NdM: Yeah, absolutely. So, I mean Neil Bluhm is the founder of our business and chairman. He has been
a leading developer of regional casinos. Weve had, obviously, you knowm the benefits of his regulatory and land based heritage, but weve been leading even in states where we dont have a Neil Bluhm physical Rush Street casino. So it
really speaks to our, our better mousetrap to be honest. We think that we have the best product in the marketplace. You know, Ive always found that, you know, game companies win by having the best product, not by spending the most marketing
dollars. It really is about, you know, capturing players imaginations, differentiating the player experience from the first time deposit through into retaining them, converting them in what we call the elder game experience later on. And
thats really where weve been masters, I think, at Rush Street. And its because a lot of the team that built our tech stack used to be in the social casino space, you know, eight, nine, 10 years ago, before liberalization was even
really plausibly being talked about in the U.S. And, you know, if you can learn to, if you can learn to compete as Glu Mobile does in a market where there are thousands of competitors, you certainly have an advantage in states where theres
only a handful of other players, right? And some of the states that were going to be entering or liberalizing with only have four, five skins going out. At most, I think Colorado might have 20, but whether its four or 20 in any given
state, its a heck of a lot fewer than the, you know, the thousands tens-of-thousands of developers you compete with in the social casino space where a lot of the
Rush Street team cut their teeth back in the day. So feeling very, very confident about our sustainable competitive leader.
CK: Awesome. So I want
to turn international for a moment. So Rush Street also has operations in Colombia. Can you talk a little bit about that market and kind of the overall international business?
NdM: No, thats a great point. I mean, its another state, a nation state in this case, where, you know, were number three in Colombia
even though we dont have a local casino, we werent first, weve, you know, weve grown our market share position there through the blocking and tackling of being, of being excellent in what we do, providing a compelling,
differentiated experience even in another language. So you know, I think we expect Latin America to be a meaningful growth driver for us in the coming years. Its not a greater priority for us than obviously U.S. states expansion, but we think
its a meaningful advantage for us that we have the groundwork there for adding additional, you know, countries. And beyond Latin America, of course, you know weve got the DNA for global expansion, but, you know, to be clear, I do think
the unit economics and the profitability opportunity in the U.S. is probably, you know, surmounts anything we might see internationally for the next three to five years.
MH: Alright, just wanted to jump in here. So one of the things that Ive been looking at is, you know, Im big into looking at kind of
revenue multiples and, you know, everyones been looking at the big Draft Kings and different kind of stocks that have come out and, you know, you guys are really trading at a fraction of that revenue multiple to DKNG, you know. You guys are
going to be growing at twice the rate of DKNG and GNOG and half the revenue of DKNG and more than twice of that of GNOG. And what Im really focusing on is that you guys are going to be in that positive cash flow. So how do you think this gives
you guys a competitive advantage in this space and how it really just looks attractive?
NdM: Yeah, we agree obviously. Look, Neil Bluhm, I think
hes Illinois third wealthiest, you know, captain of industry, and hes been very successful for the last, you know, 50, 60 years building a number of multibillion dollar businesses. You know real estate, casinos in development now, online
casinos. So hes here for the long term, right? Our business, quite uniquely, is owned, you know 68 percent or more its actually majority controlled by Neil Bluhm and the other cofounders Richard Schwartz and Greg Carlin, and
they havent really sold down much of anything in the SPAC IPO transaction. So almost all of our cash is goin on the balance sheet for growth. Theyre taking a very long term view because they believe they can build a 10 billion
dollar plus market cap business here and they are, you know, as I said earlier on, their focused on ROIC and they know the value of a dollar. So we will increase marketing spend next year. You know, we wont be more profitable probably next
year depending how states liberalize and how [inaudible] works out, but we are guiding to meaningful investments with the growth capital and market investments and growth. But as you rightly point out, you know, we have the best unit economics, so,
you know our payback on marketing spend is months, not years. There are competitors, some of whom youve mentioned that dont pay back on their spend for years. Were not going to be spending more marketing dollars in any given
quarter or year for that matter then we have in revenue. Thats not the philosophy of Neil Bluhm, Greg Carlin and Richard Schwartz and the Rush Street team, and its something we applaud at DMY Technology. We think this is the way to build
a sustainable winning business the long term. We think that you have to always run this as a real sustainable business otherwise eventually the market, you know, catches wind and wont be happy with what happens if you have to start cutting
back your marketing dollars to be