DraftKings Inc. (DKNG) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the DraftKings first quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 DraftKings 2026 會計年度第一季財報電話會議。（接線員指示）

I will now hand the conference over to Michael DeLalio, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Michael DeLalio。請開始。

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.

各位早安，感謝今天加入我們。我們在本次電話會議中所作的某些陳述可能構成前瞻性陳述，並受風險、不確定性及其他因素影響；相關內容已在我們向 SEC 提交的文件中進一步說明，這些因素可能導致我們的實際結果與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，管理層也將討論若干非 GAAP 財務衡量指標，我們認為這些指標可能有助於評估 DraftKings 的營運表現。這些指標不應被孤立看待，亦不應作為依 GAAP 編製之 DraftKings 財務結果的替代。這些非 GAAP 指標與最直接可比之 GAAP 指標的調節表，已載於我們的財報新聞稿、簡報與業務更新中，可於我們網站以及向 SEC 提交的 Form 10-Q 季度報告中查閱。

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.

今天主持電話會議的有 DraftKings 共同創辦人兼執行長 Jason Robins，他將分享開場致詞與業務最新進展。Jason 發言後，我們的財務長 Alan Ellingson 將回顧財務表現。之後我們將開放提問。

I will now turn the call over to Jason Robins.

現在我把電話會議交給 Jason Robins。

Thank you, Mike. We are off to a fantastic start this year. Our first quarter results exceeded our expectations, and we continue to expect fiscal year 2026 revenue of $6.5 billion to $6.9 billion and adjusted EBITDA of $700 million to $900 million. In the first quarter, revenue increased 17% year-over-year and surpassed $1.6 billion. Adjusted EBITDA increased 64% year-over-year to $168 million.

謝謝你，Mike。今年我們開局非常出色。第一季業績超出我們預期，我們仍預期 2026 會計年度營收為 65 億至 69 億美元，調整後 EBITDA 為 7 億至 9 億美元。第一季營收年增 17%，突破 16 億美元。調整後 EBITDA 年增 64%，達 1.68 億美元。

If not for our significant investment in Predictions and the launch of Sportsbook in Arkansas, our adjusted EBITDA would have exceeded $200 million. Profitability is inflecting in our core business. That gives us the firepower to press our advantage in Predictions. Predictions, especially in Sports, is a strategic priority for DraftKings. This category is still in its first inning, and we believe DraftKings is best positioned to define it. We are planning significant investment in the coming months to improve our offering, build liquidity and scale customer acquisition. We intend to execute with urgency and establish a leadership position in Sports Predictions before year-end.

若非我們在 Predictions 的重大投資以及在阿肯色州推出 Sportsbook，我們的調整後 EBITDA 本可超過 2 億美元。核心業務的獲利能力正在出現拐點。這讓我們有火力在 Predictions 上擴大優勢。Predictions，尤其是體育領域的 Predictions，是 DraftKings 的策略優先事項。這個類別仍處於非常早期階段，我們相信 DraftKings 最有能力定義它。未來幾個月我們計畫進行重大投資，以改善產品、建立流動性並擴大客戶獲取規模。我們打算以緊迫感執行，並在年底前於體育 Predictions 建立領導地位。

At our Investor Day in March, we laid out a clear strategy, one nationwide Super App to win in Sports. Already, we are delivering on our plan. Predictions is now live in our flagship app. And as a result, our Predictions customer acquisition costs declined by more than 80% in April. Within Predictions, we have more than doubled markets available to trade, which is driving Predictions volume per customer above Sportsbook handle per customer.

在 3 月的投資人日，我們提出清晰策略：以一個全國性的 Super App 在體育領域取勝。現在我們已在落實計畫。Predictions 已在我們的旗艦 App 上線。因此，我們在 4 月的 Predictions 客戶獲取成本下降超過 80%。在 Predictions 內，我們可交易的市場數量已增加一倍以上，帶動每位客戶的 Predictions 交易量高於每位客戶的 Sportsbook 投注額（handle）。

In April, our annualized Predictions consumer volume exceeded $1 billion, and our annualized total volume traded exceeded $2.3 billion, an increase of 38% and 43% month-over-month, respectively. We have also launched market making, which unlocks access to an additional layer of the value chain. Market making is already generating a positive return for us.

4 月，我們的 Predictions 消費者年化交易量超過 10 億美元，而年化總交易量超過 23 億美元，分別較前一個月成長 38% 與 43%。我們也已推出做市（market making），這使我們得以切入價值鏈的另一層。做市業務已為我們帶來正向報酬。

In the coming weeks, we expect to launch our proprietary exchange and begin offering combos. Together, these moves will accelerate innovation, improve the customer experience and strengthen our economics. We are confident in sports Predictions because we increasingly view our Sportsbook capabilities as a key advantage. Sports Predictions and Sportsbook serve the same customers in the same live moments and leverage a shared underlying infrastructure.

在接下來幾週，我們預期將推出自有交易所（proprietary exchange），並開始提供組合（combos）。這些舉措將加速創新、改善客戶體驗並強化我們的經濟效益。我們對體育 Predictions 充滿信心，因為我們愈來愈將 Sportsbook 能力視為關鍵優勢。體育 Predictions 與 Sportsbook 服務相同客群、發生在相同的即時情境中，並共用同一套底層基礎設施。

Whether the customer experience is structured as a bet or a contract, success still comes down to compelling markets, pricing, liquidity, trust and a seamless customer experience. That is why our sustainable advantage has made us a leader in Sportsbook and position us to lead in Sports Predictions, too. Beginning next quarter, we will report Sports revenue, which will combine Sportsbook and Sports predictions. This best reflects how we plan to operate the business. The opportunity ahead in Sports is massive. At Investor Day, we laid out a path to a $55 billion to $80 billion gross revenue opportunity by 2030, along with at least a 30% long-term adjusted EBITDA margin.

無論客戶體驗是以投注（bet）或合約（contract）的形式呈現，成功仍取決於具吸引力的市場、定價、流動性、信任以及無縫的客戶體驗。這也是為什麼我們可持續的優勢讓我們成為 Sportsbook 的領導者，並使我們也有條件在體育 Predictions 領先。自下季起，我們將揭露「體育營收」（Sports revenue），把 Sportsbook 與體育 Predictions 合併呈現。這最能反映我們規劃中的營運方式。體育領域的未來機會極為龐大。在投資人日，我們提出到 2030 年可達 550 億至 800 億美元的總營收（gross revenue）機會路徑，並且長期調整後 EBITDA 利潤率至少 30%。

Predictions is an important part of this opportunity, broadening our reach, strengthening our Sports platform and driving meaningful incremental adjusted EBITDA over time. Experience and discipline matter in this category. Early third-party data suggests that Predictions customers are experiencing losses more quickly than Sportsbook customers, reinforcing the importance of trust, consumer protections and operator discipline.

Predictions 是這項機會的重要組成，能擴大我們的觸及範圍、強化體育平台，並隨時間推進帶來具意義的增量調整後 EBITDA。在這個類別中，經驗與紀律至關重要。早期第三方數據顯示，Predictions 客戶的虧損速度比 Sportsbook 客戶更快，進一步凸顯信任、消費者保護與營運商紀律的重要性。

We have spent more than a decade building and managing these ecosystems from Fantasy to Sportsbook to iGaming, and we will apply that same discipline to predictions. We will grow Predictions the right way: through data-driven decisions, constructive engagement with industry stakeholders and a focus on markets that uphold the integrity of sports, strengthen customer trust and align with our standards for responsible engagement.

我們花了十多年建立並管理這些生態系，從 Fantasy 到 Sportsbook 再到 iGaming，我們也將以同樣的紀律來經營 Predictions。我們會以正確方式成長 Predictions：透過數據驅動決策、與產業利害關係人進行建設性互動，並聚焦於能維護體育完整性、強化客戶信任且符合我們負責任參與標準的市場。

Our Super App, market-making capabilities, proprietary exchange and combos are coming together ahead of the World Cup. Our road map is clear. Our execution is real, and we intend to establish a leadership position in Sports Predictions by year-end.

在世界盃到來之前，我們的 Super App、做市能力、自有交易所以及組合（combos）正加速整合到位。我們的路線圖清晰。我們的執行是真實且正在發生的，我們打算在年底前於體育 Predictions 建立領導地位。

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

接下來，我把時間交給我們的財務長 Alan Ellingson。

Thank you, Jason. I'll hit the highlights, including our first quarter 2026 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，Jason。我將說明重點，包括 2026 年第一季表現與全年財測指引。請注意，除營收外，本次討論的所有損益表指標皆以非 GAAP 的調整後 EBITDA 口徑呈現。

As Jason mentioned, in the first quarter, revenue increased 17% year-over-year and surpassed $1.6 billion. Adjusted EBITDA increased 64% year-over-year to $168 million. If not for our significant investment in Predictions and the launch of Sportsbook in Arkansas, our adjusted EBITDA would have exceeded $200 million for the quarter.

如 Jason 所提，第一季營收年增 17%，突破 16 億美元。調整後 EBITDA 年增 64%，達 1.68 億美元。若非我們在 Predictions 的重大投資以及在阿肯色州推出 Sportsbook，本季調整後 EBITDA 本可超過 2 億美元。

I'm also proud that we have achieved positive net income for the second consecutive quarter, continuing the progress that we've made on our profitability while repurchasing almost $100 million of our shares. In the first quarter, Sportsbook led the way. Sportsbook revenue increased 24% year-over-year to $1.1 billion, and a net revenue margin increase of 140 basis points to 7.8%. Parlay handle mix increased by nearly 300 basis points.

我也很自豪我們已連續第二季實現正的淨利，延續我們在獲利能力上的進展，同時回購近 1 億美元的公司股票。第一季由 Sportsbook 帶頭成長。Sportsbook 營收年增 24% 至 11 億美元，淨營收利潤率（net revenue margin）提升 140 個基點至 7.8%。串關（Parlay）投注額占比（handle mix）提高近 300 個基點。

Revenue growth exceeded 20% across nearly all major sports, including NBA and NCAA men's basketball, reflecting continued enhancements to our offering and deeper media integrations. Across all key metrics, our Sportsbook business remains strong.

幾乎所有主要運動項目的營收成長都超過 20%，包括 NBA 與 NCAA 男子籃球，反映我們持續強化產品並加深媒體整合。在所有關鍵指標上，我們的 Sportsbook 業務仍然強勁。

We are also scaling efficiently. In the first quarter, adjusted gross margins increased by nearly 200 basis points year-over-year, and adjusted operating expenses increased only slightly when excluding our investments in Predictions and the launch of Sportsbook in Arkansas. AI-first execution and streamlined teams are driving higher productivity than ever with some teams operating at 2 times to 3 times last year's output. We have generated more than $500 million of adjusted EBITDA over the last six months, reflecting effective execution and continued strength of our core business.

我們也在高效率擴張。第一季調整後毛利率年增近 200 個基點；若排除在 Predictions 的投資以及在阿肯色州推出 Sportsbook 的影響，調整後營運費用僅小幅增加。AI-first 的執行方式與精簡團隊正推動前所未有的生產力提升，部分團隊的產出達到去年的 2 倍至 3 倍。過去六個月我們已產生超過 5 億美元的調整後 EBITDA，反映有效執行與核心業務的持續強勁。

Now I'll touch on our fiscal year 2026 guidance. In February, we guided fiscal year 2026 revenue of $6.5 billion to $6.9 billion and adjusted EBITDA of $700 million to $900 million. Importantly, the adjusted EBITDA guidance range includes significant investment in Predictions, which we see as a massive incremental opportunity for the company. Today, we are reaffirming these guidance ranges.

接著我談談 2026 會計年度指引。2 月時，我們給出的 2026 會計年度營收指引為 65 億至 69 億美元，調整後 EBITDA 指引為 7 億至 9 億美元。重要的是，調整後 EBITDA 指引區間已包含對 Predictions 的重大投資，我們視其為公司極為龐大的增量機會。今天，我們重申上述指引區間。

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

以上是我們的發言。現在我們將開放電話線進行提問。

(Operator Instructions)

（接線員指示）

Jordan Bender, Citizens Bank.

Jordan Bender，Citizens Bank。

Hey, everyone. Good morning. To start with the guidance, Jason, it might get harder to parse out the cost now with the Super App. But are you starting to see investment spending like marketing come down across the Prediction Market business? And maybe on the flip side of that, how should we think about layering in some of the Prediction Market spend for the remainder of the year?

各位早安。先從財測指引開始，Jason，隨著 Super App 上線，現在可能更難拆解成本。但你們是否開始看到在預測市場（Prediction Market）業務上的投資支出（例如行銷）正在下降？反過來說，今年剩餘時間我們應該如何看待逐步納入預測市場的支出？

Well, I think, first start with -- I think, we mentioned that CACs have been really dropping quickly, and it's scaling actually a little faster than we thought. So at this point, we are thinking we're going to probably invest about $200 million to $300 million all in on Predictions this year. A lot of that will be marketing, but some of that will be product technology investment as well.

我想，首先——我們提到過，CAC（客戶取得成本）確實在快速下降，而且規模化的速度其實比我們原先預期還要快。所以目前我們的想法是，今年在 Predictions 上的總投資大概會落在 2 億到 3 億美元之間。其中很大一部分會是行銷，但也會有一部分是產品與技術投資。

So what that means is that the rest of the business is going to do somewhere in the $1 billion-plus range in adjusted EBITDA this year, which we're really excited about. So that's the latest thinking. But obviously, we'll assess the data. And as always, we'll follow what the numbers say.

這代表今年其餘業務的調整後 EBITDA 會落在 10 億美元以上的區間，這讓我們非常振奮。這是我們目前最新的想法。但顯然我們會評估數據；一如既往，我們會依照數字所顯示的結果來行動。

Great. And then if I could just follow up on the guide. Revenue growth is strong across non-NFL events in the quarter, but handle has moderated a touch here. Can you just help us think about what handle looks like or the exit rate into 2Q here?

很好。那我再追問一下指引。這一季非 NFL 賽事的營收成長很強，但投注額（handle）這邊略有放緩。你能否協助我們理解一下，投注額在進入第二季時的走勢或退出率大概如何？

Yeah. Handle has actually been doing really nicely so far. So we actually just finished soft closing April. Handle was up 6%. We still have World Cup coming, which should be a boon. Also April revenue was up 22% year-over-year. We did over $100 million in adjusted EBITDA in April alone. So really feeling great about the way the quarter has started. And those are all soft close numbers, but should be roughly correct.

可以。到目前為止，投注額其實表現得相當不錯。我們剛完成 4 月的初步結帳（soft close），投注額年增 6%。接下來還有世界盃，應該會帶來助益。另外，4 月營收年增 22%。光是 4 月我們就做到了超過 1 億美元的調整後 EBITDA。所以我們對本季開局的表現感到非常好。這些都是初步結帳數字，但應該大致正確。

Thank you very much.

非常感謝。

David Katz, Jefferies.

David Katz，Jefferies。

Good morning. Thanks for taking my question. I'm sure there will be an ample number of Predictions questions. So I wanted to ask about the core business. Can we just talk about more specificity about what's left to do, whether that's product enhancement, interface improvements? What -- we know what the environment is. What are you doing? What's controllable for you in terms of moving the core business forward?

早安，謝謝讓我提問。我相信會有很多關於 Predictions 的問題，所以我想問核心業務。能否更具體談談還有哪些事情要做——不論是產品強化、介面改善等？我們知道外部環境如何；你們正在做什麼？就推動核心業務向前而言，你們可控的因素有哪些？

It's a great question. So I think we still have a lot we can do to improve the offering. Right now, we feel like we have a number of things on the product road map, which will definitely deliver value. So really just clear line of sight to generating incremental retention and better value for the customer lifetime.

這是個很好的問題。我認為我們仍有很多可以做來改善產品供給。目前我們覺得產品路線圖上有不少事項，肯定能帶來價值。也就是說，我們很清楚能見度：可以帶來額外的留存提升，並為客戶終身價值帶來更好的價值。

I also think that there's a real opportunity in the iGaming side. We've lagged the market a little bit there. We've been very focused on sports naturally with the Predictions and everything else going on. And recently, we've beefed up a lot of like the team and effort on the iGaming side. So I think there's a lot of opportunity to grow that as well. And then, of course, still half the country doesn't have legal sports betting, and almost 90% of the country we're not present in for iGaming. So tons of room left on the GA side to hopefully drive more legalization.

我也認為 iGaming 端有很大的機會。我們在那一塊稍微落後市場一些。由於 Predictions 以及其他事情的推進，我們自然把重心放在體育上。而最近我們已經在 iGaming 端大幅強化團隊與投入。我認為那邊也有很大的成長空間。當然，全美仍有一半的州尚未合法化體育博彩，而在 iGaming 方面，我們幾乎在全美 90% 的地區都還沒有布局。所以在政府事務（GA）端仍有大量空間，希望能推動更多合法化。

Thank you.

謝謝。

Dan Politzer, JPMorgan.

Dan Politzer，JPMorgan。

Hey, good morning, everyone, and thanks for the questions. Just another on the core. Obviously, recognizing you guys don't give quarterly guidance, but just given some of the investor focus and moving pieces into the second quarter, can you kind of bridge us in how you think about some of those moving pieces for the second quarter, whether it's Prediction Market spend or launch costs or any of the kind of hold dynamics that you're seeing in the market?

各位早安，謝謝讓我提問。再問一個關於核心業務的問題。顯然我知道你們不提供季度指引，但考量投資人對第二季一些變動因素的關注，你能否幫我們串接一下你們如何看待第二季的這些變動——例如預測市場的支出、上線成本，或你們在市場上看到的 hold（留存/毛利率）動態？

Well, on the core side, right now, we're seeing a ton of momentum. As I mentioned, we did over $100 million in adjusted EBITDA in April. Revenue grew 22% year-over-year. We've actually had 15 consecutive weeks of net revenue growth year-over-year. So really feel great about the core. We do expect we're going to start ramping our investment in Predictions. We've seen really, really strong numbers on the CAC side. The product is getting so much better. If you've used it recently, you'll see what we launched in December looks nothing like what you can use now.

就核心業務而言，目前我們看到非常強的動能。如我提到的，4 月我們做到了超過 1 億美元的調整後 EBITDA。營收年增 22%。我們其實已經連續 15 週淨營收年增。所以我們對核心業務的表現感到非常好。我們確實預期會開始提高在 Predictions 的投資。我們在 CAC 端看到非常、非常強的數字。產品也變得好很多。如果你最近用過，你會發現我們 12 月推出的版本，跟你現在能用到的版本已經完全不同。

So obviously, still a ton of work to do there. It's very, very early, but definitely plan on increasing investment there as the quarter progresses, especially with World Cup, which we think is going to be a big event, especially on the acquisition side.

所以那邊顯然還有大量工作要做。現在仍非常、非常早期，但我們確實計畫隨著本季推進而增加投入，尤其是世界盃——我們認為那會是一個大型事件，特別是在拉新（acquisition）方面。

Thanks so much.

非常感謝。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，Morgan Stanley。

Hey, thank you. It looks like in the quarter that the promotional effectiveness improved on the core OSB side, even as a lot of the other folks in the industry have been talking about maybe worse CACs and that promotional effectiveness decreasing.

謝謝。看起來這一季在核心 OSB（線上體育博彩）端，促銷效率有所改善；但產業裡很多其他公司都在談 CAC 可能變差、促銷效率下降。

So I'm curious what you attribute that to? And any kind of initiatives you have underway that you think could actually further improve the efficiency and how we should be thinking about it maybe as a percentage of handle or percentage of GGR?

我想了解你把這歸因於哪些因素？以及你們是否有任何正在進行的措施，可能進一步提升效率？我們應該如何思考——例如以投注額（handle）的百分比或以 GGR（總博彩收入）的百分比來看？

Yeah, it's a great question. I mean, first starts with, we see a pretty stable competitive environment. It doesn't really look any different than it has in terms of the core business. Obviously, there's the Prediction side, but just focusing on our typical competitors. And so we've really been able to focus heavily on optimization. And I think one of the things that's been consistent with us as a company is we're very data-oriented. We're extremely strong on that front. And so the more time and the more data you give us, the better we can create efficiency and optimization. And I think you're just seeing the results of some of that work over the course of several years really start to pay off.

是的，這是個很好的問題。我想先從一點開始：我們看到競爭環境相當穩定。就核心業務而言，競爭態勢看起來並沒有和過去有太大不同。當然有 Predictions 那一塊，但如果只聚焦我們典型的競爭對手，我們確實能把重心放在最佳化上。我認為我們公司一貫的特點之一就是非常數據導向；在這方面我們非常強。所以你給我們越多時間、越多數據，我們就越能創造效率與最佳化。我想你現在看到的，就是這些工作在數年累積後開始真正產生回報的結果。

Also really doing great in terms of the top line side. So it helps to be more efficient in promotions when you're driving strong top line. Our hold rates have been increasing significantly year-over-year. Parlay mix has been going up. We see really no end to that continuing to go up in the near sight, really -- who knows where that ends? But right now, a ton of runway left to increase parlay mix. So lots of good tailwinds, I think, for the business right now. Promotional efficiency is one of them.

另外，在營收端（top line）我們也做得非常好。所以當你能推動強勁的營收成長時，促銷就更容易做到更高效率。我們的 hold 率年增顯著提升。串關（parlay）占比也在上升。我們看不到短期內這個趨勢會停止——至於最終會到哪裡誰也說不準，但就目前而言，提高串關占比仍有很長的跑道。所以我認為現在業務有很多正向順風；促銷效率就是其中之一。

Thank you.

謝謝。

Jed Kelly, Oppenheimer & Co.

Jed Kelly，Oppenheimer & Co.。

Thanks for taking my question. Just on customer growth and MUP growth, I realize it was up low single digits ex the lottery. Can you just talk about trends there? I think there's a slide in your shareholder deck that says 30% of volume -- of Prediction Market volume in regulated states is coming from regulated markets. Is there something where younger customers that are like 18 to 20 just aren't shifting over to DraftKings as they get older? Or can you just talk about the MUP trends? Thank you.

謝謝讓我提問。關於客戶成長與 MUP 成長，我知道若排除彩券因素，成長是低個位數。你能談談那邊的趨勢嗎？我記得你們股東簡報裡有一頁提到，在受監管州的預測市場交易量中，有 30% 來自受監管市場。是否存在某種情況：較年輕、例如 18 到 20 歲的客戶，隨著年齡增長並沒有轉到 DraftKings？或者你能談談 MUP 的趨勢嗎？謝謝。

Yeah. I don't really think it has anything to do with Predictions. I mean if you look at the total customer numbers, they're quite small, single digits. There is volume, but most of that's coming from lower-margin customers as well as also just from market makers and things like that. I think the really important thing is the opportunity to grow MUPs and Predictions.

是的。我不認為這和 Predictions 有任何關係。我的意思是，如果你看總客戶數，其實相當小，是單位數的規模。確實有交易量，但其中大多來自低毛利客戶，另外也有一些來自做市商之類的參與者。我認為真正重要的是，成長 MUP 與 Predictions 的機會。

We have the entire other half of the country now open to us, and we haven't even begun to ramp marketing. And if you look at our early Predictions data, it's very modest marketing investment. We are seeing really exciting things on the customer acquisition side and the CAC side.

我們現在已經能觸及全國另外一半的市場，而且我們甚至還沒有開始加大行銷力度。若你看我們早期的 Predictions 數據，行銷投入其實非常溫和。我們在客戶獲取以及 CAC（客戶獲取成本）方面看到非常令人振奮的進展。

So I think if you look at the back half of the year, you're going to see tremendous increase in MUPs for us really via Predictions customer acquisitions. So we're really excited about that. And I think that's kind of our main focus on the MUP side.

所以我認為，如果你看今年下半年，你會看到我們的 MUPs 會大幅增加，主要是透過 Predictions 的客戶獲取帶動。因此我們對此非常興奮。我想這也算是我們在 MUP 這一塊的主要重點。

Thank you.

謝謝。

Trey Bowers, Wells Fargo.

Wells Fargo 的 Trey Bowers。

Hey, guys. Thanks for the question. I just wanted to kind of dig in a little further on just cadence, if we could. Your big peer out there set kind of targets for the next three quarters that are pretty heavily Q4 weighted. I know Q4 is generally the biggest seasonal quarter. But just any color around that, just so we make sure we're not kind of offsides on our models would be great.

嗨，各位。謝謝讓我提問。我想再更深入一點了解一下節奏（cadence），如果可以的話。你們在市場上的一個大型同業，對接下來三個季度設定了一些目標，而且相當偏重 Q4。我知道 Q4 通常是季節性最強的一季。但想請你們就這點提供一些補充說明，這樣我們在建模時就不會偏離太多，會很有幫助。

Yes. So I mean, I think you can expect pretty similar to what we've seen in past years. We don't expect any real difference in terms of the revenue side. Obviously, there are sport outcomes to contend with. So you have to look at that in more of a neutral sport-outcome world. But putting Sport outcomes aside, I think it will look pretty typical in terms of seasonality.

是的。所以我的意思是，我認為你可以預期會和我們過去幾年的情況相當類似。我們不預期在營收端會有任何實質差異。當然，還是要考量體育賽事結果的影響，所以你必須在較為中性的賽果情境下來看。但先把賽果因素放一邊，我認為在季節性方面會看起來相當典型。

Obviously, we do have Prediction spend layered in. I think you're going to see much more of that, of course, in the coming months than in the previous months. We have not spent much on the marketing side on Predictions yet. We do intend to spend more, as I mentioned. We think the total investment for Predictions will be $200 million to $300 million with the vast majority of that coming really in the months ahead, especially in the back half of the year but some also in the later part of Q2.

顯然，我們也把 Predictions 的投入納入其中。我想你會看到，接下來幾個月這部分會比前幾個月多得多。我們目前在 Predictions 的行銷端其實還沒花太多，但如我提到的，我們確實打算增加投入。我們認為 Predictions 的總投資會在 2 億到 3 億美元之間，其中絕大部分會發生在接下來幾個月，尤其是今年下半年，但 Q2 後段也會有一些。

So I think that will obviously have a little bit of effect on the bottom line, but also, hopefully, we'll see great customer acquisition with that. And if we don't, we'll pull back. We're not signing up for a lot of committed spend. So it's very fluid, and we'll follow the data as we always do. But in terms of the core business, I think you can assume a pretty similar quarterly cadence to what we've seen in the past.

所以我認為這顯然會對損益底線有一些影響，但同時也希望能帶來很好的客戶獲取。如果沒有，我們就會縮手。我們並沒有承諾大量的固定支出，所以彈性很大，我們會一如既往地依數據而行。不過就核心業務而言，我認為你可以假設季度節奏會與我們過去看到的相當類似。

And just a quick follow-up, if I could. The advocacy spend in the first quarter was a pretty big number, at $26 million. Could you guys just break down a little bit what was involved there in terms of Prediction Market or states? And then just going forward, to what extent that represents a piece of kind of the Prediction Market investment?

如果可以的話，我再追問一個。第一季的倡議（advocacy）支出是一個相當大的數字，達到 2,600 萬美元。你們能否拆解一下這筆支出包含了哪些內容，是與 Prediction Market 或各州相關嗎？另外往前看，這在多大程度上會構成 Prediction Market 投資的一部分？

Yes, it's really not Prediction related. Actually, that was more of something that we are experimenting with our coalition that we lobbied together. We have a super PAC that we formed and are spending in various states. And we're going to try that strategy out for this election cycle, see how it goes and then assess whether it's something that we want to continue doing in future years.

是的，這其實與 Prediction 沒什麼關係。實際上，那更多是我們和我們組建並共同遊說的聯盟在做的一些嘗試。我們成立了一個超級政治行動委員會（super PAC），並在多個州投入支出。我們會在這個選舉週期試行這個策略，看看效果如何，然後再評估未來幾年是否要持續。

Thanks for the questions.

謝謝你們的回答。

Brandt Montour, Barclays.

Barclays 的 Brandt Montour。

Good morning, everybody. Thanks for taking my question. Jason, you mentioned some interesting stats on Prediction and specifically volume per customer, bigger than -- greater than OSB volume per customer. I was hoping maybe you could just flesh out a little bit more about what you've learned so far about the Prediction customer, especially with the stats you gave. What else have you learned about early sense for LTVs?

各位早安，謝謝讓我提問。Jason，你提到一些關於 Prediction 的有趣統計，特別是每位客戶的交易量（volume per customer）高於——也就是大於 OSB 每位客戶的交易量。我想請你再多談一點你們目前對 Prediction 客戶的了解，尤其是基於你剛剛提供的那些數據。你們對早期的 LTV（客戶終身價值）還觀察到什麼？

And then, what are the sort of take rates that you're seeing early on against those volume stats that you gave?

另外，針對你提到的那些交易量數據，你們早期看到的 take rate（抽成率／變現率）大概是多少？

Yeah, it's a great question. I mean it's very early, so hard to say. They do look quite similar. The stat that you cited that we mentioned, that is something we're seeing. I think that could also have a lot to do with the fact that it's still early and usually the most avid customers sign up early. So that's something we're bearing in mind.

是的，這是個很好的問題。我的意思是，現在還非常早，所以很難下定論。它們看起來確實相當類似。你引用的那個我們提到的統計，我們確實有看到。我認為這也可能與目前仍在早期階段有很大關係，因為通常最熱衷的客戶會最早註冊，所以這點我們也有放在心上。

But if you look at kind of who these customers are demographically, what their spend patterns are, what sports, it's actually quite similar. There are a couple of things that are interesting. So college basketball, in particular, was even heavier on the Prediction side than maybe some of the other sports. So that was something that we noticed as an example. And I think it's largely because the format is more of like a singles type of thing, win/loss, that sort of thing.

但如果你看這些客戶的人口統計特徵、他們的消費模式、偏好的運動項目，其實都相當類似。有幾點比較有意思。以大學籃球為例，在 Prediction 端的比重甚至比其他運動更高，這是我們注意到的一個例子。我認為主要原因在於它的形式更像是單一（singles）類型的玩法，勝／負這類。

So versus a sport like NBA, which on the Sportsbook side is very SGP heavy, and there's not a product that's sufficiently equivalent yet, in terms of Predictions, to make that as attractive. So there's probably some reasons for it that have nothing to do with the customer, but that is something we noticed. But largely, they look very similar. We're not seeing a whole lot of differences between who we're getting on the prediction side and who we have on our sports betting business.

相較之下，像 NBA 這種運動，在 Sportsbook 端是非常偏 SGP（同場串關）為主，而在 Predictions 方面目前還沒有足夠等價的產品能讓它同樣具有吸引力。所以這背後可能有一些原因與客戶本身無關，但這確實是我們觀察到的現象。不過整體而言，他們看起來非常相似。我們沒有看到在 prediction 端獲取的客戶，和我們運動博彩業務的客戶之間有太多差異。

Ben Chaiken, Mizuho.

Mizuho 的 Ben Chaiken。

My question is on the cost side of the core business, underlying, I think, performed well in the quarter. Maybe we could touch specifically on payments, which I believe is one of your larger individual expenses. How much of a focus is this for you? And anything you can share regarding the opportunity to lower this expense?

我的問題是關於核心業務的成本端。我認為本季底層表現不錯。也許我們可以特別談談支付（payments），我相信這是你們較大的單項費用之一。這對你們來說有多重要？以及你們能否分享降低這項費用的機會？

And then kind of related, do you think the Super App provides any payment savings under the premise that users are maybe more engaged across multiple products and thus aren't kind of moving money in and out as quickly? Thanks

另外相關地，你們認為 Super App 是否能帶來任何支付成本的節省？前提是用戶可能在多個產品之間更活躍，因此不會那麼快把資金頻繁地轉入轉出？謝謝。

Yeah. I think it's a great point you make there that -- I do think part of the idea is increased retention, easier access to different products that we offer, different verticals. I think that is a huge part of the idea behind the Super App. And one of the results of that could be better retention of money and less movement of money on and off the system, which is a lot of what drives the payment costs as people depositing and withdrawing.

是的。我認為你提出的點非常好——我確實覺得其中一部分理念就是提高留存、更容易使用我們提供的不同產品、不同垂直領域。我認為這是 Super App 背後很大的一部分想法。而其結果之一，可能就是資金留存更好、資金在系統內外的流動更少；而支付成本很大一部分就是由用戶存款與提款所驅動。

So that's something we definitely will keep an eye on and could be a benefit. And I think even beyond that, there is a lot of room to optimize. If you look at our overall payment costs, they have been coming down. That's been through a number of changes that we've made internally, but also through renegotiating rates as we've ramped our volumes. So that's generally the way it works, is as you ramp volumes, you get better rates. So I expect that to continue. And payments is an area that we look at this year and see definite opportunity in year to decrease that cost and certainly in 2027 and beyond.

所以這是我們一定會持續關注的，也可能是一項好處。除此之外，我認為還有很大的優化空間。如果你看我們整體的支付成本，其實一直在下降。這一方面來自我們內部做了多項調整，另一方面也來自於隨著交易量提升，我們重新談判費率。一般來說就是這樣運作：量越大，費率越好。所以我預期這個趨勢會持續。支付是我們今年會重點檢視的領域，我們看到今年有明確機會降低這項成本，而在 2027 年及之後更是如此。

Thanks. Appreciate it.

謝謝，感謝。

Shaun Kelley, Bank of America.

Bank of America 的 Shaun Kelley。

Hi, good morning, and thanks for taking my question. Jason, I think market-making in Prediction markets has continued to be a focal point. Just kind of curious on where you're at on experimenting there? What have you learned on pricing?

嗨，早安，謝謝讓我提問。Jason，我認為在 Prediction 市場中做市（market-making）一直是焦點。想請教你們目前在那方面的實驗進展到哪裡？你們在定價方面學到了什麼？

And just big picture, what's your willingness to kind of look at third-party platforms and/or potentially hedge via third-party platforms when you see some of the concentration risk that you've done combos and parlays as you get more experience with the product?

另外從更宏觀的角度，你們對於採用第三方平台，以及／或者在你們對組合與串關（combos and parlays）的集中風險有更多產品經驗後，透過第三方平台進行對沖（hedge）的意願有多大？

Yes, it's a great question. So I think even beyond hedging, there's probably arbitrage moments and ways to just increase value. So that's something we're definitely looking at. Our market makers stood up in the last couple of months. So far, so good. We're making money. It's one of our fastest profitability business lines we've ever launched. So really excited about that. And we think a lot of opportunity to scale it. So we should theoretically have one of the top 2 or 3 market makers in the world, arguably the best, given our modeling capabilities.

是的，這是個很好的問題。所以我認為甚至不只是對沖，可能也存在套利（arbitrage）的時點，以及提升價值的方法。所以這是我們一定在看的方向。我們的做市團隊是在過去幾個月建立起來的。目前為止進展很好。我們正在賺錢。這是我們推出過的業務線中，獲利速度最快的之一，所以我們非常興奮。我們也認為有很大的擴張機會。理論上，憑藉我們的建模能力，我們應該能成為全球前二或前三的做市商，甚至可以說是最好的。

So I don't see -- at least on the sports front, I don't see how anyone is going to be able to match that outside of maybe one or two of our big sportsbook competitors that also have really strong pricing models internally. So really feels like we can capture a big chunk of that. I do think that will involve being on third-party platforms. We will obviously focus on our own exchange as well, which is launching in the coming weeks, and we're excited about that.

所以我看不出——至少在體育這一塊，我看不出有誰能在外部匹敵這點，除非可能是一兩家我們大型體育博彩競爭對手，他們內部也有非常強的定價模型。所以整體感覺是，我們可以抓住其中很大一部分。我確實認為這會涉及在第三方平台上運作。我們當然也會聚焦我們自己的交易所，將在未來幾週內上線，我們對此很興奮。

But I think for us to really maximize the market-making opportunity, we want to be able to participate in different platforms and examples, like you said, not just to have more volume, but also to be able to manage risk across a much wider canvas. Just the more opportunity you have to do that, the better that we can optimize. I mentioned earlier, we're a very data-driven company. So the more we kind of have access to different ways to manage that risk, I think the better that we'll perform over time.

但我認為，若要真正把做市機會最大化，我們希望能參與不同的平台與場景，如你所說，不只是為了有更多成交量，也為了能在更廣的範圍內管理風險。你能做這件事的機會越多，我們就越能優化。我先前提過，我們是一家非常數據驅動的公司。所以我們越能接觸到不同的方式來管理風險，我認為長期表現就會越好。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey, can we dig in more on the legalization outlook? Are there particular states you're focused on for iGaming or OSB in the near term? I'm curious if Prediction Markets has helped or hurt those efforts.

嗨，我們能再深入談談合法化的前景嗎？近期在 iGaming 或 OSB 方面，有沒有你們特別關注的州？我也好奇，預測市場（Prediction Markets）對這些努力是有幫助還是造成阻礙。

I think in terms of Sports, Prediction Markets are helping. People are starting to really understand that if you haven't legalized sports betting yet, you have this thing called sports predictions now that is not within your own jurisdiction. And you still have companies like us that are very interested in doing it under the state framework. So I do think that is starting to resonate. Sometimes these things take a little time. So I'm not 100% sure we're going to get any over the line this year, but I do see increased momentum.

我認為在體育方面，預測市場是在幫忙。大家開始真正理解，如果你還沒把體育博彩合法化，現在有個叫做體育預測的東西，並不在你自己的司法管轄之內。而我們這樣的公司仍然非常有興趣在州的框架下來做。所以我確實認為這開始產生共鳴。有時候這些事情需要一點時間。所以我不敢 100% 確定今年就能有任何州跨過終點線，但我確實看到動能在增加。

And then I think on the iGaming side, I absolutely see momentum, particularly in the DMV area. Washington, DC is strongly considering a proposal now, and Virginia came very close. It actually passed through both chambers but then died in conference. So hoping that, that one is really close and maybe next year, next session can be revived and get through. And then same thing on Maryland, we're seeing real momentum building there.

然後在 iGaming 方面，我絕對看到動能，特別是在 DMV 地區。華盛頓特區（Washington, DC）現在正在強烈考慮一項提案，而維吉尼亞州（Virginia）也非常接近；它其實已經在兩院都通過，但最後在協商委員會（conference）階段夭折。所以希望那個案子真的很接近，也許明年、下一個會期可以復活並通過。馬里蘭州（Maryland）也是一樣，我們看到那裡正在累積真正的動能。

So I think once we start to really breakthrough in one of these regions, you typically see multiple states or in the case of DC jurisdictions that move too. And so not surprising to see momentum regionally like that. And I do expect that we'll start to see momentum develop in some of the Midwestern states, too. I think Ohio next year is a good one to focus on. Illinois is always interesting. I don't see a clear path at the moment, but I think that could be one that comes into play. So lots of different opportunities there, and we'll have to see.

所以我認為，一旦我們在這些區域中的某一個真正突破，通常會看到多個州——或在 DC 這種情況下是多個司法管轄區——也跟著推進。因此看到這種區域性的動能並不意外。我也確實預期，我們會開始看到一些中西部州的動能發展。我認為明年的俄亥俄州（Ohio）是值得關注的一個。伊利諾伊州（Illinois）一直都很有意思。我目前看不到很清晰的路徑，但我認為它可能會成為一個變數。所以機會很多，我們還得再觀察。

But right now, I do think on the margin, having predictions is a huge advantage in terms of legalization. But I think it's been an even bigger tool in terms of pushing back on things like tax increases or any further restrictions. If you noticed, so far, we've had no tax increases this year. I hope I didn't just jinx us, but we've had no tax increases. And I think a lot of that is because states are looking at predictions and saying we'd be absolutely crazy to raise taxes on legal online sports betting operators now when we're contending with prediction markets, which are not paying taxes in our state.

但就目前而言，我確實認為，在邊際上，有預測（predictions）對合法化來說是個巨大優勢。不過我覺得它在抵制像是加稅或任何進一步限制方面，反而是更大的工具。如果你注意到，到目前為止，我們今年沒有任何加稅。我希望我沒有一語成讖，但我們今年沒有加稅。我認為很大一部分原因是，各州在看預測市場，並且在想：當我們正面對不在本州繳稅的預測市場時，如果現在還對合法的線上體育博彩營運商加稅，那就太瘋狂了。

Thank you.

謝謝。

Robin Farley, UBS.

Robin Farley，UBS。

Great, thanks. Some other sportsbooks noted sport outcome hold impact in Q1. You haven't really mentioned that. Is that -- was your math better in Q1 and you didn't have a hold impact? Or is it just that your -- the rest of your business was strong enough to offset hold impact? If you could give us some color around that?

好的，謝謝。有些其他體育博彩業者提到第一季賽事結果（sport outcome）的 hold（留存率／莊家優勢）影響。你們沒有特別提到。是——你們第一季的數學模型更好，所以沒有 hold 的影響？還是說你們其他業務夠強，足以抵消 hold 的影響？能否提供一些背景說明？

We were actually slightly positive on outcomes. It was very minor. So we didn't really feel like it was necessary to call out. It was in the tens of millions, but we were slightly positive on sport outcomes in Q1.

我們其實在賽事結果上是略為正向的，幅度非常小。所以我們不覺得有必要特別點出。金額是數千萬美元等級，但第一季在賽事結果上我們是略為正向。

Okay, great. Thanks. And then just another one on Prediction Markets. Can you give us a sense of the profitability of the different layers of Prediction Markets that you're expecting to be involved in sort of where the most economics are for you when you think about whether it's market making or proprietary exchange? Or just how we can think about those layers?

好的，很好，謝謝。接著再問一個關於預測市場的問題。你能否讓我們了解一下，你們預期會參與的預測市場不同層級的獲利能力？也就是當你們思考做市或自有交易所時，對你們而言經濟利益主要在哪裡？或我們該如何理解這些層級？

Yeah. For us, it's really about having the whole ecosystem. And so it's hard to parse out where the value is because I think it feeds off each other. But we do see tremendous value in every layer of the ecosystem, which is why we're playing in all of them. In terms of profitability versus investment, the market maker should be -- or is profitable already. So that's going to be the one that's sort of the least capital intensive in terms of investment, and I think will produce really strong results in the near term and continue to grow.

可以。對我們來說，重點是擁有完整的生態系。因此很難把價值拆開來看，因為我認為它們彼此相互促進。但我們確實在生態系的每一層都看到巨大的價值，這也是為什麼我們每一層都會參與。就獲利相對於投資而言，做市商應該——或者說已經——是獲利的。所以那會是投資上資本密集度最低的一塊，我認為短期會產生非常強的成果，並且持續成長。

I think when it comes to more of the consumer-facing side of it, we will be investing in customer acquisition. So I think that's going to end up being a little bit more of a headwind in 2026, and that's what's driving most of the $200 million to $300 million that we said we're investing in Predictions this year. So those are kind of the two layers.

我認為在更偏向消費者端的部分，我們會投資於客戶獲取（customer acquisition）。所以我認為那在 2026 年會成為比較大的逆風，而這也是我們說今年在預測（Predictions）上投資 2 億到 3 億美元的主要原因。大致就是這兩個層級。

And then the exchange sort of sits in the middle. The exchange, I think, will be a little bit of product investment. But if you don't attribute any of the customer acquisition costs, that should be one that becomes profitable pretty quickly, too.

然後交易所大概位在中間。交易所我認為會需要一些產品投資。但如果你不把客戶獲取成本歸因到那裡，它也應該會很快轉為獲利。

Okay, great. Thanks very much.

好的，很棒，非常感謝。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

Thanks. Good morning, Jason, Alan. Jason, I was wondering if you could talk about your World Cup expectations. I think we have a pretty good idea for the tailwind and the impact of the World Cup on -- for the European bookmakers and customers, but the US and North America is more unique. And is this more of an opportunity to expand the user base? How do you think about, say, the opportunity? And what you're thinking about World Cup expectations?

謝謝。早安，Jason、Alan。Jason，我想請你談談你們對世界盃的預期。我想我們對世界盃對歐洲莊家與客戶帶來的順風與影響已經有相當好的概念，但美國與北美比較特殊。這是否更像是擴大用戶基礎的機會？你怎麼看這個機會？以及你對世界盃的預期是什麼？

Yeah, it's a great question. So I have very high expectations for World Cup when it comes to customer acquisition and engagement. I'm not as sure it will be a huge revenue opportunity. The quantum of games, and I'm guessing the amount wagered on some of these, won't be quite as high as maybe you'll see an NFL or certainly NBA and some of these other sports.

是的，這是個很好的問題。就客戶獲取與互動而言，我對世界盃的期待非常高。我不太確定它會是一個巨大的營收機會。比賽的數量，以及我猜其中一些比賽的投注量，可能不會像 NFL，或當然像 NBA 以及其他一些運動那麼高。

But I think it will be absolutely tremendous for customer acquisition, starting with these prediction states. So about half the US, including large states like California, Texas and Florida, we have never had a World Cup, never had any major marketing event in terms of -- something like this in those states. So we're going to really go for it. Obviously, if the numbers are not supporting that, we will back off. But I have a feeling it's going to be very strong.

但我認為它在客戶獲取方面會非常驚人，尤其是從這些預測州（prediction states）開始。美國大約有一半的地區，包括加州、德州和佛州這些大州，我們從未在那些州遇到過世界盃，也從未在那些州做過像這樣的大型行銷事件。所以我們會全力以赴。當然，如果數據不支持，我們會收斂。但我有種感覺，表現會非常強。

And then the other thing I should mention is we recently launched a Spanish language app, I think -- or Spanish language functionality, excuse me, in our app. I think that also is a really interesting one, and we aim to have it in, which we did ahead of the World Cup, knowing that there could be some incremental audience to be acquired there.

另外我還要提的是，我們最近在 App 裡推出了西班牙語版本——我想應該說是西班牙語功能，抱歉。我認為這也很有意思，我們的目標是在世界盃之前就上線，而我們也確實做到了，因為我們知道那裡可能有一些可額外獲取的受眾。

And really being able to have a Spanish native experience, we think, will be a differentiator for us, even with people that might have signed up for the English product, just have a preference for the Spanish language product. So those are two things I'm really excited about, and we'll definitely be making an investment. And as I said, following the data. So it will either work or it won't, but we won't spend heavily into it if it's not working.

而且我們認為，能提供以西班牙語為母語的使用體驗，會成為我們的差異化優勢；即使是已經註冊英文產品的人，也可能只是偏好西班牙語產品。所以這兩點讓我非常興奮，我們也一定會投入資源。正如我所說，我們會跟著數據走。所以要嘛有效、要嘛無效；如果無效，我們不會在上面重金投入。

Thank you.

謝謝。

Chad Beynon, Macquarie Capital.

Chad Beynon，Macquarie Capital。

Morning. Thanks for taking my question. The NBA saw record viewership this year. I know the programming was better than prior years, and you guys remain a partner with them. Can you just talk about if you're seeing share gains in the NBA?

早安。謝謝讓我提問。今年 NBA 的收視創下紀錄。我知道節目內容比前幾年更好，而你們也仍然是他們的合作夥伴。你能談談你們是否在 NBA 看到市占率提升嗎？

And then related to kind of all the big sports, how you're thinking about being an official partner if that's driving engagement?

另外，延伸到所有大型體育賽事，你們如何看待成為官方合作夥伴是否會帶動互動參與？

It was a great year so far for NBA. The playoffs have been tremendous, too, so far. So expect that to continue. I think being a partner has been a really important thing for DraftKings over many years. We've had a great relationship with the NBA since our Fantasy Sports days, really love what they have done with the sport and how they've grown engagement and made it such a broad sport in terms of the reach and the types of people that are fans. So I really give a lot of credit to the NBA, and we're proud to be a partner of them.

到目前為止，這對 NBA 來說是非常棒的一年。季後賽目前也非常精彩，所以預期這樣的趨勢會持續。我認為，多年來成為合作夥伴對 DraftKings 一直非常重要。自我們夢幻體育（Fantasy Sports）時期起，就與 NBA 維持很好的關係；我們也非常欣賞他們在這項運動上的作為，以及他們如何提升互動參與、並把它擴展成一項在觸及面與球迷族群類型上都非常廣泛的運動。所以我真的要給 NBA 很多肯定，我們也很自豪能成為他們的合作夥伴。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Hey, good morning. Thanks for taking the question. I wanted to go back to the topic of core profitability. I think you mentioned at the top of the call, if it weren't for Prediction this year, you'd have over $1 billion. I think on top of that number, you've got about $4 billion in player-facing expenses.

嗨，早安。謝謝讓我提問。我想回到核心獲利能力這個主題。我想你在電話會議一開始提到，如果今年不是因為 Prediction，你們本來會超過 10 億美元。我想在那個數字之上，你們還有大約 40 億美元的面向玩家的費用。

Just curious where those numbers could go over the next couple of years if we continue to see the rates of incremental penetration moderating? How much could you theoretically pull back, I guess, without impacting engagement?

我只是好奇，如果我們持續看到新增滲透率的增速放緩，未來幾年這些數字可能會走到哪裡？理論上你們最多可以把它拉回多少，而不影響互動參與？

I mean, we have a lot of room to bring down marketing if that is warranted. I think right now, given the acquisition opportunity we see in predictions, we think it's more likely we'll be spending into it. And the partnerships that we have should be a huge asset for us in that. But I do think that in terms of the amount allocated to the core, you're going to see that continue to decline as Prediction spend ramps. So that's something that I think you'll see in the coming months and years.

我的意思是，如果有需要，我們在降低行銷支出方面有很大的空間。我認為目前，鑑於我們在 predictions 看到的獲客機會，我們更可能會加大投入。而我們現有的合作夥伴關係在這方面應該會是很大的資產。不過我確實認為，就分配到核心業務的金額而言，隨著 Prediction 的支出爬升，你會看到它持續下降。所以我想你在接下來幾個月與幾年會看到這點。

And really, for us, the sort of combination right now of moderating promotional and marketing spend on the core along with still strong top line growth. As I mentioned, April was 22% year-over-year revenue growth, over $100 million in adjusted EBITDA in that month alone. That's really, I think, a sign that we see just continuing strength on the bottom line as we also continue to see strong growth on the top line. And obviously, that's what you want. So hopefully, we'll continue to see those trends.

而且對我們來說，目前核心業務的促銷與行銷支出趨於溫和，再加上營收端仍然強勁成長。正如我提到的，4 月營收年增 22%，單月調整後 EBITDA 超過 1 億美元。我認為這確實顯示，我們在營收端持續強勁成長的同時，獲利端也持續展現強度。而這顯然就是你想看到的。所以希望我們能持續看到這些趨勢。

Thank you.

謝謝。

Bernie McTernan, Needham.

Bernie McTernan，Needham。

Jason, the shareholder letter mentions that consumers are losing more in prediction markets than OSB. And that's just surprising to me, at least given the parlay penetration likely lower in prediction markets. So can you just talk about what you're seeing there? Because I think conventional wisdom would say that your hold will be lower in prediction markets than OSB, but just seeing how you think about that longer term? Thank you.

Jason，股東信提到，消費者在預測市場（prediction markets）上的虧損比 OSB 還多。這讓我很意外，至少考量到預測市場的串關（parlay）滲透率可能較低。你能談談你們看到的情況嗎？因為一般的看法會認為，預測市場的 hold（莊家優勢／毛利率）會低於 OSB，但想了解你們長期如何看待？謝謝。

Yeah. It's not necessarily hold as much as just the rate of loss. I think part of it is that predictions operators, some of them anyway, are sort of irresponsibly saying that this is not the same as a product like ours where you have people playing against each other on prediction markets when the reality is that most of the money is being put up, most liquidity is being put up by professional market makers, institutions, things like that.

是的。這不一定是 hold 的問題，更像是虧損率。我認為其中一部分原因是，一些 predictions 的營運商（至少其中一些）在某種程度上不負責任地宣稱，這與我們這類產品不同，因為在預測市場裡是玩家彼此對賭；但現實是，大部分資金、大部分流動性其實是由專業做市商、機構等提供的。

So I think some people don't necessarily understand that. And as that becomes more apparent, I think you'll start to see that moderate. But we saw this in fantasy sports. When you have a peer-to-peer -- somewhat of a peer-to-peer setup, you're going to have people on one side that are experts and you got to make sure you protect the ecosystem as best as you can, obviously, within the rules and regulations, right?

所以我認為有些人未必理解這點。當這件事變得更明顯時，我想你會開始看到它趨於緩和。但我們在夢幻體育也看過這種情況：當你有一個點對點（peer-to-peer）——某種程度的點對點架構時，一邊會是專家型玩家，你必須盡可能保護生態系，當然是在規則與法規允許的範圍內，對吧？

But doing things to make sure that you're building a healthy ecosystem was critical to us building out a sustainable daily fantasy sports product. And right now, I don't see that necessarily happening with some of our predictions competitors. But as time goes on, hopefully, we'll set the standard there, and it will be something that really becomes an important part of managing the ecosystem.

但採取一些措施以確保你在建立一個健康的生態系，對我們打造可持續的每日夢幻體育產品至關重要。而現在，我不一定看到我們某些 predictions 競爭對手在做這件事。但隨著時間推進，希望我們能在那裡樹立標準，並讓它成為管理生態系中真正重要的一部分。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Good morning, Jason, you just mentioned your marketing partnerships. Does ESPN and NBC allow you to promote predictions through your Super App? And how do you plan to leverage those relationships with the ramp in the marketing that you talked about, especially ahead of the NFL season?

早安，Jason，你剛提到你們的行銷合作夥伴關係。ESPN 和 NBC 是否允許你們透過 Super App 推廣 predictions？以及你們打算如何在你提到的行銷投入爬升時，運用這些關係，特別是在 NFL 球季開始之前？

Thank you.

謝謝。

Yeah. So I mean, a huge part of having these national partnerships is being able to have a national singular sort of offering and message that we put out there. And that's been a core effort that we've been really focused on as we've thought about what our back half of the year and also remaining Q2 plans are for the Super App. So it's really less about advertising Predictions and more about advertising a unified DraftKings platform that's accessible in almost every state in the country.

是的。我的意思是，擁有這些全國性的合作夥伴關係，很大一部分價值在於能夠推出一個全國一致、單一的產品供給與訊息主張。這一直是我們在思考今年下半年以及 Q2 剩餘計畫、針對 Super App 所非常專注的核心工作。所以重點其實比較不是在廣告 Predictions，而是在廣告一個統一的 DraftKings 平台——在全國幾乎每個州都可使用。

So that's something that we really feel excited about. Having these great partnerships and relationships and having all of this data from having worked with these companies for so many years gives us a great foundational starting point, but there's also some testing and work we have to do to figure out how we unify that message in a way that makes sense for all consumers no matter what products they end up accessing.

所以這點讓我們非常振奮。有這些很棒的合作夥伴與關係，再加上我們與這些公司合作多年所累積的所有數據，讓我們有很好的基礎起點；但我們也還需要做一些測試與工作，去找出如何把訊息統一成一種對所有消費者都合理的方式，不管他們最後使用的是哪些產品。

Thank you.

謝謝。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Hey, good morning, guys. Thanks for taking the question. Maybe just digging into the quarter, it looks like NGR growth for online casino stepped down a bit quarter-on-quarter, 9%, versus you grew that business closer to 20% in 2025. Can you just sort of help us think about some of the drivers of this deceleration and whether there's anything sort of onetime in nature that contributed as well?

嗨，早安，各位。謝謝讓我提問。也許深入看一下這一季，看起來線上賭場（online casino）的 NGR 成長率季對季放緩了一些，只有 9%，而你們在 2025 年這塊業務的成長更接近 20%。你能幫我們理解一下這個減速的驅動因素，以及是否也有任何一次性因素造成影響嗎？

Yeah. I mean, I think that really, we see a huge opportunity there. We have lower growth than we think we should. Clearly, the overall industry demonstrates that. So there's a lot of changes that we've made on the product side and the marketing side in the last few months, and we see a huge opportunity to accelerate that. And hopefully, that's some upside. It's not something we're counting on in order to hit our guide. So if we can increase that growth rate, that provides a lot of upside for us.

是的。我的意思是，我們確實看到那裡有很大的機會。我們的成長低於我們認為應該達到的水準；整體產業的表現也清楚顯示這點。所以過去幾個月我們在產品端與行銷端做了很多改變，我們看到很大的機會可以加速成長。希望這會帶來一些上行空間。我們並沒有把它當作達成指引所必須依賴的因素。所以如果我們能提高那個成長率，對我們來說會提供很大的上行。

And maybe just to follow up to double-click on that. When you talk about sort of some changes being made, does this include sort of going after more of that iCasino direct player? Can you just sort of talk about that mix between OSB cross-sell and how much you're targeting that iCasino-led player?

再追問一下、把這點再深入一點。當你談到做了一些改變時，這是否包括更積極去爭取更多 iCasino 的直接玩家？你能談談 OSB 交叉銷售（cross-sell）與你們鎖定 iCasino 主導型玩家之間的組合嗎？

Absolutely. I think we've overly focused on the OSB cross-sell and did not focus enough on the iCasino first, particularly the slots first player, and we really increased our focus in the last several months there. One example of that is we launched a unique feature no one else has called Flex Spins, which has been a really great addition. It's -- everybody else sort of gives free spins by game. Flex Spins is a promotion that you can allow people to use on any game they want. So a very unique offering that no one else has.

當然。我認為我們過度聚焦在 OSB 的交叉銷售，而沒有把足夠的重點放在 iCasino 優先，特別是以老虎機（slots）為優先的玩家；過去幾個月我們已大幅提高在那方面的專注。其中一個例子是，我們推出了一個別人都沒有的獨特功能，叫做 Flex Spins，這是一個非常棒的新增功能。其他人基本上是按遊戲提供免費旋轉（free spins）；而 Flex Spins 是一種促銷，讓玩家可以用在任何他們想玩的遊戲上。所以這是一個非常獨特、別人沒有的供給。

We've also developed a lot of new marketing assets and have tested into some things that are working much better and have significantly reduced our CAC and ramp customer acquisition a lot in the last few months. So those are a couple of examples of where I see some tailwind there. And really, I think there's still a lot more we can unlock, too. We know that there are areas of opportunity that we haven't yet discovered and unlocked in iGaming. And I think there's a huge opportunity to grow that in the back half of the year.

我們也開發了許多新的行銷素材，並測試出一些效果更好的做法，在過去幾個月大幅降低了我們的 CAC（客戶取得成本），也讓客戶獲取加速成長。因此，這些是我看到存在一些順風的幾個例子。而且我認為，我們其實還能解鎖更多。我們知道在 iGaming 領域，仍有一些尚未被發現與解鎖的機會。我認為在今年下半年把這塊做大，有非常巨大的成長機會。

James Hardiman, Citi.

James Hardiman，花旗（Citi）。

Hey, good morning. Thanks for taking my question. So I wanted to actually circle back to the guide. Obviously, EBITDA guide is unchanged, but it now needs to absorb the Arkansas spend and any increase in Predictions. I was hoping maybe you could quantify those pieces. The $200 million to $300 million for Predictions, I don't think you were previously quite as explicit. So I guess, how much did that go up? What's the total Arkansas spend?

嗨，早安。謝謝讓我提問。我想回到指引（guidance）上。顯然 EBITDA 指引沒有改變，但現在需要吸收阿肯色州的支出以及 Predictions 的任何增加。我希望你們可以量化一下這兩部分。Predictions 的 2 億到 3 億美元，我想你們之前沒有講得這麼明確。所以我想問，這部分增加了多少？阿肯色州的總支出是多少？

I'm just trying to get my arms around what seems like a pretty big raise to the core business guidance, sort of the magnitude of that. And if you don't mind, the split in Q1, I think it sounds like Arkansas and Predictions is about $33 million or more to get us to that $200 million EBITDA plus, but maybe split out between those two components?

我只是想釐清，看起來核心業務指引似乎被上調得相當多，想了解其幅度。如果你不介意的話，第一季的拆分，我聽起來阿肯色州和 Predictions 大約是 3,300 萬美元或更多，才能讓我們達到 2 億美元以上的 EBITDA，但能否把這兩個組成部分拆開說明？

Yeah, it's a great question. I mean Alberta is in there now, too. That will be launching, we believe, in July. So definitely some things we've been able to absorb. I think it starts with, we were pretty disciplined at the beginning of the year with the guidance. We knew that there was a chance that we would want to go very aggressive on Predictions. We also knew that we would probably have at least one, maybe multiple launches coming up with some rumblings in Arkansas and some thought towards Alberta at that time.

是的，這是個很好的問題。我的意思是，阿爾伯塔（Alberta）現在也包含在內了。我們相信它會在 7 月上線。所以確實有一些事情我們已經能夠吸收。我認為首先是，我們在年初制定指引時相當自律。我們知道我們有可能會想在 Predictions 上採取非常積極的策略。我們也知道，當時就有一些阿肯色州的風聲，以及對阿爾伯塔的考量，因此我們很可能會有至少一個、甚至多個上線（launch）。

So these are things we contemplated when we set the initial guide. As far as like expectations, I think at the time, we kind of had ranges for each. And so there has been, I think, some tailwind. We also did, I think, have some conservatism in the initial guide, and that was deliberate because we wanted to make sure that as these things materialize, we were able to maintain and hopefully, as the year progresses, raise the guide.

所以在設定最初指引時，我們就已經把這些因素納入考量。就預期而言，我認為當時我們對每一項都有大致的區間。因此我想確實有一些順風。我們在最初指引中也保留了一些保守性，而這是刻意的，因為我們希望確保當這些事情逐步落地時，我們能夠維持指引，並且希望隨著年度推進而上調指引。

So that was the thinking going in and really not much has changed other than I think we've become a little more crystallized in some of these exact numbers, but nothing is too far off from where we initially thought it would be at the beginning of the year.

所以這就是當時的思路。實際上沒有太多改變，只是我認為我們對其中一些確切數字變得更明確了，但整體並沒有偏離我們在年初最初預期的範圍太多。

Got it. Just to clarify, is there sort of a total Arkansas number for, I guess, at the end in this quarter end?

了解。再確認一下，阿肯色州是否有一個總數字？我想問的是，截至本季季末的總額？

We're not going to disclose an individual state. Yes, I don't want to say that, but it's not a huge number. I mean, it's in the low double digits.

我們不會披露單一州別的數字。是的，我不想那樣說，但它不是一個很大的數字。我的意思是，它在低雙位數（low double digits）。

Got it. Perfect. Thank you.

了解。非常好。謝謝。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum 資本集團。

Hey, good morning, guys. Your main largest peer seems to be shutting down several product lines. You guys seem to be investing into Pick6. You launched DK Replay in Oregon, but really investing kind of across the product suite, obviously, with an emphasis on Predictions in the Super App.

嗨，早安，各位。你們最大的主要同業似乎正在關閉數條產品線。你們看起來正在投資 Pick6。你們在俄勒岡州推出了 DK Replay，但其實是在整個產品組合上持續投資，當然重點放在 Super App 裡的 Predictions。

But curious how you think about kind of the adjacent and long tail of products you offer in the market, what those look like from a margin standpoint and if they're going to continue to be a focus or if it makes more sense to shift those players over to Predictions?

不過我想了解，你們如何看待你們在市場上提供的相鄰（adjacent）以及長尾（long tail）產品？從毛利/利潤率角度來看它們表現如何？它們是否會繼續成為重點，還是把這些玩家轉移到 Predictions 會更合理？

Yeah. I mean, I think, we're constantly evaluating these things. We have ourselves shut down products before we had a Reignmakers' NFT product, for example, that we shut down a couple of years ago. Right now, though, the ones you mentioned are all real success stories. And none of them are draining capital or resources in a material way outside of Predictions right now. So we think, obviously, Predictions is clearly one that we need to invest in, and we'll continue to.

是的。我的意思是，我們一直在持續評估這些事情。我們自己以前也關停過產品，例如我們曾有一個 Reignmakers 的 NFT 產品，幾年前就關掉了。不過目前你提到的這些都是非常成功的案例。除了 Predictions 之外，它們都沒有在實質上消耗資本或資源。所以我們認為，顯然 Predictions 是我們需要投資的一個重點，而且我們會持續投資。

But things like Pick6 are kind of humming along at a really nice growth rate without really having to invest at a significant level. So we like products like that. They provide incremental engagement revenue and don't cost the company a whole lot to maintain. But we are always evaluating and looking at what different things we're doing and making sure that we're deploying our capital and also our human capital and other resources in the best possible way to maximize value for shareholders.

但像 Pick6 這類產品，在不需要投入顯著投資的情況下，就能以很不錯的成長速度運轉。因此我們喜歡這樣的產品。它們帶來增量的互動與收入，而且維護成本對公司來說不高。但我們也一直在評估、檢視我們正在做的各種事情，確保我們以最佳方式配置資本，以及人力資本與其他資源，以為股東創造最大價值。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行（Deutsche Bank）。

Hey, good morning. Thank you for taking our question. Just want to follow up on the Prediction Market spend. How much of that should we think about as onetime in nature this year versus more recurring as we think about next year?

嗨，早安。謝謝讓我們提問。我想追問一下 Prediction Market 的支出。今年這部分有多少應該被視為一次性（onetime）性質，與明年相比又有多少會更偏向經常性（recurring）？

Well, I think, given this is our first real year with Predictions, we will want to invest in 2027 as well. Whether we're generating enough revenue to cover that and how that looks in terms of bottom-line impact, it's way too early to tell.

嗯，我認為，鑑於這是我們第一個真正完整投入 Predictions 的年度，我們在 2027 年也會想要投資。至於我們是否能產生足夠的收入來覆蓋這些投資，以及在損益底線（bottom-line）上的影響會是什麼樣子，現在判斷還太早。

But I doubt that we are thinking -- the only way we'd be thinking of this as a onetime investment is if we weren't working, but then we wouldn't end up investing at these levels in the first place. But I don't expect that. I expect to see huge customer acquisition numbers in the back half of the year. Obviously, there's always the chance that something regulatory-wise or other changes. But assuming a consistent environment to what we see today, I expect that we'll continue to invest in 2027.

但我不認為我們會把這視為一次性投資——除非它沒有奏效，但那樣我們一開始也不會以這樣的水準投資。不過我不預期會那樣。我預期在今年下半年會看到非常可觀的客戶獲取數字。當然，監管面或其他變化總是有可能發生。但假設環境與我們今天看到的保持一致，我預期我們會在 2027 年持續投資。

We have reached the end of our Q&A session. I will now turn the call back to Jason Robins for closing remarks.

我們的問答環節到此結束。接下來我將把電話會議交回給 Jason Robins 作結語。

Thank you all for joining us on today's call. We are really excited and well positioned for success. Thank you for your continued support and hope to speak to all of you again soon.

感謝各位參加今天的電話會議。我們非常振奮，也已做好成功的準備。感謝各位持續的支持，希望很快能再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。