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    William Lampen • BTIG

    William Lampen's questions to Draftkings Inc (DKNG) leadership

    William Lampen's questions to Draftkings Inc (DKNG) leadership • Q1 2025

    Question

    William Lampen asked for the drivers behind the significant mix shift towards parlays, questioning if it came from new or existing cohorts. He also inquired about the extent to which AI has been integrated into the pricing and risk management framework.

    Answer

    CEO Jason Robins stated that the growth in parlay mix is coming from both new customers who adopt it immediately and existing customers who are shifting their behavior. Regarding AI in risk management, Robins acknowledged it's a huge opportunity but said they are in the very early days of implementation in that specific area.

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    William Lampen's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    William Lampen of BTIG questioned why the 2025 structural hold guidance implies only a 50 basis point increase, given positive product momentum, and asked about the impact of micro-betting.

    Answer

    CEO Jason Robins clarified that the 11% structural hold guidance for 2025 is a confident commitment, while internal goals are higher. Regarding micro-betting, he explained that while the Simplebet integration will enhance live betting, this product category generally has lower hold rates. He believes they can offset this mix shift by improving hold rates within live betting itself.

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    William Lampen's questions to SGHC Ltd (SGHC) leadership

    William Lampen's questions to SGHC Ltd (SGHC) leadership • Q1 2025

    Question

    William Lampen of BTIG, LLC sought to understand the drivers of the 54% growth in Africa, asking if it was concentrated in specific territories and if the success formula is repeatable for faster new market launches. He also inquired about the U.S. iGaming strategy, specifically whether the company would launch more brands in existing states or expand to new ones.

    Answer

    CEO Neal Menashe stated that growth is broad-based across key profitable markets like South Africa and Ghana, driven by a centralized tech stack that allows for rapid feature deployment. CFO Alinda Van Wyk added that Africa's friendly regulatory environment and growing economies support this expansion. Regarding the U.S., Menashe confirmed they are nearing the breakeven revenue levels in NJ and PA and could consider bolt-on acquisitions or launching more brands, but noted the high entry cost for a market like Michigan has been a deterrent.

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    William Lampen's questions to Unity Software Inc (U) leadership

    William Lampen's questions to Unity Software Inc (U) leadership • Q4 2024

    Question

    William Lampen asked if the Vector transition consolidates the Unity and ironSource ad networks and if there's evidence of customer budget loss. He also asked about the drivers of Q4 Create performance, specifically the Plus-to-Pro migration.

    Answer

    CEO Matthew Bromberg clarified that the Vector work is for the Unity network and that the ironSource network remains a separate, aggressively sold product. He confirmed the Create segment's Q4 performance was positively impacted by the Plus-to-Pro migration, strong Industry business growth, and improved customer deal velocity.

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    William Lampen's questions to Unity Software Inc (U) leadership • Q3 2024

    Question

    William Lampen asked for the development roadmap for Unity's new machine learning models and questioned how the reversal of the runtime fee has improved publisher relationships and created new expansion opportunities.

    Answer

    CEO Matthew Bromberg described the ML model development as a highly iterative testing process without providing a specific launch timeline. He explained that repealing the runtime fee was crucial for mending customer relationships and unblocking upgrades to Unity 6. This reset opens up future opportunities for consumption-based products like multiplayer tools and data management services.

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    William Lampen's questions to Applovin Corp (APP) leadership

    William Lampen's questions to Applovin Corp (APP) leadership • Q4 2024

    Question

    William Lampen asked about AppLovin's ability to scale its non-gaming business beyond direct-to-consumer (DTC) marketers and inquired about the strategy and timing for its CTV advertising opportunity via the Wurl acquisition.

    Answer

    CEO Adam Foroughi confirmed that the platform's technology is proving effective for a wide range of advertisers beyond DTC, emphasizing a focus on automation and lean teams for scaling. Regarding CTV, he positioned it as a significant long-term opportunity that will become more viable as more non-gaming brands join the platform, despite current challenges like attribution.

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    William Lampen's questions to Applovin Corp (APP) leadership • Q3 2024

    Question

    William Lampen of Lake Street Capital Markets inquired about the Q3 2024 performance drivers, asking for confirmation that the e-commerce pilot had minimal revenue contribution and whether gaming or non-gaming was more responsive to recent platform improvements. He also asked for context on the size and timing of the recent data center capacity expansion.

    Answer

    CEO Adam Foroughi confirmed the e-commerce pilot is not yet material and that the quarter's significant growth was driven entirely by performance improvements within the gaming vertical. He reiterated the long runway for growth in gaming. CFO Matt Stumpf and CEO Adam Foroughi explained the Google Cloud contract renewal and capacity expansion were done slightly ahead of schedule to support future growth, emphasizing their strategy of investing in infrastructure quarters ahead of consumption.

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    William Lampen's questions to Flutter Entertainment PLC (FLUT) leadership

    William Lampen's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    William Lampen asked for more color on the drivers of Flutter's strong U.S. performance, what is embedded in the second-half guidance, and what levers are available to mitigate potential future tax increases like the one in Illinois.

    Answer

    CEO Peter Jackson attributed the strong performance to a disciplined customer acquisition strategy that meets return criteria. CFO Rob Coldrake detailed the updated guidance, which incorporates strong Q2 results, a $20 million investment in customer acquisition, $20 million in additional operating costs, and a $40 million net headwind from the Illinois tax change. Jackson added that the company will respond to tax hikes by moderating generosity and local marketing, not by implementing a surcharge on player winnings.

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    William Lampen's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    William Lampen asked for color on the drivers of strong U.S. performance, what is embedded in the second-half guidance, and what levers Flutter has to mitigate tax increases like the one in Illinois, including a potential surcharge on player winnings.

    Answer

    CEO Peter Jackson and CFO Rob Coldrake explained that strong Q2 performance was driven by disciplined customer acquisition. Coldrake detailed that the full-year guidance upgrade accounts for a $20M reinvestment in customer acquisition, $20M in additional operating costs, and a $40M net impact from the Illinois tax change. Jackson added that Flutter believes graduated tax systems are wrong and the company's response will be to moderate generosity and local marketing, stating they have 'no plans to introduce a surcharge for winners.'

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    William Lampen's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    William Lampen from BTIG inquired if the 2024 U.S. OpEx guidance allows for more aggressive customer acquisition if opportunities arise and asked about the capital allocation priorities between "local hero" M&A and shareholder returns as leverage targets are approached.

    Answer

    CEO Peter Jackson reiterated the strategy of acquiring as many customers as possible who meet return criteria, unconstrained by specific EBITDA targets. CFO Paul Edgecliffe-Johnson outlined capital priorities as: 1) organic investment, 2) strategic M&A like MaxBet and Sisal, and 3) shareholder returns, noting that future EBITDA growth should provide capacity for all three.

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