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  "documentTitle": "DraftKings | Investor Day Presentation Deck | 50 slides",
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  "presentationDate": "2022-03-01 00:00:00",
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  "notes": "The slide uses a bottom-up extrapolation from a mature state (NJ) to the national level using two different scaling factors: population and GDP.",
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      "text": "Historical NJ iGaming revenue 2014-2021 and projected U.S. TAM",
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      "text": "NJ iGaming was $1.4B industry in 2021; growth accelerated following the introduction of OSB in August 2018. Assuming 0% growth from 2021 to 2023, a mature NJ implies $52B in Gross Revenue at 100% legalization. Adjusting for GDP per adult of NJ vs. that of the U.S., the U.S. opportunity is $48B.",
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      "text": "Source: NJ Department of Gaming Enforcement; U.S. Census Bureau; U.S. Bureau of Economic Analysis. Note: U.S. adult population is estimated to be 265 million in 2023.",
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      "text": "NJ's iGaming gross revenue per adult – assuming no growth going forward – implies a U.S. iGaming TAM of $52B or $48B if we adjust for the state's relative GDP",
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