Rush Street Interactive Inc (RSI) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Rush Street Interactive Second Quarter 2022 Earnings. (Operator Instructions)

下午好，女士們，先生們，歡迎來到 Rush Street Interactive 2022 年第二季度收益報告。 （操作員說明）

It is now my pleasure to turn the floor over to your host, Lauren Seiler. Ma'am, the floor is yours.

現在，我很高興將發言權交給您的主持人 Lauren Seiler。女士，地板是你的。

Thank you, operator, and good afternoon. By now, everyone should have access to our second quarter 2022 earnings release. It can be found under the heading Financials Quarterly Results in the Investors section of the RSI website rushstreetinteractive.com.

謝謝接線員，下午好。到目前為止，每個人都應該可以訪問我們的 2022 年第二季度收益發布。它可以在 RSI 網站 rushstreetinteractive.com 的“投資者”部分的“財務季度業績”標題下找到。

Some of our comments will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts and are usually identified by the use of words such as will, expect, should or other similar phrases and are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We assume the responsibility for updating any forward-looking statements.

我們的一些評論將是聯邦證券法意義上的前瞻性陳述。前瞻性陳述不是對歷史事實的陳述，通常通過使用諸如 will、expect、should 或其他類似短語等詞語來識別，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期產生重大差異.我們承擔更新任何前瞻性陳述的責任。

Therefore, you should exercise caution in interpreting and relying upon them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our second quarter 2020 earnings release and our investor deck, which is available in the Investors section of the RSI website at www.rushstreetinteractive.com.

因此，您在解釋和依賴它們時應謹慎行事。我們建議您參閱我們的 SEC 文件，以更詳細地討論可能影響我們未來經營業績和財務狀況的風險。在電話會議中，我們將討論我們的非公認會計原則措施，我們認為這些措施有助於評估公司的經營業績。這些措施不應孤立地考慮或替代我們根據公認會計原則編制的財務業績。這些措施與最直接可比的 GAAP 措施的對賬可在我們的 2020 年第二季度收益發布和我們的投資者資料中獲得，該資料可在 RSI 網站 www.rushstreetinteractive.com 的投資者部分獲得。

With me on the call today, we have Richard Schwartz, Chief Executive Officer; and Kyle Sauers, Chief Financial Officer. We will provide some opening remarks and then open the call to questions.

今天與我通話的有首席執行官 Richard Schwartz；和首席財務官 Kyle Sauers。我們將提供一些開場白，然後開始提問。

With that, I'll turn the call over to Richard.

有了這個，我會把電話轉給理查德。

Thanks, Lauren. Good afternoon, everyone, and welcome to our second quarter earnings call. This quarter's results reflect a balanced performance between top line growth and efficient customer acquisition and retention with a focus on sustainable returns.

謝謝，勞倫。大家下午好，歡迎參加我們的第二季度財報電話會議。本季度的業績反映了收入增長與有效的客戶獲取和保留之間的平衡表現，重點是可持續回報。

We are well positioned to continue growing and growing profitably as we remain on target to be adjusted EBITDA positive for the back half of 2023. We continue to see opportunity for further growth in existing markets while also continuing to launch in new markets, such as Ontario, Mexico and West Virginia, where we recently added online sports to our existing online casino product.

我們有能力繼續增長並實現盈利增長，因為我們仍然保持在 2023 年下半年調整 EBITDA 為正的目標。我們繼續看到現有市場進一步增長的機會，同時也繼續在安大略省等新市場推出，墨西哥和西弗吉尼亞，我們最近在我們現有的在線賭場產品中添加了在線體育。

When we combined our extended market access with our sophisticated technology and a world-class user experience, we feel great about how we are positioned within the industry and for the future. Revenue for the second quarter was up 17% year-over-year to $144 million. Monthly active users in the U.S. and Canada were up 35% year-over-year with growth derived from both new and existing markets.

當我們將擴大的市場准入與我們先進的技術和世界一流的用戶體驗相結合時，我們對自己在行業中的定位以及未來的定位感到非常滿意。第二季度收入同比增長 17% 至 1.44 億美元。美國和加拿大的月活躍用戶同比增長 35%，增長來自新市場和現有市場。

We grew our average active users in all markets year-over-year other than just one, which was flat, a great sign that our brand continues to grow in our markets. Looking at adjusted EBITDA, we posted negative $18.6 million, a considerable improvement compared to last quarter. The improvement was driven by a combination of higher revenue, lower marketing costs, improving gross margin and only a modest increase in our G&A costs.

我們在所有市場的平均活躍用戶均同比增長，而只有一個持平，這是我們的品牌在我們的市場繼續增長的一個很好的跡象。從調整後的 EBITDA 來看，我們公佈了負 1860 萬美元，與上一季度相比有了相當大的改善。這種改善是由更高的收入、更低的營銷成本、提高的毛利率以及我們的 G&A 成本僅適度增加共同推動的。

In line with last quarter, we were profitable in the 5 markets of New Jersey, Pennsylvania, Michigan, Illinois and Columbia. And their combined profitability improved for the first quarter to second quarter, validating our continued progress towards corporate-wide profitability. In addition, West Virginia turned positive for us in the second quarter after only 4 full quarters of operation. As a reminder, this is the same short time period in which we reached profitability in Michigan.

與上一季度一樣，我們在新澤西、賓夕法尼亞、密歇根、伊利諾伊和哥倫比亞這 5 個市場實現了盈利。他們的綜合盈利能力在第一季度到第二季度有所改善，驗證了我們在實現全公司盈利能力方面的持續進展。此外，西弗吉尼亞州在僅運營了 4 個完整季度後，在第二季度就對我們產生了積極影響。提醒一下，這與我們在密歇根州實現盈利的時間相同。

As for the remainder of the year, we are tightening the range on our guidance to between $600 million and $630 million, which reflects a few key considerations. First, we are taking a conservative view around any potential headwinds from our consumer heading into the busy fall season. But I want to be clear, and as of today, we are not seeing any headwinds with our consumer when we look at things like average deposit, bet size or even metrics such as [hand over player].

至於今年剩餘時間，我們將指導範圍收窄至 6 億美元至 6.3 億美元之間，這反映了一些關鍵考慮因素。首先，我們對消費者進入旺季的任何潛在不利因素持保守看法。但我想明確一點，截至今天，當我們查看平均存款、下注規模甚至 [移交玩家] 等指標時，我們還沒有看到消費者遇到任何不利因素。

Second, since the start of the last football season, we have added 7 markets where we operate online sportsbook. This creates a lot of opportunity, but also some unknowns as we learn how those markets will respond during a full fall season and how the competitive dynamics and intensity will play out.

其次，自上個足球賽季開始以來，我們增加了 7 個經營在線體育博彩的市場。這創造了很多機會，但也帶來了一些未知數，因為我們了解這些市場在整個秋季期間將如何反應，以及競爭動態和強度將如何發揮作用。

And lastly, as we ramp up in Mexico, our approach will be disciplined and gradual. We expect a modest contribution and investment during the initial 6 months of operations in 2022. But over the longer term, expect this market to be a significant growth contributor for RSI. As we move into the second half of 2022, we are building a global business that continues to scale with the recent launches in Ontario, Canada and Mexico, we are now live in 4 countries. We operate combined online casino and sportsbook now in 4 U.S. states, Ontario in Canada and all of Mexico and Colombia.

最後，隨著我們在墨西哥的發展，我們的方法將是有紀律和漸進的。我們預計在 2022 年運營的最初 6 個月內會有適度的貢獻和投資。但從長遠來看，預計該市場將成為 RSI 的重要增長貢獻者。隨著我們進入 2022 年下半年，我們正在建立一個全球業務，並隨著最近在安大略省、加拿大和墨西哥的推出而繼續擴大規模，我們現在在 4 個國家/地區開展業務。我們現在在美國 4 個州、加拿大安大略省以及墨西哥和哥倫比亞全境經營在線賭場和體育博彩。

In addition, we operated our online sportsbook in 9 other states in the U.S., giving us a diverse set of growth opportunities. With that, I want to provide some thoughts on a few of our recent launches. First, in New York, we continue with our more measured approach in the market, which is evident in our second quarter results compared to the prior quarter.

此外，我們在美國其他 9 個州經營在線體育博彩，為我們提供了多樣化的增長機會。有了這個，我想就我們最近推出的一些產品提供一些想法。首先，在紐約，我們繼續在市場上採用更加謹慎的方法，與上一季度相比，我們的第二季度業績很明顯。

We remain focused on targeting and attracting high-quality customers and retaining them with a world-class user experience as opposed to financially incentivizing short-term behavior. We look forward to the upcoming football season as more and more players have learned about the Bay Rivers platform and our customer-friendly approach. And our existing customers will experience the excitement of bending our football during the opening months of the season for the first time.

我們仍然專注於瞄準和吸引高質量的客戶，並以世界一流的用戶體驗留住他們，而不是通過財務激勵短期行為。我們期待即將到來的足球賽季，因為越來越多的球員了解了 Bay Rivers 平台和我們對客戶友好的方法。我們現有的客戶將在賽季開始的幾個月裡第一次體驗到彎曲我們的足球的興奮。

Next, during the beginning of the quarter, we launched in Ontario. As a reminder, for the preceding 10-plus years, this has been a great market. Meaning, we entered a market where a number of operators already had established brands and equally important, existing player databases. Although it was unclear until relatively close to launch exactly how the transition from gray and white market would play out, previous operators in the market were ultimately able to smoothly migrate the existing players in the regulated market.

接下來，在本季度初，我們在安大略省推出。提醒一下，在過去的 10 多年裡，這一直是一個巨大的市場。這意味著，我們進入了一個市場，其中許多運營商已經建立了品牌和同樣重要的現有玩家數據庫。雖然直到相對接近推出之前還不清楚從灰色和白色市場的過渡將如何發揮作用，但市場上的先前運營商最終能夠順利遷移受監管市場中的現有參與者。

This meant a portion of the operator started with a notable advantage. From our vantage point, we knew it would be important to invest in our brand awareness early with a broad TV campaign during the Winter Olympics in February. The awareness began to pay off when the market opened in April. The fact that Ontario is also an online casino market also plays to our strength as we really shine in casino markets given the innovation built into our product and user experience.

這意味著部分運營商一開始就有顯著優勢。從我們的角度來看，我們知道在 2 月的冬季奧運會期間通過廣泛的電視宣傳活動儘早投資於我們的品牌知名度非常重要。當市場在 4 月開盤時，這種意識開始得到回報。安大略省也是一個在線賭場市場這一事實也發揮了我們的優勢，因為我們的產品和用戶體驗中內置了創新，因此我們在賭場市場上大放異彩。

In fact, since the operators can't promote inducements from players who register other sites in Ontario, an operator like us that has a wide range of unique selling points, has an advantage because we can promote our differentiated experiences as an effective way to attract new customers. In the near term, this is an approach that will result in a more gradual build to get players in the door. But ultimately, it will lead to consistent growth over the next number of years. We think we can grow substantially in Ontario over time and feel very good of our start there. We are seeing good progress in Ontario, where July's revenues per day is up over 30% compared to June, even with a lighter sports calendar.

事實上，由於運營商無法宣傳在安大略省註冊其他網站的玩家的誘惑，像我們這樣擁有廣泛獨特賣點的運營商具有優勢，因為我們可以推廣我們的差異化體驗，作為吸引新客戶。在短期內，這種方法將導致更漸進的構建以吸引玩家。但最終，它將導致未來幾年的持續增長。我們認為隨著時間的推移，我們可以在安大略省大幅增長，並且對我們在那裡的開始感到非常滿意。我們在安大略省看到了良好的進展，與 6 月份相比，7 月份的每日收入增長了 30% 以上，即使體育賽事日程較輕。

In late June, we went live in Mexico. A bit of history, we think, is informative. Colombia is a market with a population of about 50 million people. We enter our market without a brand, without a database and without any experience in the region. And we operated for almost a full year with only online sportsbook before adding online casino. Yet we emerged from a standing start to a top 3 player in the market and have consistently built share over time.

六月下旬，我們去了墨西哥。我們認為，一些歷史是有益的。哥倫比亞是一個擁有約 5000 萬人口的市場。我們進入市場時沒有品牌，沒有數據庫，也沒有在該地區的任何經驗。在添加在線賭場之前，我們僅使用在線體育博彩運營了將近一整年。然而，我們從一開始就躋身市場前三名，並且隨著時間的推移不斷擴大份額。

In Mexico, we enter in a better position. It is a larger country with a population of approximately 130 million people, and we were able to launch out of the gate with both casino and sportsbook. In terms of building our brand, we have a great local media partner that is well known and respected.

在墨西哥，我們進入了一個更好的位置。它是一個擁有約 1.3 億人口的較大國家，我們能夠通過賭場和體育博彩推出大門。在建立我們的品牌方面，我們擁有一個知名且受人尊敬的優秀本地媒體合作夥伴。

In addition, we have a technology that's already proven in both North American and Latin American markets. We are really excited about Mexico and believe that our high-quality user experience will stand out and appeal to players in Mexico as it has to Colombian players, enabling us to grow market share with a measured approach.

此外，我們的技術已經在北美和拉丁美洲市場得到驗證。我們對墨西哥感到非常興奮，並相信我們的高質量用戶體驗將脫穎而出並吸引墨西哥玩家，就像它對哥倫比亞玩家一樣，使我們能夠以有節制的方式擴大市場份額。

Looking ahead, we are planning to launch online sports betting in Ohio in January. Ohio a state that we are excited about, given the demographics, the sizable population, and adjacency to 4 other markets where we are already operating at BetRivers Sportsbook. So there is a lot of media overlap. Maryland is another exciting market where we are preparing to launch online sports betting whenever the regulators allow.

展望未來，我們計劃在一月份在俄亥俄州推出在線體育博彩。鑑於人口統計、龐大的人口以及毗鄰我們已經在 BetRivers Sportsbook 運營的其他 4 個市場，俄亥俄州是一個令我們感到興奮的州。所以有很多媒體重疊。馬里蘭州是另一個令人興奮的市場，我們正準備在監管機構允許的情況下推出在線體育博彩。

And just earlier this week, we launched a retail location in the state with our partners at Bingo World, which is located just outside of Baltimore. Lastly, it's exciting to see Massachusetts to become the newest U.S. state to approve sports betting. We have an agreement with a market access partner that is included in the recent legislation, and we will share more details about our plans in the future.

就在本週早些時候，我們與合作夥伴在位於巴爾的摩郊外的 Bingo World 開設了一個零售店。最後，很高興看到馬薩諸塞州成為美國最新批准體育博彩的州。我們與最近立法中包含的市場准入合作夥伴達成協議，我們將在未來分享有關我們計劃的更多細節。

Turning to marketing. We are seeing a more rational environment develop with what appears to be the continuation of a fundamental shift away from a singular focus of generating revenues at any cost. We saw this pullback start during Q1 and continue into Q2 with some of our pullback likely reflective of seasonality and a lighter sports calendar.

轉向營銷。我們看到一個更加理性的環境正在發展，似乎是從不惜一切代價創造收入的單一焦點的根本轉變的延續。我們在第一季度看到了這種回調開始並持續到第二季度，我們的一些回調可能反映了季節性和較輕的體育日曆。

However, even compared to the year ago Q2 period, our cost to acquire players are down by around 35%. Looking ahead to the fall, when the sports calendar picks up again, we are mindful that we may see another phase of aggressive sportsbook advertising during the football season, but we will remain prudent with our marketing dollars. That said, we continue to be data-driven and plan to continue to invest in customer acquisition at viable cost levels and at times of the year when those customers are most prone to begin betting with us, such as the upcoming football season.

然而，即使與去年第二季度相比，我們獲得球員的成本也下降了約 35%。展望秋季，當體育日曆再次回升時，我們注意到我們可能會在足球賽季看到另一個積極的體育博彩廣告階段，但我們將保持謹慎的營銷資金。也就是說，我們繼續以數據為導向，併計劃在可行的成本水平以及一年中這些客戶最容易開始與我們投注的時間（例如即將到來的足球賽季）繼續投資於客戶獲取。

We expect we will continue to grow our share by earning the loyalty of customers by trading them well, being thoughtful, developing high-quality experiences and reducing friction at every possible point. The recent shift to a more rational environment plays to our advantage, a focus on earning rather than buying customers and really earning their trust, is where our platform and customer service shines. For the long run, our approach has been and will remain to emphasize user experience first as opposed to how much financial incentive is offered to players as new markets continue to launch, to be profitable in our view, you need to get players in the door at a reasonable cost and focus on strong retention and customer service.

我們希望通過良好的交易、深思熟慮、開發高質量的體驗和在每一個可能的點上減少摩擦來贏得客戶的忠誠度，從而繼續擴大我們的份額。最近向更理性的環境轉變對我們有利，專注於贏得而不是購買客戶並真正贏得他們的信任，這是我們的平台和客戶服務的亮點。從長遠來看，我們的方法一直並將繼續首先強調用戶體驗，而不是隨著新市場的不斷推出而向玩家提供多少經濟激勵，在我們看來，要想盈利，你需要讓玩家參與進來以合理的成本並專注於強大的保留和客戶服務。

We have built our platform and culture around this philosophy, and we believe it is paying off on our movement towards profitability and cash flow generation. From a product and technology perspective, we have spent the last quarter laser focused on improving the customer experience and scalability. While these initiatives may not always be evident on the surface to the end user, ensuring a frictionless and high-quality experience with minimal disruption is an evergreen effort on the back end.

我們圍繞這一理念建立了我們的平台和文化，我們相信它正在為我們實現盈利和產生現金流的努力帶來回報。從產品和技術的角度來看，我們在上個季度專注於改善客戶體驗和可擴展性。雖然這些舉措對最終用戶來說表面上並不總是顯而易見，但確保以最小干擾的無摩擦和高質量體驗是後端的一項常青工作。

These continued improvements and the many features we've talked about over the last year have been validated by our significant app rating improvements over the last year. Our average operating is up over a full point from this time last year. I'm also excited to let you know that we recently completed the acquisition of Poker Night in America, a leading content provider of live and recorded poker tournaments and events.

這些持續改進以及我們在過去一年中談到的許多功能已經通過我們在去年的重大應用評級改進得到驗證。我們的平均運營比去年這個時候增加了一個百分點。我也很高興地通知您，我們最近完成了對美國撲克之夜的收購，這是一家領先的現場和錄製撲克錦標賽和活動的內容提供商。

Poker Night has a strong following and a deep library of poker TV content and media creation capabilities that will help to further build out the BetRivers network and engage our target audience on an ongoing basis. Recall that 2 quarters ago, we also purchased an online poker platform. Together, these 2 tuck-ins will position us well for when we eventually launch online poker and the associated strong cross-sell opportunities that poker will bring to our casino and sportsbook verticals.

Poker Night 擁有強大的追隨者和深厚的撲克電視內容庫和媒體創作能力，這將有助於進一步建立 BetRivers 網絡並持續吸引我們的目標受眾。回想一下，兩個季度前，我們還購買了一個在線撲克平台。當我們最終推出在線撲克以及撲克將為我們的賭場和體育博彩垂直行業帶來的相關強大交叉銷售機會時，這 2 個小插曲一起將使我們處於有利位置。

The acquisition was paid for with approximately $2.2 million of cash and $2.7 million of RSI stock. We don't expect this acquisition to have any near-term impact on either revenues or profitability, but rather it will serve as a growth enabler for our business.

此次收購是用大約 220 萬美元的現金和 270 萬美元的 RSI 股票支付的。我們預計此次收購不會對收入或盈利能力產生任何近期影響，但它將成為我們業務增長的推動力。

With that, I'll turn the call over to Kyle.

有了這個，我會把電話轉給凱爾。

Thanks, Richard. Second quarter revenue was $143.7 million, up 17% year-over-year. We continue to see strong growth in player acquisition and retention as measured through our monthly active users as well as player engagement and monetization as evident in our average revenue per monthly active users.

謝謝，理查德。第二季度收入為 1.437 億美元，同比增長 17%。通過我們的每月活躍用戶以及玩家參與度和貨幣化來衡量，我們繼續看到玩家獲取和留存的強勁增長，這從我們每月活躍用戶的平均收入中可以看出。

A quick note regarding disclosure with the launch of Ontario during the second quarter, our reported MAU and ARPMAU metrics now include both Canada and our U.S. markets. Our monthly active users were 133,000, up 35% year-over-year. The increase reflects steady player acquisition and retention across online casino and sports betting plus the expansion of casino and sports betting into new jurisdictions. Looking sequentially, Q2 MAUs illustrate the typical seasonality of the second quarter, although our decline this year was smaller than it was in 2021. ARPMAUs were $325 during Q2. We saw a 23% increase from the first quarter, with ARPMAUs being positively impacted as we moved away from the initial New York launch. These consistently higher ARPMAUs are a reflection of strong iCasino results and the high-quality customers we attract to our platform.

關於第二季度安大略省推出的披露的快速說明，我們報告的 MAU 和 ARPMAU 指標現在包括加拿大和我們的美國市場。我們的月活躍用戶為 133,000，同比增長 35%。這一增長反映了在線賭場和體育博彩的穩定玩家獲取和保留，以及賭場和體育博彩擴展到新的司法管轄區。按順序看，第二季度的 MAU 說明了第二季度的典型季節性，儘管我們今年的下降幅度小於 2021 年。第二季度的 ARPMAU 為 325 美元。與第一季度相比，我們看到了 23% 的增長，隨著我們遠離最初的紐約發布，ARPMAU 受到了積極影響。這些持續較高的 ARPMAU 反映了 iCasino 的強勁業績以及我們吸引到我們平台的高質量客戶。

As we have called out for the past few quarters, the string of recent new market launches since last fall, including New York, had us in a heavy investment mode. While investments in new markets will continue, we are on track towards our plans of adjusted EBITDA profitability for the second half of next year. Our second quarter adjusted EBITDA loss was $18.6 million, vastly better compared with the first quarter. Our 5 markets that were profitable in Q1 produced higher profitability in Q2, as Richard mentioned earlier. West Virginia also turned profitable during the quarter in all of our other markets that were live during the first quarter or closer to profitability during the second quarter. Advertising and promotions expense was $44.2 million for the second quarter, well below the mid-$60 million level we have been running during the 2 prior quarters.

正如我們在過去幾個季度中所呼籲的那樣，自去年秋天以來，包括紐約在內的一系列新市場推出讓我們處於重投資模式。儘管對新市場的投資將繼續，但我們正在朝著明年下半年調整後的 EBITDA 盈利能力計劃邁進。我們第二季度調整後的 EBITDA 虧損為 1860 萬美元，與第一季度相比要好得多。正如理查德之前提到的，我們在第一季度盈利的 5 個市場在第二季度產生了更高的盈利能力。西弗吉尼亞州在本季度在我們所有其他市場中也實現了盈利，這些市場在第一季度或第二季度接近盈利。第二季度的廣告和促銷費用為 4420 萬美元，遠低於我們在前兩個季度的 6000 萬美元中等水平。

As we touched on last call, we've been very focused on lowering our cost to acquire new players and retain and engage existing players. This quarter's results highlight the success we've been seeing as we continue to refine our marketing efforts to be more targeted and thus more efficient. Consistent with our flexible marketing approach and finding ways to invest marketing dollars that bring the best returns, we're able to find ways to reduce marketing spend in the second quarter with plans to take advantage of more opportunities in the back half of the year. Having said that, we expect marketing costs to increase again in the third quarter and again sequentially from Q3 to Q4 due to the football season. But we still plan for Q1 of 2022 to be the high point for marketing spend during the year.

正如我們在上次電話會議上談到的那樣，我們一直非常專注於降低獲得新玩家以及留住和吸引現有玩家的成本。本季度的業績突顯了我們所看到的成功，因為我們將繼續改進我們的營銷工作，使其更有針對性，從而提高效率。與我們靈活的營銷方法和尋找能夠帶來最佳回報的營銷資金投資方式相一致，我們能夠找到減少第二季度營銷支出的方法，併計劃在下半年利用更多機會。話雖如此，我們預計營銷成本將在第三季度再次增加，並且由於足球賽季的影響，從第三季度到第四季度再次增加。但我們仍計劃將 2022 年第一季度作為全年營銷支出的高點。

As expected, gross margins improved modestly in the second quarter compared to Q1, and we expect them to continue to improve further in the back half of the year. G&A costs increased to $13.5 million during the second quarter, up from $12.4 million in the first quarter. We'll continue to invest in our technology teams and corporate infrastructure, so we expect that this line item will continue to grow in the back half of the year.

正如預期的那樣，第二季度的毛利率與第一季度相比略有改善，我們預計它們將在下半年繼續進一步改善。第二季度的 G&A 成本從第一季度的 1240 萬美元增加到 1350 萬美元。我們將繼續投資於我們的技術團隊和企業基礎設施，因此我們預計該項目將在今年下半年繼續增長。

Turning to the balance sheet. We continue to be in a positive net cash position. We ended the quarter with $202 million in unrestricted cash and no debt. We believe we're well positioned to comfortably return to adjusted EBITDA and cash flow positive with our existing cash position.

轉向資產負債表。我們繼續處於積極的淨現金狀況。我們以 2.02 億美元的無限制現金和無債務結束本季度。我們相信，憑藉我們現有的現金狀況，我們可以輕鬆恢復調整後的 EBITDA 和現金流為正。

Looking at the rest of 2022, we've tightened the range on our full year revenue guidance to between $600 million and $630 million. As Richard mentioned, we haven't seen any signs of consumer weakness from our customers but we want to be mindful of that possibility in the back half of the year, so we've built some of that into our latest thinking on revenue.

展望 2022 年剩餘時間，我們已將全年收入指導範圍收窄至 6 億美元至 6.3 億美元之間。正如理查德所說，我們沒有從客戶那裡看到任何消費者疲軟的跡象，但我們希望在今年下半年註意這種可能性，因此我們將其中一些納入我們最新的收入思考中。

We also have a large number of states that haven't been through a full football season, which creates a lot of opportunity, but also some unknowns about how fast those markets will grow and what the competitive dynamics will look like. At the midpoint of our tightened range, this implies revenue growth of 33% in the back half of the year, which is very exciting. As a quick reminder, our policy towards revenue guidance is to only include those markets, which are currently live.

我們還有許多州還沒有經歷一個完整的足球賽季，這創造了很多機會，但也有一些關於這些市場的增長速度和競爭動態會是什麼樣子的未知數。在我們收緊區間的中點，這意味著下半年的收入增長 33%，這非常令人興奮。快速提醒一下，我們的收入指導政策僅包括那些當前活躍的市場。

Now some high-level thoughts on profitability. We saw significant progress from Q1 to Q2. But as I mentioned, we expect marketing costs to increase in the back half as we increase investment in casino markets and head into football season for the first time in many markets. But that should also be accompanied by a nice increase in revenue. The net result will be a second half loss that's substantially less than the first half, while losses in Q3 and Q4 and could be somewhere in the range of what we saw in the second quarter.

現在對盈利能力進行一些高層思考。從第一季度到第二季度，我們看到了重大進展。但正如我所提到的，隨著我們增加對賭場市場的投資並在許多市場首次進入足球賽季，我們預計後半段的營銷成本將會增加。但這也應該伴隨著收入的大幅增長。最終結果將是下半年的虧損大大低於上半年，而第三季度和第四季度的虧損可能在我們第二季度看到的範圍內。

We continue to execute well and see a clear path to profitability on a market level and from an overall business perspective, and we'll be excited to share additional details with you as we get closer to that mark. In the meantime, we remain excited by all the new markets and industry growth ahead of us. And with that, operator, please open the line for questions.

我們繼續保持良好的執行力，並從市場層面和整體業務的角度看到了一條清晰的盈利之路，隨著我們越來越接近這一目標，我們將很高興與您分享更多細節。與此同時，我們仍然對擺在我們面前的所有新市場和行業增長感到興奮。有了這個，接線員，請打開問題線。

(Operator Instructions) Your first question is coming from David Katz from Jefferies.

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

Can we go back to Richard, your comment about the guidance and I guess, Kyle, also. So you're making a provision sort of a just in case -- can you just talk about what you've assumed in there and sort of how you decided upon how much to take off of the top end and kind of how you thought about it. Just recognizing it's an incredibly complex circumstances for everyone, but just a little more elaboration would help.

我們可以回到理查德，你對指導的評論，我猜還有凱爾。所以你在做一個以防萬一的準備——你能不能談談你在那裡假設了什麼，你如何決定從高端起飛多少，你是怎麼想的它。只是認識到這對每個人來說都是一個非常複雜的情況，但多一點詳細說明會有所幫助。

Sure. David, I'll take this one, and thanks for the question. I wouldn't say there's a lot of big changes in the thinking since last quarter. It's really just tightening up some of the assumptions. We now have half the year under our belt. And relative to, I guess, the second half consensus, the new midpoint of guidance is, I think it's less than 2% lower than the previous guidance.

當然。大衛，我會接受這個，謝謝你的問題。我不會說自上個季度以來思想發生了很大變化。這實際上只是加強了一些假設。我們現在有半年的時間。我猜，相對於下半年的共識，新的指導中點是，我認為它比之前的指導低不到 2%。

We tried to highlight in the remarks just some of the thinking on the tight revenue range. We do want to be mindful of potential headwinds from consumer weakness. Obviously, everybody is talking about that, certainly in the investment community. Richard said this, we haven't seen signs of that and the data that we're looking at, but it's on our radar, so we want to be mindful there. Then we're just we're thinking about going into a football season, which is very exciting. We have -- I think it's 7 markets that haven't been through a full football season. So that's exciting, but it also -- it has some unknown, so we want to account for that.

我們試圖在評論中強調一些關於狹窄收入範圍的想法。我們確實希望注意消費者疲軟帶來的潛在不利因素。顯然，每個人都在談論這個，當然在投資界。理查德這麼說，我們還沒有看到這方面的跡象和我們正在查看的數據，但它在我們的雷達上，所以我們要注意那裡。然後我們只是在考慮進入一個足球賽季，這非常令人興奮。我們有——我認為有 7 個市場還沒有經歷一個完整的足球賽季。所以這很令人興奮，但它也有一些未知數，所以我們想要解釋這一點。

And then Mexico is a new addition for us since last quarter, but we just want to make sure that people realize that's going to be a more modest investment not a big impact on revenue and expenses out of the gate here, and we'll take our time to build that market, but we're really excited about it. So those are kind of the factors that went in. I wouldn't point to one that dominated, but we -- as you can imagine, we look at the entire portfolio, all the markets and relook at how they're all performing and where we think they're going to head to. And so we just tightened it up a little bit.

然後墨西哥自上個季度以來對我們來說是一個新成員，但我們只是想確保人們意識到這將是一項更適度的投資，不會對這裡的收入和支出產生重大影響，我們將採取我們是時候建立這個市場了，但我們對此感到非常興奮。所以這些都是影響因素。我不會指出一個占主導地位的因素，但我們 - 正如你可以想像的那樣，我們著眼於整個投資組合，所有市場，並重新審視它們的表現和我們認為他們要去的地方。所以我們只是把它收緊了一點。

Understood. If I can ask you to humor me. And Kyle, in some of your commentary, you talked about 3Q and 4Q marketing expense, and I thought you said 3Q ramps up again, and so the loss there would go back -- would widen. And I thought you may have said 4Q widens even a bit more. Would you mind just sort of setting me straight there?

明白了。如果我可以請你取笑我。凱爾，在你的一些評論中，你談到了 3Q 和 4Q 的營銷費用，我認為你說 3Q 再次增加，所以那裡的損失會回來 - 會擴大。我想你可能已經說過 4Q 擴大了一點。你介意把我直接放在那裡嗎？

Sure. So maybe I'll focus on marketing -- to start here. But we spent -- so we spent less on marketing in the second quarter than we probably originally anticipated doing, which I think that really speaks to our ability to be super flexible with the marketing spend and cater that spend to the opportunities that we see and invest where it makes the most sense, where and also when it makes the most sense.

當然。所以也許我會專注於營銷——從這裡開始。但是我們花了 - 所以我們在第二季度的營銷支出比我們最初預期的要少，我認為這確實說明了我們在營銷支出方面的超級靈活能力，並能夠迎合我們看到的機會和在最有意義的地方、最有意義的地方和時間進行投資。

But also, if we want to dial it back, we can if we choose to or if it was necessary. So we shifted some of that spend from Q2 to the back half of the year, expecting that to provide better returns for us. A majority of that increase in the back half that we shifted will be the markets where we have a casino. But of course, we're also keen on the football season to track sports betters.

但是，如果我們想撥回它，我們可以選擇或如果有必要。因此，我們將部分支出從第二季度轉移到了下半年，希望這能為我們提供更好的回報。我們轉移的後半部分的大部分增長將是我們擁有賭場的市場。但是，當然，我們也熱衷於在足球賽季中追踪體育運動的進步。

But I guess then, if I just look at where the sell side has pegged us for marketing spend in the back half, I think as a group analysts are already generally near the range for what we're kind of thinking, although you can imagine we will have some flexibility, as I just pointed out, in how we spend and which quarter we put that money to work in depending on the opportunities we see.

但我想，如果我只看一下賣方在後半部分將我們的營銷支出與我們掛鉤的地方，我認為作為一個整體，分析師已經普遍接近我們的想法範圍，儘管你可以想像正如我剛剛指出的那樣，我們將有一些靈活性，取決於我們看到的機會，我們將如何花費以及將這筆錢投入到哪個季度。

Right. And just one more. You said the back half is approximately what you're thinking, but the cadence between 3Q and 4Q?

正確的。還有一個。您說後半部分大致是您的想法，但是 3Q 和 4Q 之間的節奏呢？

Yes. Sorry. So I'd say our initial thinking, and again, this can change is that we'll see a decent step-up from Q2 to Q3 and then probably spend a little more in Q4 than we do in the third quarter even.

是的。對不起。所以我會說我們最初的想法，這可能會改變，我們會看到從第二季度到第三季度的大幅增長，然後在第四季度的支出可能會比我們在第三季度的更多。

And that probably coincides well with the cadence of our revenue growth as well. I'm not trying to suggest that they should be exactly matched up, but we'd expect Q4 to be quite a bit higher revenue quarter than Q3. And then the last piece that I just -- I think was in my prepared remarks was we do expect the first quarter of 2022 to still be the high mark for marketing expense for the year.

這可能也與我們收入增長的節奏相吻合。我並不是說它們應該完全匹配，但我們預計第四季度的收入將比第三季度高很多。然後我剛才的最後一點——我認為在我準備好的評論中，我們確實預計 2022 年第一季度仍將是今年營銷費用的高點。

And if I could just add 2 quick additional comments. One is that we're really excited about all of the integrations that we've secured in Ontario, but many of those are really not ready through the second half of this year.

如果我可以添加 2 條快速的附加評論。一是我們對我們在安大略省獲得的所有整合感到非常興奮，但其中許多在今年下半年還沒有準備好。

So we've already secure them, but a lot of those investments are going to be coming in the second and third period -- sorry, third and fourth quarter of the year, which would be great for us given that we have a lot of excitement for that market.

所以我們已經獲得了它們，但是很多投資將在第二和第三階段進行——抱歉，今年第三和第四季度，這對我們來說非常好，因為我們有很多對該市場的興奮。

In addition, in New Jersey, we also allocated some of the second quarter marketing spend to third quarter and fourth quarter because we were actually in the process of planning to rebrand that the New Jersey site from SugarHouse to BetRivers coming soon. So we wanted to sort of make sure that we would spend more of that investment in that market win after the rebrand, which will be occurring in Q3, Q4. So that's a little bit of a further explanation of why some of the Q2 marketing got allocated to later in the year.

此外，在新澤西，我們還將第二季度的部分營銷支出分配給第三季度和第四季度，因為我們實際上正在計劃將新澤西網站從 SugarHouse 重新命名為 BetRivers 即將推出。因此，我們想確保在品牌重塑後將更多的投資用於贏得市場，這將在第三季度和第四季度發生。因此，這進一步解釋了為什麼第二季度的一些營銷活動被分配到今年晚些時候。

Your next question is coming from Dan Politzer from Wells Fargo.

您的下一個問題來自富國銀行的 Dan Politzer。

So I wanted to hit first on gross margin in the quarter. I know it was up a little bit sequentially, but it was still down year-over-year. If there's any way you just kind of unpack the components of that in the second quarter. And just as we think about it flowing through the rest of the year, is that kind of still mid-30 range that I think you talked about last quarter still with a reasonable expectation for the fourth quarter?

所以我想在本季度首先達到毛利率。我知道它環比上升了一點，但它仍然同比下降。如果有任何方法可以讓您在第二季度解開其中的組成部分。就像我們認為它在今年剩餘時間裡流動一樣，我認為你在上個季度談到的那種仍然在 30 年左右的區間是否仍然對第四季度有合理的預期？

Yes. I think we can work back up to close to that range by the fourth quarter. So -- yes, confirming on that thinking still. I think the reason for the year-over-year decline, there's probably 2 primary pieces: one was and we talked about this on the last quarter. New York was a drag on margins in the first quarter, negative revenue associated with New York in the first quarter and a lot of costs that go along with that.

是的。我認為我們可以在第四季度恢復到接近這個範圍。所以 - 是的，仍然在確認這種想法。我認為同比下降的原因可能有兩個主要部分：一個是，我們在上個季度談到了這一點。紐約在第一季度拖累了利潤率，第一季度與紐約相關的負收入以及隨之而來的大量成本。

That's still a headwind heading into the second quarter, but not nearly as much. But then we also launched Ontario in Q2. And as I know we've talked about before, margins improve over time as markets mature. And right at the beginning of a market launch, you're going to have some headwind on your margins. And looking ahead to Q3 and Q4, absent something different happening than we might currently expect, there are new launches that will be dramatically impacting margins. So we'd expect them to improve.

進入第二季度，這仍然是一個逆風，但幾乎沒有那麼多。但隨後我們也在第二季度推出了安大略。正如我所知，我們之前已經討論過，隨著市場的成熟，利潤率會隨著時間的推移而提高。在市場推出之初，您的利潤就會受到一些不利影響。展望第三季度和第四季度，如果沒有發生與我們目前預期的不同的事情，將會有新的發布將極大地影響利潤率。所以我們希望他們有所改善。

Got it. And then as you think about the upcoming states that you might launch in Maryland, Ohio, Massachusetts, Kansas out there, all these states, they don't have -- none of these states have sports -- all of these states have sports, but none have iGaming right now. So how do you think about your launch strategy and how imperative is it to have a major presence in each of these states? Or do you think that there's a path for some of these states to maybe have iGaming down the road later?

知道了。然後當你考慮即將在馬里蘭州、俄亥俄州、馬薩諸塞州、堪薩斯州啟動的州時，所有這些州都沒有——這些州都沒有運動——所有這些州都有運動，但現在沒有人擁有 iGaming。那麼，您如何看待您的發布策略以及在這些州中的每一個都有重要存在的必要性？或者你認為這些州中的一些州可能會在以後推出 iGaming 嗎？

Sure, I'll take that one. Certainly, every state is unique. We don't just have a single approach for every state, and we are considering the likelihood of adding iCasino in those markets as well as overlaps with other states. For example, we've mentioned earlier on the prepared remarks that Ohio has a lot of -- for adjacency markets, your cost in that market will be efficient because you'll be having a lot of overlap from other markets.

當然，我會拿那個。當然，每個州都是獨一無二的。我們不僅為每個州提供單一方法，而且我們正在考慮在這些市場中添加 iCasino 以及與其他州重疊的可能性。例如，我們之前在準備好的評論中提到俄亥俄州有很多 - 對於鄰接市場，您在該市場的成本將是有效的，因為您將與其他市場有很多重疊。

When it comes to markets like [Maine], you're going to have a -- we haven't announced any plans there. But certainly, we will, if it changes. But certainly, one thing that we look at is how many competitors will there be? And in the case there will be a relatively limited number of them. So in cases of Maryland and places like Ohio, we are planning to enter those markets. And of course, the strategy is to typically look around the competitive set, look at the tax rate, look at the adjacency markets, look at the time of the year when the launch is happening and make those decisions based on all those criteria. But certainly, we recognize that casino markets are a strength for us, and certainly, we want to prioritize those when we can.

當談到像 [緬因州] 這樣的市場時，你將會有一個 - 我們還沒有宣布任何計劃。但可以肯定的是，如果情況發生變化，我們會的。但可以肯定的是，我們關注的一件事是會有多少競爭對手？在這種情況下，它們的數量將相對有限。因此，在馬里蘭州和俄亥俄州等地的情況下，我們正計劃進入這些市場。當然，該策略通常是環顧競爭對手，查看稅率，查看鄰接市場，查看一年中發布的時間，並根據所有這些標準做出這些決定。但可以肯定的是，我們認識到賭場市場對我們來說是一種優勢，當然，我們希望在可能的情況下優先考慮這些市場。

Your next question is coming from Bernie McTernan from Needham.

您的下一個問題來自 Needham 的 Bernie McTernan。

Just on competition, call it out as a headwind that you're factoring in your guide, but I just want to see if you are seeing any signals yet that would point you to think that we'll go back -- that the market will go back to a more competitive environment.

就競爭而言，把它稱為逆風，你在你的指南中考慮，但我只是想看看你是否看到任何信號，這會讓你認為我們會回去——市場會回到更具競爭力的環境。

I'll start then. And then the second question, if you had a ballpark it, when do you think Mexico could become the same size as Colombia in terms of revenue generation for you guys?

那我就開始吧。然後是第二個問題，如果你有一個大概的話，你認為墨西哥什麼時候可以在為你們創造收入方面與哥倫比亞一樣大？

Okay, Bernie. I'll take the first question, and then I think Kyle will take the second one. In terms of the competitive environment, the vibe remains very competitive, but not as aggressive as last year. We've heard many of our peers say they're going to be investing less in marketing and being a little more modest and rational in their approach. But we'll be watching what actually happens to ensure that certainly that is reflected in what we're seeing. Our strategy is to sort of focus on players -- acquisition of players at reasonable rates where we can be confident that we'll get a positive return on those investments.

好的，伯尼。我會回答第一個問題，然後我認為 Kyle 會回答第二個問題。就競爭環境而言，氛圍仍然非常具有競爭力，但沒有去年那麼激進。我們聽到許多同行表示，他們將減少對營銷的投資，並在他們的方法上更加謙虛和理性。但我們將觀察實際發生的情況，以確保這確實反映在我們所看到的內容中。我們的策略是專注於球員——以合理的價格收購球員，我們可以確信我們會從這些投資中獲得積極的回報。

Maybe I'll jump in on the Mexico piece, Bernie. I'll first I'll give you a bit of a nonanswer, but the answer is faster than Colombia, I'd say give us a quarter or two to let us start building some momentum. And maybe we'll give you a little better answer around that. We are -- I think, as Richard highlighted, we're entering Mexico with just a lot of advantages. Just infrastructure that we had set up for Colombia. We've obviously done really well down there in that -- a lot of that is being leveraged for Mexico. We've got a great partner, which gets us access to some really good assets down there. And obviously, it's a much bigger population. So it will be faster, but we'll give some more details and thoughts on that as we move a little further away from 1.5 months or so from the launch .

也許我會加入墨西哥的部分，伯尼。我先給你一點不回答，但答案比哥倫比亞快，我會說給我們一兩個季度，讓我們開始建立一些勢頭。也許我們會給你一個更好的答案。我們——我認為，正如理查德強調的那樣，我們進入墨西哥只是有很多優勢。只是我們為哥倫比亞建立的基礎設施。顯然，我們在這方面做得非常好——其中很多都被墨西哥利用了。我們有一個很棒的合作夥伴，這讓我們可以接觸到一些非常好的資產。顯然，這是一個更大的人口。所以它會更快，但我們會在距離發布 1.5 個月左右的時間更遠一些時提供更多細節和想法。

And just to give a little bit of extra context, we're just really starting some marketing campaigns now for the first time. It took us, as we said, it will, a bit of time to launch and configure all the payments in the right way and get the product up to where we needed it to be. We're very excited about the quality of the experience we offer. We think it's first rate, and we're really optimistic about the opportunity to grow a significant business in Mexico over the longer term.

只是為了提供一點額外的背景信息，我們現在才第一次真正開始一些營銷活動。正如我們所說，我們需要一些時間來以正確的方式啟動和配置所有支付，並將產品提升到我們需要的地方。我們對我們提供的體驗質量感到非常興奮。我們認為這是一流的，而且我們對長期在墨西哥發展重要業務的機會感到非常樂觀。

Your next question is coming from Mike Hickey from Benchmark.

您的下一個問題來自 Benchmark 的 Mike Hickey。

Richard, Kyle, Lauren, good job on the EBITDA number. I guess the first question is if you are seeing a weakening consumer obviously sort of baked that into your guidance, what would sort of be the early indications that, that was happening, is it sort of less new players coming into the app or the transactions or transaction size? I guess what was giving the early signs that, that was happening. And if you do start to see a weakening consumer, are there ways that you can adjust the app experience to sort of compensate, Richard, whether it's promotional activity, your hold rate or otherwise?

理查德、凱爾、勞倫，EBITDA 數字做得很好。我想第一個問題是，如果你看到一個疲軟的消費者顯然將這一點納入了你的指導，那麼早期的跡象表明，這種情況正在發生，是不是新玩家進入應用程序或交易還是交易規模？我猜是什麼給出了早期跡象，這正在發生。如果您確實開始看到消費者的疲軟，您是否可以調整應用體驗以進行補償，Richard，無論是促銷活動、您的持有率還是其他方面？

Yes. So I'll start and let Richard jump in. I just want to make sure that what we said was clear just because I wasn't sure on your question.

是的。所以我會開始讓Richard 加入。我只是想確保我們所說的內容很清楚，因為我不確定你的問題。

We've not seen any weakening yet, and we've been looking at a bunch of different data points. And you can look at it from a lot of different ways. You can segment, you can segment your player base between your more valuable players and -- or those who don't wager as much. You can look at average deposit size, you can look at the average bet size, the frequency, the number of bets.

我們還沒有看到任何減弱，我們一直在研究一堆不同的數據點。你可以從很多不同的方式來看待它。您可以細分，您可以將您的玩家群劃分為您更有價值的玩家和 - 或那些不那麼下注的玩家。您可以查看平均存款額，您可以查看平均投注額、頻率、投注次數。

And then we're in a much slower part of the sports calendar, so you've got to factor in seasonality. But those are a lot of things they look at to see if there's any cracks. We haven't seen that yet, but we do want to make sure we were factoring it in.

然後我們在體育日曆中的速度要慢得多，所以你必須考慮季節性因素。但這些都是他們看的很多東西，看看是否有任何裂縫。我們還沒有看到這一點，但我們確實想確保我們將其考慮在內。

Add a couple of things. I think certainly, the things we mentioned in the prepared remarks, like average deposit size, you might see an impact there, which we haven't seen. Bet size, right, if someone is lowering the bet size to a more smaller amount, that would be an indication, which again, we have not seen any indication of that.

添加一些東西。我認為當然，我們在準備好的評論中提到的事情，比如平均存款規模，你可能會在那裡看到我們沒有看到的影響。下注大小，對，如果有人將下注大小降低到更小的數額，那將是一個跡象，同樣，我們還沒有看到任何跡象。

And the [hand over players], the frequency as well of the player are factors that you look at. One thing I want to note is that from the online gaming perspective, it's a very affordable way to have a high-quality entertainment experience from home. And it's unique in that you're not really incurring any incremental expenses for consumers to participate and not having to drive and incur gas costs, not having to go to a restaurant incurring enhanced fees, service fees. And so not having to travel anywhere. Not to stay overnight. So I think there's a lot of things about this product category and service category that's very attractive in terms of providing a really compelling experience where a user can stay home on a night for 4 hours and be entertained for $20 or $40 and have a great experience in the way that's unparalleled really in other types of the at-home entertainment.

而[移交球員]，球員的頻率也是你看的因素。我想指出的一件事是，從在線遊戲的角度來看，這是一種非常實惠的方式，可以在家中獲得高質量的娛樂體驗。而且它的獨特之處在於，您不會真正為消費者參與而產生任何增量費用，也不必開車和產生汽油費用，也不必去餐廳產生更高的費用和服務費。所以不必去任何地方。不宜過夜。所以我認為這個產品類別和服務類別有很多東西非常有吸引力，因為它可以提供真正引人入勝的體驗，用戶可以在家裡過夜 4 小時，並以 20 美元或 40 美元的價格獲得娛樂，並獲得很棒的體驗這在其他類型的家庭娛樂中是無與倫比的。

Fair enough. Richard. You mentioned that you're seeing a more rationalized spend environment from your peer set maybe that sticks, maybe it doesn't. But I'm just curious, what are you seeing in terms of player retention trends? Are they getting better? Are they staying the same, given the backdrop on more disciplined spend?

很公平。理查德。你提到你從你的同行那裡看到了一個更加合理的支出環境，也許會堅持下去，也許不會。但我只是好奇，你對玩家留存趨勢有何看法？他們好起來了嗎？考慮到更嚴格的支出背景，它們是否保持不變？

No, it's a good question. Probably not a lot of change there. And we haven't disclosed specific retention metrics. But I think when you look at what we spend on marketing, and the revenue that's generated from our players.

不，這是個好問題。那裡可能沒有太大變化。我們還沒有披露具體的留存指標。但是我認為，當您查看我們在營銷上的花費以及我們的玩家產生的收入時。

I think that tells you we have some really strong retention within this industry. So we're really proud of that. We haven't given specific metrics. But we haven't seen that be a negative for us in any way recently.

我認為這告訴你我們在這個行業中有一些非常強大的保留。所以我們為此感到非常自豪。我們沒有給出具體的指標。但我們最近沒有看到這對我們有任何負面影響。

Your next question is coming from Ryan Sigdahl from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Ryan Sigdahl。

Just one for me. I guess trying to bring all this together. You mentioned guidance that assumes 33% year-over-year growth in the second half, which would be a reacceleration versus the 19% year-over-year growth yield in the first half of the year.

只給我一個。我想試圖把這一切結合在一起。您提到了假設下半年同比增長 33% 的指導，這與上半年 19% 的同比增長收益率相比將重新加速。

But then again, your commentary seems more cautious on assumptions on the consumer, et cetera, et cetera. So I guess what's included in there that's going to drive that reacceleration given those other more conservative assumptions?

但是話又說回來，您的評論似乎對消費者等方面的假設更加謹慎。所以我想考慮到其他更保守的假設，其中包含什麼會推動重新加速？

Yes, I think there's a few things. One is Ontario continues to build. I think Richard highlighted in his comments, we've seen July is 30% higher than June on net revenue per day metric.

是的，我認為有幾件事。一是安大略省繼續建設。我認為理查德在他的評論中強調，我們已經看到 7 月份的每日淨收入指標比 6 月份高出 30%。

So that's exciting to see continued progress in Ontario. And then another big part of it is, we've got all these markets that haven't seen, many of which haven't seen a football season at all and a couple that haven't seen a full football season. So that's exciting for us as well. And there's all these markets that we're in are still growing. So I think we feel good about that.

因此，看到安大略省的持續進步令人興奮。然後另一個重要的部分是，我們有所有這些市場都沒有看到，其中許多根本沒有看到一個足球賽季，還有一些沒有看到一個完整的足球賽季。所以這對我們來說也是令人興奮的。我們所處的所有這些市場仍在增長。所以我認為我們對此感覺良好。

Your next question is coming from Joe Stauff from Susquehanna.

您的下一個問題來自 Susquehanna 的 Joe Stauff。

I had a couple of questions on your KPIs, if I could. Just talking about, say, your core strength in iCasino, and the monetization KPIs. I was wondering what it might look like naturally, it's down on a year-over-year basis, as you suggested, you launched in a number of OSB states. But wondering if you can give us a read or an assessment of how that looked just say, within your iCasino product in particular?

如果可以的話，我對您的 KPI 有幾個問題。只是談論，比如說，你在 iCasino 的核心實力，以及貨幣化 KPI。我想知道它自然會是什麼樣子，正如您所建議的，它在逐年下降，您在許多 OSB 州推出。但是想知道您是否可以給我們閱讀或評估一下，特別是在您的 iCasino 產品中的外觀？

Yes. So I just want to make sure I understand the question. You're talking about -- when you're saying the KPIs there, you're talking about the MAUs and ARPMAUs that we referenced?

是的。所以我只是想確保我理解這個問題。您在談論- 當您說那裡的KPI 時，您是在談論我們引用的MAU 和ARPMAU？

Yes. specifically here, I'm talking about sort of your average revenue per MAU. And what that look like, again, for your, say, core competitive advantage within iCasino, is it more flattish versus the down 14% year-over-year?

是的。特別是在這裡，我說的是每 MAU 的平均收入。再說一次，對於您在 iCasino 內的核心競爭優勢而言，與同比下降 14% 相比，這看起來更平淡嗎？

Yes. So we don't -- we aren't breaking it out specifically between the 2. And you have to remember that we also have players that cross over, which is a real valuable segment for us. I will tell you that there's less of the variability in our quarterly ARPMAU from one quarter to the next is from the casino side.

是的。所以我們不會——我們不會在 2 人之間專門打破它。你必須記住，我們也有跨界的球員，這對我們來說是一個真正有價值的部分。我會告訴你，我們的季度 ARPMAU 從一個季度到下一個季度的變化較少來自賭場方面。

It's more about what type of markets we've launched more recently and where we're seeing the growth from, and that's sports only or sports and casino. And then it's also, like we referenced on the last call with New York, we actually had a large number of MAUs that came in, in Q1, but actually generated negative revenue. So you can do the math and figure out that's not real positive for the ARPMAU number. So that's why it popped back up sequentially. So those factors impacted quite a bit more. We'll see what the rest of the year brings here. I think we're going to see growth in the MAU number. I feel very good about that ARPMAU, we will see how the casino markets build, what Ontario looks like and what all these new betters that are coming on board for the first football season bring to us in all these new markets.

更多的是關於我們最近推出的市場類型以及我們看到增長的地方，那就是僅限體育或體育和賭場。然後，就像我們在上次與紐約的電話會議中提到的那樣，我們實際上在第一季度有大量 MAU 進入，但實際上產生了負收入。因此，您可以進行數學計算並找出這對 ARPMAU 數字來說並不是真正的積極因素。所以這就是它按順序彈出的原因。所以這些因素的影響要大得多。我們將看看今年剩下的時間會帶來什麼。我認為我們將看到 MAU 數量的增長。我對 ARPMAU 感覺非常好，我們將看到賭場市場是如何建立的，安大略省的情況以及在第一個足球賽季加入的所有這些新的更好的球員在所有這些新市場中為我們帶來了什麼。

And that makes sense. And I guess, as we think about the second half of this year, maybe just kind of isolating on this particular metric. User growth, as you suggested, it seems likely, right, given kind of, again, the number of new markets, how the market growth is evolving, but would you expect ARPMAU to maybe moderate in terms of its year-over-year changes?

這是有道理的。我想，當我們考慮今年下半年時，也許只是在這個特定指標上有所孤立。正如您所建議的，用戶增長似乎是對的，再次考慮到新市場的數量，市場增長的演變方式，但您是否預計 ARPMAU 的同比變化可能會放緩?

You're asking if I'd expect it to go down in the back half of the year? .

你問我是否預計它會在今年下半年下降？ .

Yes.

是的。

Yes. So I don't want to give you a guide on that necessarily. It is not something we've guided to. But I'll tell you, I think there's some opposing forces on that, that could cause it to go either way. One is that we should see more concentration in sports. So that can be a negative to the ARPMAU because of so many more players and some of them at lower dollar amounts.

是的。所以我不想給你一個指導。這不是我們引導的事情。但我會告訴你，我認為這方面存在一些對立的力量，這可能導致它走向任何一方。一是我們應該在運動中看到更多的注意力。所以這對 ARPMAU 來說可能是負面的，因為有更多的玩家，其中一些玩家的金額較低。

But on the positive side, we do have a lot of these markets that are building. And as markets build, the players become more valuable as they're spending more time on your app, and they aren't enjoying as many of the initial bonusing that impacts that number as well. So those 2 things will work against each other. But I don't want to tell you that I'm confident that it will be up 10% or down 10% because it could move either direction.

但從積極的方面來看，我們確實有很多這樣的市場正在建設中。隨著市場的建立，玩家會變得更有價值，因為他們在您的應用程序上花費了更多時間，而且他們並沒有享受到影響該數字的初始獎金。所以這兩件事會相互影響。但我不想告訴你，我有信心它會上漲 10% 或下跌 10%，因為它可以向任何一個方向移動。

Your next question is coming from Jordan Bender from JMP Securities.

您的下一個問題來自 JMP 證券公司的 Jordan Bender。

So your GGR per user for both [RDM] and sports betting continues to move up over time. So when you think about investment in the player, are you finding that the returns are more attractive when you're spending towards your customer base as you think about potential acquisitions -- versus potential acquisitions?

因此，[RDM] 和體育博彩的每位用戶 GGR 會隨著時間的推移而繼續上升。因此，當您考慮對玩家的投資時，您是否發現當您考慮潛在收購（與潛在收購相比）向您的客戶群消費時，回報更具吸引力？

Can you ask that one more time, Jordan, I'm not sure we understood exactly what you're getting at.

你能再問一次嗎，喬丹，我不確定我們是否完全理解你的意思。

Yes. So your GGR per user continues to go up over time. Would you rather use your cash and reinvest it back into the player? Or would you rather kind of go down the acquisition around and grow the base that way?

是的。因此，每個用戶的 GGR 會隨著時間的推移而繼續上升。您是否願意使用您的現金並將其重新投資給玩家？還是您寧願繼續收購併以這種方式擴大基礎？

You're saying if we just think about the total investment, whether that would be in external marketing dollars or promotional dollars that you put in front of existing players, which is where do we lean, I'll let Richard jump in. I mean it's definitely a balance and one that changes over time as markets mature and depends on whether it's casino or sports. But I'll let you...

你的意思是，如果我們只考慮總投資，無論是外部營銷資金還是你放在現有玩家面前的促銷資金，這是我們傾向於的地方，我會讓理查德加入。我的意思是這絕對是一種平衡，隨著市場的成熟而隨著時間的推移而變化，取決於它是賭場還是體育運動。但我會讓你...

Yes, sure. Thanks, Jordan. Yes, so consistent with what Kyle just said, it really varies depending on the market. But certainly, we know and are focused a lot on the retention of existing players. And obviously, a player that's been with you for a year plus or over multiple years is worth more and more valuable over time. So you want to make sure you're properly segmenting investments towards those players. I think we do a very nice job of segmentation of our players and making sure the right players get the right incentives, which has driven a big part of our ability to retain the customers.

是的，當然。謝謝，喬丹。是的，與凱爾剛才所說的一致，它確實因市場而異。但可以肯定的是，我們知道並且非常關注留住現有玩家。很明顯，一個和你在一起一年多或多年的球員隨著時間的推移變得越來越有價值。因此，您要確保將投資正確地分配給這些參與者。我認為我們在細分玩家方面做得非常好，並確保合適的玩家獲得正確的激勵措施，這在很大程度上推動了我們留住客戶的能力。

Similarly, though, when you have a substantial marketing budget, you are going to be balancing those costs out on the retention side with bonuses for the first time of deposits, and those become a pretty significant part of your bonusing amount, right? Because every new player that comes and signs up, you're offering them an incentive to join you. So I think, obviously, the more successful you are in getting players in the door, you do have that increase in that bonusing that is reflected in the GGR -- not reflected in the GGR because we don't deduct bonusing from GGR.

但是，同樣地，當您有大量營銷預算時，您將在留存方面與首次存款的獎金平衡這些成本，而這些成本將成為您獎金金額的相當重要的一部分，對吧？因為每一個新玩家來註冊，你都在激勵他們加入你。所以我認為，很明顯，你在讓球員上門方面越成功，你的獎金就會增加，這會反映在 GGR 中——沒有反映在 GGR 中，因為我們不從 GGR 中扣除獎金。

So I think at the end of the day, it is a balance between the two. And I think we do a nice job with segmenting the right bonuses to the right players who are lapsed, but also making sure that we continue to reduce our cost to acquire players with the goal of being affordable in terms of our acquisition by ensuring that we also then recognize that when we do acquire new customers, you do have a bonus that you're providing them with a sign up that does have some significant costs associated with it.

所以我認為歸根結底，這是兩者之間的平衡。我認為我們做得很好，將正確的獎金分配給正確的球員，但也確保我們繼續降低獲得球員的成本，目標是通過確保我們的收購能夠負擔得起我們的收購然後還要認識到，當我們確實獲得新客戶時，您確實有一個好處，即您為他們提供了一個註冊，該註冊確實有一些與之相關的重大成本。

And maybe I'll just throw one more on top of there that probably seems relatively obvious, but there's a very clear pattern for us that as markets become more mature, we're spending less marketing dollars as a percentage of the revenue that's being generated. So it's part of where the leverage is in the model.

也許我會在上面再放一個，這可能看起來相對明顯，但對我們來說有一個非常明確的模式，隨著市場變得更加成熟，我們花費的營銷資金佔所產生收入的百分比越來越少.所以它是模型中槓桿作用的一部分。

And then, as Richard pointed out, you also have a lot more bonusing that occurs early on because of the acquisition process. So not only are you paying external dollars to help get yourself in front of those players and attract them to your platform, you're also giving them incentives to sign up and start enjoying the BetRivers platform, so that shifts and dissipates over time, but you're shifting it to more of that incentive is going to your great players that are sticking with you and where you're going to get the best return. So I think both of those provide leverage points for our business and probably the entire industry as time goes on.

然後，正如理查德指出的那樣，由於收購過程，您還可以在早期獲得更多獎金。因此，您不僅需要支付外部資金來幫助自己站在這些玩家面前並吸引他們加入您的平台，還可以激勵他們註冊並開始享受 BetRivers 平台，這樣隨著時間的推移會發生變化和消散，但您正在將其轉移到更多的激勵上，這些激勵將流向那些堅持與您在一起並且您將獲得最佳回報的偉大球員。因此，我認為隨著時間的推移，這兩者都為我們的業務乃至整個行業提供了槓桿點。

Great. And then turning back to South America for a second. Peru, looks like it just legalized online gaming. Is this a market that you guys would have interest in entering?

偉大的。然後轉身回到南美一秒鐘。秘魯，看起來它只是將在線遊戲合法化。這是你們有興趣進入的市場嗎？

Sure, I'll take that one. We certainly have invested a lot of energy and time over the years establishing a really strong foundation in Latin America. And certainly, Peru is a large population market. Certainly, not too far from Colombia. Has, in fact, had some TV over media overlap between the 2 markets. So certainly, that's a market that we have an eye on and are monitoring it very closely as we know that the legislator passed the bill, and we're waiting for the President to sign it.

當然，我會拿那個。多年來，我們當然投入了大量精力和時間，在拉丁美洲建立了一個非常強大的基礎。當然，秘魯是一個龐大的人口市場。當然，離哥倫比亞不太遠。事實上，這兩個市場之間存在一些電視而非媒體重疊。所以當然，這是一個我們關注並密切關注的市場，因為我們知道立法者通過了該法案，我們正在等待總統簽署它。

Your next question is coming from Edward Engel from ROTH Capital.

您的下一個問題來自 ROTH Capital 的 Edward Engel。

I'm hopping on a bit late, so sorry, this was addressed. But your marketing expense ticked down a lot sequentially in the 2Q despite launching in both Ontario and Mexico. How do you see marketing costs kind of trend throughout the back half of the year? Should we expect kind of flattish versus 2Q or continued kind of sequential declines that you kind of have had last quarter?

我跳得有點晚了，很抱歉，這個問題已經解決了。但是，儘管在安大略省和墨西哥推出，但您的營銷費用在第二季度連續下降了很多。您如何看待今年下半年的營銷成本趨勢？我們是否應該預期與第二季度相比持平，還是繼續像上個季度那樣連續下降？

Yes, sure. So there is a decent amount of good stuff maybe to go back and review, but I appreciate the question. So the marketing was down quite a bit in Q2. We delayed or shifted some of our spend from Q2 pull back to be able to allocate a little more to Q3 and Q4. So what we're expecting is to see a decent uptick in the third quarter -- from the second quarter and then probably even a little bit further increase into Q4 from Q3, with that higher Q4 still being less than our high watermark of Q1 marketing spend from this year.

是的，當然。所以有很多好東西可能要回去複習，但我很欣賞這個問題。因此，第二季度的營銷下降了很多。我們推遲或轉移了第二季度的部分支出，以便能夠為第三季度和第四季度分配更多資金。因此，我們預計第三季度會出現不錯的增長——從第二季度開始，然後可能會從第三季度到第四季度進一步增長，第四季度的增長仍然低於我們第一季度營銷的高水位線從今年開始消費。

So it is that kind of the cadence that we're expecting. There's a lot of opportunities we see. Obviously, you've got football season starting, but putting investment into casino, iCasino markets that we think we can get really strong returns from.

所以這就是我們所期待的那種節奏。我們看到了很多機會。顯然，您已經開始了足球賽季，但將投資投入到我們認為可以從中獲得非常豐厚回報的賭場和 iCasino 市場。

Okay. Perfect. And then just as you're kind of expanding into some of these newly regulated markets outside the U.S., whether that's Lat-Am or Canada, how important is it to be kind of first to market when those new territories launch? Is day 1 as much of a priority as it is in the U.S. or a little bit less so.

好的。完美的。然後就像你正在向美國以外的一些新監管市場擴張一樣，無論是拉美還是加拿大，當這些新地區推出時，率先進入市場有多重要？第 1 天的優先級是否與在美國一樣重要，還是略低一些。

So it really depends on the market. I'll give the 2 examples of Ontario and Mexico. The gray market existed for 10 years in Ontario, yet there was an opening of a regulated market at the same time where we were one of a handful of operators that were ready and able to launch day 1, which I think is helpful because those that are looking to play on a more secure, safe environment that is regulated and the audience that tend to be pretty invested customers and folks that want to be playing with the regulated sites.

所以這真的取決於市場。我將舉兩個安大略省和墨西哥的例子。灰色市場在安大略省已經存在了 10 年，但同時開放了一個受監管的市場，我們是少數準備好並能夠啟動第一天的運營商之一，我認為這很有幫助，因為那些正在尋求在受監管的更安全，更安全的環境中玩遊戲，而觀眾往往是相當投入的客戶和想要在受監管的網站上玩的人。

So we want to be there for day 1 to capture those players. And I think we did a nice job of getting some high-quality customers very early on. But it certainly at this point in time, it's certainly in that market, the key for that market wasn't just showing up on day of market opening, but really spending the year before trying to secure the right marketing assets that are relatively limited in that market in terms of the mainstream marketing assets to reach those consumers in a meaningful way.

所以我們希望在第一天就在那裡捕捉這些玩家。而且我認為我們在很早就獲得了一些高質量的客戶方面做得很好。但肯定是在這個時間點，肯定是在那個市場，那個市場的關鍵不只是在市場開盤那天出現，而是真的花了一年時間才試圖獲得相對有限的正確營銷資產就主流營銷資產而言，該市場以有意義的方式接觸這些消費者。

So we spent a lot of preparing in that market when the market is open and now not just for the last quarter, but really as we move forward to be able to continue to grow there by having some great assets, many of which are not yet live, and the integrations are not yet complete that we are still working on.

因此，當市場開放時，我們在那個市場上做了很多準備，現在不僅僅是為了上個季度，而是在我們向前邁進的時候，通過擁有一些偉大的資產來繼續增長，其中許多資產還沒有實時，並且我們仍在努力的集成尚未完成。

When it comes to Mexico, that market had also been sort of operating for years and there wasn't really any additional competitor entering around the same time that we are. So we're taking our time in Mexico to make sure that we build it the right way and build a brand at a high quality, and make sure that we're setting ourselves up for long-term success.

談到墨西哥，這個市場也已經運行了多年，而且幾乎沒有任何其他競爭對手在我們所處的同一時間進入。所以我們在墨西哥花時間確保我們以正確的方式建立它並建立一個高質量的品牌，並確保我們為長期成功做好準備。

You don't have the same pressure in Mexico of having a large number of competitors launching at the same time with the aggressiveness that you saw in Ontario. So we are able to, as we're doing, take a little bit of time to do it the right way, make sure that all the systems are working on the payments and the registration flows are working exactly as we want them. So then we start applying a larger marketing. After towards it, you're going to get players that are really satisfied with the first impression.

在墨西哥，你沒有像在安大略看到的那樣有大量競爭對手同時推出的壓力。因此，正如我們所做的那樣，我們能夠花一點時間以正確的方式進行操作，確保所有系統都在進行支付，並且註冊流程完全按照我們的意願工作。因此，我們開始應用更大的營銷。之後，您將獲得對第一印象非常滿意的玩家。

Your next question is coming from Chad Beynon from Macquarie.

您的下一個問題來自麥格理的 Chad Beynon。

You launched Live Dealer in West Virginia in the quarter. How is the customer response been? And what's the potential rollout to other states look like?

您在本季度在西弗吉尼亞州推出了 Live Dealer。客戶反應如何？其他州的潛在推廣是什麼樣的？

Right. Live Dealer is a great product. The company that really pioneered it in evolution, as many of you know, it is one of the more successful online really gaming companies globally of any type of company really because players trust what they see. And when you see -- you're playing Blackjack and you see the car is being dealt from a live person at a card shoot, you have a tendency to believe the outcome more than you would if you just saw a random number generator from a computer program that shows you the outcome and of course, you always start to doubt if you have 16 and you get 6 from the RNG solution, you might be less willing to believe it's trustworthy then if you saw a dealer pull up a 6 out of a chute.

正確的。真人荷官是一個很棒的產品。正如你們中的許多人所知，這家真正引領進化的公司，它是全球任何類型公司中最成功的在線真正游戲公司之一，因為玩家相信他們所看到的。當你看到——你在玩二十一點時，你看到汽車是從一個活人手中發牌的，你更傾向於相信結果，而不是你只看到一個隨機數發生器。顯示結果的計算機程序，當然，您總是開始懷疑您是否有 16 並且您從 RNG 解決方案中得到 6，如果您看到經銷商從 RNG 解決方案中拉出 6，您可能不太願意相信它是值得信賴的溜槽。

So because of that, the category is very popular and very successful. And so we've been very proactive and we have a great partnership with our suppliers in this space and we've been able to grow that, not just in West Virginia, but where it's very helpful, but we're seeing in markets like Ontario, it is a very popular product category too for us. We've added some additional dedicated tables for our brands and markets like Pennsylvania and other markets like Michigan are coming soon. So it's a category that we believe is very important for us, and we've invested in it and continue to invest in it. And I think it's really exciting because it really brings a different experience. And you still need to have the RNG table games as well.

因此，該類別非常受歡迎且非常成功。所以我們一直非常積極主動，我們在這個領域與我們的供應商建立了很好的合作夥伴關係，我們已經能夠發展，不僅在西弗吉尼亞州，而且它非常有幫助，但我們在市場上看到了安大略省，這對我們來說也是一個非常受歡迎的產品類別。我們為我們的品牌和市場（如賓夕法尼亞州）和其他市場（如密歇根州）添加了一些額外的專用表。所以這是一個我們認為對我們非常重要的類別，我們已經投資並繼續投資它。而且我認為這真的很令人興奮，因為它確實帶來了不同的體驗。而且你還需要有 RNG 桌面遊戲。

RNG is Random Number Generated table games because those are going to offer players at a lower price point as well. If you want to play for a smaller bet size, you're going to play the RNG automated systems. But if you want to play it a live table, typically the entry fee is a little bit higher. So I think you have to have something for everybody, and that's what we offer.

RNG 是隨機數生成的桌面遊戲，因為它們也將以較低的價格為玩家提供。如果您想以較小的賭注進行遊戲，您將使用 RNG 自動系統。但是，如果您想在現場牌桌上玩，通常入場費會高一些。所以我認為你必須為每個人提供一些東西，這就是我們提供的。

Great. And then not to hold you to any specific state prediction, but given the iGaming success that you've talked about in some of your competitors and the tax revenues that states are generating from this. Do you believe that after the midterm elections this fourth quarter, maybe there will start to be a little bit more progress as legislators just get a better understanding of the risks and the benefits of the growth of this industry.

偉大的。然後不要讓您接受任何特定的州預測，而是考慮到您在一些競爭對手中談到的 iGaming 成功以及各州由此產生的稅收收入。您是否認為在第四季度的中期選舉之後，隨著立法者更好地了解該行業增長的風險和收益，也許會開始取得更多進展。

Yes, sure. Thanks. Good question. Previously, we had shared an increasing support by peers to legalize online casino. From our vantage point, these efforts are actually accelerating and momentum is building. So we're very excited by these developments. And I think as you start to see states considering additional incremental needs for taxes, it is nothing easier really to adding iCasino because regulation, the regulator is already in place, the product and brands are already live. To be honest, regulating a sportsbook is typically more challenging than regulating a casino because so many of the casino products are really just computer integration between computers, which are already proven in other markets.

是的，當然。謝謝。好問題。此前，我們分享了越來越多的同行支持在線賭場合法化。從我們的角度來看，這些努力實際上正在加速，勢頭正在形成。因此，我們對這些發展感到非常興奮。而且我認為，當您開始看到各州考慮增加稅收的額外需求時，添加 iCasino 並不容易，因為監管已經到位，產品和品牌已經上線。老實說，監管體育博彩通常比監管賭場更具挑戰性，因為許多賭場產品實際上只是計算機之間的計算機集成，這已經在其他市場得到證明。

So adding iCasino is an easy thing to do. It can be done quickly, and you're starting to see not just lip service provider, but real desire for investments and focus from our industry to try to make some additional things happening over the next couple of years. So I think you're going to see that trend happening the way you saw it in global markets in Europe, you saw sometimes that sports started early and then you added iCasino. I've mentioned before we saw that happen in West Virginia here, where he started with Sportsbook only, and they added iCasino a year later. So you are starting to see the combination of a lot of positive things all well aligned and even see some additional new studies and [white papers] coming out really showing that even a small number of additional states legalize iCasino would generate substantially more than many more states that legalized sports betting. So everyone is recognizing the opportunity for states to generate additional incremental revenue is really being driven by more states adding iCasino.

因此，添加 iCasino 是一件容易的事。它可以很快完成，您開始看到的不僅僅是口頭上的服務提供商，而是我們行業對投資和關注的真正渴望，以嘗試在未來幾年內發生一些額外的事情。所以我認為你會看到這種趨勢以你在歐洲全球市場上看到的方式發生，你有時會看到體育運動很早就開始了，然後你添加了 iCasino。我之前提到過，我們在這裡看到西弗吉尼亞州發生了這種情況，他從 Sportsbook 開始，一年後他們加入了 iCasino。因此，您開始看到很多積極的事情都很好地結合在一起，甚至看到一些額外的新研究和 [白皮書] 出來確實表明即使是少數幾個額外的州將 iCasino 合法化也會產生比更多更多的州更多的收益使體育博彩合法化的國家。因此，每個人都認識到各州產生額外增量收入的機會實際上是由更多州增加 iCasino 推動的。

(Operator Instructions) That concludes our Q&A session. I will now hand the conference back to Richard Schwartz for closing remarks. Please go ahead.

（操作員說明）我們的問答環節到此結束。我現在將會議交還給 Richard Schwartz 做閉幕詞。請繼續。

Thank you, again for joining us today. It was a pleasure speaking with you. We look forward to doing it again soon.

謝謝你，今天再次加入我們。很高興與您交談。我們期待很快再次這樣做。

Thank you, ladies and gentlemen. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。