1. Explain DraftKings' business model. What is the expected return (i.e. win percentage, "hold" or "vig") on a point spread or total bet with -100 odds from the sportsbook's and a bettor's perspective? What are the expected returns for moneyline and parley bets? 2. Explain each of the columns in Exhibit 3 and the implications for: the types of bets that bettors typically make, the effect of promotions on sportsbook profitability, and the potential revenue that states can generate by allowing legal betting. 3. DraftKings spends heavily on advertising and promotions to acquire and retain customers. How do these two items affect their current and future operating performance? Explain how some of the current promotions work. 4. How can the potential size of the legal sportsbook total available market (TAM) be estimated? How much sportsbook revenue could DraftKings' realize in the future? 5. How can the value of DraftKings be estimated