Flutter Entertainment PLC (FLUT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. I would like to welcome everyone to Flutter Entertainment's third-quarter 2025 update call. (Operator Instructions)

女士們、先生們，午安。歡迎大家參加 Flutter Entertainment 2025 年第三季業績更新電話會議。（操作說明）

Thank you, and I would now like to turn the conference over to Paul Tymms, Group Director of Investor Relations. You may begin.

謝謝，現在我將把會議交給投資者關係集團總監保羅‧提姆斯。你可以開始了。

Hi, everyone, and welcome to Flutter's Q3 update call. With me today are Flutter's CEO, Peter Jackson; and CFO, Rob Coldrake. After this short intro, Peter will open with a summary of our operational progress, and then Rob will go through the Q3 financials and updated guidance for 2025. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 第三季更新電話會議。今天陪同我出席的有 Flutter 的執行長 Peter Jackson 和財務長 Rob Coldrake。在簡短的介紹之後，Peter 將首先概述我們的營運進展，然後 Rob 將介紹第三季財務狀況和 2025 年的最新指引。接下來我們將開放問答環節。

Some of the information we are providing today, including our 2025 guidance, constitutes forward-looking statements that involve risks, uncertainties, and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings. In addition, all forward-looking statements are based on current expectations, and we undertake no obligation to update any forward-looking statement except as required by law.

我們今天提供的一些信息，包括我們對 2025 年的展望，構成了前瞻性陳述，其中涉及風險、不確定性和其他因素，這些因素可能導致實際結果與這些陳述中指出的結果存在重大差異。這些因素已在我們的獲利新聞稿和提交給美國證券交易委員會的文件中詳細說明。此外，所有前瞻性陳述均基於目前的預期，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures. Reconciliations are included in the results materials we have released today, available in the Investors section of our website.

此外，在我們的發言或回答問題時，我們將討論非公認會計準則財務指標。調整表已包含在我們今天發布的業績報告中，可在我們網站的投資者關係部分查閱。

And I will now hand you over to Peter.

現在我將把你交給彼得。

Thank you, Paul. I'm pleased to report a good third quarter with the continued momentum in both our US and international businesses.

謝謝你，保羅。我很高興地報告，第三季業績良好，美國和國際業務都保持了持續成長動能。

During Q3, we saw over 14 million average monthly players engaging with our products, driving revenues 17% ahead year over year, and adjusted EBITDA 6% higher. While we reported a net loss for the quarter, this is driven by the non-cash impairment charge following the regulatory changes in India and the previously communicated payments afforded for improved US market access terms.

第三季度，平均每月有超過 1,400 萬名玩家使用我們的產品，推動營收年增 17%，調整後 EBITDA 成長 6%。雖然我們報告本季出現淨虧損，但這主要是由於印度監管變化導致的非現金減損支出，以及先前公佈的為改善美國市場准入條件而支付的款項。

Customer-friendly sports results in September and October, which, as we've previously outlined are transitory in nature, meaning we are reducing our full year outlook for 2025 by $280 million in adjusted EBITDA. But the underlying business is performing well, and I'm really pleased with the strong positioning of Flutter's core business as we continue to execute in the final quarter of the year.

9 月和 10 月的體育賽事結果對客戶來說比較友好，正如我們之前概述的那樣，這些結果本質上是暫時的，這意味著我們將 2025 年全年調整後 EBITDA 預期下調 2.8 億美元。但該公司的基本業務表現良好，我對 Flutter 核心業務的強勁地位感到非常滿意，我們將繼續在今年最後一個季度執行各項計劃。

Before I provide an update on the Q3 performance of the US and international businesses, I'd like to share how we're strategically positioning FanDuel to capture the emerging prediction markets opportunity. I'm very excited to announce our expansion into this market with the launch of FanDuel Predicts in December. We will immediately unlock the significant incremental addressable market by offering a compelling sports product to the vast majority of the US adult population in those states currently without sports settings.

在向大家介紹美國和國際業務第三季的業績之前，我想先分享我們如何對 FanDuel 進行策略定位，以抓住新興預測市場的機會。我非常興奮地宣布，我們將於 12 月推出 FanDuel Predicts，從而拓展到這個市場。我們將透過向目前沒有體育設施的州的大多數美國成年人提供引人注目的體育產品，立即釋放巨大的潛在市場潛力。

Entertainment and financial prediction markets will also be available. Flutter is exceptionally well positioned to capitalize on this opportunity through our strategic partnership with the CME Group, combined with FanDuel's nationwide brand presence, market-leading sports betting expertise, and two decades of our own experience operating the Betfair exchange. FanDuel Predicts we will also accelerate acquisition of customers into the FanDuel ecosystem ahead of the state legalization of sports betting.

娛樂和金融預測市場也將開放。Flutter 與 CME 集團建立了戰略合作夥伴關係，再加上 FanDuel 在全國範圍內的品牌影響力、市場領先的體育博彩專業知識以及我們自身運營 Betfair 交易所二十年的經驗，使其能夠更好地把握這一機遇。FanDuel預測，在體育博彩合法化之前，我們將加快客戶進入FanDuel生態系統的速度。

Furthermore, the strength of our world-class pricing and risk management capabilities present market making opportunities which we can continue to assess. We believe the sports prediction market opportunity lies solely in those states currently without sports betting access, as we can clearly see prediction markets are having a negligible impact in the states where FanDuel sportsbook is already available to customers.

此外，我們世界一流的定價和風險管理能力也帶來了市場開拓機會，我們可以繼續評估這些機會。我們認為體育預測市場的機會僅僅在於那些目前還沒有體育博彩服務的州，因為我們可以清楚地看到，在 FanDuel 體育博彩已經向客戶提供服務的州，預測市場的影響微乎其微。

The opportunity to extend the FanDuel footprint into these new states is significant, and our aspiration is to be the clear market leader. Our investment will therefore be meaningful while maintaining the disciplined approach that has served us so well since the inception of sports betting in the US.

將 FanDuel 的業務拓展到這些新州的機會意義重大，我們的目標是成為市場絕對領導者。因此，我們的投資將意義重大，同時我們將保持自美國體育博彩業興起以來一直行之有效的嚴謹方法。

In summary, we believe this is a hugely exciting opportunity for FanDuel and one that we will seize. We have successfully demonstrated that we have the capabilities to win in sports betting and iGaming, and I firmly believe this will also be the case for prediction markets.

總而言之，我們認為這對 FanDuel 來說是一個令人振奮的巨大機遇，我們將牢牢把握住這個機會。我們已經成功證明了我們有能力在體育博彩和網路遊戲領域取得成功，我堅信我們在預測市場領域也會如此。

This is all in addition to our existing regulated business. And in the long-term, we firmly believe that it is state-regulated sports betting and gaming that remains the most valuable long-term opportunity in the US. The importance of having the best quality sports betting product combined with the ability to price increasingly complex sports products accurately cannot be overstated. These are both areas where Flutter and FanDuel excel.

這一切都是在我們現有受監管業務之外的。從長遠來看，我們堅信，由州政府監管的體育博彩和遊戲仍然是美國最有價值的長期機會。擁有最優質的體育博彩產品，並且能夠準確地為日益複雜的體育產品定價，其重要性怎麼強調都不為過。Flutter 和 FanDuel 在這兩方面都表現出色。

As demonstrated by international precedent, long-term success in the US gaming sector will be achieved by those operators with scaled positions and the highest quality sports betting products.

國際先例表明，在美國博彩業取得長期成功，需要依靠規模優勢和最高品質的體育博彩產品。

Turning now to our existing business in the US. We maintained our clear position as the number one online operator in both sports book and iGaming. AMP growth of 8% year over year is encouraging, driven by a strong iGaming AMP growth of 30%, and accelerating sportsbook AMP growth of 5%. From a revenue perspective, we delivered growth of 9%, led by exceptional iGaming performance, where our revenue was up 44% year over year, delivering 27% GGR market share in Q3.

現在讓我們來看看我們在美國的現有業務。我們在體育博彩和線上遊戲領域均保持了第一線上營運商的領先地位。AMP 年成長 8% 令人鼓舞，這主要得益於 iGaming AMP 強勁增長 30% 以及體育博彩 AMP 加速增長 5%。從營收角度來看，我們實現了 9% 的成長，這主要得益於 iGaming 業務的出色表現，該業務的營收年增了 44%，第三季 GGR 市佔率達到了 27%。

We added over 500 new slots titles during the quarter, with our proprietary Flutter gaming platform enabling faster content delivery. Exclusive content continues to drive customer engagement, including new Wonka and Samurai titles, and the latest Huff and Puff installments -- Huff 'N Lots of Puff, with our most successful game launch to date, setting record engagement and GGR levels.

本季我們新增了 500 多款老虎機遊戲，我們自主研發的 Flutter 遊戲平台實現了更快的內容交付。獨家內容持續推動客戶參與，包括新的 Wonka 和 Samurai 系列遊戲，以及最新的 Huff and Puff 系列遊戲——Huff 'N Lots of Puff，這是我們迄今為止最成功的遊戲發布，創下了參與度和 GGR 水平的記錄。

With population penetration currently well below long-term expectations, we see significant runway for growth in existing states, with further state legalization of further incremental opportunities.

目前人口滲透率遠低於長期預期，我們認為現有州還有很大的成長空間，而其他州的進一步合法化將帶來更多增量機會。

In sportsbook, while September and October have been impacted by customer-friendly NFL sports results, we are clear that this is just the normal ebb and flow of sports outcomes, and we maintain our absolute conviction in our pricing accuracy. The NFL has a very concentrated schedule, and this drives intense customer engagement and a small number of events.

在體育博彩方面，雖然 9 月和 10 月受到了 NFL 比賽結果的影響，但我們清楚地認識到，這只是體育賽事結果的正常波動，我們仍然對我們的定價準確性充滿信心。NFL 的賽程非常緊湊，這導致球迷參與度很高，但賽事數量卻很少。

Average handle on an NFL game is typically 5 times that of an NBA game, increasing to more than 10 times for standalone games. This can result in greater variability in the shorter term, as we have seen in recent history, but we are confident that our reported margin will revert to expectations in the longer-term.

NFL比賽的平均投注通常是NBA比賽的5倍，而對於單場比賽，投注額甚至會超過NBA比賽的10倍。正如我們最近所看到的，這可能會導致短期內更大的波動，但我們相信，從長遠來看，我們報告的利潤率將恢復到預期水準。

The start of the NFL season consistently sees heightened levels of competition in the market. In Q3 this year was even more pronounced than in previous years, with September characterized by exceptionally high levels of competitor generosity. These dynamics temporarily impacted FanDuel's NFL handball growth and same game parlay penetration in the opening weeks of the season, as we deliberately chose to not match these uneconomic offers.

NFL賽季開始後，市場競爭通常會加劇。今年第三季的情況比往年更加明顯，9 月競爭對手的慷慨程度更是異常之高。由於我們特意選擇不匹配這些不經濟的報價，這些動態暫時影響了 FanDuel 在賽季開始幾週的 NFL 手球增長和同場串關滲透率。

This disciplined approach helped deliver an NGR market share of 47% in September. While market competitive intensity has moderated from the NFL season start, it still remains at elevated levels. FanDuel's scale as the number one operator in the US has subsequently enabled us to take action to strengthen our market leadership. We responded in a strong but disciplined way at the start of Q4, with an increased investment in customer acquisition and retention, and we've been very pleased with the momentum that this has driven.

這種嚴謹的方法幫助公司在 9 月實現了 47% 的 NGR 市場份額。雖然自 NFL 賽季開始以來，市場競爭強度有所緩和，但仍處於較高水平。FanDuel 作為美國排名第一的營運商，其規模優勢使我們能夠採取行動，鞏固我們的市場領導地位。第四季初，我們採取了強而有力但又嚴謹的應對措施，加大了對客戶獲取和留存的投入，我們對由此帶來的發展勢頭非常滿意。

The NBA season launched in late October and we're off to a good start. Customer engagement, handle, and same game parlay penetration are all tracking strongly in the early weeks of the season, giving us confidence that growth this season is shaping up well. We're also excited to see what our new strategic NBA partnership with Amazon Prime can unlock, including a range of merchandizing and product integrations.

NBA賽季於10月下旬開幕，目前開局良好。本賽季初期，客戶參與度、投注額和同場串關滲透率均表現強勁，這讓我們相信本賽季的成長前景良好。我們也對與亞馬遜 Prime 建立的全新 NBA 策略合作夥伴關係能帶來哪些成果感到興奮，包括一系列商品銷售和產品整合。

Our international division delivered a good performance with revenue 21% higher year over year, including the benefit of our Snai and Betnacional acquisitions. We delivered organic iGaming growth of 10% with strong performance in Turkey and Sisal's Italian online business. Organic sportsbook performance was encouraging against a strong prior year sportsbook performance which benefited from the euros and more favorable sports results.

我們的國際部門表現良好，營收年增 21%，其中包括我們收購 Snai 和 Betnacional 帶來的收益。我們在土耳其和Sisal的義大利線上業務中表現出色，實現了10%的有機iGaming成長。與去年強勁的體育博彩業績相比，有機體育博彩業績令人鼓舞，去年的體育博彩業績得益於歐元和更有利的體育賽事結果。

In Italy, we launched MyCombo in Sisal, the only full same game parlay products available in the market in time for the start of the Italian soccer season. Customer engagement has been strong, with over 50% of sports customers placing a MyCombo bet during the first seven rounds of the season.

在義大利，我們在 Sisal 推出了 MyCombo，這是市場上唯一完整的同場串連產品，正好趕上義大利足球賽季的開始。客戶參與度很高，在賽季前七輪比賽中，超過 50% 的體育客戶進行了 MyCombo 投注。

The integration of Flutter Studios into the SEA Italian online platform has enabled in-house content to be offered to our Italian customers with a strong pipeline of future content. The Snai integration has also been progressing well. We've enhanced the iGaming proposition, optimized retail gaming machines and commission structures, and increased customer acquisition volumes by deploying Sisal's proven retail sign-up program.

Flutter Studios 與 SEA Italian 線上平台的整合，使我們能夠向義大利客戶提供內部內容，並擁有強大的未來內容儲備。Snai 的整合工作也進展順利。我們透過部署 Sisal 久經考驗的零售註冊計劃，增強了 iGaming 服務，優化了零售遊戲機和佣金結構，並提高了客戶獲取量。

The migration of Snai online customers to the SEA online platform remains on track for H1 2026, keeping us well on course to (inaudible) our synergy targets while bringing our leading platform capabilities to Snai customers.

Snai 線上客戶向 SEA 線上平台的遷移計劃仍按計劃於 2026 年上半年完成，這將使我們朝著（聽不清楚）協同效應目標穩步前進，同時為 Snai 客戶帶來我們領先的平台功能。

In the UK and Ireland, the successful migration of Sky Bet onto our shared Flutter UKI platform has enabled delivery of new products and improvements for our Sky Bet customers. This included the launch of our highly popular SuperSub offspring and the new Squad Bet proposition, powered by our next-generation pricing capability.

在英國和愛爾蘭，Sky Bet 成功遷移到我們共享的 Flutter UKI 平台，從而能夠為我們的 Sky Bet 客戶提供新產品和改進服務。這其中包括推出我們廣受歡迎的 SuperSub 衍生產品和由我們新一代定價技術驅動的全新 Squad Bet 方案。

There's been much speculation around potential gaining tax increases in the upcoming UK budget. We remain engaged with policymakers and expect decisions to be based on economic merit, taking into account the industry's substantial contribution to UK tax revenues and employment. We await the outcome in the budget later this month. However, should taxes increase, Flutter's unmatched scale and market-leading position will help to mitigate the impact, as we have demonstrated historically.

外界對即將出台的英國預算案中可能增加收益稅的猜測很多。我們將繼續與政策制定者保持溝通，並期望決策能夠基於經濟效益，同時考慮到該行業對英國稅收和就業的巨大貢獻。我們期待本月稍後公佈預算結果。然而，如果稅收增加，Flutter 無可比擬的規模和市場領先地位將有助於減輕影響，正如我們過去所證明的那樣。

In Brazil, an expanding portfolio of games and improved generosity delivered record iGaming revenues. On sportsbook, we remain focused on integrating Flutter's in-house pricing capabilities and generosity functionality to materially elevate the overall customer proposition ahead of the World Cup next year.

在巴西，不斷擴大的遊戲組合和更高的優惠力度帶來了創紀錄的 iGaming 收入。在體育博彩方面，我們仍然專注於整合 Flutter 的內部定價功能和慷慨功能，以便在明年世界盃之前大幅提升整體客戶體驗。

Outside of performance during the quarter, the sudden regulatory change in India was extremely disappointing. Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers. Junglee will now only offer free to play content as we assess our medium-term options in the market.

撇開本季的業績不談，印度監管政策的突然變化令人極度失望。過去幾年，Flutter 在印度進行了大量投資，負責任地為印度客戶提供創新的技能型遊戲。在評估我們在市場上的中期選擇期間，Junglee 將只提供免費遊戲內容。

Looking ahead, I'm extremely excited about expanding our US portfolio to include FanDuel Predicts, and I'm confident that our market leadership and diversified international business positions us well for the remainder of the year and into 2026.

展望未來，我非常高興能夠將 FanDuel Predicts 納入我們的美國產品組合，我相信，我們市場領先地位和多元化的國際業務將使我們在今年剩餘時間和 2026 年都處於有利地位。

I'll now hand you over to Rob to take you through the financials.

現在我將把發言權交給羅布，讓他為大家講解財務狀況。

Thanks, Peter.

謝謝你，彼得。

Group revenue increased by 17%, and adjusted EBITDA grew 6% in the quarter, driven by excellent organic iGaming growth and the benefits of our recent acquisitions. Group net loss was $789 million for the quarter compared to $114 million in the prior year. This was primarily due to the three significant one-off items.

集團營收成長了 17%，經調整後的 EBITDA 在本季成長了 6%，這主要得益於 iGaming 業務的出色內生成長以及我們近期收購帶來的收益。該季度集團淨虧損為7.89億美元，而上年同期為1.14億美元。這主要是由於三項重要的一次性事項造成的。

First, a non-cash impairment charge of $556 million related to our Junglee business, following the legislative change in India that meant we had to cease real money operations there.

首先，由於印度的立法變更，我們不得不停止在印度的實際貨幣交易，因此與我們的 Junglee 業務相關的非現金減損支出為 5.56 億美元。

Second, the previously communicated $205 million payment to Boyd for revised US market access terms, which will deliver approximately $65 million in annual savings going forwards.

其次，先前已宣布向博伊德支付 2.05 億美元，用於修改美國市場准入條款，這將在未來每年節省約 6,500 萬美元。

And third, increased amortization costs related to our recent acquisitions and business transformation. These were partly offset by $247 million year-over-year benefit from the Fox Option fair value adjustments.

第三，與我們近期的收購和業務轉型相關的攤銷成本增加。這些損失部分被福斯選擇權公允價值調整帶來的 2.47 億美元年收益所抵銷。

Adjusted earnings per share grew 29% while loss per share increased $3.91 from $0.58 in Q3 2024, due to the impact of the mainly non-cash items I have just outlined.

經調整後的每股盈餘成長了 29%，而每股虧損從 2024 年第三季的 0.58 美元增加到 3.91 美元，這主要是由於我剛才概述的非現金項目的影響。

Turning to the US. Revenue was 9% higher, with exceptional iGaming growth of 44%, offsetting a sportsbook revenue decline of 5%. This led to adjusted EBITDA of $51 million compared with $58 million in the prior year. Sportsbook performance reflected the competitive dynamics Peter mentioned, with customer-friendly sports results and heightened competitive generosity at the NFL season starts.

轉向美國。營收成長 9%，其中 iGaming 業務成長尤為顯著，達到 44%，抵消了體育博彩業務 5% 的下滑。這使得調整後的 EBITDA 為 5,100 萬美元，而上一年為 5,800 萬美元。體育博彩的表現反映了彼得提到的競爭動態，即在 NFL 賽季開始時提供對客戶友好的體育賽事結果和更高的競爭優惠。

We are pleased with the momentum in the business at the start of Q4. Handling AMP growth has been strong, and the NBA season has started positively.

我們對第四季初的業務發展勢頭感到滿意。AMP的成長處理得非常出色，NBA賽季也開局良好。

In international, revenue of $2.4 billion reflected the growth of 21%, with our acquisitions contributing 18 percentage points this increased. On an organic basis, iGaming performance was very strong, particularly in Turkey and Italy, with sportsbook performance reflecting tough prior year comparatives from the European Championships. Adjusted EBITDA increased by 10% year over year to $505 million, demonstrating the resilience of our diversified portfolio.

在國際市場，營收達到 24 億美元，年增 21%，其中收購貢獻了 18 個百分點的成長。從有機成長來看，iGaming 的表現非常強勁，尤其是在土耳其和義大利，而運動博彩的表現則反映了去年歐洲錦標賽帶來的嚴峻的同比數據。經調整的 EBITDA 年成長 10% 至 5.05 億美元，證明了我們多元化投資組合的韌性。

I'm really pleased with the progress we're making across our $300 million cost transformation program, and we continue to identify further efficiencies beyond our original targets.

我對我們3億美元的成本轉型計劃所取得的進展感到非常滿意，而且我們還在不斷發現超出最初目標的更多提高效率的方法。

The delivery of the UKI technology re-platforming, the redesign of our UKI organizational structure, and the excellent progress we are making on the Snai integration are all good examples of our disciplined approach to driving incremental efficiencies.

英國和愛爾蘭技術平台重構的交付、英國和愛爾蘭組織結構的重新設計，以及我們在Snai整合方面取得的卓越進展，都是我們以嚴謹的態度推動效率逐步提高的良好例證。

Operating cash flow reduced by $81 million and free cash flow reduced by $87 million year over year, reflecting the void payment for improved US market access terms. Our leverage ratio was 4 times, or 3.7 times, including Snai on a pro forma basis, and we remain committed to our medium-term target of 2 to 2.5 times.

經營現金流年減 8,100 萬美元，自由現金流年減 8,700 萬美元，這反映了因改善美國市場准入條款而取消的付款。我們的槓桿率為 4 倍，如果按準備基準計算，包括 Snai 在內，則為 3.7 倍，我們仍然致力於實現 2 至 2.5 倍的中期目標。

We continued returning capital to shareholders with share repurchases of $225 million in the third quarter, and a further $245 million repurchased in the fourth quarter. This completed our authorized program for 2025, bringing the total cash return to shareholders to $1.12 billion since inception, representing 2% of our issued share capital. The program will continue into 2026 with a Q1 2026 repurchase of up to $250 million as we make good progress towards our total commitment to return $5 billion over the coming years.

我們繼續向股東返還資本，第三季回購了價值 2.25 億美元的股票，第四季又回購了價值 2.45 億美元的股票。至此，我們2025年的授權計畫已全部完成，自成立以來，向股東返還的現金總額達到11.2億美元，占我們已發行股本的2%。該計劃將持續到 2026 年，2026 年第一季將回購高達 2.5 億美元的股票，因為我們正朝著在未來幾年內返還 50 億美元的總承諾穩步邁進。

Moving now to the outlook for 2025. Q4 has started very well and is in line with our expectations on an underlying basis. We've seen an impact from customer-friendly sports results in the initial weeks of the quarter, and we're therefore updating our full-year guidance to reflect the following factors.

接下來展望2025年。第四季開局良好，基本上符合我們的預期。在本季的最初幾週，我們看到了受顧客喜愛的體育賽事帶來的業績影響，因此，我們正在更新全年業績預期，以反映以下因素。

First, trading performance in Q3. Second, the impact of sports results in Q3 and Q4 to date across both our US and international businesses. Third, increased Q4 investment in US sportsbook, which has already strengthened our leadership position. Fourth, our strategic investment in FanDuel Predicts as we launch this exciting new product. Fifth, the cessation of real-money gaming in India. And finally, tax costs associated with the Illinois wager fee.

首先，先來看看第三季的交易業績。其次，體育賽事結果對我們美國和國際業務在第三季和第四季迄今的影響。第三，第四季加大了對美國體育博彩的投資，這已經鞏固了我們的領先地位。第四，我們在 FanDuel Predicts 進行策略性投資，推出這款令人興奮的新產品。第五，印度停止真錢賭博。最後，還有與伊利諾州博彩費相關的稅收成本。

In aggregate for the group, this represents a decrease of $570 million revenue, or $380 million adjusted EBITDA, with group revenue and adjusted EBITDA now expected to be $16.69 billion and $2.915 billion respectively at the midpoint, representing 19% and 24% year-over-year growth. Additional information on 2025 guidance is available in today's release, including additional income statement and cash flow items.

總體而言，集團收入減少了 5.7 億美元，調整後 EBITDA 減少了 3.8 億美元。集團營收和調整後 EBITDA 目前預計分別為 166.9 億美元和 29.15 億美元（取中間值），年成長分別為 19% 和 24%。今天的公告中提供了有關 2025 年業績指引的更多信息，包括額外的損益表和現金流量項目。

Finally, as Peter outlined, we are very excited about the prediction markets opportunity and plan to invest meaningfully to harness the growth we believe that this can deliver. At this early stage, we're anticipating incremental EBITDA costs $40 million to $50 million in Q4 2025 and between $200 million to $300 million in 2026. We will closely monitor returns with a priority on building value for the future, while also maintaining the flexibility to accelerate investment where performance warrants.

最後，正如彼得所概述的那樣，我們對預測市場的機會感到非常興奮，並計劃進行大量投資，以利用我們相信它能夠帶來的成長。在現階段，我們預計 2025 年第四季新增 EBITDA 成本為 4,000 萬至 5,000 萬美元，2026 年為 2 億至 3 億美元。我們將密切關注收益，優先考慮為未來創造價值，同時保持靈活性，在業績表現良好時加快投資步伐。

With that, Peter and I are happy to take your questions, and I'll hand back to Abby to manage the call.

那麼，我和彼得很樂意回答你們的問題，接下來我會把電話交給艾比繼續接聽。

(Operator Instructions) Jeff Stantial, Stifel.

（操作說明）Jeff Stantial，Stifel。

Thanks for taking our questions. Maybe just starting off on the $200 million to $300 million of planned investment next year for FanDuel Predicts. Peter, can you just maybe talk a little bit more on the return algorithm for this product, meaning, are you planning to acquire users with similar payback thresholds that support the casino or just to reflect some of the higher uncertainty for this product?

謝謝您回答我們的問題。或許這只是 FanDuel Predicts 明年計畫投資 2 億至 3 億美元計畫的開始。Peter，您能否再詳細談談這款產品的回報演算法？也就是說，您是計劃獲取與賭場類似的、具有相似回報門檻的用戶，還是僅僅為了反映這款產品較高的不確定性？

And then when you think about LTVs in return on that spend the strategic positioning ahead of eventual traditional sports betting regulation and cross-sell opportunity factor into that calculation, or are you restricted just to gross profits from the prediction wager?

然後，當你考慮 LTV 作為回報時，在最終的傳統體育博彩監管和交叉銷售機會出現之前進行戰略定位，以及將投資納入計算時，你是否僅限於預測投注的毛利？

Hi, Jeff. Look, I mean, we're very excited about FanDuel Predicts, the ability to take this sports product into the half of America that you can't currently avail of the sports betting products, I think is something which is tremendously exciting. And the ability to partner with CME and leverage all of the expertise we've had and built over the years of the better exchange, I think means we're going to be a very formidable investor.

嗨，傑夫。我的意思是，我們對 FanDuel Predicts 感到非常興奮，它能夠將這項體育產品帶到目前無法享受體育博彩產品的美國一半地區，我認為這是一件非常令人興奮的事情。我認為，能夠與芝加哥商品交易所 (CME) 合作，並利用我們多年來在更好的交易所積累的所有專業知識，意味著我們將成為一個非常強大的投資者。

And we have to put money behind it now, from a customer acquisition perspective. We are going to maintain a very disciplined approach as we always have done since operating in the US and we will be carefully monitoring the CAC-to-LTV dynamics.

從客戶獲取的角度來看，我們現在必須投入資金。我們將像在美國運營以來一直在做的那樣，保持非常嚴謹的態度，並將密切關注 CAC-to-LTV 的動態變化。

Ultimately, we do want to see as many states passing legislation to introduce sports betting as possible, and then we'll be able to migrate those customers onto sports betting. But look, I think it is important that we put strong investment behind this. I think we've got an incredible brand. We're going to have a great product when it launches in December, and I think we'll have the market leading product by the time we get to Q2 next year.

最終，我們希望看到盡可能多的州透過立法引入體育博彩，然後我們將這些客戶轉移到體育博彩領域。但是，我認為我們必須對此進行大力投資。我認為我們擁有一個非常棒的品牌。我們將在 12 月推出一款非常棒的產品，而且我認為到明年第二季度，我們的產品將成為市場領先產品。

That's great. Thanks for all that. And maybe shifting gears over to some of the higher, I think you call it a rational competitor generosity that you saw early on in the NFL season has moderated though it is still elevated here. Just, I guess, can you add a little bit more color, how widespread was this across multiple operators? What do you see as sort of the rationale from some of your peers on raising spend this year specifically?

那太棒了。謝謝你所做的一切。也許應該把話題轉向一些更高層次的，我認為你可以稱之為理性競爭者的慷慨，你在 NFL 賽季初期看到的這種慷慨已經有所緩和，儘管在這裡仍然很高。我想問的是，您能否再詳細說明一下，這種情況在多家運營商中有多普遍？您認為今年一些同業增加支出的具體理由是什麼？

And then the thematically, I guess, how do you think about the risk that the broader industry maybe starts to drift more irrational in a type of prisoner's dilemma type exercise following some of this [bet]?

然後，從主題上來說，我想，您如何看待在經歷了這些之後，整個行業可能會開始變得更加非理性，陷入某種囚徒困境的風險？[賭注]？

We've historically see a lot of generosity at the beginning of the season when customers are trying to reactivate their customer bases and get them back onto the platform. And look, this year, we saw a heightened level and there was a lot of irrational behavior. It's not the first time we've seen it, we can all call out the difference of competitors in the past to spend a lot of money trying to acquire customers.

從歷史經驗來看，在賽季初，當客戶試圖重新激活他們的客戶群並讓他們回到平台時，我們往往會看到很多慷慨的舉動。你看，今年我們看到犯罪率上升，出現了許多非理性行為。這並非我們第一次看到這種情況，我們都可以指出競爭對手過去花費大量資金試圖獲取客戶所帶來的差異。

What's most important is to have the best product in the business, and that's what we have with the best pricing for customers. And so, look, when we look at the performance into Q4, we're very comfortable with the level of customers who go on the platform. We're comfortable with the level of sort of same game parlay penetration that we're seeing as well.

最重要的是擁有業內最好的產品，而我們正是如此，並且為客戶提供最優惠的價格。所以，你看，當我們審視第四季度的業績時，我們對平台上的客戶數量非常滿意。我們對目前看到的同類型遊戲串關滲透率水準感到滿意。

And so people are having it, they're spending a lot of money, but they haven't really managed to sort of move the needle for themselves. At some point, people will realize that it's not worth pursuing these offers because it doesn't deliver for them.

所以人們都在這麼做，他們花了很多錢，但他們並沒有真正取得任何進展。總有一天，人們會意識到這些機會不值得追求，因為它們無法為他們帶來好處。

Paul Ruddy, Davy.

保羅·魯迪，戴維。

Hi, Peter and Rob, thanks very much for taking the question. Just if you wouldn't mind, would you be able to give us just a little bit more color on trading in September and into Q4 in the US, please?

嗨，Peter 和 Rob，非常感謝你們回答這個問題。如果您不介意的話，能否再詳細介紹一下美國9月份以及第四季的交易？

And then just secondly on prediction markets, just on the investment next year, would you expect, it's a tricky question because you don't do full oversight, maybe, but would you expect that investment to be the entire investment, i.e., you'll do all the unregulated states within that next year?

其次，關於預測市場，關於明年的投資，這是一個棘手的問題，因為你可能不會進行全面監管，但你預計明年的投資將是全部投資嗎？也就是說，你會投資所有不受監管的州嗎？

Thank you.

謝謝。

Yeah, all right, Paul, I'll pick up on the first part of the question, maybe Peter will pick up on the British market investment. So as Peter mentioned, we did see a lot of competitive kind of action at the start of the new NFL season with some very uneconomic offers in the market. We maintained our discipline, our investment posture as we tend to do. So there was some handle and SGP share that we lost in the first couple of weeks of September, but we were pleased with the way that we managed through September and subsequently our performance into October.

好的，保羅，我來回答問題的第一部分，也許彼得會回答英國市場投資的問題。正如彼得所提到的那樣，我們在新賽季NFL開始時確實看到了很多競爭激烈的市場行為，其中也出現了一些非常不經濟的報價。我們維持了以往的紀律和投資策略。因此，我們在 9 月的前幾週失去了一些市場份額和新加坡元份額，但我們對 9 月的管理方式以及隨後 10 月的表現感到滿意。

So if you look at September share data, we actually took 47% of the NGR share in September, I think, which reflects maybe some of the value that others were getting for some of the investment that they made. We have seen a moderation of that competitive intensity, but it still remains a little elevated, we'd say, from normal levels.

所以，如果你看一下 9 月的股份數據，我們實際上在 9 月獲得了 NGR 47% 的股份，我認為這反映了其他人從他們的一些投資中獲得的一些價值。我們已經看到這種競爭強度有所緩和，但我們認為它仍然比正常水平略高一些。

But we're really pleased with our momentum into Q4. We've got a record number of AMPs on the platform, we've got double-digit handle growth, and we've got a really strong sports and bet mix with the NBA season starting well, so we're quite pleased with our momentum.

但我們對第四季的發展動能非常滿意。我們平台上的 AMP 數量創下紀錄，投注額實現了兩位數的增長，而且隨著 NBA 賽季的良好開局，我們的體育和博彩組合也非常強大，因此我們對目前的勢頭相當滿意。

Paul, with regards to the investment levels around prediction markets, we'll know a lot more next month when we launch the product and we see how much traction we gain. I'm excited to think about all of that marketing that currently lands nationally for the customers who can't avail of the sports betting product.

保羅，關於預測市場的投資水平，下個月我們推出產品並觀察其市場反應時，就會了解更多情況了。想到目前面向全國的行銷活動能夠惠及那些無法使用運動博彩產品的客戶，我就感到很興奮。

Suddenly they're going a bit to download FanDuel Predicts and find that they've got access, whether they're sat in California or wherever they are. Yeah, we think that the figures that we quoted for investment next year, it'll be more sort of back end loaded towards the launch of the football season.

突然間，他們開始下載 FanDuel Predicts，並發現無論他們身在加州還是其他任何地方，都可以訪問。是的，我們認為我們之前提到的明年投資數字，將更集中在足球賽季開始前的後期階段。

But as we've done historically, we're going to be prepared to invest at levels whilst we continue to see great returns and paybacks and, we'll know a lot more in the first couple of quarters, next year once we get some traction and see what the LTVs look like, see how they compare with our experience of operating globally, and I think that'll really help inform how hard we can push.

但正如我們過去所做的那樣，我們將準備在持續獲得豐厚回報的情況下進行投資。明年頭幾個季度，一旦我們取得一些進展，了解長期價值 (LTV) 的情況，並將其與我們在全球運營的經驗進行比較，我們將掌握更多資訊。我認為這將真正有助於我們決定可以投入多少精力。

Okay, thanks very much. It's really helpful.

好的，非常感謝。這真的很有幫助。

Ed Young, Morgan Stanley.

艾德楊，摩根士丹利。

Good evening. My first question is on prediction markets as well. You've talked in the release about extensive engagement with regulators and tribes, tribal lands being ring fenced, and also, they're not offering the product to the state regulate. I think it's probably further along than many expected to be able to get access to the whole US in one form or another.

晚安.我的第一個問題也與預測市場有關。你在新聞稿中談到了與監管機構和部落的廣泛接觸，部落土地被劃為保護區，而且，他們也沒有向州政府提供產品進行監管。我認為，它或許比許多人預期的進展更快，能夠以某種形式覆蓋整個美國。

Could you perhaps give a little bit of color to the extent you can on the nature of those conversations and how they developed and does it give you any more optimism in terms of the liberalization path for other states to regulate sports betting going forward?

您能否盡可能詳細地介紹這些對話的性質和發展過程，以及這是否讓您對其他州未來監管體育博彩的自由化道路更加樂觀？

And then second of all, just to get a bit more color perhaps on the NBA. You talked about Amazon, but that's clearly forward-looking bit you've talked about much better engagement. You seem much more happy with the performance this year. Can you just give us a little bit of color on what lies below that? Is that the nature of the sort of games in the leagues this year in terms of unpredictability, or was it product upgrades that have driven that change in performance related to last year?

其次，也想更深入了解NBA。你提到了亞馬遜，但那顯然是著眼於未來，而你則談到了更好的互動。你似乎對今年的成績非常滿意。能否簡單介紹一下下面是什麼情況？就不可預測性而言，這是今年聯賽比賽的本質，還是產品升級導致了與去年相比的性能變化？

Hi, Ed. Well, let me take the prediction markets one and then we talk a little bit about the NBA. We have obviously been having extensive engagement with stakeholders as we get close to launching the prediction markets product. Yeah, as you well know, sitting in the UK, as a prediction market, it's not in the same ballpark as a fully-fledged sports betting product. The breadth of product offering, generosity, a bunch of other things are just nowhere near as good.

嗨，艾德。好吧，我先來談談預測市場，然後再聊聊NBA。顯然，隨著預測市場產品的推出臨近，我們一直在與利害關係人進行廣泛的溝通。是的，正如你所知，在英國，作為一個預測市場，它與成熟的體育博彩產品根本不在一個層面上。產品種類之豐富、慷慨程度以及其他諸多面向都遠不及預期。

So pragmatically, this is -- the FanDuel Predicts policy has been very exciting for the half of America who can't currently access sports betting. But if you're sat in a state and you're getting close to passing legislation, you won't want to miss out on the tax offer. So we hope that this does accelerate some of the legalization of states that were previously in the pipeline for launching sports betting.

因此，從實際角度來看，FanDuel Predicts 政策對於目前無法參與體育博彩的美國一半人口來說，無疑是一個令人振奮的消息。但是，如果你所在的州即將通過立法，你肯定不想錯過這項稅收優惠。因此，我們希望這能加快一些先前已在籌劃推出體育博彩的州的合法化進程。

Because ultimately, that's what we'd like to see as many states having that as possible, because I think that means consumers will get a much better offer.

因為歸根結底，我們希望盡可能多的州都能做到這一點，因為我認為這意味著消費者將獲得更好的優惠。

Yeah, so picking up on the second part of your question around the NBA, there's a few things that we're finding, very positive and exciting. I mean, one is we're definitely seeing an enhanced handle from where we were at this point last year, and as I alluded to, kind of double-digit growth in the season so far. It would also be the new television deals that are out there that are getting good traction and we've got some data showing that the viewing figures are up.

是的，接著你關於NBA問題的第二部分，我們發現了一些非常正面和令人興奮的事情。我的意思是，一方面，我們肯定看到銷量比去年同期有所提升，正如我之前提到的，本賽季到目前為止實現了兩位數的增長。此外，一些新的電視轉播協議也取得了良好的反響，我們有一些數據顯示收視率正在上升。

Our new partnership with Amazon Prime, we're very excited about the integrations, looks like they're working well for us. From a financial perspective, we've seen significant improvement in the NBA parlay handle mix year on year, so it's over 1,100 basis points improvement year on year, which -- it's flowing through into a healthy product mix as well.

我們與亞馬遜 Prime 建立了新的合作關係，我們對整合工作感到非常興奮，看起來這些整合工作對我們來說效果很好。從財務角度來看，我們看到 NBA 串通投注額組合逐年顯著改善，年比成長超過 1100 個基點，這也轉化為了健康的投注產品組合。

I think the other thing as well is just engagement with the products. I think at one point last year, there was potentially less engagement with the NBA products. There seems to be excellent engagement with the NBA this year, and I think if the 100 or 80 to 100 matches so far, I was reading the stat, yesterday that half of them have gone down. There's been 5 points between them in the last kind of few minutes of the game. So there's some really good engagement around it, which is good to see.

我認為另一個重要因素是使用者與產品的互動。我認為去年某個時期，人們對NBA產品的參與度可能會下降。今年NBA的參與度似乎非常高，而且我認為，如果按照目前為止的100場或80到100場比賽來看，我昨天看到的統計數據顯示，其中一半已經結束了。比賽最後幾分鐘，雙方分差僅5分。所以大家對它的參與度很高，這很好，令人欣慰。

Jordan Bender, Citizens.

喬丹本德，市民。

You still have the '27 targets out there, and prediction markets, obviously weren't in those numbers when you provided it. So as we start to layer in the prediction market and the capital outlay that's going to happen over the medium term, is there any kind of sense on your end of do you feel any worse or better about the EBITDA and margins that you laid out during your Investor Day?

你仍然可以看到 2027 年的目標，而預測市場顯然在你提供這些數據時還沒有反映出這些數字。因此，當我們開始考慮預測市場和中期內將要發生的資本支出時，您覺得您在投資者日上提出的 EBITDA 和利潤率是更糟還是更好？

And I guess my follow-up for the second question here, would you look to get FanDuel traders involved in prediction markets, and I guess does this present an opportunity just given the volume that you're seeing?

那麼，對於第二個問題，我想進一步說明的是，您是否考慮讓 FanDuel 的交易員參與預測市場？考慮到您目前看到的交易量，這是否提供了一個機會？

Let me pick up on the 2027 guidance point, Jordan, and then see if we can pick up the second point. So we're obviously not providing any updated guidance for 2027. Building on what Peter said earlier about prediction markets, we're incredibly excited about it and the additional [TAM] that's opening up for us. Yeah, we need to see how the investment next year plays through.

喬丹，我先來談談2027年的指導原則，然後再看看我們能不能談談第二點。所以很顯然，我們不會提供任何針對 2027 年的最新指導。基於 Peter 先前對預測市場的論述，我們對此感到無比興奮，並期待它為我們帶來額外的 [TAM] 市場。是的，我們需要看看明年的投資效果如何。

But from my perspective, it'll be a very good scenario if we invest more than we've planned because that'll be demonstrating that we're seeing good returns on that investment spend, so we're quite excited about where that can go.

但從我的角度來看，如果我們投資的金額超過計劃，那將是一個非常好的局面，因為這表明我們的投資支出獲得了良好的回報，所以我們對未來的發展方向感到非常興奮。

A couple of other things, probably just to bear in mind, we've done the Boyd deal this year, which delivers some cost of sale savings through to '27. We finished 2024 with a larger business, but we've also had some tax increases. So there's a number of things in the mix, but if you take a step back from the detail, probably the thing that I'm most excited about is the prediction market opportunity.

還有幾件事需要記住，我們今年與博伊德達成了協議，這將在 2027 年之前節省一些銷售成本。2024年底，我們的業務規模擴大了，但同時也面臨一些稅收成長。所以這裡面有很多因素，但如果拋開細節，我最興奮的可能是預測市場的機會。

And Jordan, in terms of being a market maker for prediction markets, there's a lot of complexity to do to be a market maker on a CFTC-regulated DCM. But if you look at what's required for them, the ability to price complex correlated outcomes accurately is something that we do every day in our core business.

而對喬丹來說，要成為預測市場的做市商，在受美國商品期貨交易委員會 (CFTC) 監管的指定合約市場 (DCM) 上做市商有很多複雜的事情要做。但如果你看看他們需要什麼，你會發現準確地對複雜的關聯結果進行定價的能力，正是我們在核心業務中每天都在做的事情。

So look, it is something that we're actively evaluating, but in the immediate term, our focus is the B2C launch of FanDuel Predicts next month.

所以，我們正在積極評估此事，但就目前而言，我們的重點是下個月 FanDuel Predicts 的 B2C 版本發布。

Understood. Thank you very much.

明白了。非常感謝。

(Operator Instructions) Jason Tilchen, Canaccord Genuity.

（操作說明）Jason Tilchen，Canaccord Genuity。

Good afternoon. Thanks for taking my question. Yet another one on prediction markets. I'm just curious from a product perspective, how you're viewing the ability to take learnings from Betfair operations overseas versus maybe what you're planning to do differently based on some of the different product features that have resonated in the US market with prediction markets to date?

午安.謝謝您回答我的問題。又一篇關於預測市場的文章。我只是從產品角度好奇，您如何看待從 Betfair 海外營運中汲取經驗，以及您計劃根據迄今為止在美國預測市場中引起共鳴的一些不同產品功能做出哪些改變？

Hi, Jason. Yeah, look, fortunately, we're able to get a bunch of the team who've been working on the Betfair exchange for years, involved in developing the products we have. We'll be launching in December FanDuel Predicts.

嗨，傑森。是的，幸運的是，我們能夠讓多年來一直從事 Betfair 交易所工作的團隊成員參與到我們產品的開發中來。FanDuel Predicts將於12月上線。

So we can take the learnings and expertise from Betfair, we can clearly -- we have a very good understanding of what US consumers want through the experience of FanDuel. And look, we'll be launching an exciting product next month, and we've got some fast follow features we'll be bringing and I'm very confident by Q2 next year. We'll have the leading product in the market.

因此，我們可以藉鏡 Betfair 的經驗和專業知識，我們顯然——透過 FanDuel 的體驗，我們對美國消費者的需求有了非常深刻的了解。而且，我們下個月將推出一款令人興奮的產品，我們還有一些後續功能即將推出，我對明年第二季非常有信心。我們將擁有市場上領先的產品。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. Thank you for taking my questions. Peter, or whoever wants to take it, just wondering if you give us a little bit more color on how you're underwriting the revenue side of the prediction market formula. I think we all know there's going to be some J curve and early investment involved, but just how are you thinking about the fee structures here?

大家好，下午好。謝謝您回答我的問題。Peter，或其他任何想回答這個問題的人，只是想請你們詳細介紹一下你們是如何為預測市場公式的收入部分提供資金支持的。我想我們都知道這會涉及到 J 型曲線和早期投資，但是你們是如何考慮這裡的收費結構的呢？

That environment seems like it's very dynamic in the US, so how price sensitive do you think customers are going to be and just how you're kind of thinking about the top-line function and maybe your cost structure that sits underneath it? It obviously should be much better, given the lack of state level taxes obviously thanks.

美國的市場環境似乎非常瞬息萬變，那你認為顧客對價格的敏感度如何？你又是如何看待營收成長以及支撐營收成長的成本結構的？顯然，由於沒有州級稅收，情況應該會好得多，這當然要歸功於此。

Well, sure, but one of the nice things about offering prediction markets as we see with the Betfair exchange is you're not subjected to the vagaries of sports results. You're right, it is a commission-based structure. So look, we're launching in December, we'll get an early indications of how costs are behaving, but we're excited to see how we can build out the lifetime value models and that'll make sure that we can maintain a disciplined approach to acquisition in the market.

當然，但像 Betfair 交易所那樣提供預測市場的好處之一是，你不會受到運動比賽結果變幻莫測的影響。你說得對，這是佣金制結構。所以你看，我們將在 12 月推出，屆時我們將能儘早了解成本的走勢，但我們很興奮地看到如何建立生命週期價值模型，這將確保我們能夠在市場上保持嚴謹的獲客策略。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，尼德姆公司。

Good afternoon. Thanks for taking the question. Just to follow-up, Peter, twice you mentioned that you expect the product to improve, and by Q2 you have a market-leading product. So just want to get some more specificity there in terms of what kind of product you're launching with and then the major improvements we should expect in the coming months.

午安.感謝您回答這個問題。Peter，我再跟進一下，你兩次提到你希望產品能夠改進，並且到第二季度你們的產品將成為市場領先的產品。所以我想更具體地了解你們將推出什麼樣的產品，以及在接下來的幾個月裡我們應該期待哪些重大改進。

Thank you.

謝謝。

Well, Bernie, I don't want to tell my competitors everything we've got planned, right? But we're very confident in our abilities to deliver a winning proposition. I mean, I think in the short-term, we'll have a great price offering available for consumers. We're obviously -- we're not going to be ready for the -- we're not ready for the start of the NFL this season, but we're really focused on making sure that when we get to 2026 NFL season, we'll have a very compelling offer for customers.

伯尼，我不想把我們所有的計畫都告訴競爭對手，對吧？但我們對提出致勝方案的能力非常有信心。我的意思是，我認為短期內，我們將為消費者提供極具競爭力的價格。顯然，我們還沒有為本賽季 NFL 的開始做好準備，但我們正全力以赴，確保到 2026 年 NFL 賽季開始時，我們能為客戶提供極具吸引力的優惠。

Look, I think we've been able to increment and deliver exciting features on our sportsbook, and I think we'll be able to do the same for British markets. But we've got a clear roadmap, and some of the stuff that people love, like the player props and things that they see in the sportsbook will be available next year.

我認為我們已經能夠在體育博彩平台上增加並推出令人興奮的功能，我相信我們也能夠為英國市場做到這一點。但我們已經有了清晰的路線圖，一些人們喜歡的東西，例如球員道具和他們在體育博彩中看到的東西，明年就會推出。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Nevada just put out a notice saying you've surrendered your gaming license in the state due to FanDuel Predicts. Can you talk about the ramifications here and are there further risks we should monitor for current or future state gaming licenses now, or was Nevada really the main risk? Thank you.

內華達州剛剛發布通知稱，由於 FanDuel Predicts 的緣故，您已放棄在該州的博彩執照。您能否談談此事的影響？我們目前或未來是否還應關注其他州博彩牌照的風險？或者內華達州才是真正的主要風險？謝謝。

As I've stated, we have had conversations with different stakeholders over time, and Nevada was amongst that, and we did have a license in Nevada. But we did have -- we didn't have any retail or B2C operations there. We were supporting our Board as part of our legacy arrangements. So look, once we're -- we're sad to have to surrender the license, I mean, that's what we've done. Nevada is protecting their interests, we need to protect our interests, and FanDuel Predicts will allow us to go after the half of the market that we haven't previously been able to go after.

正如我之前所說，我們曾與不同的利害關係人進行過多次對話，內華達州就是其中之一，而且我們在內華達州也擁有許可證。但我們確實——我們在那裡沒有任何零售或 B2C 業務。我們支持董事會，這是我們遺產安排的一部分。所以你看，一旦我們——我們很遺憾不得不放棄執照，我的意思是，我們已經這麼做了。內華達州正在保護他們的利益，我們也需要保護我們的利益，而 FanDuel Predicts 將使我們能夠開拓之前無法開拓的那半個市場。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks a lot. Maybe for the sake of variety, I'll switch it up and ask a question about iGaming. Your growth accelerated a little bit this quarter, [45%] in the US. Just curious, how you guys think about product differentiation beyond what you've already done with exclusives and the rewards framework?

多謝。為了換換口味，我決定問一個關於網路遊戲的問題。本季您的成長速度略有加快，在美國成長了45%。我很好奇，除了你們已經推出的獨家產品和獎勵機制之外，你們是如何考慮產品差異化的？

And then maybe bigger picture, what do you think about whether it's US or for the full business iGaming revenue mix going? Thanks a lot.

那麼從更宏觀的角度來看，您認為無論是針對美國市場還是整個iGaming產業的收入組成，情況會如何？多謝。

Look, I don't think we should underestimate how important some of those pieces are from exclusivity of content and -- I mean, I think the third installment in the Huff and Puff series was the most successful one we've had to date, and we're very excited about it.

聽著，我認為我們不應該低估某些作品的獨家內容的重要性——我的意思是，我認為《Huff and Puff》系列的第三部是我們迄今為止最成功的一部，我們對此感到非常興奮。

Yeah, the reward programs, which have been key for us in other markets, and I think we're demonstrating how important it is in the US market and also the work we've done from a jackpot perspective. So some of the stuff is really hard to replicate, I know, and so the team would do a brilliant job executing.

是的，獎勵計劃對我們來說在其他市場至關重要，我認為我們正在證明它在美國市場的重要性，以及我們從獎金池角度所做的工作。我知道有些東西很難複製，所以團隊在執行方面會做得非常出色。

And there's loads more improvements and changes to deliver, and it's not just in the US market as well, we're taking our capabilities, I know that the team here in the US is spending time with our colleagues in Italy and in Central and Eastern Europe, so we're sharing best practices around the world, and that's what's allowing us to stay ahead of our competitors.

還有許多改進和變革需要實現，而且不僅限於美國市場。我們正在提升自身能力，我知道我們美國的團隊正在與義大利以及中歐和東歐的同事們交流學習，因此我們正在與世界各地分享最佳實踐，這正是我們能夠保持領先於競爭對手的原因。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just as we look out to next year, obviously, with prediction markets, but has anything changed in the underlying earnings power that you see ex-prediction markets over into next year? Anything with promotional velocity, taxes that you just sort of could touch on?

展望明年，我們當然會關注預測市場，但您認為拋開預測市場，明年潛在的獲利能力是否有任何變化？任何具有促銷速度、稅金方面可以稍微提及的東西？

Yeah, let me pick up on this, Jed. I mean, as we mentioned earlier, we've got some really good momentum in the business at the moment, and our focus is on exiting 2025 with the strongest business possible. We've got a real level of confidence that will continue to grow into 2026, both in the US and internationally. We've not talked on this call much about our international business yet, but we're really confident about the growth profile that we've got there next year, especially from an EBITDA perspective with some of the transformation initiatives that we're delivering.

好的，讓我來接手吧，傑德。我的意思是，正如我們之前提到的，我們目前業務發展勢頭良好，我們的目標是到 2025 年結束時，公司能夠達到最強大的水平。我們擁有十足的信心，這種信心將在2026年繼續增長，無論是在美國還是在國際上。我們在這次電話會議上還沒有過多談及我們的國際業務，但我們對明年的成長前景非常有信心，尤其是在 EBITDA 方面，因為我們正在推行一些轉型舉措。

So there's not anything that is particularly front of mind. Obviously, the prediction investment will be incremental to what we've previously looked at, but as we said earlier, we're very excited about that and what that will potentially mean for us in 2027 and beyond. So yeah, no significant changes to 2026.

所以沒有特別優先考慮的事情。顯然，預測方面的投資將比我們之前關注的要多，但正如我們之前所說，我們對此感到非常興奮，並期待它在 2027 年及以後對我們意味著什麼。所以，2026 年不會有重大變動。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Thanks, everybody. So my question on the fourth quarter sort of sportsbook investment, could you give us a sense for if that's all NFL or if that was NFL and NBA? And I think the more important point would be, if you do see good returns on that investment, would you be looking to sort of keep that going, or is your number one priority to sort of get back to the levels that you were at prior?

謝謝大家。所以，關於第四季度的體育博彩投資，我的問題是，您能否告訴我們，這是否全部是 NFL，還是 NFL 和 NBA 都有？我認為更重要的一點是，如果你看到這項投資獲得了良好的回報，你會考慮繼續這樣做，還是你的首要任務是恢復到之前的水平？

Thanks, Brandt. I mean, the point we'd say is that we've got flexibility and agility around where we invest, particularly from a generosity perspective, and we can tweak and be agile with that as we move from week to week depending on what we see in the market. As we've said on a number of occasions previously, we've got a disciplined set of economic parameters that we invest to in terms of paybacks, ROIs and CACS, and that model has worked very well for us consistently, and that's not something that we're going to materially diverge from.

謝謝你，布蘭特。我的意思是，我們想說的是，我們在投資方面具有靈活性和敏捷性，尤其是在慷慨程度方面，我們可以根據每週的市場情況進行調整和靈活應對。正如我們之前多次說過的那樣，我們有一套嚴格的經濟參數，我們在投資時會考慮回報、投資回報率和客戶獲取成本，而且這種模式一直以來都對我們非常有效，我們不會實質地偏離這一模式。

As we said earlier, at the start of Q4, we've seen some very compelling opportunities to invest and lean in and potentially, where some others went in very hard, early in September they retraced a bit, but as we said, we are seeing some elevated levels of generosity in the market. So yeah, we're very confident with our posture and what that will deliver and the size of business that we'll exit 2025. We do anticipate, as Peter said earlier, that in the medium to longer-term the generosity in the market will moderate, and that's what we've experienced in many other markets around the world historically.

正如我們之前所說，在第四季度初，我們看到了一些非常有吸引力的投資和參與機會，而且可能有些人在9月初投入過多資金，之後有所回落，但正如我們所說，我們看到市場出現了一些高水平的慷慨。所以，是的，我們對我們的策略、它將帶來的成果以及我們在 2025 年底將達到的業務規模都非常有信心。正如彼得之前所說，我們預計，從中長期來看，市場的慷慨程度將會緩和，而這在歷史上我們在世界各地的許多其他市場都已有所體會。

So that's what we'll see at some point in time and in the meantime, we're very confident with our generosity posture.

所以，這就是我們遲早會看到的，同時，我們對我們慷慨的態度非常有信心。

Ben Shelley, UBS.

本謝利，瑞銀集團。

Hi, thanks for taking my question. Could you just share any early learnings from the measures you took in Illinois, and the impact on player behavior there, and how does this guide your response to strategy on potential tax hikes going forward?

您好，感謝您回答我的問題。能否分享一下您在伊利諾州採取的措施有哪些初步經驗，以及這些措施對當地球員行為的影響，以及這些經驗如何引導您應對未來可能出現的增稅策略？

Yeah, hi, Ben. I can pick up on Illinois. So obviously, with the structure that was introduced in Illinois, as you'd expect, we're seeing a reduction in the number of bets there, but increasing handle per bet. When we looked at the September date, Illinois is definitely behaving in line with other states, so we saw no impact on our Q3 numbers. However, we do still kind of monitor this very closely, and we're looking at the market data closely at the start of Q4 and what that may or may not mean.

嗨，本。我能聽出伊利諾州的情況。顯然，正如你所預料的那樣，隨著伊利諾伊州引入新的結構，我們看到投注次數減少，但每次投注的金額增加。當我們查看 9 月的數據時，伊利諾伊州的情況與其他州的情況完全一致，因此我們沒有看到這對我們第三季的數據產生任何影響。不過，我們仍然會密切關注此事，並在第四季度初密切關注市場數據，以及這些數據可能意味著什麼或不意味著什麼。

When you take a step back and approach this higher level, we definitely feel that this is another lever or tool that we've got in our armory to potentially mitigate taxes in high tax jurisdictions. Moving forward, we're hopeful that the regulatory landscape potentially accelerates with some of the prediction developments as well as we discussed earlier. But yeah, this is certainly something that we'll have in our toolkit moving forward and we'll consider elsewhere where appropriate.

當我們退後一步，從更高的層面看待這個問題時，我們肯定會覺得這是我們武器庫中又一個可以用來減輕高稅收地區稅收負擔的槓桿或工具。展望未來，我們希望隨著一些預測技術的發展，監管環境也能像我們之前討論的那樣得到改善。是的，這肯定會是我們未來工具箱中的一項技術，我們也會在適當的時候考慮將其應用到其他方面。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

I'm curious if you're willing to comment on kind of on the initial product launch and predictions if that will include parlays, your largest competitor in the US that's forthcoming also in prediction markets that they're going to have some prepackaged stuff just to help on the liquidity side? But curious if you're willing to comment on what offerings you're going to have on the parlay side.

我很好奇您是否願意就最初的產品發布和預測發表評論，例如是否會包含串關投注？您在美國最大的競爭對手也即將推出預測市場產品，他們似乎會提供一些預先包裝好的產品來幫助提高流動性？但我很好奇您是否願意透露您在串關投注方面將提供哪些產品。

Hi, Ryan. Yeah, look, we are not going to launch parlays next month when we launch FanDuel Predicts, but you can expect us to fast follow with this early next year.

嗨，瑞恩。是的，我們下個月推出 FanDuel Predicts 時不會同時推出串連功能，但您可以期待我們在明年初迅速跟進推出這項功能。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Hi, thank you. Another one on iGaming. It's probably harder to discern, but curious if you've seen any more competitive aggressive behaviors in the promotional environment for iGaming in the US, probably easier to see during NFL season. But curious, you get great results in the quarter. But is that equally as competitive as sports betting?

您好，謝謝。又一篇關於網路遊戲的文章。雖然可能比較難辨別，但我很好奇你是否在美國的 iGaming 推廣環境中看到過更具競爭性和攻擊性的行為，在 NFL 賽季期間可能更容易看到。但奇怪的是，你本季取得了非常好的成績。但這和體育博彩一樣具有競爭性嗎？

Hi, John. Yeah, you don't quite see the same sort of externalities driving iGaming as you do sports, where, obviously, you have season launches and big games and stuff like that. We've heard a lot from competitors about how focusing particularly on the direct casino space, which is something that we've been focused on for a while, but the team have been focused on what they can control, which is things like parts of exclusive content, which we're very excited about.

嗨，約翰。是的，你很難看到像體育運動那樣的外部因素來驅動網路遊戲，體育運動顯然有賽季啟動、大型比賽等等。我們從競爭對手那裡聽到了很多關於專注於直接賭場領域的想法，而這正是我們一直以來所關注的，但團隊一直專注於他們能夠控制的事情，例如獨家內容的部分內容，我們對此感到非常興奮。

It's not just Huff and Puff, we've got Wonka and Samurai titles, we've got Vegas Matt Blackjack in Q3. So there's lots of stuff that we've focused on. I think we've had 500 new titles in the quarter. If I look at the business, we've got AMP growth 30% year over year. So I think people are trying to focus on this, but I think the team has got really good momentum in the business, and I think there's exciting plans in the pipeline.

不只是《Huff and Puff》，我們還有《Wonka》和《Samurai》系列遊戲，第三季還有《Vegas Matt Blackjack》。所以我們有很多關注點。我認為本季我們新增了 500 部作品。如果我看一下業務狀況，AMP業務年增了30%。所以我覺得大家都在關注這件事，但我認為團隊在業務上發展勢頭良好，而且我認為還有一些令人興奮的計劃正在籌備中。

Thanks, Peter. All very helpful. Appreciate it.

謝謝你，彼得。都很有幫助。謝謝。

Robert Fishman, Moffett Nathanson.

羅伯特‧菲什曼，莫菲特‧納坦森。

Good afternoon. Back to the competitive landscape in the US. Do you think the new partnership with ESPN and DraftKings will change any future competitive dynamics? And are you looking to pursue any other media partnerships, including any update would be welcome with your Fox relationship and the equity stake there? Thank you.

午安.回到美國競爭格局。你認為與 ESPN 和 DraftKings 的新合作關係會改變未來的競爭格局嗎？您是否正在尋求與其他媒體建立合作關係？如果您能提供關於您與福克斯的關係以及您在福克斯的股權方面的任何最新進展，我們將不勝感激。謝謝。

Hi, Robert. Yeah, as you'd expect, I mean, I don't think there are many partnerships that emerge in the US market that we haven't looked at. And as a scale player, if we want to do these deals, we've got the resources to make them happen. We've been very pleased with our Amazon partnership, the tip-off of the NBA season, the odds integration and the stuff that you can do from a consumer perspective, and also you can see on the screen, I think, worked really well and they're going to resonate very well.

你好，羅伯特。是的，正如你所料，我的意思是，我認為美國市場上湧現的合作機會，我們幾乎都考察過了。作為一家規模較大的公司，如果我們想達成這些交易，我們有足夠的資源來實現它們。我們對與亞馬遜的合作、NBA賽季的開幕、賠率整合以及從消費者角度來看可以做的事情都非常滿意，而且你也可以在屏幕上看到，我認為這些都做得非常好，並且會引起很好的反響。

But ESPN struggled to get that product to work. We've seen a number of these media deals struggle because of the quality of the product. We have the best product in the market, and we think that's what stands with us in best regard in terms of continuing to grow and be number [one] in America.

但ESPN在推廣該產品方面遇到了困難。我們看到很多媒體合作專案因為產品品質問題而陷入困境。我們擁有市場上最好的產品，我們認為這是我們繼續成長並成為美國第一的關鍵。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Peter, I was wondering if you could comment on the viability of the parlay product on FanDuel Predicts and whether or not you guys expect to use it to hedge maybe any of the local concentrated bets that you might have in your sportsbook?

Peter，我想請你談談 FanDuel Predicts 上的串關產品的可行性，以及你們是否打算用它來對沖你們體育博彩中可能存在的本地集中投注？

We're excited about the launch of FanDuel Predicts. I think there's -- as I stated, we're going to make the parlay product available early next year. Yeah, I don't think you should underestimate quite how hard it is to bring parlays to life on these platforms, and they can only really be delivered in a prepackaged way. You're never going to get the same degree of choice or depth of markets. And that's one of the challenges and why the prediction markets are not in the same ballpark as a sports betting product.

我們對 FanDuel Predicts 的推出感到非常興奮。我認為——正如我所說，我們將在明年初推出串關產品。是的，我認為你不應該低估在這些平台上實現串關投注的難度，而且它們只能以預先打包的方式提供。你永遠不可能獲得相同的選擇程度或市場深度。這就是挑戰之一，也是為什麼預測市場與體育博彩產品無法相提並論的原因。

I don't think that there will be the right type of depth of market for us to be hedging, and I'm not sure it's something we'd necessarily want to do either. We've got real confidence in our pricing on our platform. And that's not something that I'd be anticipating us doing.

我認為目前市場深度不足以讓我們進行對沖，而且我也不確定這是否是我們想要做的事情。我們對平台的定價非常有信心。而我並不認為我們會這樣做。

Chad Beynon, Macquarie Group.

Chad Beynon，麥格理集團。

Afternoon. Thanks for taking my question. Wanted to ask about, I guess, the swift message or decision in India in the seizing of that market. I know you've seen openings and closings in different markets in your time. Does it feel like the parliament is vehemently against this industry, or are they just looking to better protect the consumer?

下午。謝謝您回答我的問題。我想問一下，印度方面迅速發出信號或做出決定，以搶佔該市場。我知道你從業多年，見證過不同市場的開幕和倒閉。感覺議會是在強烈反對這個行業，還是只是想更好地保護消費者？

And if we see movement to the black market, maybe something opens up in the next couple years that's just more in line with what they want? Thank you.

如果我們看到市場轉向黑市，也許未來幾年會出現一些更符合他們需求的市場？謝謝。

Chad, I can give you a bit of perspective on this. Look, we were frustrated at the speed with which the bill that emerged came in into law. I would hope that in that sort of time frame you talk about, we might get some more legal clarity around the extent to which some of these games of skill may be able to come back, they had had 70 years worth of constitutional protection in India.

查德，我可以給你一些關於這件事的看法。你看，我們對這項法案如此迅速地成為法律感到很失望。我希望在你所說的那個時間範圍內，我們能夠對某些技巧類遊戲的回歸程度有更清晰的法律規定，畢竟它們在印度已經享有70年的憲法保護。

Yeah, it's not that long ago that we saw Black Friday in America and look where we are today. So look, we're going to maintain the Junglee products on a free to play basis, and we'll see what happens. We're doing all the lobbying and legal challenges that you'd expect us to.

是啊，不久前我們還在美國經歷了“黑色星期五”，看看我們現在身處何處。所以，我們將繼續以免費遊玩的方式經營 Junglee 產品，看看會發生什麼。我們正在進行你們期望我們做的所有遊說和法律挑戰。

Estelle Weingrod, JP Morgan.

埃斯特爾·魏因格羅德，摩根大通。

I've got one question on the UK please. How do you see the underlying market at the moment? I mean, sportsbook revenue remains negative year on year. Clearly, you're lapping some tough comps there plus the euro-related coms, but iGaming also slowed this quarter to a low-single-digit number FX. How should we look at the quarters ahead for both sports and iGaming, assuming broadly normalized sports results?

我有一個關於英國的問題。您如何看待當前市場的基本面？我的意思是，體育博彩收入比去年同期仍然為負。顯然，你們要超越一些強勁的競爭對手，還要考慮與歐元相關的因素，但 iGaming 本季也放緩至個位數。假設體育賽事結果基本上恢復正常，我們該如何看待未來幾季體育賽事和網路遊戲的發展前景？

Thank you.

謝謝。

Yeah, hi, Estelle. I think in summary, we're pleased with the momentum that we've got in the UK. As you said yourself, there's quite a lot of results in the mix because we had a very favorable euros in Q3 last year, which is impacting the comps on the sportsbook revenue. In gaming, we were 7% up, we've got some good new content there, but we've lacked some of the pricing initiatives that we had in last year. But we're feeling really confident, we've completed the migration of our Sky Bet platform now onto our UKI platform.

嗨，艾絲黛爾。總而言之，我們對目前在英國所取得的發展動能感到滿意。正如您自己所說，由於去年第三季歐元匯率非常有利，因此有很多結果需要考慮，這影響了體育博彩收入的比較。在遊戲領域，我們成長了 7%，我們推出了一些不錯的新內容，但我們缺少一些去年推出的定價策略。但我們非常有信心，我們已經完成了 Sky Bet 平台向 UKI 平台的遷移。

When we did a similar transition with Paddy Power a few years ago, it really benefited the business, and it acted as a real catalyst for growth in that business moving forward. And we're hoping and anticipating the same will happen with Sky Bet. They've already been able to launch a number of new products into Sky Bet this season.

幾年前，我們與 Paddy Power 進行類似轉型時，確實對公司業務大有裨益，並真正推動了公司未來的發展。我們希望並期待 Sky Bet 也能取得同樣的成功。本賽季他們已經成功在 Sky Bet 推出了一系列新產品。

We've got SuperSub products on sportsbook now. We've also got Squad Bet in there, which is something that's being powered off of our outcome-based pricing. So we're really encouraged. We're the market leader in the UK. We've got an exceptionally strong business and we're very confident about what 2026 will bring.

我們現在在體育博彩平台上提供 SuperSub 產品。我們還有 Squad Bet，它是基於我們基於結果的定價機製而推出的。所以我們深受鼓舞。我們是英國的市場領導者。我們的業務非常強勁，我們對2026年充滿信心。

Monique Pollard, Citigroup.

莫妮克·波拉德，花旗集團。

Thank you for taking my question. It was just one on the commentary that you gave in the quarter about the lower-than-anticipated parlay mix at the start of the NFL season. Just wondered if you could comment please on sort of what was going on there, as you said it was transitory in nature? And related to that, how the Your Way product is going.

感謝您回答我的問題。這只是你在本季度對 NFL 賽季開始時低於預期的串關投注組合所作評論的其中一條。我只是想問您能否就那裡發生的事情發表一下看法，因為您說過那隻是暫時的？與此相關的是，「Your Way」產品的進展如何。

Thank you.

謝謝。

Yeah, hi, Monique. Let me start on the parlay mix question. Maybe Peter can pick up on Your Way and what we're doing around outcome-based pricing. But as we've mentioned on a couple of occasions at the start of the season, there were a lot of quite uneconomic offers in the market, a lot of promotional spend, and a number of those were same game parlay-based offers. We won't name them by name, but I think people are aware of some of the very generous offers that were in the market.

嗨，莫妮克。讓我先從串關投注組合的問題開始。或許彼得可以了解「你的方式」以及我們正在做的基於結果的定價工作。但正如我們在賽季初幾次提到的那樣，市場上有很多不太划算的優惠，促銷支出也很多，其中一些是基於同一場比賽的串關優惠。我們不會指名道姓，但我認為人們都知道市場上曾經出現過一些非常慷慨的報價。

As I mentioned earlier, these handle driving measures don't always convert to revenue, and I think that transpired to be the case for some of our competitors to have these offers in the market at the start of the season. We did see a moderation of that later into September and also into October. And actually, when we look at our parlay mix now in NFL and in NBA, we're really pleased with it and I alluded to the numbers earlier, so I think we're in a good position and we're very pleased with our product mix.

正如我之前提到的，這些吸引顧客的措施並不總是能轉化為收入，我認為我們的一些競爭對手在賽季初推出這些優惠活動時，就證明了這一點。我們在9月下旬和10月確實看到這種情況有所緩解。事實上，當我們審視目前在 NFL 和 NBA 的串關組合時，我們非常滿意，我之前也提到過相關數據，所以我認為我們處於有利地位，並且對我們的產品組合非常滿意。

Yeah, Monique, from a sort of Your Way perspective, look, it's now available for all of our customers this season, including those in Canada, and the more sophisticated approach we have to pricing is helping improve an increase in bets cash stamps year to date, which is making a big difference. You've got to remember, it's a very fundamental sort of rewrite. So there's now a matrix of -- that's a matrix of every eventuality that can occur.

是的，莫妮克，從「您的方式」的角度來看，你看，本季所有客戶，包括加拿大客戶，都可以使用這項服務。我們更完善的定價方法有助於提高今年迄今的投注現金券數量，這帶來了很大的改變。你要記住，這是一個非常根本的重寫。所以現在有一個矩陣——這是一個包含所有可能發生的情況的矩陣。

And so, as the game's progressing, it means we've got a much broader array and set of products that consumers can select from. And it even means that once the game's playing, we're updating and changing the odds of which team we think is going to win the Super Bowl. You think about what that's requiring on a Sunday when you got a full slate of games going on, that's very complex.

因此，隨著遊戲的進行，這意味著消費者可以選擇的產品種類和數量將​​更加豐富。甚至這意味著，比賽開始後，我們將不斷更新和改變我們認為哪支球隊會贏得超級盃的賠率。你想想看，週日要安排那麼多比賽，這需要付出多少努力，這非常複雜。

And so there's a bunch of sort of things we can do around sort of daily specials, which should do an automated way, big improvements around sort of cash out and reductions in suspension. So it's improving speed of [fighting] updates, it's reducing latency.

因此，我們可以圍繞每日特價活動做很多事情，這些活動應該以自動化的方式進行，在提現和減少暫停方面進行重大改進。所以它提高了（戰鬥）更新速度，降低了延遲。

So we're excited. And of course, there's also the trials we've been doing around the AI-powered conversational stuff. So look, there's a lot of excitement around where it will take us.

我們很興奮。當然，我們也正在進行一些基於人工智慧的對話方面的試驗。所以你看，大家都很興奮，不知道它將帶我們走向何方。

So I think we've reached the end of the questions, and thank you very much, everybody, for joining the call. We spent a lot of time talking about prediction markets today. We've put a lot of effort into getting to this position where we're going to be able to launch this product next month. Huge thanks to the team who worked on this, but particularly to those folks who've been involved in the very constructive dialogue with lots of our regulators.

我想我們已經完成了提問環節，非常感謝大家參加這次電話會議。今天我們花了很多時間討論預測市場。我們投入了大量精力才達到現在的階段，下個月我們將能夠推出這款產品。非常感謝參與這項工作的團隊，尤其要感謝那些與眾多監管機構進行建設性對話的人們。

We've always said that we would never do anything to damage our existing businesses. Nevada is a little bit different. We don't have a BC operation there, but we're very excited for the launch of our prediction markets product next month, and we're excited about what we got coming down the line from a product perspective.

我們一直都說，我們絕對不會做任何損害現有業務的事情。內華達州的情況略有不同。我們目前在不列顛哥倫比亞省沒有業務，但我們對下個月即將推出的預測市場產品感到非常興奮，也對未來產品的發展前景感到興奮。

But of course, it's not just (inaudible), what we're seeing with prediction markets, I'm very bullish about the existing business we have in the US, strong growth in iGaming, and of course, benefiting from the diversification we have internationally. So lots to be excited about in Q4 going into 2026.

當然，這不僅僅是（聽不清楚），我們看到的預測市場，我對我們在美國現有的業務、iGaming 的強勁成長以及我們在國際上的多元化發展都非常看好。因此，展望2026年第四季度，有很多值得期待的事情。

So thank you very much, everyone.

非常感謝大家。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。