Rush Street Interactive Inc (RSI) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded today, November 1, 2023.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 Rush Street Interactive 2023 年第三季財報電話會議。 （操作員說明）請注意，本次電話會議於今天（2023 年 11 月 1 日）錄製。

I'll now turn the call over to Kyle Sauers, Chief Financial Officer. Please go ahead.

我現在將把電話轉給財務長凱爾‧紹爾斯 (Kyle Sauers)。請繼續。

Thank you, operator, and good afternoon. By now, everyone should have access to our third quarter 2023 earnings release. It can be found under the heading Financials Quarterly Results in the Investors section of the RSI website at rustreetinteractive.com. 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 fact 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 no responsibility for updating any forward-looking statements. Therefore, you should exercise caution in interpreting and relying on 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.

謝謝您，接線員，下午好。到目前為止，每個人都應該可以查看我們 2023 年第三季的收益發布。您可以在 RSI 網站 rustreetinteractive.com 的「投資者」部分的「財務季度業績」標題下找到該資訊。我們的一些評論將屬於聯邦證券法含義內的前瞻性陳述。前瞻性陳述不是歷史事實的陳述，通常透過使用「意願」、「期望」、「應該」或其他類似短語等詞語來識別，並受到眾多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。我們不承擔更新任何前瞻性陳述的責任。因此，您在解釋和依賴它們時應該小心謹慎。我們建議您參閱我們向 SEC 提交的文件，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。

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 third quarter 2023 earnings release and our investor deck, which is available on the Investors section of the RSI website at rushstreeteinteractive.com.

在電話會議期間，我們將討論我們的非公認會計準則衡量標準，我們相信這些衡量標準有助於評估公司的營運績效。這些措施不應被孤立地考慮，也不應取代我們根據公認會計準則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調整可在我們的 2023 年第三季收益發布和我們的投資者資料中找到，該資料可在 RSI 網站rushstreeteinteractive.com 的投資者部分找到。

With me on the call today, we have Richard Schwartz, Chief Executive Officer. We'll first provide some opening remarks and then open the call to questions.

今天與我一起參加電話會議的有執行長理查德‧施瓦茨 (Richard Schwartz)。我們將首先發表一些開場白，然後開始提問。

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

這樣，我就把電話轉給理查。

Thanks, Kyle. Good afternoon, and thank you for joining us today as we discuss our third quarter 2023 results. We have spent more than a decade building and continuously refining and operationalizing our technology platform to support our product suite and operate frictionless experience for customers. Our goal from the beginning has been to develop an experience that retains customers. In today's landscape, we are unique, a digital-first operator with an iCasino and customer-centric approach. We've consistently maintained that as the industry grows and matures, consumers will naturally gravitate toward the best products. As a playing field levels with a tide of marketing and aggressive bonus in dollars slowly washing away, that is what we are seeing. Consumers are being more discerning and deciding where they want to play based on product and user experience.

謝謝，凱爾。下午好，感謝您今天加入我們，討論 2023 年第三季的業績。我們花了十多年的時間來建造、不斷改進和營運我們的技術平台，以支援我們的產品套件並為客戶提供順暢的體驗。我們從一開始的目標就是開發留住客戶的體驗。在當今的環境中，我們是獨一無二的，是一家數位優先的營運商，擁有 iCasino 和以客戶為中心的方法。我們始終認為，隨著產業的發展和成熟，消費者自然會傾向於最好的產品。隨著競爭環境隨著行銷浪潮和激進的美元獎金慢慢消失，這就是我們所看到的。消費者變得更加挑剔，並根據產品和用戶體驗來決定他們想要玩的地方。

Our third quarter results offer further evidence that we continue to grow in very competitive markets with a remarkable success and resilience. Revenue for the quarter was $170 million, up 15% versus the prior year quarter. We are seeing that growth come from both increasing handle across products and higher sports hold due largely to our ability to innovate, which I will get to shortly. We're also growing our revenue much more efficiently as our adjusted marketing spend was 24% lower compared to the same quarter last year.

我們的第三季業績進一步證明，我們在競爭激烈的市場中持續成長，並取得了顯著的成功和韌性。該季度營收為 1.7 億美元，比去年同期成長 15%。我們看到成長來自於產品手把的增加和運動保持力的提高，這主要歸功於我們的創新能力，我很快就會談到這一點。我們的營收成長也更有效率，調整後的行銷支出比去年同期減少了 24%。

The result is we were increasingly profitable on an adjusted EBITDA basis and significantly improved compared to a year ago. In fact, for the 9 months year-to-date, we've improved our adjusted EBITDA by over $70 million compared to last year. The majority of which was driven by revenue growth and improving operations. Given our outperformance during each of the 3 quarters of this year, we now expect to be adjusted EBITDA positive for the entire year well ahead of our original plans. We will continue to innovate and leverage our insights to develop and offer our customers differentiated and fun experiences that appeal to them while continuing to achieve sustainable growth and profitability.

結果是，我們在調整後的 EBITDA 基礎上盈利不斷增加，並且與一年前相比顯著改善。事實上，在今年迄今的 9 個月裡，我們的調整後 EBITDA 比去年增加了超過 7,000 萬美元。其中大部分是由收入成長和營運改善推動的。鑑於我們今年三個季度的業績均表現出色，我們現在預計全年調整後的 EBITDA 將為正值，遠遠超出我們最初的計劃。我們將繼續創新並利用我們的見解來開發並向客戶提供吸引他們的差異化和有趣的體驗，同時繼續實現可持續增長和盈利。

Our customer-centric focus is working. We maintain market-leading ROIs, driven by industry-leading unit economics. With growth opportunities via access to future iCasino markets in North America, combined with our leading Latin American business and additional opportunities in new markets in the region, we remain excited for what lies ahead. There are a handful of large population countries in the region who have legalized or are in the process of legalizing online gaming. So we're glad to be in the right place at the right time. We continue to see growth across our markets, demonstrating that our approach to building a platform and business with an unrelenting focus on the player experience is working. For those of you that track the publicly available state casino data, the trends are evident. While we focus on profitable growth as a priority of our market share, it's nice that despite our marketing spend decreases, we've continued to grow market share in a meaningful number of U.S. markets.

我們以客戶為中心的焦點正在發揮作用。在業界領先的單位經濟效益的推動下，我們維持市場領先的投資報酬率。憑藉進入北美未來 iCasino 市場的成長機會，加上我們領先的拉丁美洲業務以及該地區新市場的額外機會，我們對未來仍然感到興奮。該地區有少數人口大國已經或正在使線上遊戲合法化。因此，我們很高興在正確的時間出現在正確的地點。我們不斷看到各個市場的成長，這表明我們建立平台和業務並持續關注玩家體驗的方法正在發揮作用。對於那些追蹤公開的州賭場數據的人來說，趨勢是顯而易見的。雖然我們將利潤成長作為我們市場份額的首要任務，但令人高興的是，儘管我們的行銷支出減少了，但我們在相當多的美國市場中的市場份額仍在繼續增長。

Our quarterly online casino share in the states of New Jersey and Michigan are higher than any time over the past year. And our online casino share in West Virginia is at the highest level since we launched 2.5 years ago. We are also seeing similar trends in 8 of our online sportsbook market this quarter. For example, our shares in the states of Michigan, Virginia, New York, Maryland and Ohio, are all at the highest level since launch, with the first 3 of those launching roughly 2 to 3 years ago. In addition, our shares in the states of Pennsylvania and Indiana are the highest they've been in 1.5 years. The end result, this quarter is the first time in the company's history that our sportsbook-only markets are profitable. This sets us up well when iCasino gets added and supports our plans for long-term sustainable profitability.

我們在新澤西州和密西根州的季度線上賭場份額高於過去一年中的任何時候。我們在西維吉尼亞州的線上賭場份額達到了自 2.5 年前推出以來的最高水平。本季我們在 8 個線上運動博彩市場也看到了類似的趨勢。例如，我們在密西根州、維吉尼亞州、紐約州、馬裡蘭州和俄亥俄州的股票均處於推出以來的最高水平，其中前三個州大約是在兩到三年前推出的。此外，我們在賓州和印第安納州的股票也達到了 1.5 年來的最高水準。最終結果是，本季是公司歷史上首次我們的體育博彩市場實現盈利。當 iCasino 加入時，這為我們提供了良好的支持，並支持我們的長期可持續盈利計劃。

It is interesting to note that we continue to experience success in very competitive markets. Markets that were launched in periods of heightened competition with a rational promotional spend as those unsustainable spending levels abate and product and customer experience have begun dictating where people play or which online gaming operator that choose to spend the largest share of their wallet with, we have been faring increasingly well.

有趣的是，我們繼續在競爭激烈的市場中取得成功。在競爭加劇時期推出的市場，隨著那些不可持續的支出水平的減弱，以及產品和客戶體驗已經開始決定人們在哪裡玩或選擇在哪家在線遊戲運營商上花費最大份額的錢包，我們有合理的促銷支出，我們過得越來越好。

Markets launched after 2020, along with our international markets grew approximately 40% year-over-year during the quarter. Domestically, as the U.S. markets mature, we are very pleased with the balance we are achieving in our top line growth and the efficiency of the marketing investment required to maintain that growth and retain customers. We are seeing improved efficiencies that will set us up well for 2024 and beyond to grow revenue and further expand profitability.

2020 年後推出的市場，以及我們的國際市場在本季年增約 40%。在國內，隨著美國市場的成熟，我們對營收成長與維持成長和留住客戶所需的行銷投資效率之間所實現的平衡感到非常滿意。我們看到效率有所提高，這將使我們能夠在 2024 年及以後增加收入並進一步擴大盈利能力。

I'll share just a few highlights. West Virginia continues to be a great story for us. It's a market where we launched later than our competitors and without any starting database, our meaningful brand awareness. But we've been able to build to over 14% market share in iCasino during the third quarter. This is our third market where we've accomplished this in addition to Colombia and Pennsylvania. In fact, our West Virginia year-over-year revenue was up over 100% during the quarter, and this follows year-over-year growth of 98% during the second quarter. In Ontario, we are proud of our performance in a highly competitive market. Year-over-year growth continues to be very high, around 60%. Our brand and customer experience are resonating well. As we've seen in the prior quarters from earlier in the year, we are maintaining a significantly higher ARPMAU versus the competition. This is in a market that is roughly 3 quarters weighted to iCasino, which plays to our strength.

我將僅分享一些亮點。西維吉尼亞州對我們來說仍然是一個偉大的故事。在這個市場上，我們比競爭對手推出得晚，而且沒有任何啟動資料庫，我們的品牌知名度也很有意義。但第三季我們在 iCasino 的市佔率已經達到了 14% 以上。這是我們繼哥倫比亞和賓州之後實現這一目標的第三個市場。事實上，我們的西維吉尼亞州營收在本季同比增長了 100% 以上，而第二季的年增率為 98%。在安大略省，我們為自己在競爭激烈的市場中的表現感到自豪。年比成長仍然非常高，約為 60%。我們的品牌和客戶體驗引起了良好的共鳴。正如我們在今年早些時候的前幾季中看到的那樣，我們的 ARPMAU 保持著明顯高於競爭對手的水平。這是一個 iCasino 權重大約為 3 個季度的市場，這發揮了我們的優勢。

In New Jersey, we posted our second highest level of quarterly revenue since launch in 2018 as the results reflect the benefits of our rebranding efforts in the state. The year-over-year growth in this quarter was the highest level we've achieved since introducing the Bet Rivers brand in New Jersey last summer. And our U.S. online sportsbook-only markets, we are continuing to see double-digit year-over-year growth and market share growth in many of those states, despite coming up against more difficult comparisons in the prior year and reduced marketing by RSI in those markets. In Latin America, we continued to perform well, with revenue contribution now over 11% of total revenues. In Colombia, we continue to expand at a rapid pace. Revenue grew 41% compared to last year.

在新澤西州，我們公佈了自 2018 年推出以來第二高的季度收入水平，因為結果反映了我們在該州的品牌重塑工作所帶來的好處。本季的年增率是我們去年夏天在新澤西州推出 Bet Rivers 品牌以來的最高水準。在我們的美國線上體育博彩市場中，我們在許多州繼續看到兩位數的同比增長和市場份額增長，儘管與上一年相比遇到了更困難的比較，並且RSI 導致的營銷活動減少了。那些市場。在拉丁美洲，我們持續表現良好，收入貢獻目前已超過總收入的 11%。在哥倫比亞，我們繼續快速擴張。營收較去年增長 41%。

In Mexico, we remain on schedule with our ramp as we started to be more assertive during the quarter. Of course, we are beginning with a small base, very similar to what Colombia looked like several years ago. Thus, the sequential growth this quarter was very high, near 90% compared to the June quarter. As we've conveyed prior, the approach in Mexico takes the playbook from Colombia. We're -- over a several year period, we cultivated the Rush Bet brand by consistently localizing the platform and creating a great player experience that consistently improved.

在墨西哥，我們仍按計劃進行增產，因為我們在本季開始變得更加自信。當然，我們是從一個小基地開始的，與哥倫比亞幾年前的情況非常相似。因此，本季環比成長非常高，與 6 月季度相比接近 90%。正如我們之前所傳達的，墨西哥的做法借鑒了哥倫比亞的做法。在幾年的時間裡，我們透過不斷在地化平台並創造持續改進的出色玩家體驗，培育了 Rush Bet 品牌。

As a comparison, Mexico has generated more than 2x the revenue of Colombia when measured from launch date. Needless to say, we remain bullish on the Mexican opportunity for RSI.

相比之下，從推出之日起計算，墨西哥的收入是哥倫比亞的兩倍多。不用說，我們仍然看好墨西哥 RSI 的機會。

Looking ahead, expanding our footprint. We announced some very exciting news in August. We shared with the market that we were selected by a Delaware Lottery as their exclusive online provider. We are targeting to launch by early winter. For those who are not familiar with Delaware, we will be the sole iGaming and online sportsbook platform in a state, powering online casino and sports betting for each of the state's 3 casinos. We are very excited for this opportunity as we see Delaware as a market that plays to our iCasino strength. The results from Delaware's online casinos are publicly available. As it stands today, before we launch, we see a market that is doing a little above $13 million annually of GGR, of which over 80% of that is online slot revenues. These levels do not include any online sports betting, which has never been offered in this market.

展望未來，擴大我們的足跡。我們在八月宣布了一些非常令人興奮的消息。我們與市場分享了我們被特拉華州彩票公司選為其獨家線上提供者的消息。我們的目標是在初冬之前推出。對於不熟悉特拉華州的人來說，我們將成為該州唯一的 iGaming 和線上體育博彩平台，為該州 3 個賭場的每個賭場和體育博彩提供支援。我們對這個機會感到非常興奮，因為我們認為特拉華州是一個可以發揮我們 iCasino 優勢的市場。特拉華州線上賭場的結果是公開的。就目前情況而言，在我們推出之前，我們看到市場每年的 GGR 略高於 1300 萬美元，其中 80% 以上來自線上老虎機收入。這些級別不包括任何線上體育博彩，該市場從未提供過此類博彩。

In addition to adding online sportsbook, another change will be how the digital business will be marketed. Our agreement with the Lottery provides for an earmarked digital marketing budget which is different compared to how the market has operated historically. We believe this will help us grow the market. Additionally, when customers log into the apps and sites, we expect them to find a leading online casino experience.

除了增加線上體育博彩之外，另一個變化是數位業務的行銷方式。我們與彩票公司的協議規定了專門的數位行銷預算，這與市場歷史上的運作方式不同。我們相信這將有助於我們擴大市場。此外，當客戶登入應用程式和網站時，我們希望他們找到領先的線上賭場體驗。

We think we will be able to showcase our ability to deliver a unique and differentiated iCasino experience by bringing new functionality and features not previously available to online players in Delaware. We are also planning to bring a wider selection of vendors and a greater variety of content to the market. Thus, when we consider the capital results of other iCasino markets, combined with how we expect to approach the market, we are very excited to partner with Delaware and grow its iCasino and online sportsbook businesses. We think it can become a meaningful contributor for us, both in terms of revenue and adjusted EBITDA. We'll continue to keep the market posted as we launch.

我們認為，透過為特拉華州的線上玩家帶來以前未提供的新功能和特性，我們將能夠展示我們提供獨特且差異化的 iCasino 體驗的能力。我們也計劃為市場帶來更多的供應商選擇和更多種類的內容。因此，當我們考慮其他 iCasino 市場的資本結果以及我們期望如何進入該市場時，我們非常高興與特拉華州合作並發展其 iCasino 和線上體育博彩業務。我們認為，無論是在收入還是調整後的 EBITDA 方面，它都可以為我們做出有意義的貢獻。我們將在推出時繼續向市場通報情況。

Shifting gears from a legislative standpoint, as we move into 2024, we will begin to see the legislative sessions around the country reconvened. There are a host of states on our radar that we will be watching closely. Most recently, a center in New York has indicated plans to reintroduce legislation for online casinos in 2024. Additionally, there continues to be activity in additional provinces in Canada, particularly Alberta. At the same time, we have several jurisdictions we are following closely in Latin America. There is no shortage of near- and long-term opportunities in our universe. We remain confident over the long term given the potential economics to government budgets, especially as compared to inflows from online sports betting. That expansion in iCasino legislation is increasingly a question of when, not if.

從立法角度來看，隨著進入 2024 年，我們將開始看到全國各地的立法會議重新召開。我們將密切關注許多州。最近，紐約的一個中心表示計劃在 2024 年重新引入線上賭場立法。此外，加拿大其他省份（尤其是艾伯塔省）繼續活動。同時，我們正在密切關注拉丁美洲的幾個司法管轄區。我們的宇宙中不乏近期和長期的機會。考慮到政府預算的潛在經濟效益，特別是與線上體育博彩的資金流入相比，我們對長期保持信心。網路賭場立法的擴展越來越成為一個何時而非是否的問題。

And our focus on customer engagement and retention, we have made tremendous progress on the product and technology front, recently in both iCasino and sports betting. We spent time in the past referencing our unique approach to the online casino player experience, whereby we build bespoke and gamified features on top of the core game library supplied to us by third-party game studios. Over the past 10 years, we consistently developed a wide range of casino innovations to offer our players unique ways to play, have fun and win when they play with us. Whether it's our unique to the industry community features or our flagship casino promotional engine, our goal has always remained constant, to increase ARPU of retention by offering players fun and unexpected, best-in-class experiences developed in-house by our talented product and engineering teams.

我們注重客戶參與度和保留率，最近在 iCasino 和體育博彩領域的產品和技術方面取得了巨大進步。我們過去花時間參考我們獨特的線上賭場玩家體驗方法，即我們在第三方遊戲工作室提供給我們的核心遊戲庫的基礎上構建定制和遊戲化的功能。在過去的 10 年裡，我們不斷開發各種賭場創新，為我們的玩家提供獨特的遊戲方式，讓他們在與我們一起玩時享受樂趣並獲勝。無論是我們獨特的行業社群功能還是我們的旗艦賭場促銷引擎，我們的目標始終不變，透過為玩家提供由我們優秀的產品和內部開發的有趣且意想不到的一流體驗來提高 ARPU 保留率。工程團隊。

While our understanding of casino player mindsets and motivations are important, so too is our ability to leverage our experience and expertise to develop these new-to-the-world experiences. Together, this is a big reason why we have and continue to achieve success in the online casino vertical. However, I'd also like to point out that strong execution on game integrations and launches also matters for players. Execution in terms of offering a great breadth and quality of content for our players have a leading selection of content to play and can easily find the games they prefer to play based on our recommendations.

雖然我們對賭場玩家心態和動機的理解很重要，但我們利用我們的經驗和專業知識來開發這些全新體驗的能力也很重要。總之，這是我們在線上賭場垂直領域取得並繼續取得成功的一個重要原因。不過，我還想指出，遊戲整合和發布的強大執行力對玩家也很重要。為我們的玩家提供廣泛且高品質的內容，他們擁有領先的可玩內容選擇，並且可以根據我們的推薦輕鬆找到他們喜歡玩的遊戲。

In the third quarter alone, we launched more than 1,000 new slot titles. We were first to market with many important titles, demonstrating the seamless way we work with game providers integrate games quickly but in a way that also optimizes a consistent and fast user experience. We are the first in market with a differentiated authentic live dealer table games in Michigan, which is exciting for us as we continue to focus on expanding the live dealer selection for our customers.

光是第三季度，我們就推出了 1,000 多個新老虎機遊戲。我們率先向市場推出了許多重要的遊戲，展示了我們與遊戲提供商合作的無縫方式，快速整合遊戲，同時也優化了一致和快速的用戶體驗。我們是密西根州市場上第一家提供差異化正宗真人荷官桌上遊戲的公司，這對我們來說是令人興奮的，因為我們將繼續致力於為客戶擴大真人荷官的選擇。

In sports betting, we kicked off the football field with a launch of Prop Central to offer our customers an easy-to-reach menu to access a wide range of player prop, wagering options in a single location. Historically, for merchandising of popular props betting content was decentralized throughout the app. A customer had to go through the relevant sports event to access prop app. With Prop Central, we have entirely changed how we merchandise these popular bets. Now there is a central hub for all player props across all major sports and it is presented in an easy-to-use and uncluttered format. The results have been very positive thus far, with a year-over-year increase in prop bet handle of 87%.

在體育博彩方面，我們透過推出 Prop Central 拉開了足球領域的序幕，為我們的客戶提供易於訪問的菜單，以便在一個位置訪問各種球員道具和投注選項。從歷史上看，對於流行道具的銷售，投注內容是分散在整個應用程式中的。客戶必須瀏覽相關體育賽事才能存取道具應用程式。透過 Prop Central，我們徹底改變了這些熱門投注的銷售方式。現在，所有主要運動項目的所有球員道具都有一個中心樞紐，並以易於使用且整潔的格式呈現。到目前為止，結果非常積極，自營投注手柄年增 87%。

That is not all that we've added to the sportsbook. We continue to leverage the success of our bespoke squares game. Starting with the football season, we have made squares available on every NFL game and most college football games. We are giving customers more chances to win bonuses and achieve profit business. We've even added a bad beet mechanic to square to drive increased engagement with sports bettors. We feel really good about where we are positioned. As we've been saying from the beginning, in our view product and experience will win the day. As we continue to successfully retain customers and reactivate customers efficiently, we continue to expect to deliver profitable growth. We remain well capital as we advance our platform. We maintain the fiscal and operational discipline to be able to keep growing our profitability over time.

這並不是我們添加到體育博彩中的全部內容。我們繼續利用我們定制方塊遊戲的成功。從橄欖球賽季開始，我們在每場 NFL 比賽和大多數大學橄欖球比賽中都提供了方塊。我們為客戶提供更多贏得獎金和獲利業務的機會。我們甚至在 Square 中添加了一個糟糕的甜菜機制，以提高與體育博彩玩家的互動。我們對自己所處的位置感覺非常好。正如我們從一開始就說過的那樣，我們認為產品和體驗將會獲勝。隨著我們繼續成功地保留客戶並有效地重新激活客戶，我們繼續期望實現盈利成長。在我們推進平台的同時，我們仍保持充足的資本。我們維持財務和營運紀律，以便能夠隨著時間的推移不斷提高我們的獲利能力。

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

這樣，我就把電話轉給凱爾。

Thanks, Richard. Third quarter revenue was $169.9 million, up 15% year-over-year, once again, with well-balanced growth across the business. We continue to see strength across the board in iCasino, sports in both our U.S. Canadian and LatAm markets, all of which grew double digits during the quarter. We posted our second consecutive quarter of positive adjusted EBITDA with the third quarter number coming in at just over $4 million. As Richard mentioned, we're much improved compared to last year as our adjusted EBITDA for the first 9 months of this year is up by over $70 million. We now expect to be adjusted EBITDA positive for the full year 2023.

謝謝，理查。第三季營收為 1.699 億美元，年比再次成長 15%，整個業務成長均衡。我們繼續看到 iCasino、美國、加拿大和拉丁美洲市場的運動全面強勁，所有這些市場在本季度都實現了兩位數成長。我們連續第二季實現正調整 EBITDA，第三季的數字剛好超過 400 萬美元。正如理查德所提到的，與去年相比，我們有了很大的進步，今年前 9 個月的調整後 EBITDA 成長了超過 7000 萬美元。我們現在預計 2023 年全年調整後的 EBITDA 將為正值。

While we remain true to our approach of allocating more resources to those markets that include iCasino, the good news is we have been gaining share in most sportsbook-only markets with a greatly improved product, which positions us extremely well when these markets add iCasino. In fact, while we continue to see strong profitability from our iCasino markets, as Richard pointed out, this marks the first quarter we were profitable in our sportsbook-only markets when looked at as a whole. This is a trend we've been talking about in recent quarters and sets us up well going forward. We continue to see high-quality players attracted to our platform and our U.S. and Canadian ARPMAU of $374 reflects this trend as this is the highest ARPMAU we've seen in 8 quarters, up 4% sequentially and 8% year-over-year. MAUs grew 2% year-over-year and 4% in markets with iCasino, all while reducing adjusted marketing spend during the quarter by 24% year-over-year and 16% sequentially.

雖然我們仍然堅持向包括iCasino 在內的市場分配更多資源的做法，但好消息是，我們已經透過大幅改進的產品在大多數僅限體育博彩的市場中獲得了份額，當這些市場添加iCasino 時，這使我們處於非常有利的地位。事實上，正如理查德指出的那樣，雖然我們繼續看到 iCasino 市場的強勁盈利能力，但從整體來看，這標誌著我們在僅限體育博彩的市場中實現盈利的第一季。這是我們最近幾季一直在談論的趨勢，它為我們未來的發展奠定了良好的基礎。我們繼續看到優質玩家被我們的平台所吸引，我們在美國和加拿大的ARPMAU 為374 美元，反映了這一趨勢，因為這是我們8 個季度以來看到的最高ARPMAU，環比增長4%，同比增長8%。 iCasino 市場的每月活躍用戶數較去年同期成長 2%，較去年同期成長 4%，同時本季調整後的行銷支出較去年同期減少 24%，較去年同期減少 16%。

Regarding hold, iCasino was in line with our expected range. As Richard mentioned, in online sportsbook, we're seeing our expected hold percentage move higher due to the innovations we're making to shift our sports mix to include more parlay player prop bets. In terms of percentage of bet count, our same game parlays increased by 55% year-over-year and the new Prop Central functionality Richard talked about helped drive 87% year-over-year increase in prop bet handle. We think these improvements are sustainable and are contributing nicely to the success we are seeing on the sports side. Our gross profit increased 20% on the 15% revenue growth. The result was an improvement in gross margin to nearly 32% compared to 30% during the same quarter last year. We're well down the road to be able to show meaningful improvement for the full year in our gross margins.

關於持有，iCasino 符合我們的預期範圍。正如理查德所提到的，在線上體育博彩中，由於我們正在進行創新以改變我們的體育組合以包括更多的連贏玩家自營投注，我們看到我們的預期持有百分比上升。就投注數量百分比而言，我們的同場遊戲連贏次數同比增長了 55%，理查德談到的新 Prop Central 功能幫助推動了道具投注額同比增長 87%。我們認為這些改進是可持續的，並且對我們在體育方面看到的成功做出了很好的貢獻。我們的毛利在營收成長 15% 的基礎上成長了 20%。結果是毛利率從去年同期的 30% 提高到近 32%。我們正在努力實現全年毛利率的有意義的改善。

Turning to marketing. We continue to get more efficient with our spend. Quarterly adjusted advertising and promotion spend was $34.1 million. This was down from $44.7 million last year and down from $40.4 million in the second quarter. This is being accomplished at the same time, we are increasing market share, continuing to grow active user count and getting a larger share of wallet from our players measured by ARPMAU.

轉向行銷。我們持續提高支出效率。季度調整後的廣告和促銷支出為 3,410 萬美元。這低於去年的 4,470 萬美元，也低於第二季的 4,040 萬美元。同時，我們正在增加市場份額，繼續增加活躍用戶數量，並從 ARPMAU 衡量的玩家手中獲得更大的錢包份額。

Regarding G&A expense, we were at $15.8 million for the quarter, which was up from $13.9 million in the second quarter. If you recall, last quarter, we had some tailwinds from foreign currency during the second quarter and mentioned on our last call that we expected G&A costs to be back near or above Q1 levels in the third quarter. In the third quarter, we had currency headwinds of roughly $1 million, said another way, without the effect of currency impacts in Q2 and Q3, our G&A would have been similar for each of Q1, Q2 and Q3 of this year. We ended the quarter with $171 million in unrestricted cash and no debt.

關於一般管理費用，本季我們的管理費用為 1,580 萬美元，高於第二季的 1,390 萬美元。如果您還記得，上個季度，我們在第二季度受到了一些外匯的推動，並在上次電話會議中提到，我們預計第三季度的一般管理費用將回到接近或高於第一季度的水平。在第三季度，我們遇到了大約100 萬美元的貨幣逆風，換句話說，如果沒有第二季和第三季的貨幣影響，我們今年第一季、第二季和第三季的一般管理費用將相似。本季結束時，我們擁有 1.71 億美元的非限制性現金，沒有債務。

The cash balance increase during the quarter was mostly from improvements in working capital. In addition, during the quarter, we freed up some of our restricted cash to give us more flexibility and allow us to earn interest on these funds. With our EBITDA now turn positive, we are comfortably more than fully funded to reach cash flow positive. We are tightening and raising our guidance for the full year. We now expect full year revenue to be between $665 million and $685 million, which increases the midpoint to $675 million, up $5 million from our previous guidance.

本季現金餘額的增加主要來自營運資金的改善。此外，在本季度，我們釋放了一些受限制的現金，以賦予我們更大的靈活性，並使我們能夠從這些資金中賺取利息。隨著我們的 EBITDA 現在轉正，我們完全有足夠的資金來實現正現金流。我們正在收緊並提高全年指導。我們現在預計全年收入將在 6.65 億美元至 6.85 億美元之間，這將中點提高至 6.75 億美元，比我們之前的指導增加了 500 萬美元。

And with that, operator, please open the lines for questions.

那麼，接線員，請打開提問線路。

(Operator Instructions) Our first question for today comes from Jordan Bender of JMP Securities. Please go ahead.

（操作員指令）我們今天的第一個問題來自 JMP 證券的 Jordan Bender。請繼續。

I'll actually stick my follow-up, Kyle, you just kind of referenced the guidance range for '23 moving up at the midpoint.

我實際上會堅持我的後續行動，凱爾，你剛剛提到了 23 年在中點向上移動的指導範圍。

I think we lost Jordan there. Are we still live on the call.

我認為我們在那裡失去了喬丹。我們仍然在通話中嗎？

Jordan, you might have muted yourself locally?

喬丹，你可能在本地把自己靜音了？

Yes. Sorry, can you guys hear me?

是的。抱歉，你們聽得到我說話嗎？

We can hear you now.

我們現在可以聽到你的聲音了。

There we go. Sorry. You mentioned the guidance went up at the midpoint for the year. Can you just kind of talk about where competition falls into that number when thinking about maybe the top end or either in the lower end of that range, just given some of that incoming competition coming up here.

我們開始吧。對不起。您提到指導值在今年中點上升。考慮到即將到來的一些即將到來的競爭，您能否談談在考慮該範圍的高端或低端時，競爭屬於該數字的哪個位置。

Sure. I'll take that one. I think it's a factor, but there's a lot of different factors when we think about defining the revenue range. You've got, particularly in Q4 for us, sports hold is a bigger impact. We've got some markets that are growing faster than others. So we have to think about the variability there with potential currency impacts. And then we still have the anticipated upcoming exit from Connecticut that we've got built in some variability around that. So competition is a piece of it, but it's one of many factors.

當然。我會接受那個。我認為這是一個因素，但當我們考慮定義收入範圍時，有很多不同的因素。尤其是在第四季度，對我們來說，運動保持的影響更大。我們的部分市場比其他市場成長得更快。因此，我們必須考慮潛在的貨幣影響的可變性。然後，我們仍然預計即將從康乃狄克州退出，我們為此建立了一些可變性。因此，競爭是其中的一部分，但它是眾多因素之一。

Okay. And then in September, you guys are included in this. It seems like promotion stepped up on a same-store basis from the prior year, obviously, with the NFL coming in that's expected. But the drive up higher, are we seeing a little bit more of a promotional environment out there? And then does that also translate into the iGaming side of the business as well.

好的。然後到了九月，你們也被包括在內。顯然，隨著 NFL 的到來，同店促銷活動似乎比去年有所加強。但是，隨著價格的上升，我們是否會看到更多的促銷環境？然後，這是否也轉化為 iGaming 業務方面的內容。

Yes. Thanks for the question, Jordan. I think maybe to start with just the bonusing strategy. It's going to look different in different markets depending on the opportunity for us in that market, maybe what the competitive landscape looks like. in that market, even the taxability of bonusing. So I think we just need to understand that extrapolating out from one or a few markets when you're looking at bonusing doesn't necessarily apply to every market. I will point out that we were particularly low last year in Q3. So from a year-over-year perspective, it does look higher. But we have been about where we have been on the sports side for the last several quarters. So it wasn't a big sequential change for us.

是的。謝謝你的提問，喬丹。我想也許可以從獎勵策略開始。在不同的市場中，情況會有所不同，這取決於我們在該市場中的機會，也許競爭格局是什麼樣的。在那個市場，甚至是獎金的課稅問題。因此，我認為我們只需要明白，當您考慮獎金時，從一個或幾個市場推斷並不一定適用於每個市場。我要指出的是，去年第三季我們的業績特別低。因此，從同比的角度來看，它看起來確實更高。但我們一直在關注過去幾季我們在體育方面的表現。所以這對我們來說並不是一個大的連續變化。

And I think the landscape of bonusing will continue to be dynamic and change for us and probably for all players, depending on how markets are maturing and how you're thinking about spending on external marketing spend versus bonusing for retention and reactivations. And then to the last piece of your question about iCasino, that's been a relatively flat for us. I think it was actually down year-over-year in terms of percentage of bonusing relative to GGR in the third quarter. So no major shifts there. And you can imagine that's a much bigger impact on the overall business for us given that we're 3.75-ish iCasino versus sports.

我認為獎金的格局將繼續動態變化，對我們來說，可能對所有玩家來說也可能會發生變化，這取決於市場的成熟程度以及您如何考慮外部行銷支出與保留和重新激活的獎金。關於你關於 iCasino 的最後一個問題，這對我們來說相對平穩。我認為第三季獎金相對於 GGR 的百分比實際上比去年同期下降。所以那裡沒有重大轉變。你可以想像，這對我們整體業務的影響要大得多，因為我們的 iCasino 與體育博彩相比是 3.75 左右。

Our next question comes from David Katz of Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

The Delaware opportunity sounds like a pretty exciting one. Can you just talk about the scale and scope of how we might think about that relative to the size of your business? Or any sort of color you can put around its magnitude would be helpful.

特拉華州的機會聽起來非常令人興奮。您能否談談相對於您的業務規模，我們如何考慮這一問題的規模和範圍？或者任何可以圍繞其大小的顏色都會有所幫助。

Kyle, why don't you take that one? I think with the -- David, I should talk to you, we're excited about the market. But I think in terms of the actual impact financially, I think we'll turn it over to Kyle to mention.

凱爾，你為什麼不拿那個？我認為——大衛，我應該和你談談，我們對這個市場感到興奮。但我認為就財務上的實際影響而言，我認為我們會將其交給凱爾提及。

Yes. So obviously hasn't launched yet, not included in any guidance. We'll certainly assess how that's going when we get to our Q4 call and have more color at that point. But we are really excited about it for the reasons Richard mentioned. Very confident about the product and how it's going to be received by players in that state. As Richard mentioned, there's some marketing dollars that are going to be put to work and that's new there. The market is pretty small right now. But over time, we think there's a pretty nice opportunity to expand. It's not going to happen overnight. But if you -- maybe just relative data points, if you just compare Delaware to our other live markets in the U.S., New Jersey, Pennsylvania, Michigan, West Virginia. And you just match up adult population, income levels, you could argue that Delaware is only 1/10 the size relative to those other states as it should be over time. So again, it's going to -- it will take some time, but we think it's a really great opportunity.

是的。所以顯然還沒有啟動，沒有包含在任何指南中。當我們進行第四季度的電話會議時，我們肯定會評估情況如何，屆時會有更多的資訊。但由於理查德提到的原因，我們對此感到非常興奮。對產品以及該州玩家將如何接受它非常有信心。正如理查德所提到的，一些行銷資金將投入使用，而且這是新的。現在市場很小。但隨著時間的推移，我們認為這是一個很好的擴張機會。這不會在一夜之間發生。但如果你——也許只是相對數據點，如果你只是將特拉華州與美國其他即時市場（新澤西州、賓夕法尼亞州、密西根州、西維吉尼亞州）進行比較。只要將成年人口和收入水平相匹配，您可能會說特拉華州的面積只有其他州的 1/10，隨著時間的推移，它應該是這樣的。再說一遍，這將需要一些時間，但我們認為這是一個非常好的機會。

Just to follow up there, is it something we should be thinking about as negative profitability initially? Or do you have enough scale at this point where you can sort of operate neutral and build over time?

順便問一下，我們最初是否應該將其視為負盈利？或者你現在有足夠的規模，可以中立運作並隨著時間的推移進行建設？

So I would not think about it as some big headwind in 2024. Like most markets, it takes a little while to get up and running. There's some costs associated with that. But like other North American casino markets, that we've demonstrated, Delaware, it should get profitable pretty quickly. And it's going to take some time to grow. But I think just maybe thinking about the economic profile, gross margins in Delaware for us should reach kind of near our company average and the contribution margin should likely be higher over time because there's not going to be the same marketing intensity that you'd have in a single operator market.

因此，我不認為這是 2024 年的重大逆風。與大多數市場一樣，它需要一段時間才能啟動和運行。與此相關的是一些成本。但就像我們已經證明的其他北美賭場市場一樣，德拉瓦州應該很快就能獲利。而且它需要一些時間來成長。但我認為，考慮到經濟狀況，我們在特拉華州的毛利率應該接近我們公司的平均水平，並且隨著時間的推移，邊際貢獻可能會更高，因為不會有與您擁有的相同的行銷強度在單一業者市場。

Our next question comes from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

I wanted to ask about flow-through or margins. The last 2 quarters, you've grown revenue about $20 million year-over-year. And EBITDA has increased between $15 million and $20 million during those quarters, respectively, year-over-year. So flow through in the 75% to 100%. In the fourth quarter, based on your guidance and Richard, based on your commentary that the year should be profitable, that would kind of infer that flow-through will actually be higher than 100%. So first question on that. And then more importantly, as we think about 2024, if there's no new state launches, how should we think about flow through given the leverage that you're getting on the current marketing spend and the fixed costs?

我想問一下流量或利潤。過去 2 個季度，您的收入年增了約 2000 萬美元。這些季度的 EBITDA 年比分別增加了 1500 萬美元至 2000 萬美元。所以流量在75%到100%之間。在第四季度，根據您的指導和理查德，根據您關於今年應該盈利的評論，這可以推斷流量實際上會高於 100%。所以第一個問題。更重要的是，當我們考慮 2024 年時，如果沒有新的狀態發布，考慮到當前行銷支出和固定成本的槓桿作用，我們應該如何考慮流量？

Yes. I'll take that one, Chad. Thanks for the question. I think on the flow-through here in the near term, it's probably getting too precise to pick a percentage. There's a lot of moving parts here. even things as simple as the currency fluctuation that I mentioned that was a $1 million pickup for us in Q2 and $1 million headwind in Q3 at these levels, with these single-digit profitability, it starts to have -- even things like that start to have a meaningful impact.

是的。我要那個，查德。謝謝你的提問。我認為就近期的流量而言，可能會變得太精確而無法選擇百分比。這裡有很多活動部件。即使是像我提到的貨幣波動這樣簡單的事情，在這些水平上，我們在第二季度增加了100 萬美元，在第三季度增加了100 萬美元，在這些水平下，有了這些個位數的獲利能力，它就開始出現——即使是這樣的事情也開始出現這種情況。產生有意義的影響。

When we get into next year, I think -- the way I think about it is we expect to continue to grow. Obviously, this is a growth market. We're a growth business, and that's independent of new market launches. Markets are maturing, we'd expect to get leverage over our marketing spend, our gross margins should be able to improve in 2024 versus 2023. As those markets grow, we've got some fixed expenses. Our revenue mix should come from higher profitability states.

當我們進入明年時，我認為——我的想法是我們期望繼續成長。顯然，這是一個成長的市場。我們是一家成長型企業，獨立於新市場的推出。市場正在成熟，我們預計我們的行銷支出將獲得槓桿作用，我們的毛利率應該能夠在 2024 年比 2023 年有所提高。隨著這些市場的成長，我們有一些固定費用。我們的收入組合應該來自盈利能力較高的州。

And G&A, I think if you look at the way we spent this year and really the way we spent since we've gone public as a company, we've been pretty modest with the way we've built the infrastructure of the business. So we may or may not get leverage over G&A next year, but it's not going to be a big drag for us.

G&A，我認為，如果你看看我們今年的支出方式，以及我們作為一家公司上市以來的實際支出方式，就會發現我們在構建業務基礎設施的方式上相當謙虛。因此，明年我們可能會也可能不會獲得一般行政費用的槓桿，但這不會對我們造成很大的拖累。

And then given that you've been able to achieve profitability and some probably more sports-only states than we originally thought, does that change how you're thinking about getting into some sports-only markets where you have a license, you have a way in, but haven't launched to this point.

然後考慮到你已經能夠實現盈利，並且一些可能比我們最初想像的更多的僅限體育的州，這是否會改變你對進入一些你擁有許可證的僅限體育的市場的想法，你有一個方式，但尚未啟動。

I'll take that one. I think every market, we continue to look at on a case-by-case basis, looking at all the things like the tax rates, the likelihood -- like iCasino being added, et cetera. It sure, it gives us some confidence to know that we are able to achieve this profitability and achieve better results in the sports-only markets. But we still are looking at each one on a case-by-case basis and monitor the opportunities in each case. And so we have been selective, and I think we're making some really good decisions on which markets to enter and which ones not to, and we continue to evaluate them on a case-by-case basis.

我會接受那個。我認為每個市場，我們都會繼續根據具體情況進行研究，研究所有因素，例如稅率、可能性——例如添加 iCasino 等。當然，這讓我們有信心知道我們能夠實現這種盈利能力並在純體育市場中取得更好的成績。但我們仍然會根據具體情況進行研究，並監控每種情況下的機會。因此，我們一直在進行選擇性，我認為我們正在就進入哪些市場和不進入哪些市場做出一些非常好的決定，並且我們將繼續根據具體情況進行評估。

Our next question comes from Dan Politzer of Wells Fargo.

我們的下一個問題來自富國銀行的丹‧波利策。

Thanks for all the detailed commentary. The first question, it sounds like you guys are gaining a lot of momentum and share. One, I wanted to just clarify, when you talked about gaining shares, is gross revenue, net revenue, handle. If you can just clarify there. And then what do you attribute this to? Is it product, the change in the competitive environment? And how do you see that share level evolving from here as it relates to the competitive environment may be changing in the next few months?

感謝所有詳細的評論。第一個問題，聽起來你們獲得了很大的動力和分享。一，我想澄清一下，當你談到獲得股票時，是指總收入、淨收入、利潤。如果你能在那裡澄清的話。那你把這歸因於什麼呢？是產品、競爭環境的改變嗎？您如何看待從這裡開始演變的份額水平，因為它與競爭環境可能在未來幾個月內發生變化有關？

Yes. Sure, Dan. I'll just take the first part on clarifying. It's a good point. So we're looking at GGR when we were giving some of those share changes you don't have net in all markets. GGR, you do. So we felt like that's the best way to look at that.

是的。當然，丹。我將只進行第一部分的澄清。這是一個好點。因此，當我們提供一些在所有市場中沒有淨值的份額變化時，我們會考慮 GGR。 GGR，你知道。所以我們覺得這是看待這個問題的最佳方式。

Dan, on the second question, share isn't really something -- it's not a primary motivation for us. We're trying to get to the profitability in every market, get a quick return on invested capital. But it is nice we are able to reduce marketing spend and still grow share in a time when it's still in a very competitive marketplace, which I think does validate the quality of improvements we've been talking about on the product side. We just, in fact, saw Eilers Report, for those of you who follow it, just came out today on the sportsbook side, and we moved up a couple of spots, I think to 4 out of 36 products in terms of the quality of the sportsbook side.

丹，關於第二個問題，分享並不是什麼真正的東西——它不是我們的主要動機。我們正在努力在每個市場上實現盈利，並快速獲得投資資本回報。但很高興我們能夠減少行銷支出，並在市場競爭仍然非常激烈的情況下仍然增加份額，我認為這確實驗證了我們一直在產品方面討論的改進的品質。事實上，我們剛剛看到了艾勒斯報告，對於那些關注它的人來說，今天剛剛在體育博彩方面發布，我們上升了幾個位置，我認為在 36 個產品中的質量方面達到了 4 個體育博彩方面。

So I think that's a great example of when you combine the product with the quality of the customer service we offer and automating a bunch of features that allow us to service customers with reduced friction. It does create a win-win for the players at us. And I think -- so we do feel that our quality of our experience continues to improve. And as we bring some market to the market, which as I've noted in the past, we started by doing casino innovation, and we now just sort of started to release some of our sportsbook capabilities and the sportsbook features are working. And players really notice when you offer them something that's unique and differentiated and high quality, and you start to get some momentum on those differentiation, features that we're bringing to market. So those -- that's sort of the answer to your question.

因此，我認為這是一個很好的例子，將產品與我們提供的客戶服務品質相結合，並自動化一系列功能，使我們能夠以減少摩擦的方式為客戶提供服務。它確實為我們的玩家創造了雙贏。我認為——所以我們確實覺得我們的體驗品質不斷提高。正如我過去所指出的，當我們將一些市場推向市場時，我們首先進行賭場創新，現在我們剛開始發布一些體育博彩功能，並且體育博彩功能正在發揮作用。當您為玩家提供獨特、差異化和高品質的產品時，玩家會真正注意到，並且您開始在我們推向市場的這些差異化功能上獲得一些動力。這就是你問題的答案。

Got it. And just for my follow-up, I know you mentioned that there was a lot of -- you turned profitable overall for sports betting only markets. Obviously, that's not all markets. I guess can you unpack that a little bit and let us know maybe what are some of the leaders versus laggards there? And among those laggers, do you see a path to becoming EBITDA positive in those markets over time?

知道了。對於我的後續行動，我知道您提到過，您在純體育博彩市場上總體上實現了盈利。顯然，這並不是所有市場。我想您能否稍微解釋一下，讓我們知道其中的領先者和落後者分別是什麼？在這些落後者中，您是否認為隨著時間的推移，這些市場的 EBITDA 會變得正值？

Sure. Yes, I'll take it. I think the -- I'm not going to give specifics on each market and start to break down profitability exactly by market. But I think, if you look at the markets where we have stronger revenue, bigger share and if you had a matrix of share and revenue with tax rates, that's probably going to lead you to a pretty good answer on which ones are most likely to be profitable. And then in terms of profitability over time as sportsbook-only markets, we do believe that all of them can get there. Some of them are going to be a little more challenging. As you can imagine, New York would be at the top of that list. But we've made significant improvements in New York as well. So I think they can all get there, but over varying amounts of time.

當然。是的，我會接受的。我認為，我不會給出每個市場的具體情況，也不會開始按市場細分獲利能力。但我認為，如果你看看我們收入更強、份額更大的市場，如果你有一個份額和收入與稅率的矩陣，這可能會讓你得到一個很好的答案，即哪些市場最有可能能夠盈利。然後，就純體育博彩市場隨著時間的推移的盈利能力而言，我們確實相信所有這些市場都可以實現這一目標。其中一些會更具挑戰性。正如你可以想像的那樣，紐約將名列榜首。但我們在紐約也取得了顯著的進展。所以我認為他們都可以到達那裡，但需要不同的時間。

Our next question comes from Jed Kelly of Oppenheimer.

我們的下一個問題來自奧本海默的傑德凱利。

Just sort of going back to some of the success you're having in OSB. Do you think that's coming more from the product or is that coming from smarter bonusing you're doing? And then I might have joined a little late. But on getting the Delaware contract, can you share with us any term -- anything in terms of like licensing or taxes or of a new share we should be aware of as we're thinking about building that into our 2024 model?

讓我們回顧一下您在 OSB 領域取得的一些成功。您認為這更多來自產品，還是來自您正在做的更明智的獎金？然後我可能加入得有點晚了。但是在獲得特拉華州合約時，您能否與我們分享任何條款——在我們考慮將其納入 2024 年模型時，我們應該注意的任何條款，例如許可或稅收或新份額？

Hi, Jed, it's Richard. I'll take the first question and Kyle can answer the second one. As I referenced a little bit earlier, I think the product improvements on the sportsbook side are very meaningful. We've been talking about it for several quarters and even last year, how much better the product is getting. And it's really delivering a much better experience for the users, and we've been able to bring some unique features to the market. We have the squares feature, which players really talk about winning where they get in -- they make the same bet with any app on the same sort of spread bet with any competitor, including us. But when they bet with us, they get an extra chance to win and no extra cost up to $10,000 to a lottery mechanic if they're square lands.

嗨，傑德，我是理查德。我回答第一個問題，凱爾可以回答第二個問題。正如我之前提到的，我認為體育博彩的產品改進非常有意義。我們已經討論了幾個季度甚至去年的問題，即產品的改進程度。它確實為用戶提供了更好的體驗，並且我們已經能夠為市場帶來一些獨特的功能。我們有方塊功能，玩家真正談論的是在他們進入的地方獲勝——他們使用任何應用程式與任何競爭對手（包括我們）進行相同類型的點差投注。但是，當他們與我們一起下注時，他們將獲得額外的獲勝機會，並且如果他們是方地，則無需向彩票技工支付高達 10,000 美元的額外費用。

So just giving players something fun, something unexpected, something different, is a capability that really helps to drive some users. We've also made a lot of improvements in the way we market our props. The Prop Central was referenced earlier in my notes, really is having a meaningful impact on exposing really important bets that people are looking for in a much easier way. So when you combine that with customer service and all the automation we do in the customer service team, it makes a big difference. And players are noticing.

因此，僅僅為玩家提供一些有趣的、意想不到的、不同的東西，就是真正有助於驅動一些使用者的能力。我們也在道具行銷方式上做了許多改進。我前面的筆記中提到了 Prop Central，它確實對以更簡單的方式揭示人們正在尋找的真正重要的賭注產生了有意義的影響。因此，當您將其與客戶服務以及我們在客戶服務團隊中所做的所有自動化結合起來時，就會產生很大的不同。玩家們已經注意到了。

And I think another big factor is that as other promotions come down in the industry and ours and others are more similar, you start to have lesser of a difference between the bonusing and you're not having every operator bonus, if there's an injury, an ankle turn in the first quarter, they give back the money to the players. You're not seeing that type of aggressive bonusing anymore. And I think that's helping to sort of have players be more discernible about what experience they want and choosing the operators to offer them the trustworthy, reliable and high-quality experience, which is what we offer. So I think we're continuing to gain momentum from the quality of our experience, less about being transactional-based or offering more aggressive bonuses, which is how it used to operate.

我認為另一個重要因素是，隨著行業中其他促銷活動的減少，而我們和其他人的促銷活動更加相似，獎金之間的差異開始變小，如果受傷，您不會獲得所有操作員獎金，第一節腳踝扭傷，他們把錢還給了球員。你不會再看到那種激進的獎金了。我認為這有助於讓玩家更清楚地了解他們想要什麼體驗，並選擇營運商為他們提供值得信賴、可靠和高品質的體驗，而這就是我們所提供的。因此，我認為我們將繼續從我們的體驗品質中獲得動力，而不是基於交易或提供更激進的獎金，這就是它過去的運作方式。

And real quick, Jed, we've covered some of the Delaware, but just the highlights. Today, it's about a $13 million annual run rate, GGR. So it's going to take some time to build from there. We think there's a lot of great things we bring to the table that are going to be able to make that a bigger market than it is but we want to be mindful that it's a new launch for us, and it will take some time to build. We do think it won't be a big headwind for us in terms of profitability. We can get profitable there fairly quickly. It should have gross margins that are in kind of the company average range that we have today and then contribution margins for that market should be higher as we get to profitability.

傑德，很快，我們已經介紹了特拉華州的一些內容，但只是重點。如今，年運行率 (GGR) 約為 1,300 萬美元。因此，從那裡開始構建需要一些時間。我們認為我們帶來了很多很棒的東西，這些東西將能夠使市場變得比現在更大，但我們要記住，這對我們來說是一個新的發布，並且需要一些時間來建立。我們確實認為這對我們的獲利能力來說不會是一個很大的阻力。我們可以很快地在那裡獲利。它的毛利率應該與我們今天的公司平均範圍相當，然後當我們實現盈利時，該市場的貢獻利潤率應該更高。

Great. And then just one quick follow-up. How much have October holds factored into your 4Q guidance?

偉大的。然後只是一個快速跟進。 10 月份的持有量在您的第四季度指引中佔了多少比例？

Sure. So certainly, we take the hold we know about today and the revenue generation that we have to date, but that's going to fluctuate from week to week, as you can imagine. So it is factored in for sure. And we've got a range of factors for the remainder of the November and December as well.

當然。因此，當然，我們會保持我們今天所了解的情況以及迄今為止所產生的收入，但正如你可以想像的那樣，這將每週都在波動。所以它肯定被考慮在內。我們也掌握了 11 月和 12 月剩餘時間的一系列因素。

Our next question comes from Joe Stauff of Susquehanna.

我們的下一個問題來自薩斯奎哈納的喬·斯塔夫。

Richard, Kyle, I had a couple of questions on user growth fees. And I'm just trying to understand kind of just the level of penetration, say, in some of your older markets, iCasino markets in particular, whether it be Pennsylvania and so forth. And how much more opportunity you think there is regarding user growth. I think you gave a stat on Slide 16, where said, miles were up 4% in iCasino markets year-over-year, but I was curious if I assume that's both products. And if I exclude sports, wondering if your users were up kind of year-over-year, specifically for iCasino.

理查、凱爾，我有幾個關於用戶增長費的問題。我只是想了解一些舊市場的滲透水平，尤其是 iCasino 市場，無論是賓州還是其他地方。您認為用戶成長方面還有多少機會？我想您在投影片 16 上給出了統計數據，其中提到 iCasino 市場的里程數年增長了 4%，但我很好奇是否假設這兩種產品都是如此。如果我排除體育運動，想知道您的用戶是否比去年同期成長，特別是 iCasino。

Yes. So maybe I'll take the first part and let Richard talk about the markets in general and growth opportunity in those more mature markets. But Richard said some of this, but we've definitely been focused on acquiring and retaining high-quality players. In total, as you mentioned, for U.S. and Canadian markets, miles were up 4% year-over-year in total. And we say iCasino markets, you're correct. That is -- that's people who are in those markets, they might be playing casino-only, sports-only or both. And then in markets -- or in all markets in total, we were up 2% in the quarter. So we had about 132,000 monthly active users in the quarter.

是的。因此，也許我會先講第一部分，讓理查德談談整體市場以及那些更成熟市場的成長機會。但理查德說了一些，但我們絕對專注於獲取和留住高品質的球員。正如您所提到的，美國和加拿大市場的里程總數同比增長了 4%。我們說 iCasino 市場，你是對的。也就是說，這些市場的人們可能只玩賭場、只玩運動遊戲或兩者兼具。然後在市場中，或在所有市場中，我們本季上漲了 2%。因此，本季我們的每月活躍用戶約為 132,000 名。

In terms of the opportunity in a market like Pennsylvania, to grow our users, we certainly think there's an opportunity as we continue to work closely with a land-based partner there. We're continuing to find ways to collaborate, cross-sell. We've integrated the platform systems together in a way that allows us to award loyalty points whether a player goes from land-based to online or the playing online going back to land-based in a way that we think is going to start to contribute to opportunities to convert some more players from land-based to playing both online and land-based, knowing that if you do that, you achieve a greater loyalty loop among those players. So there's certainly things that we're working on. I don't think we've ever worked as well and close as we are these days with land-based property, and so we're continuing to have a lot of opportunity to show some results from that collaboration.

就賓州這樣的市場中增加用戶的機會而言，我們當然認為，隨著我們繼續與當地的合作夥伴密切合作，這是有機會的。我們正在繼續尋找合作、交叉銷售的方法。我們已經將平台系統整合在一起，無論玩家從陸地遊戲轉向線上遊戲，還是線上遊戲回到陸地遊戲，我們都可以獎勵忠誠度積分，我們認為這將開始做出貢獻有機會將更多玩家從實體遊戲轉變為同時在線和實體遊戲，因為您知道，如果您這樣做，您可以在這些玩家之間實現更大的忠誠度循環。所以我們確實正在努力做一些事情。我認為我們在陸地地產方面的合作從未像現在這樣順利和密切，因此我們將繼續有很多機會展示合作的一些成果。

And just to clarify, again, in that 4%. Is there any way you can give us a look. You don't have to give us the exact number, but if I were to include sports-based customers. Just curious, again, if iCasino users had grown year-over-year in third quarter.

再次澄清一下這 4%。有什麼辦法可以給我們看看嗎。您不必向我們提供確切的數字，但如果我要包括體育客戶的話。只是再次好奇 iCasino 用戶在第三季是否同比成長。

Yes. I think breaking it down that far is further than we expect to do on a call like this, but up 4% in those markets, I think we're having great success in iCasino. Richard talked about market share in those markets. We're growing in those markets. So I think we're real pleased with the way the user count has been trending there.

是的。我認為細分到這一點比我們在這樣的電話會議中預期的要遠，但在這些市場中增長了 4%，我認為我們在 iCasino 中取得了巨大的成功。理查德談到了這些市場的市場份額。我們正在這些市場中成長。所以我認為我們對用戶數量的趨勢非常滿意。

Okay. And then if I could, just 2 follow-up, real quick ones. What is the timing on Connecticut exit? And are you interested in possibly I don't know, selling subleasing, whatever the right terminology is on your New York market access.

好的。然後，如果可以的話，只需進行兩次後續行動，非常快速的。康乃狄克州出口的時間是什麼時候？我不知道您是否對銷售轉租感興趣，無論您的紐約市場准入的正確術語是什麼。

On the Connecticut announcement, there's been no public announcement at this time. There's nothing further. We're able to comment on beyond what we talked about previously, where we thought by the end of this year would be the time line that we're operating with it. In terms of New York, there's not a belief right now to consider selling that asset, it's certainly something that's limited. Scarcity is the largest online sports betting market in the country. And we are obviously excited about the opportunity to potentially leverage that license framework to help secure iGaming potentially. So for us, it's very strategic to -- we would have that asset.

關於康乃狄克州的公告，目前還沒有任何公開公告。沒有什麼更進一步的了。我們能夠對之前討論的內容之外的內容進行評論，我們認為今年年底將是我們使用它的時間線。就紐約而言，目前沒有人會考慮出售該資產，這肯定是有限的。 Scarcity 是該國最大的線上運動博彩市場。我們顯然對有機會利用該許可框架來幫助保護 iGaming 的潛在機會感到興奮。因此，對我們來說，擁有該資產非常具有戰略意義。

Our next question comes from Ryan Sigdahl from Craig-Hallum.

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

This is Will on for Ryan. Maybe just a few quick ones for me. First one I wanted to talk about was you did a partnership with Genius Sports for Bet Vision, there's sort of watch and bet service. I think your peers are currently running it. I was curious maybe a time line for when you guys might plan to deploy that? And just any comments you might have on testing your experience with it.

這是瑞安的威爾。也許對我來說只是一些快速的。我想談的第一件事是你們與 Genius Sports 的 Bet Vision 合作，提供觀看和投注服務。我認為您的同行目前正在運行它。我很好奇你們計劃何時部署它？以及您在測試您的體驗時可能提出的任何評論。

Sure. Will, it's Richard. We've -- it's only handful -- there's only 3 or so other operators and us that are using it. We actually have already deployed it and so we're not really speaking about any data results from this at this point. It's a very early times and very early days on it. But certainly, we think the ability to offer streaming of content is helpful, especially if you can offer some bets alongside that experience. So we're testing it all seeing how well it works. And if we can get some increased betting volume based on having something that's relatively unique in the space.

當然。威爾，我是理查。我們——只有少數——只有大約 3 個其他運營商和我們在使用它。我們實際上已經部署了它，因此此時我們並沒有真正談論由此產生的任何數據結果。現在還處於非常早期的時期。但當然，我們認為提供內容流的能力是有幫助的，特別是如果你可以在這種體驗的同時提供一些賭注。所以我們正在測試它，看看它的效果如何。如果我們能夠基於擁有該領域相對獨特的東西來增加投注量。

Great. And then maybe as a follow-up to that, I wanted to hop to Ontario. Last call, I think you guys said your ARPMAU compared to competitors was double that. Just curious maybe how has that changed during the quarter? And any other comments on the Ontario market?

偉大的。然後也許作為後續行動，我想去安大略省。上次通話時，我想你們說你們的 ARPMAU 是競爭對手的兩倍。只是好奇本季情況有何變化？對安大略市場還有其他評論嗎？

Yes. Our ARPMAU continues to be really strong there. I actually don't know off hand if it's exactly still double or more than double. But it stayed very strong. So I presume others have looked similar. So I don't think there's any change there.

是的。我們的 ARPMAU 在那裡仍然非常強大。實際上我不知道它是否仍然是兩倍或超過兩倍。但它仍然非常強勁。所以我認為其他人看起來也很相似。所以我認為那裡沒有任何變化。

I think it's been consistent in terms of high performance and getting a higher share of wallet, which is ultimately what matters most in those markets is players are going to play multiple sites, but how much of the budget are they going to allocate towards better experiences and site to prefer. And we think the reflection of the high ARPA, ARPMAU is an indication that really prefer many, many cases to play with us.

我認為它在高效能和獲得更高的錢包份額方面是一致的，這最終在這些市場中最重要的是玩家將玩多個網站，但他們將分配多少預算用於更好的體驗和首選網站。我們認為高 ARPA、ARPMAU 的反映表明我們確實更願意與我們一起玩很多很多案例。

In terms of the market itself, it's a good maturity in terms of the conversion from black market or gray market to white market very fast. But it's at the point now we're all the existing prior operators have converted their player bases. So you're at the point now where you're going to start to see over time, I think the quality operators will start to stand out more from the pack, right? Because now you have a situation where everyone is converting, everyone is now on an equal playing field. And ultimately, we're excited by that market opportunity because we do think the experience we offer is unique and differentiated and when players try as they stay with us. And so our goal is to get a larger number of players not previously familiar with our brand to give us a try with the recognition that when they do, we have a pretty good shot at keeping them.

就市場本身而言，它已經非常成熟，從黑市或灰市到白市的轉換非常快。但現在我們所有現有的先前營運商都已經轉變了他們的玩家基礎。所以你現在正處於這樣的時刻，隨著時間的推移，你將開始看到，我認為優質的運營商將開始從人群中脫穎而出，對嗎？因為現在的情況是每個人都在轉變，每個人現在都處於平等的競爭環境。最終，我們對這個市場機會感到興奮，因為我們確實認為我們提供的體驗是獨特且與眾不同的，並且當玩家嘗試與我們在一起時。因此，我們的目標是讓更多以前不熟悉我們品牌的玩家嘗試我們，並認識到當他們這樣做時，我們就有很好的機會留住他們。

Yes. Well, I just took a peak. And without giving you exact number, our ARPMAU has grown sequentially in Ontario every quarter since launch. So still very strong there.

是的。好吧，我剛剛達到了峰值。雖然沒有給您確切的數字，但自推出以來，我們的 ARPMAU 在安大略省每個季度都在連續成長。所以那裡仍然非常強大。

Thank you. At this time, we currently have no further questions. So I'll hand back to Richard Schwartz for any further remarks.

謝謝。目前，我們沒有進一步的問題。因此，如果有任何進一步的評論，我將轉交給理查德·施瓦茨 (Richard Schwartz)。

Thank you again for joining us today. We expect the better part of 11 years, getting to the point where we are today. We have a leading technology platform in the industry and one we are demonstrating that customers love. We have multiple opportunities to grow our business, and we're disciplined in how we execute our growth. We are well capitalized. Altogether, we are where we want to be, well positioned for future revenue and profitability growth in the future. We look forward to updating you on our progress when we share our fourth quarter and full results early next year. Thanks.

再次感謝您今天加入我們。我們預計 11 年的大部分時間都會達到今天的水平。我們擁有業界領先的技術平台，並且我們正在展示深受客戶喜愛的技術平台。我們有多種發展業務的機會，並且我們在執行業務成長方面遵守紀律。我們資本充足。總而言之，我們已經達到了我們想要的目標，為未來的收入和獲利能力成長做好了充分準備。我們期待在明年初分享第四季和全部業績時向您通報我們的最新進展。謝謝。

Thank you for joining today's call. You may now disconnect your line.

感謝您參加今天的電話會議。現在您可以斷開線路。