(DKNG) 2023 Q4 法說會逐字稿

Good day, and welcome to the DraftKings Q4 2023 Earnings Call.

美好的一天，歡迎參加 DraftKings 2023 年第四季財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Stanton Dodge, Chief Legal Officer. You may begin.

（操作員說明）謹此提醒，此通話正在錄音。我現在想將電話轉給首席法律官斯坦頓·道奇。你可以開始了。

Good morning, everyone, and thank you 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. We assume no responsibility to update forward-looking statements other than as required by law.

大家早安，感謝您今天加入我們。我們在本次電話會議中所做的某些聲明可能構成前瞻性聲明，這些聲明受到我們在SEC 文件中進一步討論的風險、不確定性和其他因素的影響，這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有重大差異。除法律要求外，我們不承擔更新前瞻性陳述的責任。

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 release and presentation, which can be found on our website in our annual report on Form 10-K filed with the SEC.

在這次電話會議中，管理階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 的營運表現。這些措施不應被孤立地考慮，也不應取代 DraftKings 根據 GAAP 編制的財務業績。這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳可在我們的收益發布和演示中找到，您可以在我們網站上向 SEC 提交的 10-K 表格年度報告中找到這些資訊。

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 of DraftKings, who will provide a review of our financials. We will then open the line to questions. I will now turn the call over to Jason Robins.

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 財務長 Jason Park，他將對我們的財務狀況進行審查。然後我們將開放提問熱線。我現在將把電話轉給傑森羅賓斯。

Good morning, and thank you all for joining. Last year, at this time, we shared our first end of year letter. In that letter, I described DraftKings is a company that would thrive when business conditions became more challenging. I wrote that our culture and people positioned us well to execute, which effectively made 2023 a [proving] year for DraftKings. As you've seen, our team rose to the occasion. Revenue increased 64% year-over-year in fiscal year 2023, even with very customer-friendly outcomes in late November.

早安，感謝大家的加入。去年的這個時候，我們分享了我們的第一封年終信。在那封信中，我描述了 DraftKings 是一家在商業環境變得更具挑戰性時能夠蓬勃發展的公司。我寫道，我們的文化和人員使我們能夠很好地執行任務，這實際上使 2023 年成為 DraftKings 的[證明]一年。正如您所看到的，我們的團隊挺身而出。儘管 11 月下旬取得了非常有利於客戶的成果，但 2023 財年的營收仍較去年同期成長 64%。

More importantly, we improved adjusted EBITDA in fiscal year 2023 by nearly $600 million year-over-year and posted our first 2 adjusted EBITDA positive quarters in company history. Beyond our financial highlights, we improved our product and customer experience and also made a number of operational improvements to better serve our customers and operate more efficiently. We gained share, including taking the #1 position in combined OSB and iGaming gross gaming revenue share in the U.S. for the third quarter. We focused on our core value drivers and empowered our leaders to set aspirational goals and drive their teams to meet and exceed those goals. We leaned heavily on data and analytics, giving us the confidence to cut expenses in some areas and double down in others. This year, our focus will largely be on essentially the same items. We are still in the early innings of the U.S. online gaming industry, and there is still share that can be gained through innovation and operational excellence.

更重要的是，我們在 2023 財年的調整後 EBITDA 比去年同期成長了近 6 億美元，並實現了公司歷史上的前 2 個調整後 EBITDA 正季度。除了財務亮點之外，我們還改進了產品和客戶體驗，並進行了多項營運改進，以更好地服務客戶並提高營運效率。我們的份額增加，包括第三季在美國 OSB 和 iGaming 總博彩收入份額中排名第一。我們專注於我們的核心價值驅動因素，並授權我們的領導者設定理想的目標並推動他們的團隊實現並超越這些目標。我們嚴重依賴數據和分析，這讓我們有信心在某些領域削減開支，並在其他領域加倍投入。今年，我們的重點將主要集中在基本相同的項目上。我們仍處於美國線上遊戲產業的早期階段，仍然可以透過創新和卓越營運來獲得份額。

We will continue to focus on product and customer experience as key differentiators. We will continue to leverage our scale to invest in important areas while also focusing heavily on efficiency and optimization. We will continue to focus on the core value drivers of our business. Having superior lifetime values and customer acquisition cost is the ultimate competitive advantage, and we have a number of initiatives planned to enhance both in 2024 and beyond. We also continue to face new competition as we consistently have over the years. In the past, we've been able to drive growth and gain share while simultaneously becoming more efficient. But importantly, we do not take any of our recent success for granted. We have the right team in place and are working hard to maintain our edge.

我們將繼續專注於產品和客戶體驗，將其視為關鍵的差異化因素。我們將繼續利用我們的規模在重要領域進行投資，同時專注於效率和優化。我們將繼續專注於我們業務的核心價值驅動因素。擁有卓越的終身價值和客戶獲取成本是最終的競爭優勢，我們計劃在 2024 年及以後採取多項措施來加強。正如多年來我們一直面臨的那樣，我們繼續面臨新的競爭。過去，我們能夠推動成長並獲得份額，同時提高效率。但重要的是，我們並不認為我們最近的成功是理所當然的。我們擁有合適的團隊，並正在努力保持我們的優勢。

Going into 2024, there are 3 main opportunities on my mind. The first is continuing to foster our entrepreneurial culture and empower our great people to pursue big opportunities. The second is developing our next crop of leaders and giving them opportunities that allow them to stretch, grow and contribute at higher levels. The third is leveraging our free cash flow, which we expect to generate in order to maximize value for our shareholders.

進入 2024 年，我想到了 3 個主要機會。首先是繼續培養我們的創業文化，讓我們的優秀人才能夠追求巨大的機會。第二是培養我們的下一代領導者，並為他們提供機會，使他們能夠在更高的水平上延伸、成長和做出貢獻。第三是利用我們的自由現金流，我們希望產生自由現金流，以便為股東實現價值最大化。

We are excited to have an agreement to bring Jackpocket into the DraftKings family and enter the rapidly growing U.S. digital lottery vertical. Importantly, this is not just a new product for our customers to enjoy but really a way to strengthen our core OSB and iGaming position in the U.S. by optimizing our overall LTV and CAC. We look forward to working together to provide tremendous and differentiated value to the combined customer base.

我們很高興達成協議，將 Jackpocket 納入 DraftKings 家族，並進入快速增長的美國數位彩票垂直領域。重要的是，這不僅僅是一個供我們的客戶享受的新產品，而且實際上是透過優化我們的整體 LTV 和 CAC 來加強我們在美國的核心 OSB 和 iGaming 地位的一種方式。我們期待共同努力，為聯合客戶群提供巨大且差異化的價值。

In closing, 2023 is a fantastic year for drafting, yet I believe that 2024 will be even better. I am unbelievably excited about the plans we have in place to continue serving our customers and growing our business. Most importantly, I am excited about the quality of the team we have in place, and I have no doubt that we will continue to execute very effectively against our key priorities this year. We will work tirelessly to produce great results and build on the incredible momentum we generated in 2023. With that, I will turn it over to Jason Park.

最後，2023 年是選秀的絕佳一年，但我相信 2024 年會更好。我對我們為繼續服務客戶和發展業務而製定的計劃感到無比興奮。最重要的是，我對我們現有團隊的品質感到興奮，我毫不懷疑我們將繼續非常有效地執行今年的關鍵優先事項。我們將不懈努力，取得偉大成果，並在 2023 年創造的令人難以置信的勢頭的基礎上再接再厲。接下來，我將把它交給傑森·帕克 (Jason Park)。

Thank you, Jason. I'll hit the highlights, including our full year 2023 and fourth quarter performance and our updated guidance for 2024. 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.

謝謝你，傑森。我將重點介紹，包括我們 2023 年全年和第四季度的業績以及我們更新的 2024 年指引。請注意，除收入外，討論的所有損益表指標均基於非 GAAP 調整後 EBITDA 基礎。正如傑森所提到的，該組織執行得非常好，這也反映在我們的結果中。

In fiscal year 2023, revenue grew 64% versus 2022 and adjusted EBITDA improved year-over-year by nearly $600 million versus 2022 which resulted in year-over-year adjusted EBITDA flow-through percentage of 40%. Adjusted gross margin increased nearly 200 basis points as we delivered higher Sportsbook hold percentage and improved our promotional reinvestment for OSB and iGaming. Adjusted sales and marketing expense grew 3% as we reduced marketing in our more mature states and transitioned further into more efficient national marketing. In the fourth quarter, we continued to generate great performance across our core value drivers and produced more than $1.2 billion of revenue and $151 million of positive adjusted EBITDA. Better customer acquisition, retention and engagement resulted in higher-than-expected handle for the quarter and positively impacted revenue and adjusted EBITDA by $93 million and $42 million, respectively.

2023 財年，營收較 2022 年成長 64%，調整後 EBITDA 較 2022 年年增近 6 億美元，調整後 EBITDA 較去年同期流動率為 40%。由於我們提高了體育博彩持有率並改善了對 OSB 和 iGaming 的促銷再投資，調整後的毛利率增加了近 200 個基點。由於我們減少了更成熟州的營銷並進一步轉向更有效率的全國行銷，調整後的銷售和行銷費用增加了 3%。第四季度，我們的核心價值驅動因素持續取得出色的業績，營收超過 12 億美元，調整後 EBITDA 為 1.51 億美元。更好的客戶獲取、保留和參與度導致本季度的業績高於預期，並對收入和調整後 EBITDA 分別產生了 9,300 萬美元和 4,200 萬美元的正面影響。

Structural Sportsbook hold percentage was 10.4% and well ahead of expectations as we continue to improve our parlay mix and optimize our trading capabilities. This trend positively impacted revenue and adjusted EBITDA by $53 million and $38 million, respectively. As you are well aware of by now, sport outcomes were very customer-friendly in the fourth quarter, primarily in the final 2 weeks of November, while December was consistent with expectations. Our actual Sportsbook hold percentage for the fourth quarter was 9.2% due to sport outcomes, which were a headwind to revenue and adjusted EBITDA of $175 million and $126 million, respectively, compared to our expectations. Moving on to our full year 2024 guidance. We are poised for a rapid increase in adjusted EBITDA due to continued strong revenue growth, coupled with a scaled fixed cost structure.

隨著我們繼續改善我們的連贏組合併優化我們的交易能力，結構性體育博彩持有率為 10.4%，遠遠超出預期。這一趨勢對收入和調整後 EBITDA 分別產生了 5,300 萬美元和 3,800 萬美元的正面影響。正如您現在所了解的，第四季度的體育賽事結果非常有利於客戶，主要是在 11 月的最後兩週，而 12 月則與預期一致。由於體育賽事結果，我們第四季度的實際體育博彩持有率為 9.2%，與我們的預期相比，這對收入和調整後 EBITDA 分別為 1.75 億美元和 1.26 億美元構成了阻力。接下來是我們的 2024 年全年指導。由於持續強勁的收入成長以及規模化的固定成本結構，我們預計調整後的 EBITDA 將快速成長。

In November of 2023, we guided fiscal year 2024 revenue of $4.5 billion to $4.8 billion and adjusted EBITDA of $350 million to $450 million. Today, we are improving our fiscal year 2024 revenue guidance range to $4.65 billion to $4.9 billion and our adjusted EBITDA guidance range to $410 million to $510 million.

2023 年 11 月，我們預計 2024 財年營收為 45 億美元至 48 億美元，調整後的 EBITDA 為 3.5 億美元至 4.5 億美元。今天，我們將 2024 財年的營收指引提高至 46.5 億美元至 49 億美元，調整後的 EBITDA 指引範圍提高至 4.1 億美元至 5.1 億美元。

Customer acquisition, retention and engagement in Q4 and Q1 to date has continued to exceed expectations due to ongoing product innovation and marketing optimization initiatives. These trends account for $90 million of the revenue improvement and $35 million of the adjusted EBITDA improvement. Higher structural Sportsbook hold percentage as a result of continued year-over-year bet mix improvement as well as improvements in trading and risk management accounts for $35 million of the revenue improvement and $25 million of the adjusted EBITDA improvement.

由於持續的產品創新和行銷優化舉措，第四季度和第一季的客戶獲取、保留和參與度繼續超出預期。這些趨勢導致營收成長 9,000 萬美元，調整後 EBITDA 成長 3,500 萬美元。由於投注組合持續逐年改善以及交易和風險管理的改善，結構性體育博彩持股比例提高，收入改善達 3500 萬美元，調整後 EBITDA 改善達 2500 萬美元。

From an intra-year perspective in 2024, we expect first quarter revenue to increase approximately 45% year-over-year and second through fourth quarter revenue to each grow year-over-year in the 20% to 30% range. We expect adjusted EBITDA to be approximately breakeven in the first quarter, nearly $150 million in the second quarter and above $300 million in the fourth quarter. Importantly, we are also now guiding free cash flow. We expect to generate between $310 million and $410 million in free cash flow in 2024 based on approximately $120 million of annual CapEx and capitalized software development costs as well as a modest source of cash from changes in net working capital and interest income. Therefore, we will end the year with approximately $1.6 billion of cash before using approximately $413 million to fund our proposed acquisition of Jackpocket.

從2024年年內的角度來看，我們預計第一季營收將年增約45%，第二至第四季營收年增將分別在20%至30%的範圍內。我們預計第一季調整後的 EBITDA 將接近盈虧平衡，第二季接近 1.5 億美元，第四季將超過 3 億美元。重要的是，我們現在也在引導自由現金流。基於約 1.2 億美元的年度資本支出和資本化軟體開發成本以及來自淨營運資本和利息收入變化的適度現金來源，我們預計 2024 年將產生 3.1 億至 4.1 億美元的自由現金流。因此，我們將在年底擁有約 16 億美元的現金，然後使用約 4.13 億美元為我們擬議的 Jackpocket 收購提供資金。

Looking further ahead, as discussed at our Investor Day and the letter we released last night, we expect to generate positive and increasing free cash flow starting this year and are beginning to explore ways to optimize our capital structure. Our expectation for sustainable revenue growth and adjusted EBITDA margin expansion over the next several years offers us a number of options to maximize long-term returns for our shareholders. That concludes our remarks, and we will now open the line for questions.

展望未來，正如我們在投資者日和昨晚發布的信中所討論的那樣，我們預計從今年開始將產生積極且不斷增加的自由現金流，並開始探索優化資本結構的方法。我們對未來幾年可持續收入成長和調整後 EBITDA 利潤率擴張的預期為我們提供了多種選擇，以最大限度地提高股東的長期回報。我們的發言到此結束，現在我們開始提問。

(Operator Instructions) Our first question comes from David Katz with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 David Katz。

Congrats on the quarter. So I wanted to delve a little further into sort of what the next phase really looks like? And if you could talk about the kinds of product advancements, the kinds of features and functionality where your focus is in play, part of what's next for domestic sports betting, where is it all going to come from? I suppose?

恭喜本季。所以我想進一步深入研究下一階段到底是什麼樣子？如果您可以談談您關注的產品進步類型、特性和功能類型以及國內體育博彩下一步的發展方向，那麼這一切將來自哪裡？我想？

It's a very good question, very big picture. I think it sounds like product is sort of part of your question. I definitely think in-play is a huge opportunity, as you noted -- still very early stages of that developing. And I think there's a lot both on the product side and also on the broadcast side that can be done to make that experience better and more accessible to -- or at least more interesting to a larger audience.

這是一個非常好的問題，非常宏觀。我認為聽起來產品是你問題的一部分。正如您所指出的，我絕對認為比賽中是一個巨大的機會——仍處於發展的早期階段。我認為在產品方面和廣播方面都可以做很多事情來讓這種體驗更好、更容易獲得——或者至少對更多的觀眾來說更有趣。

I still think there's a lot of room to move on just organic growth of parlays and other sorts of things. I mean, remember, we just launched Progressive Parlay recently. So that product is still very early in its development and should continue to drive strong parlay mix increase.

我仍然認為連贏彩和其他類型的有機成長還有很大的發展空間。我的意思是，請記住，我們最近剛推出了漸進式過關投注。因此，該產品仍處於開發初期，應該會繼續推動連注組合的強勁成長。

And then there's a number of other initiatives that we have that we'll be rolling out throughout the year that I'm not going to steal my product team's thunder on, but we have lots of good stuff planned. I think really key thing to remember is it's still super early days. A lot of the things that we think will happen over the coming years will greatly change the way that the product and the customer experience works. It's going to evolve quite a bit. And I think it's a pretty exciting time, and still very early stages, so lots of room to grow.

我們還有許多其他計劃將在全年推出，我不會搶我產品團隊的風頭，但我們計劃了很多好東西。我認為真正需要記住的重要一點是，現在還處於早期階段。我們認為未來幾年將會發生的許多事情將極大地改變產品和客戶體驗的工作方式。它將會有很大的發展。我認為這是一個非常令人興奮的時刻，而且仍處於非常早期的階段，因此還有很大的成長空間。

And if I may just follow up quickly with respect to Jackpocket, it seems like a nice business that generates a little bit of return, but more as a customer acquisition vehicle -- as we think about these cash allocation decisions going forward, are there more things like this that are contemplated? Or is it more a function of capital structure and returns -- and that's just for me.

如果我可以快速跟進 Jackpocket，這似乎是一項不錯的業務，可以產生一點回報，但更多的是作為客戶獲取工具 - 當我們考慮未來的這些現金分配決策時，是否還有更多諸如此類的事情正在考慮中？或者它更多的是資本結構和回報的函數——這只是對我而言。

Yes. I think it's more the latter. There's all sorts of different options that we're looking at for how to maximize shareholder return with the capital we'll be accumulating on our balance sheet. I think what you will see, though, is we're going to stay very squarely on strategy. We talked about how priority A is winning in the U.S. And I think Jackpocket is absolutely in line with that. Lottery is the oldest form of gaming in the U.S. It's been around forever. The audience is massive.

是的。我認為更多的是後者。我們正在考慮各種不同的選擇，以如何利用我們將在資產負債表上累積的資本來最大化股東回報。不過，我認為你會看到我們將非常堅定地堅持戰略。我們討論了優先級 A 如何在美國獲勝，我認為 Jackpocket 絕對符合這一點。彩票是美國最古老的遊戲形式，它一直存在。觀眾數量龐大。

And as you noted, it's a very efficient way to acquire customers in mass at extraordinarily lower tax than what we see in the other forms of online gaming. And we know from overlap analysis that we did that those customers will cross-sell very effectively to and from the overlap analysis we did, we saw that the customers that overlapped were about 50% higher spend on DraftKings, OSB and iGaming products than customers who didn't.

正如您所指出的，這是一種以比我們在其他形式的線上遊戲中看到的低得多的稅率獲得大量客戶的非常有效的方式。從重疊分析中我們知道，這些客戶將非常有效地進行交叉銷售，從我們所做的重疊分析中，我們發現重疊的客戶在DraftKings、OSB 和iGaming 產品上的支出比那些重疊的客戶高出約50 %。沒有。

So lots of reason to believe that not only is there cheap acquisition, but there's also high LTV customers that we can cross over. And I think that's a really core thing that DFS provided for us as an advantage too. So if you look at kind of the playbook that's worked for us entering new states, having a built-up database, having an active base of customers that we can cross-sell, I think this is doubling down on that.

因此，我們有充分的理由相信，不僅有廉價收購，而且還有我們可以跨越的高生命週期價值客戶。我認為這也是 DFS 為我們提供的一個真正核心的優勢。因此，如果你看一下對我們進入新州有效的劇本，擁有一個內建的資料庫，擁有一個可以交叉銷售的活躍客戶群，我認為這是加倍的。

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

我們的下一個問題來自美國銀行的肖恩凱利。

Jason or Jason, I was hoping you could comment a little bit on just how the fourth quarter played out from a promotional activity perspective. So overall, we didn't see quite the sequential improvement in promotions that we saw a year ago between the third quarter and the fourth quarter. So kind of what are we seeing as the business levels off there? And just if you could characterize a little bit given plenty of nail-biting out there strategically about new customers, launches, sport mix changes, obviously, between NFL and NBA, -- just help us kind of characterize the landscape as you saw it and we move through 4Q and into January?

傑森或傑森，我希望你能從促銷活動的角度對第四季的表現發表一些評論。因此，總體而言，我們沒有看到一年前第三季和第四季之間促銷活動的連續改善。那麼，當業務趨於平穩時，我們會看到什麼呢？如果你能描述 NFL 和 NBA 之間關於新客戶、產品發布、運動組合變化等戰略性問題的一些特點，那麼就幫助我們描述一下你所看到的情況，我們會從第四季度進入一月嗎？

Yes. So I mean, there's a couple of things at play here. First, for a fixed amount of promotions, obviously, lower hold due to sport outcomes. And I mean we had the worst 2-week stretch of sport outcomes from a dollar cost basis that we've ever had as a public company. So that's going to just naturally may go up. But if you look at sort of the adjusted for outcomes numbers, it was down 200 to 300 basis points year-over-year.

是的。所以我的意思是，這裡有幾件事在起作用。首先，對於固定數量的晉級，顯然，由於體育賽事的結果，保留率較低。我的意思是，從我們作為上市公司以來的美元成本基礎來看，我們連續兩週的體育賽事成績是最差的。所以這個數字自然會上升。但如果你看一下調整後的結果數字，你會發現年比下降了 200 到 300 個基點。

I think also we had a blowout quarter from a customer acquisition perspective. So you're going to have a little bit higher promotion rate when that happens. And if you isolate to the retention side to existing customer promotions, those were down even more significantly year-over-year. So we're actually seeing really good trends on that front -- playing out pretty much exactly as we expected. And I think where you're seeing some noise is just from some of the outcomes and also a blowout quarter from customer acquisition. But even despite all that, when you adjust just for the outcomes, and leave the acquisition numbers in there, it was still 200 to 300 bps lower year-over-year.

我認為從客戶獲取的角度來看，我們也經歷了一個井噴的季度。因此，當這種情況發生時，你的晉升率將會更高一些。如果您將保留方面與現有客戶促銷活動隔離開來，那麼這些促銷活動的同比下降幅度甚至更大。因此，我們實際上在這方面看到了非常好的趨勢——其結果與我們的預期幾乎完全一致。我認為你看到的一些噪音只是來自一些結果以及客戶獲取的井噴季度。但即便如此，當你僅針對結果進行調整並將收購資料保留在那裡時，仍同比下降 200 至 300 個基點。

Very helpful. And just for my follow-up, if we could talk about Jackpocket. The business today, our belief is probably [losing] a little bit -- just trying to kind of get a sense of contribution as we move out, you actually consolidate this business probably more in 2025. What's your sort of risk tolerance around what you'd be willing to invest or commit to this business, again, from a capital or loss perspective for those couple of years while you want to ramp it? Because it seems like, at least in the forecast that you've given there's a heck of a lot of organic growth that you can also attribute to this business. So help us balance those 2 and maybe losses or potential investment in 2025.

很有幫助。就我的後續而言，我們可以談談 Jackpocket。今天的業務，我們的信念可能會[失去]一點——只是想在我們搬遷時獲得一種貢獻感，實際上你可能會在2025 年進一步鞏固這項業務。你對你的業務的風險承受能力是多少？在您想要擴大業務的那幾年裡，從資本或損失的角度來看，您是否願意再次投資或致力於這項業務？因為看起來，至少在你給予的預測中，你也可以將大量的有機成長歸功於這項業務。因此，請幫助我們平衡這兩者，也許還有 2025 年的損失或潛在投資。

Yes. First of all, regardless of when this closes, if it closes in '24, it will not have a material impact. It will not cause us to change our guide. So let me be clear on that. We're talking low single-digit losses this year. And I think next year will be a positive year. I think the real question is how much, depending on timing of close synergy can we realize next year and how much upside is there.

是的。首先，不管何時關閉，如果是24年關閉的話，不會產生實質影響。它不會導致我們改變我們的指南。讓我澄清一下。我們談論的是今年的低個位數虧損。我認為明年將是積極的一年。我認為真正的問題是我們明年能實現多少，取決於密切協同的時間，以及有多少上升空間。

But I don't expect this to be any sort of drag. If anything, it will be, I think, some pleasant upside, but we're just hesitant to kind of commit to timing of synergies given that we don't have a definitive date of close yet. So really, I think that's the question for '25. Is it going to be slightly positive? Or are we going to be able to capture real meaningful synergies and start to accelerate some of the expected synergies that we have pegged for 2026 currently? And that's currently is not something that we really can pay given we're not certain of the closing timing. But just to be completely clear, this will not change our guide regardless of when we close in '24. And this should be, if anything, a positive, certainly not a drag on EBITDA in 2025.

但我不認為這會成為任何阻力。我認為，如果有的話，這將是一些令人愉快的好處，但考慮到我們還沒有確定的關閉日期，我們只是對承諾協同效應的時間猶豫不決。所以說真的，我認為這就是 25 世紀的問題。會不會有點積極？或者我們能夠獲得真正有意義的協同效應，並開始加速我們目前預計在 2026 年實現的一些預期協同效應？鑑於我們不確定結束時間，目前我們確實無法支付這筆費用。但需要完全明確的是，無論我們在 24 年何時關閉，這都不會改變我們的指南。如果有的話，這應該是積極的，而不是對 2025 年 EBITDA 的拖累。

Our next question comes from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

(technical difficulty)

（技術難度）

Our next question comes from Joe Greff with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬‧格雷夫。

Joe Greff from JPMorgan. How -- what -- depending on how you want to answer this, what was the Parlay mix in the fourth quarter, if you want to look at it by handle or GGR, number of bets -- what's the assumption for parlay mix growth for 2024? And then maybe another way to answer the question, too. If we look at Illinois, the only state that really detailed parley activity -- you might have how you cut it, you had a huge spike in what was reported for parlay bet mix or parlay handle mix in December versus November. Specifically what's going on there? And is that representative of other states with respect to parlay activity?

摩根大通的喬·格雷夫。如何 - 什麼 - 取決於你想如何回答這個問題，第四季度的連本投注組合是多少，如果你想通過手柄或 GGR、投注數量來查看它 - 連本投注組合增長的假設是什麼2024 年？也許還有另一種方式可以回答這個問題。如果我們看看伊利諾伊州，這是唯一一個真正詳細說明了談判活動的州- 您可能知道如何削減它，您在12 月與11 月相比，報告的連贏投注組合或連贏手柄組合出現了巨大的成長。具體是怎麼回事？在連本帶利活動方面，該代表是否代表其他州？

Yes. So for the fourth quarter, we were around 30%. We think there may have been an error in the Illinois report for December that overstated it. So that's something we're still digging into. But it was around 30% for the fourth quarter. And we expect continued increase this year. We haven't put any exact numbers out for what we are forecasting Parlay mix to be. I think some of this -- somebody mentioned in game betting earlier. There's so many moving parts.

是的。因此，第四季的成長率約為 30%。我們認為伊利諾伊州 12 月的報告可能存在誇大其詞的錯誤。所以這是我們仍在深入研究的事情。但第四季這一數字約為 30%。我們預計今年將繼續成長。我們還沒有給出任何確切的數字來說明我們預測的連本帶利組合。我認為其中一些——有人之前在遊戲博彩中提到過。有很多活動部件。

And people have to remember as different levers for monetization are increasingly being adopted by consumers, you're going to see lots of things moving. In game bedding, of course, is going to have less parlay mix just because of the rapid nature of it, and therefore, may have lower hold, but it's still a very good thing for monetization. So this is something we have to always keep in mind, obviously, hold in Parlay mix are big levers, but it's not the only lever. Those are not the only levers that we have to increase monetization. But to answer your question, for Q4, it's 30% and where you're going to dig in and figure out what's going on with the Illinois data, but that looks a little off to me.

人們必須記住，隨著消費者越來越多地採用不同的貨幣化手段，你會看到很多事情發生變化。當然，在遊戲中，由於其速度快的性質，連本帶利組合將會減少，因此，持有量可能會較低，但對於貨幣化來說，這仍然是一件非常好的事情。所以這是我們必須始終牢記的事情，顯然，持有連本帶利組合是很大的槓桿，但它不是唯一的槓桿。這些並不是我們增加貨幣化的唯一手段。但要回答你的問題，對於第四季度，它是 30%，你要深入研究並弄清楚伊利諾伊州的數據發生了什麼，但這對我來說看起來有點不對勁。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀集團的羅賓法利。

I wanted to go back to the Jackpocket acquisition for a moment. Just to kind of understand the opportunity. It sounds like there's already a pretty significant overlap between the 2 customer bases. So is the idea that if the opportunity to penetrate even more than that significant amount? Or is it more in new states where Jackpocket is operating and you're not there yet, although that would seem like a relatively small number of states. So just wondering if you could help us think about since there's already so much overlap where the incremental comes from?

我想暫時回顧 Jackpocket 的收購。只是為了了解這個機會。聽起來這兩個客戶群之間已經存在相當大的重疊。那麼，如果滲透的機會比那麼大的話，這個想法是什麼呢？或者更多的是 Jackpocket 正在運營的新州，而你還沒有到達那裡，儘管這看起來是相對較少的州。所以只是想知道你是否可以幫助我們思考一下，因為已經有很多重疊，增量來自哪裡？

Yes, it's a great question. I mean, first, the fact that there's overlap shows us that the customers are very similar type of customer. And we looked at a number of different data points to verify that from demographic data to other behavioral and psychographical stuff. I think the idea is that overlap was with 0 CRM or actual effort put towards cross-sell. And it's nowhere near the cross-sell that we've been able to achieve from OSB to iGaming.

是的，這是一個很好的問題。我的意思是，首先，重疊的事實向我們表明客戶是非常相似的客戶類型。我們查看了許多不同的數據點來驗證這一點，從人口統計到其他行為和心理數據。我認為這個想法是與 0 CRM 或交叉銷售的實際努力重疊。從 OSB 到 iGaming，我們還無法實現交叉銷售。

So we think there's a ton of upside there with real meaningful effort put towards that. And that's something we do best. We feel like we have the best in the industry cross-sell rates. And I think whether it's DFS to OSB and iGaming or OSB to iGaming or any of the above, we've been able to achieve much higher cross-sell rates through our efforts. So I have to imagine there's a ton of upside there. And the other thing is if we're seeing natural overlap with our audience, probably many of those are still using competitor products and not us. So I think there's also an opportunity to market more effectively to customers in our database that may still be playing OSB and iGaming, but with competitors, maybe in the Jackpocket database, I should say. So I think that's number one.

因此，我們認為為此付出真正有意義的努力會有很多好處。這就是我們最擅長的事。我們覺得我們擁有業內最好的交叉銷售率。我認為，無論是 DFS 到 OSB 和 iGaming，還是 OSB 到 iGaming，還是上述任何一項，透過我們的努力，我們已經能夠實現更高的交叉銷售率。所以我必須想像那裡有很多好處。另一件事是，如果我們看到與受眾的自然重疊，可能其中許多人仍在使用競爭對手的產品，而不是我們的產品。因此，我認為還有機會更有效地向我們資料庫中的客戶進行行銷，這些客戶可能仍在玩 OSB 和 iGaming，但我應該說，對於競爭對手，也許在 Jackpocket 資料庫中。所以我認為這是第一名。

And then number 2 is, you're right, absolutely every new state that opens, this is just like DFS has been for us. We have this built-in customer base. We know that there's tons of people around the nation play line. With the great things about this, too, is unlike OSB and iGaming, you don't need legislative action in most states in order to get lottery -- courier lottery -- digital courier lottery launch. You need to get usually some kind of approval through the lottery Director and the executive branch, but you don't need legislative action, which makes it a much lower hurdle to get up and running in new states. And this is something, of course, that every state lottery, we think would want. It will grow the lottery market, bring new customers in. So I think it's a great opportunity to get a product potentially in the vast majority of U.S. states. And you're absolutely right. I think as time goes on, if you, like us, believe that more and more states will continue to launch OSB and iGaming, then it will be the gift that keeps on giving.

第二點是，你是對的，絕對是每一個開放的新州，這就像 DFS 為我們所做的那樣。我們有這個內建的客戶群。我們知道全國有很多人在玩遊戲。與 OSB 和 iGaming 不同，您不需要在大多數州採取立法行動即可推出彩票 - 快遞彩票 - 數位快遞彩票。您通常需要透過彩票主管和行政部門獲得某種批准，但不需要立法行動，這使得在新州啟動和運營的障礙要低得多。當然，我們認為這是每個州彩票都想要的。它將擴大彩票市場，帶來新客戶。所以我認為這是在美國絕大多數州獲得潛在產品的絕佳機會。你是完全正確的。我認為隨著時間的推移，如果您像我們一樣相信越來越多的州將繼續推出 OSB 和 iGaming，那麼這將是不斷贈送的禮物。

Okay. And just a follow-up in terms of your acquisition philosophy overall. Are you more likely to do things related to technology for your product? Or are you looking more for things like this that have to do with customer acquisition?

好的。這只是您整體收購理念的後續行動。您是否更有可能為您的產品做與技術相關的事情？或者您正在尋找更多與客戶獲取相關的事情？

I think we feel pretty good about our technology stack. I think that there may be small bolt-ons here and there that we think are helpful to enhance. But I really think it's more about these kind of strategic moves that are going to help us win in U.S. online gaming. And I think we're going to be super disciplined on M&A. I don't think you'll see us go in this rash of buying companies left and right. This is one we did a ton of diligence on.

我認為我們對我們的技術堆疊感覺很好。我認為這裡或那裡可能有一些我們認為有助於增強的小補充。但我真的認為更多的是這些戰略舉措將幫助我們在美國線上遊戲中獲勝。我認為我們在併購方面將會非常嚴格。我認為你不會看到我們如此左右收購公司。這是我們做了大量的工作。

We underwrote it very carefully with very conservative, I think, assumptions. And we feel like it has high potential to be a real home run. So I think you're going to see us pursuing things like that, that really make a lot of sense when you think about it. And I think you're going to see us continue to be super disciplined and you're going to see us look at all sorts of different ways to take the capital that we're accumulating and create shareholder value. This is -- M&A is not the only way to do it. There are many others. So I think that's the best way to describe it. And I think it fits with how we're disciplined in general as a company. If you look at the deals we do on the business development partnership side, thing, we use a lot of discretion. We're very careful when we underwrite with a very strong analytic process, and that's exactly how we approach this M&A deal.

我認為，我們非常謹慎地以非常保守的假設進行了承保。我們覺得它很有潛力成為真正的本壘打。所以我認為你會看到我們追求這樣的事情，當你仔細考慮時，這確實很有意義。我認為你會看到我們繼續保持高度自律，你會看到我們採取各種不同的方式來利用我們正在累積的資本並創造股東價值。這就是——併購並不是唯一的方法。還有很多其他的。所以我認為這是描述它的最好方式。我認為這符合我們作為一家公司的整體紀律。如果你看看我們在業務發展夥伴關係方面所做的交易，你會發現我們使用了很多自由裁量權。當我們透過非常強大的分析流程進行核保時，我們會非常小心，這正是我們處理併購交易的方式。

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

First one, just wanted to touch on structural hold. I think you guided to 10% to 10.5% for 2024, and I think that's about 50 basis points up year-over-year versus over 200 basis points in 2023. I get you're coming off of a higher base. But I guess to what extent does this reflect some degree of conservatism? And are you seeing more casual betters come into your system just as another competitor has launched and recently talked about growing the market there.

第一個，只是想談談結構性支撐。我認為你對 2024 年的指導為 10% 至 10.5%，我認為這比 2023 年的 200 多個基點同比增長了約 50 個基點。我知道你的基數較高。但我猜這在多大程度上反映了某種程度的保守主義？當另一個競爭對手推出並最近談論在那裡發展市場時，您是否看到更多休閒更好的產品進入您的系統。

I think first, I'm glad that you feel that there's some upside there, I do, too. I noted this earlier. I think one of the reasons that we're a little cautious with hold is that there are other things you can do to improve monetization like pushing live betting more that might actually not increase hold, but still be very good from an LTV standpoint, -- so we want to make sure that we leave some flexibility for all sorts of different levers. And at the same time, I do think you're right, there's probably some upside there. Really for us, we've always had a nice mix of customers across the spectrum.

我想首先，我很高興你覺得這有一些好處，我也這麼認為。我之前註意到了這一點。我認為我們對保留持謹慎態度的原因之一是，您可以採取其他措施來提高盈利能力，例如增加現場投注，這實際上可能不會增加保留，但從生命週期價值的角度來看仍然非常好，- - 所以我們希望確保為各種不同的槓桿留有一定的彈性。同時，我確實認為你是對的，可能有一些好處。對我們來說，確實，我們一直擁有各個領域的良好客戶組合。

And I do think in the last few months, there's been more casual customers coming in, but there's been more customers of all sorts of spend and sort of across the spectrum of spend. So really not seeing anything tremendously different other than just really strong customer acquisition across the board. But I can't look at it and say, skewing more casual or anything like that. It just seems like overall customer acquisition is just really strong right now.

我確實認為在過去的幾個月裡，出現了更多的臨時客戶，但也有更多的各種支出和各種支出的客戶。因此，除了全面強大的客戶獲取之外，實際上沒有看到任何巨大的差異。但我不能看著它並說，偏向更隨意或類似的東西。目前看來，整體客戶獲取確實非常強勁。

I would just add, Dan, our philosophy on guiding to hold rate has been that we should commit to something that we have empirically realized. So as you saw structural hold in Q4 was better than we thought, and that gave us conviction to increase the embedded hold rate in our 2024 guide. But to Jason's point, we've got a lot of work going on to improve that, but our philosophy has been only to commit to what we've empirically actualized.

丹，我想補充一點，我們指導持有利率的理念是，我們應該致力於我們憑經驗實現的事情。因此，正如您所看到的，第四季度的結構性持有比我們想像的要好，這讓我們有信心提高 2024 年指南中的嵌入持有率。但就傑森的觀點而言，我們還有很多工作要做來改進這一點，但我們的理念只是致力於我們憑經驗實現的目標。

Got it. That's helpful. And then just for my follow-up. You alluded to some comments in the prepared remarks on optimizing capital structure? I mean, how should we interpret that? Are you kind of referring to maybe incurring some debt? And maybe long term, as you think about the company and maturing and becoming cash flow positive, how do you think about a healthy leverage ratio, and what that might look like?

知道了。這很有幫助。然後只是為了我的後續行動。您提到了準備好的關於優化資本結構的演講中的一些評論？我的意思是，我們應該如何解釋這一點？您是指可能會欠下一些債務嗎？也許從長遠來看，當你考慮到公司的成熟和現金流為正時，你如何看待健康的槓桿率，以及它可能會是什麼樣子？

I mean that is something that we're actively looking at right now. So we're still doing our work, but we'll have more to say on that in the coming months.

我的意思是，這是我們現在正在積極研究的事情。所以我們仍在做我們的工作，但在接下來的幾個月裡我們將有更多的內容要說。

Yes, I would just add, I mean, if you look at our cash balance that we forecasted $1.6 billion at the end of this year before including the $400 million roughly for the acquisition of Jackpocket. And then our multiyear plan that we outlined in November, we're obviously going to be accumulating cash very quickly. So it's a great position to be in, and we're exploring all those options in.

是的，我想補充一點，我的意思是，如果你看看我們的現金餘額，我們預計今年年底的現金餘額將達到 16 億美元，其中還包括用於收購 Jackpocket 的大約 4 億美元。然後我們在 11 月概述的多年計劃中，我們顯然很快就會累積現金。所以這是一個很好的位置，我們正在探索所有這些選擇。

Our next question comes from Robert Fishman with MoffettNathanson.

我們的下一個問題來自羅伯特·菲什曼和莫菲特·內桑森。

I'm curious, can you talk about the recent hiring of Mary Donahue as Chief Business and Growth Officer. I'm wondering, how does her prior experience at Amazon Sports potentially impact DraftKings' appetite to explore sports rights down the road?

我很好奇，您能談談最近聘用瑪麗·多納休 (Mary Donahue) 擔任首席業務和增長官的情況嗎？我想知道，她之前在亞馬遜體育的經歷對 DraftKings 未來探索體育版權的興趣有何影響？

Yes. We're really excited at Mary on board. I mean she not only was at Amazon, she was at ESPN for many years and has an incredible reputation and really strong relationships throughout our ecosystem and industry. So very excited to bring her on. I wouldn't say this is any way a signal that we're looking at live sports, rights? That's not something that right now is on our mind. But I think she brings a number of different experiences and skill sets that will help us understand all parts of the ecosystem and -- we do a lot of business with folks who own live sports, right.

是的。我們對瑪麗的加入感到非常興奮。我的意思是，她不僅在亞馬遜工作，還在 ESPN 工作了很多年，在我們的生態系統和行業中擁有令人難以置信的聲譽和非常牢固的關係。非常高興能帶她加入。我不會說這表明我們正在關注體育賽事直播，對吧？這不是我們現在考慮的事情。但我認為她帶來了許多不同的經驗和技能，這將幫助我們了解生態系統的各個部分——我們與擁有現場體育賽事的人做了很多生意，對吧。

So having that understanding from the other side of the table, I think will be very helpful in future opportunities that we explore in future negotiations. So very excited to bring her on and I think she's going to bring a lot of real depth of experience as well as a unique perspective to the team.

因此，從談判桌另一方獲得這種理解，我認為對於我們在未來談判中探索的未來機會非常有幫助。非常高興能邀請她加入，我認為她將為團隊帶來大量真正深度的經驗和獨特的視角。

And maybe just switching gears, can you discuss any more detail around the growth that you mentioned in increased bet frequency versus the bet size averages in '23? And how you're prioritizing one over the other to drive the '24 results?

也許只是換個話題，您能否討論一下您提到的下注頻率增加與 23 年平均下注規模增長的更多細節？您如何優先考慮其中一項來推動 24 年的成果？

We really look at both. I mean, for us, it's about how do we first engage the customer. If we have the customer engaged, that's table stakes. You can't do anything if you don't have that. So we start there. And then we really try to meet them where they're at. If they're looking for new types of bets and that makes it more interesting, then great. If they're looking to try new sports, then we try to provide that to them. And really, I think for us, it's about taking that customer and personalizing the experience, so they're sticky and they feel like it's easy and comfortable to use the app. So if you're always betting on basketball, we're going to show you basketball, but we might also show you other interesting basketball bets that we think you might find intriguing.

我們確實兩者都看。我的意思是，對我們來說，這是我們如何首先吸引客戶的問題。如果我們吸引了客戶，那就是賭注。如果你沒有這個，你就什麼都做不了。所以我們從這裡開始。然後我們真的嘗試在他們所在的地方與他們見面。如果他們正在尋找新的投注類型並且這使得投注變得更有趣，那就太好了。如果他們想嘗試新的運動，那麼我們會盡力為他們提供。事實上，我認為對我們來說，關鍵是吸引客戶並個性化體驗，這樣他們就會有黏性，並且感覺使用該應用程式既簡單又舒適。因此，如果您總是投注籃球，我們將向您展示籃球，但我們也可能向您展示其他我們認為您可能感興趣的有趣的籃球投注。

So it's really something that I think starts with the customer and there's all sorts of different levers that you can pull. And important thing is not to force anything to try to just get the right products in front of the right customers. And I think we've done a good job doing that.

所以我認為這確實是從客戶開始的，你可以使用各種不同的槓桿。重要的是不要強迫任何事情試圖將正確的產品提供給正確的客戶。我認為我們在這方面做得很好。

Our next question comes from Joe Stauff with SIG.

我們的下一個問題來自 SIG 的 Joe Stauff。

Jason, I was wondering if you could, I don't know, size or discuss the North Carolina opportunity. Do you see that similar to maybe in Ohio or Massachusetts -- or do you see it may be like one of the maybe smaller new state launches?

傑森，我想知道你是否可以（我不知道）評估或討論北卡羅來納州的機會。您是否認為這與俄亥俄州或馬薩諸塞州類似，或者您認為它可能類似於較小的新州之一？

And then the second question I had was I'm wondering if you could discuss just the differences in parlay penetration, right, between the new and say, older states. And especially with that parlay penetration being lower in the older states is how easy is that to ratchet that higher? And is it reasonable that it can get to those same levels that you see in the newer states. Hopefully, that makes sense.

然後我的第二個問題是，我想知道您是否可以討論新州和舊州之間連本帶利滲透率的差異，對吧。尤其是在較老的州，連本帶利滲透率較低的情況下，要提高滲透率有多容易？它能達到你在新州看到的相同水平是否合理？希望這是有道理的。

Yes. So on the first question, I mean, I think you're right, North Carolina will be similar. It's a little smaller population-wise in Ohio, but it's a top 10 state, and we expect it to be a great launch and contribute in a meaningful way. And I think it will be pretty standard. I mean, at this point, our playbook's honed. So we're not going to approach North Carolina any differently other than a few optimizations that we always make around the edges. But I think you're going to see North Carolina be a very similar state launch to the ones that you mentioned that we did last year.

是的。所以關於第一個問題，我的意思是，我認為你是對的，北卡羅來納州也會類似。俄亥俄州的人口規模要小一些，但它是排名前十的州，我們預計它會是一次偉大的啟動，並以有意義的方式做出貢獻。我認為這將是相當標準的。我的意思是，在這一點上，我們的劇本已經完善了。因此，除了我們總是在邊緣進行的一些優化之外，我們不會以任何不同的方式對待北卡羅來納州。但我認為你會看到北卡羅來納州的發布與你提到的我們去年所做的非常相似。

And as far as parlay mix, yes, you're absolutely right, newer states. I think it's always easier when you have a product that you're introducing customers to for the first time to get them to try new things and harder to get them if they've been using the products in a certain way for years to change behavior. So it's more of a grind, but the trends are absolutely continuing every single year in the oldest states that we have from a parlay mix perspective, the trends are continuing to move in the right direction. So I think that's another one that will just be a continuous tailwind for us over time. And eventually, they will converge with what we're seeing in the new states. It will just take a little longer.

至於連本帶利混合，是的，你是絕對正確的，新的州。我認為，當你第一次向客戶介紹一種產品時，讓他們嘗試新事物總是更容易，而如果他們多年來一直以某種方式使用該產品來改變行為，那麼讓他們嘗試新事物總是更困難。所以這更像是一種苦差事，但從連本帶利混合的角度來看，在最古老的州，這種趨勢絕對每年都會持續下去，趨勢正在繼續朝著正確的方向發展。因此，我認為隨著時間的推移，這將成為我們持續的順風車。最終，它們將與我們在新州看到的情況趨同。只是需要更長的時間。

Our next question comes from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

There, can you hear me?

在那裡，你聽得到我說話嗎？

Yes we can hear you.

是的，我們能聽到你的聲音。

Excellent. Thank you. Apologies for that. So on Jackpot, I guess 1 question just, is that going to stay a single app or be folded into the draftings app or both? And does the ramp to $60 million to $100 million in 2016 assume any new states get approved?

出色的。謝謝。對此表示歉意。因此，在 Jackpot 上，我想有一個問題：它會保留為應用程序，還是會合併到繪圖應用程式中，或者兩者兼而有之？ 2016 年 6,000 萬至 1 億美元的成長是否假設有新的州獲得批准？

For us, a lot of the questions around branding and product, we're still in the early stages, but the current plan is to keep it as its own brand and app. I think they've built a strong audience and a good brand. And I think that we want to keep it. But obviously, we're going to explore opportunities to integrate ecosystems, have all products available across all brands, just like we do with GNOG. And I think Jackpocket has a casino that they -- so there's a lot to do there, I think, with their brand, and we'll see how that all evolves over time, but that's the current plan. And then I'm sorry, what was the second question?

對我們來說，關於品牌和產品的許多問題，我們仍處於早期階段，但目前的計劃是將其保留為自己的品牌和應用程式。我認為他們已經建立了強大的受眾和良好的品牌。我認為我們想保留它。但顯然，我們將探索整合生態系統的機會，讓所有品牌的所有產品都可用，就像我們對 GNOG 所做的那樣。我認為 Jackpocket 有一個賭場，所以我認為他們的品牌有很多事情要做，我們將看到這一切如何隨著時間的推移而發展，但這就是目前的計劃。抱歉，第二個問題是什麼？

Does the target -- as you look out to 2026...

展望 2026 年，目標是否...

Yes. So no new OSB and iGaming states are included in our synergy or any other assumptions. So we're just assuming current footprint. So a lot of upside if there's more OSB and iGaming states and cross-selling more customers, we do assume that some more lottery states launch. As I noted earlier, it's a lot more seamless to launch a lottery state. You don't need to go through the legislative process. It's really more of going and working out a deal directly with the state.

是的。因此，我們的協同作用或任何其他假設中均不包含新的 OSB 和 iGaming 狀態。所以我們只是假設當前的足跡。因此，如果有更多的 OSB 和 iGaming 州以及交叉銷售更多的客戶，我們確實假設會有更多的彩票州推出，那麼會有很多好處。正如我之前提到的，啟動彩票州要無縫得多。您不需要經過立法程序。這實際上更多的是直接與國家達成協議。

So I think that, that's something that we feel a lot of confidence in and if you look at their ramp over the last few years, they've launched in number of different states. And I think the hardest part really is because there's no legislative process. The hardest part is one they've already solved, which is building a technology solution that will scale and will be able to service multiple states and lots of customers at the same time.

所以我認為，我們對此充滿信心，如果你看看他們過去幾年的發展，你會發現他們已經在許多不同的州推出了。我認為最困難的部分確實是因為沒有立法程序。最困難的部分是他們已經解決的部分，即建立一個可擴展並能夠同時為多個州和大量客戶提供服務的技術解決方案。

And of course, remember, there's already states that they're in, that are big states. I mean, Texas is a huge revenue state for them. And as we know, Texas came very close last year to passing OSB, and we're very hopeful they will this year. New York is a huge state for them. I think New York could do iGaming in the next year or so. So that's another big opportunity.

當然，請記住，他們已經所在的州，那些大州。我的意思是，德克薩斯州對他們來說是一個巨大的收入州。正如我們所知，德克薩斯州去年非常接近通過 OSB，我們非常希望今年能夠通過。紐約對他們來說是一個巨大的州。我認為紐約可能會在明年左右推出 iGaming。所以這是另一個巨大的機會。

So really, I think the best is yet to come. And as I said earlier, this is an asset that we believe will just continue to increase in value because if you're a believer, which I hope we all are, that there will be more and more OSB and iGaming states, none of that is baked into any of our synergy assumptions, that's just all upside.

所以說真的，我認為最好的尚未到來。正如我之前所說，我們相信這是一種資產，其價值將繼續增加，因為如果你相信（我希望我們大家都相信），將會有越來越多的 OSB 和 iGaming 狀態，那麼這些都不是融入我們的任何協同假設中，這都是有利的。

That's super helpful. And maybe looping in Jason Park, here on free cash flow. As we look further out, how do you generally anticipate free cash flow conversion evolving?

這非常有幫助。也許還會在傑森帕克（Jason Park）這裡循環播放，這裡有自由現金流。當我們進一步展望時，您通常如何預測自由現金流轉換的演變？

Yes. So we outlined that for 2024, the free cash flow, the delta between adjusted EBITDA and free cash flow, net impact of CapEx, cap software plus some cumulative good guides across working capital and interest income. It's about $100 million. So that's a free cash flow yield on the adjusted EBITDA. I think about the components between adjusted EBITDA and free cash flow as being more steady over time. So as adjusted EBITDA grows, the free cash flow conversion percentage is going to go up, Stephen.

是的。因此，我們概述了 2024 年的自由現金流、調整後 EBITDA 與自由現金流量之間的增量、資本支出的淨影響、上限軟體以及一些關於營運資本和利息收入的累積良好指南。大約是1億美元。這就是調整後 EBITDA 的自由現金流收益率。我認為調整後的 EBITDA 和自由現金流之間的組成部分隨著時間的推移會變得更加穩定。因此，隨著調整後 EBITDA 的成長，自由現金流轉換百分比將會上升，史蒂芬。

Our next question comes from Bernie McTernan with Needham & Company.

我們的下一個問題來自尼達姆公司的伯尼·麥克特南。

Just to start, Jason, in the letter, you said 87% customer retention over a 5-year period on average. I think that was better than what was quoted in the Investor Day a couple of years ago. Is that -- is that true that retention is improving that much? Or the numbers not apples-to-apples?

Jason，首先，您在信中提到，5 年內平均客戶保留率為 87%。我認為這比幾年前投資者日所引用的要好。保留率確實有這麼大的提高嗎？或是數字不一樣？

Yes, I think that is true. I mean I'm not sure if it's exactly apples-to-apples but I have to go back and check. But absolutely, retention is improving.

是的，我認為這是真的。我的意思是，我不確定這是否完全一樣，但我必須回去檢查一下。但絕對的是，保留率正在提高。

Okay. Any drivers to call specifically.

好的。任何可以具體致電的司機。

Yes. I mean I think it's largely product. That's the biggest one. I also think that you're just seeing more and more natural organic growth as customers adopt more sports and things like that, which just keeps them more sticky and active on the product. But it's really just the product advancement more than anything else. We also are constantly optimizing our CRM. So that's a big lever too. I should mention we're testing all the time and finding wins. So I think between the product improving greatly over the last couple of years and our marketing and team continuing to test and learn, that were the biggest drivers.

是的。我的意思是我認為這主要是產品。這是最大的一個。我還認為，隨著客戶接受更多的運動和類似的事情，你會看到越來越多的自然有機成長，這只會讓他們對產品更加黏性和活躍。但這其實只是產品的進步，而不是其他任何事情。我們也不斷優化我們的 CRM。所以這也是一個很大的槓桿。我應該提到我們一直在測試並尋找勝利。因此，我認為過去幾年產品的巨大改進以及我們的行銷和團隊不斷測試和學習，這是最大的驅動力。

But there's a lot of things, right? I think our customer service has improved. We're -- I think there's so many different dimensions across the products and across the entire customer experience that have helped us improve our retention.

但事情很多，對吧？我認為我們的客戶服務有所改善。我認為我們的產品和整個客戶體驗中有很多不同的維度，這幫助我們提高了保留率。

Great. And I know it's early days, but just wanted to get your thoughts on Barstool and what that could be as a customer acquisition and retention vehicle for you guys.

偉大的。我知道現在還為時過早，但只是想了解你們對 Barstool 的想法，以及它可以作為你們獲取和保留客戶的工具。

We're very excited about that when we worked with Barstool many times over the years and really thrilled to be working with them again. It's a partner that we know very well and have a ton of data on. So we felt really -- I mean, this is about as good as it gets in terms of us having historical data and being able to underwrite this deal. So it's really exciting, and we believe it will be a strong performer for us.

多年來我們與 Barstool 多次合作，對此我們感到非常興奮，並且很高興再次與他們合作。這是我們非常了解並擁有大量數據的合作夥伴。所以我們真的感覺——我的意思是，就我們擁有歷史數據並能夠承銷這筆交易而言，這已經是最好的了。所以這真的很令人興奮，我們相信它對我們來說將是一個強大的表現。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

With respect to the gross margin guidance improvement for 2024, should we think about the 250 to 450 basis point improvement, more of just kind of a factor of the scale and the growth that you're going to have? Or are some of the, I guess, variable fees coming down and we should expect for that to continue just given some of your partnerships and what you're able to do with payment processing and the likes.

關於 2024 年毛利率指引的改善，我們是否應該考慮 250 到 450 個基點的改善，更多的是您將擁有的規模和成長的因素？或者，我猜，一些可變費用會下降，考慮到你們的一些合作夥伴關係以及你們在支付處理等方面的能力，我們應該期望這種情況會繼續下去。

Yes. I mean I think it's a number of different things that come with scale. Certainly, there are discounts that come with volume and scale and things like payment processing. Also, promotional mix continues to trend down as we increase the ratio of existing to new customers. And -- those things, I think, are the largest drivers.

是的。我的意思是，我認為規模化會帶來許多不同的事情。當然，隨著數量和規模以及支付處理等方面的變化，也會有折扣。此外，隨著我們增加現有客戶與新客戶的比例，促銷組合持續呈下降趨勢。我認為這些因素是最大的驅動因素。

Yes, I agree. I think it's all of the above, Chad, where the improving promotional reinvestment rate due to our mix of existing versus new customers, our improving hold rate and then just ongoing optimization of our COGS vendors are all driving that improvement in gross margin rate.

是的我同意。我認為，乍得，以上都是原因，由於我們現有客戶與新客戶的組合，促銷再投資率不斷提高，我們的保留率不斷提高，然後我們的銷貨成本供應商不斷優化，所有這些都推動了毛利率的提高。

Okay. Great. And then we'll probably see the public release, at least from New York, I believe, later today with respect to the Super Bowl outcome and kind of the hold rates there, but -- could you maybe give us a little preview in terms of how that fit into the Q1 guidance, how you guys did in the Super Bowl from a hold standpoint.

好的。偉大的。然後我們可能會看到公開發布，至少在紐約，我相信，今天晚些時候關於超級碗的結果和那裡的保留率，但是——你能給我們一些預覽嗎？關於這如何符合第一季度的指導，從保持的角度來看你們在超級盃中的表現如何。

Yes. So I think this speaks to the power of our work that we've done over the last few years to build out the same game parlay product and improve player props and really diversify the bets that despite the fact that the game outcome did not go our way at all with the cheese winning, we ended up actually holding right in line with what we thought we would from a hold rate perspective. So -- that was really, I think, a testament to the great work the team has done over the last few years to drive more diversified bets and more parlays.

是的。因此，我認為這說明了我們在過去幾年中所做的工作的力量，即構建相同的遊戲連贏產品並改進玩家道具並真正使賭注多樣化，儘管事實上遊戲結果並沒有達到我們的預期。無論如何，隨著起司獲勝，我們最終實際上保持與我們從持有率角度認為的一致。所以，我認為，這確實證明了團隊在過去幾年中為推動更多元化的投注和更多的連贏投注所做的出色工作。

Our next question comes from Barry Jonas with Truist Securities.

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

Can you talk about whole trends in iGaming? Do you think there's maybe a path to hire structural hold over time there?

您能談談 iGaming 的整體趨勢嗎？您認為隨著時間的推移，是否有可能在那裡僱用結構性人才？

Yes. I think iGaming is a little bit different because it's so high frequency. It's really -- whole rate matters, of course, if you look at the math. But if you think about kind of a customer and how they behave. Most people sit and they play for some period of time, and they have a budget and I think that hold rate generally doesn't move more than 100 or 200 bps up or down in any given day, it's much more stable than sports hold rate because it's not outcome dependent at all. So it's always something to look at, but I think it's just a fundamentally different product.

是的。我認為 iGaming 有點不同，因為它的頻率非常高。當然，如果你看一下數學的話，整體比率確實很重要。但如果你考慮一下客戶的類型以及他們的行為。大多數人會坐下來玩一段時間，他們有預算，我認為在任何一天，持有率的波動一般不會超過 100 或 200 個基點，它比體育賽事的持有率穩定得多因為它根本不依賴結果。所以它總是值得關注的，但我認為它只是一個根本不同的產品。

And it's same thing with like live betting and game. If somebody is betting on every play of a game, taking a super high margin doesn't necessarily make that person stick for as long as you can. So it's very different than, I think, somebody who's making 1 or 2 bets pregame or maybe they're making a lot of bets pregame, but they're betting sort of on a much longer cycle and the money isn't churning as quickly.

現場投注和遊戲也是如此。如果有人在遊戲的每場比賽中下注，獲得超高利潤並不一定能讓他堅持盡可能長時間。因此，我認為，這與那些在賽前進行1 或2 次投注的人有很大不同，或者他們可能在賽前進行大量投注，但他們的投注週期要長得多，而且資金的流失速度不會那麼快。

That makes sense. Then just a follow-up on Jackpocket. I guess I'm trying to understand the risks to Jackpocket and the broader courier model. How do you see the potential for more states to legalize [iLottery] over time, which would effectively remove the need for service fees.

這就說得通了。然後是 Jackpocket 的後續。我想我正在嘗試了解 Jackpocket 和更廣泛的快遞模式的風險。隨著時間的推移，您如何看待更多州將 [iLottery] 合法化的潛力，這將有效消除服務費的需要。

Well, I think that the real question is what can Jackpot contribute to the overall lottery ecosystem. And regardless of how it evolves, I think their products, their customers are going to have a role to play. And this is something that any lottery would want, right? I mean it would certainly make any -- I would think -- I shouldn't say any. I'm sure there's some around the country that, for whatever reason, don't -- but it increases the lottery market and increases sales.

嗯，我認為真正的問題是頭獎能為整個彩票生態系統做出什麼貢獻。不管它如何發展，我認為他們的產品、他們的客戶都將發揮作用。這是任何彩票都想要的，對吧？我的意思是，它肯定會產生任何——我認為——我不應該說任何。我確信全國各地都有一些人，無論出於何種原因，都沒有這樣做——但它增加了彩票市場並增加了銷售量。

So it should be a no-brainer, I would think, for the vast majority of state lotteries and I think Jackpocket is very well positioned for however it evolves in iLottery and other things. I mean they have an incredible customer base, a brand; this is, I think, something that actually could be a real tailwind for them depending on how it evolves. But whether it continues to be the current model or whether it changes, I think that Jackpocket is extremely well positioned and is a very unique asset.

因此，我認為，對於絕大多數州彩券來說，這應該是理所當然的事情，而且我認為 Jackpocket 處於非常有利的位置，無論它在 iLottery 和其他方面如何發展。我的意思是他們擁有令人難以置信的客戶群和品牌；我認為，這對他們來說實際上可能是真正的順風車，這取決於它的發展方式。但無論是繼續採用當前模式還是改變，我認為 Jackpocket 的定位都非常好，而且是非常獨特的資產。

Yes. One other thing worth noting too is iLottery requires legislative action unlike what Jackpocket does. So I think while it could happen, it's going to be a much slower burn. And I think the ability to get the digital lottery products that Jackpocket offers up and running in a number of states quickly is just much more seamless.

是的。另一件值得注意的事情是 iLottery 需要立法行動，這與 Jackpocket 不同。所以我認為雖然這可能發生，但燃燒速度會慢得多。我認為 Jackpocket 提供的數位彩票產品在多個州快速啟動和運行的能力更加無縫。

Our next question comes from Jordan Bender with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Jordan Bender。

So the Barstool partnership kind of highlights it seems past years of using your marketing budget and your ad spend. Can you maybe help us think about some of the higher cost legacy partnerships that are going to roll off this year versus some of the opportunity for incremental marketing agreements for like a Barstool maybe into '24 and '25. And the positive ROI you might see off of those?

因此，Barstool 合作夥伴關係似乎強調了過去幾年使用您的行銷預算和廣告支出的情況。您能否幫助我們考慮一些今年將推出的成本較高的傳統合作夥伴關係，以及一些增量行銷協議的機會，例如酒吧凳可能會進入「24」和「25」。您可能會從中看到正面的投資報酬率？

Sure. I mean, as you know, our relationship with ESPN ended late last year, so that is certainly one. But I wouldn't say there's like any one thing. We're constantly optimizing in and out. And actually, most of our spend is not committed. Most of our spend is done through buying that we can pull in and out of at any various points of time. So there's a ton of different levers that we can pull as we think about funding different agreements and -- right now, I think given sort of the pace and cadence of what we expect state launches to be in 2024 barring some big surprise, I don't think you're going to see an increase in marketing this year. It's going to be much more of a focus on deploying our dollars much more effectively. And I think Barstool is a great example of that.

當然。我的意思是，如您所知，我們與 ESPN 的關係於去年底結束，所以這肯定是其中之一。但我不會說有任何一件事。我們不斷進行內外優化。事實上，我們的大部分支出都沒有承諾。我們的大部分支出都是透過購買來完成的，我們可以在任何不同的時間點進出。因此，當我們考慮為不同的協議提供資金時，我們可以使用大量不同的槓桿——現在，我認為考慮到我們預計 2024 年各州啟動項目的速度和節奏，除非出現重大意外，我不認為我認為今年的營銷活動不會增加。我們將更加關注更有效地部署我們的資金。我認為酒吧凳就是一個很好的例子。

Great. And then on the follow-up on Jackpocket. With CACs going down and LTVs going up, does the acquisition help your margin targets long term just for the core business, I think it's around 30% still. Like should we expect any incremental lift through this acquisition?

偉大的。然後是 Jackpocket 的後續。隨著 CAC 的下降和 LTV 的上升，此次收購是否有助於您核心業務的長期利潤目標，我認為仍在 30% 左右。就像我們應該期望透過這次收購帶來任何增量提升嗎？

It's a great question. At this point, we haven't dug in as much on that, but I think it's certainly something that you could see. I think that what we get with Jackpocket is the ability to acquire a lot of customers at a fraction. It's about 10% to 15% of our current customer acquisition costs. And that's something that obviously will provide a lot of levers for being able to optimize margin over the long run, assuming that we can continue to do that, which I have no reason to believe we can't.

這是一個很好的問題。目前，我們還沒有對此進行深入研究，但我認為您肯定可以看到這一點。我認為 Jackpocket 能夠讓我們以很小的成本獲得大量客戶。這大約是我們目前客戶獲取成本的 10% 到 15%。假設我們可以繼續這樣做，這顯然將為長期優化利潤提供許多槓桿，但我沒有理由相信我們不能。

And I think on the other side of it, being able to cross-sell, it will provide some revenue lift. We don't view this necessarily. It's more like DFS, right? DFS is a nice little product, makes money for us. But it's not something that is going to drive the massive top line growth. That's really the OSB and iGaming, and it's more of a vehicle to be able to continue to acquire customers and engage customers in states that don't have that yet. And I think Jackpocket, much like DFS, will do the same thing. And also, I think in states that do have OSB and iGaming, it will provide us another vehicle to acquire cheaply.

我認為另一方面，能夠交叉銷售，將帶來一些收入提升。我們不一定這麼認為。它更像是 DFS，對吧？ DFS是個不錯的小產品，為我們賺錢。但這並不會推動營收的大幅成長。這實際上是 OSB 和 iGaming，它更像是一種能夠繼續獲取客戶並吸引尚未擁有客戶的州的客戶的工具。我認為 Jackpocket 會像 DFS 一樣做同樣的事情。而且，我認為在確實有 OSB 和 iGaming 的州，它將為我們提供另一個可以廉價購買的工具。

And one of the cool things, I think, is if you look at sort of where a lot of customer acquisition happens now, it's during these big moments, whether that's the Super Bowl or March Madness coming up or any of those things. It's those big tentpole moments. And what Jackpocket does is, it creates more of those big mass, cheap customer acquisition opportunities during the year. And it could be any time, right? It could be the middle of August when there's suddenly a $1 billion jackpot and we're the only ones who are able to actually acquire in mass right before the NFL season starts. So it's those types of advantages, I think, that you're going to see really pay off over time.

我認為，最酷的事情之一是，如果你看看現在發生大量客戶獲取的情況，那就是在這些重要時刻，無論是超級盃比賽還是瘋狂三月即將到來的比賽，還是任何其他事情。這是那些重要的時刻。 Jackpocket 所做的是，它在這一年中創造了更多大量、廉價的客戶獲取機會。這可能是任何時間，對吧？可能會在 8 月中旬突然出現 10 億美元的頭獎，而我們是唯一能夠在 NFL 賽季開始前真正獲得大量獎金的人。因此，我認為，隨著時間的推移，您將看到這些類型的優勢真正帶來回報。

Our next question comes from Jed Kelly with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的傑德·凱利。

Has your structural holds improve? Theoretically, you're going to be able to promote at a higher incremental gross dollar. So can you talk about what that does for retention? And then my follow-up is, we're seeing these new streaming services start to pop up. Can you talk about where the category leading gaming companies are going to be in terms of in this new streaming wave and sort of helping around the distribution.

你的結構性支撐有改善嗎？從理論上講，您將能夠以更高的增量總美元進行促銷。那麼您能談談這對保留有何影響嗎？然後我的後續行動是，我們看到這些新的串流服務開始出現。您能否談談在這一新的串流媒體浪潮中，領先的遊戲公司將處於什麼位置，並在發行方面提供幫助。

Great question. So I think on the first one, it gives you the ability to do that. It doesn't mean we will. I think for us right now, we feel there's a lot of room to just continue to drive engagement through product and customer service and other things. But certainly having a little bit more cushion to be able to find other new sorts of promotions that works is another advantage. And doesn't necessarily mean that, that's going to be something we're looking to do. But I do think it provides an ability to do so, which is certainly an advantage over time.

很好的問題。所以我認為第一個，它讓你有能力做到這一點。這並不意味著我們會這麼做。我認為現在對我們來說，我們覺得有很大的空間可以繼續透過產品、客戶服務和其他事情來推動參與。但當然，擁有更多的緩衝來找到其他有效的新型促銷活動是另一個優勢。這並不一定意味著，這將是我們想要做的事情。但我確實認為它提供了這樣做的能力，隨著時間的推移，這無疑是一個優勢。

And then on the streaming side, I think it's early to say. There's a lot of moving parts right now. And at the same time, we know, obviously, that there's a lot of disruption going on in sports media. Obviously, we've seen a ton of disruption and have seen kind of how the evolution of nonsports media and sports is still very much right in the thick of the evolution that's occurring and it will be interesting to see how it plays out and no doubt there'll be opportunities created, and we're always looking for new partners and interesting ways that we can take advantage of any disruption happening in an adjacent market to us.

然後在串流媒體方面，我認為現在說還為時過早。現在有很多活動部件。同時，我們顯然知道體育媒體正在發生很多混亂。顯然，我們已經看到了大量的破壞，也看到了非體育媒體和體育的演變在正在發生的演變中仍然非常正確，看看它如何發揮作用將會很有趣，毫無疑問將會創造機會，我們一直在尋找新的合作夥伴和有趣的方式，以便我們能夠利用鄰近市場中發生的任何顛覆。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So the first one, another one on Jackpocket. I'm just thinking about the non-overlap portion of the database. I mean I think we think about lottery and think of sort of a very wide diversified range of demographic and income levels. And I'm just curious if you've done any work on the nonoverlapping piece, give us a sense on who those folks are? Is it older people? Is it men or women? And is that a richer cross-sell opportunity for iGaming or OSB in your mind? And how do you compare that?

第一個是 Jackpocket 上的另一個。我只是在考慮資料庫的非重疊部分。我的意思是，我認為我們會想到彩票，並想到各種各樣的人口和收入水平。我只是好奇你是否對不重疊的部分做了任何工作，讓我們了解這些人是誰？是老年人嗎？是男人還是女人？您認為這對 iGaming 或 OSB 來說是一個更豐富的交叉銷售機會嗎？你如何比較呢？

Yes, great questions. I mean, so we did a ton of work on the overall customer base and also on the general lottery market. And what we find is that the people that are buying lottery tickets on Jackpocket, they're using mobile devices to do so. They're younger. They're a more tech-savvy customer -- it's a different demographic, I think, than the average lottery customer, and that's part of why it's growing the market, which is great.

是的，很好的問題。我的意思是，我們在整個客戶群以及一般彩票市場上做了大量工作。我們發現，在 Jackpocket 上購買彩票的人是使用行動裝置來購買彩票的。他們更年輕。他們是更精通技術的客戶——我認為，與普通彩票客戶相比，這是一個不同的人群，這就是它發展市場的部分原因，這很棒。

So similar to kind of the online better versus the retail better, it's just -- it's a different person that's willing and also that has an iPhone and that sort of thing. And I think really, that's kind of what the appeal is, is that this is a disruptive new thing in a market that really the customer wants this, right? I mean people don't buy lottery tickets today, sometimes, I think, due to convenience. And just like being able to make a bet on your phone, shooting, I mean if you look at anywhere right now that's legalized betting. Online betting makes up a much larger portion of the handles than retail betting. It just makes sense when you give people a digital and mobile option that you're going to grow the market and also reach a new demographic of person. So that's really what we found when we dug in there.

就像在線更好與零售更好的情況類似，只是 - 這是一個不同的人願意並且擁有 iPhone 之類的東西。我真的認為，這就是吸引力所在，這是客戶真正想要的市場中的顛覆性新事物，對嗎？我的意思是，現在人們不買彩票，有時，我想，是因為方便。就像能夠在手機上投註一樣，我的意思是，如果你現在看看任何地方，這都是合法化的投注。線上投注在賭注中所佔的比例比零售投注大得多。當您為人們提供數位和行動選項時，您將擴大市場並涵蓋新的人群，這是有意義的。這就是我們挖掘時發現的。

And I'm sorry, what was the second part of the question? iGaming and OSB. So actually another interesting thing we saw, I had gone in thinking this was going to be much more propensity to cross-sell to iGaming this type of customer. But when we did the overlap analysis, it was actually quite similar -- the overlap between OSB customers and iGaming customers. So that gave us great confidence which makes sense in some ways, right, because the overlap between iGaming and OSB and the cross-sell rates are so high. So it kind of makes sense when you think about it, but I would have gone in and probably think it would skew a little more iGaming and it was actually very similar.

抱歉，問題的第二部分是什麼？ iGaming 和 OSB。事實上，我們看到的另一件有趣的事情是，我認為這將更有可能向 iGaming 此類客戶進行交叉銷售。但當我們進行重疊分析時，實際上非常相似——OSB 客戶和 iGaming 客戶之間的重疊。這給了我們很大的信心，這在某些方面是有道理的，因為 iGaming 和 OSB 之間的重疊以及交叉銷售率非常高。因此，當你仔細考慮時，這是有道理的，但我可能會認為它會更偏向 iGaming，而且實際上非常相似。

That's really interesting. And then maybe more on the sort of maybe competitive landscape. This is a disruptive technology service that is growing based on penetration. And I think this is the #1 player in the space, but you guys mentioned that regulatory -- the regulatory structure wasn't exactly high problem. And so maybe we wonder about barrier to entry and if that's sort of low. And so -- are there sort of second, third, fourth sort of apps out there nipping at the heels of this one? And what's the competitive landscape look like?

這真的很有趣。然後也許更多關於競爭格局。這是一項基於滲透率不斷增長的顛覆性技術服務。我認為這是該領域的第一名玩家，但你們提到了監管——監管結構並不是一個嚴重的問題。所以也許我們想知道進入障礙以及進入障礙是否有點低。那麼，是否還有第二種、第三種、第四種應用程式緊隨其後？競爭格局又是怎麼樣的？

Well, no doubt, I think there will be more. And I think what you really have to think about is -- you're right. From a regulatory perspective, there are other -- it's not as hard. But I think that what really is hard is the technology side. It's a very complicated fulfillment process, and every state is a little bit different. So you have to build a solution that can be flexible and it's actually quite similar to what we've built in terms of our multistate regulatory structure in OSB and iGaming.

好吧，毫無疑問，我認為還會有更多。我認為你真正需要考慮的是——你是對的。從監管的角度來看，還有其他的——但並不那麼難。但我認為真正困難的是技術面。這是一個非常複雜的實作過程，每個狀態都有點不同。因此，您必須建立一個靈活的解決方案，它實際上與我們在 OSB 和 iGaming 中的多州監管結構方面構建的解決方案非常相似。

But I think the added piece for them is the fulfillment, and that's very complicated to do that at scale in a cost-effective manner and have a technology system, they have patents as well on various pieces that they've created -- to have a technology system that can support rapid launch of states is not something that you can build right overnight. So no doubt there will be more competition over time, but I think these guys have a big head start. And while the barriers to entry may not be super high, I think that head start is real.

但我認為對他們來說，增加的部分是實現，以具有成本效益的方式大規模實現這一點非常複雜，並且擁有一個技術系統，他們還擁有自己創造的各種產品的專利 - 擁有一個能夠支持國家快速啟動的技術系統不是一朝一夕就能建立起來的。因此，毫無疑問，隨著時間的推移，競爭將會更加激烈，但我認為這些人已經取得了巨大的領先優勢。雖然進入門檻可能不是很高，但我認為領先優勢是真實存在的。

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

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

Just staying on Jackpocket. Curious to get all the cross synergies you mentioned. But are there any features that Jackpocket has that could potentially be useful, whether be OSB, iGaming, thinking pool play, where they split winnings? There's an auto play feature, so on?

只是留在 Jackpocket 上。很想獲得你提到的所有交叉協同效應。但 Jackpocket 是否有任何可能有用的功能，無論是 OSB、iGaming、思維撞球遊戲還是分割獎金的地方？有自動播放功能嗎？

Yes. I haven't really thought as much about that. They do have a lot of interesting things they've worked. I know they have a bingo product that were -- that they recently launched. So there could be some leverageable things there for sure. Definitely, I've thought about it more is they're building out a great lottery experience and by plugging in the iGaming experience that we've been able to build out and the OSB experience that we've been able to build out to the lottery experience, they've been able to build out. I think that's where the real power is. But there also might be -- you're right, some good nuggets there in terms of features and other things that are repurposable across other products. So that's something that we'll have to look into a little bit more.

是的。我還沒有真正考慮過這一點。他們確實做過很多有趣的事。我知道他們最近推出了賓果遊戲產品。所以一定會有一些可以利用的東西。當然，我更多地考慮的是他們正在創造出色的彩票體驗，並將我們已經能夠構建的 iGaming 體驗和我們能夠構建的 OSB 體驗插入到彩票經驗，他們已經能夠建立起來。我認為這才是真正的力量所在。但也可能有——你是對的，就功能和其他可在其他產品中重新利用的東西而言，那裡有一些不錯的東西。所以這是我們必須進一步研究的事情。

Great. And then just as a follow-up on DFS, any early metrics and thoughts on the Pick6 product? And then how should we think about that take rate, gross margins, et cetera, relative to your traditional DFS business?

偉大的。然後，作為 DFS 的後續行動，關於 Pick6 產品的任何早期指標和想法？那麼相對於傳統的 DFS 業務，我們該如何考慮轉換率、毛利率等？

Well, that's a product we're very excited about. We haven't talked as much about it because it just launched, but it's something that we think could really reinvigorate DFS growth in a real meaningful way. Right now, we're seeing really good early signal, very strong retention numbers, good monetization. The fees that we take, their guaranteed price pools are actually higher than the average DFS fee. So that's good, too. So a lot of things to like about that product, and I think it's something that we could really see be a meaningful contributor in the future.

嗯，這是我們非常興奮的產品。因為它剛剛推出，所以我們沒有過多談論它，但我們認為它可以真正以真正有意義的方式重振 DFS 的成長。現在，我們看到了非常好的早期訊號、非常強的留存率和良好的獲利能力。我們收取的費用，他們的保證價格池實際上高於 DFS 的平均費用。所以這也很好。該產品有很多值得喜歡的地方，我認為我們可以真正看到它在未來成為有意義的貢獻者。

Our next question comes from John DeCree with CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Covered a lot of ground, but maybe a high-level question on iGaming. So a lot of success for you over the past year. Can you talk a little bit about if we talk sports and Jackpocket. But about some of the stuff you have planned for iGaming, I think your proprietary content has been a big driver of some of your success. But as we think about 2024 and where you're going in iGaming, high level, what should we think about?

涵蓋了很多內容，但可能是有關 iGaming 的高級問題。在過去的一年裡，你取得了許多成功。如果我們談論體育和 Jackpocket，你能談談嗎？但關於您為 iGaming 計劃的一些內容，我認為您的專有內容是您成功的重要推動力。但當我們思考 2024 年以及 iGaming 的發展方向時，我們該考慮什麼？

Yes. I mean, first, we are just in the process of completing the migration on GNOG. So that's going to be a real exciting one and really just at the very early stages of deploying our multi-brand strategy and I think that's going to be a real tailwind for us. We also have a number of product features and new games that we're working on as well as things that we're working to increase and build out like our jackpots offering, which I think, is a real differentiator for us.

是的。我的意思是，首先，我們剛完成 GNOG 上的遷移。因此，這將是一個真正令人興奮的事情，而且確實處於部署我們多品牌策略的早期階段，我認為這對我們來說將是真正的推動力。我們還擁有許多正在開發的產品功能和新遊戲，以及我們正在努力增加和建構的東西，例如我們的累積獎金產品，我認為這對我們來說是一個真正的差異化因素。

So there's a lot going on in that space. We're working on a lot of new gamification stuff. There's a lot. And I think really front and center is that GNOG migration and having those products be come on the same platform, I think, will allow us to really get even more leverage out of each additional feature and game that we launch.

所以這個領域發生了很多事情。我們正在開發許多新的遊戲化內容。有很多。我認為真正最重要的是 GNOG 遷移以及讓這些產品出現在同一平台上，我認為這將使我們能夠真正從我們推出的每個附加功能和遊戲中獲得更多優勢。

Got it. You touched on a little earlier, iGaming, your view on New York perhaps getting close and we probably feel the same way. There's quite a few bills circulating out there for gaming this session. But curious if you have a view or if your team has a view on, at least directionally, over the last couple of months or quarters, if you've seen greater progress at the state legislative level or if there's maybe anything out there that people aren't thinking about it's not major headlines like New York that might be interesting over the next kind of 1 or 2 years on the iGaming regulatory front?

知道了。你早些時候提到過，iGaming，你對紐約的看法可能越來越接近，我們可能也有同樣的感覺。這次會議上流傳著不少用於賭博的帳單。但我很好奇，在過去的幾個月或幾個季度裡，您是否有自己的觀點，或者您的團隊是否有至少方向性的觀點，是否在州立法層面看到了更大的進展，或者是否有任何東西值得人們關注。難道沒有想過在未來一兩年內，像紐約這樣的主要頭條新聞在 iGaming 監管方面可能會很有趣嗎？

Yes. There's a few states that I think are getting momentum on iGaming now, and it will be hard to say, but I think we're going to get at least 1 or 2 this year, if I had to guess. Some of the states, I'm hearing some momentum in include Maryland, Wyoming is one. So I think there's a few states that could consider it. I think a dark horse is Illinois.

是的。我認為現在有幾個州在 iGaming 上勢頭強勁，這很難說，但如果我不得不猜測的話，我認為今年至少會有 1 或 2 個州。我聽說一些州出現了一些勢頭，其中包括馬裡蘭州，懷俄明州就是其中之一。所以我認為有幾個州可以考慮。我認為伊利諾州是一匹黑馬。

Really, what I think you saw and there's kind of 2 things that I think are playing out here. One is a number of different states wanted to do OSB first and see how that went, and that's still ramping for them. And so the draw for that reason of new tax revenues from online gaming isn't as strong if you just launched online sports betting and you're waiting to see how it's ramping and you're still getting more and more accustomed to and comfortable with it.

真的，我認為你所看到的以及我認為這裡正在發生的兩件事。其中之一是許多不同的州都想先做定向刨花板，看看進展如何，而且這對他們來說仍在增加。因此，如果您剛剛推出線上體育博彩，並且正在等待觀察其增長情況，並且您仍然越來越習慣並感到滿意，那麼來自線上遊戲的新稅收收入的吸引力就不那麼強了它。

The second thing is that we talked a few years ago about post-COVID and how that was going to be a real catalyst given states would need tax revenue. What we ended up seeing was that so much federal money was pumped into the state's coffers that really dragged -- over the next few years, it kind of extended that time line a bit.

第二件事是，我們幾年前談到了後新冠疫情，以及考慮到各州需要稅收收入，這將如何成為真正的催化劑。我們最終看到的是，如此多的聯邦資金被注入州金庫，這確實拖累了——在接下來的幾年裡，這有點延長了這個時間線。

But now that's, I think, coming to an end in many states, they're starting to see budgets that really look a lot like the budgets 4 or 5 years ago in many states and the surpluses in some of these states are no longer there. And so I think that's going to also just sort of change the dynamic in the coming years between people getting comfortable that regulatory and responsible gaming pieces that we can put in place are robust and really do a great job protecting, people understanding there actually isn't a legal online casino market, iGaming market and that much like with sports betting, disrupting that illegal market that had no consumer protections, paying no tax revenue, actually is a real priority that states should have.

但現在，我認為，許多州即將結束，他們開始看到許多州的預算與四五年前的預算非常相似，其中一些州的盈餘已不復存在。 。因此，我認為這也將在未來幾年中改變人們之間的動態，讓人們感到放心，我們可以實施的監管和負責任的遊戲部件是強大的，並且確實在保護方面做得很好，人們明白實際上沒有「在合法的線上賭場市場、網路博彩市場以及體育博彩市場中，擾亂沒有消費者保護、不繳納稅收的非法市場實際上是各州應該優先考慮的事情。

And then, of course, the amount of programs, whether it be educational or otherwise, that the revenues can find, I think, are also going to be real catalyst behind. And it's kind of as we expected, maybe not exactly as we expected, but we thought there'd be a lot of momentum initially on OSB.

當然，我認為，收入可以找到的項目數量，無論是教育項目還是其他項目，也將成為背後的真正催化劑。這有點像我們預期的那樣，也許不完全符合我們的預期，但我們認為定向刨花板最初會有很大的發展勢頭。

I was actually pleasantly surprised as many states as they did ended up doing iGaming at the same time. And I think as OSB legislation continues to move through the states, I think you're going to see a wave of iGaming legislation start to materialize over the course of the next year or two.

實際上，我很驚喜，因為許多州最終同時進行了 iGaming。我認為，隨著 OSB 立法繼續在各州推行，我認為您將在未來一兩年內看到一波 iGaming 立法浪潮開始實現。

Jason, we agree. That's all helpful commentary. And congratulations to you and the team on a great 2023.

傑森，我們同意。這都是有用的評論。恭喜您和團隊在 2023 年取得了輝煌的成就。

Thank you so much. Really appreciate it.

太感謝了。真的很感激。

There are no further questions at this time. I'd like to turn the call back over to Jason Robins for any closing remarks.

目前沒有其他問題。我想將電話轉回給傑森·羅賓斯，讓其結束語。

Well, first, thank you all for joining us on today's call. Really, 2023 was an excellent year for DraftKings, and we're so excited about the opportunities in 2024 and beyond. I think 2024 is going to be even a bigger year for us. I hope everyone stays safe and well and look forward to chatting with you in the future. Thank you.

首先，感謝大家參加今天的電話會議。確實，2023 年對 DraftKings 來說是極好的一年，我們對 2024 年及以後的機會感到非常興奮。我認為 2024 年對我們來說將是更重要的一年。我希望每個人都保持安全和健康，並期待將來與您聊天。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。