Flutter Entertainment (FLUT) 14 May 242024 Q1 Earnings call transcript

Good morning, and welcome to the Flutter First Quarter 2024 Earnings Call hosted by CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. Please note that this conference is being recorded. [Operator Instructions].

I will now hand over to your host, Paul Tymms, to begin today's conference.

Hi, everyone, and welcome to Flutter's Q1 2024 Results Call. are Peter morning Paul and this Edgecliffe-Johnson. me Flutter's Jackson; CEO, CFO, With intro, up and will run-through this QX Peter After short open take through good during financials. will of progress with the Paul quarter, then you the our brief a

then for We open the up lines will Q&A.

statement the law. that XXXX also forward-looking factors important guidance, SEC. our our be like of statements you risks upcoming The providing investors release, on filed our these are involves cause in under that statements. and results or remind would These we and forward-looking performance. today, our be with a Form Securities company uncertainties the constitutes any annual cautions factors of I XX-K guarantee some form will earnings to There press U.S. -- under is to outcomes annual in information differ that and are including report our or Form are not from statements indicated could materially to those described XX-Q actual forward-looking future

a any information, of by statements, forward-looking except law. to all as current publicly expectations no call, date or required company of based future this update developments review on or addition, statements and as obligation new are whether the In result as the of undertakes forward-looking otherwise,

section are Investors in results the materials the Also, in released our our financial available remarks or responses in to included non-GAAP measures. we questions, we website. will Reconciliations discuss today have of

And with to Peter. that, will over I hand you

Paul. you, Thank

Before I primary you the our first quarter, we wanted performance listing. update into on in get to U.S. excellent Flutter's

the support May our primary noted, move already recent AGM Exchange received have overwhelming to will at our you Stock listing to from London York proposal New on X. As our

to a our the milestone continues now approval we Flutter place, rapidly is becomes an part the on effective this of and business. With greater May even as U.S. in natural XX. FanDuel This scale of the transition to evolution key expect become in

our operational U.S. established reflecting now growth. how have fundamental New to York, just headquarters We future in is long-term the our

business was performance of our the is the position sports start, sportsbook market with to the I quarter QX share. very in the of with XXXX. In a a now our to objectives. strong pleased FanDuel Moving U.S., strategic the leadership XX% online consolidating off progress made on during really NGR

iGaming We also share achieved is the a XX% #X FanDuel in brand. now where

investment, higher at margins leadership was structural position This through focus product our levels. relentless leading our are clear acquisition offering very both retention attractive where periods payback superior and delivered on disciplined delivering and rates our customer

acquisition profits quarter. strong reflected we product customer and is as effectiveness embedding of The strategy in means in innovation are business this future execution during we our investments to Our into continue the scale. the

XX% for in were record This years. for year-on-year demonstrating of pre-XXXX and been a Bowl already states the states, very higher have XX% in increase the included includes than million Super AMPs demand U.S. a a prior FanDuel offering open Total customers that for acquired our number X.X in year newly February. in strong players

with period, first product to up becoming Carolina We launches and a most state Carolina North North North one customer be adults X XX successful in FanDuel incredible the days. our signing an Carolina FanDuel sportsbook our Vermont during of in launched the in in quickly with XX

of best to in our both We of given the customers. U.S. product continue terms the market, value in and to proposition the offer customer quality the

the highest means best market. margin, pricing the the structural sophistication in customers we whilst time, have pricing Our at the offering same win the gross

continually by is Our genuinely and of ahead pipeline I'm product the offering evolving, us. excited

the during of to the the on of And the new same-game of percentage During on MLB proportion this season. the new handle quarter, markets we led start. has in weeks point added a betting of X parlays ahead a range increase first season X MLB

title In more customers, casino becoming portfolio. World which most content, exclusive surpassed quickly the popular iGaming, Wonka, expectations our launched very the title a we retail with in of namely popular

I'm our the delighted we're U.S. making of the clear progress of business and making in market. #X the FanDuel strength in with the the scale

very to continue way. a that we we sustainable grow, important As it do in is that

Our players and are the the Amy, responsible the that for U.S. to responsible the an team business, industry. progress gaming in ensuring been our the and Gold and setting they're is Standard focus heart on our able entertaining of and our engage in with interact spearheading have way. and on products Christian

to create FanDuel the was Gaming across consistent of Association, ROGA, believe framework industry. responsible in needed support gaming Responsible Online practices instrumental the help the or the we will establishment which

us in internationally believe proactive experience industry approach, to platform ROGA Our will this a right the taking the the this provide we drive taught of area with importance help forward. has and

have the previously. our revenues and Australia, X%, of division, ex grew U.S., international addition Outside MaxBet to International by driven flagged group market racing offset of softer we and by U.S. dynamics the the expected in UKI where declines which

in to share strong continue during taking we during significant had continuation UKI, with business Festival, the March Cheltenham market a seeing our XXXX. the deliver of key we the particular momentum by iGaming driven In and growth, Racing excellent

in our We Flutter of Sub allows to sportsbook our customer the swap proven player launch campaign UKI launch It's our with International into the the than power to date Power customers incredibly become Edge, sportsbook best-ever the more substitute product has alive. app, a and that launching XX% of on product product leveraged division. parlay was a division. the for bet a bet, using the Sub Super Paddy a developed keeping Super since popular

new cross-sell launch in of content step-up our rates. we titles iGaming, In expanded over XXX the further a driving with

international. to Moving

XXXX, On in AMPS pleased year customers engage March boosted staking We Sisal market and sportsbook, to QX. all QX Italy, In impressive delivering given which to progressing due in our in is XXXX. the excellent and continue seeing record to MaxBet Italy the XX% is momentum, March, to integration year-on-year. betting well. engagement Sisal comps new January, more gains This XX% prior to the jackpot, acquisition of levels drove record has share which with complete app, the player up challenging higher SuperEnalotto launched are in compared been XXXX in peak

New including a boosted content, the bonus iGaming of free-to-play cross-sell wheel rates. feature launch

other And across during really as and Armenia, with as Brazil. period, the and we've Georgia I've seen the launched also levels in Spain launch. markets, In growth well been Poker since in pleased delivered encouraging engagement our we Junglee we've of player India,

produced set Overall, results a the strong group in QX. has of

of #X strong diversified embed operating earnings leverage future and clear and invest U.S., portfolio scaled our growth. Our to and the U.S. market, enabling to growth on Outside in our innovation still focus continues a business transformation and revenue us value is delivering in an with product while underpin the business.

over And with hand that, you I'll Paul. to

financial set strong remains Thanks, morning, everyone. Peter, quarter on and strong growth for year. and results delivered first the Group full in good in track another of the

$X.X EBITDA by million. grew by $XXX our XX% billion strategy XXX by delivered to business U.S. strong continuing our in new and to revenues our operating into in of XX% our basis a margin, We acquisition. improvement EBITDA leverage driven despite point adjusted Our adjusted customer investing

FOX notional and marking On earnings acquired and resulted of This $X.XX, after and million. net $XXX of charge million per share the $X.XX to $XXX a respectively. from the market of of intangibles value of loss group basis, adjusted earnings reported in charge option. a value declines had $XXX amortization per This million was a the share

higher year prior target. closer $XXX our than Xx at ratio X.Xx X.Xx cash full our to end at Adjusted million free was the March, $XXX flow X.Xx at year reduced leverage to the while from million, the to of

divisions. in of line our pre-XXXX the XX% acquisition of each In up X.X%. our growth an including investment strong increase XX%, to grew revenue with XX% in with now Sportsbook top revenue growth and up revenue disciplined states in year-on-year. continued customer to points XX%, XX Turning the margin basis drove staking of in net retention U.S., staking and

year, weeks last were were final in unfavorable gains to in accuracy spend million expected in and offset college improvements structural saw March structural line March tournament. sports superior we Madness in $XX product results pricing X Promotional X. with drive continued levels what of partly basketball our the of quarter in while our These line the by with margin margin with

strong has XX%. revenue up and Our continued strong revenue, particularly slots in in iGaming growth with momentum XX% up

This and to excellent cost million a reduced base scalable of revenue percentage to and despite expenses Sales new the EBITDA into basis points in our in up drove marketing margin. $XX $XX point EBITDA investment million. and our our adjusted U.S. contributed X revenue by launches, as expansion performance adjusted XXX basis state XXX

with by XX%. International UKI grew and driven XX% X%, iGaming divisions. by in particularly growth revenue were Outside up where strong and U.S., our by revenues was performance a of That AMPs the

published we appear While expectations in our that in market see line with guidance. to levels Australia, activity we stabilizing our when pleased are of XXXX be to

basis. delivered a We XX.X%, XX% another of grew revenue or with structural iGaming excellent contributing X%, quarter to growth XX% currency points expanded XX%. sportsbook up our by and margin on UKI to by revenue revenue XXX basis constant

scalable translated this growth. Our into adjusted XX% growth revenue XX% base EBITDA cost

a earlier with while we resulting the headwind. Sisal, In the X% in and X%, staking growth XX%, being revenue our by Cricket X%. International XX% in Sportsbook by growth. XX%, declined Italy start XX% results despite of including AMPs declined XX% helped grew IPL, division, revenues iGaming grew iGaming swing sportsbook revenues a revenue therefore by year-on-year up

consolidate cost phasing. the by markets invest the Revenue grew of grew and all to and International division's closure adjusted the in relating Bet XX%, the in A by International India, aided key last was MaxBet. EBITDA acquisition XX%. FOX year's headwind and some and X%, changes that our Armenia, gaming by Georgia, from Italian market Brazil tax revenues Spain offset in by results which reduced strong growth sports of

the now for remainder outlook the Turning XXXX. of to

given previous we're weeks unfavorable the the business. momentum in our guidance the of March, results the last maintaining are sports X in strong despite seeing We

year-on-year said unfavorable the XX%, Using adjusted $XXX expect this given of into midpoint of launch, in we X becomes you of X. last ranges. X of EBITDA end Carolina half sports weighted the of quarter expected the continue a back-end the March our U.S. little of $X we more EBITDA U.S., strength to the to our and at to million. of equates weeks we We assume revenue of growth billion, that XX% be half In And in the North which of and that had that results can impact X. March and

growth; X% X% revenue billion, Outside billion, and expect $X.XX adjusted the of U.S., continue growth. $X.XX of EBITDA we to

always, sports the expectations guidance the a in remainder year As with line that tax and the regulatory is and results consistent of basis in are our provided environment. our for on

are To the performance we the business wrap in QX. up, very of pleased with

build the the future continuing key with business a markets at leading look confidence. scale the we around world, are with to and positions We to in great

Gavin, to and happy your open [Operator Peter questions. now are take I the you that, with And could Instructions] line? please

Young Ed Morgan of [Operator Instructions] And Stanley. line from first comes your question from the

on by My first XX.X% -- bridging you from the Could sales better you the us in to XX.X% remainder the meet current for is on need please your to of help guidance? U.S. the you'll than to the your QX average delivered year cost division. full of year XX%

be on the to to such got excellent some bit I that? us The color if obviously good U.S., on It'd second iGaming slot performance. perhaps hear very wondered very could one the continues is I growth strong just be and mean, driving give performance there. also in interesting momentum color you've more you high. a XX% very what's

Would an something good is that or going see table drag relative Or is opportunity interested iGaming around, the going a forward. games the that's growth way how either that other this to on the forward? as to number see you looking not be side at

Thanks.

quickly one just in then and more one, I'll around sort come Paul slightly with complicated iGaming me of Let with a cost. the deal let

of fixing it leadership. things, Markets we we sort iGaming were getting was an ahead. year parity And was product done. take about we've But it the Think where from about we I and Day, said, XXXX what reaching and perspective, market confident what think that's was always that try Capital broken

much we've Table are more It's you the direct casino games. casino customers' look games of than ahead to if to important who preferences, typically got sports in to customers used interested recognize at cross-selling. are table players are in by that customers, they And slots business direct the space. acquiring by are lot a

it's the we whilst And return continue that's strategy So slots. had we've iGaming meet grow with the to see why in business the we that growth criteria. great ever strong to aligned

line with XX% And that saw first is expecting. in the we in Ed, cost division, terms quarter of the in we're of the sales really U.S. what

into North heavily as are We launch, which, a Carolina big know, investing in you that the state. is quarter

So we significant investment. have made a

really up around it can a And the the with comes revenue has And sports March Madness, pleased XX adults, that we've We've far that X in results the as so signed data. as But we we're obviously, saw depressed won the with state cost. at we somewhat. there. see results

the line So it to, which through guidance. the normalize with remember guided to prior will our XX% you'll we've year IFRS is in

come the will that year. normalize back So just and across

Okay. just versus your be future to presumably, X just because, it the answer is X and QX leads I on and quarters, If going could follow structural up in or lower QX. hold in

also really going than So it might what does I'm if XX% promotions And XX% be of does not this difference I better your the be to would lower? most be above guess for way, it years? that putting in mean that year, the other be mean sure you're future quarter-on-quarter.

very XX.X%, is hold, in we And given parlays, sports it's which we've the about strong that of higher drives So the if quarter the proportion year. that first we mix and the this of at which year quarter in saw similar said structural fourth margin. last of and of talk

launch We the the biggest in year have quarter. the seen first state of

So investment would seen big XX%. has percentage there's which it in impacted Otherwise, with have been we'll the talked course But have there. will line a happen the year. what to we the through We've the that significant of see losses, there. about, also

So win hold. to because business, want and of And we see will QX structural where the -- have intensity highest and most that's where more try had we there's you promotional you'd where that's the where bookends you to customers. expect QX

be to more. expect you'd where that's So investing

helps, hopefully So Ed. that

Bender JMP. comes from line of Citizens question Your Jordan from next the

we generosities stick with to your business data the but perfect want seems in U.S. like the quarter. significantly that The isn't the iGaming get, up always it I were in

with it -- and Or So higher with product the cross-sell you're think you remarks mentioned of is combo better the promotions? share gains, offerings. is seeing just prepared that a in new your I

Jordan.

us business as return that. is factor as the aim for talk the we sports. been well as years, for about for we've we We criteria. X that's hear within lot to can me, whilst for a I think key continue is and you'll we it this, as true much acquire than less iGaming meet and And

the market, -- the there. And the that team terrific where to direct is player, place part in doing job earlier strength iGaming a in market, want space. casino FanDuel a be executing. #X have in is the so. significant the slots. some fastest-growing We're I with the we've I doing and look, mentioned we've are strongest. think strength share. It to you the taken now It's of we of XX% got it's the And content real exclusive

that We of all is it's mechanisms we've whether are approach our but some think very that important iGaming. our unique our of generosity we our of also into application generosity. in very facets apply in customers, we we something sophisticated component in business, the how And It's iGaming. sports apply with the a can got

good product. the of business. the team a doing So and got casino sort direct great We've are we're job We've customers. marketing I the think the performance got attracting around with of pleased to very --

course, well Of please. if our cross-sell. Go from the size to of another benefit sports question, for as we're Jordan, ahead betting you have continuing business

Yes.

I on the I want want got message just sure Sorry, right. -- I just to to follow-up, the make

you expectations? Are on in million North unchanged that that $XX than just the business Is better primarily the seeing Carolina? outperformance in U.S. coming You're else headwind. guidance for despite your anything

a launch -- Carolina. had a very We've had thanks, good North in We've Jordan.

rest all look well our build further And pleased think, numbers. the of the is April though, XX% we've from. held business on the whole. year, continue fantastic is pleased for that, share to And gained say basis as our the positive. at the And of as a with U.S. the market outlook going of NGR, were market on share there. So with the place to we we guidance. got we're very it's we've very across Jordan. we we can really the And Nothing that, have very we a

the Pollard of question comes from Citi. next Monique Your from line

to also The X you've on the that those the I one some within the guess North launches. color net in acquire you the most for Ohio, find successful a XXXX. of I'm the I That's get versus technical rapidly. Carolina have done first I struggling more for question, guidance, to XX one states could months. had $XXX acquiring the then first guess question. And differently interest whether you first And second the Paul. done just XQ, from XX allowed really you you've What the was give interest to that's And these whether specific but early if $XX that refinancing, annum. in million players states some know that so I of time at work very per we're at about advantage days, what can $XXX the you saves there's so on, the million. players to so I look I first some out, been many million

So just to how trying get that understand $XXX million for year. to the we

you, Monique. Thank

true North other but So There's advantage customers better even of betting We each in that state into any to And an playbook states talk with in. launch get customers. to think for important that a established That's do to we customer find have we Vermont our base. DFS you able I launched the let large Carolina sports our and Ohio, refining have also big in market. it's our that convert the what we've being about new we at going have, or fact do. we also of me we that component

which a to important able and us our we're to so And scale. allow use refer like benefit become from mechanisms friend

have national advertising. to though switched also We

states a of in consumers they better demand. is when brand there's And so pent-up to and the lot and product the becoming known launch,

is. customers we've there got acquiring market. to in product in advantage answering the I there the we the believe an mean, is best And early, question your around,

And are with get with the stuck are which us. acquired so they to early, cohorts the performed on extent at or back best way look the subsequent to us. customers they're to And able years, the that customers we we those stick if in product XXXX from

find early. us bigger having think I us ultimately gives and So really of in And allows in actually important benefits the of We that help our more scale to sort from acquisition a get it's get us. leverage look, to scale. the so cost greater operating business doing

it's So helpful. all very

afterwards, what interest the are fluctuate our two Monique. received then terms of which it's where right number up the during significantly mean, fluctuate quite But the follow on year, balances we receive that we in through the number. a be big quite on as the cash you're the I with in year. the obviously balances interest And not that and obviously, that afterwards very debt our net the happy pay And follow components, that course on because of up you year. But because to -- be Monique. through interest, may to say, I can getting do which does building happy so that

the next of BTIG. from Clark question comes from Lampen line Your

have Peter, know the I attractive guidance you mentioned more leave the has 'XX flexibility that market in can market -- the benefit you've lean guide? if 'XX? that left gives of sort show 'XX sometimes aggressive Or up sort so, on contemplated Does the be if opportunities would historically that some in I for And now back is to more come to to if U.S. and I I into FanDuel two. you OpEx it? remains, you guidance. guess, AMP table. of want profitable acquisition

leverage excess shareholders? set as guess in opportunity on remind local of would getting and like robust acquiring to philosophy, beginning some of closer the that, to us, MaxBet, targets priority how to sort the I absence the generating for heroes, return I the -- guess, relative you to we're And capacity, return then could be, the just Paul, capital is capital

because the can this I And times business acquiring being we think sort had been several posture that's initially wish in able look parlay, more into more whilst meet more that valuable maintained of the higher that to what criteria. you at to have stated we the parlay we've more our found retention return penetration, Typically, with customers through have would I we and gaming. take have better than anticipated, historically, as ended cross-sell up business. we as legs is business we've rates, much we lean of harder on possibly

of So benefit the things the we've past. all in those have acquired helped cohorts value the

from our the pleased the published are seen quarter, for we're have would've we've first with volumes, that acquiring. we You market we the the in the data posture and customers

we We're most threshold We're value by important to not think as can. a focus subject I future business that. around or much as trying can. business of trying and valuable it's as we growth constraints to to like certain acquiring sort on into embedding business anything the very that EBITDA big we in build as or optimize just

And return in terms capital the Clark. philosophy, of

we've about the priorities use of capital. our So of talked

as just First about, talked of best give to business, has course the invest the being paybacks. in Peter the that returns, best does because

how And talked And pleased with that's well. Sisal, that's going businesses. you been with then Similarly extremely about us. acquiring acquisition a going. Very great that's MaxBet, for

a you economics these lots the for are strategic, are long with that. back we Tom of champions the there's like think little then looking like. And actively that work, national and so they market Bowler, we financial as businesses works really If as further

that, at to of for levered, X.Xx which cash leverage, within if capacity And being will we framework talked do beyond that. the to then around is we've there's shareholders, to that return absolutely X sort

of prescriptive imagine. the acquisitions, being business. to exactly business there as in all those invest you rapidly we'll grow year in, will to course to And do and will EBITDA as shareholders. beyond, into do how make the as and return which think the of we about But can cash capacity which that's not over to to 'XX this things, sort be

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

with, the U.S. to want start I I guess,

growth from I first X $XXX to of through relative I XX north the $XX March do quarter, weeks So the million that guess, trying of last in get what low that, is selectively we the guess hold. kind the XXth. But going guess, U.S. of why the of performance some math, delta period. disclosed week reported end that, I of to your the this weeks, kind the quarter, on guess, it on of XX, the is to XX% XX something not of there? Secondly, to rate level-set for into else here? through of down first last in the I on to you the to weeks include quarter the curious, X March of kind prior I million expectations

And changed FOX then of mark-to-market lower? XXXX relative revision last one of What kind is that calculation in just the the for on to Bet end option. the

to happy FanDuel one, up More I'm grow. goes bigger say business to which continues because easy the Ryan, value a customers the the that business. is is of

the of as that, have FanDuel value Unfortunately, of was value take of more the counterintuitive the costs we on value. it sort to option. slightly the grows, to So FOX

Peter Obviously, sort out And that is it noncash that a you every required can will U.S. of but But that it GAAP. as out. is likely strip we call quarter, to so says, it's charge. be under

terms your around got North is math In the first investment significant. question we've launch, March the then, Madness. of you've Carolina of in Yes, into the U.S. which losses on the got the course, And

I We state a As business. earlier. won took proportion We very of said the the there. high

of component I there. think invested the you're work to that heavily. the that's math trying we And through So

the had why terms when certain only of that's numbers we to reported for. In up we a date,

the dates that's to, reported data so latest reason. -- trading the So which the was reliable that had we we to

comes question line from Joe next from Your of Stauff Susquehanna.

most I of kind iCasino, U.S. realize the you're your on iCasino not the realize process tech in stack of if bringing all, I in-house. of

like an or take? year process to a Just fair it wondering how that long there. get Trying Is that? to assume something idea would

you apologize Carolina state this, March. share I Curious. North handle was wondering then did if just your but where And in

that Capital and those of parity I'm the of of The with stack, Joe, three getting things what reaching talked tech the about ahead. pick part happy mean, broken, market sort Markets Day I we it. the this terms about of fixing is iGaming phases in It's up. are to and at

you We in-house. have work to the now the broadly are the the operator. done largest world's can bring -- from stack tech the we of rest see group, iGaming It's

capabilities that bring to help in focused much will done. that position what able on. being team leadership tech our market, the maintain of U.S. to those us and migration the But that's So is that something the markets, sort are very broadly actually

one of operators. the is disclose Carolina North states they don't where the unfortunately, And

And not figures. to going so share our we're

You it might based not on disclosing you up reverse-engineer of numbers. we and we're try number best with. But the who customers and told signed the

customer? more Okay. again, was quarter, Could bulk to I say fair I of one the AMP iCasino is for AMP FanDuel, really Is I guess from with casino that in first growth guess your XX%. the the squeeze it respect it in? to direct that growth

Yes.

Your next Fishman line from question comes the Robert of from Moffettnathanson.

elevated Or quarters? in the more even becoming past level of think rational the Two market guys. the new questions is would continue? to of do over that And the for expect couple an dynamics competition U.S. today? launches competitive you competitive you Can you the speak despite to you

on ad-supported approaching you're offset or marketing and strategy the the And how helps channel this speak company's others, then just launch from market separately, a with the recent media us national Or whether free update media can to and you U.S. side? just on FanDuel U.S. spend? Roku

Robert, welcome been very a been there's seeing to competitive. dynamics the in The I not mean, call. competitive U.S., has when it the time we're never

money remains to So We're ridiculous think of which the being customers you point rational to people talk the isn't spend in amounts to that trying is very important. not very try persuade seeing market competitive. product, good. I around out players But

I think the market is competitive, but much more rational.

all our returns. stands business, good stead. acquire we at in the And And because of the us in parlay the having the a that best we're have of product in that means returns benefits attractive we're other seeing to continuing course, the market the very penetration that customers and

made are essentially FanDuel aware not who for it, you our of TV. that people this is about those observation The And offering.

channels around two been it's OTT much This historically, but allows on have also We that are -- digital on racing. very customers available focused and platforms. cable,

new customers for Kentucky And to TV. then the on see fantastic they'll a course, opportunity of Derby more available content FanDuel get So into rating. was lot a

to ability stream sort an to us our it's FanDuel. content and it's watch. customers predated But and that And actually something bet for of

and was TVG something national often advance audience. betting sports of go the us states a because been in and had results reach legislative to there's a around allows that different set we've horseracing. there interestingly, operation into So long Racing, doing time of for and

Your Fargo. question line Dan Politzer from of from comes next the Wells

year-over-year fourth up as the the I on gross question, XXX quarter. points first was in around structural First basis hold, quarter, pace a it is similar think which

just can a of of and how about better So think keep trying of kind XXXX get over we pace sense of that the course to you if gains. should this

And my sales -- the and question, then second cost the on for of terms in buckets. U.S.

sales growth should your costs which think a increase pacing tech of up is if over quarter, there's and marketing in and year? similar these of rates the the G&A. buckets in we think in How XX% course were I the any difference maybe about this the

Thanks, Dan.

similar by which quarter we year largely QX said, the of very last year. to driven mix of fourth pleased yes, So structural product. saw hold, in of in as that's this we what with was the And

see more a will have hold do parlays more which parlays, legs, more there. see higher a we hold with higher we when and rate, So then

and QX do higher. be tend QX And to

the see and would certainly, how see have the to the year. So water to we be quarter-on-quarter have QX increases. we high QX -- we'll But through course the expect whether mark. progresses and same But that of

higher And OpEx, from tend investing is through we where business in and think and greatest Again, say we the to generosity return invest support be terms more that. bigger and you're to generating. to the of given that will QX the be basis, year capabilities the had QX, business sports through other there quarter-by-quarter. in And other the OpEx, of elements be On marketing that weight a terms bigger as building of there. our consistent of we're

is of question Davy. of next from line Paul Your Ruddy

okay. Just two quick questions, if that's

Just on the first the is U.S.

HX still before. that HX, you the stand? quickly, EBITDA I really referenced split, Just Does XX-XX think

overall dynamics you looks jump just in share? then you're how it What U.S. moment? to that's And the of second is just out a of the market? Italian some give taking to Italian if In okay. second, the Italy, the the market in market drove the share. And maybe the at like health for pickup back that of Could

the half we've XX-XX. So North will given the of in in sports terms weighted that we a be that, envisaged now. X, bit also successful X think yes, split, and QX had had half back-end we Carolina, And in launch results more

when So will more quarter, start the weighted returns North into fourth Carolina we into and the from see coming half through. to those second

will more that massively won't half-weighted. a it differ XX-XX, So from but second be bit

It's there. to of yes, been April good in Italy, performing are share market And taking terms a well. we month. has pleased be

getting driven, see Italy, I by markets, I is my as the very think other and it mean, we from A lot performing market well. says, Paul in Yes. as The perspective right. we're things the of share. core states is team taking in

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Simon. Thanks,

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U.S. on is question taxation. next my And

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second U.S. is my again. then on question And

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next line Your from Tam from question of comes the Redburn Atlantic. Andrew

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HSBC. from Joe the of next line Your from Thomas comes question

ask Yes, you just wanted firstly, to India. I about

talk there's been earlier talking You're pan Can a IPL. those but to through how I down expecting you some have also think how net about there's tax changes improvement, benefit revenue come of you're in? India you sequential XX% there. just out said an

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to And get towards growth GGR think deposits. we I year. talked saw mentioned the stand remember we end factor time I that we the anticipated tax the think a important that. The last in positive And from of by of to we that business we would about that the to we shift India this, is sort in back still

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think IPL, Of course, we earlier business I is stead. benefiting are somewhat the from in but good standing the

hold about Paul, why answer don't structural the seeing from we're part you what a perspective?

Peter. Yes. Thanks,

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time. are no further There at questions this

to to So back like I'd hand presenters.

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everyone. Thanks,

That does for conclude you participating. conference Thank for today. our

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