBRE 證券公司的 John DeCree。

Maybe one back to the roots on DFS, a much smaller piece of the business now, but I was wondering if you could give us a little insight as to how that business is trending in the context of customer acquisition. So as you enter new states, are you still getting a similar kind of initial cross-sell out of DFS that you did maybe 2 to 3 years ago in your older vintage states? And then is DFS still kind of an ongoing tool in those older vintage states? Are you still acquiring customers via DFS first?

也許我們可以回到 DFS 的根源，現在業務的一部分要小得多，但我想知道您是否能給我們一些關於該業務在客戶獲取方面的趨勢的見解。因此，當您進入新的州時，您是否仍然會從 DFS 中獲得類似於 2 至 3 年前在舊州進行的初始交叉銷售？那麼，在那些較古老的州，DFS 仍然是一種持續使用的工具嗎？您還在首先通過DFS獲客嗎？

Absolutely. I mean DFS actually has had a great year so far, and that's been driven by a lot of improvements we've made across the product. That fall has seen a big jump year-over-year and that's something that you can sort of use as a little bit of a litmus test for -- or maybe the advanced test for how NFL season is going to go because a lot of those graphs happen in the July, August time frame.

絕對地。我的意思是，到目前為止，DFS 實際上已經度過了美好的一年，這是由我們在產品中所做的大量改進推動的。那年秋天，我們看到了同比的大幅躍升，這可以作為一個試金石——或者也許是 NFL 賽季將如何進行的高級測試，因為很多這樣的事情圖表發生在七月、八月的時間範圍內。

So very exciting year for DFS. We have some really good stuff planned for the back half of the year on that product. And it is continually adding new customers. We have seen really strong crossover continue from DFS when we launch new states. So everything seems to be working on that front and it continues to be a big source of engagement for customers and states that don't have sports betting as well as a great funnel for new states that launch.

對於 DFS 來說這是非常激動人心的一年。我們計劃在今年下半年推出一些關於該產品的非常好的產品。而且它還在不斷增加新客戶。當我們推出新的狀態時，我們看到 DFS 繼續存在真正強大的交叉。因此，一切似乎都在朝著這方面努力，它仍然是客戶和沒有體育博彩的州的重要參與來源，也是新推出體育博彩的州的一個很好的渠道。

I think you answered my follow-up in there, but just to ask it explicitly, customers that cross over from DFS to sports and/or iGaming, are they still retained as DFS or you're seeing customers play going back and forth still? Or what's the -- what happens when they cross over OSB? Did they kind of reduce their time on DFS? Or are you still seeing multiproduct use across the customer base?

我想你在那裡回答了我的後續問題，但只是想明確地問一下，從 DFS 轉向體育和/或 iGaming 的客戶，他們是否仍保留為 DFS，或者你仍然看到客戶來回玩遊戲？或者當它們跨越 OSB 時會發生什麼？他們是否減少了在 DFS 上的時間？或者您是否仍然看到整個客戶群使用多種產品？

Definitely seeing multiproduct use. I mean there's some cannibalization, of course, but it's not very significant. The products are pretty different. And people like them for different reasons. People also are not spending a ton of money on DFS. So it's really not like a big wallet thing to -- it's more of an engagement thing. And they are different products, and I think that they provide different types of experiences for people. So we are seeing a great deal of crossover, but we're also seeing great retention across all of those products as well. It appears that the cannibalization is fairly minimal. And a lot of it also happens in the initial launch stages.

肯定會看到多種產品的使用。我的意思是，當然有一些蠶食，但不是很重要。產品差異很大。人們出於不同的原因喜歡它們。人們也不會在 DFS 上花很多錢。所以這真的不像是一個大錢包的事情——它更像是一個參與的事情。它們是不同的產品，我認為它們為人們提供了不同類型的體驗。因此，我們看到了大量的交叉，但我們也看到所有這些產品的保留率很高。看來這種蠶食是相當小的。其中很多也發生在最初的發布階段。

People are very excited about sports betting, maybe forget about DFS for a little bit, but we're seeing in some of our older state vintages, as time goes on, they come back and some of the cannibalization, even though it wasn't that significant to begin with, even that small bits of cannibalization, we're seeing reverse in some of our older states.

人們對體育博彩感到非常興奮，也許會暫時忘記 DFS，但我們在一些較舊的州年份中看到，隨著時間的推移，它們會回來並進行一些蠶食，即使它不是從一開始就很重要，即使是一小部分的蠶食，我們在一些較古老的州也看到了逆轉。

Thank you. And this will end the Q&A session. I would now like to turn the conference back to Jason Robins for closing remarks.

謝謝。問答環節到此結束。現在我想請賈森·羅賓斯（Jason Robins）致閉幕詞。

Thank you all for joining us on today's call. We had an excellent first half of '23. We are laser-focused on the back half and on the fall, and we're very excited about the rest of the year and beyond. I look forward to speaking with you over the next few weeks and hope you all stay safe and well. Thank you.

感謝大家參加今天的電話會議。 23 年上半年我們過得非常好。我們將重點放在下半年和秋季，我們對今年剩餘時間及以後的時間感到非常興奮。我期待著在接下來的幾週內與您交談，並希望您一切順利。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect. Have a pleasant day, and enjoy your weekend.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連接。祝你有愉快的一天，享受你的周末。