Rush Street Interactive Inc (RSI) 2025 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 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。感謝您的耐心等待。歡迎參加 Rush Street Interactive 2025 年第三季財報電話會議。（操作說明）

I will now turn the call over to Kyle Sauers, President and Chief Financial Officer. Please go ahead.

現在我將把電話交給總裁兼財務長凱爾·紹爾斯。請繼續。

Thank you, operator, and good afternoon. By now, everyone should have access to our third quarter 2025 earnings release. It can be found under the heading Financials quarterly results in the investors section of the RSI website at RushstreetInteractive.com.

謝謝接線員，下午好。現在，所有人都應該可以查閱我們 2025 年第三季的財報。可在 RushstreetInteractive.com 網站 RSI 投資者關係部分的「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 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.

我們的一些評論將構成聯邦證券法意義上的前瞻性陳述。前瞻性陳述並非歷史事實的陳述，通常使用諸如「將」、「預期」、「應該」或其他類似短語來識別，並且受到諸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存在重大差異。

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.

我們不承擔更新任何前瞻性陳述的責任。因此，在解讀和依賴這些內容時應謹慎。有關可能影響我們未來經營業績和財務狀況的風險的更詳細討論，請參閱我們向美國證券交易委員會提交的文件。

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.

在電話會議中，我們將討論我們的非GAAP指標，我們認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。

We will be discussing adjusted EBITA, which we define as net income or loss before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items, and other adjustments that are either non-cash or not related to our underlying business performance.

我們將討論調整後的 EBITA，我們將其定義為扣除利息、所得稅、折舊和攤銷、股份支付、某些一次性或非經常性項目的調整以及其他非現金或與我們基本業務表現無關的調整之前的淨收入或虧損。

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is available in our third quarter of 2025 earnings release and our investor deck, which is available in the investor section of the RSI website at rushryinteractive.com.

這些非GAAP指標與最直接可比較的GAAP指標的調節表，可在2025年第三季財報和投資人簡報中找到，該文稿可在RSI網站rushryinteractive.com的投資人部分找到。

For purposes of today's call, unless noted otherwise, when discussing profitability, EBITDA, or other income statement measures other than revenue, we're referring to those items on a non-GAAP adjusted EBITDA basis. With me on the call today, we have Richard Schwartz, Chief Executive Officer. We will first provide some opening remarks and then open the call to questions. And with that, I'll turn the call over to Richard.

就今天的電話會議而言，除非另有說明，否則在討論盈利能力、EBITDA 或除收入以外的其他損益表指標時，我們指的是非 GAAP 調整後的 EBITDA 項目。今天和我一起參加電話會議的有執行長理查德·施瓦茨。我們先作一些開場白，然後開始接受提問。那麼，我就把電話交給理查了。

Thanks, Kyle. Good afternoon and thank you for joining us today. I'm pleased to report on another outstanding quarter that underscores the resilience of our business model and player first approach. Our third quarter results demonstrate con continued momentum and acceleration of growth across key markets led by our continued outperformance in the online casino space.

謝謝你，凱爾。下午好，感謝各位今天蒞臨。我很高興地報告，我們又迎來了一個出色的季度，這凸顯了我們商業模式的韌性和以玩家為先的方針。第三季業績表明，在主要市場，尤其是在線上賭場領域，我們持續保持強勁的成長勢頭並加速發展。

Before diving into our key quarterly performance, I want to highlight some important organizational enhancements to strengthen our leadership structure.

在深入探討我們關鍵的季度表現之前，我想先重點介紹一些重要的組織改善措施，以加強我們的領導結構。

We promoted Kyle Sauers to President and CFO, expanding his existing role to now oversee marketing, operations, and commercial strategy in addition to finance. This change allows me to focus more deeply on innovation, online casino legalization and strategic growth opportunities.

我們提拔 Kyle Sauers 為總裁兼財務官，擴大了他現有的職責範圍，現在除了財務之外，他還負責監督行銷、營運和商業策略。這項變更使我能夠更深入地專注於創新、線上賭場合法化和策略性成長機會。

While Kyle drives cross-functional operational excellence across our existing markets. We've also elevated Rob Picard to Chief Strategy Officer. Reflecting his contributions to our success. These changes position us well for continued execution as we scale our business. Congratulations to both Kyle and Rob.

Kyle 負責推動我們現有市場中的跨職能卓越營運。我們也提拔了羅伯·皮卡德擔任首席策略長。體現了他對我們成功所做的貢獻。這些變化使我們能夠更好地應對業務規模擴張帶來的持續挑戰。恭喜Kyle和Rob。

Now turning to our Q3 performance. Revenue reached a record $277.9 million, up 20% year over year. Marking our 10 consecutive quarter of sequential revenue growth over the prior quarter.

現在來看我們第三季的業績。營收達到創紀錄的 2.779 億美元，年增 20%。這是我們連續第十個季度實現營收環比成長。

Notably, this growth was driven by very strong player acquisition and player engagement across our higher value markets.

值得注意的是，這項成長主要得益於我們在高價值市場中非常強勁的玩家獲取和玩家參與度。

Adjusted EBITDA of $36 million increased 54% year over year. Demonstrating the operating leverage inherent in our business model as we scale.

調整後 EBITDA 為 3,600 萬美元，年增 54%。隨著我們業務規模的擴大，我們將展現我們商業模式中固有的營運槓桿作用。

In total for North America, our MAUs increased 34% year over year, rising to 225,000. This represents our fastest quarterly user growth rate over four years and clearly of a much larger base of players. What makes these results particularly compelling is the continued acceleration of our growth in North American online casino markets where we see the highest player value and retention.

北美地區總月活躍用戶數年增 34%，達到 225,000。這代表了我們四年來最快的季度用戶成長率，而且顯然用戶基數更大。這些結果尤其引人注目的是，我們在北美線上賭場市場持續加速成長，因為我們在該市場看到了最高的玩家價值和留存率。

In our North American online casino markets, we deliver exceptional performance with 46% year over year mal growth. This is also the second highest quarterly growth rate in over four years. Again, achieved off a much larger starting player base.

在北美線上賭場市場，我們取得了卓越的業績，年增長率高達 46%。這也是四年多來第二高的季度成長率。同樣，這是在更大的初始玩家群體基礎上實現的。

Even more encouraging, we've seen accelerating year over year growth in our North American online casino player base every single month since March. Indicating a strong underlying momentum that extends well beyond any seasonal factors.

更令人鼓舞的是，自 3 月以來，我們看到北美線上賭場玩家數量每個月都在加速同比增長。這表明存在強勁的潛在成長勢頭，遠遠超出任何季節性因素的影響。

While this rapidly growing player base is driven by our high-quality player experience and strong retention, we also had a record quarter as it relates to first-time depositors across the business, beating our prior high water mark by more than 10% while doing so at very attractive customer acquisition rates.

雖然玩家數量的快速增長得益於我們高品質的玩家體驗和強大的用戶留存率，但我們在首次存款用戶方面也創下了季度紀錄，比之前的最高紀錄高出 10% 以上，同時客戶獲取率也非常可觀。

Turning to our performance in individual online casino markets, the breadth and scope of our success is encouraging. Delaware continued its noteworthy trajectory with 74% net revenue growth, demonstrating the sustained opportunity in this market, even as it continues to mature.

從我們在各個線上賭場市場的表現來看，我們取得的成功範圍和程度令人鼓舞。特拉華州繼續保持著令人矚目的成長勢頭，淨收入成長了 74%，這表明即使該市場不斷成熟，仍然存在持續的發展機會。

Michigan delivered 48% growth, its second fastest pace since Q1 2022. Even our most mature market in New Jersey, achieved 37% growth, the second fastest rate since Q1 2021, proving that established markets can re-accelerate with the right strategy and execution.

密西根州實現了 48% 的成長，這是自 2022 年第一季以來第二快的成長速度。即使是我們在新澤西州最成熟的市場，也實現了 37% 的成長，這是自 2021 年第一季以來第二快的成長速度，這證明成熟的市場可以透過正確的策略和執行重新加速發展。

Ontario grew 24%, its fastest pace since Q4 2023. While Pennsylvania delivered 15% growth, its fastest growth since Q3 2021. This broad-based acceleration of growth across markets at varying maturity levels validates our strategic approach of focusing on product differentiation and a high-quality customer experience.

安大略省經濟成長了 24%，這是自 2023 年第四季以來最快的成長速度。賓州實現了 15% 的成長，這是自 2021 年第三季以來最快的成長速度。不同成熟度市場普遍加速成長，這驗證了我們專注於產品差異化和高品質客戶體驗的策略方針。

Our proprietary technology platform enables us to deliver unique gaming experiences that drive both customer acquisition and retention efficiently.

我們專有的技術平台使我們能夠提供獨特的遊戲體驗，從而有效地促進客戶獲取和留存。

In Latin America, we continued to build momentum with MAUs growing 30% year over year, climbing to a new record of 415,000 users. While Copa America in 2024 created a challenging year over year comparison in July. August and September both delivered over 50% growth. Demonstrating the underlying strength of [TAM] operations extends well beyond major sporting events.

在拉丁美洲，我們的成長動能持續強勁，每月活躍用戶數較去年同期成長 30%，創下 41.5 萬用戶的全新紀錄。2024 年美洲杯在 7 月造成了同比數據對比的挑戰。8月和9月均實現了超過50%的成長。[TAM] 營運的強大實力遠不止體現在大型運動賽事上。

Mexico revenue grew over 100% again this quarter, reflective of continued momentum and market share gains in that market. And in Colombia, while GGR again grew over 50%, net revenue was down 27% during the quarter due to player bonusing related to the temporary VAT tax.

本季墨西哥市場收入再次成長超過 100%，反映出該市場持續的成長動能和市場佔有率的提升。在哥倫比亞，雖然 GGR 再次成長超過 50%，但由於與臨時增值稅相關的玩家獎金，該季度淨收入下降了 27%。

In Colombia, we continue to navigate to VAT tax environment. Our strategy of absorbing the tax impact while maintaining player experience has allowed us to grow our market position and continue to grow our player base at a fast pace.

在哥倫比亞，我們繼續適應增值稅的稅收環境。我們採取的策略是在吸收稅收影響的同時，保持玩家體驗，這使我們能夠提升市場地位，並繼續快速擴大玩家群體。

Our strong operational performance at Columbia positions as well for meaningful upside when normal tax conditions resume. As for the President's proposed 2026 tax reform, we continue to believe that Congress will not approve the proposed online gaming tax. Now I want to address several industry topics that I know are top of mind for investors.

哥倫比亞公司強勁的營運表現也為恢復正常稅收條件後帶來可觀的成長潛力。至於總統提出的 2026 年稅收改革方案，我們仍然認為國會不會批准擬議的網路遊戲稅。現在我想談談幾個投資人最關心的行業話題。

First, on prediction markets. We are monitoring the space closely. As a casino first company, we see less direct competitive risk than sportsbook heavy operators. In fact, if prediction markets create tax revenue erosion concerns for states, this could accelerate online casino legalization as states seek more protected revenue streams, a development that would actually benefit RSI given a market leading experience in online casino.

首先，我們來談談預測市場。我們正在密切關注這一領域。作為一家以賭場業務為主的公司，我們認為面臨的直接競爭風險比以體育博彩為主的營運商要小。事實上，如果預測市場導致各州擔心稅收收入減少，這可能會加速線上賭場合法化，因為各州會尋求更安全的稅收來源，而鑑於 RSI 在線上賭場領域擁有市場領先的經驗，這一發展實際上將有利於 RSI。

The second industry topic is sweepstakes operators. The proliferation of unregulated sweepstakes products with games that look, feel, and play identical to regulated online casino games presents both a challenge and an opportunity.

第二個行業話題是抽獎業者。大量不受監管的抽獎產品湧現，這些產品的遊戲外觀、感覺和玩法與受監管的線上賭場遊戲完全相同，這既是挑戰也是機會。

The reality is that this online casino gaming is already occurring across the United States through these unregulated and illicit channels.

事實上，這種線上賭場賭博活動已經透過這些不受監管的非法管道在美國各地發生。

These operators generally pay no taxes, are not subject to consumer protection or responsible gaming standards. And often raise concerns about targeting minors.

這些業者通常不繳稅，也不受消費者保護或負責任博彩標準的約束。而且經常引發人們對以未成年人為目標的擔憂。

States are faced with a clear choice. Continue to allow this untaxed, unregulated activity. Or they can legalize online casino gaming and regulate it properly, ensuring strong and consistent consumer protections for the residents and generating meaningful tax revenue for their states.

各國面臨一個明確的選擇。繼續允許這種不受稅收和監管的活動。或者，他們可以將線上賭場遊戲合法化並進行適當監管，從而確保為居民提供強有力的、一致的消費者保護，並為各自的州創造可觀的稅收收入。

We believe the right choice is obvious, and the sweepstakes proliferation only strengthens the case for regulated online casino expansion.

我們認為正確的選擇顯而易見，而抽獎活動的激增只會更加凸顯規範線上賭場擴張的必要性。

Looking ahead, our pipeline of opportunities remains robust. We're excited about our planned expansion into Alberta and anticipate launching in that market on day one when it goes live.

展望未來，我們的發展機會依然強勁。我們對計劃拓展到阿爾伯塔省感到非常興奮，並期待在該市場上線的第一天就推出我們的服務。

This represents a significant online casino opportunity that leverages our proven success in similar markets such as Ontario, where we continue to hit new quarterly revenue records.

這代表著一個重要的線上賭場機會，它充分利用了我們在安大略省等類似市場的成功經驗，我們在安大略省不斷創下新的季度收入記錄。

We are also actively monitoring legislative developments across multiple US states where budget pressures and the need for new revenue sources are creating momentum for online casino legalization.

我們也積極關注美國多個州的立法進展，在這些州，預算壓力和對新收入來源的需求正在推動線上賭場合法化。

As we look to the remainder of 2025 and beyond, I'm confident in our strategic positioning. Our focus on markets that include online casino. Our marketing efficiency and our operational excellence creates a sustainable competitive advantage that is difficult to replicate.

展望 2025 年剩餘時間及以後，我對我們的策略定位充滿信心。我們專注於包括線上賭場在內的市場。我們高效的營銷和卓越的營運創造了難以複製的可持續競爭優勢。

The fundamentals of our business have never been stronger. We're growing fast, efficiently, and profitably.

我們業務的基本面從未如此強勁。我們發展迅速、有效率且獲利。

Most importantly, we're doing so in a way that positions us for continued success in online gaming markets across the Americas. With that, I'll turn the call over to Kyle for a more detailed financial commentary.

最重要的是，我們這樣做是為了確保我們在美洲各地的線上遊戲市場持續取得成功。接下來，我會把電話交給凱爾，讓他帶來更詳細的財經評論。

Thanks, Richard. I'll now provide additional details on our third quarter financial performance and outlook. Third quarter revenue of $277.9 million increased 20% year over year, driven by exceptional growth across our North American online casino markets and partially offset by lower revenue in Colombia and some player-friendly sports outcomes in September.

謝謝你，理查。接下來，我將提供關於我們第三季財務業績和展望的更多細節。第三季營收為 2.779 億美元，年增 20%，主要得益於北美線上賭場市場的卓越成長，但部分被哥倫比亞營收下降以及 9 月一些對玩家有利的體育賽事結果所抵消。

Once again, we see the results as demonstrating the consistency and durability of our business model. Online casino revenues grew 34% during the quarter, while online sports betting contracted 16% due to the elevated bonusing in Colombia.

結果再次證明了我們商業模式的穩定性和持久性。本季線上賭場收入成長了 34%，而由於哥倫比亞的獎金提高，線上體育博彩收入下降了 16%。

Regionally, revenue in North America grew 26%, while revenue in Latin America fell by 11%, similarly affected by the elevated bonus in in Colombia.

從區域來看，北美地區的收入成長了 26%，而拉丁美洲地區的收入下降了 11%，也受到了哥倫比亞高額獎金的影響。

Our gross margin was 34.0% during the quarter, reflecting continued improvement in makeshift to higher gross margin markets, but offset by player-friendly sports outcomes which impacted Columbia results in bonusing, and also to a lesser extent, the increase in New Jersey gaming taxes.

本季我們的毛利率為 34.0%，反映出在向更高毛利率市場過渡的過程中持續改善，但對玩家有利的體育賽事結果影響了哥倫比亞的獎金發放，新​​澤西州博彩稅的增加也在一定程度上抵消了這一影響。

On the expense side, our disciplined approach continues to drive operating leverage. Marketing expense of $38.1 million was down 1% year over year while increasing sequentially by 5%.

在費用方面，我們嚴謹的態度持續推動營運槓桿效應。行銷費用為 3,810 萬美元，年減 1%，較上季成長 5%。

Richard mentioned this already, but it's worth reiterating we had our highest North American monthly active user growth in four years, and we set another new record for first-time depositors for the entire company during the quarter, achieving this while further decreasing our cost to acquire players in North America by over 10% during the quarter.

Richard 已經提到過這一點，但值得重申的是，我們實現了四年來北美地區最高的每月活躍用戶增長，並且在本季度為整個公司創下了新的首次存款用戶紀錄，同時在本季度還將我們在北美地區的獲客成本降低了 10% 以上。

Leading to continued leverage over our marketing investments, and this represents less than 14% of revenue.

這使得我們能夠持續掌控行銷投資，而這部分投資僅佔營收的不到 14%。

G&A expenses were $20.4 million up 8% year over year over year, reflecting continued investment in our technology platform and operational capabilities to support our growth.

一般及行政費用為 2,040 萬美元，年增 8%，反映出我們為支援成長而持續投資於技術平台和營運能力。

As a percentage of revenue, G&A remained well controlled at 7.3%, and we continue to expect modest leverage over this slide item as we scale.

管理費用佔收入的比例為 7.3%，控制得相當好，隨著我們規模的擴大，我們預計這項支出項目仍將保持適度的槓桿作用。

Adjusted EBITDA of $36 million, increased 54% year over year, representing a margin of 13%. This demonstrates the significant operating leverage in our business model as we continue to scale. The strong flow through from revenue growth to profitability underscores the quality of our revenue streams and the efficiency of operations.

調整後 EBITDA 為 3,600 萬美元，年增 54%，利潤率為 13%。這反映了我們業務模式在持續擴大規模過程中所具有的顯著營運槓桿作用。營收成長與獲利能力之間的強勁轉化，凸顯了我們營收來源的品質與營運效率。

Looking at our key operating metrics, the strength of our performance becomes even more apparent. North American Maus of 225,000 users, with 34% year over year growth, our strongest quarterly performance in over four years, and more importantly, this growth is concentrated in our higher value online casino markets.

從我們的關鍵營運指標來看，我們的業績優勢就更加明顯了。北美 Maus 用戶數達到 225,000，同比增長 34%，這是我們四年多來最強勁的季度業績，更重要的是，這一增長集中在我們價值更高的在線賭場市場。

North American ARPMAU of $365 was down 5% year over year, which is expected given the impressive growth in the user base.

北美地區每用戶平均收入 (ARPMAU) 為 365 美元，年減 5%，考慮到用戶群的顯著增長，這也在意料之中。

As we've seen consistently, newer player cohorts start with lower spend levels and more bonusing before increasing engagement and player value over time. This is exactly the dynamic we want to see rapid customer base expansion that'll drive long-term value creation.

正如我們一直以來所看到的，新玩家群在加入遊戲之前，消費水平較低，獲得的獎勵較多，之後隨著時間的推移，他們的參與度和玩家價值才會逐漸提高。這正是我們希望看到的動態：客戶群的快速擴張將推動長期價值的創造。

In Latin America, Mau has reached $415,000, up 30% year over year, despite the challenging Copa America comparison in July. The acceleration we saw in August and September with both months delivering over 50% growth and demonstrating the underlying strength of our LATAM operations.

儘管7月份美洲杯的舉辦給拉丁美洲帶來了嚴峻的挑戰，但毛伊島的毛伊島 ...8 月和 9 月的成長速度加快，這兩個月均實現了 50% 以上的成長，證明了我們拉丁美洲業務的強勁實力。

Our balance sheet remains exceptionally strong. We ended the quarter with substantial unrestricted cash of $273 million in no debt, providing significant flexibility for both organic growth investments and potential strategic opportunities.

我們的資產負債表依然非常穩健。本季末，我們擁有 2.73 億美元的大量不受限制現金，且無任何債務，這為有機成長投資和潛在的戰略機會提供了極大的靈活性。

Our strong cash generation continues with meaningfully positive operating cash flow throughout the quarter. I'll also note that we have begun including our balance sheet and cash flow statement in our quarterly press release starting this quarter.

我們強勁的現金流持續成長，本季經營現金流均維持顯著正值。我還要指出，從本季開始，我們已開始在季度新聞稿中附上資產負債表和現金流量表。

Regarding our outlook, we remain confident in the momentum we've built and the opportunities ahead. The acceleration we've seen in North America online casino markets every month since March gives us confidence that this growth is sustainable and not merely seasonal. We continue to expect to maintain marketing leverage for the full year with marketing expenses growing at a lower rate than revenue.

對於我們的前景，我們仍然對已取得的進展和未來的機會充滿信心。自 3 月以來，北美線上賭場市場每個月都在加速成長，這讓我們相信這種成長是可持續的，而不僅僅是季節性的。我們預計全年將持續保持行銷優勢，行銷費用成長速度將低於收入成長速度。

Our G&A investments are focused on areas that directly support our growth, particularly technology and product development capabilities. That enhance our competitive differentiation.

我們的一般及行政費用投資主要集中在能夠直接支持我們發展的領域，特別是技術和產品開發能力。這將增強我們的競爭優勢。

Looking at the fourth quarter and beyond, we believe we're well positioned to continue delivering strong performance. The seasonal strength we typically see in Q4 combined with our accelerating market trends, positions us for a strong finish to 2025.

展望第四季及以後，我們相信我們已做好充分準備，並繼續保持強勁的業績。我們通常在第四季度看到的季節性成長勢頭，加上我們不斷加速的市場趨勢，使我們有望在 2025 年取得強勁的收官。

We remain excited about our expansion opportunities, particularly in Alberta, where we expect to launch when that market opens. Our success in similar markets gives us confidence in our ability to capture meaningful market share quickly.

我們對未來的擴張機會仍然充滿期待，尤其是在阿爾伯塔省，我們預計將在該市場開放時推出產品。我們在類似市場的成功使我們有信心迅速獲得可觀的市場份額。

In summary, Q3 represents another quarter of exceptional execution across all aspects of our business. We're growing faster, more profitably, and more efficiently than ever before while building a foundation for sustained long-term success.

總而言之，第三季我們業務的各個方面都取得了卓越的執行力。我們正以前所未有的速度、獲利能力和效率發展，同時為持續的長期成功奠定基礎。

Based on this continued strong performance, we're raising our full year revenue and EBITDA guidance. We expect 2025 revenue to be between $1.1 billion and $1.12 billion up $35 million at the midpoint of 1.11 billion and representing a 20% year over year increase.

基於這一持續強勁的業績表現，我們上調了全年營收和 EBITDA 預期。我們預計 2025 年營收將在 11 億美元至 11.2 億美元之間，中間值為 11.1 億美元，比上年增長 3,500 萬美元，年增 20%。

For the full year, we anticipate adjusted EBITDA to be between $147 million and $153 million up to 10 million at the midpoint of $150 million, which is up 62% year over year. And one last reminder, our guidance includes only those markets that are live as of today. And with that operator we can open the line for questions.

我們預計全年調整後 EBITDA 將在 1.47 億美元至 1.53 億美元之間，最高可達 1,000 萬美元（中點為 1.5 億美元），較去年同期成長 62%。最後提醒一句，我們的指導僅包含截至今天仍在運行的市場。透過這位接線員，我們可以開通提問專線。

(Operator Instructions)

（操作說明）

Dan Pulitzer, JP Morgan.

丹‧普立茲，摩根大通。

Hey guys, thanks for taking our questions. This is actually Sam on for Dan. First, I think if we think about your updated guidance, it implies fourth quarter incremental margins at the midpoint of around 20%, which is below recent levels.

各位好，感謝你們回答我們的問題。實際上這是 Sam 代替 Dan 發言。首先，我認為如果我們考慮您更新後的業績指引，這意味著第四季度的增量利潤率中位數約為 20%，低於近期的水平。

I think you talked about some increased marketing in the fourth quarter but is there any other colour you could pro provide around puts and takes, maybe like a sports betting, unfavourable holds from sport outcomes.

我想你提到過第四季度會加大行銷力度，但你能否就買入和賣出提供一些其他信息，比如體育博彩，以及體育比賽結果帶來的不利影響？

Yeah, thanks for the question, SAM. I think I'd point to, yes, the increased marketing spend, as we pointed out in the our prepared remarks. We've been having, really good success bringing on a lot of new players at attractive rates.

是的，謝謝你的提問，SAM。是的，我認為應該指出的是行銷支出的增加，正如我們在準備好的演講稿中指出的那樣。我們以極具吸引力的價格招募到了許多新玩家，並且取得了非常好的效果。

So, that's part of it. And I think the other piece that I would put in there is just the ongoing tax that goes through the end of the year in Colombia, that's impacting gross margins and revenue growth down there a little bit.

所以，這是其中的一部分。我認為還有一點需要補充，那就是哥倫比亞持續到年底的稅收，這會對當地的毛利率和收入成長產生一定影響。

Thanks and then there's some recent news coming out of Mexico they're considering a potential increase in gaming tax rates. Was this something you were anticipating going into the year, and how would you kind of think about increased tax rates impacting kind of how you operate in that market? Thank you.

謝謝。另外，最近墨西哥方面傳出消息，他們正在考慮提高博彩稅率。這是您在年初就預料到的事情嗎？您認為稅率上升會對您在該市場的營運產生怎樣的影響？謝謝。

Yeah, we've been tracking that. I wouldn't say it was something that we anticipated heading into to 2025, but it does appear that in Mexico, the gaming tax is likely to increase from a current rate of 30% up to 50%.

是的，我們一直在關注這件事。我不會說這是我們在進入 2025 年之前就預料到的事情，但墨西哥的博彩稅似乎可能會從目前的 30% 提高到 50%。

There have been and should continue to be ways to reduce the effective rate below these amounts. But we'll keep you updated next year, assuming these changes get enacted, and what that means for us and if there's any difference in the way we approach that market. Operator, I think we can go to the next question.

過去一直有，將來也應該有辦法將實質利率降低到這些金額以下。但明年我們會及時向您報告最新情況，假設這些變化能夠實施，以及這對我們意味著什麼，以及我們進入該市場的方式是否會有任何不同。接線員，我想我們可以進入下一個問題了。

Barney, Needle and Co.

巴尼、尼德爾公司

Great, thanks for taking the question. Maybe just to start and keeping on the LATAM theme, what should we be looking for, in terms of like next steps or what's going on in Colombia and the VAT tax and maybe Richard just gauge your, I don't know, probability of it going through or not if it's still a high degree of confidence or not.

太好了，謝謝你回答這個問題。或許我們可以先從拉丁美洲這個主題入手，探討下一步的計劃，例如哥倫比亞的增值稅情況，以及我們應該關注哪些方面。理查德，或許你可以評估一下，例如這項計畫通過的可能性，或者它是否仍然很有把握。

Sure, yeah, so [Columbia]. It is a situation where the President's tax reform does require congressional support. I think there's been some articles published over the last few weeks that sort of sometimes don't convey that clear picture that it does require congressional support, and we continue to feel there is not sufficient support by Congress to pass that.

當然，是的。[哥倫比亞]。總統的稅改方案確實需要國會的支持。我認為過去幾週發表的一些文章有時並沒有清楚地表明這確實需要國會的支持，我們仍然認為國會沒有足夠的支持來通過這項法案。

So, you do, if that doesn't pass, then the normal tax conditions, should resume, that's sort of the state of things today, but November's going to be a very busy time in the political arena down there. The President remains unpopular and his party does, so it's still some work that's happening down there, but I certainly think that the current view is that the current tax reforms proposed will not be adapted.

所以，如果這項法案沒有通過，那麼正常的稅收條件應該會恢復，目前的情況大致如此，但11月那裡的政治舞台將會非常繁忙。總統及其所在政黨仍然不受歡迎，因此，目前還有一些工作正在進行，但我認為，目前普遍的看法是，目前提出的稅收改革方案不會被採納。

Understood. And then Richard, you also, there was obviously the press release happened not too long ago, but then you mentioned on this call how there's the, Kyle being promoted to President and allowing you to focus on more strategic, maybe bigger picture things.

明白了。理查德，你也提到，不久前發布了新聞稿，但你在這次電話會議上也提到，凱爾被提拔為總裁，這讓你能夠專注於更具戰略意義、更宏觀的事情。

Just wanted to see if there's any commentary on maybe why now or if there's anything you could, bring us under the hood in terms of what you'll be focused on specifically.

我只是想看看您能否就此發表一些評論，或許是出於某種原因，或者您能否具體說明一下您將重點關注哪些方面。

Sure, first of all, I think Kyle deserves it, the opportunity he's a tremendous job for the company since he joined us and support throughout the board and colleagues, other executives and everyone in our community that follows the company, I think has recognized how deserving it was, but ultimately, I also for myself realized that.

當然，首先，我認為凱爾配得上這個機會，自從他加入我們公司以來，他為公司做出了巨大的貢獻，董事會、同事、其他高管以及所有關注我們公司的社區成員都支持他，我認為他們都認識到他是多麼值得獲得這個機會，但最終，我自己也意識到了這一點。

The impact that our company of having additional states legalizing online casino is very profound and very significant, and I believe, as I shared on prior calls, that there are opportunities to improve how our industry lobbies and the narrative, the messaging and the hopefully the impact of the opportunity will be stronger.

更多州將線上賭場合法化，這對我們公司的影響非常深遠和重大。我相信，正如我在之前的電話會議中分享的那樣，我們有機會改進我們行業的遊說方式、敘事方式和訊息傳遞方式，希望這一機會的影響力能更加強大。

If I'm able to spend more time working with other colleagues from our peers to try to align folks in a way that hasn't really been aligned as much as we like in the past. So, I think the number one online casino legalization requires a very strong and very dedicated effort to really try to move the needle in terms of accelerating the pace, and I think we'll be able to achieve some results some additional time to focus on that. In addition,

如果我能夠花更多的時間與同行的同事們一起工作，努力使大家朝著我們過去不太希望的方向努力的方向前進。所以，我認為線上賭場合法化需要付出非常強大的努力，才能真正加快步伐，並取得進展。我相信，如果我們能花更多時間專注於此，就能達到一些成果。此外，

As we know, we hired a new CTO earlier this year. He's off to a tremendous start, and what I'm excited about is working with him and the team to continue to deliver experiences that are fun that players want to play and they can't get anywhere else.

正如我們所知，我們今年稍早聘請了一位新的首席技術長。他開局非常出色，我感到興奮的是能夠與他和團隊一起繼續為玩家帶來他們想玩且在其他任何地方都無法獲得的有趣體驗。

So, at the end of the day we want to continue to improve the innovation of our business and the differentiation, which has been the source of a lot of our success and why you see our ARPMAUs at such a high rate relative to others is because we have a constant flow of new ideas implemented in smart ways that consumers really enjoy and appreciate.

所以，歸根結底，我們希望繼續改進業務創新和差異化，這正是我們取得諸多成功的源泉，也是為什麼您看到我們的 ARPMAU 相對於其他公司如此之高的原因，因為我們不斷湧現出以巧妙方式實施的新想法，而這些想法正是消費者真正喜歡和欣賞的。

And we have a team that loves building these fun experiences, but we need to do more of that. And I, as some of I have a long history in that part of the business on the product side, and I think it'd be a great opportunity to kind of ensure that we have our next pipeline, enhanced and coming through at a faster pace. So, I'm really excited to focus on innovation as well.

我們有一個熱愛打造這些有趣體驗的團隊，但我們需要在這方面投入更多精力。而我，因為我在產品方面的業務領域有著很長的歷史，我認為這將是一個很好的機會，可以確保我們的下一個產品線得到加強，並以更快的速度推出。所以，我也非常期待專注於創新。

And then as you can also imagine, there's all these strategic opportunities in the industry and we want to make sure that we have a proper focus on those and make sure that when we evaluate how to direct capital to get the highest returns that we're comparing all the opportunities and there's a lot of them.

而且，正如你所能想的，這個行業有很多戰略機遇，我們希望確保我們能夠正確地關注這些機遇，並確保在評估如何引導資本以獲得最高回報時，我們能夠比較所有機遇，而這些機會有很多。

So, we have to sort of make sure we have the right focus on those to ensure that when we do find the right one, we are able to act and have proper support to make sure it's successful. So, those are the sort of the things I'm hoping to focus on.

所以，我們必須確保把重點放在這些方面，以確保當我們找到合適的人選時，我們能夠採取行動並獲得適當的支持，從而確保成功。所以，這些就是我希望重點關注的事情。

Great thanks for taking questions. Certainly, we feel, the similar sentiment towards Kyle thanks again.

非常感謝您回答問題。當然，我們對凱爾也有同樣的感受，再次感謝他。

Appreciate it thank you.

非常感謝。

Jordan Bender, Citizens.

喬丹本德，市民。

Hey, so the state reported data doesn't always tell the whole story, but it does look like you got a little bit more promotional in the sports betting side of the business later in the quarter, which, we can kind of see in your handle accelerating.

嘿，雖然州政府報告的數據並不總是能反映全部情況，但看起來你們在本季度後期在體育博彩業務方面加大了推廣力度，這一點我們可以從你們的交易量加速增長中看出。

Curious as to what you're seeing in the market that make that's making you lean in and are you seeing anything elevated from your end or the markets and, as we head into the fourth quarter here.

很好奇您在市場上看到了什麼，是什麼讓您如此關注？您或您的市場是否看到了任何異常活躍的跡象？尤其是在我們即將進入第四季之際。

Yeah, thanks, Jordan. I don't think I would highlight anything dramatic that's happening within the industry. Obviously, everybody has their own strategy heading into football season that they're trying to execute.

謝謝你，喬丹。我不認為我應該專注於業內發生的任何重大事件。顯然，每個人在新賽季開始前都有自己的策略，並試圖執行這些策略。

I mean we're, I think probably like all operators, we're continuing to refine our bonusing in all of our different markets, and each market might look a little bit different, but making sure the bonuses are getting to the right players. So, really no big change in strategy there for us.

我的意思是，我想我們可能和所有運營商一樣，正在不斷改進我們在各個不同市場的獎勵機制，每個市場的情況可能略有不同，但都要確保獎勵能夠惠及合適的玩家。所以，我們的策略並沒有什麼大的改變。

Okay, and then I, if I can follow-up in Columbia if I caught it right, I think you said NGR down 27% in the quarter, which if I heard that right, would kind of represent a pretty meaningful deceleration from what you saw in the first two quarters of the year. I guess like is there anything structurally different from what you're doing in that market, obviously it ends here in a couple of months, but just curious on why the deceleration there.

好的，然後，如果我沒聽錯的話，我想您說哥倫比亞的淨利潤率在本季度下降了 27%，如果我沒聽錯的話，這將代表著與今年前兩個季度相比，出現了相當顯著的放緩。我想問的是，你們在這個市場上的做法在結構上有什麼不同嗎？顯然，這裡的情況會在幾個月後結束，但我只是好奇為什麼那裡的成長速度會放緩。

Yeah, so just to be clear, I don't think I would refer to it as a deceleration because the player count growth was still super strong. GGR growth was still super strong. This was about the bonusing that we're doing to offset the VAT tax on the players, and it was a bit more painful for us in Q3 in terms of the impact on net revenue.

是的，所以為了說清楚，我不認為應該稱之為減速，因為玩家數量的成長仍然非常強勁。GGR成長依然非常強勁。這是關於我們為了抵消球員的增值稅而發放的獎金，就第三季對淨收入的影響而言，這對我們來說有點痛苦。

Part of that comes from better sports outcomes, and then because of that you have players who have a little bit fuller balances in their accounts, so there's a little more churn with deposits and withdrawals which creates more bonusing. So, that's really how I would describe Q3 as it relates to Colombia, but not a deceleration. It was more about the bonusing.

部分原因是體育賽事結果更好，因此玩家帳戶中的餘額也更充裕，存款和提款的周轉率更高，從而創造了更多獎金。所以，這就是我對第三季哥倫比亞經濟狀況的描述，但並非放緩。主要是關於獎金的問題。

I would just add that, the handle, the gross gaming revenues, the player volumes are generally in line with the growth we were experiencing prior to the VAT tax implementation, so we continue to see really healthy growth in the market.

我還要補充一點，遊戲投注額、遊戲總收入、玩家數量總體上與增值稅實施前我們所經歷的增長一致，因此我們繼續看到市場呈現非常健康的增長態勢。

Great thank you very much.

非常感謝。

Ryan Sigdahl, Craig Hallum.

瑞安·西格達爾，克雷格·哈勒姆。

Hey, good afternoon, guys, really nice results. Want to start kind of in the US and then we'll move to Latin America like everybody else, but you know some nice payment processing partnerships, sight line payments to for an integrated debit solution. You have [Burrapay] for crypto, but you guys seem like kind of a leader first mover on a lot of that stuff.

嘿，下午好，各位，結果真不錯。我們想先從美國開始，然後像其他人一樣進軍拉丁美洲，但你知道，我們有一些不錯的支付處理合作夥伴關係，以及用於整合借記卡解決方案的視線支付。你們有加密貨幣平台 [Burrapay]，但你們似乎在許多領域都是先驅。

Curious how those partnerships came about, any metrics you're willing to give from a percentage of players that are using these or have adopted. And then kind of how you think about the cost savings versus, potentially even customer attention features of these.

很好奇這些合作關係是如何達成的，您能否提供一些指標，例如正在使用這些或已經採用這些合作的玩家百分比？然後，你該如何權衡這些功能在成本節約和潛在的客戶關注度上的優勢呢？

Right, sure, I'll take that one, Ryan. Thanks for the comments on the quarter. Yeah, so it's really starts off with sort of a reputation that we developed over the years, I think as a thought leader and an innovator in our industry, and you have to pioneer new payment methods in particular it's extraordinarily complicated and requires not only engineering teams.

好的，沒問題，我接受這個任務，瑞恩。感謝您對本季的評價。是的，這實際上始於我們多年來建立的聲譽，我認為我們是我們行業的思想領袖和創新者，你必須開創新的支付方式，這尤其複雜，需要的不僅僅是工程團隊。

But compliance operations and every sort of partner and all stakeholders have to sort of align together and figure out really tough challenges on how to execute on them. And I think we've done it before as we have, we're an actual company that people want to partner with because we have a track record and a history of delivering new experiences to customers in a great way.

但是，合規營運部門、各種合作夥伴以及所有利害關係人必須齊心協力，共同應對如何執行這些挑戰。而且我認為我們以前就做到過，因為我們是一家真正值得人們信賴的合作夥伴公司，因為我們有良好的業績記錄，並且一直以來都能以出色的方式為客戶提供全新的體驗。

In the case of Sightline. Their co-founder, CEO, and myself have a relationship going back many years since they launched their business and we our teams get along extremely well and if we recognize that together we could deliver an experience that is solving a need that industry has, especially for us.

以Sightline為例。他們的聯合創始人兼執行長和我自他們創立公司以來就建立了多年的關係，我們團隊相處得非常融洽，如果我們意識到這一點，我們就可以共同提供一種能夠滿足行業需求（尤其是對我們自己而言）的體驗。

And so, we had a very collaborative and terrific relationship, and we launched that product and we're really excited for it, but it's still very early and it don't have any metrics to share. It's called and at this time for Burrapay, another longtime executive industry approached us again for similar reasons, knowing that we have a great reputation,

因此，我們建立了非常良好的合作關係，並推出了該產品，我們對此感到非常興奮，但它仍處於非常早期的階段，沒有任何指標可以分享。它被稱為 Burrapay，此時另一位資深行業高管出於類似的原因再次與我們聯繫，因為他們知道我們擁有良好的聲譽。

I think and are able to pioneer new approaches and similar to the sightline experience, we were able to agree on a framework to work together and collaborate to deliver great experiences. So, payments are key to our industry and when you can innovate and find ways to solve players' friction, deliver more efficient experiences for them, and it makes a difference.

我認為我們能夠開創新的方法，就像視線體驗一樣，我們能夠就一個共同合作的框架達成一致，從而提供卓越的體驗。因此，支付是我們產業的關鍵，當你能夠創新並找到解決玩家痛點、提供他們更有效率體驗的方法時，就能產生影響力。

And so, we tend to do that in Latin America very well, and we're doing that equally as well I think in the US market --

因此，我們在拉丁美洲往往做得很好，我認為我們在美國市場也做得同樣出色。--

Yeah, and the only thing I would add, Ryan, I think. You going to have to, but there's two reasons for these types of innovations around payments. The first is obviously to have a great player experience and a journey where it makes it very easy for players to feel comfortable, trust the platform, get their money on and off the platform when they want.

是的，瑞恩，我想我唯一要補充的就是這個。你不得不這麼做，但圍繞著支付領域出現的這類創新有兩個原因。首先，顯然要提供良好的玩家體驗，讓玩家能夠輕鬆地感到舒適，信任平台，並隨時將資金存取到平台上。

And then the second piece is to make sure that it's improving our financials and reducing costs over time. So, when we can accomplish both of those things at the same time, that's a big win for us.

第二點是要確保它能隨著時間的推移改善我們的財務狀況並降低成本。所以，如果我們能同時做到這兩件事，對我們來說就是一場巨大的勝利。

Yeah, then switching down to Columbia, we don't need to debate our likelihood of tax form. We'll kind of wait and see how that all plays out, but to me it's a positive regardless. curious your thoughts on that. There's a great outcome obviously that it doesn't continue into the next year and you get an immediate uplift.

是的，如果轉到哥倫比亞大學，我們就無需討論稅收形式的可能性了。我們會拭目以待，看看事情會如何發展，但對我來說，無論如何這都是一件好事。很想聽聽你的看法。顯然，最好的結果是這種情況不會持續到下一年，而是能立即改善。

The other option is it does in some form, but do you my question is, do you expect operators to change strategies behaviour? I guess to me it felt like everybody was operating under a temporary, this year, absorbing the VAT tax because it was going to go away, but if it ultimately becomes permanent people likely, partially or stop doing that and actually, results can improve next year regardless.

另一種可能是它以某種形式存在，但我的問題是，你是否期望營運商改變策略行為？我覺得今年大家都在暫時接受增值稅，因為增值稅即將取消，但如果最終成為永久性的，人們可能會部分或全部停止這樣做，實際上，明年的結果無論如何都可能會有所改善。

Yeah, I think it's a good point. I think there's, at either end of the spectrum for outcomes, it should be a better scenario for us next year.

是的，我覺得你說得很有道理。我認為，無論結果如何，明年對我們來說都應該是更好的情況。

So, I mean, if you just look at some of the numbers for the year, GGR is up a little less than 60% and net revenue is about flat. But that includes the first couple months of the year because the bonus scene and the VAT didn't go into place until late February. So, if you just looked at Q2 and Q3, GGR is up almost 65%, but net revenue is down almost 15%.

所以，我的意思是，如果你看今年的一些數據，GGR 成長了略低於 60%，而淨收入基本上持平。但這包括年初的頭幾個月，因為額外場景和增值稅直到二月下旬才生效。所以，如果只看第二季和第三季度，GGR 成長了近 65%，但淨收入下降了近 15%。

So, it gives you just kind of a decent perspective on the headwind from the extra bonusing that we're doing along with the other large operators. So, then you jump to 2026.

所以，這能讓你對我們和其他大型業者一起實施的額外獎金所帶來的不利影響有一個比較清晰的認識。然後，你就直接跳到 2026 年。

The VAT going away is obviously going to have a very solid impact on our revenue growth, given that we've seen the GGR growing over 60% and at the other end of the possible outcomes, as you point out, we think it's likely that all the operators would decrease the bonus scene, take that bonusing away, which would Wouldn't be great for GGR, but it should be much better for us in that revenue and profitability

增值稅的取消顯然會對我們的收入成長產生非常顯著的影響，因為我們的毛利率成長已經超過 60%。另一方面，正如您所指出的，我們認為所有運營商都可能減少甚至取消獎金，這對毛利率來說當然不是好事，但對我們的收入和盈利能力來說應該會更有利。

And then the other piece of it is by the end of February, we're lapping the bonusing that we started doing because of the VAT tax. So, both of those could be beneficial for us.

另一方面，到二月底，由於增值稅的實施，我們開始發放的獎金也將到期。所以，這兩方面都可能對我們有利。

Helpful. Thanks, guys. Good luck.

很有幫助。謝謝各位。祝你好運。

Joe stove, Quijano International Group.

Joe 斯托夫，奎哈諾國際集團。

Good effort, operator. Well done. It's not easy. Hi, Richard, Kyle. I wanted to ask Richard, on your comments about the sweepstakes market what states that you operate in currently, do you consider having, a pretty substantial headwind in terms of sweepstakes operators?operating, against you.

幹得好，操作員。做得好。這並不容易。嗨，理查德，凱爾。我想問理查德，關於你之前對抽獎市場的評論，你目前在哪些州開展業務？你認為這些州的抽獎業者在營運方面面臨相當大的阻力嗎？反對你。

Well, remember, there's sweepstakes across poker and across sports and across casinos. So, I guess, a couple of large states have been fairly effective at having the regular sort of issue seasons letters and removing some of the competition.

記住，撲克、體育和賭場都有抽獎活動。所以，我想，幾個大州在定期發放季票和消除一些競爭方面做得相當有效。

I'll mention Michigan is one example and Delaware is another example, and other states where you operate online sports betting and some efforts to legalize an online casino in Virginia, a market that does still have sweepstakes, for example, and Illinois still has it as well. So, it's really a mix across the country of states that have been able to sort of exit the sweepstakes and others that have not.

我會提到密西根州是一個例子，特拉華州是另一個例子，以及其他一些州，在那裡你可以經營線上體育博彩，維吉尼亞州也在努力使線上賭場合法化，例如，該市場仍然有抽獎活動，伊利諾伊州也仍然有抽獎活動。所以，全國各地的情況很複雜，有些州已經能夠退出抽獎活動，而有些州則還沒有。

So, it's not a very clear cut in some cases some of the larger sweepstakes operators leave, but there's others that still stay, so it's not a very clear image, a lot of confusion sort of what the status is in some of those individual states.

所以，在某些情況下，情況並不十分明朗，一些較大的抽獎運營商退出了，但也有一些運營商留了下來，所以情況並不十分清晰，對於某些州的具體情況，存在很多混亂。

Gotcha. So, for I casino in particular, Maybe of your more material states, Michigan, Delaware, or Or maybe the states where it's a little bit cleaner, whereas the other ones not so much.

明白了。所以，就我個人而言，賭場可能更適合你們這些物質比較豐富的州，例如密西根州、德拉瓦州，或其他一些環境比較乾淨的州，而其他州則不然。

Yeah, I'm not actually familiar with the latest in a couple of those other states other than the ones I referenced.

是的，除了我提到的那些州之外，我對其他幾個州的最新情況不太了解。

Got it and in terms of, just the reinvestment you did in the third quarter. And the re-acceleration, for instance, especially like in a state like New Jersey, if we think about the first-time depositors, which you said was a record, was it heavier in certain states than not, or is it more kind of across the board?

明白了，就您在第三季進行的再投資而言。例如，在新澤西州這樣的州，如果我們考慮首次存款人的數量（您說創下了紀錄），那麼這種重新加速的趨勢在某些州更為明顯，還是在各州都比較明顯？

Yeah, thanks, Joe. So, for sure it is concentrated in markets that have a casino available. So, I would include Ontario in that in addition to the states that we're in.

是的，謝謝你，喬。所以，可以肯定的是，它主要集中在有賭場的市場。所以，除了我們所在的州之外，我還會把安大略省也包括在內。

That's where we haven't been shy about the fact that we feel like we have very differentiated product and an advantage there and so that's where our marketing investments should go, and it's clearly paying off. I mean, I think our 34% growth in our monthly active users in North America is impressive.

我們一直毫不掩飾地認為，我們的產品具有很強的差異化優勢，因此我們的行銷投資應該投向這個領域，而且顯然已經取得了成效。我的意思是，我認為我們在北美地區的每月活躍用戶成長 34% 非常令人印象深刻。

But when you get to just the casino markets and it was 46% year over year, that tells you that's where we're investing and that's where we're having a lot of success.

但如果你只看賭場市場，你會發現它比去年同期成長了 46%，這說明我們把資金投入了賭場市場，並且在那裡取得了巨大的成功。

Yeah, Makes all the sense in the world. Thank you.

沒錯，完全合情合理。謝謝。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Thank you and good evening, everybody. First question, Richard, I think you talked about prediction markets a little bit, but I'm not sure if you said, whether, you would be, potentially looking into offering it if, it became a legalized context to do so.

謝謝大家，晚上好。理查德，第一個問題，我想你稍微談到了預測市場，但我不太確定你是否說過，如果情況允許，你是否會考慮提供預測市場。

I don't think I addressed that and I predicted you might ask this question. So, the truth is that when it comes to prediction markets, the legality of it is being debated across the federal government and state jurisdictions right now. A handful of states, as are actually pushing back against prediction markets as unauthorized offerings.

我覺得我還沒回答過這個問題，而且我預料到你可能會問這個問題。所以，事實是，關於預測市場的合法性，目前聯邦政府和各州司法管轄區都在進行辯論。少數幾個州實際上正在抵制預測市場，認為其為未經授權的服務。

At RSI, our focus is on our core business, delivering sustainable growth, or navigating the regulatory landscape responsibly, which means that we aren't going to be a pioneer. Well, we're very innovative in a lot of ways. We're not going to be a pioneer in this category, but certainly we have to have an even playing field ultimately depending on whatever happens.

在 RSI，我們的重點是核心業務，即實現永續成長，或負責任地應對監管環境，這意味著我們不會成為先驅。嗯，我們在很多方面都很有創新精神。我們不會成為這個領域的先驅，但無論最終結果如何，我們肯定必須擁有一個公平的競爭環境。

But we're certainly monitoring it closely, aware of everything that's been happening, and don't expect to be pushing any limits because we certainly respect the state gaming licenses and recognize that licenses are a privilege at the state level, and not a right. And so we have to be very cautious and make sure we're compliant with those stakeholders there that feel strongly on this topic.

但我們當然會密切關注此事，了解所有正在發生的事情，並且不打算突破任何限制，因為我們當然尊重各州的博彩許可證，並認識到許可證是州一級的特權，而不是權利。因此，我們必須非常謹慎，確保我們遵守那些對此問題有強烈感受的利害關係人的意願。

Understood. And if I may, as my follow-up, Kyle, if I can still address you as Kyle, I noticed that there wasn't any share or purchase in the quarter. Just curious if there are sort of other uses there or, what the philosophy was behind that.

明白了。如果可以的話，我想再問一個問題，凱爾，如果我還能稱呼你凱爾的話，我注意到本季沒有任何股票或購買交易。只是好奇它是否有其他用途，或者背後的理念是什麼。

Yeah, thanks David. I'm still going to call you David. Yeah, we didn't do any buybacks during the quarter. I continue to think about future buybacks as being, opportunistic rather than programmatic.

謝謝你，大衛。我還是會叫你大衛。是的，我們本季沒有進行任何股票回購。我仍然認為未來的股票回購是機會主義的，而不是程序化的。

So, we're going to just remain flexible on how we use the buyback authorization and make sure that we've got a lot of dry powder for new markets that that come along or other opportunities as well. Okay, thank you.

所以，我們將保持靈活，靈活運用回購授權，並確保我們有足夠的資金來應對新市場或其他機會。好的，謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great, thanks for taking my question. Just on the, I game and growth in some of your more mature states. What you kind of dig in more to what's driving that acceleration? Is it more product exclusive content or is it something you're doing it on the bonusing or are you just getting, share gains from from other competitors?

嘿，太好了，謝謝你回答我的問題。就我個人而言，我在遊戲中以及在你一些更成熟的狀態下成長。你更想深入探究是什麼因素驅動了這種加速？這是更多產品獨家內容，還是你透過獎勵機制來獲取的內容，或者你只是從其他競爭對手那裡獲取市場份額？

So, Jed, I'll start and maybe Richard will jump in here, but I think it's everything. So obviously when you look at the monthly active user growth, that's not just about getting new people to the platform, that's having a great product.

傑德，我先來，也許理查德會插話，但我認為這就是全部了。所以很明顯，當你查看每月活躍用戶成長時，這不僅僅是吸引新用戶加入平台的問題，而是擁有一個優秀的產品的問題。

And a differentiated experience and giving people a reason to come back every day when it comes to bringing people to the platform, which obviously we're doing quite well given that this quarter was a record for first-time depositors at the company, I think 10% higher than our previous record, which happened to be last quarter, and we're not spending any more money doing that. I think that tells you a lot about.

而差異化的體驗，以及讓人們每天都有理由回到平台，對於吸引用戶來說至關重要。顯然，我們在這方面做得相當不錯，因為本季公司首次存款用戶數量創下歷史新高，比上個季度創下的紀錄高出 10%，而且我們不會再為此投入更多資金。我認為這說明了很多問題。

The quality of our marketing team and our marketing programs, we've done a lot to continue to add resources to that team, and they keep getting better and better. The good news is that there's a lot of things we can still do better than we are today, but I think the fact that we're adding so many new users, and then keeping them around.

我們行銷團隊和行銷專案的質量，我們做了很多工作來不斷增加該團隊的資源，他們也變得越來越好。好消息是，我們還有很多方面可以做得更好，但我認為，我們不斷增加新用戶，並且讓他們留下來，這才是最重要的。

Says a lot about the momentum we have in the business. I think you probably heard it in the prepared remarks, but our year over year growth in monthly active users accelerated every quarter or every month sequentially since March through September. So, that that's, I think that's pretty impressive, and we're very excited about that.

這充分說明了我們在業務上的發展動能。我想你們可能在事先準備好的發言稿中聽到了，但從 3 月到 9 月，我們的每月活躍用戶同比增長率每個季度或每個月都在加速增長。所以，我認為這非常了不起，我們對此感到非常興奮。

And just as a follow-up, what do you think is more of a catalyst for further I gaming legislation? Is it prediction markets or sweeps? Thanks.

最後，您認為什麼因素更能推動博彩業進一步立法？這是預測市場還是抽獎活動？謝謝。

Sure, I think both have a meaningful role to play because in one case, prediction markets is reducing. The sports revenues potentially that states will be obtaining from the sports betting statewide frameworks that exist. If that happens, certainly online gaming is a safer, more protected category of casino revenues that would be that would be sustained.

當然，我認為兩者都發揮著重要的作用，因為在一種情況下，預測市場正在萎縮。各州可能從現有的全州體育博彩框架中獲得的體育收入。如果這種情況發生，那麼網路博彩無疑是賭場收入中更安全、更有保障、更永續的一種形式。

It certainly helps that online casino generates a four extra tax revenues is sport betting so that states have more financial pressures, and I think as the big federal bill starts to get implemented in the next couple of years, you're going to have increased financial pressures on states and as we've seen some stakeholders in the discussion recognize, online casino represents one of the very most available, accessible, proven, reliable opportunities for states to have a meaningful additional source of tax revenue.

線上賭場能帶來額外的稅收收入，這無疑有助於緩解各州的財政壓力，因為體育博彩可以帶來額外的稅收收入。我認為，隨著未來幾年聯邦法案的逐步實施，各州的財政壓力將會進一步增加。正如我們在討論中看到的一些利益相關者所認識到的，線上賭場是各州獲得有意義的額外稅收收入的最便捷、最容易獲得、最可靠、最有前景的機會之一。

So, the financial element. On sweepstakes, certainly the fact that the size of that industry is not to be underappreciated. It's a multi-billion dollar industry and there's a whole large volume of customers, that could be online casino regular customers that are right now playing these sweepstake sites, and I think it's interesting that when you do have folks opposing online casinos being regulated.

所以，接下來是財務方面的問題。關於抽獎活動，這個產業的規模絕對不容小覷。這是一個價值數十億美元的產業，擁有龐大的客戶群體，其中可能包括現在正在玩這些抽獎網站的線上賭場常客。我認為有趣的是，當有人反對對線上賭場進行監管時，情況就變得複雜起來。

You don't have the same effort usually applied towards stopping the sweepstakes market that already exists today. So, certainly the existence of it and the fact is not taxed, and as I said in a pair of remarks, not tax doesn't protect consumers, really has no value to the state in any way.

你不會像以往那樣努力去阻止目前已經存在的抽獎市場。所以，它的存在以及它不被徵稅的事實，正如我在之前的演講中所說，不徵稅並不能保護消費者，對國家來說也確實沒有任何價值。

It just has a negative consequence. Versus the online gaming regulatory process and legalizing it adds a lot of value to states by protecting consumers and generating taxes and creating opportunities to fund resources to local causes and public services that need that sort of support.

它只會帶來負面影響。與此相比，網路遊戲監管程序及其合法化為各州增添了許多價值，包括保護消費者、產生稅收以及創造機會為需要此類支持的地方事業和公共服務提供資金。

So, I do think that these things are going to help plus the financial needs of states and as I said earlier, having better alignment in our industry is really important. And as I have more availability, I hope to be able to focus on these things. I'm hoping to be able to. To deliver some accelerated efforts in some of the key jurisdictions that are important for us in the future.

所以，我認為這些措施將有助於滿足各州的財政需求，而且正如我之前所說，我們行業內更好的協調一致非常重要。隨著我時間的增多，我希望能夠專注於這些事情。我希望能夠做到。為了加快在一些對我們未來至關重要的關鍵司法管轄區的工作進度。

Thank you.

謝謝。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Afternoon, thanks for taking my question. I feel like we covered everything on I gaming, for sports betting maybe wanted to ask one just in terms of how the, customers have reacted, just with play so we have heard that, there was obviously customer friendly outcomes for American football and for soccer I think in September. And for October, so that probably hurt hold,

下午好，謝謝您回答我的問題。我覺得我們已經涵蓋了所有關於遊戲的內容，關於體育博彩，也許我想問一下，就玩家的反應而言，我們聽說，很明顯，美式橄欖球和足球在9月份都取得了對玩家友好的結果。十月份的情況可能因此受到影響。

But just in terms of the in-play percentage, helping hold does that continue to grow from a year over year perspective and if we see normal, outcomes that could lead to a year over year increase in hold thank you.

但就場內投注百分比而言，幫助持盤是否會繼續逐年成長？如果我們看到正常結果，哪些因素可能導致持盤率逐年上升？謝謝。

Yeah, thanks, Chad. So, we have continued to see improvement in the percentage of betting that goes both to, Parlay's, SGPs. End to end game, that's been an initiative for us for quite some time. So those trends have been positive for us.

是啊，謝謝你，查德。因此，我們看到投注額中同時用於串關和單場投注的比例持續提高。從頭到尾的遊戲體驗，這已經是我們長期以來致力於實現的目標。所以這些趨勢對我們來說是正面的。

Interestingly, on the whole, absolutely there were some player friendly outcomes, as you pointed out, and it's well publicized, particularly in September, so that did that did create some headwind, but I will point out that our sports hold in the US actually hit its highest point in our history in Q3, even with those tougher outcomes.

有趣的是，正如你所指出的，總體而言，確實有一些對球員有利的結果，而且這些結果也得到了廣泛的宣傳，尤其是在9月份，所以這確實造成了一些不利影響，但我要指出的是，即使出現了這些較為艱難的結果，我們在美國體育界的收入實際上在第三季度達到了歷史最高點。

So, I think that's a pretty good reflection of how our team has been able to continue to improve the product and the offering and drive players to, a better mix of bets.

所以，我認為這很好地反映了我們的團隊是如何不斷改進產品和服務，並引導玩家進行更多樣化的投注的。

Great thanks Kyle and then on Columbia again I think previously you've talked about the VAT tax representing roughly, a low double-digit hit to EBITDA, you're doing things to offset it and you laid that out for the third quarter, but as we think about the guidance increase and maybe the outperformance in Q3.

非常感謝Kyle，關於哥倫比亞，我想你之前提到過增值稅對EBITDA的影響大致為兩位數低位，你們正在採取措施來抵消它，並且你已經為第三季度製定了計劃，但是當我們考慮提高業績預期以及第三季度可能出現的超預期表現時。

Is it fair to say that maybe the beat, I guess some of it's probably coming from the MAU growth, but was there any type of a beat against that originally expected that impact?

可以說，或許部分成長來自每月活躍用戶數的成長，但最初預期會有這樣的成長嗎？

So not positive, I understand the question exactly, but I'm going to answer, and you can tell me if I got you here. I think when you look at Q3 and the guidance raise, it's probably, it's more about continued acceleration in MAUs so more players outperformance in North American icasino.

所以，我不太確定，我完全理解這個問題，但我會回答，你可以告訴我我的回答是否讓你明白了。我認為，從第三季業績和業績指引上調來看，這可能更與每月活躍用戶數的持續成長有關，因此北美賭場玩家的表現表現優於其他地區。

Actually, really good operational performance in Latin America. But more pressure from the bonus scene in Q3 than maybe we would have anticipated, and that's partly because of that good player or the player-friendly sports outcomes, I should say. That did that get to the just your question.

事實上，在拉丁美洲的營運表現非常出色。但第三季的獎勵環節帶來的壓力可能比我們預想的還要大，這部分要歸功於那位優秀的玩家，或者說，是因為對玩家有利的體育賽事結果。這樣就回答你的問題了。

Answered like a President.

回答得像個總統。

Thank you, Kyle.

謝謝你，凱爾。

Thanks.

謝謝。

Congrats.

恭喜。

Appreciate it.

謝謝。

Mike Hickey, Benchmark.

Mike Hickey，Benchmark。

Thank you. Hey, Richard, hey Kyle, congrats on the quarter and Kyle, congrats on the promotion. The, I dropped myself guys early in the call, so this question seems obvious, but on the prediction market, in states where you have, market share called Delaware, are you seeing any pressure from [Calci], soon to be poly market in that state or states? Thanks guys another follow-up.

謝謝。嘿，理查德，嘿，凱爾，恭喜你們本季業績出色，凱爾，恭喜你們升職。各位，我在通話初期就拋出了這個問題，所以這個問題似乎很明顯，但在預測市場方面，在你們擁有市場份額的州，比如特拉華州，你們是否感受到來自 [Calci] 的任何壓力，[Calci] 即將成為該州或該州的聚合物市場？謝謝各位，我再跟進一下。

Thanks Mike. Yeah, I'll answer that. No, the truth is we have not seen an impact to date from that we've noticed in those states where we operate the sports betting. So, we're still looking for that and certainly monitoring it, but we haven't seen much of an impact.

謝謝你，麥克。好的，我會回答這個問題。不，事實是，到目前為止，在我們開展體育博彩業務的那些州，我們還沒有看到任何影響。所以，我們仍在尋找並密切關注此事，但目前尚未看到太大影響。

Richard, do you see anything on the prediction platforms in terms of innovation that you potentially integrate into your online gaming products, OSP products?

Richard，你認為預測平台在創新方面有哪些可以整合到你的線上遊戲產品和 OSP 產品？

That's a good question. We have people look at it closely. I think we're still just trying to appreciate that, while it's often described as a peer-to-peer experience, what we're seeing is that there are some large companies are taking positions on one side of the equation and essentially almost replicating what a sports book is, from the, I guess the house.

這是個好問題。我們會安排人仔細檢查。我認為我們仍然只是在努力理解這一點，雖然它經常被描述為點對點的體驗，但我們看到的是，一些大公司正在等式的一方佔據位置，並且本質上幾乎是從莊家的角度複製體育博彩。

I think when you start to I think the DFS industry had a lot of really smart pioneering things they did that sports books could and should embrace as well in terms of how you communicate that propositions to players, and I think you're going to see which types of markets gain momentum in the prediction, and some of the things you might not expect will be the popular markets and it's been up for companies like us to identify how we strengthen our own books.

我認為，當你開始關注DFS行業時，你會發現他們做了很多非常聰明且具有開創性的事情，體育博彩公司也可以而且應該借鑒這些做法，尤其是在如何向玩家傳達這些理念方面。我認為你會看到哪些類型的市場會在預測中獲得發展勢頭，而一些你可能意想不到的市場將會成為熱門市場，這就需要像我們這樣的公司來確定如何加強我們自己的博彩業務。

So, I think that's things we'll be paying attention to, but I would say it's almost felt premature. To really see a lot because so far what's been happening is that the prediction markets are less regulated than we are and so perhaps you will start under self-certifying in many cases, you start to see things happening in the future maybe that are worth us.

所以，我認為這些都是我們需要關注的事情，但我覺得現在談論這些還為時過早。要真正看到很多東西，因為到目前為止，預測市場的監管比我們寬鬆，所以也許在很多情況下你會開始進行自我認證，你會開始看到未來可能會發生的事情，也許這些事情對我們來說是有價值的。

Paying attention to you, but what we've seen so far is really that industry trying to replicate sports betting and starting to say, well, we have the game parlay, so how can they do the game parlays?

我一直在關注你，但我們目前看到的是，這個行業正在努力複製體育博彩，並開始說，好吧，我們有比賽串關，那麼他們怎麼能做比賽串關呢？

So, I think right now the direction is more of them trying to replicate what exists in our business, but at some point I could see if that market was to exist, although obviously it's a long way to know that's going to happen, then you certainly would start to see cross pollination of ideas in the other direction too.

所以，我認為目前的發展方向更多的是他們試圖複製我們業務中已有的模式，但從某種程度上來說，如果這個市場真的存在（雖然顯然要知道這是否會發生還有很長的路要走），那麼你肯定會看到思想的相互融合也開始出現。

Nice, last question from us. Does the, do you think the Trump fight with the Colombian President, is that creating, more or less support in Colombia for the President and his potential tax, change, and then I guess broadly speaking, kind of a mess in Colombia. I mean, does that sort of take down a little bit, I guess your appetite to expand further.

好的，這是我們最後一個問題。你認為川普與哥倫比亞總統的鬥爭，是否或多或少削弱了哥倫比亞民眾對總統及其潛在稅收改革的支持，然後，總的來說，是否導致哥倫比亞局勢一片混亂？我的意思是，這是否會稍微削弱你進一步擴張的慾望？

I mean, Brazil, Ecuador, Chile, Argentina, all really interesting regions I think you're looking at maybe unlocking, but the sort of the mess in Colombia, I guess, sort of pull back and your desire to put capital to work in other countries in Latin America. Thanks, guys.

我的意思是，巴西、厄瓜多、智利、阿根廷，這些都是非常有趣的地區，我認為你可能正在考慮如何開發這些地區，但是哥倫比亞的混亂局面，我想，可能會讓你有所顧慮，從而阻礙你將資本投入拉丁美洲其他國家的願望。謝謝各位。

Yeah, maybe I'll take your second question first, and the answer is no. It doesn't really dampen our interests. It's a lot of Effort to get experience right for Latin America. We believe those markets are at the infancy of growth and as we see our growth ourselves, there's lots of opportunity there and it's a very large population across Latin America that are in the process of or will be legalizing online gaming in the future.

嗯，或許我可以先回答你的第二個問題，答案是否定的。這並不會真正削弱我們的興趣。要為拉丁美洲打造合適的體驗，需要付出很多努力。我們認為這些市場正處於成長的初期階段，而且從我們自身的成長來看，那裡有很多機會，拉丁美洲有大量人口正在或將在未來實現網路遊戲合法化。

So, we certainly remain very excited for it and frankly some of the things that are happening in these regions are also happening here in the United States across the different footprints here.

所以，我們對此仍然感到非常興奮，坦白說，這些地區正在發生的一些事情也正在美國各地發生。

So, I don't think anything is possible these days. It feels like with the Anywhere in the world, so I think certainly we are excited for the LATAM market and think we will be able to, control the things that we can and execute where we can and influence when we're able to in terms of how we sort of want frameworks to exist in a way that's viable, but I think we're excited for the future in LATAM.

所以，我覺得現在什麼都不可能了。感覺就像在世界各地一樣，所以我認為我們當然對拉丁美洲市場感到興奮，並認為我們將能夠控制我們能控制的事情，並在我們能夠影響的時候，影響我們希望以可行的方式存在的框架，但我認為我們對拉丁美洲的未來感到興奮。

In terms of the Columbia question, we certainly haven't heard or seen any evidence of anything impacting us. Certainly, we've been a great citizen down there, continue to be very respected in that industry and feel really confident about the taxes we generate and the quality of the business that we run down there. So, I think the answer would be no to your question.

至於哥倫比亞號事件，我們目前還沒有聽到或看到任何對我們造成影響的證據。當然，我們一直是當地優秀的公民，在業內也一直備受尊敬，我們對我們繳納的稅款和我們在那裡經營的業務品質感到非常有信心。所以，我認為你問題的答案是否定的。

At this time there are no more questions registered in you. I'd like to pass the conference back over to our hosting team for closing remarks.

目前您沒有其他問題需要提交。我謹將會議交還給我們的主辦團隊，請他們作閉幕致詞。

Well, thank you for joining us today. We're excited about the road ahead and look forward to sharing our continued progress when we report our fourth quarter and annual results next year.

謝謝您今天收看我們的節目。我們對未來的道路充滿信心，並期待在明年公佈第四季和年度業績時與大家分享我們取得的持續進展。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。