In 3Q22, total U.S. lottery sales increased +1% y/y to $25.8 billion across the 46 U.S. jurisdictions we track in our report. On a sequential basis, results were up +2% q/q. This was the first annual increase in lottery wagers since 4Q21, which was entirely driven by the growth in Draw Based game growth. Draw Based wagers increased +11% y/y and +18% q/q to $8.9 billion driven by stronger comparative multi-state jackpot activity. This was partially offset by a decline in Instant Ticket sales. Instant Tickets sales decreased -4% y/y to $16.7 billion which makes this the 3rd consecutive period of annual declines, the first we’ve ever recorded since we started tracking the market on a monthly basis in CY09. Instant Ticket wagers were down -4% q/q, though this was relatively in-line with average seasonal trends historically. We attribute the annual declines to softening macro-economic tailwinds as well as a reversion to pre-COVID levels of entertainment optionality. However, total Instant Ticket sales were sustained well above pre-COVID levels (+28% above 3Q19) due a comparatively stronger consumer.