Unknown Analyst

Good afternoon, everyone. Very pleased to have with us today, Alan Ellingson, Chief Financial Officer of DraftKings, DraftKings is one of the leading sports entertainment and gaming platforms in North America. They're active in sports betting, iGaming, fantasy sports, lottery, horse racing and most recently, the prediction markets.

Company has approximately 507 million fully diluted shares out, trading around $25 for a market cap of $12.7 billion. Net debt is $835 million for a total enterprise value of $13.5 billion. What makes DraftKings especially interesting in today's conference is that it sits at the very intersection of several themes we've been discussing throughout the day, live sports, consumer engagement, technology and changing competitive landscapes. Alan, thank you for joining us today.

Alan Ellingson
CFO, Principal Financial Officer & Principal Accounting Officer

Thanks for having me.

Unknown Analyst

Starting high level, DraftKings has grown tremendously over the last several years. You went public through the great SPAC boom of 2020. How do you reflect on the company's evolution since then and the equity investment thesis for the stock today?

Alan Ellingson
CFO, Principal Financial Officer & Principal Accounting Officer

Yes. We have had fantastic growth over the past -- more than just the last few years, going public in 2020. The DraftKings origin is actually 2012 with the fantasy era. And so well over a decade of experience growing, expanding. If you look back to what we thought we were, it would be today when we were in 2020. We were pointing at a $20 billion TAM and thinking that was where we would evolve to. Our most recent Investor Day, though, we've expanded the TAM. We're now thinking $55 billion to $80