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    Edward Young • Morgan Stanley

    Edward Young's questions to Flutter Entertainment PLC (FLUT) leadership

    Edward Young's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Edward Young asked for details on the mix of active player growth versus revenue per player growth across U.S. state cohorts and inquired about the drivers of strong iGaming growth in the UK & Ireland during the Euros.

    Answer

    CEO Peter Jackson attributed growth in historical cohorts to higher parlay penetration and improved structural margins. CFO Rob Coldrake added that in the UK & Ireland, performance was driven by excellent gaming momentum, with all four UK brands posting over 20% year-over-year growth in gaming revenue, complementing the strong sports results from the Euros.

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    Edward Young's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Edward Young asked for details on the mix of AMP growth versus revenue per AMP across U.S. state cohorts and inquired about the drivers of strong iGaming growth in the UK & Ireland.

    Answer

    CEO Peter Jackson attributed historical U.S. cohort growth to increased parlay penetration and structural margin improvements. CFO Rob Coldrake added that while the Euros boosted UK & Ireland sports betting, he was particularly encouraged by the gaming momentum, with all four UK brands posting over 20% year-on-year iGaming growth.

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    Edward Young's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Edward Young inquired about the path to achieving the full-year U.S. cost of sales guidance after a high Q1, and asked for details on the drivers behind the exceptional 73% growth in U.S. iGaming slots revenue.

    Answer

    CEO Peter Jackson attributed the strong iGaming slots growth to a strategic focus on the direct-to-casino market, where slots are preferred. CFO Paul Edgecliffe-Johnson explained that Q1's higher cost of sales was expected due to the significant investment in the North Carolina launch and unfavorable sports results, and that it will normalize through the year to meet guidance.

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    Edward Young's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Edward Young from Morgan Stanley inquired about the path to achieving the full-year U.S. cost of sales guidance after a high Q1 and sought details on the drivers of the exceptional 73% growth in iGaming slots revenue.

    Answer

    CEO Peter Jackson attributed the iGaming strength to a successful strategy targeting direct-to-casino players who prefer slots. CFO Paul Edgecliffe-Johnson explained that Q1 cost of sales was elevated due to the significant North Carolina launch investment and unfavorable sports results, and it is expected to normalize throughout the year to meet the full-year guidance.

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