All right. Thanks everyone for joining us this afternoon at the Oppenheimer 29th Annual Technology, Internet, and Communications Conference. My pleasure to have Richard Schwartz, CEO, Kyle Sauers, President and CFO of Rush Street Interactive. Rush Street Interactive, I think if you look over the last two to three years, has been the best-performing name in a very tricky sector for investors. So they've executed very well, very strong. So pumped to have them here to answer some questions. Richard and Kyle, thanks for joining us. Great to be here, Jed. Thanks, Jed. All right. So you reported earnings at the end of July, gave a solid beat and raise cadence across North America and Latin America. Can you just talk about where you are seeing these pockets of strength across the businesses and what gave you the confidence to raise your full-year outlook? Yeah. I can jump in, if you want, Rich. Certainly I'd certainly add on. I don't know if I'd call it pockets because it's pretty broad-based. I'd point to two main things. One is Latin America continues to be a big growth driver for us. Obviously, World Cup was a benefit to have that event, in June. Obviously, it'll impact Q3 with July as well, but that was a great event for us. Even without World Cup, our Latin American operations in Colombia, Mexico, Peru have been growing really nicely, and we expect that to continue. In North America, I think we continued to outpace market growth in just about all of the North American iCasino markets that we're in. That's the primary focus for us in North America, for player acquisition and product innovation and experience, and it's paying off for us nicely. As you pointed out, we've beat and raised again for, it might be 15 of the last 16 quarters here. We've continued to be able to execute. I kind of want to get into some of the month growth, but you just make a good point. I think there's not a lot of companies in the digital gaming space that have been raised in the last three years, four years. Is this kind of shows the power of having an 80% iGaming mix in North America and just sort of the revenue predictability you're able to get off that algorithm? Well, certainly, it makes our jobs easier when talking to investors, to be more focused on iCasino, because you point out, it is more predictable. Nothing's certain, but when you're focused more on the slots category in North America, the tolerance is much tighter, volatility is less. You don't have the same level of seasonality that you do in sports. Although we enjoy that seasonality for the sports part of our business, that works really well in North America and also in Latin America. Your point is right, that being more focused on iCasino allows us to predict what's going to happen with our business, quite a bit better. It allows us to focus on what the value of players is likely to be, and therefore, what we're willing to spend to acquire new players, which obviously we've been doing at record rates. We're actually even doubling down a bit more in the back half of this year because our cost to acquire players has continued to go down. So absolutely, it helps with the predictability. It helps with our ability to plan for investments, not only in marketing, but in people and product and technology. So I see it as an advantage. I would just add as well that besides predictability, I think it's also nice that we have the focus. We know clearly where the economic engine is of our business, and by able to focus on the casino markets, we've been able to grow market share in North America casino for four quarters in a row. Again, validating that when you focus on the right things and you have the predictability that Kyle mentioned, we also have the focus, which allows us to continue to do the things we need to do to innovate and improve the user experience and deliver the results you're seeing from us. Do you see a lower churn among your iGaming cohort versus your sportsbook cohort in North America? You do, but it kind of goes back to your consistency of results. You have more consistency in the play. You do not have people who take a break for Major League Baseball because they like NBA and NFL as an example. It is a stickier audience. Got it. When I kind of look at it, the one thing that always sticks out of the last three or four reports is the North American iGaming month growth. I think this last quarter accelerated 6%- 64%. When I look at where you are versus your peers, I think that growth rate is 4x-5x the industry. Some of the states you are operating in, some of these are like five-plus years with iGaming. Where do you see this significant relative outperformance? Is it better marketing, bonusing, or better game inventory? Can you kind of give us a sense of what is going out there without spilling your secret sauce to competitors? Yeah. We try to be careful on that front. The truth is that it takes all aspects of the user journey to be right. It takes the marketing, the right messaging, the right audience, the right tools to attribute marketing to the right tools to ensure you measure the right ROI in every jurisdiction, but also ultimately comes down to what the players feel about us as a brand and the user experience. Because our brand is really, BetRivers is a primary brand in North America. It is truly an authentic casino brand, so we are not having to sort of dress up a sports brand as a slot brand because it naturally is already a casino-first brand. Then we have really built over a decade, a user experience that really caters to the casino user in a way that others, I think, have not done to the same degree. For example, we have built a real-time reward engine directly into our platform. When you are playing any game on the site, including games that everyone offers from, let us say, the Wheel of Fortune from IGT, which is a very popular game, our players are playing that, and in addition to just playing that great game, we have fun, exciting pop-up rewards layered on top of the popular casino games that players already love. When you play with us, you are not just playing that game, Wheel of Fortune, you are also playing our version of it, which adds an extra dimensions of fun. We built slot tournaments and bingo games and random prizes and chances to win jackpots all on top of that journey. We built something very innovative and very differentiated, which creates a perception of greater generosity for the players and unexpectedness for the players, which really ultimately delivers a loyalty which allows us to get the highest. We do the highest average player values of anyone published by a substantial amount, which is an indication that the players are loyal with us, and they stay, and they prefer to play with us with a higher percentage of their entertainment budget than they would other brands. I think it comes down to really treating the players well, innovating on the product and user experience. We build community into the player experience as well. We are the only ones who do this, where players are chatting with each other and with us in real-time while they are playing with us. When you combine that with all the innovation I described earlier, we truly have a differentiated experience. It is high quality that then retains the players, and ultimately, that is what the key to the game is in our industry, is not commoditizing your product, but building innovation and having insights to know what to build, having the teams with the knowledge and capabilities to build these innovative experiences. Then make sure we have a customer service team that is truly creating an environment for the players where we earn their trust, and they feel like we are helpful and we are friendly, and we are going to do little things that make the player feel like we are being thoughtful towards them. When we put the whole package together, it delivers a better experience, I think, than what you get at other brands, and so that we are able to grow our casino business, which by the way, is the engine of our industry. When the states that have both sports and casino legal, we are seeing that casinos are earning four times the sportsbook revenues. This is prior to any impact from prediction markets, if there is any, which of course we have not seen, but it is very minimal. The point is that casinos are where you want to be strong, and that is what we focused on since the beginning of this company. I think we are seeing the fruits of that labor pay off now. Yeah. Jed, the only thing I would add to that, for all those reasons, we are highly confident that if people show up and download our app and make a deposit and start playing, that they are going to love the experience and they are going to stick around. Another reason for all this player count growth is because we are filling the top of the funnel faster than we ever have. I think it is four straight quarters now of record first-time depositors. These are new people who are showing up, with solid player values, and we are doing it at ever lower prices, which is why we are leaning into more marketing spend in the second half. Is there something that's changed, whether it be AI, or is it adding maybe more of your only exclusive content or more of your in-house studios? Has there just been blocking and tackling? Because it does seem like you're taking a significant amount of share. Go ahead, Richard. Well, yes, we have exclusive games, and that helps a little bit, but it's actually really the program I just described to you that allows us to bring these unique games to all players, no matter what base game they're playing. It's not like if you get an exclusive game, which is what some of our peers are trying to do to differentiate. The problem is, for that strategy, it only appeals to a small segment of the players who are playing that one game, where you have 10,000 games on your site. When you're playing the other 9,999 games, you're not getting anything unique. With us, when you're playing any of the 10,000 games, we're always bringing unique experiences to players in real-time. I think it delivers more unique experiences all the time for our players, which is what I think a consumer wants, is something fresh and different, which is why if you go to a movie theater, not that many people want to see the same movie 10 times. You want to see a different variety of experiences. We've built up over a long period of time. We built a moat around this product experience that is truly differentiated and unique that has been built over many decades, over 12 years now. I think that's really ultimately what allows us to differentiate. Yeah, and maybe it is not one thing, Jed, or two things. It is a host of a lot of different things that a bunch of our teams are doing much better. I think the good news is we have got a long list of things we can keep doing better as well. So as much progress as we have made, there is a lot of things that we still have on the list that we think will make the experience for players even better. Got it. We are coming out of this quarter, we are starting to see sort of some higher promotional activity or the category leaders signal they are potentially going to promote more aggressively into online sports betting. They also have a pretty significant iGaming base. Do you have any concern of some of that higher promotional activity we see in sports betting carrying over to iGaming? I personally do not, because I have not seen a change of strategy that you have seen for several years of a lot of the larger companies are sort of been trying to, historically larger companies, we are now one of the larger ones, but they are trying to sort of get to the casino audience. As I said earlier, of its dual strategy, I did not say this earlier, but one of our strategies, we do the cross-sell from sports to casino in the markets where we have both casino and sports, is where we emphasize our marketing budget and spend. We also have a slot and casino first player acquisition strategy that we really are unique in that we can deliver on it because we have the brand and the experience that caters to that type of play really resonates with what we are doing. I would say that, while you are always going to have intensity, I think part of the intensity is also focusing on the prediction markets for a couple of, for FanDuel and DraftKings, primarily. The results are showing, though, that our acquisition costs keep improving. It is the lowest since we have been public recently, and we had another record of first-time depositors, as Kyle said. I think what we are doing is working extremely well, and we are very focused, which I continue to think is a big advantage for us. Getting more on the competition front in North America, we have seen some incumbents in sports, primarily Fanatics and Bet365 have some success growing their handle share, engagement share in OSB. Are you seeing any level of share shifts in iGaming in terms of emerging competitors? Maybe somebody like a Hard Rock might come to mind, or has the competitive environment been pretty stable? I think for years we've had others coming in and spending and trying to grow their positions, and it's as competitive as it's ever been. I think a lot of companies have been focusing on casino. We've been growing, like I said, market share for four quarters in a row, despite all that effort from so many companies. I would say that ultimately, we are the fourth-largest online casino operator in the U.S. We've gained share four quarters in a row. We have really built a decade of casino-specific product and player engagement expertise that is just not existing in most of our peers that haven't prioritized casino the way we have since inception. I think you're starting to see the results of that. I think, you mentioned Hard Rock, I think they've done a nice job. Certainly, they have exclusivity in Florida on not just sports, but they've been able to build a casino-like product using motor racing results. Certainly, I think in the other jurisdictions, we continue to grow faster substantially than the rest of the market, which is validating that our strategy and approach is working. Got it. I think you gave some encouraging stats on Alberta on the conference call. Can you just give us any update how that's trending and relative to Ontario, which I think is what? About a four-year-old market now? Yeah. On our call, we talked about the fact that, obviously excited about Alberta, first iCasino launch in a while, so that's exciting. It's a smaller population, but when you adjust for population, our player registrations, active users at the time of our call a couple of weeks ago were 2x what they were in Ontario. The comparable's actually gotten even better for Alberta in the last couple of weeks here. So, very excited about it. It'll take a little while for that to build, given that it was an existing gray market, but, it's off to a great start. We're very excited about it. And just for people that might be on the call that might not be in as much in the weeds, when they hear gray market, can you just give us a sense of any structural differences in how you sort of ramp that market? Because you do have, I guess, gray operators going to regulated. So can you just give people a quick overview? Yeah, sure. The gray would be sort of unlicensed operators that really are operating without a license and without paying taxes locally. So the goal of a government should be to transition the unregulated gray market operators to regulated play so they can generate the benefits of tax revenues and player protections, which are typically almost always done better with a regulated market. So, I think in Alberta, similar to Ontario, it started with some of the gray market operators over there were able to sort of transition without really any consequence from a pre-regulated market to regulated and kind of bring with them their database of players and their brands, which were already known. So there were some sort of advantages from operating in an unlicensed environment in those two jurisdictions. We've had to start from scratch, which we have done very successfully in Ontario. We're doing very well there and growing nicely as we are in all of our online casino markets. But we also launched very quickly in Alberta, and we did a really comprehensive plan that lets people know that we're a trustworthy brand, very much localized the user experience to the Alberta audience to show the players there who might be newer for them as a brand, that we are sort of legal and licensed and the stamp of approval of the government, which I think helps to kind of migrate some of those players from the unregulated to regulated. What also helps is that the regulated sites like us, when you do launch, have a greater variety of proven games of suppliers that aren't able to service the unlicensed markets, which are able to participate, are eager to help support a regulated market like us operating there. There's some advantages in terms of content catalog being available now for the first time in Alberta, which we're using to our advantage as well. Makes sense. Then just an update on state regulations. It's been a while since we've seen a competitive launch. I know you've launched in Delaware about two years ago. Seems like we got close with Virginia. Maybe people mention potentially New York, Illinois. Can you give us a lay of the land on anything we should be thinking about over the next 12- 24 months? Well, I think what's most exciting for investors, I think, is that only 12% of the U.S. population has access to legalized online casino today. Compare that with 61% that have access to an online sportsbook. So it's a big gap there, big opportunity. In states that already have sports, it's very easy to add casino because you already have the infrastructure in place. You have the servers, you have the regulators, you have the licenses, et c. Really, just a matter of adding a server to the existing sportsbook and being able to offer a bigger variety, which, as I said earlier, generates now roughly four times the revenues for taxes that a sportsbook does in a state, and especially with any pressures from prediction markets, casino is a lot more shielded and more of an upside opportunity, which we think could play into some states' views on it. I think historically, the budget gaps in states has been another reason why you would want to maybe legal and regularize online casino. That's going to only grow, starting after the midterms when some of the federal funding on things like Medicaid and food stamps maybe are reduced to the states from what they'd had historically. So we'll be seeing increasingly larger budget gaps in states. Obviously, consumer protections is very important for a government as well, and regulated does bring that to the table. I think historically, you haven't seen as much alignment as you have today among our peers, who all recognize that online casino is an economic engine worth all of us having access to. I think there's more effort to support the legalization of online casino. You mentioned Virginia was very close. There'll be an, I'm sure, effort made again this year. Other states are also moving along, and there's some positive developments that we're working with. I think it just comes down to educating a lot of the legislators that, hey, anyone who's concerned about having an online casino available to people more accessible has to realize that these products are already available in everyone's pockets through crypto casinos and sweepstakes casinos and prediction market-style casinos. I think ultimately, it's really a matter of if it's going to be there, we'd rather protect your consumers and fill pretty sizable budget gaps. We're excited for the next sessions coming up next year, and we're working to prepare for an effort in multiple states. You think the threat of prediction markets is an accelerant for more regulation? Or not more regulation, more legalization? Certainly for some stakeholders, there's a recognition, some political stakeholders, that it's a concern because if you're having a proliferation of prediction markets, then you're going to certainly realize that it's now available in your states to do these types of betting mechanics, whether or not it's through a state-issued license. But if you're a state, you'd rather capture that opportunity yourself than to sort of have, I think, the federal government generate it and not sort of get the upside and be able to regulate it the way your state wants to. I think this certainly is a factor. It would probably protect their sports betting, right? Because you said earlier, iGaming is four times sportsbooks in dual-product states. Right. If you have a cross-sell casino, it gives you an advantage- Yeah. ...as a state that you do not have otherwise. If you look at states like Illinois and New York, right, that operate at pretty high tax rates, if they did not have iGaming, it probably makes sense to run a prediction market. If they had iGaming, the state could probably say, "If you want the iGaming license, you cannot operate a prediction market in our state. I think that is fair. That would generate a lot of interest in companies who want to be part of that iGaming-regulated marketplace. That could change people's strategies on how to participate and whether to participate in prediction markets. All right. Before we dive into the Latin American portion of the business, can you just give us an update on your sports strategy, if you are seeing any cannibalization from prediction markets, just kind of where that business is? Yeah. We were a casino first, as you know, so we are not seeing an impact. As I referenced earlier, acquisition costs continue to improve. Our active players are up over 54% from year-over-year, so we are seeing a really healthy business. We did file a CFTC application in June, just to kind of reserve optionality so we have the flexibility. If it becomes a relevant business to our future, we have the flexibility to participate potentially. So I think we are just monitoring the market. We certainly have not seen an impact to our sportsbook in the licensed states where we operate. It is also important for, I think, investors to realize that a very small part of our business is tied to U.S. sportsbook. A larger percentage of our sportsbook business is international. I think any impact from U.S. sports, if there was any, wouldn't really impact us anywhere close to how it might impact others. Got it. Makes sense. That license you filed with the CFTC, was that, like, an FCM or become introductory broker? Yeah, it is a FCM. Okay. Switching gears to Latin America, seeing real strong growth there. I think your users were up 62%, [$55] [inaudible], so that business is almost scaling to, like, $400 million by year-end. Just, can you give us a sense on the opportunity where you are strong, where you are seeing good share growth, just give us a sense what is working there? Yeah, you want me to go, Rich? Yeah, why don't you start on that and then- Yeah. I think it's all of the markets that we're in are seeing very nice growth, and I think the opportunity is strong in all of them. Maybe I'll just go down the list here. Colombia is a more sports-focused market for us in terms of revenue mix. But iCasino's actually growing faster the last several quarters than sports. We've got a lot of opportunity to grow both sides there. We don't know the exact market shares because it's not reported. But given our growth profile, it'd be hard to suggest that we aren't taking share there, but we see a lot of opportunity. In Mexico, we've still got kind of low to mid-single-digit market share growing very quickly. Real opportunity for us to build a really nice business there. If you compare Mexico to Colombia, in terms of the time post-launch, we're right on the same path that we were in Colombia. Mexico's a much bigger market, but if we can make it look anything like Colombia, that'd be a big success story. Peru's still pretty small, but it's the fastest-growing of the three, and we're starting to see some nice momentum there. It's been a great opportunity for us to be down there, and I think we're taking advantage of it. If I could add one more thing about your question earlier about states legalizing online casino, Jed. What's really exciting, I think, for any investor with us is that we have the rest of Latin America available, and in many cases, very large population markets with like 210 million people in Brazil, already legal for online casino and already regulated. Argentina is licensed and regulated. You have markets like Ecuador and Panama and Chile that are all also still available for options for us. While we're waiting and pushing to get U.S. markets open, there's no shortage of markets already legal, already regulated, that allow us to massively expand our service there, and markets that we're already proving to be able to grow share consistently quarter- after- quarter. I think what we like about our strategy is that we're not limited only to the U.S. legal online casino. We're getting extremely excited for all the ability to leverage our existing teams and brand and assets already performing really well in Latin America to additional markets. There are new market opportunities there for us. If we look at these markets, is there a target share that you want to be? Are they more competitive? You look at Brazil, that seems like a very competitive market. How do you target the share gains you want in certain markets, and then how do you decide what new markets you would potentially want to enter? Yeah. For which new market to enter, it's a very thorough analysis of size of market. Do they have casinos as well? What's the adjacencies of our brand awareness from other jurisdictions where we're already operating? What's the tax rate? What's the stability of the environment? What's the size of the market size? What's the competitive state of the competitors there? All those are factors that we look at. I think so far we've chosen the countries, I think we would choose the same countries over again. They've all been really successful, and I think what we've seen is we've grown in every jurisdiction down there consistently since we've launched. We have a high degree of confidence that the product we have, mainly because so much of it's so innovative in a very highly competitive market like the U.S. We're still growing share, as we've talked about, and outperforming. When you bring that same level of capability to Latin America, where maybe some of the existing operators there haven't focused as much on product as you've seen in the U.S., I think our product really shines even more. When you combine that with a really high-quality operations team down there as well, you start to see the growth. I think it comes down to that, even in competitive markets, when you bring something that's high quality and unique, you're going to see that you're going to grow everywhere. That's why we consistently are growing across our business in all of our casino markets. I don't know if there's any parts of that question that maybe I missed or Kyle you- Well, yeah. I was just going to jump in on the target market share. It is less for us about coming up with a market share that we think we are entitled to or can get, and more about, "Is this market going to have reasonable or attractive economics? Are we going to be able to compete well?" The answer to that, we believe, is always yes. Then how much money can we put to work how quickly, and at what point in our maturity in that market and our brand awareness, and how much can we spend relative to the value of the players we are bringing in, is going to help dictate how quickly we are going to grow in that market. Now, I was not around when we launched Colombia, but if we would have told people we were going to get 25%+ market share and be the number two operator there when we launched, probably would have looked a little silly, but it does not so much now. I was there when we made a decision. I know you were. But the truth is that if you understand the user and you build the experience to the way it needs to be and localize it properly, we can do that, and we are seeing that across the board everywhere we operate. Are you the largest cap by, I guess, company-wide market cap or cash generation? Are you the largest player globally in those markets? Because you are competing mostly against local operators, right? Well, there are operators that are in other markets in Latin America, some that are in European markets, but not necessarily from maybe the direct peer set that our investors look at. Yeah. There is not much competition down there, if any, really, from a pure-play perspective on our U.S. peers. I guess the one advantage you do have too is you have your U.S. market, which probably generates, what, almost six times in ARPU that the Latin American market does. Is there an ability to take that higher unit economic profit dollars from the U.S. market and deploy more in Latin America just to accelerate share? Listen, we are producing a lot of profitability, and it is increasing at a rapid rate. All the time we are looking at what is the right amount to drop to the bottom line versus reinvest, and I think we have been making good decisions there. One of the things, I think I mentioned it already on this call, is that we are going to spend more in marketing in the back half. But it is less about saying, "We are successful here, so should we invest more or over-invest over here?" It is more about analyzing each market, the profitability of that market based on the cost structure, which usually comes down to tax rate, what it costs for us to acquire more players and the incremental cost to acquire players, and how much money can we put to work in. I think we have been doing a good job managing that. It is not necessarily trying to reallocate because we made a bunch over here that we should invest more here. Each market we look at really on its own merits and how much can we invest and be successful financially. Got it. The other key topic in Latin America is Colombia. You have got the VAT decree lapsing. How should investors basically frame the potential profitability impacts with what is going on with Colombia, new President, all that is going on? Yeah. As you know, new President took office last Friday. It is the president that we were hoping would win the election. He is very pro-business, less government, low tax is the platform that he largely ran on. We are very excited about that and what it could mean for the stability of the taxation of our industry. We have this temporary tax in place that is 16% of revenue that went into place in mid-March. I think as you point out, that expires at the end of the year, according to the decree. The Constitutional Court is, as we understand it, reviewing that emergency decree and the associated taxes with it, and could come out in the coming weeks here with a resolution on that, whether it sticks or whether it goes away. We will see how that plays out. The President may look at some of these emergency decrees from the previous administration and think about whether he wants to do something about those, whether ours would be included in that, we do not know yet. In any event, this goes away at the end of the year. Maybe one way to frame it is, we had about a $7 million benefit in Q1 from this temporary tax not being in place for two and a half months. Annualizing that is roughly $35 million benefit that would have been associated with kind of the revenue runway we had earlier in the year. Presumably we continue to grow, that amount could be bigger than that as we get into next year. Big opportunity. It would be great to have some stability around the tax structure in Colombia. I think that provides a lot more certainty for us and for investors. Currently with everything right now, the effective tax rate on GGR is what? In the low 30s? Yeah, exactly. Okay. So that's another way to frame it. Okay. Yep. Got it. Very helpful. Then capital allocation. I think your cash balance close to $350 million, no debt. How should we think about how you're thinking about deploying capital? You want to take that one, Kyle, then I'll- Sure. Yeah. So as you point out, we're very strong balance sheet. We don't have any debt. We are a cash-generating business, and that'll continue to be the case. So we should be in a good spot for the foreseeable future. Obviously launching new markets like Alberta, take a little bit of upfront capital, but certainly, something that's easy for us to manage. Hopefully, as Richard was talking about earlier, we'll have some U.S. states that legalize that we'll put money to work into launching, and then we continue to look at M&A, and that can be things that would be additive to our product portfolio or bring things in-house that maybe we're using partners for, that could be in the form of entry into a new market in Latin America. Then obviously we've got our buyback out there, newly updated $100 million buyback that we put in place a couple of months ago, that gives us the flexibility to buy back stock, which I think is a good use of capital as well. Do you kind of want to stick to Latin America, stick to what's working, or do you look at some of these other markets? Africa looks pretty attractive. If you look at some of the economics, some of the public companies there. Europe's pretty competitive. Anything outside of the Western, maybe looking into Europe or Africa? Our goal is to be a leader of the Americas, and we're fortunate that the two parts of the Americas, Latin and North America, are the two markets you'd want to be in globally in this industry because they have a lot of growth left ahead of them. I think we have our strategy pretty clear. We do get approached by others globally, admiring our solutions, our products, thinking of other opportunities, so we do pay attention, but ultimately, we've been pretty disciplined in realizing that the real opportunities for us is to keep reinvesting in what's working and where we have a foundation and a base that allows us to continue to succeed like we have. What's exciting is our existing markets are growing really fast for us, and we're growing faster than them, and all these new market opportunities we described on the call are so many, that I think we have enough opportunity here to kind of be able to continue doing what we're doing for years. Got it. We're running out of time, but when you look at, I didn't add this in the queue, but when you sort of look what's going on with crypto and some of these Bitcoin markets. There does seem to be the opportunity to potentially prediction markets offer some sort of a slot-type experience, right? They're pretty aggressive. Does that concern you at all or how do you view some of the stuff they could potentially do with these minuscule crypto markets? Yeah. What I'll say is that we've been studying those prediction markets for several years, so we are very well aware of all the possibilities and permeations. I think our strategy was to file the application with the CFTC so that we are prepared should there ever be a market like that that evolves, that gets stakeholder buy-in among the regulators and the courts, so that there would be an opportunity for us to be prepared for that. We never want to be caught flat-footed. I think there are lots of creative solutions, but some of the arguments being made to justify why the sports prediction markets should be legal are sort of saying it's not gaming. If you start to say, "Well, now who's bringing some gaming casino markets to this prediction market," it kind of defeats this core strategy of legally being argued. I think there's certainly something we're monitoring very closely, and we will be prepared no matter what the outcome is. It's hard to know what's better or worse because it's hard to know what the rules are of the engagement that you're going to be in someday. All we can do is make sure that we are prepared under all circumstances, which we are. Got it. We're coming to the bottom of the session. Anything important that we didn't touch on or anything key that you want to get to investors here that you think is pretty important for Rush Street into the back half of the year? Well, I'll just share something that we shared on the call, but just to make sure it's clear that we've had the fastest growth in four years this last quarter. Our MAU, our active user bases are exploding in all of our markets, North America and LatAm from our growth percentages that we shared. Casino North America, which we reference, is really competitive or people are trying at it. We grew last quarter, 62% year-over-year. So really incredible growth off of an already large installed base. Others in our segment are not seeing anything close to that. So we feel really confident that all the labor we put in, all the work, all the innovation, the experience we've talked about are being noticed by players. And I think a big story that's worth thinking about is that because our brand is lesser-known than our peers, the Caesars and BetMGM, or DraftKings or FanDuel, there's a lot of players in our states where we operate casino online in the U.S. that have never heard of our brand yet. So we're having a chance to capture those players for the first time. And when they experience the sign-up registration with us, and they realize the little things that we do, we think we help to grow those into loyal customers. So I think we have a large opportunity to grow our existing share by just introducing our brand to a large percentage of the player base that doesn't yet know us because we didn't start with a brand that's as well-known as many others are. I think that's a really exciting thing for an investor to think about. All right. Last question. If you think we're sitting here a year from today, how many states legalize iGaming? Over, under one? Over, under- I think you probably have a couple of realistic opportunities that are maybe you're looking at one- to- two. I think that's all we need every year ultimately, because we have so many states left, you just need them to start moving again. Right. I think there's a couple of states that are really close. Virginia got extremely close last year, and we know there will be a similar effort made, and similar stakeholders are involved again. I think there's opportunity there. Does that create like a domino effect that you've seen in OSB in 2022 and 2023? Like when New York went, Massachusetts went, a bunch of states went. Does that start to you kind of get some domino effect? There's a copycat mentality to the thing. We saw it at land-based casinos for decades ago, where once one state got it, the adjacent states wanted to do riverboats, and it spread like wildfire. You saw the same thing happen with sportsbooks. I think that's two examples of markets like that where that has happened, and there's no reason to think that when you see that it couldn't happen. When you look at the amount of revenues a state like Michigan is generating, we're talking billions of dollars over the first five years. That's a very meaningful tax generation, far beyond what most tax initiatives can generate. When you see how reliable, how proven, and the scale and scope of the revenues generated, I think it becomes a very appealing thing for states. When you start to realize it is already operating, you can already play these same slot games or very close versions already without regulation and without taxation. It becomes logical that you would start to see it. I think hopefully there is another wave that comes, and you will see that same mechanic of copying other states and not wanting to miss out on the protections for consumers and the tax generation starting to carry the day. Yeah, because it does seem like the prediction markets have caused people to take their eyes off the sweeps. It does seem like that, if you have kind of- Well, yeah, the prediction markets have been the dominant conversation in the last six months to a year. Yeah. All right. While everyone else is focusing on that, we are just focused on casino growth, and that takes a lot of effort to get it to deliver results. But I think that is exciting for us that we are not distracted in the way that many of our peers seem to be. Well, I think that focus has been why you have been the best-performing stock in your peer group over the last three years. So congrats and keep up the great work, and thanks for joining us, Richard and Kyle.