Rush Street Interactive, Inc. (RSI) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive first quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, April 28, 2026.

各位女士、先生，大家好。感謝各位耐心等候。歡迎參加 Rush Street Interactive 2026 年第一季財報電話會議。(接線員指示) 請注意，本次電話會議將於今日（2026 年 4 月 28 日）錄音。

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 Kyle Sauers。請開始。

Thank you, operator, and good afternoon. By now, everyone should have access to our first quarter 2026 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，大家下午好。此時各位應已可取得我們 2026 年第一季財報新聞稿。可至 rushstreetinteractive.com 的 RSI 網站「投資人」專區，在「Financials Quarterly Results」標題下查閱。

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.

我們部分評論將構成聯邦證券法所定義的前瞻性陳述。前瞻性陳述並非歷史事實陳述，通常可透過使用「將」、「預期」、「應該」或其他類似措辭辨識，且受多項風險與不確定性影響，可能導致實際結果與我們預期存在重大差異。

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. 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.

我們不承擔更新任何前瞻性陳述之責任。因此，您在解讀與依賴這些陳述時應審慎。我們建議您參閱我們向 SEC 提交的文件，以更詳細了解可能影響我們未來營運成果與財務狀況的風險。在本次電話會議中，我們將討論非 GAAP 指標，我們認為其有助於評估公司的營運表現。這些指標不應被單獨考量，亦不應作為依 GAAP 編製之財務結果的替代。

We will be discussing adjusted EBITDA, which we define as net income or loss before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain onetime or nonrecurring items and other adjustments that are either noncash or not related to our underlying business performance. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is available in our first quarter 2026 earnings release and our investor deck, which is available in the Investors section of the RSI website at rushstreetinteractive.com.

我們將討論調整後 EBITDA（adjusted EBITDA），其定義為淨利或淨損在扣除利息、所得稅、折舊與攤銷、股份基礎給付，以及針對特定一次性或非經常性項目與其他非現金或與我們核心業務表現無關之調整項目之前的金額。上述非 GAAP 指標與最直接可比 GAAP 指標之調節表，已載於我們 2026 年第一季財報新聞稿及投資人簡報（investor deck）中；投資人簡報可於 rushstreetinteractive.com 的 RSI 網站「投資人」專區取得。

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.

就今日電話會議而言，除非另有說明，當我們討論獲利能力、EBITDA 或除營收以外的其他損益表項目時，均係指以非 GAAP 的調整後 EBITDA 基礎呈現之數據。

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 for questions.

今天與我一同參與電話會議的還有執行長 Richard Schwartz。我們將先提供開場說明，接著開放提問。

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

接下來，我把電話交給 Richard。

Thank you, Kyle, and good afternoon, everyone. For the first quarter, we generated record revenue of $370 million, up 41% year over year, and a record adjusted EBITDA of $60 million, up 81% year over year. Our continued momentum demonstrates the strength of our casino-first strategy, the effectiveness of our operational execution and the powerful momentum we're building across our business. We're scaling revenue off a much larger base at very strong growth rates while improving profitability at about double that pace.

謝謝你，Kyle，各位下午好。第一季我們創下 3.70 億美元的營收新高，年增 41%，並創下 6,000 萬美元的調整後 EBITDA 新高，年增 81%。我們持續的動能展現了「以線上賭場為先」策略的強勁實力、營運執行的有效性，以及我們在整體業務上正在建立的強大成長動能。我們在更大的營收基礎上以非常強勁的成長率擴張，同時以約兩倍的速度提升獲利能力。

The casino-first approach continues to be a fundamental differentiator of our business model, a business model focused on online casino as our primary value driver, with sports betting and poker serving as important complementary products. This strategic choice delivers meaningful advantages in player economics. Our casino players engage more consistently, demonstrate higher lifetime values and exhibit superior retention characteristics. These structural advantages compound over time, creating a virtuous cycle that drives both growth in revenue and profitability.

「以線上賭場為先」的做法仍是我們商業模式的核心差異化要素；該模式以線上賭場作為主要價值驅動來源，並以體育博彩與撲克作為重要的互補產品。此一策略選擇在玩家經濟效益方面帶來顯著優勢。我們的賭場玩家參與更穩定、終身價值更高，且留存特性更佳。這些結構性優勢會隨時間累積，形成正向循環，同時推動營收與獲利成長。

Our player base expanded dramatically during the quarter, extremely impressive results from our teams. Monthly active users in North America grew 46% year over year to 296,000, while Latin America MAUs increased 54% to 543,000. In our North American online casino markets, specifically, MAU growth reached 62%, eclipsing the 51% growth we just experienced last quarter. We've now seen an accelerating year over year player growth in these markets, each of the last four quarters demonstrating the powerful underlying strength of our business.

本季我們的玩家基礎大幅擴張，團隊交出極為亮眼的成果。北美月活躍用戶（MAU）年增 46% 至 296,000 人；拉丁美洲 MAU 年增 54% 至 543,000 人。在我們營運的北美線上賭場市場中，MAU 成長率達 62%，超越我們上一季剛達成的 51% 成長。我們已連續四個季度在這些市場看到年增玩家成長加速，顯示我們業務強勁的基本面。

We also achieved record first-time depositors this quarter, beating our previous record set in each of the last two quarters by a wide margin. The combination of record new player acquisition with improving marketing efficiency creates a powerful dynamic that will drive our business to new heights. We're filling the top of the funnel faster. We're doing it more efficiently than ever, and our retention remains strong. Customer acquisition and retention efficiency continues to be a key pillar of our success. Our brand awareness is increasing, which gives us a meaningful advantage in acquiring players at favorable rates.

本季我們也創下首次存款用戶（first-time depositors）新高，且大幅超越前兩季各自創下的先前紀錄。創紀錄的新玩家獲取，加上行銷效率提升，形成強大的動能，將推動我們的業務再上層樓。我們更快地充實漏斗頂端。我們以史上最高效率做到這點，同時留存仍維持強勁。獲客與留存效率持續是我們成功的關鍵支柱。我們的品牌知名度正在提升，使我們能以更有利的成本取得玩家，形成實質優勢。

This isn't about any single initiative. It's the result of systematic improvements across customer acquisition strategy, product and user experience, loyalty programs, data analytics and customer service. This quarter, we estimate we grew market share sequentially by around 90 basis points in the North American online casino markets where we operate. Our established markets continue performing well, and we're seeing the benefits of our relentless focus on player experience and operational excellence. The consistency of these results across both mature and newer jurisdictions validates that our approach is working well.

這並非單一措施所致。而是我們在獲客策略、產品與使用者體驗、忠誠計畫、數據分析與客服等面向持續系統性改善的成果。本季我們估計在所營運的北美線上賭場市場中，市占率較前一季提升約 90 個基點。我們的既有市場持續表現良好，並且我們正看到對玩家體驗與營運卓越不懈投入所帶來的效益。這些成果在成熟與較新司法管轄區皆一致呈現，驗證我們的方法運作良好。

Latin America also delivered exceptional results. In Colombia, despite navigating a complex regulatory environment, we posted our fastest MAU growth in the past four quarters. The strategic approach we took throughout 2025, absorbing the tax burden through increased bonusing rather than passing cost to players, has proven to be an effective decision. Our commitment to our players and retaining their trust has positioned us well for 2026.

拉丁美洲同樣交出卓越成果。在哥倫比亞，儘管面對複雜的監管環境，我們仍創下過去四個季度中最快的 MAU 成長。我們在 2025 年採取的策略——透過提高紅利補貼來吸收稅負，而非將成本轉嫁給玩家——已證明是有效的決策。我們對玩家的承諾以及維持其信任的努力，使我們在 2026 年具備良好定位。

As discussed in our prior earnings call, the Constitutional Court suspended the emergency decree of 19% VAT on GGR in late January. Furthermore, there was another positive development earlier this month, whereby the Constitutional Court determined the 19% VAT to be unconstitutional, and therefore ruled that no tax was to be imposed under that decree. In mid-March, a new emergency decree was implemented that imposed a temporary 16% tax on GGR. This new emergency decree and associated tax decree will also undergo a new and distinct review by the Constitutional Court during the coming months.

如同我們在上一次財報電話會議中所提，憲法法院於 1 月下旬暫停了對 GGR 徵收 19% 增值稅（VAT）的緊急法令。此外，本月稍早又有一項正面進展：憲法法院認定 19% VAT 違憲，因此裁定該緊急法令下不應課徵任何稅負。3 月中旬，政府實施了新的緊急法令，對 GGR 課徵暫時性的 16% 稅負。此一新的緊急法令及其相關稅務法令，也將在未來數月由憲法法院進行新的、且獨立的審查。

The result of all this is that the original temporary 19% tax that was determined to be unconstitutional was not applied to us. Therefore, during the first 2.5 months of the first quarter, we had no additional taxes. Moving forward, we have assumed that we will have a new temporary 16% tax from mid-March through the end of the year when considering our raised guidance.

上述情況的結果是：原先被認定違憲的暫時性 19% 稅負並未適用於我們。因此，在第一季前 2.5 個月期間，我們沒有額外稅負。展望未來，在我們上調財測時的假設中，我們預期自 3 月中旬起至年底將承擔新的暫時性 16% 稅負。

Turning to Mexico. This market continues to ramp nicely and to be more meaningful for us, both from a revenue and profitability perspective. Along with increasing brand awareness, we're seeing strong player acquisition, excellent retention metrics and healthy growth and profitability.

接著談墨西哥。該市場持續良好爬坡，且無論在營收或獲利角度，對我們的重要性都在提升。隨著品牌知名度提高，我們看到強勁的玩家獲取、優異的留存指標，以及健康的成長與獲利表現。

The competitive environment remains favorable, and we're gaining share by delivering the superior player experience that has made us successful in other markets. We have grown revenue by over 100% in each of the last four quarters and remain excited about the long-term opportunity and a substantial size of this growing market.

競爭環境仍然有利；我們透過提供更優異的玩家體驗來提升市占，而這正是我們在其他市場成功的關鍵。我們在過去四個季度每季營收均成長超過 100%，並對此一成長中市場的長期機會與可觀規模持續感到振奮。

Looking ahead, we are getting closer to launching Alberta. The regulator has set July 13, as the launch date. This represents a significant expansion opportunity for our business. As Kyle will also cover, our increased revenue and EBITDA guidance now includes the impact of the Alberta launch for the back half of the year. We expect to begin investing in marketing and brand building ahead of our launch in Alberta. This will occur in the second quarter, and Kyle will have more details.

展望未來，我們距離在亞伯達省上線又更近了一步。監管機構已將 7 月 13 日訂為上線日期。這代表我們業務一個重大的擴張機會。正如 Kyle 也將說明的，我們上調後的營收與 EBITDA 指引，現已納入亞伯達省於下半年上線所帶來的影響。我們預期將在亞伯達省上線前開始投入行銷與品牌建置。這將發生在第二季，Kyle 會提供更多細節。

With each new market launch, we build on and improve what we've learned in prior launches. Here, we're taking a deliberate, measured approach to market entry, focusing on building a sustainable business with strong unit economics. This disciplined approach has served us well in other markets, and we're confident it will drive long-term value in Alberta as well.

每次進入新市場上線時，我們都會在先前上線經驗的基礎上持續累積並改進。在此，我們採取審慎且有節奏的市場進入策略，聚焦於建立具備強勁單位經濟效益的可持續業務。這種自律的做法在其他市場已證明成效，我們也有信心它同樣能在亞伯達省帶來長期價值。

As we look to the remainder of 2026 and beyond, I'm incredibly excited about the opportunities ahead of us. We're operating from a position of strength with momentum across our business, a clear and focused strategic road map and the operational capabilities to continue executing at a high level.

展望 2026 年剩餘時間及更長遠的未來，我對前方的機會感到非常振奮。我們正以強勢姿態運營，整體業務動能充沛，具備清晰且聚焦的策略路線圖，以及能持續以高水準執行的營運能力。

We're continuing to invest in product innovation, technology enhancements and geographic expansion while maintaining the financial discipline that has long characterized our approach. We believe that this balanced strategy positions us to continue to deliver sustainable growth and increasing profitability over the long term.

我們持續投資於產品創新、技術強化與地域擴張，同時維持長期以來貫徹的財務紀律。我們相信，這項均衡策略使我們能在長期持續交付可持續成長並提升獲利能力。

Our first quarter performance and the momentum we're seeing across the business gives us increased confidence. We remain focused on delivering exceptional player experiences while creating long-term value for our shareholders.

我們第一季的表現以及在整體業務中看到的動能，讓我們更具信心。我們仍專注於提供卓越的玩家體驗，同時為股東創造長期價值。

With that, I'll turn it back to Kyle to discuss the financial details.

接下來，我把時間交還給 Kyle，請他說明財務細節。

Thanks, Richard. Let me walk through the details of our exceptional first quarter performance. Record first quarter revenue of $370.4 million represents 41% year over year growth, a significant acceleration from the growth rates we delivered in 2025 and our fastest growth rate in over four years. This performance was driven by strong execution across all aspects of our business, with growth accelerating throughout the quarter. Adjusted EBITDA reached a record $60.2 million, representing 81% year over year growth and over 16% margins. This profitability expansion demonstrates the operating leverage in our business model as we continue to scale. Gross margins came in at 35.7%, an 80 basis points improvement year over year.

謝謝你，Richard。我來帶大家看一下我們卓越第一季表現的細節。第一季營收創新高，達 3.704 億美元，年增 41%，相較我們在 2025 年交出的成長率明顯加速，也是四年多來最快的成長速度。這項表現來自我們在業務各面向的強勁執行力，且成長在整個季度持續加速。調整後 EBITDA 亦創新高，達 6,020 萬美元，年增 81%，且利潤率超過 16%。獲利能力的擴張顯示，隨著我們持續擴大規模，商業模式具備營運槓桿。毛利率為 35.7%，年增 80 個基點。

Our marketing efficiency continues to improve. Marketing expenses in the quarter were $46.2 million, an increase of 19% year over year and representing 12.5% of total revenue, which compares to 14.8% of revenue in the year ago quarter. Our disciplined marketing spend, combined with record player acquisition levels, demonstrates the competitive advantage we're building within player acquisition channels and our cost to acquire players, which, again, are the lowest they've been since we went public over five years ago.

我們的行銷效率持續改善。本季行銷費用為 4,620 萬美元，年增 19%，占總營收 12.5%，相較去年同期占營收 14.8% 有所下降。我們自律的行銷支出，結合創紀錄的玩家獲取水準，展現我們在玩家獲取渠道以及獲客成本方面建立的競爭優勢；而且再次強調，這些成本已降至我們五年多前上市以來的最低水準。

G&A for the first quarter was $25.8 million or 7.0% of revenue compared to 7.4% in the prior year period. As forecasted, we are increasing our investments in our people and technology in 2026. But nonetheless, we achieved leverage over the G&A line during the quarter. The foundation of our financial success is our exceptional user acquisition and retention performance. As Richard mentioned, our user growth this quarter was really impressive, hitting another new record for first-time depositors.

第一季一般及行政費用（G&A）為 2,580 萬美元，占營收 7.0%，去年同期為 7.4%。如先前預測，2026 年我們將增加對人才與技術的投資。儘管如此，本季我們仍在 G&A 項目上實現了槓桿效益。我們財務成功的基礎，是卓越的用戶獲取與留存表現。如 Richard 所提，本季用戶成長非常亮眼，首次入金用戶數再創新高。

In North America, our MAUs of 296,000 demonstrated growth of 46% year over year, and online casino markets in North America grew a notable 62% year over year. And in Latin America, MAUs of 543,000 grew 54% year over year, demonstrating the brand awareness and customer loyalty we're building in these markets. North America ARPMAU was $317 in the first quarter, down 14% year over year. Given the record volumes of new players we're adding to the platform, the trend of declining ARPMAU is both healthy and anticipated.

在北美，我們的月活躍用戶（MAUs）為 296,000，年增 46%；北美線上賭場市場年增更達 62%，表現突出。在拉丁美洲，MAUs 為 543,000，年增 54%，顯示我們在這些市場建立的品牌認知與客戶忠誠度。北美第一季每月活躍付費用戶平均收入（ARPMAU）為 317 美元，年減 14%。鑑於我們正以創紀錄的速度將新玩家導入平台，ARPMAU 下降的趨勢既健康也符合預期。

New players initially generate lower ARPMAU than our established customer base, but they represent new high-quality player cohorts that we're acquiring at very attractive levels. The key is that we're acquiring these players efficiently and retaining them effectively, which positions us for strong long-term value creation.

新玩家起初帶來的 ARPMAU 低於既有客群，但他們代表我們以非常具吸引力的水準所獲取的新一批高品質玩家群。關鍵在於，我們能高效率地獲取這些玩家並有效留存，從而為長期價值創造奠定良好基礎。

In Latin America, our ARPMAU for the first quarter was $54, up 51% year over year, largely driven by faster growth in Mexico, which has higher player values than our other Latin American markets and the removal of the VAT bonusing in Colombia which we incurred in 2025. This validates the strategic approach we took throughout 2025 and demonstrates the underlying strength of our Latin American business.

在拉丁美洲，我們第一季 ARPMAU 為 54 美元，年增 51%，主要受墨西哥更快的成長所帶動；墨西哥的玩家價值高於我們在拉美的其他市場，此外也受益於哥倫比亞取消我們在 2025 年承擔的增值稅（VAT）紅利補貼（bonusing）。這驗證了我們在 2025 年全年度採取的策略作法，也展現我們拉丁美洲業務的內在韌性。

Breaking down our performance by product and geography, we saw continued strength across all segments. In the first quarter, online casino revenue grew 39% and online sports betting revenue grew 47%. Regionally, revenue in North America grew 26% in the first quarter and revenue in Latin America grew 134%.

按產品與地區拆解表現，我們看到各分部持續走強。第一季，線上賭場營收成長 39%，線上體育博彩營收成長 47%。就地區而言，北美第一季營收成長 26%，拉丁美洲營收成長 134%。

Our balance sheet remains strong with $331 million in cash on hand as of March 31, and we still have zero debt on our books. During the first quarter, we did not repurchase any shares under our $50 million share repurchase program. Based on the strength of our first quarter performance and our improved visibility into the remainder of the year, we are raising our full year 2026 guidance.

我們的資產負債表仍然穩健，截至 3 月 31 日，手上現金為 3.31 億美元，且帳上仍為零負債。第一季，我們未在 5,000 萬美元的股票回購計畫下回購任何股份。基於第一季表現的強勁，以及我們對今年剩餘期間能見度的提升，我們上調 2026 全年指引。

We now expect revenue to be in the range of $1.49 billion to $1.54 billion, representing year over year growth of 31% to 36%. At the midpoint of $1.515 billion, this represents a $115 million increase from our initial 2026 guidance and 34% year over year growth.

我們目前預期營收將介於 14.9 億至 15.4 億美元之間，對應年增 31% 至 36%。以中位數 15.15 億美元計，較我們最初的 2026 指引增加 1.15 億美元，年增 34%。

This is a meaningful increase from the guidance we offered in mid-February. So where is this coming from? In order of impact, as we mentioned earlier, we grew iCasino market share substantially in North American markets during the first quarter. This outsized growth had a positive impact on Q1, but also sets us up well for the remainder of the year. And our significant growth in North American iCasino users supports that confidence.

這相較我們在 2 月中旬提供的指引，是一項具實質意義的上調。那麼，增量從何而來？按影響程度排序，如先前所述，我們在第一季於北美市場的 iCasino 市占率大幅提升。這種超預期的成長對 Q1 帶來正面影響，也讓我們為今年剩餘時間打下良好基礎。而北美 iCasino 用戶的顯著成長也支撐了這份信心。

Next, while we had a lot of confidence in our growth prospects for Latin America heading into the year, that entire market continues to outperform both in player growth and top line revenue. In the first quarter, we also benefited from better sports outcomes in both North America and Latin America. Lastly, we have included in our guidance the Alberta launch expected in July, which will add some modest revenue in the back half of the year.

其次，雖然我們在年初就對拉丁美洲的成長前景很有信心，但整體市場在玩家成長與營收（top line）方面仍持續優於預期。第一季，我們也受益於北美與拉丁美洲更有利的體育賽事結果。最後，我們在指引中納入預計 7 月於亞伯達省上線的影響，這將在下半年帶來一些溫和的營收貢獻。

Turning to profitability guidance. We now expect adjusted EBITDA to be in the range of $230 million to $250 million, representing year over year growth of 50% to 63%. At the midpoint of $240 million, this represents a $20 million increase from our initial 2026 guidance and 56% year over year growth.

接著談獲利指引。我們目前預期調整後 EBITDA 將介於 2.30 億至 2.50 億美元之間，對應年增 50% 至 63%。以中位數 2.40 億美元計，較我們最初的 2026 指引增加 2,000 萬美元，年增 56%。

This is a 9% increase in our EBITDA guide and reflects the benefits of all the reasons I mentioned for raising revenue guidance, plus the benefits of the new temporary tax in Colombia being a bit lower than the prior 19% temporary tax that was overturned, and partly offset by significant investments planned for Alberta and modestly higher marketing spend and G&A costs than expected earlier in the year.

這代表我們的 EBITDA 指引上調 9%，反映我先前提到的所有上調營收指引的因素所帶來的效益，另加上哥倫比亞新的臨時稅率略低於先前被推翻的 19% 臨時稅率所帶來的好處；但部分被我們為亞伯達省規劃的大幅投資，以及較年初預期略高的行銷支出與 G&A 成本所抵銷。

Even with these plans for increased spend, at the midpoint of our guidance, we do expect to get meaningful leverage over marketing spend and modest leverage over G&A as well. It's worth noting that our EBITDA guidance raise would have been closer to $30 million without the effect of our Alberta investment now being included in guidance. This will be a 14% increase over our previous guidance.

即使有這些增加支出的計畫，在我們指引的中點，我們確實預期能在行銷支出上取得顯著的槓桿效益，並且在一般及行政費用（G&A）上也能取得溫和的槓桿效益。值得注意的是，若非我們對阿爾伯塔的投資影響如今已納入指引，我們的 EBITDA 指引上調幅度本會更接近 3,000 萬美元。這將較我們先前的指引提高 14%。

Our first quarter results demonstrate the strength of our business model and our ability to execute. We're growing rapidly. We're growing profitably, and we're doing so in a way that positions us well for sustained success. The continued momentum we're seeing across player growth, marketing efficiency and profitability gives us confidence in our ability to deliver on our raised guidance and create long-term shareholder value.

我們第一季的結果展現了我們商業模式的強勁，以及我們的執行能力。我們正在快速成長。我們在獲利的同時成長，而且我們以能讓我們在持續成功上具備良好定位的方式來做到這一點。我們在玩家成長、行銷效率與獲利能力方面持續看到的動能，讓我們對於能達成上調後的指引並創造長期股東價值充滿信心。

So with that, operator, we're ready to take questions.

那麼，接下來，接線員，我們準備開始回答問題。

(Operator Instructions)

(接線員指示)

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通（JPMorgan）。

I wanted to touch first on the MAU and monthly active users in North America. I mean, it's been a pretty impressive acceleration over the last five quarters there, the 46% growth this quarter. Can you just talk about who these customers are that you're acquiring? Are they from different platforms? Is there a different demographic? Are they concentrated in one state versus another. It's just -- it's obviously pretty impressive growth. So just better understanding, I think, would be helpful.

我想先談談北美的 MAU，也就是月活躍用戶。我的意思是，過去五個季度那邊的加速相當令人印象深刻，本季成長 46%。你們能否談談你們正在獲取的這些客戶是哪些人？他們是來自不同平台嗎？人口結構是否不同？他們是集中在某一州而非另一州嗎？這顯然是相當亮眼的成長。所以我想更好地理解會很有幫助。

Yeah. Thanks, Dan. I'll take that one. We are very pleased with the progress there. And I'll point out that the growth in markets that have iCasino in North America are actually growing faster than the total numbers that you mentioned.

好的。謝謝你，Dan。這題我來回答。我們對那邊的進展非常滿意。我也要指出，在北美有 iCasino 的市場，其成長其實比你提到的整體數字還要更快。

So we've been really pleased with that. We're filling the top of the funnel faster than we ever have, three straight quarters of record first-time depositors. The players we're acquiring, look -- I mean, if you look at our average revenue per monthly active user, while that's come down a little bit in recent quarters, that's because we're diluting it so much with these new players. New players that may not be around for a full month, new players that are getting bonusing when they start out and take longer to build value over time.

所以我們對此非常滿意。我們以前所未有的速度把漏斗頂端填滿，已連續三個季度創下首次存款用戶（first-time depositors）的新高紀錄。我們正在獲取的玩家——你看，如果你看我們每位月活躍用戶的平均收入，雖然近幾季略有下降，但那是因為我們用這些新玩家大幅稀釋了該數字。這些新玩家可能不會完整活躍一整個月，新玩家在起步時會拿到獎勵（bonusing），而且需要更長時間才能逐步累積價值。

So I'd say the players look a lot like the ones that we've acquired before. Surely, there's some additional kind of casual player base that we're adding, but we're seeing only modest lowering of the expected long-term value in all these new players that we're bringing on. And it's coming from a bunch of different channels. Our marketing team just continues to optimize where we spend, what the messaging looks like and continuing to track a lot of players.

所以我會說，這些玩家看起來與我們過去獲取的玩家非常相似。當然，我們確實新增了一些更偏休閒的玩家族群，但我們在這些新導入玩家身上看到的預期長期價值下滑幅度僅屬溫和。而且這些玩家來自許多不同的渠道。我們的行銷團隊持續優化支出配置、訊息呈現方式，並持續追蹤大量玩家。

I think one of the benefits for us, even though we're growing much faster than the industry is, there's a lot of players who still don't know who that BetRivers is in North America. So there's a lot of opportunity for us to go after players who maybe haven't played iCasino before, but also played with some of our competitors and give them a shot to play on one of the best platforms, if not the best platform that's out there.

我認為對我們而言的一個好處是，即使我們的成長速度遠高於產業，北美仍有很多玩家不知道 BetRivers 是誰。因此，我們有很大的機會去爭取那些可能從未玩過 iCasino 的玩家，也包括曾在我們某些競爭對手那裡玩過的玩家，讓他們有機會在市場上最好的平台之一——甚至可能是最好的平台——上體驗。

Got it. That's helpful. And then just turning to Alberta, I think that you mentioned, I think it was implied, about a $10 million launch cost or EBITDA impact in the year. Can you talk about, I guess, what you're underwriting there in terms of market share? Is it predominantly going to be iGaming? And then just maybe talk about expectations for the competitive environment.

了解。這很有幫助。接著談阿爾伯塔，我想你提到——我理解是暗示——今年大約有 1,000 萬美元的啟動成本或對 EBITDA 的影響。你能談談你們在那邊對市占率的承作假設（underwriting）是什麼嗎？會主要是 iGaming 嗎？另外也請談談對競爭環境的預期。

Sure. So we expect it to be competitive, just like Ontario has been competitive. It also has incumbent great market operators that all the new entrants like us will be dealing with. I don't think we want to put a market share bogey out there just yet. Ontario, which has been a great market for us, We've grown really nicely. We're taking share there, but we're still relatively small in the scope of the entire market. that's probably a good target for us early on. But I'll also say we've had a lot of lessons operating in Ontario, and we think we'll do really well launching in Alberta.

當然。所以我們預期競爭會很激烈，就像安大略一直以來的競爭一樣。那裡也有既有的優秀市場營運商，像我們這樣的新進者都必須面對。我想我們現在還不想對外給出一個市占率目標（bogey）。安大略對我們來說一直是個很棒的市場，我們成長得很不錯。我們在那裡正在取得市占，但就整個市場規模而言，我們仍相對較小；這可能是我們在初期的一個不錯目標。但我也要說，我們在安大略營運累積了很多經驗教訓，我們認為在阿爾伯塔的上市（launch）會做得很好。

Bernie McTernan, Needham.

Bernie McTernan，Needham。

Great. Maybe just to start, just piggybacking on the question on the strong MAU growth. What customer acquisitions channels are working in particular? Is anything performing better? I know you brought in a Chief Marketing Officer not too long ago. Just the fact that we continue to see nice growth here on a sustained basis, just want to see what's working. And then I have a follow-up.

很好。或許先接續剛才關於 MAU 強勁成長的問題。哪些客戶獲取渠道特別有效？有沒有什麼表現更好？我知道你們不久前聘請了一位行銷長（Chief Marketing Officer）。我們持續看到這裡在一段時間內都有不錯的成長，只是想了解到底是哪些做法奏效。然後我還有一個追問。

Yeah. Great. And yes, we did bring in our first CMO a couple of years ago now. We've added a lot of great talent to the team, supplemented the great people we already have there, both in North America and Latin America. So they're doing a fantastic job. I'll say we're trying a lot of different channels, trying a lot of different things. And clearly, it's working really well. The ones that are working exceptionally well, I'm not sure that I want to highlight that on a public call, though.

好的。很好。是的，我們大約在兩年前引進了我們第一位 CMO。我們為團隊加入了很多優秀人才，並補強了原本就很棒的成員，涵蓋北美與拉丁美洲。所以他們做得非常出色。我會說我們正在嘗試很多不同的渠道，也在嘗試很多不同的做法。而且顯然，效果非常好。至於哪些渠道表現特別突出，我不確定我是否想在公開電話會議上特別點名。

Fair enough. And then I wanted to ask on just the World Cup, just any -- I'm assuming that you will see the impact greater in the financials in LatAm over the US, but just -- any commentary on what's contemplated in the guide would be helpful.

可以理解。接著我想問關於世界盃——我想你們在拉丁美洲的財務報表上看到的影響應該會比美國更大——但就指引中所納入的假設而言，任何評論都會很有幫助。

Yeah. So without being super specific on exactly what's in the guide, we have built in some upside from the World Cup and the extra games that will be played because it's largely incremental to the whole soccer calendar for the year. But I think we're -- so we're very excited about that. We're very excited about the player acquisition that comes along with it. So hopefully, that will turn into a bigger impact than what we've modeled and what we've guided to. So that could be exciting.

好的。在不對指引中具體內容過度細說的前提下，我們確實已把世界盃帶來的一些上行空間，以及因為它在全年足球賽程中大多屬於增量而會增加的比賽場次，納入模型。但我想我們——所以我們對此非常興奮。我們也非常期待隨之而來的玩家獲取。因此，希望它最終帶來的影響能大於我們建模與指引所反映的程度。所以這可能會很令人期待。

I'll say -- I think one point of it. I referenced it'd be interesting. The Copa America in 2024 that summer, we saw our monthly active users in Colombia increase by an average of 170% year over year in June and July, which is the two months where that event happened. So that was a big driver of the future growth for us in Colombia. So we're hoping for a great World Cup, a lot of engagement from new players and existing players, but also sustained growth in our player base afterwards for both sports and for iCasino.

我再補充——我想其中一點。我先前提到這會很有意思。在 2024 年夏天的美洲盃（Copa America）期間，我們看到哥倫比亞的月活躍用戶在 6 月與 7 月（也就是該賽事舉行的兩個月）平均年增 170%。因此，那成為我們在哥倫比亞後續成長的一個重要驅動因素。所以我們希望世界盃能有很好的表現，帶來新玩家與既有玩家的高度參與，同時也希望在賽後我們的玩家基礎能持續成長，涵蓋體育博彩與 iCasino。

If I could just add that this is a unique World Cup and that is taking place in three countries, and all three of them are countries where we operate. And we're excited that it's less than 45 days away from the first match, which will open up on June 11 in Mexico City, a great market where we're operating in Mexico is going to play a host game. So I think there's a lot of excitement because of that.

如果我可以再補充一點，這是一屆獨特的世界盃，將在三個國家舉行，而這三個國家都是我們有營運的市場。我們也很興奮，距離首場比賽不到45天，開幕戰將於6月11日在墨西哥城舉行；那是一個我們正在營運的優質市場，而且墨西哥將主辦一場比賽。所以我認為因此帶來了很多期待。

But also the time zones for all of our players in the Americas will be the same time zones that are awake, which is rare compared to how it's been about several World Cups even over in Europe or the Middle East, even. So I think this is a chance for us to really capture a large amount of interest from bettors in these markets because we know it expands the pie of recreational users who we can then cross-sell, as Kyle just said, to casino.

另外，對於我們在美洲的所有玩家而言，時區都會是他們清醒的同一時區；相較於過去幾屆世界盃（即便是在歐洲或中東）這種情況很少見。因此我認為，這是我們真正把握這些市場投注者大量興趣的機會，因為我們知道這會擴大休閒型用戶的整體盤子，而我們之後就能如Kyle剛才所說，進一步交叉銷售到線上賭場（casino）。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

I want to touch on the comments around your MAU growth in Colombia the fastest you've seen in the last 4 quarters. You kind of talked about what you're doing and what's going right there. But can you maybe just kind of tell us or explain like what the exit rate is in the country kind of exiting thVAT tax? And do you think that you're gaining overall share just based off on the adjustments that you've made to the business model in recent quarters?

我想談談你們提到哥倫比亞MAU成長，是過去4個季度以來最快的一次。你們有談到你們在那邊做了什麼、哪些做對了。但你們能否說明一下，該國在退出增值稅（VAT）稅制時的退出速度（exit rate）大概如何？以及你是否認為，基於你們近幾季對商業模式所做的調整，你們正在提升整體市占？

Yeah, sure. So we talked about it in the prepared remarks, but we're very pleased with how the strategy we used last year to kind of combat that, the deposit tax on the players. And we had a lot of extra bonusing, which was a little painful in 2025, but it served us really well and because we treated customers the right way.

好的，當然。我們在事先準備的發言中提到過，我們對去年用來因應（玩家）存款稅的策略成效非常滿意。我們提供了很多額外的獎勵（bonusing），這在2025年有點痛，但對我們非常有幫助，因為我們以正確的方式對待客戶。

So the business grew at a handle GGR player count base really nicely last year. And we're seeing more of that flow through to the net revenue line this year because there's less of that bonusing. We have increased our marketing spend in Latin America. So that's been certainly impactful on growing the player counts down there and having a faster growth. There's not -- in any of the Latin American countries, we don't have good reported data from the regulators.

因此，去年業務在投注額（handle）、GGR以及玩家數基礎上都成長得很不錯。而今年我們看到更多成效反映到淨營收（net revenue）上，因為獎勵補貼變少了。我們也提高了在拉丁美洲的行銷支出。這確實對當地玩家數成長與更快的增速產生了影響。另外，在任何拉丁美洲國家，我們都無法從監管機構取得良好的公開數據。

It would be really hard to imagine that we are not taking share in all three of those markets, given our performance. So we're pretty confident that, that's happening.

考量到我們的表現，很難想像我們在那三個市場沒有在提升市占。所以我們相當有信心，這確實正在發生。

Great. And then just sticking with Colombia, that's clearly been a standout market for you guys over the last couple of years. Are you seeing similar MAU growth, engagement monetization trends in Peru and Mexico at their point in their life cycles similar to kind of what you saw in Colombia in early days?

很好。接著仍以哥倫比亞為例，過去幾年那顯然是你們特別突出的市場。你們在秘魯與墨西哥是否也看到類似的MAU成長、參與度與變現趨勢？就它們目前所處的生命週期階段，是否類似你們在哥倫比亞早期看到的情況？

Yeah. So I'll say it this way. So Mexico is ahead of Colombia in terms of where we were this quarter relative to the launch date and then comparing that to Colombia versus our original launch date down there. So we're ahead in Mexico from that perspective on this quarter and in aggregate since launch. Now Mexico is a larger market. So I think we've got a much bigger opportunity there potentially. And then in Peru, it's probably a little bit behind where Colombia was post launch. But all of them still growing really, really nicely and we're very excited about.

是的。我會這樣說。就本季相對於上線日期的位置來看，墨西哥比哥倫比亞更超前；也就是把墨西哥目前的進度，拿來對比當年哥倫比亞自我們最初在當地上線後的進度。因此，從本季以及自上線以來的累計表現來看，我們在墨西哥都更領先。而且墨西哥是更大的市場。所以我認為那裡可能有更大的機會。至於秘魯，可能略落後於哥倫比亞上線後同一階段的表現。但三個市場都仍然成長得非常、非常好，我們也非常期待。

Ryan Sigdahl, Craig-Hallum Capital.

Ryan Sigdahl，Craig-Hallum Capital。

If I look at industry iCasino growth in the US, well, continues to be very durable and strong, if decelerating a bit. Your growth is accelerating. You're doing that despite disciplined spend. Many of your competitors are still there aggressively spending. I think I ask this every quarter, but I'm going to ask it again. I guess, how -- it feels like things are getting easier for you guys with accelerating growth when it feels like it's getting harder for everybody else?

如果我看美國整體iCasino的產業成長，雖然增速略有放緩，但仍然非常穩健且強勁。你們的成長卻在加速。而且你們是在維持紀律性支出的情況下做到的。你們許多競爭對手仍在積極燒錢。我想我每季都問這個問題，但我還是要再問一次。我想問的是——感覺你們在成長加速時，事情似乎變得更容易；但對其他人來說卻好像越來越難？

Yeah. So thanks for the comments. I wouldn't say it's getting easier, Ryan. I think our teams work really hard and really smartly. I do think we're doing a lot of things much better than we were a year ago or two years ago, but that doesn't mean that there's not a lot of things we can keep doing better. But it is -- I think we've said it all, and there's probably no new answers from your question last time. We're acquiring players faster. So more of them coming in to fill the top of the funnel. We're doing it at lower rates per player. And retention is still really, really good.

是的。謝謝你的評論。Ryan，我不會說事情變得更容易。我認為我們的團隊非常努力、也非常聰明地在工作。我確實覺得我們在很多事情上比一年前或兩年前做得更好，但這不代表沒有很多事情還能持續做得更好。不過——我想我們都說過了，你這個問題大概也不會比上次有什麼新的答案。我們獲取玩家的速度更快。因此有更多人進來填補漏斗頂端。而且我們以更低的單一玩家成本做到這點。留存仍然非常、非常好。

We try to be really fair with bonusing and we're trying to continue to optimize that, make sure that players are getting a meaningful experience with their bonusing and promotions, but again, an area we can continue to optimize. And just the whole life cycle and journey for a player from the time they hear about us to the time they start playing on our industry-leading product, we try to make it as great of an experience for them as we can. And then obviously, we've got a great customer service team that takes care of the players because there's always going to be issues that you have to deal with.

我們努力在獎勵補貼上做到非常公平，也持續嘗試最佳化，確保玩家在獎勵與促銷中獲得有意義的體驗；但同樣地，這仍是我們可以持續優化的領域。此外，從玩家聽說我們開始，到他們在我們業界領先的產品上開始遊玩為止，整個生命週期與旅程，我們都盡力讓他們有最好的體驗。然後很明顯地，我們也有很棒的客服團隊照顧玩家，因為總會有你必須處理的問題。

Ryan, I would add a couple of things. One of our goals is to create a fun and fair experience for our players. And when you consistently see their feedback to us, whether it's to our customer service team or in their public comments on our apps in the app store, that they themselves without knowing that that's our strategy, when they repeat themselves that you guys are fun and fair and fast, things that they care about, that just reinforces that we're delivering the experience and meeting the expectations or hopefully exceeding them.

Ryan，我再補充幾點。我們的目標之一，是為玩家打造有趣且公平的體驗。當你持續看到他們給我們的回饋——不論是對客服團隊，或是在App Store裡對我們App的公開評論——他們在不知道這是我們策略的情況下，仍反覆提到你們很有趣、公平、而且很快，這些都是他們在意的點；這就再次強化了我們確實在交付這樣的體驗，並符合他們的期待，或希望能超越期待。

I think a lot of this comes from an ideation process of having a lot of insights from the consumer, really understanding the audience, having the technology capabilities to deliver leading experiences that are new to the industry, not just here in the Americas but globally. And then delivering experiences that are differentiated for the player that they enjoy enough to sustain their play with us versus others. So I think it's just a consistency of leading having the confidence to build new experiences.

我認為這很大一部分來自於一個構想（ideation）流程：我們從消費者端獲得大量洞察，真正理解受眾，並具備技術能力去交付領先的體驗——這些體驗不只是美洲市場，甚至在全球範圍內都屬於產業新標竿。接著提供對玩家而言有差異化、且他們喜歡到足以持續在我們平台遊玩的體驗，而不是轉向其他平台。所以我認為，這就是一種持續領先的穩定性，以及有信心去打造新的體驗。

Our team is tremendous at understanding how to translate insights into products that the user wants to play. And of course, making sure the service element is always there to remind those players that we're thoughtful living company that's really treating players fairly.

我們的團隊非常擅長把洞察轉化為使用者想玩的產品。當然，也要確保服務這個元素永遠都在，提醒玩家我們是一家用心經營的公司，確實在公平地對待玩家。

Well done, guys. For my follow-up question just on Colombia. Constitutional Court declared that there needs to be a refund mechanism for the VAT collected in 2025. Curious if you think you guys will be entitled to refunds, if you're able to quantify that? And if you're able to provide any kind of additional detail on that process?

做得很好，各位。我追問一個關於哥倫比亞的問題。憲法法院宣告，針對2025年所徵收的增值稅（VAT）需要建立退款機制。想請教你是否認為你們有資格獲得退款、以及是否能量化金額？另外，你是否能就該流程提供任何進一步的細節？

Yeah. So I think you're referring to payments that would have been made in 2026 related to the 19% emergency VAT that was declared right at the end of December. So there is -- the court did -- had suggested that, that money needs to go back to operators that have paid it. We did not pay any of that VAT into the system from the 2026 19% tax that was ultimately deemed to be unconstitutional, so not really relevant for us.

是的。所以我想你指的是與 12 月底宣布的 19% 緊急增值稅相關、原本會在 2026 年支付的款項。因此——法院確實——曾建議這筆錢需要退還給已經支付的營運商。我們並沒有把任何來自 2026 年 19% 稅率（最終被認定為違憲）的增值稅繳入體系，所以對我們而言其實不太相關。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

Richard, Kyle, congrats guys. Amazing quarter. Great start to the year. Just curious on Mexico. It seems like you're having a tremendous amount of success there. And the market, of course, looks like to be about nearly 10 times Colombia. You're already a top 5 share position in the market, but I think your probably overall share is still pretty small given that. I think one operator has the majority of it.

Richard、Kyle，恭喜各位。非常出色的一季。今年開局很棒。我想問一下墨西哥。看起來你們在那裡取得了非常大的成功。而且那個市場當然看起來大約接近哥倫比亞的 10 倍。你們已經在市場中取得前五大的市占位置，但我想考量到市場規模，你們整體市占可能仍然相當小。我想有一家營運商占了大部分。

So just curious, the competitive dynamics that you're seeing in Mexico and your ability, you think, over time to take meaningful share in that market? And how big, obviously, the World Cup can be in sort of supercharging you to that point? Because it seems like on paper, given the success in Colombia, you could do 10 times the business in Mexico.

所以我想了解一下，你們在墨西哥看到的競爭態勢，以及你們認為隨著時間推進，是否有能力在該市場取得有意義的市占？另外，世界盃在某種程度上能在多大程度上幫你們「加速衝刺」到那個位置？因為從紙面上看，考量你們在哥倫比亞的成功，你們在墨西哥可能可以做到 10 倍的業務量。

Michael, I'll start and maybe Kyle will add in a little bit. We really like Mexico for the opportunity to really differentiate on the casino side. I think a lot of the players there, especially the largest market share, operators really historically focused on sports and has more in their DNA than they do casinos online.

Michael，我先回答，Kyle 也許再補充一些。我們非常看好墨西哥，因為在賭場（casino）端有很大的差異化機會。我認為那裡很多玩家，尤其是市占最大的營運商，歷來其實更專注在體育博彩（sports），這比線上賭場更是他們的核心基因。

So we're very excited to be able to continue to invest in all the things that are necessary to show those casino players there. Don't forget, that country has a very large legacy retail casino marketplace that we'll be able to leverage those players to help deliver this experience online that is, I think, superior to what you typically would see.

所以我們非常期待能持續投資所有必要事項，向當地的賭場玩家展現。別忘了，那個國家有非常龐大的傳統線下賭場市場，我們可以善用這些玩家，協助把這種線上體驗帶給他們；我認為這會優於你通常看到的水準。

So from that standpoint, we are leaning in on our casino experience, naturally relying on the sportsbook to acquire customers during high-profile events such as Copa America that Kyle referenced in the past, but also more exciting for the upcoming World Cup that I mentioned will be opening up in on June 11 in Mexico City.

因此在這方面，我們會加大投入我們的賭場體驗，同時也會自然地依靠體育博彩在高關注度賽事期間獲取客戶，例如 Kyle 先前提到的美洲盃（Copa America），但更令人興奮的是即將到來的世界盃；我提到它將於 6 月 11 日在墨西哥城開幕。

So I think the competitive situation there really favors a casino-first operator like us, and we're continuing to try to make sure we do all the little things necessary to deliver the type of experience, not just from the casino experience, but all the little local localizations you need to constantly improve upon to ensure you're staying current with the latest state of the technology that you need to reduce friction for the players in that market.

所以我認為那裡的競爭態勢其實更有利於像我們這樣「賭場優先」的營運商；我們也持續確保把所有必要的小細節都做到位，提供那種體驗——不只是賭場體驗本身，還包括你需要不斷優化的各種在地化細節，以確保你能跟上最新的技術狀態，降低該市場玩家的摩擦成本。

Kyle, did you have something to add on? Or you could --

Kyle，你有要補充的嗎？或者你可以--

I have to say something. I don't think I'll react to your 10 times just yet. Give us a little time. But I'll remind you, we started later than others did in Colombia. We came into a market that was already existing, and we've secured ourselves as the number two operator in Colombia and growing really quickly. So we're certainly optimistic that Mexico can bring really good success over the coming years.

我得說幾句。我先不對你說的「10 倍」做出回應。給我們一點時間。但我提醒你，我們在哥倫比亞起步比其他人晚。我們進入的是一個已經存在的市場，而我們已經把自己做到哥倫比亞第二大營運商，而且成長非常快。所以我們當然樂觀地認為，墨西哥在未來幾年也能帶來非常好的成功。

Just a quick follow-up on LatAm and I think you teased us before about maybe looking to open a new market in LatAm. Just curious, your appetite this year or next year to do that still?

再快速追問一下拉丁美洲（LatAm），我記得你們之前有稍微吊過我們胃口，提到可能會考慮在拉美開一個新市場。想請問你們今年或明年在這方面的意願還在嗎？

Yeah. We have mentioned in the past, we do continue to see a broad set of attractive growth opportunities across Latin America. We are actively progressing those efforts. I think we're -- given our strong performance in existing markets, which -- the 3 countries that we're operating cover a population of 220 million people, we still have the flexibility to be deliberate and pursue those opportunities with discipline, which is what we're doing. So we still have opportunities. We're continuing to advance those opportunities, but we're not ready to share anything at this point in time.

是的。我們過去提過，我們確實持續看到拉丁美洲各地有一系列具吸引力的成長機會。我們正在積極推進這些工作。我想——鑑於我們在既有市場的強勁表現——我們目前營運的 3 個國家覆蓋 2.2 億人口——我們仍有彈性可以審慎、並以紀律方式追求這些機會，而這正是我們在做的。所以我們仍有機會。我們持續推進這些機會，但目前還沒準備好在此時分享任何內容。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Great. Just on North American ARPMAU. Is that entirely being driven by just the accelerating users you're seeing? Or is that the decline in ARPMAU is also being driven by the way you're bonusing?

很好。關於北美 ARPMAU。這完全是由你們看到的用戶加速成長所驅動嗎？還是 ARPMAU 的下滑也受到你們發放獎勵（bonusing）方式的影響？

I want to make sure I'm understanding the question. Mike -- or I'm sorry, Jed, you're asking if the decline in the value of the player is in North America is just because of bonusing of new players?

我想先確認我理解你的問題。Mike——抱歉，Jed，你是在問北美玩家價值的下降是否只是因為新玩家的獎勵發放所致嗎？

No. Is it due because you're seeing just an accelerating of users, and those first-time users are causing the faster than -- is that -- or is it -- is there something else you're doing in the bonus? And I'm just wondering about the ARPMAU trends you can speak to.

不是。是因為你們看到用戶加速成長，而那些首次用戶導致（ARPMAU）下降得比——是這樣嗎——還是說——你們在獎勵方面還做了其他事情？我只是想了解你們可以談談的 ARPMAU 趨勢。

No. It's largely a factor of new players coming in. We added 60% year over year in iCasino markets, which is where most of our focus is. Any one of those players might be coming in, in the last part of a month. That goes into that average calculation of the value they're providing. Most players have negative value early on in their life cycle because they're moving through the bonusing that we give them.

不是。主要因素是新玩家進來。我們在 iCasino 市場的玩家數年增 60%，而那也是我們大部分的重點所在。這些玩家中的任何一位，可能是在某個月份的後段才加入。這會被納入他們所貢獻價值的平均計算。多數玩家在其生命週期早期的價值是負的，因為他們正在走完我們提供的獎勵流程。

So that's the largest factor there, a great problem to have. We're certainly not going to grow player counts 60% year over year forever. So as that slows down and the players that we're bringing in are maturing, retention improves with those players that stay around longer, we'd expect that number to move back up over time.

所以這是最大的因素，這其實是個很好的問題。我們當然不可能永遠都維持玩家數年增 60%。因此當成長放緩、我們帶進來的玩家逐漸成熟後，留存會隨著那些停留更久的玩家而改善，我們預期這個數字會隨時間回升。

Got it. And I think you said earlier that you're seeing pretty favorable CPAs. Is that being driven more by what your marketing team is doing, maybe around AI and certain investments? Or do you think some of your competitors might be focusing on other product launches coming up?

了解。另外我想你先前提到你們看到相當有利的 CPA。這更多是由你們行銷團隊的作為所驅動，例如在 AI 與某些投資上的運用？還是你認為部分競爭對手可能把重心放在即將推出的其他產品上？

Yeah. So it's a good question. I don't know that we've seen a big change in the competitive intensity for the marketing assets that we're going after. Obviously, any one competitor might ebb and flow with what they're doing. Could some of them be allocating marketing dollars someplace else, certainly towards new market launches and pulling away some place? I suppose that's possible. I don't think that's as much of it as it is.

是的。這是個好問題。我不確定我們是否看到在我們鎖定的行銷資產上，競爭強度有很大的變化。當然，任何一家競爭對手的作法都可能有起有落。他們之中是否有人把行銷預算分配到別處——當然可能是投入新市場的上線，並從某些地方抽走資源？我想這是有可能的。但我不認為這是主要原因。

Our team is doing a great job. We continue to improve the player journey. So it's not just about getting people to show up to the app store. They got to download, they got to register, they got to go through KYC. It's got to be easy for them to get a deposit on the platform.

我們的團隊做得非常好。我們持續改善玩家旅程。所以不只是把人帶到 App Store。他們得下載、得註冊、得完成 KYC。也必須讓他們能很容易在平台上完成入金。

So all of that, it seems so simple, but it's pretty complicated, and our team does a great job, and we're making it better and better. So there's a lot of different things involved. But I think probably the competitive intensity for marketing assets is not a big driver in all that. I think it's more about what we're doing.

所以所有這些事情，看起來很簡單，但其實相當複雜；我們的團隊做得非常出色，而且我們也在把它做得越來越好。因此牽涉到很多不同的事情。但我認為，行銷素材的競爭強度大概不是這一切的主要驅動因素。我覺得更多是關於我們正在做的事情。

(Operator Instructions)

(接線員指示)

Zach Silverberg, Wells Fargo.

Zach Silverberg，富國銀行。

Just one on Mexico. So there was an article that stated that a couple of your competitors had their gaming license blocked during the quarter. What are you seeing there post this event? And is it an opportunity to kind of take share from those operators?

關於墨西哥我只有一個問題。本季有一篇文章提到，你們有幾個競爭對手的博彩牌照在季度期間被封鎖。在這個事件之後，你們看到的情況如何？這是否是一個機會，讓你們從那些營運商手上取得市占？

Yeah. Sure. Zach, yes, that's 365 and Betano, the two of the operators that you're referencing, but they actually, I think, have their license closed earlier than this quarter. And so I think their absence from the market, both were meaningful market share contenders. And so I think their exit from the markets certainly have helped us to acquire some customers from them that previously maybe weren't aware of our brand and they didn't know who we are. Certainly, I think in both those cases, though, there are companies that are primarily, I think, stronger in sports.

是的。當然。Zach，是的，你指的是 365 和 Betano 這兩家營運商，但我認為他們的牌照其實是在本季之前就被關閉了。因此我認為他們退出市場——兩者原本都是有意義的市占競爭者——他們離開市場確實幫助我們從他們那裡獲得了一些客戶；這些客戶過去可能不太知道我們的品牌，也不知道我們是誰。不過我認為在這兩個案例中，這些公司主要、我想，在體育方面更強。

So what I said earlier about us being a casino-first operator still holds true. And we think competitively with an environment that we're continuing to kind of be able to grow our casino player volumes. And as we know, those players tend to generate a larger revenue per active user and ultimately, the type of player engaged, higher-level player engaged with the type of players that we like and are very strong at retaining. So we feel pretty strong about the market opportunity there, and it certainly has helped us to have those two operators out of the market.

所以我先前提到我們仍然是一家以線上賭場（casino-first）為優先的營運商，這點依然成立。我們認為在競爭環境下，我們仍能持續成長我們的賭場玩家量。而且如我們所知，這些玩家通常能帶來更高的每活躍用戶收入（revenue per active user），最終也代表更高層級、更投入的玩家——這正是我們喜歡、且非常擅長留存的玩家類型。因此我們對那裡的市場機會感到相當有信心，而那兩家營運商退出市場也確實對我們有所幫助。

And just for my follow-up. Mexico, in Colombia, excuse me, there's an election coming up in a few weeks. Is there anything you guys are looking out for there? And anything you guys are handicapping to the election in terms of the future outlook of the 16% consumption tax?

再追問一個。墨西哥——更正，是哥倫比亞——幾週後將有選舉。你們在那邊有沒有特別關注的事項？以及就未來 16% 消費稅的展望而言，你們是否會把選舉因素納入評估？

Yeah. Thanks, Zach. Certainly, we're watching it very closely. There's the initial round here coming up in a few weeks, and then the final election will be in June. So we are watching it closely. We're not handicapping it necessarily. Certainly, there's an opportunity there. We talked earlier about the 16% tax, that it's -- there's a mandated constitutional review of the emergency decree that allow that tax to be put in place and then also a review of the tax itself.

是的。謝謝，Zach。我們當然在非常密切地關注。幾週後會有第一輪，然後最終選舉會在六月。所以我們正在密切觀察。我們不一定會把它量化納入預測（handicap）。當然，那裡存在機會。我們先前談到 16% 的稅，這項稅是——針對允許該稅上路的緊急法令，憲法上有強制性的審查；同時也會對該稅本身進行審查。

And then another opportunity for that to be relooked at would be the next administration that comes into office and how they view the emergency decree, assuming it doesn't get overruled, how they view that decree and the associated taxes. So potential opportunity for upside for us there.

另外一個讓它被重新檢視的機會，會是下一屆政府上任後，如何看待這項緊急法令——假設它沒有被推翻——以及他們如何看待該法令與相關稅負。因此對我們而言，存在潛在的上行機會。

Joseph Stauff, Susquehanna.

Joseph Stauff，Susquehanna。

Richard, I was wondering if you could comment on maybe the state of product parity for iCasino. I think it's fair to say for OSB, it everyone is sort of approaching some level of product parity versus each other. I'm wondering -- your observation, obviously, you've always been front-footed about product development. Have others caught up in terms of offering jackpots, offering bonus spins? What's your assessment of the industry today?

Richard，我想請你評論一下 iCasino 產品同質化（product parity）的現況。我認為對於 OSB（線上體育博彩），可以說大家彼此之間都在接近某種程度的產品同質化。我想問——以你的觀察，你們一直在產品開發上走在前面。其他人是否已經追上，例如提供彩金池（jackpots）、提供獎勵轉（bonus spins）？你對當今產業的評估是什麼？

Well, it's a big question, Joe. I'll try to answer it efficiently with that. We continue to sort of lead away our opinion on creating innovative features. And while others are investing more resources the casino experience, largely, we've seen things that are very me too is what -- how I would describe it, where everyone kind of just copies each other.

Joe，這是個很大的問題。我會盡量有效率地回答。我們仍然在我們看來持續領先，專注於打造創新功能。雖然其他人也在投入更多資源到賭場體驗上，但整體而言，我們看到的多半是非常「me too」的東西——也就是我會形容為大家彼此抄來抄去。

And if someone offers a free-to-play game as part of the promotion, when you first register every day, everyone does the same thing. People improve the lobby, everyone improves the lobby. Those are real simple things ultimately to improve upon, but they're still important and valuable, but I would say that it's sort of a mass mentality are sort of doing the same improvements in the same area.

如果有人在促銷中提供一個免費遊戲，讓你在首次註冊後每天都能玩，大家就都做一樣的事。有人改善大廳（lobby），大家就都改善大廳。這些最終都是很簡單、可以改進的事情，但仍然重要且有價值；不過我會說，這有點像群體心態，大家都在同一個領域做同樣的改進。

So I referenced the lobby, I referenced the free game, I referenced the jackpots. I think we were one of the first ones to have a site-wide jackpot across all of our products. Others are doing some jackpots that are site-wide, but our execution, I still think is more interesting for a player than the others are, and I won't get into the reasons why.

所以我提到了大廳、提到了免費遊戲、也提到了彩金池。我認為我們是最早在所有產品上推出全站彩金池（site-wide jackpot）的業者之一。其他人也在做一些全站彩金池，但我仍然認為我們的執行方式對玩家來說更有趣，至於原因我就不展開說了。

But I think we have good insights into what values we're delivering and why we make the decisions that we do. I think what validating ultimately is the app scores in the store. We are the highest rated app in the store, a 4.9 out of the 5 being the highest level, which is rare to achieve from a casino app.

但我認為我們對自己提供的價值、以及我們為何做出這些決策，有很好的洞察。最能驗證這點的，最終是應用商店裡的 App 評分。我們是商店中評分最高的 App，4.9 分（滿分 5 分是最高），而對賭場類 App 來說，能達到這個水準是很罕見的。

Largely because a large number of players are already going to -- you can't penalize them like a casino operator on the basis that they lose playing the -- after they may not feel like it was a experience that was positive for them, where it's not like a sportsbook app, primarily where the better makes, that's based on skill and ultimately doesn't really blame the operator if they get the outcome wrong, whereas in the casino world, it's a little bit different.

主要原因是，很多玩家本來就會——你無法像賭場營運商那樣不被懲罰，因為玩家在玩、輸了之後，可能會覺得那不是一個對他們而言正面的體驗；這不像體育博彩 App，投注者主要是基於技巧做決策，最終如果結果判斷錯了，通常不會怪罪營運商；但在賭場世界裡，情況就有點不同。

So the fact that we have such a high score on the app, I think it's very validating to the quality of experience we offer. And as I've shared before, we've been building this technology since 2012, modernizing it along the way, constantly bringing new experience to players. So it's not just one or two things that we have built, but we've built dozens of features that are still unique to the industry. And it takes a long time to build it, and it's hard to build.

因此，我們在 App 上能有這麼高的分數，我認為非常能驗證我們所提供體驗的品質。而且如我之前分享過的，我們自 2012 年起就在打造這套技術，並在過程中持續現代化，不斷為玩家帶來新的體驗。所以不只是我們做了一兩件事，而是我們打造了數十項功能，其中仍有許多是產業中獨有的。而這需要很長時間來建置，也很難建置。

Even if you know they're going to try to copy something, it's hard to get the copy to reflect the quality of experience that we have built. So we feel pretty strongly that we have those nice moats around our product experience in the casino space. And having said that, we're always pushing the limits and we're never going to be satisfied and we're constantly looking to improve. And we have lots of opportunities to get better, and that's what our team is focused on.

即使你知道他們會試著複製某些東西，要讓複製品呈現出我們所打造的體驗品質也很難。所以我們相當有信心，在賭場產品體驗上我們有很好的護城河（moats）。話雖如此，我們總是在推進界限，永遠不會滿足，並且持續尋求改進。我們有很多可以做得更好的機會，而這正是我們團隊專注的方向。

And do you think those higher app scores, is that a function of your retention engine and mechanics and capabilities? Or is it a variety of factors, including, say, product depth and so forth? Do you think the retention capabilities that you have really are, say, a difference maker versus, say, other iCasino products that are out there?

你認為那些較高的 App 評分，是你們留存引擎、機制與能力的結果嗎？還是由多種因素共同造成，包括例如產品深度等等？你是否認為你們的留存能力，確實是相較於市面上其他 iCasino 產品的一個關鍵差異化因素？

I think what's different about us or what's unique for us is from the very beginning from day one and when I started the business, the number one goal was to retain customers. . It was less about acquisition. It was more about how to deliver an experience that offers the same quality and quantity of high-quality games. But how can we create differentiation and experience that drives users to prefer to play with us over other apps they may be playing with?

我認為我們與眾不同、或對我們而言獨特之處在於，從一開始、從第一天、以及我創立這家公司時，首要目標就是留住客戶。。相較之下，較少著重於獲客。而是更著重於如何提供一種體驗，能提供同樣品質與數量的高品質遊戲。但我們要如何創造差異化與體驗，讓使用者更偏好在我們的平台上玩，而不是在他們可能也在玩的其他 App 上玩呢？

So ultimately, when you do little things right, you pay attention to the details and you get the customer service team doing a great job as our team does, combined with the innovative experience that's unique for the players. Ultimately, you encourage greater retention, which delivers the kind of results that we're seeing. So I think it's really just a matter of paying attention to details. They all matter.

所以歸根結底，當你把小事做對、重視細節，並且讓客服團隊像我們團隊一樣把工作做得很出色，再結合對玩家而言獨一無二的創新體驗。最終，你會促進更高的留存，進而帶來我們目前看到的那種成果。所以我認為這真的就是重視細節的問題。每一個細節都很重要。

And as I said in the prepared remarks, every thing we do is systematic across all parts of the journey, and all the touch points where you interface with the customer matter. And if we are constantly improving each of one of those, paying attention to every detail along the way, you ultimately end up with experience to come together, and the players notice it.

而且如我在事先準備的發言中所說，我們所做的每一件事，在整個旅程的各個環節都是系統化的；所有你與客戶互動的接觸點都很重要。如果我們持續改善每一個接觸點、一路上關注每個細節，最終整體體驗就會整合起來，而玩家也會注意到。

And we think that's a big part of why a large percentage of our players prefer to play with us, we believe, versus other apps for the also other accounts, but are probably playing at the same level that they play with us.

我們認為，這是為什麼我們有很大比例的玩家更偏好在我們這裡玩；我們相信，相較於其他 App——他們也可能在那些 App 上有其他帳戶——但他們在那裡的遊玩程度大概與在我們這裡相同。

(Operator Instructions)

(接線員指示)

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Wanted to ask about Virginia, given your current OSB license and the fact that Rush Street land-based gaming has a property there. From what we've heard, it sounds like there were a lot of constituents that were in favor. Obviously, it didn't get across the goal line. But wondering if you think the progress that was made there sets Virginia up for higher likelihood in '27? And if you guys would have interest if that opened from an iGaming standpoint?

想請教關於維吉尼亞州，考量你們目前的 OSB 執照，以及 Rush Street 的實體博彩在當地有一處物業。從我們聽到的情況來看，似乎有很多利害關係人是支持的。顯然最後沒有過關。但想請問你是否認為今年取得的進展，讓維吉尼亞州在 2027 年通過的可能性更高？如果從 iGaming 的角度開放，你們是否也會有興趣？

Well, great. Thanks for asking that question because it definitely would be a very exciting market for us, and we are very interested in that opportunity. We remain focused on expanding online casino into a large number of states that have shown recent interest, but Virginia being a key example.

好的。謝謝你問這個問題，因為那對我們而言確實會是一個非常令人興奮的市場，我們也非常有興趣把握這個機會。我們仍然專注於把線上賭場擴展到更多近期展現興趣的州，而維吉尼亞州就是一個關鍵例子。

We view Virginia as a real opportunity. It's encouraging the legislation progressed as far as it did this year, with versions passing both the Senate and the House. And so it's a market that we have -- we're working with -- collaborating with our peers. And it seems like a really exciting opportunity potentially for us in the next year.

我們把維吉尼亞州視為一個真正的機會。令人鼓舞的是，今年相關立法推進到那樣的程度，參議院與眾議院都通過了各自版本。因此這是一個我們一直在——與同業合作——協作推進的市場。看起來對我們而言，可能在明年會是一個非常令人興奮的機會。

In addition, as we noted in our prepared remarks, we are advancing plans to bring our platform to Alberta. So we have plenty of exciting things happening in the next couple of months. But we are viewing Virginia in partnership with our -- the land-based property, Rivers Casino there was a great opportunity for us.

此外，如我們在事先準備的發言中提到的，我們正在推進把平台帶到亞伯達省的計畫。所以接下來幾個月會有很多令人興奮的事情發生。但我們也把維吉尼亞州視為一個機會；與我們的——當地實體物業合作，當地的 Rivers Casino 對我們而言會是一個很好的機會。

And maybe I would just add to that, Chad, just to think about the opportunity there, maybe not to put exact numbers around it, but not dissimilar in size from a Michigan. Unclear exactly how many licenses they'll be. But that's a market where we started off with mid-single-digit share, and we've grown it to high single-digit share over time.

另外我也補充一下，Chad，談到那裡的機會，也許不給出精確數字，但其規模與密西根州相近。目前還不清楚會有多少張執照。但那是一個我們起初市占在中個位數，並且隨時間成長到高個位數市占的市場。

And we did that with a lot of brand awareness or any brand awareness when we launched and no access to a strong database of players. So we have some real advantages in Virginia that we haven't had in a lot of other markets. So it's very exciting for us as that moves along.

而我們是在推出時幾乎沒有品牌知名度、也無法接觸到強大的玩家資料庫的情況下做到的。因此在維吉尼亞州，我們擁有一些在許多其他市場不曾具備的實質優勢。所以隨著進程推進，這對我們而言非常令人興奮。

Okay. Great. And then lastly -- and this is probably assumed based on your user growth that we've talked about throughout the call. But prediction markets. I guess, one of your -- one of the other digital operators said that CPAs had increased. They didn't grow users as much as you guys did. So is it safe to say that you're just not seeing any pressure -- or you're not seeing significant pressure from CPA standpoint or just from a user standpoint? And do you think that could potentially change as some of these prediction companies just develop their technology throughout the year?

好的。很好。最後一個問題——這可能可從我們在整場電話會議中談到的用戶成長推知。關於預測市場。我想，你們——另一家數位營運商提到 CPA 上升。他們的用戶成長沒有你們那麼多。所以是否可以說，你們在 CPA 端或用戶端並沒有看到壓力——或沒有看到顯著壓力？你們是否認為，隨著一些預測公司在今年持續發展其技術，這種情況可能會改變？

Yeah, I think it's fair to say that we haven't seen -- from a marketing asset, CPA, we haven't seen pressure from those entrants. I think a lot of that is that we're searching for different types of players, and we're searching for them in different places. So I don't think that's impacted our business. And certainly, you said it, but it's with our CPAs going down being the lowest they've been, that's probably a pretty good indication of that.

是的，我認為可以公平地說，我們沒有看到——從行銷獲客成本（CPA）的角度來看，我們沒有感受到那些新進者帶來的壓力。我想其中很大一部分原因是，我們在尋找不同類型的玩家，而且我們在不同的地方尋找他們。所以我不認為那對我們的業務造成影響。而且你也提到了，我們的 CPA 持續下降、來到歷史最低，這大概就是一個相當好的佐證。

David Katz, Jefferies.

David Katz，Jefferies。

I wanted to just finish off with a discussion on sort of flow-through and aspirational margins. Obviously, not in any kind of a time or guided way. The increase in guidance on the revenue side of $100 million and EBITDA around 20, just I think begs the question of where do you think an aspirational flow-through level could be? And do you have sort of margin targets out there in the future that you're able to talk about with us?

我想最後以「流量轉換（flow-through）」與目標性（aspirational）利潤率做個討論。當然不是以任何時間點或指引的方式。營收指引上調 1 億美元、EBITDA 約 2,000 萬美元，我認為這自然引出一個問題：你們認為目標性的 flow-through 水準可能會是多少？以及你們是否有一些未來可以與我們分享的利潤率目標？

Yeah. So on the longer-term margins, we still think that we can get to kind of low to mid-20%. And obviously, that means we're going to have some decent flow-through over the coming years. We need a couple more markets -- iCasino markets in North America likely to get to that point and have them mature a little bit. On flow-through in general, we look at 2026, let's say, at the midpoint of our guide, flow-through is very solid at kind of mid-20%.

是的。就長期利潤率而言，我們仍然認為可以達到約低到中 20% 的水準。而這顯然意味著，未來幾年我們會有不錯的 flow-through。我們可能還需要北美再多幾個 iCasino 市場，才能達到那個程度，並且讓這些市場再成熟一些。至於一般的 flow-through，我們看 2026 年——假設以我們指引的中位數來看——flow-through 非常穩健，大約在中 20% 左右。

A couple of things I'd say keep in mind that because of the deposit tax and that associated bonusing going away in Colombia from last year, but with this new tax on revenue, which impacts our gross margins, we've got a bigger improvement in revenue than we do in operating margins in Colombia. So that impacts that metric a little bit.

有幾點需要記住：由於哥倫比亞去年取消了存款稅以及相關的加碼優惠（bonusing），但今年新增了對營收課稅，這會影響我們的毛利率，因此在哥倫比亞，我們的營收改善幅度會大於營運利潤率的改善幅度。所以這會讓該指標受到一些影響。

And then I think maybe you alluded to this, but adding Alberta to our guidance, both a little bit of revenue, but also all of the launch costs impacts that as well. We don't expect Alberta to be profitable in 2027. Having said all that, I'll also point out that we've -- we're always trying to consistently outperform our expectations. So we're going to continue to strive to do that.

另外我想你也提到了，把亞伯達省納入我們的指引，會帶來一些營收，但同時也會有所有的啟動成本，這也會影響該指標。我們預期亞伯達省在 2027 年不會獲利。話雖如此，我也要指出，我們——一直都在努力持續超越我們的預期。所以我們會繼續朝這個方向努力。

There are no further questions at this time. I will now turn the call back to Richard Schwartz for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Richard Schwartz 做結語。

Well, thank you for joining us today. We look forward to updating you on our progress when we share our second quarter results in the summer.

好的，感謝各位今天加入我們。我們期待在夏季公布第二季業績時，向各位更新我們的進展。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。