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SportsTranscript
00:00 (upbeat music)
00:03 - Start off with Pennsylvania.
00:04 And we'll start off with some record levels
00:07 in terms of sports betting
00:08 and the market doing very well in Pennsylvania,
00:11 Philadelphia, Pittsburgh, et cetera.
00:13 What do you attribute, Matthew,
00:16 these rise in sports bettors to?
00:18 - You know, Craig, Pennsylvania is really just a small part
00:23 of the larger story here.
00:24 We knew that operators were going to be going
00:27 into the third quarter and the football season
00:30 with a different thought process
00:33 that they would go back to potentially losing money
00:36 this quarter because you just have to be out there.
00:39 If you're not out there promoing
00:41 and trying to get customers, certainly somebody else is.
00:45 And so we're seeing in Pennsylvania,
00:47 which remember Pennsylvania started mobile sports betting
00:49 back in May of 2019.
00:52 So this is about as mature of a market
00:54 that we can get in the US.
00:56 And we're still seeing almost $30 million
00:59 in promos handed out.
01:01 And yet before you even ask,
01:03 almost 23 million of that was from FanDuel and DraftKings.
01:06 And those were their high watermarks too.
01:09 And remember, we're not just talking
01:11 about the football season here.
01:14 You're talking about two new entities
01:17 that are live right now.
01:18 You're talking about Fanatics and Bet365.
01:21 Bet365 has been in the market for a while,
01:23 but they're really starting to push now.
01:26 And then November we have ESPN debt coming up.
01:28 So it's really interesting to see the level
01:32 of promo growth that we're seeing.
01:34 I think it was 17% in Pennsylvania over last year.
01:39 Michigan's numbers just came out today
01:40 and it was something like 23% promotional grew
01:45 over last year.
01:46 So it's really gonna be interesting
01:50 going into earning season now,
01:52 just to see how much these companies lost this quarter
01:56 and see if we can get an idea
01:58 of what these promotions are gonna look like going forward.
02:01 ESPN bet and Penn plan to come out swinging with promotions
02:07 and operators are, you know, are they gonna match?
02:11 Are they gonna go over?
02:12 We just don't know yet.
02:13 So while the fourth quarter is supposed
02:16 to be a profitable quarter again,
02:18 it's gonna be interesting to hear
02:19 what the plans are for these guys.
02:22 - Yeah, no, I am too.
02:23 And, you know, given the fact that it's been
02:25 such a hot period of time for Philadelphia sports
02:27 with the Eagles and Phillies and promos,
02:30 confluence of events there, I would say.
02:32 (upbeat music)
02:34 (bells chiming)