Jason Robins: I mean, that is absolutely essential on our strategic thinking. We’ve said pretty much from day 1 that product wins, and that is, first and foremost, the thing that we feel like has to be at the absolute forefront of the industry in order to be the best. Obviously, there are a lot of other things that go into customer experience, marketing, analytics, many other elements of the business are important, and we invest across those two. But really the heart and soul of the organization is product and technology. And I think you’re absolutely right that that’s something that we really feel like over the last several years has been a differentiator, really from day 1 has been a differentiator for us. And as far as the first part of your question, the pace of innovation, I actually expect it to increase.
A lot of the work that we had to do once we had acquired our own technology platform and then some of the cleanup afterwards, that was really ongoing until late into 2021. So it’s really been less than two years that we’ve kind of had just full runway. Not to mention the fact that there’s many other infrastructure investments that we had to make over time that now positioned us to just more rapidly innovate. So we’re always balancing whether it’s implementation of AI to improve developer efficiency on our PAM, we’re building out an API-driven structure so that teams outside of the PAM team can unlock different features in there and integrate products in a better way. We’re always trying to think about not only how do we innovate for the customer, but also velocity and pace of innovation.
How do we make our teams more efficient, how do we make them quicker. And some of that as you said, is cultural for sure. But there is also an infrastructure investment piece of just making it easier. And as it gets – the organization gets larger or more jurisdictions, the natural tendency is for it to get more complex. So there’s just a constant, I think, push on our end to not accept that and to try to drive more efficiency so that we can innovate at a faster velocity.
Michael Graham: Thank you, Jason.
Operator: One moment for our next question. Our next question comes from Jed Kelly with Oppenheimer. Your line is open.
Jed Kelly: Great. Thanks for taking my question. Just going back to hold, as you engage more customers playing more sports, layer on more parlay products, does that reduce the volatility around your ability to forecast hold? Like does it become more consistent? And then just in — just with the 4Q guidance, does that assume that the percentages you saw in the whole percentage in October, do you expect that to continue for November and December? Thank you.
Jason Robins: So on the first question, I think really, just as we get more data in, as the market matures, everything, whether it’s hold rate or any other metric of the business, the forecasting gets tighter and tighter, which is great. I do think we’re already pretty tight on full forecast in terms of expected hold. There’s just sport outcome. And as far as your question on mix and how it affects it, really, as time goes on, having more variety, meaning more sports, more different types of bets will certainly make it more steady. So as live betting grows, as more sports get adoption, all of that, it’s exactly what you think like the more concentrated in one type of bet or one sport, anything is the more susceptible you are to sport outcome effect.
So as time goes on and as the base matures and as more people play more things and try more products, we do expect that volatility to decrease. And also, as we see more iGaming, I think same thing, more iGaming states will also smooth it out because the whole rate does not vary as much on iGaming based on any sort of outcome-driven event. So that’s a couple of ways to think about it. As far as the Q4 guide, we’ve assumed structural hold. The same – we did see some favorable sport outcomes kind of the opposite of Q3 in October. So I wouldn’t necessarily say the exact hold in October is what we expected in the remainder of the year, but we believe that structural hold will be in line, and we sort of always take an outcome agnostic approach when we’re forecasting but then appropriately build into our guidance range, all sorts of different scenarios that might occur.
Jed Kelly: Thanks. Great quarter.
Jason Robins: Thank you.
Operator: One moment for our next question. Our next question comes from Ryan Sigdahl with Craig-Hallum Capital Group. Your line is open.
Ryan Sigdahl: Hey. Good morning. DraftKings hasn’t participated directly via its DFS business. But any thoughts on Michigan, New York, Florida, all cracking down on [indiscernible] and player props via DFS and some of your competition there? And secondly to that, could that potentially be good for your sports betting OSB player prop business in New York and Michigan?
