Q2 2023 Rush Street Interactive Inc Earnings Call
Good day, ladies and gentlemen, thank you for standing by welcome to the Rush Street Interactive second quarter 2023 earnings Conference call.
At this time all participants are in a listen only mode.
A question and answer session will follow the formal presentation.
Please note that this conference call is being recorded today August 2nd 2023.
I will now turn the call over to Kyle Sauers, Chief Financial Officer.
You May proceed.
Thank you operator, and good afternoon by now everyone should have access to our second quarter 2023 earnings release. It can be found under the heading financials quarterly results in the investors section of the Rsi website at Rush Street Interactive dotcom.
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 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.
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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.
Reconciliation of these measures to the most directly comparable GAAP measure is available in our second quarter 2023 earnings release, and our Investor deck, which is available on the investors section of the Rsi web site at.
Rusty interactive dotcom.
With me on the call today, we have Richard Schwartz Chief Executive Officer will first provide some opening remarks, and then open the call to your questions with that I'll turn the call over to Richard.
Thanks, Kyle good afternoon, and thank you for joining us today as we discuss our second quarter 2023 results.
As an organization, we are executing very well and have achieved positive adjusted EBITDA. During Q2 ahead of expectations.
We continue to deliver top line growth, while capturing meaningful operating leverage and efficiencies that are driving our bottom line I want to touch on a few topics today.
Let me start off with a few high level takeaways from the quarter.
We're really pleased with our overall performance.
We generated $165 1 million in revenue.
<unk> was up 15% from last year, and which again exceeded the street consensus.
Additionally, in the first half of 2023, we've improved our adjusted EBITDA by over $54 million relative to the first half of 2022.
We are proud that almost two thirds of our improved profitability was driven by revenue growth and improving operations with the remaining one third for more efficient marketing spend these results set us up well for the second half of the year, where we continue to expect to be adjusted EBITDA positive.
From my perspective, our results reflect our commitment to innovation customer satisfaction and sustainable growth and profitability.
The ability for us to achieve these results also validate the quality and commitment of our team.
Which I believe is one of the best in the industry.
We continue to build upon our strong foundation as we have solidified our position as a top five operator of online gaming and sports betting in the United States.
Growth in our domestic markets was broad based.
As in the prior quarter, we experienced year over year growth in both our online casino and sports book only markets.
In fact, when looking at U S markets launched after 2020, along with our international markets, we grew over 35% year over year in the second quarter.
This further demonstrates our ability to launch and grow in new markets by building, our brand and enhancing the player experience.
On the international front, we had another strong quarter.
We continued to perform very well in the highly competitive Ontario market.
As we are generating outsized year over year gains as well as sequential growth, Ontario has recently increased the amount of data sharing.
Two things jumped out to us first.
Further evidence that our art MAU is significantly higher than the markets coming in at well over two times that of our competitors.
Currently this is also the first time, they've broken out the difference between casino and sports with casino, making up almost three quarters of the market. This trend is similar to what we've seen in U S markets with high casino and.
And should provide an outsized benefit to resi as future casino markets launch, Colombia. Once again was a strong performer with revenue expanding over 30% compared to last year.
During the quarter, we achieved growth of almost 50% when measured in Colombian pesos in Mexico, we remain on schedule to see a ramp up in contribution towards the back half of the year.
Our approach here is similar to the strategy, we executed in Colombia over a several year period.
Which is to consistently localize the platform to foster a market leading player experience and cultivate the rush that brand.
Turning to prospective markets, we continue to see positive activity on the legislative front.
Given the economic prospects and the potential size of the online casino market relative to as far as study market.
We continue to see online casino more and more as a topic on state Legislative agenda is post 2023 recessions.
As we've touched on during last quarter's call, Ohio House added language towards budget to study the future of gaming, including online casino.
In late June both the house and the Senate passed a bill that calls for a joint committee to study on this topic, which is expected to include <unk> gaming.
In addition, since we last spoke.
Advancements in Maryland, as part of the fiscal 2020 for budget.
Lottery and gaming Commission has been mandated to submit it and I Casino study to the General Assembly before year end.
Notably a prominent legislative remember the state has expressed optimism about the potential for passage of I gaming Bill when the legislator Reconvenes in January .
In his remarks, the legislator emphasize the state's need for new revenue streams.
And recognize the significance of online casino could represent as a valuable third leg of the stool along with existing online sports betting in traditional land based casino markets.
Commission expects to work on the study to begin later this summer and be complete by mid November .
We also continued to participate in discussions in states, such as New York, Illinois, and Indiana.
Where progress was made this past year, where for one reason or another didn't cross the finish line in most instances in states, where we see progress a topic doesn't simply recede rather it tends to evolve.
Those are the types of discussions we continue to see.
Where there was active legislation this past year.
We've also seen more interest from governments in the Canadian provinces.
Evaluate legalizing online casino for private operators.
Following the lead of Ontario.
Based on our success in Ontario. These efforts are potentially very exciting for us as we've said several times before we continue to remain confident over the long term given the potential economics to government budgets, especially when compared to inflows from online sports betting turning to our promotional efforts in line with our.
<unk> to deliver sustainable growth and profitability, we are constantly refining and optimizing our strategies.
We continue to allocate resources, including product development bonuses strategies, and operating priorities towards retaining and serving customers and segments.
Aligned with our long term financial objectives.
In other words, we focus on the highest value players, we expect to be long term profitable.
Our MAU and arent mountain numbers for the quarter reflect these efforts to emphasize greater investment in higher value players.
With this focus on quality and a more rational promotional environment in the market <unk>.
Combined with improvements and new features available on our platform.
We are well positioned and excited to head into the fall and the upcoming football season.
On the product and technology front, we continue to innovate in both I casino and sports betting as you look to drive engagement and retention.
And I Casino in addition to the many ways, we improve engagement and retention with features like slot tournaments bingo and wheel Spence. We've recently introduced a jackpot Hot mode feature. This feature is designed to enhance the excitement of daily and hourly jackpots.
The weighted jackpots work is that they are guaranteed to be paid out.
Ahead of house players are typically informed and are aware of their chance to win the jackpot is growing as the guarantee to periods approach us.
Thus the final minutes of the hourly jackpot in the last hours of the daily jackpot are designated as the harp period.
Offering players a higher excitement level in anticipation of possibly winning the jackpots because someone is guaranteed to win within a sub period.
And sports betting, adding features to enrich our parlay of prop that offering has been a priority.
We continue to add features to encourage more par land prospects for.
For instance, during the second quarter, we aggregated player props by leak into distinct listed views, providing easier fine ability more prominently showcasing prop back types. The impact has been immediate baseball prospects. This year in the second quarter were up more than 60% compared to a year ago.
We are very excited with the physician and other merchandising improvements we're planning to release heading into the NFL NCAA football seasons.
Another example of strong player response to success in the quarter with the use of our proprietary squares game during the NBA playoffs to incentivize players to place parlay bets.
When we configured squares to be issued during the NBA playoffs for same game, partly the percentage of same game parlay handle NBA increased by over 150% relative to where we were during the regular season before we implemented it as configuration.
This is validation of the behavioral change we drove in players and.
A direct result of this innovative product inspired and our customers.
As we reached the midpoint of the year, we find ourselves in an excellent position.
We continue to grow revenues improve operating leverage and achieve our goals.
We have a robust balance sheet and plans to advance our proven and proprietary technology platform and operational discipline to grow profitability over time.
With that I'll turn the call over to Kyle.
Thanks Richard.
Second quarter revenue was $165 1 million up 15% year over year ahead of street expectations, and with well balanced growth across the business.
As Richard highlighted we are excited to have reached adjusted EBITDA profitability in the second quarter coming in at a positive $1 2 million.
This is significant progress compared to last year's second quarter of $18 6 million EBIT loss and last quarter's EBIT loss of $8 7 million.
We're in an excellent position to continue this adjusted EBITDA profitability for the second half of 2023 and into next year.
Now I'll dive a little further into our outperformance during the quarter, where we performed better than expected on revenue with growth across the board and I Casino sports in both U S and international markets, We get asked often about our approach to sports book markets.
We have a great product and a well established presence in those markets and this gives us an impressive opportunity when I casino gets legalized sports betting markets.
To put it in perspective in the second quarter and sports book only markets. When we lost a little more than a $1 million in aggregate, providing minimal drag on our results and.
In fact, excluding New York, our sports book only markets in the aggregate were profitable in the second quarter.
Looking ahead, we have a great opportunity to be profitable in all of our markets as we continue to execute on our strategy.
We also continue to attract and focus on high quality players in our industry, leading art mile of $359. In Q2 reflects this strategy in total our north American our MAU was up over 10% both year over year and sequentially.
Validating the high quality experience we offer.
Consistent with our past statements. We've continued our focus on investments in markets with a casino.
With U S and Canadian mouse up over 9% year over year in those markets.
Regarding whole percentage I casino was in line with our typical expectations.
When it comes to sports book, we had meaningfully better hold during the quarter. Some of this was due to favorable outcomes, but as Richard touched on the shift in our mix has been a contributor to our better hold percentage as well.
Due to the efforts Richard highlighted we have significantly improved our bet mix and also our player mix both of which we believe are sustainable. So we believe our sports hold percentage will structurally improve moving forward as a result.
Moving on to gross margins, we improved by 640 basis points compared to last year coming in at 33, 6% on the quarter.
As we've discussed on previous calls, we expect meaningful improvements for the full year and our gross margins.
Turning to marketing, we decreased spend on both a year over year and quarter over quarter basis, while still making the right investments in new player acquisition and retention, we spent $44 million in the second quarter down from $44 2 million last year and down from $49 4 million in the first quarter of this year.
We have scaled back as we focus more on those markets with the highest expected returns over the long term and while we wait for new market launch opportunities that we expect to come in future quarters.
Looking at G&A, we increased cost modestly compared to last year coming in at $13 9 million.
We had some favorable impact from foreign currency during the quarter and we've also been mindful of new investments as a result.
We expect G&A cost to be back near or above our first quarter levels in the third quarter.
We ended the quarter with $128 million in unrestricted cash and no debt.
As we turn to adjusted EBITDA profitability, our cash use will slow and we expect to be more than fully funded to reach cash flow positive. We are tightening the range on our guidance for the year to.
$650 million to $690 million, increasing the midpoint to $670 million up from our previous guidance.
With that operator, please open the line for questions.
Okay.
Absolutely.
We'll now begin the question and answer session.
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As a brief reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your question.
Our first question comes from the line of Dan <unk> with Wells Fargo. Your line is now open.
Hey, Ed said, Zach Silverberg on for Ken Thanks for taking my questions and congrats on the quarter.
Just seeing some of your recent success.
International markets and some of your past comments and some of the recent law.
I just wanted a momentum in Brazil can you just kind of talk about that market.
Are there similar international markets that you guys are looking at the potential for growth there.
<unk>.
Sure. This is Richard.
Yeah, I mean, we're looking to take advantage of the head start we have in Latin America.
As you know we've been having a lot of success there and.
It's not a short term program. We put in place is really long term focused and we have tremendous amount of talent and sophistication in how we operate down there. So when you look at these other market opportunities that are sizable when you look at the populations. We use referenced that Brazil. Finally, just issued their regulations. After several years. So that's a market with over 200 million people with.
<unk> is larger than Colombia, Mexico, combined which is about $180 million combined so you have a really large opportunity there and Brazil, Peru has 33 million people.
They just legalized online casino and issued the first draft of the.
First the issue of the regulations and that market is going to be going through a regulatory process with expectations, perhaps as early as middle of next year that should be launching in a regulated environment.
He is making progress Argentina is making progress so we have ample opportunities and evaluating each of them identifying the ones that make the most sense for us to enter.
We're really excited about our region and we think we have a head start over most of those sophisticated operators in the industry and chance to really deliver some outsized results.
In that region.
Thanks, and just one follow up.
In your prepared remarks, you talked about some of the state Legislative agenda is just recently, we saw Ohio double their sports betting tax rate.
There's been some chatter around the other states can you just maybe really anything youre hearing about potential state states, increasing the tax rates or anything of that sort.
Either the point of view you're right.
I certainly think that in some of those Fortunately only markets. There wasn't a lot of generation of taxes, perhaps meeting up with some of the expectations that were sold to the states I think thats, probably what happened in Ohio, but certainly.
We haven't heard much more on that topic, and certainly think that in the markets, where you have online casino, which is an area, where we were able to strengthen you are seeing that the vast majority of taxes being generated or are coming from the casino category and we think that bodes well for the ability for that.
Category to continue to be legalized in additional markets to create additional tax low four states like Ohio, who are pretty active in moving towards.
Progress towards that legalizing casino, which we then add to the <unk>.
Tax bases that generated from online gambling.
Thank you.
Thank you for your question.
The next question comes from the line of Jordan Bender with JMP Securities. Your line is now open.
Great. Good afternoon, and thanks for taking my question. So last quarter, you talked about revenue kind of following quarter on quarter.
Actual results coming quarter.
Quarter over quarter, just kind of making the assumption that you maybe hit that guidance by about $5 million or so.
You raised your guidance for the full year is it kind of fair to assume that your guidance raise for the year was just kind of on the back of that or are you actually seeing improvement in the back half fixed I'm talking that optimism.
Yes, thanks for the question Jordan.
As we talked about we did we did have really good performance across the whole business, we had a little help from from sports outcomes in the second quarter.
It's still early in Q3, but we're now we're tracking well against our plans and to your point I think we'd be consensus by about $7 million raised the full year by $5 million.
So I think the second half for us in terms of the guidance look similar to where we were before I don't know that I would equate it exactly the same way you did because we do as you can imagine go through and re forecast the back half of the year. We look at all the different markets. We look at how things are trending when we look at player values.
And ended up in this in this range that we're comfortable with for the $6 50 to 690.
Okay, Great and then just for the follow up calls you talked about year to date year EBITDA positive in the back half of the year, just given the better than expected EBITDA result in the second quarter is there a situation or a scenario where you can be EBITDA positive for the full year of 2000.
Great.
Yes, certainly within that guidance range that we offered and then some of the other context, we gave.
What's kind of the trends for marketing expenses and G&A expenses.
There would be scenarios.
What caused us to be profitable or adjusted EBITDA profitable for the full year.
And thinking about.
The back half of the year specifically.
In the prepared remarks, we did we commented still very confident in profitability for the second half.
Very excited about what we achieved here in the second quarter.
Q3.
Could well be profitable as well it kind of depends on where revenue comes in.
Seasonally it wouldn't be unusual for Q3 revenue to be flat or potentially down from Q2, we will see where it shakes out.
Particularly considering we had some good sports outcomes in the second quarter.
So <unk>.
Having said all that if revenue comes in let's say, even with the second quarter.
Q3 could be could be profitable from an EBITDA perspective.
And then.
It is a little lower than that maybe it starts to get a little tighter, but still very excited about profitability for the back half of the year into your.
Your original question.
Certainly within the guidance range, we've given.
It is possible for us to be profitable for the full year.
I appreciate the questions and nice results.
Thanks Jordan.
Thank you.
The next question comes from the line of Chad Beynon with Macquarie. Your line is now open.
Okay.
Hi, Good afternoon. This is Aaron on for Chad. Thanks for taking my question and congrats on the really strong quarter.
Thank you obviously positive EBITDA in the quarter was a great result.
Curious has anything changed in terms of your expectations around the magnitude of your profitability in the second half just given some of the.
Operating leverage and.
Operational improvements you called out I mean, it seems like there's more confidence out there just generally that the U S can avoid a hard recession. So just curious whether that plays into your views for the rest of the year.
Okay.
Yes. So thanks for the question I think we Havent offered a magnitude of profitability in the back half publicly as you can imagine we have our own internal expectations.
But for sure.
<unk>.
Felt really good about the results to date, obviously, the second quarter profitability came in quite a bit better than than the street expected and certainly better than we expected as well I think we are.
Revenue was strong.
More efficient with marketing our gross margins were good.
G&A costs were kept under control. So I think if all those things continue to trend and Theres no.
No signs that we're not not operating well in not achieving those and won't continue to I think our.
Patients are higher and to the point of the last question is it possible that we could be profitable for the full year.
It is it is possible in that in that guidance range. So that I think that alone tells you that.
We're optimistic about about the back half and in.
In the future.
Okay, that's great.
As a follow up just wanted to touch on I gaming competition for a second so there is a major competitor, who recently reported that there'll be introducing an upgraded I casino product in the near future and can you just talk about what youre doing or areas, you're really focused on to protect your position and continue to grow.
Sure, Yes, that's an area of expertise for our business and we're investing a lot of energy to ensure that we stay ahead of the industry trends and in defense and in fact pioneer a lot of things that are new to the industry not just in the U S. But even globally. So it starts with obviously content, we're very quick to launch new content and new <unk>.
Intent libraries and be the first to launch new libraries is something that's very attractive to our consumer audience, we're focusing a lot on personalization and using all kinds of algorithms to ensure that we have a recommendation engines to ensure that players are playing the right type of games there like a certain style of game, we want to make sure. We serve up another game like that we've been enhancing the user.
<unk> is well on the <unk>.
Flows of the games the game lobby itself, adding animations and all kinds of ways for players to sort of <unk>.
Engage in the games in a way that makes it easier for them to access the games into play the games. They are interested in playing.
We've also really continue to really emphasize these.
We built a lot of tools ourselves that our proprietary technology.
Promotional game engines that are unique in the industry and we build these and we continue to evolve and improve them. So for example, we have a slot tournament engine, that's really compelling and we're really the only ones are operating at the way that we are and it's delivering a lot of value to the players because they want a costly come back and visit us because we're giving them extra chances to win.
From there. So I think we are adding some additional exclusive content.
Continuing to innovate in terms of the types of ways, we add value to players we have a bonus store that's unique in the industry, where players are able to pick out different fund activities to do so for example, they can.
Ridener loyalty points for a wheel spin or a entry into a high stakes bingo game either getting features that are unique to our R. R.
Our industry our company in our industry. We are also have a community we pioneered community play.
Chat room in our industry across all casino game. So what we have SaaS, it's very heavily involved in.
<unk> with the players and offering them watch types of fund entertaining experiences that delivers a retention that is very helpful. For us too. So I think all along all of these areas. We continue to invest in bringing out new features new games, new meta games and try to constantly stay ahead of the industry. So we feel very strong about.
Our product is getting better at a very fast rate as well.
Thank you Richard Thank you call I appreciate the color and trigger that's again on the strong quarter.
Thanks, Karen.
Thank you.
Our next question comes from the line of Jed Kelly with Oppenheimer. Your line is now open.
Great.
Thanks for taking my question.
Looking at your presentation, it looks like U S. Canada I, Great Gaming grew 21% and then you mentioned in your remarks.
The underlying profitability of the <unk>.
<unk> markets, but can you give us taking out your international markets what are the what's the underlying profitability of your gaming.
Gaming and sports betting states combined those states, which are operating.
Yes, Jed I'll take it.
Make sure I understood your question, but one of the things we shared in the prepared remarks is that.
Our sports betting markets in total.
Lost around $1 million this quarter.
And without if you take new York out of that.
Sports only markets would have been was it would have been positive so.
When we think about contribution.
Profit from any given market, that's including all of our all of our marketing expenses, obviously all of our cost to operate in those markets and then we've got our corporate overhead.
Largely ended up in the G&A line.
So you could you could do some back of the envelope math and get close to what the.
The other markets are doing outside that include casino.
That gets that covers that G&A costs essentially to get us to profitability here in this quarter.
Got it and then.
You talked about a lot in your prepared remarks about the potential to cross sell the OSB database to win I gaming legalized is are you getting more incrementally more confident that we will see some legislation break your way.
In the next 12 months.
Yes.
Say that it's always hard to it.
Predicts right, but you are seeing more states introducing legislation.
I am putting really serious lobbying efforts towards making having some movement in Canada you have a couple of jurisdictions. There in particular, Alberta is one that's really seems to be moving fairly fairly fast in terms of appreciating the tax benefit.
Protections.
Available from the regulation of Ontario, and you're starting to see that other jurisdictions. They are being marketed to right now consumers in those jurisdictions, there not by operators, who arent paying taxes. There. So they certainly we'd like to sort of take that lead of Ontario, and be able to generate some taxes upping.
Canada from villagers <unk>, Quebec in British Columbia, as well that are that are showing various signs of interest when it comes to the United States.
In this.
In our prepared remarks, a range of states, including New York.
Indiana, Illinois, and the ones that we mentioned when you add those together, it's about $60 million over $60 million of population.
In states that are working actively on legalizing casino currently for comp comparison.
Gaming is really only we're only active in the population of the U S of $34 million.
People, so theres, almost 50% more available more than 50% more available.
Being worked on so we certainly think there's opportunity of course, we don't know the timing is no one really does but I can tell you that as we've talked about with a lot of efforts are being made a preliminary works being done in these studies that are being prepared are being used as the prepared are being used are potentially to then drive a quicker adoption.
By the legislators. So we're we're feeling good about the progress we're seeing across the different North American markets.
Thank you.
Thanks Jed.
Thank you.
The next question comes from the line of Edward Angel with Ross and Ken.
Your line is now open.
Hi, Thanks for taking my question. It was nice to see the marketing expense down 9% year on year I'm. Just wondering it was it was also a sequential decline.
Fair run rate you think for the rest of the year, the kind of $40 million per quarter.
Yes, so it could good question Ed Thanks.
We came in a little better in the second quarter.
Compared to probably where we originally expected.
And so it's likely that the spend is closer to flattening out from here from that Q2 run rate, maybe a little uptick into Q4.
So I think youre on the right path there.
We're going to we're going to remain flexible with the spend where see where we get the best value and best opportunities for for returns and acquiring players, but I think that's generally the way right way to think about it.
Great. Thanks, and then as I kind of think for next year again marketing expense down 9% year over year would it be fair to assume that states, which have been around for over a year at that marketing expense is actually down a lot lower than I guess is there any kind of range you could maybe give us.
Yes, I don't think I'll go as far as giving a range today.
Haven't given any guidance for next year, yet I do think.
We would expect to get to get leverage over the over the marketing line in 2024, we expect to grow revenue.
So as a percentage of percentage of revenue.
I would expect to see some leverage there, but I don't think I would want to put a specific number on it just yet.
This far ahead.
Okay, Great and then if I could sneak one more in similarly on the G&A side, only up 3% year on year, but down sequentially.
Are there any lumpiness as we can but I think I remember you talking about maybe G&A coming a bit higher but it seems like it's a trained pretty well yes.
So.
I think as you know you've followed us for quite some time, we've been pretty conservative with way, we build build costs over the years here and were.
Mindful of the investments, we're making one thing I mentioned in the in the prepared remarks, we did have a little bit of a benefit.
From a foreign exchange rate the lower G&A costs.
In the second quarter, So probably expect Q3, and Q4 to be back near or maybe even above the Q1 G&A rate that was was closer to $14 $7 million I think it was.
So there wasn't there was a little bit of a benefit in Q2 that that wouldn't necessarily repeat.
Really helpful. Thanks, and congrats on the positive EBITDA.
Thanks, a lot for that.
Thank you.
The next question comes from the line of Ara Ms Tsai with Jefferies. Your line is now open.
Hey, good afternoon, congrats on the quarter and thanks for taking my question on.
On the slide deck, you talk about appropriately Skus, which helped drive 60% year over year growth for the MLP.
We expect the anthem, a sofa and if those well and what else might you be introducing.
Thank you.
Sure, Yes, no we've put a lot of investment into really surfacing the right type of bets for the right players and the right mix of wagers for them and really make it easier for them to find the best they really want to place and so this list few change that we made a change to really improve the ability for our players to discover.
<unk>.
That they want and in fact.
To be doing the same thing for football season, and we're going to step further we've actually going to be introducing a really beautiful new feature for football season, it's going to be a really highlighting the crops can be called prop central and really allowing our players to find all player props in a single place right now players have to go to an individual.
Game and click on the game and find all of the players that are in that game and better on those player props and instead, we're going to sort of unified and creative so that is a single place for all the players can visit together at one time, our players play a better can visit one time, it's the other players at the same time, so that kind of thing is going to be a real game changer, we think in terms of improving the.
The volume of prospects I think.
You've heard US talk before player props are very popular in the U S. I think the daily fantasy industry kind of create a lot of interest in the player statistics and play our results in the U S market, even relative to some other international markets and so we've been really putting a lot of effort into not just growing the parlay bets as we talked about earlier, especially to the ceiling and parlay, but also the player.
So we're really expanding the lineup of props and adding more features including also for football season will be adding more things.
Things like live presuming and perhaps more live bets on things like touchdown scores and other players statistics that we'll be able to be made up as part of its yoga and parlay. So were improving that soon we can parlay offering and a private player prompts in particular, we're also adding some more personalization capabilities to our platform. So again, we're really.
Trying to innovate in this area and ensure that we get the volume of the player bets on the but that types that we're interested in.
Okay, Great. That's helpful. Thank you.
Thank you.
Thank you.
No additional questions in the queue at this time so as a reminder, if you would like to ask a question. Please press star followed by one on your telephone keypad.
There are no additional questions waiting at this time, so I'd like to pass the call back to Richard Schwartz for closing remarks.
Thank you again for joining us today with a solid financial position, a strong technology platform and effective operational discipline effective operation discipline as I just said.
We're very well equipped to continue to successfully execute our strategy and position ourselves for further revenue growth and profitability in the future. We look forward to updating you on our progress when we share our third quarter results in a couple of months.
Yes.
This concludes today's call. Thank you for your participation you may now disconnect your lines.