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    Patrick Keough • Truist Securities

    Patrick Keough's questions to Draftkings Inc (DKNG) leadership

    Patrick Keough's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Patrick Keough of Truist Securities asked two questions on tax mitigation: First, how the Illinois surcharge revenue will be taxed and if similar surcharges could be applied in other states. Second, how DraftKings balances competitive pricing against customer awareness as a mitigation tool.

    Answer

    Co-Founder & CEO Jason Robins stated that DraftKings' position is that the surcharge is a pass-through and should not be taxed, though Illinois may disagree. He noted that if it is taxed, adjusting pricing would be a more logical approach. The company will treat the Illinois rollout as an 'experiment' to gather data before considering it for other high-tax states.

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    Patrick Keough's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Patrick Keough of Truist Securities asked about tax mitigation, inquiring how the Illinois surcharge revenue will be taxed and if DraftKings is considering similar surcharges in other high-tax states. He also asked how tweaking sportsbook pricing factors into these mitigation strategies.

    Answer

    Co-Founder & CEO Jason Robins stated that DraftKings' position is that the Illinois surcharge is a pass-through and should not be taxed, though the state has a different view. He noted that if it's treated as taxable revenue, there would be no benefit over simply incorporating it into pricing. The company will evaluate the results of the Illinois experiment before considering a similar approach in other high-tax states.

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    Patrick Keough's questions to Inspired Entertainment Inc (INSE) leadership

    Patrick Keough's questions to Inspired Entertainment Inc (INSE) leadership • Q2 2025

    Question

    Patrick Keough of Truist Securities inquired about the growth momentum in the Hybrid Dealer segment, particularly with regional operators, and asked if the Virtual Sports segment was still on track for a Q3 inflection point for year-over-year growth.

    Answer

    President & CEO Brooks Pierce confirmed that the Hybrid Dealer segment is gaining traction with a mix of customer tiers through various aggregators and is seeing week-by-week growth in players and volume. For Virtual Sports, Pierce indicated that a return to year-over-year EBITDA growth is the target, but it is now more likely to occur in Q4 2025 rather than Q3 due to the timing of new product rollouts.

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    Patrick Keough's questions to Inspired Entertainment Inc (INSE) leadership • Q4 2024

    Question

    Patrick Keough inquired about the specific challenges facing the Virtual Sports segment beyond the known issues with its largest customer and asked for an update on the company's M&A strategy, including the strategic review of its holiday parks business.

    Answer

    Brooks Pierce, an executive, explained that the Virtual Sports issue is primarily driven by one customer and that the business is stabilizing. He highlighted new product innovations, like features based on same-game parlays, that are being enthusiastically received by key clients. Executive Chairman A. Weil added that the company is seriously exploring a sale of the holiday parks business and is optimistic about a favorable outcome. He also noted that while the company is always looking for acquisitions, nothing is currently on the horizon.

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    Patrick Keough's questions to Golden Entertainment Inc (GDEN) leadership

    Patrick Keough's questions to Golden Entertainment Inc (GDEN) leadership • Q4 2024

    Question

    Patrick Keough inquired about the performance of the Formula 1 weekend in its second year and whether Golden Entertainment expects to benefit more from the event in the future.

    Answer

    President and CFO Charles Protell acknowledged that the falloff in F1 demand was unexpected. He explained that while the company saved on direct event expenses like tickets, it was unable to increase room rates due to lower-than-expected citywide occupancy, which negatively impacted results.

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