Flutter Entertainment (FLUT) 9 Aug 232023 Q2 Earnings call transcript

Company Profile

Participants

Peter Jackson	Chief Executive Officer
Paul Ruddy	Davy
Edward Young	Morgan Stanley
Clark Lampen	BTIG
David Brohan	Goodbody
Ryan Sigdahl	Craig-Hallum
Daniel Politzer	Wells Fargo
Monique Pollard	Citi
Alistair Johnson	BNP Pariba Exane
James Rowland	Barclays
Richard Stuber	Numis
Kiranjot Grewal	Bank of America
Joseph Stauff	Susquehanna
Joseph Thomas	HSBC

Call transcript

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Operator

Good morning, and welcome to the Flutter Entertainment Plc 2023 Interim Results Call. There will be a chance to ask questions later on. But first, I'd like to hand you over to Mr. Peter Jackson, CEO of Flutter. Please go ahead, sir.

Peter Jackson

thank call joining this and I Tims everyone, this for morning. morning, you Paul for and Good

As noted is in office emergency. all Paul had the who's this presentation, which chance Edgecliffe-Johnson, a watch. hopefully week to due Paul family of Tims out standing to for a in the you medical have

go we Difficulty] [Technical Before questions to

The marks first a half pivotal moment for Flutter.

continue $XXX has of now structurally is than which and forecasted than an our cost as acquisition. financial transform six of EBITDA August of turn customer base scale will delivering drive group. $XXX earlier profitable HX sufficient customer EBITDA XXXX. will profile QX This FanDuel is million, offset compound profit with significant now to then, in the business we a and U.S. when growth, the occurred flexibility more to guidance earnings Our months providing And future million. the U.S. including back outlined adjusted effect of were at I this This in

in market share our outside forma with X revenue We the XX%. FanDuel attracted number of growth our grew grew of new revenue maintained And and drove which the as share the XX% online up million X% sportsbook X%. half, a one to the operator pro XX%. was and iGaming position over of players U.S., EBITDA

of a strong inflection up. divisional moderated base, AMPs grew content. our took revenue. and grew and in we XX% investment gaming performance our customer by International Ireland, successfully while markets, by represents point, somewhat underpinned XX%, expectations our revenue is and due to HX and the due share our significant brands XX% growth have and to recreationally Australia, and COVID reduced XX% as U.K. focused have to revenues we product which large the In consolidated of In retained by spend new respectively, enhancements growth also market

delivering and the on in and on remain started of and capitalizing ahead, has The second against well, the year our significant beyond. we focused half half both second opportunity strategy the

hand for to questions limit George with I'd please. and it to ask like And you that, I'll it can to two per if over person, questions,

Operator

coming of Our Please Thank you first go is ahead. much, Davy. [Operator Paul Ruddy sir. Instructions] question from very

Paul Ruddy

Peter Hey, good morning, Paul. and

quick two I questions, if Just may.

The is first on just U.S. one the

$XX HX at So EBITDA $XX ex came FOX. in PokerStars or around and million million

kind you us through of way some ahead consensus -- along of consensus thinking And Just which guidance HX on midpoint additional the the give we of there is Could color to with level kind in that think that looks that we're the number? what which outturn, thinking just in investments about is of you about color anything should HX, might and of HX line be thinking make? looks through range, expectations.

And on the second Australia. just is one

obviously in you've guidance down reset So Australia. the

Australian year, Just that wonder, when and just market of declining Thanks. return some rest in might the the Australia the for could are for the maybe moment to give you some you the markets your underlying expectations context what i.e., on what think context at and on growth?

Peter Jackson

a point our costs couple customers the in more be sufficient we’ll where be we or of the going that, customers And first book years of back to generate customers this in with contribution have because year a context told business people the that ago. to fixed knew the the year. When it's important first go terms book back reason that tipping question, and the to we and the we remember we Paul. make Look, that Thanks, we in would were that of couple acquiring. this money I we back think CBS saw

think would business shape of me which be is I'm earlier, focused of you're reached Look, become the I momentum the is, year anticipated I it is in HX-HX. and milestone on pivotal I'm earlier milestone the the is, actually than it if because profitable. a and reached thing trajectory year. shape I'm focused transitioned this years think important that the the What about where that. of couple terms getting moment business, the for that not we've next on and we've the ago. we Now as really to we into thinking of bigger with

last this the material about shift very year. making year, think earnings loss you making us in versus If a profit

a this I make another next get to set right, year, that contribution. that we're compounded course, have year acquired because going Of customers we've positive will huge of

year reached So We've would this we profitable. already be knew that milestone.

structurally is works. to the now So the prove model business profitable

business customers And acquisition the in second the do ever as will first many so, we as with LTV Whilst meet can hurdles. and mean we possibly pleased I as acquiring invest in do. acquire as half. can were and think the acquire much in they I try our we we very and continue we'll CAC to half,

think some that get when in we give second business. to this Look, half seeing acknowledge going year, some Paul, sports to been as that I the regards the I growth. think a a COVID with the see of got X.X we And have think saw hope to anyone a of Australia. think size we're going else's. the very back in Australia, the for context I there going We've we're to brand. year, I customer into to in thoughts. we some a impacting is, bet you'll the But benefit next times the win And business reversion significant that's us U.K., saw market. the we into we we're now look is though will -- [indiscernible] There's to base

Unknown Company Representative

Yes.

can see market racing Our X%, in ahead, and market the we're XX% the the growing about down Sports is, there. see taking we of to can market we view X% market share is QX. about

growth returning year. view the and of our rest think bet broadly to I next sports revenue is year flat for for the

Paul Ruddy

really you. That’s Thank helpful.

Operator

MS. now calling Thank Ed ahead. you Please sir. We'll much, very move go from Young, to

Edward Young

morning. Good

U.S. terms itself, investment laid one invest in understand the But I into how nicely and you've mean business. ambition to in sales on more coming that The just investment. growth, of very the I marketing with gearing clear. is that's out first the in

perhaps So us could some that being on color is how give spent. you

LTV a better about Are about why interested You to you're CAC as on higher? are you're you spending you that Are how well obviously, as the because saying is ratios. what Just capital could more spending Is it? higher mentioned, real allocate you TVs talk little finding be channels if to higher? doing.

a countries on about a allocation. then And was Slide of wasn't There customary that previously. two to lot second pink XX. There's the capital times on one you've one spoken

of that, that sort run capacity you've sheet previously well you balance as capability operational are you acquisition on the the to? you you. to Thank getting do to So perhaps your on it. than higher as leverage level broadly And business absorb big reflect could about expressing of might at a a talked

Peter Jackson

Good you U.S., for I see the we're board. morning, to returns Ed. Thank the the across mean, continuing questions. good Look, on

the acquire I better. leading the we've And quality had the performance LTVs. been to the all anticipated. originally have making, our which about better than levels half, give Super we nature how lifetime And quality think us our the things and really customers contributed to But the past pleased products, the in actually the look, we to talked of we've pricing across are of we changes like [indiscernible] margin all by higher with in delighted first of particularly And be much and proved of year's in that were think that. customers in the Bowl we're general, up just we've values this with through structural real we confidence channels. the retention accuracy got performance have

example, XX And QX, CAC as we within sticking we with XX it. of of coming we're pleased but the very to that new still in LTV months. are the mentioned So framework rate, we're launch terms well with our in for

expand. to are question, an regard your you're And is to us And on the that With countries. opportunities pink there are map. lot right, that it a indication for there -- of think lot it's a of I second

thoughtful what about of that, there profile now those business will U.S. factors and earnings this themes. we is whether of right to also to any leverage business terms we think be are need the for think of listing have I and the for on us which about carry a in as change to views level in investors'

acquisitions a think bolt-on real acquired with. been very we've the I capacity from very make our something date. into across to to the -- it's of ability something perspective, pleased whilst assets ability capability the our got into a to with where thoughtful division, we've to be look, comfortable that our we're that we we've now, think have International business, platform And I integrate particularly

add any to I if don't to know want you Paul, comments that.

Operator

that answer sir. your question, Does

Edward Young

That did. Thank you

Operator

very, sir. you Thank

BTIG. Clark is next Please go ahead. from question from Our comes calling Lampen

open. Your line is

Clark Lampen

guys. Hi. out Thanks. decks and periods detail, that morning. cohort. I for Good and reports didn't newer this Two payback performance morning, in some laid please. player you've FanDuel questions, guess, I previous Peter, see around presentation

in would on meaningful confirmed update otherwise with I'm us ask you've was pretty possible about be just what change a have may question, sort prior any to trend. of what it You the whether but seen performance to healthy and

U.S. The second have question product. that on is I

is And that there You playoffs. a spend? micros engaging maybe shorter with as driving Were opportunity Thank I third stand Was football? the NBA guess, players duration a betting any reason saw approaching of options to NFL differently, about or about during we're engagement those with of reallocation? the season, your with incremental you. think more

Peter Jackson

Thank early. so [indiscernible] you up for Yes. getting

products and So picking some question we have the let right? newer piece. some Clearly, are us when we me second quickly, been those the available about Paul talk take have made NBA, So just of seen that with products will reallocation some then customers substitution. will there performance up to [indiscernible] would

to innovate drop there the whether was around point the to think it we're I our products into ability it’s continue new making is less market. just incremental, and

invest handle XX% we that that bigger means competitors war than generosity marketing and the just fact more the product, generally. And a to more our got we've from chest revenue capture in Yes.

not of target season, the fact, we upcoming have. a to for years exciting trying And see I replicate the And in fast-moving the we're excited -- to ahead. in so what know some people the plans what product. terms for have very do we're we got can with team We're

performance. Paul, do you the to want about talk

Unknown Company Representative

difficult in use cohorts this presentation the our can morning, that demonstrating to that as then is see, customer using as used And very basis XX. listened transitioned we've see And take XX we referring for to a can confidence to those think profitability. successful you modeling. It out The something forward confidence say, you in and state we've if to how now cohorts. you're to on that's for Yes. to, it's cohort Slide pretty analysis, months we've six last which I in the laid profitability, demonstrate And customer you our which achieved. been from

think our of modeling basis look if we is the think a forward, what particularly XXXX-XXXX. better going business that like does in I much for the complexity business about

any that very strong the terms now seen a lot in I in In we're changes last seeing mean still parts the XX moving there's of underlying to cohort, that trends there, customer months. but of for returns we've

Clark Lampen

Paul. Thanks,

Operator

sir. Please move from go David ahead. now Goodbody. calling Thanks, We'll to Mr. Brohan

David Brohan

morning, Good guys.

Just from two questions me.

and be second ease reduce a update just it FOX Firstly, line -- your time next the wonder know you year? market. in on India I year on Bet then the you. half that when factor secondly, or wonder And going into changes proposed thinking give year. the to if could recent long-term off of tax this the you losses losses give in PokerStars the an I will Thank around I how are

Peter Jackson

of our from acquired very clarity we we Good to which effectively we've it the going to got believe now morning, we GST, fastest it. terms pleased will growing I basis of David. be rummy we've deposits, it. Junglee October. of the be the is business anticipated is performance India, be on calculation first acquired and Look, since around one introduced for But of [indiscernible] the with since new been of think I in think

than the tax basis which means essentially in line, business to sort think to X I acquisition. it our there's in long does the the EBITDA case. run tax the impact perspective, of is From would have probably slug business, sort does the otherwise means the -- we revenue of effectively change the is been up but costs the since EBITDA what U.S. more that it profile the in is a times made that similar [indiscernible] of

the do So market. I look, Paul, to a have excited it very talk about think U.S., you'll still Bet, Indian the like probably bit means to we're it. win in about you FOX want need the real And to scale please?

Unknown Company Representative

Yes.

current half So rate we've retain probably Bet under our to business. FOX on the for of expect losses XXXX going $XX for about forward those PokerStars just losses We'd PokerStars, talked previously and the million. run

going when we're to In expect there over a gaming the poker We can for terms good brand losses going what business those term. forward. is that of the long the mean I regulatory happens Clearly the forward? we reduce the to setting brand the on for framework time. do up losses TAM utilize definitely we U.S., think dependent expands. strong but a that very there's resonates in It

David Brohan

Perfect. Thanks, guys.

Operator

Thank very Capital Ryan Group. to ahead. move go calling sir. Craig-Hallum much, you We now Please from Sigdahl

is open. line Your

Ryan Sigdahl

Thanks questions. Good. my for taking

category launch whether then license or going consistently guess for different Colorado. to And question. Pennsylvania, ranks Curious the on quick want start a the in to your with you're to states, probably are those, Just is at Michigan, product. that FanDuel, every you which reputation is what imagine, secondly, I sell is plans there. have fastest to guys several Jersey, of in-game your innovation with top those How and New FOX think improvements virtually brand internationally Bet do app the settlements. U.S. in Thanks. testing you when a about going one kind in bet the The you can BetXXX of as mind now well you forward? important kudos in the

Peter Jackson

business Look, with effectively which appreciate Ryan. have in look, to the I to questions. is Good the separate for kudos a morning, America. the I'll getting U.S. take FOXBet, PokerStars it. what you in [indiscernible]. we entity operates Look, regards Look,

a done its own has we've partners, to market of changes that deal and don't that down FOXBet. to as intend make we access consequence FOX any the So with close

the entities So the PokerStars those in in business will continue to exist U.S.

FanDuel, great all our audience. invest of have and continued American the all businesses, works we products develop we in to resonates a and regards think we've that With products the our whatever successfully over really to in of for our Ultimately, different years. in to that's for team freedom and audience. but local world, around operate markets the so develop give required And we FanDuel the done a them what is the way has

quality if product. the So at I of look

But are develop We of use rank the and needs the highly of are fact crucial. we leadership to speed in got maintaining assured, to disclose plan for we and those innovate we're not the the I'm so very long proud term product. very today and And plans that We've short continue to for competitors. market. investing term the clearly, heavily going product in rest our

Ryan Sigdahl

Thanks, Peter. Good luck, guys.

Peter Jackson

Thank you.

Operator

sir. you, Thank

Fargo. from ahead, next Our question go Please comes Dan Politzer calling from Wells sir.

Daniel Politzer

my Hi. taking Good questions. thanks morning and everyone for

about season now [Technical XX%. And third the [indiscernible], quarter? this this also, First that was two, about one, one get in expectations And just how I wanted change going to thinking about big there's And U.S. that anything? just one, second sense promotional a just the into think of so did that Does another competitors look night type of, last announced deal? ESPN. with you at promotional your your question the Difficulty] with are you then you NFL. of partnership

there there. sport favorable in some were think outcomes I

that normalized given what normalized outcomes? this basis, So was trending that XXXX up -- you're bumping Thanks. or seems do over a like those excluding you how think against And it on XX% time goal? about

Peter Jackson

Good morning, Dan.

times be And book the we when environment no but this just year really have Another trepidation we've a this football different. one our is when mean, we we always and still a is so get done earlier, -- see appreciate every degree as we we season football, of Look, one up reactivate which the because reenergize season not will start always anticipate for highly it. who's start. you us know, I I of business. look, of many now, and competitive

point as a that intend who you think a have bit people I are a splash of make there rightly stated few out, year. they to this

fantastic using focused on is which our experience stay products by we our brand. always best having will us We making ability and deliver the our done, engaging we've to what leading customers of sure

whether do, of say to And that leave market want course, do, about particular that and deals the think what the transactions You probably I'd to at we do right? we and in we we asked me to one. the do want And don't look others U.S. and ones ones do. we I we that's

want talk you do margin? the about to Paul,

Unknown Company Representative

cover margin. just -- I If yes, the I

So you a we've what period combination gross XX.X%. XX our the as actual last saw And basis the was again gross structural margin over the seen does in benefit That's of presentation, margin expected in improvement. from XX.X%. That XXX months. of margin points

So increased XXXX. how there, we making margin XX.X%. that about getting the a gross is good clearly guess progress parts We're I quickly in of towards quite expected though. [indiscernible] XX%, are target by very pricing accuracy, did penetration. moving few there. question at There talk target XX% increased And a are We already

we potentially, So we're to a getting lot go is question it there through XX% of the do but a quicker. work [indiscernible]

Peter Jackson

And then, and making think our Thank sort of which pricing focus and helping [indiscernible] I amount Paul, the I the structural think some support on of I things investments really the when add. scale difference, we the of about our you, which that's are accelerate risk that in of think now see that how sort to trading, margin sort makes U.S. that's data of thinking in particularly something one this really I’d accuracy, ability we're and people of business I Dan. and complex of bets, especially our that mean part.

Operator

Please Monique ahead. We'll move from sir. to now Pollard go Thank Citi. you, calling

Monique Pollard

out to U.S. on sort the we just gave sharing cost modeling XXXX. have think you items how of slides Hi. a Good everyone. morning, where should that you're I questions of from the couple the about

being New as launch. COGS. exposure question bit is hires? whether some might proportion GGR York first obviously, I tax in shrinks relative guess XX.X% which again, wanted new creep of states conservative, a that's in XX.X% Is given the be in to fall of the revenue to generosity we've The And seen U.S. one that is assumed I the there reasonable there, guidance? just in any there given what on embedded is

on expenses, And on U.S. marketing the then second the question sales and expense.

you're to maybe pretty XXXX XXXX your target in margin Your XXXX. that by on XXXX quickly, approach to going framework outlines EBITDA basically

So from the marketing of what understand the drives to budget just material here? scaling trying

Peter Jackson

on this Good give as you shape a around morning, context overall, sort of sense in me Moni. let Sort specifics. of of come Yes. Look, offender so the

I sort quite a have COGS, of I moving what think those to cost we of And there's is lot at here rights, to where happen. of the kinds and our we when think, things. best view of tax is are today, of in fact, acknowledge data think look we changes, we parts around this the going here,

does the to right being the anticipate tax New highlight don't to there York, highlight get wholesale And a right in tax diluted. in we But burden. think You're someone look, creeping you're I shift higher.

I actually well. think successfully successfully U.K. about in focus something on for we've think It very large Australia in done obviously driver is makes us. done around for personalized as focus and item of very very really We've an when difference the cost we It's generosity. very the us big a it it's generosity, sort a increasing big and a

hard significantly environment. we scale And pretty operate that. From in marketing a saturated perspective, to it's actually, a quite

So get you I some think benefits. natural do

you [indiscernible]. of really our scale, the look, Paul here what is but So can benefit I showing think we're

Unknown Company Representative

that's think I right.

we That in year year marketing, that and through percentage and sales the to X have proportion simply, per at Monique. states and the the that marketing leverage be which the will see are scale We've the quicker overall I we quite We right, mix, the means sales said first line. on points leverage mean a the and Just smaller new is quickly that through start come of do benefit you're revenue XXXX. year. second to the midpoint pretty on do

Monique Pollard

you. Thank

Operator

from Our Please next sir. question is BNP Johnson go from Exane. coming calling Alistair ahead, Pariba

Alistair Johnson

questions a on the same slide, guys. actually. I Good morning, of had couple

looks there. OpEx it you're material increases, quite like expecting the On some growth

think looks your provide the you could how guidance number, And color what's incentives if it you any numbers if deck, out, the like being within within OpEx change suggest understanding on just should Thank secondly, in because historically costs that. are of we management that comp your slide I there's cash you. about on EBITDA accounting. the management further think then driving So adjusted have some in the but included

Peter Jackson

think included these very some way I that deal that account things, that for can difficulty] all quickly in with unlike one. number. people So -- second We incentive management I the for we account fully [Technical

want whether I to Paul, the piece? don't OpEx talk about know you

Unknown Company Representative

slide, our OpEx percentage benefit that a on which leverage we us XX% get XXXX to So year targets, of per point talk revenues. through X about

So pretty line. much straight

demonstrates of of XX% terms half, good that increase in In versus the revenue that leverage growth the OpEx movements XX%.

are our our spend, share-based throughout do So point, still payments We an been tend we've to investment And but the share-based growing and do we we some we again, I OpEx within still always group payments include deleverage. in OpEx. is phase. -- on disciplined quickly business mean, the

Alistair Johnson

Great. Thank you.

Operator

Thank Please ahead. move you, calling sir. go Richard We'll now from Stuber to Numis.

Richard Stuber

you. of morning, both Good

question one me. Just from

Your US actives.

Operator

Richard, is your open. line

Richard Stuber

hear Can Hello. you me?

Peter Jackson

we you. hear can Yes,

Operator

just you our is line your can from Richard, open side. check,

Peter Jackson

him. can We hear

Operator

Richard, calling [indiscernible] the Barclays. go Instructions] queue. ahead. James Please [Operator from Rowland from you now to We'll move remove

James Rowland

Hi, there. men. you Can hear

Peter Jackson

hear Yes, we can you.

you apologize. Richard, will I get we Sorry. back. in

James Rowland

question. I’ve couple got of

assumptions the $XXX give that the outlined off-balance just U.S. on is take you've haven't yet I sort you tax wasn't so losses modeling could the check recognized asset asset the There of if recognized long sheet that on it how of would built for And could also, first of unwind? of million. far? that to in the just deferred sort any deferred extent for is The color example. up tax any wondered I you

you're does your on having or customers here? And or about aware give multiple the leading that change competition second into if half. Thank could a did. you you. into the competitor on you're customer bit they seeing And a products largest playing new sports improved down previously you've engagement slowed on just taking share I little a think that of product And your talking follow-up the wondered all at then also leaning they're would from of I spend second more in betting. online of closest than we're U.S., bit suggesting going products and the any whether and here seeing there color product I growth the little intensity you about How make given feel on metrics so growth be, half. they're into from it customer whether thought going seems for or on

Peter Jackson

James, Paul us let me the second and take will deferred talk asset. first, the to about question then

the think with I year. last bit when But I sort performance. of mean, pleased strong context, that that. I the still think I last for a with market it a look XX% operators down same number pulling from should remember share, at is our XX% but yes, were of back QX performance very, is year, in on very, we very a I'm a period market very

that dollar product that the today that every customers is in up we're smarter show business. our catch call our going not And which are. money revenue the we very the recognize and the we do that best product us time. to more course, posture around on we leadership target of and we and we're our it further think changes paranoid that in from have target. people is are same that the the generosity improvements taking to I handle to remain of our try market general, -- a with. a very And but fast-moving today fast-moving plans means XX% maintain around they can a product, their that boosting We we that We're But to -- competitors do. at enhancements confident of the so should we that getting from are and are also application products, making investing made people and our

Unknown Company Representative

so this On million tax, for the deferred deferred year. we'll credit tax recognize GBPXXX U.S.

so rate U.S. terms and comment the tax But group the how would line going with U.S. profitability expect our U.S. of mines can't that we say ex obviously, forward. rate, going U.S. the relates that how group in forward. to does on current I be because directly to unwind, ex we that group In roughly tax that

James Rowland

any mix spending can -- customer to just suggest in Sorry, follow they're on the I that change than did? they your is your up products using existing more there previously within

Peter Jackson

No.

James Rowland

you. Thank Okay.

Operator

Please much, you earlier. Richard back Thank to sir. go very ahead. Stuber. go sorry now Mr. We'll about Very

Here go. we

Richard Stuber

morning, and Paul. Pete Good

one Just me. for question

million the wondering players from On the low was or U.S. the the how second in and $X.X sports? think do you do you'll March is Or actives of actives first keep like as rest quarter-on-quarter [indiscernible] $X.X able in events you be engaged. million the the U.S. do so I And just is it you in other it to sporting in world? ever too volume Is maintain more from quarter. such to your we grow just seasonality the is product quarter that big Madness?

Peter Jackson

seasonality the that Richard, there. We've operating you've answered of parts your work. seen we've years own there's other the that question. in I mean in that's the been nature

right, in Our well, year. seasonality in and Italian quiet as see in August. business particularly is pretty early We August, in on July the Australia

And on come things to can platform So sort team back that segment as find situation who've reengage not our customers U.S. an sure accomplished we the aberration the soon active been got pretty have I it's making think to the the at of life. as in

Richard Stuber

Okay. Great. Thanks.

you see So sports that betting that's sort you think and you don't Do sort to nature product the can QX. during to just those U.S. the of of customers cross-sell that infer try a of

Peter Jackson

we're with like that. a sports people to and are just seasonality, use bet for comfortable and But are which of there tennis popular on. degree always Look, year-round that,

Richard Stuber

you very Thank much. Great.

apologies And earlier. Rich. Thanks, for

Operator

Our coming from next calling from is ahead. Grewal Bank question Kiranjot of America. go Please

Kiranjot Grewal

iGaming. one the on my So first US

months. it's see iGaming Or think you from you mid-XXXX, with that you've do bit there's more but to? got do your we XX, share comfortable where share? Slide ramped quite on market think a increase that you I in you're to Do can think up can flatlined recent

Peter Jackson

Do you other questions? have any

Kiranjot Grewal

have how to would maintain the question to can the list to one is you around not implications much two? look actually and sure I drop The any secondary just existing only but list. I'm of other listings you say,

Peter Jackson

Okay.

okay? And has and of cover things support wasn't ambitious, bunch we way we knew seen good made some cetera. So saw year provide brand content and the the sort were well. year, et improvements got dedicated of about We've in this plans we year enough. year We And talked capabilities, we've that in not business taken of of we product on iGaming had in in operation, that, we we've chain, we've further having that when think the been we're Look, we've and on the next will which address a our this got the as the with to a team, share. a which last -- frankly, started pleased really place, multiyear gaming into in exciting we did as the presentation, business. grown last which

So think casino market iGaming. obviously, product direct significant enable as leadership And in us to to that to the will well continue get we'll as take cross-selling the share in market. we both

world's Look, online biggest operator. we regulated casino the are

listings as you've this that's implications stepping for So we question think ongoing, done regards terms market, sort mentioned and which preparing FCC, I that this stuff. what with as on on question continue SEC working and up. the that background application the U.S. now we your capabilities what mean, we'll I other the work the our U.S. the we've haven't have now, in to our around listings. that we're the brought to through With are this into share to U.S. why our your I always of listings little of day, for do with implications the is in is those we're other at just think moment the in but -- doing We a securing to

Kiranjot Grewal

you. Perfect. Thank

Operator

Thank you.

Please Joe ahead, go from sir. coming is question Stauff. next Our

Joseph Stauff

essentially say, would casino you in up online first that second the U.S., market sports I that the share, freed to question as is customer? possibly was say, then PokerStars Good And kind casino of use on an want wondered if up follow relative just question maybe your on Peter gaming additional about could I did Paul, give USI read kind if a Slide second wondering customer the maybe to morning, and of first a XX, on position. versus, brand. with talking like your you us I

Peter Jackson

for so Good thank and for morning, Joe is -- up early. again getting another you one

iGaming, has direct casino market of been taken, really the in with been the market. we've share growth terms actually which mainly In pleased to

where that's the our majority games. we've of seen So

that's in bringing product, innovations such elsewhere. knew there we've mechanics issues of think but the successful as because some sort we been I some also fixing free-to-play the markets now that been we've were to the the that daily simply of of

focused of on will Clearly, market primarily the it moving on terms the And the utilize adverse some that we're not we in while. out future utilize around brand, way to But performance it. we most of and we with and of a had clarity structure have have. the how of that running figure been we're in effective focused we now how the we PokerStars it's first, We've pleased we're ownership will look, multiple brands. forward. In

Joseph Stauff

Thanks, guys.

Operator

Thank you much, sir. very

go next Our question coming Please is from from HSBC. Thomas Joe ahead.

Joseph Thomas

Peter. And A Paul. morning, good morning, Good questions, of couple please.

XX% is about down [indiscernible] the that the long first half, not, ] And first XXX that would just if Firstly, be I points XX-plus That basis percent at think, Australia, to do to now? impaired you level? in recall how please. back get term slide, Can expect margins, business towards of is question, or you looking [ XX.X sort so. the down

question obviously, really removed guaranteed. very good [indiscernible] generosity U.K. despite a things regards like some U.K. performance having Second the around

you about Thanks. wondering is clarity it a driving more think is And can bit give in sports or particular? you that casino? Just if

Peter Jackson

to of engagement. customer best builders look, really the we on The with we I impacted perspective, We've But Yes, product been of bet profound a have pleased. does pleased Joe. very if think Apologies in the changes Good a morning. you changes made. [indiscernible]. impacts from U.K. terms that's the are

world, that's Cup as the mentioned XX% of gaming well. some It's in for think we've product of large the some to presentation, changes important. which a important the generosity to we how us. who it's not slots is the a [indiscernible] to -- TV we've the made. of on Sports World bunch customers around platform, is we've still performance cost we we live business. also item heap of I the of for And as really Power the tackle think of Paddy in products the think we way testament just Vegas customers, very to branded in are and the is we the stream bought and a good And in well, made know whether as present I a are on uplift which made it changes which drive

as is business manage think we've staff how I sort other handbrake with ahead out of the all this to our been and of jam sort able stead of also on safe people capacities, having have to work new in good to [indiscernible]. of those in sort I to environment comparison product in of are getting changes think, the gambling helped the

overrounds performance. I to what's from one to in general, to context. specific So that mojo a enlighted U.K. we've in the give point. we've where taxes that happening happen more sat just our to we a a what's they of changes, the step-up their consolidation the there's some I Australia, in some bunch trying also we Paul generosity got in was their team us, positions. and there's in as will similar need what think Look, back of situation to the competitors saw bunch market remember, a think there's perspective. Yes, there protect made contributing Look, that's you we saw in that But changes a a of XXXX result was not and at

the brand market. best by customer market-leading in far, important the base. Sportsbet, the the we the of the position Australian And most scale with and have, Ultimately, market the attribute in size

Joseph Thomas

it very covers That well.

Peter Jackson

George, think that’s and I done questions answer. for

participating. thank to for very much So you everybody

Operator

your and gentlemen, today's that so We gentlemen. will conference. thank Thank Ladies attendance. you conclude much,

disconnect. now may You

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