Starting from the beginning, could you set the landscape for me? What was the situation when you joined, and what were the overarching goals of the marketing and customer acquisition side?

In terms of synergies between the two companies, the biggest benefit to FanDuel was the traders and the trading platform that Paddy Power brought in. Having in-house lines makers not only improved the end-user product but also allowed FanDuel to fuel more innovation quickly. FanDuel was the first to introduce same-game parlays, which proved incredibly popular in the market. They engaged customers more and had higher margins because they were harder to win, making them the perfect product for a sportsbook.

Yes, exactly. That's the key. The product is commoditized, so the customer relationship is crucial. Customers are price-sensitive because they can compare prices easily.

Only savvy customers. Most sports bettors are not that savvy, which is why the investment in brands is so integral. Companies like FanDuel and DraftKings started with what I would call an unfair advantage due to their DFS database. They had millions of sports bettors who weren't officially sports bettors but were playing daily fantasy, with emails and information ready to go. It's like starting a race with a rocket attached to your horse.

Yes, exactly. That's the key. The product is commoditized, so the customer relationship is crucial. Customers are price-sensitive because they can compare prices easily.

Add in FanDuel, which had Flutter come in with substantial financial backing, allowing them to spend heavily on brand and advertising. Now, other entrants like Fanatics and ESPN are trying to compete, but FanDuel and DraftKings are so far ahead. If regulations similar to those in the UK and Australia were implemented, prohibiting acquisition offers on television, it would strengthen the duopoly of FanDuel and DraftKings. They are already far ahead in brand awareness and can continue spending on general brand marketing, making it nearly impossible for newcomers like Fanatics or Betfred to make an impact.