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    Andrew Tam • Redburn Atlantic

    Andrew Tam's questions to Flutter Entertainment PLC (FLUT) leadership

    Andrew Tam's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Andrew Tam asked if management was satisfied with its customer acquisition efforts in the first half of the year and whether the Illinois tax hike would cause a reallocation of marketing spend to other states.

    Answer

    CEO Peter Jackson responded that, historically, the company often wished it had acquired more customers because their lifetime value exceeded initial expectations. He confirmed they 'pushed hard' on acquisition in Q2 while staying within their return guardrails and will continue to refine their playbook. He did not directly comment on reallocating spend from Illinois.

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    Andrew Tam's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Andrew Tam asked if management was satisfied with its first-half customer acquisition efforts and whether the Illinois tax change would cause a reallocation of marketing spend to other states.

    Answer

    CEO Peter Jackson stated that historically, they often wish they had acquired more customers because lifetime values have consistently exceeded expectations. He expressed satisfaction with the 'great job' the team did pushing hard in Q2 while staying within their return guardrails. He implied they will continue to invest where they see the best returns, without specifically mentioning a reallocation from Illinois.

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    Andrew Tam's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Andrew Tam asked for color on where the 16% year-over-year increase in U.S. sales and marketing expenses was invested and whether that run rate should be expected for the rest of the year.

    Answer

    CEO Peter Jackson explained that investments are made across both new state launches and existing states wherever their return criteria are met. He noted the spending shape will be similar to prior years, with heavier investment during key periods like the start of the football season, all calculated to drive future embedded value.

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    Andrew Tam's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Andrew Tam from Redburn Atlantic asked for more detail on where U.S. sales and marketing investments were being directed and whether the Q1 growth rate should be considered the run rate for the rest of the year.

    Answer

    CEO Peter Jackson explained that marketing spend is directed wherever the company can meet its return criteria, both in new launches like North Carolina and in existing states where penetration is still growing. He noted the spending pattern is not linear and will be heavier during key sports seasons, like the NFL pre-season, similar to prior years, to drive future value.

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