Jason Robins: I think they’re somewhat independent. Obviously, the more that we can get some momentum behind the stock, the more attractive it becomes as a currency. But I don’t think that it’s really something that we really are focused on right now. We’re very focused on our internal operations, focused on getting more efficient. Obviously, there will be a time in the market — and hard to predict because we’re in such a rapid phase of evolution right now. There will be a time in the market where those things really make sense and we can focus more on it. But right now, there’s a lot of focus on just how we can make sure that this company is on a clear path to profitability and that we’re operating in the most efficient and cost-effective way we can.
Bernie McTernan: Understood. And then just a follow-up on parlays. I think a big question, just given the success, is where could it go? Do you guys have a sense in terms of just what the U.S. penetration of parlays is relative to the rest of the world or more mature markets?
Jason Robins: I think that’s a great question, and it’s tough to compare to rest of world. I think the U.S. is a bit unique. My belief is that the U.S. consumer and the gaming market, a lot of the roots of it are in the lotteries where there have been lotteries across states for a lot longer than casinos and other sorts of gaming products. And that lottery mentality of big jackpots, I think, is carried over into other products. We even see it in DFS where our most attractive offerings are the large tournaments that you can enter for anywhere from $3 to $20 and win hundreds of thousands or million plus in prices. So I think that’s carrying over into the U.S. market. And I actually think for that reason, parlays have more upside than they would in other parts of the world, not to say that they’re not popular in other parts of the world.
They call them accumulators in Europe. And certainly, that’s been a big growth area overseas. But I think the U.S. customer is uniquely oriented towards the kind of proposition of bet a little to win a lot. So I think there’s a lot more upside. And we’re still at the infancy stages of this product. I mean there’s so much we can do to innovate and make it more exciting and more fun for the consumer.
Operator: And our next question will come from Ryan Sigdahl with Craig-Hallum. Your line is open.
Ryan Sigdahl: Curious to get your thoughts on the current competitive dynamics. We’ve seen several operators pulling back more notably on online sports betting and iGaming. But then, you have fanatics with the most notable high profile. I guess, new incumbent coming or entrant coming. How do you think about promotional and marketing intensity from an industry standpoint in 2023, better or worse year-over-year?
Jason Robins: I think it will be better. There will be more mature states. I think that natural kind of promotional reduction that happens as states mature, we’ll continue to see a tailwind from that. Obviously, there’s always going to be new entrants coming in and out of the market. I think one thing we’ve seen, though, is that — and I expect the same would apply to any new entrant. The market competitively has become much more rational. We talked about this in the letter. There was a period of time in 2020 and part of 2021, where there was really a message from the market that market share and revenue growth were all that mattered. And I think you saw some rational behaviors from some of our competition coming about as a result.
