FLTR.L - Earnings call transcript Q3 2024 | Flutter Entertainment plc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to the Flutter Q3 Trading Update, hosted by CEO, Peter Jackson; and CFO, Rob Coldrake. Please note, this conference call is being recorded. [Operator Instructions].

I will now hand you over to your host today, Paul Tymms, Flutter Director of Investor Relations to begin today's conference. Paul?

Paul Tymms

to results welcome and everyone, Flutter's call. QX Hi, CEO, and CFO, me today Coldrake. Jackson; Flutter's are With Rob Peter After this quarter, of and our will short brief through our operational a intro, run progress Peter updated will XXXX during QX the the and guidance. Rob open then financials with summary then We'll the for lines open Q&A.

differ involve indicated providing actual other and factors these could cause information Some our factors in guidance uncertainties of we're are the those constitutes release our risks, XXXX or materially results statements. These earnings to outcomes including filings. in and today, forward-looking from statements that detailed SEC our that press

our forward-looking all or we questions, discuss any addition, today, we statement, materials responses undertake non-GAAP on obligation will Reconciliations the are released website. have financial statements results In available in current section the forward-looking expectations, on by and included Investors remarks are based our we required in except to update to as measures. no Also, of law.

will now And Peter. hand to I you over

Jeremy Jackson

those and quarter is pre-XXXX very to for overall, the for of Thank when back very step and states and off you, And to and QX a handle We of AMP delighted in helping expectations. start XX% you of taking in XXXX positioned growth our from EBITDA this group the launched Performance date. performance, in QX was well be growth those priorities. take was handle our strategic FanDuel, launched market to excellent ahead by XX%, business XX% This continued for once through respectively, driven clear again performance growth. the I delivered season and great in XX% ahead XX% is Paul, The XX% it and XXXX. was future revenue with states a strong is NFL and in I'm higher. execution against drive that

Investor to within focus while the payback Customer economics the today, quarter. us building XX% driving can of improvements key been payback we big This recent driver York, economics will Day New where as the how compared at XX-month demonstrated strategy as our strong across we staying target. Many innovation in success FanDuel our in be to possibly Recent focus product and months product on a our year. of of group. has been continue and further been joined periods with we continue you games out These validate with have customers, rolled our NFL for prior well have new at live compelling, pulse customer as player customer prop XX including acquisition, markets. toward season and to business also NFL increase up a our resonating well of investment in the has the a remained expansion

helped XX% on the our base to AMP year-over-year. narrative focus live sportsbook capturing in player higher more experiences This immersive drive

In higher. improvements penetration are revenue that we customer parlays season, the doubled basis the XX% target are XXX first FanDuel track points of structural parlay continues at year-over-year. over month NFL margin was to NFL in confidence expansion addition, to proportion Investor shared almost and volumes and continued Day. our engagement give margin of the well our overall These our live are deliver coming and both from driving product of us we revenue gross contributing This long-term to on same-game

our our base exclusive that franchises. and We AMP XX% our customer step-up know customers' and to drove also improvements product in well-loved top see preference is frequency. higher gaming a iGaming, In

to slot Wonka in customers, these of becoming with the World delivering Imagination QX. next launched new game second which title our of We launch execute the continue and only Pure our gaming quickly Wonka popular iGaming on to series, most was for

we perspective, last QX voters Missouri to Missouri Canada see new delighted to and therefore XXXX. Alberta currently add sports week. during expect betting referendum by were passed From the during launch We in a QX

revenues #X increase excellent parlay and products of the momentum In EBITDA the soccer share sportsbook sportsbook to as both growth quarter. in XX% wages well with gains. an continued in compared from of market period UKI, On across beginning benefited the our Football iGaming provider by market-leading growth and European of of saw season season iGaming, new our continued the the XX% beginning our added drove of and sportsbooks content growth to in as at same soccer U.S., a the in our AMP in scale XXXX. strong iGaming, new We increase July the the Outside during conclusion portfolio, in diversification. to of performances the in U.K.'s resulting same-game XX%, of strong Championships underpinned ranked and games we and deliver XXX% the Europe

game same in also Our parlay benefited Sisal capabilities Italy.

wages the first for Italian parlay of sportsbook product the As to the operator in accounting X first with X/X the new offer rounds. all soccer for nearly season same-game

online to portfolio including titles of we year-over-year the broadened exclusive increase future revenues. lower, third share evident bps the its sportsbook anticipated helped and the with Sisal titles encouraging business. which quarter, XXX a product X% and sports a XX% and of in believe iGaming trajectory both were increase racing enjoy which growth growing market is players deliver Italian In racing, know improvements, we also for declines Australia, in X% quarter, our market AMP's during the were in across the while combined were Sisal's ahead staking

Day future I recent group for in the had opportunities and and group. very at feel we confident creation medium-term quarter, the path even Overall, the more to strong value our that out the growth a Investor laid

NFX end and acquire million Snai to due ordinary to business, a on talk course. us of launch in XXXX really with I'm will optionality, our me to that a $XXX confirm program repurchase details AND intend we QX the XX. the up about significant and pleased form share as to announcement the an capital our repurchase quarter. shares up heard We coupled further with to of announcement You've to allocation November in This,

investment and do opportunities deployment the continued our growth business, to all. in to businesses Our organic drive capital a with demonstrate for ability as clearly our strong status many them

with you hand to over And Rob. I that,

Rob Coldrake

Peter, and hello, everyone. Thanks,

already loss FOX delivered of of revenue expenses, Peter million, reflecting million including a group outlined, intangibles adjusted and $XXX inflection growth As our of the $XXX quarter the million U.S. the generated performance $XXX quarter adjusted with the to in of XX%, After amortization growing EBITDA value strong the acquired XX% EBITDA on noncash group of Option, fair net business. loss million. the of $XXX the third

share group. per of to financial the performance loss earnings strong Our per share however, due diluted third and adjusted quarter improved the year-over-year,

higher the the expectations last performance $XX In of performance with of each financial EBITDA, to the the now for adjusted growth for Turning million U.S., quarter. at $XXX million revenue segments. and year exceeded than XX% our

one-off As sports states new adjusted of items. growth the you includes of combination benefit small may by outperformance EBITDA business, the we those XX% with growth underlying expected revenue recall, revenue of states, XX% launched of a the results a impact for U.S. our the in the noted here within trading cost quarter positive up at with which earnings both that and pre-XXXX. and loss strong QX we driven strength existing across

X.X%. in that This handle drive sports to payback investment is point iGaming growth. of XX% to XXX we to our periods positive much further revenue swing results largely revenue spend a addition as to This in as was benefited was product invest growth outlined. revenue by customer driven margin and to we to strong XX.X%. growth Peter expansion year-over-year, our by have positive we from basis in in sports our was this results by Sportsbook the increase XX% increased structural increase higher promotional continued the margin net customers. of returned Whilst of XX% us continuing driven to a was revenue making so improvements been compelling absorbed

of quarter third of the was impact XX.X% ahead for driven of results. primarily revenue sports percentage sales positive of cost of the as expectations, by the our a Our

strong adjusted to revenue its segments. grew across year-over-year. with U.S., benefiting QX, quarter. million in positive as European of the the adjusted revenue of the In and XXX Australia quarter was basis marketing combined the Championship quarter This some of impact the of resulted EBITDA into basis a revenue which leverage and and by and strong This year-over-year. percentage favorable basis also benefit XXX points period, operating points EBITDA the in third driver phasing $XX sales XX% delivered we the the basis margin. above Outside growth and revenue XX%. points all growth to XX favorable of were Sportsbook deliver from sports down benefited maintained with with revenue Sports XX% phasing in of all net quarter. swing points in Football adding of to drove year-over-year momentum, growth deliver in-year leverage for performance cost our EBITDA strong of UKI, the XXX results a from UKI the marketing, the results in XX%,

created was payment a perspective, our a during from QX due were XX% basis. a by with constant variable strong revenue a with international, an the foreign credit ahead I've quarter This would Otherwise, adverse From driven and adjusted currency interest outflow impact been EBITDA MaxBet cash markets offset settlement taken currency derivative a higher one-off adjusted current from staking a conversion in of historic constant $XX slightly risk. case, the of in trends through invest addition strong the growth currency expectations on increase a of basis consolidated place million revenue legal instruments by growth. rate in growth in million performance translated to settlement cash during the you flow of which to have excluding EBITDA our In manage compared $XXX and the XXXX. to that in line of drove market. and receipt This just on a year-over-year on XX%

year. $XXX free $XXX million cash the As result, a in flow prior million was versus

at saw of target to strong ratio reduced X.Xx and profile Our to leverage our leverage medium-term our X.Xx the X.Xx. it's from of end December within range XXXX, X now deleveraging

in share pleased the As authorization we Board. Peter flagged, line provided already are repurchase begin with to the by our plan,

our our Notwithstanding for our to have that U.S., results, increase for was to guidance increasing Moving customer-friendly are run on it the year able we $XXX NFL XXX% moves narrowed we Sports EBITDA impact growth equates to This million. In million where $XXX of expectations updated for range date, for QX midpoint to year revenue pleased to the EBITDA adjusted to million, EBITDA. revenue million the means $XX would been these performance Adjusted guidance [ I'm the and year the strong to ] XXXX, the of underlying group. QX slightly the for to QX say only full results also. reducing billion. now midpoint overall by if read not $X.XX are in in U.S. our free and million guidance of our $XX full very year-over-year for with to $XXX XX% we

we and for both. midpoint ex-U.S., and are billion EBITDA This billion expectations year-over-year revenue group of at increased guidance. our $X.X the XX% expect now of of our In growth to the increased equates $X.XX upgrading adjusted of

benefit Given the for we expectations the positive for adjusted segment million $XXX sports our increased also seen approximately year. EBITDA results in we have to Australia, this

the results As sports in tax environment. about remainder consistent the that medium-term rates, always, and no Current demonstrates out foreign we our I at year the strong guidance for we of the expectations and Investor really remainder the with openings laid of is as state year. provided new encouraging guidance for and line Day. our the group momentum on regulatory guidance exchange basis a the the are is across think have then the This

complete Finally, of QX. the of we progress make and completion by acquisitions Snai, NSX of good continue we towards which end to expect our to

it Xst consistency, to earnings about businesses sense, For July make XXXX. would those consolidation from of think therefore, of

manage With your to to hand questions, are and I'll back that, to I the call. you happy Peter and take Greg

Operator

Thanks, Morgan Instructions] first like of looks Ed comes line it the Young And today Stanley. [Operator Rob. question our with from

Edward Young

Two that's one questions, okay. on one on the and the if U.K., U.S.

that's Investor Or i.e., QX good peers? way, relatively promos that you but in there some guide smoothing volatility up U.S., of On generosity offsetting from bps versus players, on good favorable something to of with terms of think the out guide was of within business? is less XXX that were of it quarter, at giving it like the Rob, the your the led the should your which the touched point, around need that's for you. some results some you Day. XXX above -- good basis looks another of we that the obviously back the gave the strong last you also put benefit is generosity for is in opposite, long-term results promotions On for

you the there. normalize? U.K. the regulatory side prospects of then How some second market the outperformance for factors XXXX operational of market the the out the on obviously is outperforming given as do well. Obviously, continued into called question And might You've see

much how others? much And operational is how the think do of affecting So you driver there? it's outperformance regulation the

Jeremy Jackson

Ed, give to I thoughts a question about Hi, all to you with know don't why Rob up follow couple I U.K. will in and of bit detail. more a ]. response brief just want U.S. [ a the

market Now difficult perspective, I underestimate made. how that we're our continue as to we think have changes to we changes will the the we're as from gambling Clearly, annualize know get share well And moment. some from competitors made with more the really as And product the we XXXX, I benefiting market of to also the into the think think a I shouldn't from become a in to we'll that same strong U.K. grow at pleased is very that's we although it early something take. move at that market safer rate, start that share perspective. we

very you're because lot pricing differential with what's out of potentially U.S., a can drive actually accuracy others. think been driving And that's accuracy really absolutely a business worse is positive negative something crucial. our the our is strong be I better actually volatility, important but us. and a results our We've incredibly also I'd the and that results In that's which material parlays for also seeing make parlay call mix, pricing got

know don't and points. generosity other I want comment if you to on Rob,

Rob Coldrake

Yes.

So first, maybe a Ed. U.K. point on the

year. the the brands result. overall across and all into I XX% again to up strong the mentioned, next was that were there very perform but think which business, really continues we're is thing gaming as U.K. with Peter momentum for happy well in One extremely the piece, there, we're very the helpful

been generosity the In a bookmaker-friendly we change of QX. the -- and of have did strategy promotions to investment back to terms more giving in it year-to-date with We're as QX. that result Yes, in is consistent not and planning results in customers strategy we QX. the our actually,

to We date, have our withstand some had slightly QX change this we're time. approach adverse but generosity in not to expecting results at not that, point

Operator

Bender JMP. with question the line comes from next of And our Jordan Citizens

Jordan Bender

get just have seen layering would RSN With I worked to most think in well that I in to business. TV on and were and through that TVG utilize with perspective that us line share U.S. your to moves thinking, business just of you'll thinking agree the in assets in pretty the look media the those deals FanDuel want existing today? how of years, the recent announced funnels your the and you've gains

to much we out half get the there's just the seem on On you're a can here, there. hearing question get on and second you're X, just progress like hearing and Month too what update doesn't Jan. it in out an what Brazil? here, ground by

Jeremy Jackson

real Mike benefit aware we you the think to around is had our and about forget sort stands Don't stead. a And which and our refer that's conversations be good I talking friend, really from footprint Day something think how for us scale. example, see in and a I benefit mix the you'll of from Investor it's extensive media the in George, Yes. U.S.

assets a to looking very while. We to It at. -- in would been an to previously were sort access deal of able that we We opportunity certain sports, look, was college get this not gives important. interesting RSN at look we've been it us involved for have thought

what positive. thought the hoop at we around think was I do And we it could are being this. it worth And indications early seeing with very looking and so

job such how I standing deliver benefit team see helps done strong good think the it has a integrations. and business. the brilliant from a start we'll to much And

do talk I Brazil? to want mean, Rob, you about

Rob Coldrake

Yes.

think the But Brazil. with acquisition about at really confirmation us of ability we There a to take really We we what there for and that challenges our exciting the the confident preparing we're excited various investing it of we we're We're So we that something in with there, behind on Brazil. do with is there market We've push already. of about gives feel actually, Brazil, very brands that basis. the in affirmative that XXXX we're at opportunity. regulatory as and brand and of for moment in very planning we to NSX that, that, are got Brazil out as on kind and Investor Day, approach lots in are advantage planning anticipating laid a that our very launch X know. January grown but don't have still we've

Operator

line And from Jed our the next Oppenheimer. of question comes Kelly with

Jed Kelly

to If the Was does around Christmas just to your so your involved parlay have in to because going same are high? yield the Just you back implied reinvestment. promote And is started in product, then just I that game games. or players you're or promotional given be more into going the that that the lean of users that, to guide force your NFL more Netflix additional? saw holds on

Jeremy Jackson

on be the deliver Jed. [ -- improvement the From product able parlay Christmas drive exciting to it. known that is so we Day. to to it we for does be you're involved it we ] delighted in Well, know in we're We'll the our significant I Christmas to going a perspective, behind whole Day a look, mean, guide. Americans get in of -- games, right, be obviously have

proportions generosity that a offer step-up that to our the should a But seen as higher It are in percentage. like really we've we we parlay Customers year-over-year. customers product. adoption the remember to big think I margin. need is do

will increase, So more. we be spending naturally, margins as

Operator

McTernan of Company. with question Bernie? & And from comes our the Needham next Bernie line

Bernard McTernan

think maybe Way the into are on Your first just Wanted engagement seeing it's mix, first Colorado, from parlay its mentioned one. you're the and launched in, really early early launches. touch sorry, product what to and release then long in the learnings a that retention, players, that behavior then And I from those the dive for other you past learnings another and state whether was what

but we've Missouri for maybe I closer how it you passed U.S. in votes one the surprised betting? of second, referendum -- by, then sports was narrowly more And seen online for simple, think were

Jeremy Jackson

only a we by pick I easy the win to up to It's mean one. Missouri needed vote.

there's So was amendment. were X,XXX was passed. reasonably it the one joking votes. pleased point we that opposition There to an some argument But we very aside, wasted strong at

So we the line. were the I gives the it next us delighted Investor Day guide years. fact in each our to adult over X percentage And of the to get that we'd see it of population at points several conviction think in

that's I helpful. think So very

Rob, Way product talk want the about Your you briefly. to

Rob Coldrake

that it's it's the more and early available Yes, out positive from West that stages it's But to therefore, feedback And rolled broadly quite with select early-stage customer actually certainly and had terms in time. we've we've got version reaction customers, product, not in and some only base. roll and out to the to really of so Colorado their customers Virginia, states the to reviews. plan we, in entire initial engagement all

that thing perspective price to forward. we've from think I point almost a we as most the the move the markets exciting which really is solved is maths actually here, So infinite important financial

Jeremy Jackson

delighted good think having work about we'll mean super the amount see of it SKUs, to to think I in huge I'm for years get right. out When what years there's infinite taken does you we're But I could to a learnings become getting This us be build it. that and very product. ahead. the has user the some about of experience difficult. excited

Operator

Paul with comes And line of our the question Ruddy Davy. next Paul? from

Paul Ruddy

intensity to this the in Just back U.S. promotional

secondly, reinvest in old Is then to remain to that the QX. competitive? back -- still Just the quick LTV markets? in of overall additional decision And just more pickup it intensity is reference just to the the it favorable. very that cat simply follow-up, hold as gotten some on in Australia. just a Or a Has

has Is too see inflected there. used you've good that, back we to it rebuild? word encouraging say early now, the think that I might market

Jeremy Jackson

Paul, look, hitting growth think on with the AMP the been pleased Australia, we're since through Melbourne we've Cup. the market. I in Obviously,

Irish the But the result AMP was XX I won it race, we're outsider. Jockey that way X that growth. think actually for was think to an favorable punters. the the with It I seeing pretty we're Australian a pleased

to Australia strength generosity and in got terms some of group, got annualize. remember, through goes business results of We've the think to I into we've just of the us things the back to to sports taxes, load positive that of with think and we've the next QX. going a I provide benefits got the continues rest year, in it But Flutter product. like the Edge we're helping

don't generosity, talk of And about stuff. to Rob, intensity why the the point you promotional

Rob Coldrake

Yes.

terms of with So thanks, moment, around in generally, QX help to engagement luck we're of to a and in seeing run NFL mean generosity customer positive the in that good really some at happy we're seeing great had Paul. our And actually NFL engagement will date. we the I investment. products NFL returning customers our

Just both we generosity. within the work a of And parameters and we're we've payback for well occasions. of number terms set paybacks, a in marketing mentioned tracking at our within of on moment, that economic generally, do as

see need down really our we're significantly to laying the we're that the customers change the and we pleased term. getting So from investment don't and short that that with in we're engagement any

Operator

And question Brandt? from the our comes Barclays. with next Brandt of Montour line

Brandt Montour

pre-XXXX responding The since all, be if the year? landscape And are at changed Illinois has new you've this handle all is XX%, in And do think the growth, the competitive question new changed this seen legislation? how strong. So year? of revenue state in last months that customers the the on down at from anything strength first customer shut is being second to known would really How sites market question black be how part it acquired because of growth, growth, all you've much would those XX% you certain to few customers changes?

Jeremy Jackson

with competitive happening perspective, of intensity the an is overview important from sort the start to view a is think which of I think states. I about pre-'XX I'll what Brandt,

is New us customer and And point in actually acquisition in I products really about that's closed stead. got, X% those market being standing whether market. referenced operators And far, the the black I year-over-year. we've up the down. But good pricing in that's best states think know you by what's

have if -- even in a TAM for the states about still think a perspective, Day, got time. you been the from way we've the shared We we that period Investor some operating at of go of in which to long we've penetration a very long

continue XXX% lot. So But of the a the NFL, from perspective. for I acquisition to in points see helps remember, long penetration growth in look if future sort margins those also that pilot a basis and year-over-year, states us runway improve up a customer or of you so let's at

business. got So support of those things of a combination the you've all helping

Rob Coldrake

On at second question what seen from we've not guided to in of anything your terms QX. Illinois, us different that conclusion we leads a

from we what devoting what commented we're trends, is on and currently those and not of In impact consistent it's seeing saw the terms QX. largely with at

Operator

comes next the Ryan Our from of Sigdahl Craig-Hallum Group. Capital line with question

Ryan Sigdahl

bets you this I parlay hold Or where a driving and Can and markets above you're for should the from the elaborate in competitive think percent? of standpoint, strong seeing then has in From pricing complex your And you the from customer. we pricing thus start, more say, best just FanDuel mentioned that traditional want I'll that standpoint. as really can parlay. average relatively Peter, the be this better the the game of Heavily far, the on secondly, outcomes. hold Your advantage market success personalization it? a QX given uniqueness the given on Way to

Jeremy Jackson

about get results, whilst balances, as sort strong our is badly the our we accuracy It bets means margins, even these And this when what our we've as around important results that with I also people got look, available don't are really pricing pricing, It's have which of very that when supported look, And us as we're we it pricing pricing point loose means is as complex the us hit getting a customer-friendly the well. are that not point. really, has Ryan, as best helps possible. accurate customers. to got that had as pricing accurate. as think think favor parlay for in when we've it taking

the At end means our more parlay got we've broader reinforce of products, we the more our that the they're us pricing pricing confidence which a more to likely it markets means that capabilities to of customers, range accuracy. products offer data, day, helps take though, get to to and which and

to really And I back at the compare in the of about goes the our Day. team think Investor that performance Dom stuff other and this So the talked QX you in seeing you're in the benefits when market. life against it players real

Rob Coldrake

That add to maybe said. just what margin the think we I to mean Peter market benefit. parlays. in compounds obviously, the I fact that lead the

the very same we're terms to when and excited thinking Your it more. of more parlay game Way, benefit that potential in markets offer about about compound So even

we earlier on, this product. terms early very it's of days said As in

land. the mentioned. to testing need do we it, we as very excited we So about But where and see we're

Operator

Dan with Politzer Wells comes line of And from Fargo. our next the question

Daniel Politzer

us year? seen other past takes, and and years, the that how then next versus and whether Missouri to And it we as some think iGaming couple First, think on maybe Can next along hold growth? a touch about building blocks you've through increases talk relates sports extent bit. that, it's with to the XXXX and of I you the the wanted to year about of as puts structural of in the

that any the with of if share could There's question, some there's kind Hard comment news just and would And regarding Florida. Rock, there, or headlines then been that up along second some insights be great. you state opening possibly

Rob Coldrake

providing maybe our in guidance at yes, start we'll share I'll with March. We're this QX XXXX that stage, and not plannings Dan, in XXXX.

our recall views that XXXX. You expect at the including how [ will on thinking we we're of our what medium-term Investor Day, shared we ever ] trajectory about

that growth I we revenue said But think specific for guidance. points. thinking to between on U.S. the expansion just our And expect couple to I the next to an perspective, of about XX% referring touch to state XX% that XXXX we for from a can growth we time at would year, excluding be of helpful that from expected points. XXX basis XXXX margin launches EBITDA be XXX in

X% is In states terms X we next population. think a states, mentioned context depending of how Alberta generally as about of new have cost X of to each the and year, the yes, we're population. With timing, think Missouri. a we overall going terms population the points, $XX about U.S. of we some to be of going in The for million accessing X% states those on further new way that's specific the that in new roughly

those to XXXX. probably move key into as are we be thinking So the about points

Jeremy Jackson

your retain aware that Dan, sports Florida able operate betting look -- Florida, and Seminoles and question in mean I we're presently. market. in in The to a not Rock terms Hard of the about you're monopoly

tribes member it'd We'll that associate decision course, the identify to at Gaming in recognize the we'll more tribal continue moment. of partners to the potential U.S., to tribal for Florida work are be There partners continue FanDuel, of find Court's Indian the Association, Supreme sovereignty. an importance ways Indian supports throughout of with we with As Florida some together and what explore, course in that generally. might to take but the U.S. premature and paths the forward

Operator

line our the And of MoffettNathanson. with Fishman next comes from question Robert

Robert Fishman

season? half from acquire that new share you given the then or position additional shorter you're revenue balancing additional detail broadly, the talk payback the on FanDuel's maybe Rob, any your making the about confidence more users? to you can first product in investments can while Way period more product new referenced net parlay Peter benefiting seeing either your features during aside you've competition, Peter, the FanDuel's competitive maybe the how characterize how would the of to NFL margins of even you all relative enhancements like Your are that Or the the there? And

Jeremy Jackson

Hi, Robert.

terms confidence look, in product. the we've a of sort look, of moment, got and my in they're high, So at mean, I fantastic our paybacks

recognize people the benefits think I pricing. of our

season, course, and third with of the think doing big I and saw up volumes us. more course, the Day the in we're for acquisition of at And with together of quarter, smart well. seeing come that with you leading Investor bigger step I lot as think year-over-year football period a which, basketball the customers start generosity. intense in always that's what's and to I a is that things are of mean

very pleased performance. with we're So

can. reduction a in payback acquire we've look, business Obviously, payback as trying but as we're criteria. -- the There we and we of And space continuing period. whilst business can as push in moment, our there to bit a at has to always hard meet in ever acquire been the much big there's as a we

Rob Coldrake

behind the school investment number improving things NFL. with terms spread boards handle product NFL our improved In first keep delighted lots terms there's the fact and as of got [ we're of lot and duration customer first, we can narrative ] was say the We've would new a weeks there's QX. of game quite question, props total XXX enhanced them. market the across first on a XXX developments constantly. football. bets. college launched parlay quick for and number with player put weeks that mean as that X a the big in of player that the such We've in live X the in We're we has investments. of X I And We've see well. live also up trackers experience NFL of been that as the of for sports up the bps things penetration the I landing the in-house We've touch bps

stuff bunch it. to there's continue and we've invest here, So of behind that a we'll done

we is Flutter benefit U.S. to bear bringing and market things of in are see yes, developed reaping really in U.S. now we're the in and other of of as the also. the well things And seen that because benefits the we've the Edge the where that some markets, this we're some successfully

Operator

our comes of Lampen And BTIG. line the from with Clark next question

William Lampen

of I'm frame? wanted products sort nationally that I if duration follow have to NFL out the NBA of sort be over 'XX, the Your right data comments. Way two, time the or if up about, released 'XX on beta think were please. and to of and seasons disappointed aren't would you I I now, curious testing of guess, we brought

most you share have have Edge a or in standpoint? capture may second fully that sort umbrella mind improvements or of Snai July 'XX on Flutter Rob, sort is regulation have sort thinking specific Italy. and there of of start of front amidst the And that then immediate think in mentioned is you of from the opportunities about hit X, you guys time terms you I the when in are consolidated, cross-pollination? And the good what for you a under When product targets have about question that are to models. might

Jeremy Jackson

then talk Way Clark on can clear, point excited think, about, sounds We're I about We're Your think, taken let fantastic on very synergies. deliver me saying, this get Rob and the of sure a quickly of as now our I experience with huge It been of you're as it. asking very product. we with far Your products. focused you the to pretty Rob to the on We've sort Italy. making amount like deal it all maths. work It's user was a we to do solving Way

So correctly. this when look, We to it is time we're in we're we land more difficult we're spent across customers beta unless building broadly of it's customers' excited But it it out a we're get U.S. roll get roll it. to hands the ready. to get very and this about -- we'll it not lot the but intention to out And right. to also our we going --

it But here rushing huge going there. years. in for week a it's point there's business I a think to the have no impact later in or

Rob Coldrake

Yes.

one. in So about terms the we're Snai of excited really this acquisition,

huge, taking that since stable in expectations come enables Europe. is gambling regulated that continue And you us Italy, -- continue with the in to and to outperform an omnichannel and and significant a very degree the the Snai share the plan has the Flutter market in seen a of operator and about which behind got Sisal kind Italy, detail team synergy now, in fact Italy, being on we've into Sisal running there. we the our a because revenue developed, already What compounding restrictions There's we largest gives synergies. fantastic confident see high is in over advertising revenue place really we've a So board of as coming confidence but Snai us very we're cost in with about well. talk that deal, synergies, which those both won't I cost of

I think itself. the by sports last brand point betting. to mention a with market synonymous in Snai a brand standout is Snai Italian is the that this with that's is really

really enhancing them alongside operating brand the position market another a see of metal our complementary Sisal. and taking to in both one and very So in it's gold different kind that We over position.

Operator

And comes Joe from our Stauff of the question next line with Susquehanna.

Joseph Stauff

the user kind tell I depending on It's market how sourced. positioning. going then macro of just is on maybe in your a quarter, casino-first tough to other XX% just that that AMP you mixture two, between is Or terms iCasino questions, And growth. Two on could please, product? the mix in to products wondered saw FanDuel. what's perspective. the a if referred from the than of really review Is that a X you that I Ontario One, in

and is to forth? think in the quarter And U.S. had the market, that so you I product share just what your stack? migrated over tech third

Jeremy Jackson

Joe.

just over. mean on I think the products migrated Ontario, I we have So

absolutely You're right.

a resonated we've This the what can consumers. the we I But been to to the Obviously, a think with an I'm very product land the hand ] I how online little pleased got do them, cold with excited of bit don't market. complex this we've see Canadian have figures wasn't is [ well. market share has I afraid. FanDuel product now, sort to resonated the more has think market. start We're stack. really in tech

stuff? you do about talk want Rob, to the casino

Rob Coldrake

Yes. your question there, Could part you of the first just repeat that please.

Joseph Stauff

referring if that something casino-first the say, third that thought in XX% XX%. is clarity of the a quarter of Yes, I'm a the read portion the growth -- sure. I correct me product? of -- wondering AMP that wrong, And more to I third quarter. grew I iCasino was of just It's question. I'm kind all sort

Jeremy Jackson

in segment we'd I assumed pick have up, can with as think think I I we both direct it is cross-sell. get cross-sell. growth pleased the mean well I Joe. been always The as in casino very originally Look, the strength And correct. we customer in XX%

the customers as spoken jackpots opening great I space, real results remarks, the mentioned, think seen in I over and daily in both we've pleased got I think we're also resonating we've well. think the with our product, is think stuff, stuff I really last the as my I few we're doing segments. in as but And very direct I've casino quarters, performance with

Operator

question comes John next the line Our DeCree with from of CBRE.

John DeCree

into great possibly consultation. and would and Obviously, on one of it just it, possible for bit a happen. your the the think come the start. And in consolidating kind that's has I relevant that thoughts on budget maybe a leading the be but increases But to you? about comment get didn't anything to structure. It's about the expected on Maybe budget was U.K. speculation there tax gone, of tax

Jeremy Jackson

Do John? question, you have another

John DeCree

Sure.

$XXX million announcement, that? how a of going opportunistic we one kind should to tranche. second just that? Is now more quarterly kind share about and it about of A to going started The be be bit us programmatic? approach the the that you've just Could to repurchases think revisit was you your remind

Jeremy Jackson

it's the given that done the relative think budget now so the They're tax U.K. consolidating to the competitors. to in placed has about government in and the I tax on consulting you have that. preceding that carry effectively which U.K., the better at government scale, our mean, different we're I look the going work to was -- new various on U.K. changes. changes rates absorb that remind said government What significant were they're with to any market other -- the the John, worth tax the doing,

them. to So with continue we'll engage

know from really to us I about think sort small there's want a of you repurchase sort don't perspective. immaterial the U.K., a of NI stuff. change share also been that's for the I but talk in group the

Rob Coldrake

Yes.

that we'll we'll going that to and later this next introduce So point From going buybacks get in QX to later week. results out repurchase the of excited excited looking forward help really share in we're at partnering commence this with with the this with our mechanics Goldman the onwards, tranche of getting week. to that We're on March. and Sachs this terms us

Operator

Adrien de our America. Bank the of comes from Saint next And Hilaire of question line with

Adrien de Saint Hilaire

a got of please. couple questions, I've So

they force option The wouldn't lot first a FOX around their discussing the that fact that been one is has FanDuel. vocally,

wondering to you how numbers you sticking us the the white anything U.K. to if around just before So panning see out And around remind You touched include paper in Can U.K. things then was implementation? that. already your the paper on in, if that numbers? XXX XX million ever [ to million like the GBP Or Is that white already be ]? impact. would GBP of included come

Jeremy Jackson

I ability to do. I they if they feat. And give understand ask did FOX and have to licensed, look, it stake, clearly, to be it, them to they is need entire to which is no the the exercise intend mean were exercise they'd then you And think which option they'd In, the what once that, acquire would have to then illiquid.

they've So got exit no mechanism.

course, price -- So of with. familiar and the you're yes which

their the they in capital whether that have or put -- ask Rob, want to paper you'll to have certainly into So about U.K.? look, to you white that is FOX the this talk to do shareholder intend not.

Rob Coldrake

number consultation. the of a ] so are anticipated to our multiyear not in indicate of change subject to still $XX million year seen anything to consultation an pilot second previously and far [ to any We've further million things. EBITDA So stand, we $XX those guided as we're elements impact early sterling

ahead at to So these we numbers are is already. previous how believe And regulation, some mean very still that got is of would we've stead. what say I it the goes. some consensus good see in we we'll have of which

Operator

comes today Farley. of And from question our line the final Robin

Robin Farley

that different this would things and you one, you long-term would quick guidance be guidance, into as assume slightly Way that Your when that factored potential question upside? Is long-term you of differently. just -- did was your the developing approached Or to it? hold hold Or maybe a gave that? be kind circling back ask Just

Jeremy Jackson

about clearly, We're Robin, very at we the the in with our moment. when it Your the aware Way products. we were We're out excited product gave of beta guidance. whole long-term

pilot to know it we engage in are was I of think excitement this increased for them. those lot But yet by a guidance. it in Morelakes in driven with don't the U.S. -- today. are on is be have penetration rates types that. when there engagement things And Your guidance Clearly, of the is it provide We they highest are all out it, factored an and than Way, have properly consumers. part ] this of hold and happy will we stage, will it at to our [ it impact going

Look, I now. think it that's

look very listening, you thank soon. much So you call. your time. and Greg, and everybody forward to catching appreciate to on I all for up Thank the I with you

Operator

call. conclude ladies And that joining, a Have you. may and Thank does gentlemen, all you today's and you Thank great everyone. now for disconnect. day,

Flutter Entertainment (FLUT) 12 Nov 242024 Q3 Earnings call transcript