Draftkings Inc (DKNG) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the DraftKings Q2 2025 earnings conference call. (Operator Instructions) Please be advised that today’s conference is being recorded.

您好，感謝您的支持。歡迎參加 DraftKings 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Mike Delalio, Senior Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係高級總監 Mike Delalio。請繼續。

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 forecasts. We assume no responsibility to update forward-looking statements other than as required by law.

大家早安，感謝大家今天加入我們。我們在本次電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，正如我們提交給美國證券交易委員會的文件中進一步討論的那樣，這些因素可能導致我們的實際結果與我們的歷史結果或預測存在重大差異。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, slide presentation and business update which can be found on our website and in our quarterly report on Form 10-Q filed with the SEC.

在本次電話會議中，管理層還將討論我們認為可能有助於評估 DraftKings 營運績效的某些非 GAAP 財務指標。這些措施不應被單獨考慮或取代根據 GAAP 編制的 DraftKings 財務結果。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表可在我們的收益報告、幻燈片簡報和業務更新中找到，這些內容可在我們的網站上以及我們向美國證券交易委員會 (SEC) 提交的 10-Q 表季度報告中找到。

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. Following Jason’s remarks, our Chief Financial Officer, Alan Ellingson, will provide a review of our financials. We will then open the line to questions.

今天的電話會議由 DraftKings 聯合創始人兼首席執行官 Jason Robins 主持，他將致開幕詞並介紹我們的業務最新情況。在 Jason 演講之後，我們的財務長 Alan Ellingson 將對我們的財務狀況進行審查。然後我們將開放問答熱線。

I will now turn the call over to Jason Robins.

現在我將把電話轉給傑森羅賓斯 (Jason Robins)。

Thank you, Mike. Good morning, everyone, and thank you all for joining. DraftKings set records for revenue and adjusted EBITDA in the second quarter as revenue growth accelerated to 37% year-over-year. We are pleased to be maintaining our fiscal year 2025 guidance with revenue expected to be closer to the high end of our range as strong underlying momentum in the business and sportsbook friendly outcomes in the second quarter position us to absorb an exciting new state launch.

謝謝你，麥克。大家早安，感謝大家的參與。DraftKings 在第二季創下了營收和調整後 EBITDA 的記錄，營收成長率年增至 37%。我們很高興能夠維持 2025 財年的指導方針，預計收入將更接近我們的預期範圍的高端，因為第二季度業務的強勁潛在勢頭和體育博彩的友好成果使我們能夠吸收令人興奮的新州的推出。

We are sharing five key takeaways today. First, we are in the early innings of adjusted EBITDA growth. Product enhancements are driving strong revenue growth while prudent cost discipline and efficiency initiatives across the organization are delivering meaningful adjusted EBITDA margin expansion. Our second quarter adjusted EBITDA was over $300 million and double our prior record. Looking ahead, we have conviction in our profitability expanding further as we drive towards our 30% adjusted EBITDA margin target over time.

今天我們將分享五個關鍵要點。首先，我們正處於調整後 EBITDA 成長的初期。產品的改進推動了強勁的收入成長，而整個組織審慎的成本控制和效率舉措正在帶來有意義的調整後 EBITDA 利潤率擴大。我們第二季的調整後 EBITDA 超過 3 億美元，是先前記錄的兩倍。展望未來，我們相信，隨著我們逐步實現 30% 調整後 EBITDA 利潤率目標，我們的獲利能力將進一步提高。

Second, DraftKings is positioned for success this fall with the upcoming NFL and NBA seasons. We continue to innovate our number one rated Sportsbook product, delivering an experience that moves uniquely at the speed of sports. This manifests in a best-in-class live betting product along with hyper flexible merchandising and social features that allow customers to engage with the biggest sports narratives as they unfold in real time.

其次，隨著 NFL 和 NBA 賽季的臨近，DraftKings 已做好在今年秋季取得成功的準備。我們不斷創新我們排名第一的體育博彩產品，提供以獨特的體育速度移動的體驗。這體現在一流的現場投注產品以及超靈活的商品推銷和社交功能上，讓客戶能夠即時參與最重要的體育賽事。

Third, sport outcomes tend to normalize over the long term but typically benefit either the sportsbook or our customers in the short term. In May and June combined, Sportsbook outcomes benefited the company and added $110 million to our revenue.

第三，從長遠來看，體育比賽結果往往會正常化，但從短期來看通常會使體育博彩或我們的客戶受益。5 月和 6 月合計，體育博彩的成果為該公司帶來了豐厚利潤，並增加了 1.1 億美元的收入。

Fourth, we continue to monitor events surrounding federally regulated prediction markets and are actively exploring ways to enhance shareholder value through this opportunity. As always, we value our relationships with both industry stakeholders and policymakers and we’ll work collaboratively as we evaluate next steps.

第四，我們持續關注聯邦監管預測市場的事件，並積極探索透過此機會提升股東價值的方法。像往常一樣，我們重視與行業利益相關者和政策制定者的關係，並將在評估下一步時進行合作。

Fifth, we continue to allocate capital to target the highest risk adjusted returns and maximize shareholder returns over the long term. In the first two quarters of this year, we repurchased 6.5 million shares through our stock repurchase program while continuing to invest in organic growth initiatives.

第五，我們繼續配置資本，以實現最高風險調整回報，並在長期內實現股東回報最大化。今年前兩個季度，我們透過股票回購計畫回購了 650 萬股，同時繼續投資於有機成長計畫。

With that, I will turn it over to our Chief Financial Officer, Alan Ellingson.

說完這些，我將把麥克風交給我們的財務長艾倫‧埃林森 (Alan Ellingson)。

Thank you, Jason. I’ll hit the financial highlights including our second quarter 2025 performance and our fiscal year guidance. Please note that all income statement measures discussed except for revenue are on a non-GAAP adjusted EBITDA basis.

謝謝你，傑森。我將介紹財務亮點，包括我們 2025 年第二季的業績和財政年度指引。請注意，除收入外，討論的所有損益表指標均基於非 GAAP 調整後的 EBITDA。

As Jason mentioned, in the second quarter, we achieved company records for both revenue and adjusted EBITDA. Revenue increased 37% year-over-year to $1,513 million and we generated $301 million of adjusted EBITDA representing a 20% adjusted EBITDA margin. Sportsbook net revenue increased 45% year-over-year which exceeded our expectations. Net revenue margins increased over 230 basis points year-over-year and also set a company record at 8.7%.

正如 Jason 所提到的，在第二季度，我們的營收和調整後 EBITDA 都創下了公司紀錄。營收年增 37% 至 15.13 億美元，調整後 EBITDA 為 3.01 億美元，調整後 EBITDA 利潤率為 20%。體育博彩淨收入年增 45%，超出了我們的預期。淨收入利潤率年增超過230個基點，並創下8.7%的公司紀錄。

Sportsbook handle increased 6% year-over-year to approximately $11.5 billion. Live betting handle increased 16% year-over-year as we continue to innovate and extend our lead in that category. Structural Sportsbook hold percentage increased 100 basis points year-over-year to 10.9% and actual sportsbook hold percentage exceeded 11.5% due to sportsbook friendly outcomes. Our parlay handle mix increased 430 basis points year-over-year.

體育博彩營收年增 6%，達到約 115 億美元。隨著我們不斷創新並擴大在該類別的領先地位，現場投注額比去年同期增長了 16%。結構性體育博彩持有百分比年增 100 個基點至 10.9%，由於體育博彩有利的結果，實際體育博彩持有百分比超過 11.5%。我們的累積投注組合較去年同期增加了 430 個基點。

Sportsbook promotional reinvestments as a percentage of gross gaming revenue improved year-over-year by nearly 600 basis points due to both sportsbook friendly outcomes as well as continuing optimization of promotions. We also expect to continue benefiting from existing customer accounting for a higher percentage of our overall customer mix.

體育博彩促銷再投資佔博彩總收入的百分比同比增長了近 600 個基點，這既得益於體育博彩的有利結果，也得益於促銷活動的持續優化。我們也期望繼續受益於現有客戶在我們整體客戶結構中所佔比例的提高。

IGaming net revenue was consistent with their expectations and increased 23% year-over-year driven by strong growth in active IGaming customers. We are continuing to see engagement with jackpots increasing rapidly as gross gaming revenue increased over 100% year-over-year. Our adjusted gross margin increased to 48%, increasing more than 400 basis points year-over-year as a result of higher Sportsbook hold percentage and improved promotional efficiency across our product offerings.

IGaming 淨收入與預期一致，在活躍 IGaming 客戶的強勁成長推動下年增 23%。隨著博彩總收入年增超過 100%，我們繼續看到累積獎金的參與度迅速成長。我們的調整後毛利率增至 48%，比去年同期增加了 400 多個基點，這得益於體育博彩持有率的提高以及我們產品促銷效率的提高。

Our operating expenses, including marketing, continue to be in line with our expectations. We are leveraging our scale and brand to drive highly efficient customer acquisition while continuing to exert cost discipline across the organization. We are also already seeing some benefits from utilizing artificial intelligence and other new technologies.

我們的營運費用（包括行銷費用）繼續符合我們的預期。我們正在利用我們的規模和品牌來推動高效的客戶獲取，同時繼續在整個組織內實施成本控制。我們也已經看到了利用人工智慧和其他新技術的一些好處。

Now, I’ll touch on our fiscal year 2025 guidance. In May, we guided fiscal year 2025 revenue of $6.2 billion to $6.4 billion and adjusted EBITDA of $800 million to $900 million. Today, we are maintaining those ranges. More specifically, we are on track to deliver revenue close to the high end of the $6.2 billion to $6.4 billion range due to Sportsbook friendly outcomes in the second quarter as well as continuing strength across our core value drivers. We are on track to deliver adjusted EBITDA near the midpoint of the $100 million to $900 million range as our higher annual revenue positions us to absorb our anticipated mobile Sportsbook launch in Missouri.

現在，我將談談我們 2025 財年的指導。5 月份，我們預計 2025 財年營收為 62 億美元至 64 億美元，調整後 EBITDA 為 8 億美元至 9 億美元。今天，我們仍維持這些範圍。更具體地說，由於第二季度體育博彩的良好業績以及我們核心價值驅動力的持續強勁，我們有望實現接近 62 億美元至 64 億美元高端的收入。由於我們較高的年收入使我們能夠吸收預期在密蘇裡州推出的行動體育博彩業務，因此我們有望實現調整後的 EBITDA 接近 1 億美元至 9 億美元中間值的目標。

Notably, our guidance now includes anticipated financial impacts from DraftKings launching mobile sports betting in Missouri later this year. Our guidance also now includes anticipated financial impacts from higher tax rates in New Jersey, Louisiana and Illinois.

值得注意的是，我們的指導現在包括 DraftKings 今年稍後在密蘇裡州推出行動體育博彩的預期財務影響。我們的指導現在還包括新澤西州、路易斯安那州和伊利諾伊州提高稅率預期帶來的財務影響。

The company guidance for fiscal year 2025 does not include the potential launch of a predictions market offering. We are also providing the following fiscal year 2025 guidance detail. We now expect our Sportsbook net revenue margin to exceed 7.5% ahead of the range of 7% to 7.5% that we had provided last quarter. We continue to expect an adjusted gross margin of 46%, an increase of more than 300 basis points year-over-year compared to fiscal year 2024. We continue to expect stock based compensation expense to represent 6% of revenue in fiscal year 2025. We continue to expect free cash flow of approximately $750 million in fiscal year 2025.

該公司對 2025 財年的預期並不包括可能推出預測市場產品。我們也提供以下 2025 財政年度指導細節。我們現在預計體育博彩淨收入利潤率將超過 7.5%，高於我們上個季度提供的 7% 至 7.5% 的範圍。我們繼續預期調整後的毛利率為 46%，與 2024 財年相比年增 300 多個基點。我們繼續預期股票薪酬支出將佔 2025 財年收入的 6%。我們繼續預期 2025 財年的自由現金流約為 7.5 億美元。

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

我們的發言到此結束，現在我們將開始回答問題。

(Operator Instructions) Shaun Kelley, Bank of America.

（操作員指示）美國銀行的 Shaun Kelley。

Jason, I want to start off with a multi-part question on prediction markets if I could. So three parts here. First, just how do you think about sizing the potential investment or opportunity for DraftKings at this early stage? Second, what’s the importance of owning your own tech stack? I think we see some parallels to the way OSB was built out. I’m curious for your thoughts there. Then lastly, just how important is it to be a first mover, especially if there’s a bit of a land grab here as some of these platforms start to ramp up marketing around NFL.

傑森，如果可以的話，我想先問一個關於預測市場的多部分問題。這裡有三個部分。首先，您認為在早期階段如何評估 DraftKings 的潛在投資或機會？其次，擁有自己的技術棧的重要性是什麼？我認為我們看到了與 OSB 建構方式的一些相似之處。我很好奇你的想法。最後，成為先行者到底有多重要，尤其是當一些平台開始加大圍繞 NFL 的營銷力度時，這裡出現了一些地盤爭奪戰。

Thanks, Shaun. Good morning. Let me kind of take those in order. I think TAM is a tricky question because obviously the products are at a very nascent stage, so it depends on how they get built out. But I think the existing sort of states that we have live OSB in provide some kind of benchmark as you think about TAM.

謝謝，肖恩。早安.讓我按順序來介紹一下。我認為 TAM 是一個棘手的問題，因為顯然這些產品還處於非常早期的階段，所以這取決於如何建造它們。但我認為，當您考慮 TAM 時，我們擁有活躍 OSB 的現有狀態提供了某種基準。

In terms of the second question on tech, I think it’s too early for us to say. We’re obviously evaluating different options and following the space, but not really intimately familiar yet with what the different technology components are. So really tough to say.

關於技術的第二個問題，我認為現在談論還為時過早。我們顯然正在評估不同的選擇並專注於這個領域，但還不太熟悉不同的技術組件。真的很難說。

And then I think on the first mover question, I do think that being an early mover in a space like this can be important. I also think that being a literal first mover may not be as important and there are downsides to that as well. So we’re evaluating. Obviously, we have a lot of stakeholders, state regulators, relationships with tribes, others that we want to make sure we consider as we think about what our different options are. And you know, we’re keeping a close eye on it and figuring out what we want to do.

然後我思考先行者的問題，我確實認為成為這樣的領域的先行者非常重要。我也認為，成為真正的先行者可能不那麼重要，而且這樣做也有不利的一面。所以我們正在評估。顯然，我們有很多利益相關者、國家監管機構、與部落的關係以及其他因素，我們希望確保在考慮我們的不同選擇時考慮到這些因素。你知道，我們正在密切關注此事並弄清楚我們想要做什麼。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

So I wanted to -- I guess you already delved deeply on prediction markets, but I feel as though there probably are a dozen issues related to that as it relates to DraftKings. Have you done any work in terms of sort of the crossover customer? Are there -- you touched on the relationships just a bit, which I think is seemingly one of the important issues and you also noted state regulators. Are those conversations that are in some stage of evolution or do we know where they’re at?

所以我想——我想你已經深入研究了預測市場，但我覺得 DraftKings 相關的十幾個問題可能都與此有關。您在跨界客戶方面做過什麼工作嗎？您稍微談到了關係，我認為這似乎是重要問題之一，您也提到了國家監管機構。這些對話是否正處於演變的某個階段，或者我們是否知道它們處於什麼階段？

And I think the ultimate part of the question is how you’re thinking about the stock and the cash flow. Today’s a positive day because we get to raise numbers a little bit for one of the first times in a while. I know there’s probably 10 questions in there and I apologize for that.

我認為問題的最終部分是你如何看待股票和現金流。今天是積極的一天，因為我們在這段時間以來第一次實現了數字的稍微提升。我知道這裡面可能有 10 個問題，對此我深感抱歉。

Well, I’ll try to answer them, but I think a lot of the things you mentioned are considerations and why we’re taking a measured approach as we think about it. And obviously, hard to kind of comment on specific discussions that we may or may not be having. But I think you can assume that at this stage we’re more in monitoring mode in terms of active discussions like that.

好吧，我會盡力回答，但我認為您提到的許多事情都是需要考慮的，也是我們在思考時採取謹慎態度的原因。顯然，我們很難對我們可能進行或可能沒有進行的具體討論發表評論。但我認為你可以假設，在現階段，我們更處於監控模式，以進行類似的積極討論。

So a lot of what I think we need to see will come from watching how things unfold with others that are currently offering prediction markets. And I think we’ll kind of have to see how that goes and evaluate. It’s all happening in very fast, real time. So definitely a lot to think through.

因此，我認為我們需要看到的很多東西將來自於觀察目前提供預測市場的其他人的進展。我認為我們必須觀察事情進展並進行評估。一切都發生得非常快，而且是即時的。所以肯定有很多事情需要思考。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

As we think about longer term opportunities to streamline costs and/or offset some of these tax increases, can you just help us think about what opportunities exist within state access fees, data rights fees and/or payments or otherwise?

當我們考慮精簡成本和/或抵銷部分增稅的長期機會時，您能否幫助我們思考在州接入費、資料權利費和/或付款或其他方面有哪些機會？

Yeah, I think you’re right that there is a good amount of opportunity across the COGS stack. So certainly, some of our agreements that are older, we believe there’s some opportunity to reduce the rates there and a win-win because it’ll be probably more revenue for the partner in dollars, but less as a percentage.

是的，我認為您說得對，COGS 堆疊中存在大量機會。因此，當然，我們相信，對於我們的一些較早的協議，有機會降低其中的費率，實現雙贏，因為這可能會為合作夥伴帶來更多的美元收入，但百分比會減少。

And then, on the payment side, we haven’t really spent as much time as we could. And it’s one of those things that we keep kind of saying we know is out there and at some point, we’re going to put a lot of effort towards optimizing and we believe there’s tremendous value to be unlocked there as well.

然後，在支付方面，我們實際上並沒有投入盡可能多的時間。我們一直在說我們知道它存在，在某個時候，我們會投入大量精力進行最佳化，我們相信它還有巨大的價值有待釋放。

So definitely, I think, we view that as those two things as big upside. And there are also other parts of the COGS stack, too. We’re constantly optimizing our systems to be more efficient so our Amazon Web Services bills don’t go up at the pace of our revenue. And a number of other AI initiatives that we’re embarking on now can also really help on that front, as well as on the fixed code cost side.

因此，我認為，我們肯定會將這兩件事視為巨大的優勢。此外，COGS 堆疊還有其他部分。我們不斷優化我們的系統以提高效率，以便我們的亞馬遜網路服務費用不會隨著我們的收入成長而成長。我們目前正在進行的許多其他人工智慧計畫也能在這方面以及固定程式碼成本方面提供真正的幫助。

So I actually feel like as much as we talked about the revenue growth and the demand, and obviously we’re very excited about that and really excited about the growth we had this quarter. I think that there’s also a ton of opportunity on the cost side. And the teams really are allied around AI, which is exciting, too. I think, that’s just really, we’re really just scratching the surface now. There’s going to be some big unlocks that come from that over the next several years.

因此，我實際上覺得，正如我們談論的收入成長和需求一樣，顯然我們對此感到非常興奮，對本季的成長感到非常興奮。我認為成本方面也存在大量機會。這些團隊確實圍繞著人工智慧結盟，這也令人興奮。我認為，我們現在只是觸及了皮毛。未來幾年將會出現一些重大的解鎖。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

I’ve got two. Jason, I’m going to take the bait on AI. You said that we’re scratching the surface here. There are some significant advancements. It sounds like you’ve obviously referenced this in shareholder letters and on calls in the past, but are we at a point where maybe that could start to have a more discernible benefit on the top line as opposed to just sort of expense optimization?

我有兩個。傑森，我要接受人工智慧的誘惑。您說我們只是觸及了表面。有一些重大的進步。聽起來您顯然在過去的股東信和電話會議中提到過這一點，但我們是否正處於這樣一個階段：也許這可以開始對營收產生更明顯的好處，而不僅僅是費用優化？

Second question is on iGaming. You guys called out some headwinds and adjustments that you guys wanted to make for promos and rewards last quarter. Just curious, now that we saw a revenue acceleration, did it have the benefit that you were looking for and was that benefit sort of fully realized in Q2?

第二個問題是關於 iGaming 的。你們指出了上個季度促銷和獎勵方面遇到的一些阻力和調整。只是好奇，現在我們看到收入加速成長，它是否帶來了您所期望的好處，而這種好處是否在第二季完全實現了？

I think iGaming is starting to ramp back up to where we want it to be, but still not quite where we want it to be yet. So the momentum is there, but I do think there’s more work to be done and I feel like there’s more upside to the rate that we’re growing at now.

我認為 iGaming 正在開始回升到我們想要的水平，但仍然沒有達到我們想要的水平。因此，勢頭是存在的，但我確實認為還有更多工作要做，而且我覺得我們現在的成長速度還有更大的上升空間。

In terms of your first question, I do think that more of the focus, because it’s just something we could do more organization wide is on the expense side. The simple sort of areas are really any kind of workflows that are manual now. All of those can be automated, and we don’t necessarily need to rely on our engineering team to be able to do that. We can rely on those running the programs and those running the processes to do it with the tools that we provided them.

關於您的第一個問題，我確實認為，因為我們可以在整個組織範圍內做更多的事情，所以更多的重點是在費用方面。簡單的區域實際上是現在任何類型的手動工作流程。所有這些都可以自動化，我們不一定需要依靠我們的工程團隊來做到這一點。我們可以依靠那些運行程式和運行進程的人來使用我們為他們提供的工具來完成這項工作。

And then separately, we’re biting off usually we kind of try to focus. And so I think, we view there’s a small handful of potential top line driving AI initiatives that we are heavily focused on over the next 6 to 12 months in areas like trading. It's a good example where there’s just so much going on at once that adding AI agents to be able to monitor and react certainly can provide some upside.

然後，我們通常會分別努力集中精力。因此我認為，我們認為未來 6 到 12 個月內，我們將重點放在少數潛在的推動 AI 發展的頂級計劃，例如交易等領域。這是一個很好的例子，因為同時發生了很多事情，添加人工智慧代理來監控和反應肯定可以帶來一些好處。

So there are areas like that that I do believe will have impact on the top line. At this point, we don’t have enough data yet to say what that impact could be. So we haven’t really contemplated it in thinking about this or next year’s guidance. But I do think that there is going to be upside on the top line that we unlock as we embark on these initiatives.

所以我相信類似的領域會對營收產生影響。目前，我們還沒有足夠的數據來判斷其影響是什麼。因此，我們在考慮今年或明年的指導時還沒有真正考慮過這個問題。但我確實認為，隨著我們實施這些舉措，我們的營業收入將會出現上漲。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

Two parter first one, structural hold accelerated 100 basis points in the quarter. Is there anything specifically you caught that’s driving that? And can you talk about maybe if that resets your expectation for that 50 basis points year-over-year improvement?

第一、二季結構性持股加速100個基點。您是否發現了導致這種情況的具體因素？您能否談談這是否會重新設定您對年成長 50 個基點的預期？

And then secondly, in late 2023 you guys had an Investor Day and framed out 2026 expectations. I think it was $1.4 billion of EBITDA. I know, you’re not giving updated guidance today, but there’s been moving pieces in that, namely the tax increases as well as Alberta timing. Is there any way to just frame out the impacts from those one offs so we can better calibrate expectations for '26? That’s it.

其次，你們在 2023 年底舉辦了投資者日並制定了 2026 年的預期。我認為 EBITDA 是 14 億美元。我知道，您今天沒有提供最新的指導，但其中有一些變動，即增稅以及阿爾伯塔省的時間表。有沒有什麼方法可以排除這些一次性事件的影響，以便我們能夠更好地調整對 26 年的預期？就是這樣。

Yeah, great question. So on the first one, I really think the big driver of structural hold improvement has been debt mix. Obviously, there’s other things we’re doing to opt, but that’s really the big driver parlay mix was up 430 basis points which drove that structural hold up. So really excited about the progress there.

是的，很好的問題。因此，就第一個問題而言，我確實認為結構性改善的主要驅動力是債務組合。顯然，我們正在做其他選擇，但真正主要的驅動因素是聯注組合上漲了 430 個基點，從而推動了結構性上漲。我對那裡的進展感到非常興奮。

And then in terms of next year, I think you’re right that when we did put out those numbers we hadn’t had some of these tax increases which have amounted to around $200 million if you look at next year. So there have been some underlying value drivers that have been outperforming, too. So I think we’re able to offset some of that, but I don’t think we’ll be able to offset all of it.

至於明年，我想您說得對，當我們公佈這些數字時，我們還沒有看到一些稅收增加，如果看一下明年的數據，這些稅收增加的總額將達到約 2 億美元。因此，一些潛在的價值驅動因素也表現出色。所以我認為我們能夠抵消其中的一部分，但我不認為我們能夠抵消全部。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

There are some higher profile sports streaming apps set to launch in the next few weeks ahead of football season. ESPN and Fox one come to mind. So can you just talk about your openness to partnering with either these or other sports focused streaming apps in general for cross sell opportunities or potentially even look to enter into more formal exclusive relationships going forward?

一些備受矚目的體育串流應用程式將於足球賽季開始前的幾週內推出。我想到的是 ESPN 和 Fox。那麼，您能否談談您是否願意與這些或其他專注於體育的串流應用程式合作以獲得交叉銷售機會，或者甚至可能尋求在未來建立更正式的獨家關係？

And then separately, after Flutter completed its Boyd deal with the restructured market access agreement, can you discuss the opportunity for DraftKings to rework your own market access deals given your stronger position in the market today versus a few years ago?

然後另外，在 Flutter 完成與 Boyd 的交易並達成重組市場准入協議後，鑑於你們現在的市場地位比幾年前更強，您能否討論一下 DraftKings 重新制定自己的市場准入協議的機會？

Yeah, I do think market access deals are an area of upside along with many of the other cogs levers I mentioned earlier. So I think you’re right that there is some upside to be had there when we renegotiate some of those deals. And some of them were long term deals but are still coming up in the next few years because a lot of them were struck in the early days of the market as you noted.

是的，我確實認為市場准入協議與我之前提到的許多其他關鍵槓桿一樣，是一個有上升空間的領域。所以我認為你說得對，當我們重新談判其中一些交易時，確實會帶來一些好處。其中一些是長期交易，但未來幾年仍將出現，因為正如您所說，其中許多都是在市場早期達成的。

So definitely something we are looking at. Also, very excited about the launch of the D2C apps you mentioned. I think it’s going to be great for sports viewership. It will help betting. I think too early to tell what kinds of media buying or partnership opportunities might present themselves. Obviously, we are anxiously watching though and seeing how that stuff unfolds and if there is a partnership that makes sense then we would certainly look into that.

所以，這絕對是我們正在關注的事情。另外，我對您提到的 D2C 應用程式的推出感到非常興奮。我認為這對體育收視率有很大幫助。這將有助於投注。我認為現在判斷會出現什麼樣的媒體購買或合作機會還為時過早。顯然，我們正在焦急地觀察事情如何發展，如果有合理的合作關係，我們肯定會考慮。

Robin Farley, UBS.

瑞銀的羅賓法利。

Two questions. One is it looks like the first quarter where your unique users on a kind of trailing 12 month basis was flat sequentially. And I don’t know if the answer is as simple as you didn’t maintain the users that you didn’t want to. Maybe it’s that simple.

兩個問題。一是第一季的獨立用戶數量與過去 12 個月相比環比持平。我不知道答案是否很簡單，因為你沒有維護你不想維護的使用者。也許就這麼簡單。

And then, the second question semi related is can you kind of tell us where you are these days with your split of we think about the sort of standard 80, 20 split that 20% of customers providing 80% of revenue. What is that for DraftKings? Just kind of think about the tax implications for the larger players and also thinking about the size of the smaller players that aren’t as meaningful to your revenue outlook.

然後，第二個半相關的問題是，您能否告訴我們您目前的分成情況，我們考慮的是標準的 80、20 分成，即 20% 的客戶提供 80% 的收入。對於 DraftKings 來說，這是什麼？只需考慮大型企業的稅務影響，同時考慮對您的收入前景影響不大的小型企業的規模。

So on the first question the biggest thing that happened with MUPs was last year we had Jackpocket, obviously the numbers and this year we also had Jackpocket. But we didn’t have Jackpocket Texas which was a very large state for the lottery business and obviously losing that cost them ups and something that affected the numbers year-over-year.

因此，關於第一個問題，MUP 發生的最大變化是去年我們有了 Jackpocket，顯然是數字，今年我們也有 Jackpocket。但是我們沒有 Jackpocket Texas，這是一個彩票業務很大的州，顯然失去它給他們帶來了損失，並且影響了逐年增長的數字。

And then, in terms of the customer mix stuff you mentioned, we haven’t disclosed anything exactly. But we’re roughly in the range that you talked about, which I think is pretty normal. Keep in mind, too, for us, 20% of customers is still millions of people. So we feel like we’re pretty well diversified across our base. And I wouldn’t assume that all those people are super high spend. A lot of the people at the bottom end are spending $0.25, $0.50, $1 on bets. So it doesn’t take much to be in the top 20% of customers.

然後，就您提到的客戶組合而言，我們尚未透露任何具體資訊。但我們大致處於您所說的範圍內，我認為這很正常。也要記住，對我們來說，20% 的客戶仍然是數百萬人。因此，我們覺得我們的基礎已經相當多元了。而且我不會認為所有這些人的消費水準都很高。許多處於底層的人在賭注上花費 0.25 美元、0.50 美元、1 美元。因此，要躋身前 20% 的客戶群並不需要花費太多。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Alan, I was hoping maybe you could just give us a walk on the 2025 EBITDA reaffirmation at point. If you could quantify the tax change, the Missouri launch and then if there was anything more than sport outcomes on the good guy side, if you could break that out as well.

艾倫，我希望您能為我們介紹 2025 年 EBITDA 的重申情況。如果您可以量化稅收變化、密蘇裡州的啟動，然後如果除了好人方面的體育成果之外還有什麼其他影響，那麼您也可以將其分解出來。

Yeah, I think at this point, we’re expecting given Missouri is going to launch early, early December, it will probably have around $35 million of EBITDA impact this year. I think we $35 million to $45 million of EBITDA impact this year. Beyond that, the support outcomes was the big lever in Q2 that we saw, but we did see some really strong performance of our core fundamentals of the business. Not enough that we’d adjust the guide for it necessarily or create a separate bridge item, but enough to give us some optimism in the back half of the year.

是的，我認為目前我們預計，由於密蘇裡計畫將於 12 月初啟動，它今年的 EBITDA 影響可能會達到 3500 萬美元左右。我認為今年我們的 EBITDA 影響為 3500 萬至 4500 萬美元。除此之外，支援成果是我們在第二季看到的最大槓桿，但我們確實看到業務核心基本面表現非常強勁。這還不足以讓我們有必要調整指南或創建單獨的橋樑項目，但足以讓我們對下半年充滿樂觀。

Ultimately, we looked at the guide, realized that there was a chance to wiggle a little tiny bit and decide decided just to keep it flat given that most of our revenues and EBITDAs come in the last half of the year with the NFL and the NBA. Felt really good momentum going into the back half of the year, but don’t feel like we need to necessarily lean too heavily into it this early on.

最終，我們查看了指南，意識到有機會稍微調整一下，並決定保持不變，因為我們的大部分收入和 EBITDA 都來自下半年的 NFL 和 NBA。進入下半年，我們感覺勢頭確實很好，但我們並不覺得我們需要在這麼早的時候就過度依賴它。

Jordan Bender, Citizens.

喬丹·本德，公民。

Maybe a two part question for me. First, I’m getting your pregame handle was down year-over-year in the quarter. Should we expect that to grow in the second half. And then, more broadly, you’ve been one of the more vocal operators around in play, obviously. And are you seeing any changes to your customer betting patterns, size of wallet, shipping the wallets, just anything you can share there.

對我來說這可能是一個由兩個部分組成的問題。首先，我知道本季你的賽前處理量年比去年有所下降。我們是否應該預期下半年會成長？然後，從更廣泛的角度來看，你顯然是遊戲中最有發言權的操作員之一。您是否發現客戶的投注模式、錢包大小、錢包運輸等有任何變化，您可以分享任何資訊嗎？

So I mean, it’s hard to say what pregame handle will do because we really don’t even look at handle in isolation, we look at all the levers of revenue. And definitely when you have -- if you’re trying to maximize handle, you would pump promo into the market. So in a quarter where we had really strong hold rate, we had really efficient promotion, I would expect handle to be a little lighter maybe than in future quarter if those things weren’t the case.

所以我的意思是，很難說賽前處理會產生什麼效果，因為我們實際上甚至不會孤立地看待處理，我們會考慮所有的收入槓桿。當然，如果你想要最大化處理量，你就會向市場大力推廣促銷。因此，在一個我們擁有非常高持有率、我們擁有非常有效促銷的季度中，如果不是這樣，我預計處理量可能會比未來一個季度輕一些。

So it’s hard to sort of say because it depends on outcomes and promo rates and other things that are all moving parts. And we kind of look at that as we have multiple levers to grow our revenue and ultimately land the plane where we want to.

所以很難說，因為這取決於結果、促銷率和其他活動因素。我們把這看作是因為我們擁有多種手段來增加收入，並最終實現我們想要的目標。

So hard to say, but we are very excited about the growth that we’re seeing in in game. As you mentioned, we were up about 16% overall for the quarter in in game. Really led by baseball, which is up even more. So very excited about that. And I think there’s a ton of upside there if you look at the growth that we’re seeing and it doesn’t seem to be slowing.

很難說，但我們對遊戲中看到的成長感到非常興奮。正如您所提到的，本季我們的遊戲整體成長了約 16%。真正領銜的是棒球，其漲幅甚至更大。我對此感到非常興奮。如果你看看我們所看到的成長情況，我認為那裡有很大的上升空間，而且這種成長似乎沒有放緩的跡象。

I think one, it’s going to be the source of handle growth for the industry in the next probably couple of years and two -- outside of any new states, of course. And then two, we are the leader right now and have by far the best offering. We had over 90% uptime in all of our core live markets last quarter, which is an industry leading number. And we have a wider offering than anyone else in the industry. So I feel like we’re really playing from a position of strength in the area that’s likely to be the biggest source of growth for the handle side of the OSB market in the next few years.

我認為，首先，它將成為未來幾年行業成長的來源；其次，當然，不包括任何新州。其次，我們現在是領導者，並提供迄今為止最好的產品。上個季度，我們所有核心即時市場的正常運作時間均超過 90%，這是業界領先的數字。我們提供的產品比業內任何其他公司都更加廣泛。因此，我覺得我們確實在該領域佔據優勢地位，這很可能成為未來幾年 OSB 市場手把的最大成長來源。

Ben Miller, Goldman Sachs.

高盛的班·米勒。

Just on live betting, again. As you think about the time spent in the app or session count for customers engaging with in play, what are you seeing in terms around driving better conversion via personalization or even getting someone to engage with different matches or sports against those impressions? The second part of that is we’ve talked in the past about live betting potentially unlocking new cohorts of customers because of the product offering. Just what are you seeing around that front as well?

再次，只是現場投注。當您考慮在應用程式上花費的時間或參與遊戲的客戶會話次數時，您認為如何透過個人化來推動更好的轉化，或甚至讓某人參與不同的比賽或運動？第二部分是，我們過去曾談到，由於提供該產品，現場投注可能會吸引新的客戶群。您在那前面看到了什麼？

Yeah, I think when it comes to personalization, we are still really early days of what we think we can do. So I actually think there’s a good bit of upside there and from some of the things that we have implemented to date, we are seeing really strong results in terms of engagement. So I do think there’s a lot of upside on that front and.

是的，我認為就個人化而言，我們仍然處於我們認為可以做到的早期階段。因此，我實際上認為這其中存在著相當大的優勢，而且從我們迄今為止實施的一些措施來看，我們在參與度方面看到了非常強勁的成果。所以我確實認為這方面有很多好處。

Sorry, what was the second question? Can you say it one more time?

抱歉，第二個問題是什麼？你能再說一次嗎？

Yeah, just around the potential for live betting to unlock new cohorts.

是的，現場投注有可能吸引新的玩家群。

Oh, like new acquisition. Well, I do think one of the things that’s good about live betting is if you miss the start of the game, you can still get a bet in and a lot of people don’t know that. So I think as the education around that continues, it’s going to create more efficient in game customer acquisition for us and it will extend the window of time that we can acquire customers.

哦，就像新收購的一樣。嗯，我確實認為現場投注的一個好處是，如果你錯過了比賽的開始，你仍然可以下注，而很多人不知道這一點。因此，我認為隨著這方面的教育不斷深入，它將為我們創造更有效率的遊戲客戶獲取方式，並延長我們獲取客戶的時間窗口。

I’m not sure so much that you’re going to get an incremental type of customer because so much of what people do is similar to pre match, different bet types, but it’s the same general activity. But I do think that having a larger window to be able to acquire customers and having the education out there that you can get your bet in anytime, even if the game started already will help.

我不太確定您是否會獲得增量客戶，因為人們所做的很多事情與賽前類似，投注類型不同，但整體活動相同。但我確實認為，擁有更大的窗口來吸引客戶，並接受教育，以便您可以隨時下注，即使遊戲已經開始，也會有所幫助。

Jed Kelly, Oppenheimer and Co Inc.

傑德凱利，奧本海默公司

Can you speak to any July handle trends or July hold trends you’re seeing and how the outlook for handle is in the back half of the year? And then, just touching back on iGaming, Can you talk about where you think. You are competitively with the iGaming first player versus the sportsbook first customer?

您能否談談您所看到的 7 月份手柄趨勢或 7 月份握持趨勢以及今年下半年手柄前景如何？然後，回到 iGaming，您能談談您的想法嗎？您是與 iGaming 第一玩家還是體育博彩第一客戶競爭？

Thanks. So I think first on the handle question a little bit of a different sport calendar. The Copa and Euros were big last year for soccer. So soccer handles was not as strong but all the other major sports Handel was up double digits year over year, so baseball, basketball, everything. Not basketball, excuse me, baseball, golf everything else, combat sports, everything was up double digits year-over-year. And also, we didn’t have Olympics in July this year. We did last year. So that made a little bit of a difference, too. So some schedule differences, but all the major sports were showing good strong double digit handle growth.

謝謝。因此，我認為首先要回答的問題與體育賽事日程略有不同。去年，美洲盃和歐洲盃是足球界的盛事。因此，足球的控球率並不高，但其他所有主要運動項目的控球率都比去年同期增長了兩位數，棒球、籃球等等都是如此。不是籃球，對不起，是棒球、高爾夫，其他一切運動，格鬥運動，所有運動都比去年同期成長了兩位數。而且，今年七月我們沒有舉辦奧運。我們去年就這麼做了。所以這也產生了一點影響。因此，雖然賽程安排存在一些差異，但所有主要運動項目的投注額都呈現強勁的兩位數成長。

And then your question on iGaming, I actually think you’re right that that’s where the biggest opportunity and the most growth lies. I think we are leading the pack as it comes to the cross sell and conversion of Sportsbook into customers into igaming players and feel like for that reason we have really done well to own the table game space in a big way. And I think where we have our big opportunity is with that slots casino first player that we --

然後關於您關於 iGaming 的問題，我實際上認為您是對的，那裡有最大的機會和最大的增長。我認為我們在交叉銷售以及將體育博彩轉化為客戶和網路遊戲玩家方面處於領先地位，因此我們確實在很大程度上佔據了桌面遊戲領域。我認為我們最大的機會在於我們--

We believe there’s many, many more out there using competitor apps that we will be able to provide a great offering and maybe at this point don’t think of DraftKings as much as a place that they would go do that and think of us more as a sports brand. So I think there’s a lot of good stuff on the product side and feel really good about that and I think really there’s big opportunity to continue to build our brand and reach that slots first customers.

我們相信，有越來越多的人正在使用競爭對手的應用程序，而我們能夠為他們提供出色的服務，也許現在他們不會再將 DraftKings 視為他們會這樣做的地方，而會將我們更多地視為一個體育品牌。因此，我認為產品方面有很多好東西，我對此感到非常高興，而且我認為我們有很大機會繼續打造我們的品牌並接觸到第一批客戶。

Ryan Sigdahl, Craig Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

One of folks on Illinois wager tax, you guys are passing that along as are fanduel fanatics, some of your main peers and competitors, I guess curious what your assumptions are and how you think about that market and what passing that on. I know it’ll be a new experience for the consumer but what you think that will mean from a market share standpoint and then also from an in market TAM standpoint.

伊利諾伊州賭注稅的其中一位人士，你們正在傳遞這一點，就像 Fanduel 狂熱者一樣，你們的一些主要同行和競爭對手，我好奇你們的假設是什麼，你們如何看待這個市場以及如何傳遞這一點。我知道這對消費者來說將是一種全新的體驗，但您認為從市場佔有率的角度以及從市場 TAM 的角度這意味著什麼呢？

So I think the short answer is I don’t really know because this is unprecedented. The way that Illinois implemented the tax, there really wasn’t a good solution here because if you take low dollar bets, you either charge a pass-through or you don’t offer them. And we did see some other operators choose and instead to go with minimum bet sizes which I think there’s some pros and cons to different approaches. But we felt like this was the best approach. It gave the customer at least an option if they wanted to still make lower dollar bets even if they did have to pay the pass-through tax along with it.

所以我認為簡短的回答是我真的不知道，因為這是史無前例的。伊利諾伊州實施稅收的方式確實沒有一個好的解決方案，因為如果你接受低額賭注，你要么收取轉嫁費用，要么不提供。我們確實看到一些其他業者選擇採用最低投注額，我認為不同的方法各有利弊。但我們覺得這是最好的方法。如果客戶仍想進行較低金額的投注，即使他們必須支付轉嫁稅，它至少為他們提供了一個選擇。

But again, the way Illinois implemented this, there really isn’t a great solution. I’m hoping that they fix it. There’s got to be a better way to do it. And at this point, really hard to say what it’s going to do. I don’t think it’s going to have zero impact, that’s for sure. And that was part of what Alan mentioned. We had baked in as we thought about the impacts of tax increases in our guidance looking forward this year. And at the same time, it’s really hard to know because we haven’t seen a tax like this before per wager tax. So it’s kind of uncharted territory.

但伊利諾伊州實施這項政策的方式確實不是一個很好的解決方案。我希望他們能解決這個問題。一定有更好的方法來做到這一點。目前，很難說它會做什麼。我認為它不會產生零影響，這是肯定的。這就是艾倫提到的部分內容。當我們在展望今年時，我們已經考慮到了增稅的影響。同時，這真的很難知道，因為我們以前從未見過像這樣的按賭注徵稅的稅。所以這有點像是未知領域。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Anything you can share on the -- you helped us with the EBITDA guide for Missouri, but just expectations around the pace of customer acquisition. Anything you’re doing differently with this launch. Should this be faster than normal relative to some of the other metrics you’ve shared previously? I think in the past, you’ve talked about kind of like mid single digit percentage of the population in the first 90 days. And then any color on CAC expectations. And parallel to this, you may not want to touch it but directionally, ex-Jackpot, was your external marketing close to flat year-over-year?

您可以分享任何資訊——您幫助我們提供了密蘇裡州的 EBITDA 指南，但只是對客戶獲取速度的預期。這次發表會上你們做了哪些不一樣的事情？與您之前分享過的一些其他指標相比，這是否應該比正常情況更快？我認為，在過去，您曾談論過前 90 天人口中大約個位數的百分比。然後是 CAC 預期的任何顏色。同時，您可能不想觸及它，但從方向上看，除 Jackpot 外，您的外部行銷是否與去年同期持平？

Yes, basically to the second question, but on the first question, I think each state we get a little bit better, but I would expect Missouri to look largely like last couple state launches that we did in terms of timing. I do think for some reasons that were restrictions in the last launch in North Carolina from the regulators, we probably got off to a little bit of a later start than we will in Missouri. So I think if you look at Missouri, you’re going to end up with a little bit maybe more acceleration than that one. But I think if you look back to the last few launches before that, Ohio, Massachusetts, it’ll look more like that.

是的，基本上是第二個問題，但對於第一個問題，我認為每個州的情況都會好一點，但我預計密蘇裡州的情況在時間上與我們之前幾個州的情況大致相同。我確實認為，由於監管機構對北卡羅來納州上次發射的限制，我們的起步可能比在密蘇裡州晚一點。所以我認為，如果你看看密蘇裡州，你最終可能會得到比那更快一點的加速。但我認為，如果你回顧先前俄亥俄州、馬薩諸塞州的幾次發射，情況會更像那樣。

All that said, the timing of the year is different, too. This is going to be happening right in the middle of NFL season, so that’ll probably change the pace in the curve also. I would expect maybe a little bit more of an accelerated curve for that reason, too. But overall, I don’t think any reason to kind of model out too differently than what you seen us do in the past in terms of mid single digits. Maybe there’s some upside there. And I think the CACs will be fantastic because it’ll be right smack in the middle of NFL, NBA will be having all the major sports outside of baseball will be happening. So I think you’re going to see really good CACs.

儘管如此，一年中的時間也不同。這將發生在 NFL 賽季中期，因此也可能改變曲線的速度。基於這個原因，我可能也希望曲線加速得更快一些。但總的來說，我認為沒有任何理由讓我們的模型與我們過去在中等個位數所做的有太大不同。也許那裡有一些好處。我認為 CAC 將會非常精彩，因為它將正好位於 NFL 和 NBA 的中間，除了棒球之外，所有主要的體育賽事都將在這裡舉行。所以我認為你會看到非常好的 CAC。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Wondering if you could talk about your approach for customer acquisition in the third quarter. Obviously, a seasonal high point for that activity. And just how we should think about you realizing further promotional efficiencies. And then, for my second question, just to follow up on Jackpocket, with Texas out of the user base, just wondering if you could remind us what are the biggest states now kind of within the user base of Jackpocket.

想知道您是否可以談談您在第三季獲取客戶的方法。顯然，這是該活動的季節性高峰。以及我們應該如何看待您實現進一步的促銷效率。然後，對於我的第二個問題，只是想跟進 Jackpocket，由於德克薩斯州不在用戶群中，我只是想知道您是否可以提醒我們目前 Jackpocket 用戶群中最大的州是哪些。

So on the second question, New York is now the biggest. New Jersey is fairly large, so those are some of the big ones. But obviously, there are jackpockets in about 18 states now, so lots of diversification across many states.

關於第二個問題，紐約現在是最大的。新澤西州相當大，所以這些是其中一些較大的。但顯然，現在大約有 18 個州都有富人，因此許多州的經營狀況都十分多元。

As for your first question on the customer acquisition side, I think, as you noted, this is one of the most important times of year for us from a customer acquisition perspective. So obviously lots of good stuff planned. I feel pretty good about where we’re going to be competitive competitively. I think we will be more efficient this year as we continue to optimize, but also we’ll have more mature states this year. So I don’t know where that’s going to net out. And then, obviously, we have the Missouri launch coming a little bit later in Q4, so that will be something we’re gearing up for as well.

至於您關於客戶獲取方面的第一個問題，我認為，正如您所說，從客戶獲取的角度來看，這是一年中對我們來說最重要的時刻之一。顯然，我們計劃了很多好東西。我對我們的競爭實力感到非常滿意。我認為，隨著我們不斷優化，今年我們的效率會更高，而且今年我們的狀態也會更加成熟。所以我不知道這會產生什麼淨結果。然後，顯然，我們將在第四季度晚些時候在密蘇裡州推出該產品，所以這也是我們正在準備的事情。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

It’s Patrick Keough on for Barry this morning. I have two around tax mitigation for you. First, with the Illinois surcharge pending, could you clarify how that revenue will be taxed? And how are you thinking about possibly rolling out surcharges to other high tax jurisdictions? Second, Sportsbook pricing has been an interesting topic to us. We’re curious how you think about balancing that competitive dynamic with customer awareness and profit potential. Does tweaking pricing weigh in as you think about mitigation?

今天早上，帕特里克·基奧 (Patrick Keough) 代替巴里 (Barry) 出場。我有兩個關於減稅的建議給你。首先，鑑於伊利諾伊州附加稅尚未出台，您能否澄清一下該收入將如何徵稅？您如何考慮向其他高稅收管轄區徵收附加費？其次，體育博彩定價對我們來說一直是個有趣的話題。我們很好奇您如何看待平衡競爭動態與客戶意識和利潤潛力。當您考慮緩解措施時，調整定價是否會產生影響？

Yeah, I think tweaking pricing is something you need to consider and some of it will depend on your first question, tax treatment. Our position is this was a pass-through and it shouldn’t be taxed. I think Illinois has taken a little bit of a different view on it. So we’re going to try to obviously resolve that before we implement the charge, which isn’t happening until September 1. But the intent was to be a pass-through.

是的，我認為調整定價是你需要考慮的事情，其中​​一些取決於你的第一個問題，稅收待遇。我們的立場是，這是一種轉嫁行為，不應該課稅。我認為伊利諾伊州對此持有稍微不同的看法。因此，我們將在實施收費之前嘗試解決這個問題，收費要到 9 月 1 日才會實施。但其目的是為了傳遞訊息。

I think if it ends up being treated as taxable revenue, then there’s really no benefit to do that versus incorporating into the pricing. So that is something that we’d have to consider. But right now, I think this is of the current plan. And then in terms of other states, I think we have to see how this one goes. I mean, this will be a really interesting experiment to find out what the sort of net effects of implementing such a charge will be. And that will give us great data upon which to rely as we think about other states that may have higher tax rates and what we want to do there.

我認為，如果它最終被視為應稅收入，那麼與納入定價相比，這樣做真的沒有任何好處。所以這是我們必須考慮的事情。但目前，我認為這是目前的計劃。至於其他州的情況，我想我們必須看看情況如何。我的意思是，這將是一個非常有趣的實驗，以找出實施這種收費的淨效應。當我們考慮其他可能徵收更高稅率的州以及我們想在那裡採取什麼措施時，這將為我們提供大量可依賴的數據。

Brian Belski, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Brian Belski。

I actually want to ask about maybe some of the microbetting. With reports suggesting New Jersey is pursuing banning microbetting and really in the context to your live betting, I guess now over 50% are total handle. Can you help us understand how big microbetting component is and how much risk you think that ban could actually be?

我實際上想問一些有關微投注的問題。有報導稱新澤西州正在推行禁止微型投注，實際上就現場投注而言，我猜現在超過 50% 都是總投注。您能否幫助我們了解微投注的組成部分有多大以及您認為禁令實際上有多大風險？

I see that as very, very low likelihood. It was just a piece of legislation put out by somebody. I mean, New Jersey offers online slots. I don’t know how they could possibly be looking at micro betting as the great scourge. But as far as microbetting in terms of size, it’s not that large for us. It’s single digit percentage of handle of live handle, I think even as well. So meaningful but not something that I would say is a huge component. But at the same time, bills get introduced all the time that don’t really, I think have much of a chance of advancing and I think this is one of them.

我認為這種可能性非常非常低。這只是某人提出的一項立法。我的意思是，新澤西州提供線上老虎機。我不知道他們怎麼可能將小額投注​​視為巨大的禍害。但就微投注的規模而言，對我們來說並不算大。我認為，這只佔即時手把手把的個位數百分比。非常有意義，但我不會說它是一個巨大的組成部分。但同時，我認為，總是有一些法案被提出，但這些法案實際上並沒有太大的進展機會，我認為這就是其中之一。

Bernie McTernan, Needham and Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司。

Just wanted to stay on in play betting. And given the Simple Bet acquisition closed late last year, this will be the first NFL season of you guys owning the assets. Just wanted to see how you expect. It to play into your new products. You’Re bringing to market this NFL season. And how it plays into your expectations. For second half hand trends.

只是想繼續玩投注遊戲。鑑於 Simple Bet 收購案已於去年年底完成，這將是你們擁有該資產的第一個 NFL 賽季。只是想看看你的期望是什麼。它可以融入您的新產品中。您將把本賽季的 NFL 推向市場。以及它如何滿足您的期望。了解下半年手部趨勢。

Yeah, Simple Bet has been great for us. I think the team is really gelled with our team and I think a big part really of why we are leading right now in live betting has been the addition of their team and their technology that we brought on. So really excited about having them here for a full NFL season and I think the work that’s been put in over the last year is going to show.

是的，Simple Bet 對我們來說非常棒。我認為該團隊與我們的團隊配合得很好，我認為我們現在在現場投注中領先的很大一部分原因是他們的團隊和我們引進的技術。我真的很高興他們能來這裡參加整個 NFL 賽季，而且我認為他們過去一年的努力將會得到回報。

This concludes the question and answer session. I will now turn it back to Jason Robbins.

問答環節到此結束。現在我將話題轉回給傑森羅賓斯。

Thank you all for joining us on today’s call. We’re excited to be well positioned for continued success in the future. Thank you for your continued support.

感謝大家參加今天的電話會議。我們很高興能夠為未來的持續成功做好準備。感謝您一直以來的支持。

Thank you for your participation in today’s conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。本節目到此結束。您現在可以斷開連線。