Paul Ruddy

Paul Ruddy inquired if there has been a strategic shift towards a more hold-positive, handle-passive approach, and sought quantification of the handle impact from recycling year-over-year.

Answer

CEO Peter Jackson clarified that there was no change in strategy regarding vig, but rather a series of consecutively positive sports results, with 10 out of 11 weeks showing above-average margins, some exceeding 30%. He noted that the quality of teams in the NFL playoffs also impacted parlay penetration. Quantifying the exact handle impact from recycling is complex due to its relationship with generosity strategies.

Paul Ruddy inquired if Flutter Entertainment has shifted to a more hold-positive, handle-passive strategy given the exceptionally strong hold, and asked for quantification of the year-over-year handle impact from recycling.

Answer

CEO Peter Jackson stated there was no change in strategy, attributing the strong hold to specific NFL season dynamics, including fewer marquee players and consecutively positive sports results. He noted the difficulty in precisely quantifying the handle impact from recycling.

Paul Ruddy from Davy asked for more detail on the increased conviction in synergy targets for the Snai acquisition and its platform migration timeline. He also asked if it's sensible to assume the Boyd deal savings will offset known U.S. tax increases next year.

Answer

CEO Peter Jackson confirmed the Snai migration onto the Sisal platform is planned for H1 2026, which will unlock the full product suite and underpins confidence in synergies. CFO Rob Coldrake stated the $65M in annual Boyd savings will cover a significant portion of next year's tax hikes, supplemented by other first and second-order mitigation effects.

Paul Ruddy inquired about Flutter's response to increased competitor investment in iCasino and how the company plans to maintain its sports product advantage heading into the NFL season.

Answer

CEO Peter Jackson affirmed a 'robust posture' on customer acquisition and highlighted significant investment in product capabilities, not just marketing. He pointed to successes in MLB parlays and live betting as evidence of their product strength and mentioned a 'stack load' of new features planned for the upcoming football season to stay ahead of competitors.

Paul Ruddy questioned whether Flutter needs to respond to increased iCasino investment from competitors and how it will retain its product advantage into the new NFL season.

Answer

CEO Peter Jackson asserted that Flutter maintains a 'robust posture' on customer acquisition and invests heavily in product, not just marketing. He highlighted recent successes in MLB parlays and live betting and stated the company has a 'stack load' of new features ready for the football season to keep it 'a long way ahead' of competitors.

Paul Ruddy sought to confirm the U.S. H1/H2 EBITDA split and asked about the market dynamics in Italy that are driving recent market share gains for the Sisal brand.

Answer

CFO Paul Edgecliffe-Johnson confirmed the U.S. EBITDA split will be slightly more back-end weighted than the previously guided 30/70 due to Q1 sports results and the North Carolina launch. CEO Peter Jackson attributed the Italian market share gains to product improvements, including a new sports betting app, and effective cross-sell from their lottery operations.

Paul Ruddy from Davy asked for an update on the expected H1 vs. H2 split for U.S. EBITDA and inquired about the market dynamics driving Flutter's recent market share gains in Italy.

Answer

CFO Paul Edgecliffe-Johnson stated that the U.S. EBITDA split, previously guided at 30/70, will now be slightly more back-end weighted due to Q1 sports results and the North Carolina launch investment. CEO Peter Jackson attributed the success in Italy to product improvements, including a new sports betting app, and effective cross-sell from their lottery operations.