Flutter Entertainment (FLUT) 13 Aug 242024 Q2 Earnings call transcript

Good afternoon, and welcome to the Flutter Q2 results call hosted by CEO, Peter Jackson; and CFO, Rob Coldrake. There will be a chance to ask questions later, but I will now hand the call over to Paul Tymms, Group Director of Investor Relations. Please go ahead.

Hi, everyone, and welcome to Flutter's Q2 results call. With me this afternoon in New York, our Flutter CEO, Peter Jackson; and CFO, Rob Coldrake. QX Peter operational up and progress will through intro, summary a then short updated run our our of during the this will with open brief Rob XXXX To guidance. and financials the quarter,

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

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

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

hand Peter. you And I over will to now

he certainly CFO and given course. started call May XX. looking on forward to move Thank listing It York, CFO. operational primary know I you, our Coldrake, Paul. I'm is With first headquarters, following Rob's experience Rob within our obviously all you hit be joining due home in since running ground group, the me as is of his the Flutter's the today in new to May. New back meeting This from you delighted

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market positive the XX%, business our strong revenue We strategic and It of performance sports and growth priorities expectations. to a of delivered reflecting group the in turn against excellent very QX. and growth AMP XX% results. the ahead now of I'll quarter for was of execution

of major Italy, our the for year. the iGaming, U.K., markets, U.S. sports half in Ireland have and momentum great second providing We outperformed and the

had FanDuel and XX% U.S., market. the nearly the exceptional betting sports entire an with iGaming quarter of In share U.S.

products, The rates, in Edge delivered NBA, products by strong we and resulting disciplined in continued continued performance market. hold WNBA penetration, retention the player investment. driving acquisition structural investments the are underpinned Our in our improvements and driving market-leading our and pilot customer and increasing up our returns on Flutter player MLB acquisition

new North the iGaming of point the the runway players In sportsbook these pre-XXXX in excellent the Carolina, over players in of and from and to a and to increased XX% more forwardly. XX% market and we strong compared start had where quarter, states new reflects growth KPIs in growth states. This These year. both of market XX% AMPs by long prior the

also They the Casino combined This, content, we In we posture indicated investing time, important improvements of this important launched by map unlock FanDuel access return in and have our In consistent and of features completed behind the road market with since also more we've iGaming still the further of promotional FanDuel's players. for are customer stability. will excellent milestone through acquisition. of quarter iGaming, taken the a technology. migration for greater to in-house titles capabilities platform exclusive evidence proprietary benefits fantastic onto an promotional launch the on

and parlay in the to to in our growth it diversification XX%, and Flutter's players the product group's same brands delivering to markets. contributed for offer Italy, true XX% same of the Sisal event for in the of comes revenue advantages the compelling delivering improvements Edge is of our operator of with tournament. The of respectively. advance businesses UKI AMPs benefits game U.S., first their the when game quarter marquee scale and Outside Italian product the of and euros for local

game same euros the share Sisal performance record deliver and quarter. since helped pro by for basis by on on market stakes and Sisal X performance a a forma acquisition, have a nearly for This where last years, accounted over Sisal in revenue encapsulates AMPs XX% XX%. strong XX% parlay in the increased

most our casino In In brand the market launch UKI, iGaming, on for Paddy ever. game Power delivering leverage Heist, a combining gains all commission quarter and brands Paddy's excellent are Mansion straight we data. based share the of successful growth, our live tenth launching gambling

anticipated Australia, previously the in In ever the rating the and were declines noted in quarter. market seen

player events, year-on-year. customer strong where However, engagement marquee saw around doubled we acquisition rugby

the had with our ex And that, quarter, a Overall, momentum I'll Rob. excellent delivering the to very U.S. strengthening in strong over you U.S. hand business. in group and diversified leadership position our

Good exciting delighted with the I'm Peter. to for afternoon, a joining Thanks, the in the call. everyone. CFO business. the time It's Thanks into settling be role, and really momentum current

of with growth after growth revenue million. fair $XXX to a and value million the $XX The adjusted of group expenses, on including $XXX XX% group reported is a net FOX really option. of quarter which strong EBITDA amortization million basis the The the intangibles and of performance acquired delivered income XX% on million had of noncash $XXX gain the a in of

$XXX prior FOX per to share flow and Option. the XXX%, earnings due strong the per increased in versus cash cash $XX positive share year. performance the movement in the XX% while Free million outflow million of was increased a Diluted financial earnings adjusted

end profile reduced the XXXX. X.Xx Our to strong at our ratio saw X.Xx deleveraging from of December leverage

almost leverage allocation Day Investor capital capital you within medium-term of and have framework X.Xx. are our range range the we to on updating XX. September our our opportunities of target forward on X allocation to We We on look

quarter higher. returns including each of noted the all growth In state segments. is to pre-XXXX EBITDA launch translates cohort strong excellent growth exceptional is state launch growth revenue up year-over-year, XX% by adjusted Pleasingly, XX% the across Turning the with U.S., of and XX% now of revenue financial XX%. types Peter the to with pre-XXXX

team a Sportsbook direct revenue further of making revenue XX% iGaming sportsbook net the grew growth of structural our are has margin. the segment of product helped years. gains delivered ahead the reflecting XX% performance, leverage market revenue combined marketing casino adjusted million and and expectations. revenue higher, improvements XX% with market of last operating EBITDA the well expansion This from X deliver is of in and and over sales the stakes $XXX we the

the the U.S., continued positive revenue Championships of results basis the into July. Outside performances results adjusted revenue and Football our UK&I Positive to strong of notable which sportsbook EBITDA, Sports to margin. net sports were the European most combination Euros, were continued international. XX% very XX% The momentum, in higher. XXX adding and drove revenue during increased UK&I, the the due points and quarter, favorable iGaming in results

that softer other invest noted addition growth market in revenue revenue In in previously consolidated associated a international, the basis. markets, XX% declines with currency year-on-year constant resulted market MaxBet The in down and higher currency of growth and on our XX% XX%. Australian racing revenue constant

U.S., now Turning million impact the results we This XXXX. EBITDA. excellent strong This reflects adjusted $XX the net growth in midpoint the to our and momentum benefit updated Illinois have of revenue after changes EBITDA adjusted billion for sports the in tax performance business, including year-over-year including July. the in increased guidance XXX% introduced equates to we is for for QX, and the midpoint $X.X have in to of and the guidance revenue of XX% In our $XXX million.

players, implemented in $XX share we from Illinois as second-order we're onwards. impacted gains is mitigate from tax market is gross typically any which markets. prior benefits additional expect in The of XX% where and been or million XXXX tax the to have That other subscale seeing regulatory XXXX it changes to our such tax

a In of U.S., in year-over-year and the billion increased growth now basis both billion adjusted the a EBITDA group ex at generated our guidance. U.S., for of On of we equates expect EBITDA significant both small metrics. QX. the QX This to of X% $X.XX we earnings be in quarterly revenue in midpoint $X to expect and loss

are expectations for we year. of of group. have the and line with rates, always, guidance our consistent that the a demonstrates momentum This year is remainder across environment. exchange no the results provided the new the basis and for on As in guidance tax our openings remainder state regulatory sports foreign Current the strong in the

that, and your we questions. that, to time, the I'll you hand usual, take to happy we ask manage I call. person. In to can that, limit the are back interest to of as With Jeremy two With Peter questions per

[Operator BTIG. Instructions] Our from Clark first Lampen question from comes

full I Peter, up were about to raised could out was by open guidance U.S. wanted year XQ see talking of performance. ahead, Illinois. nicely if results we

half guidance? now Could also I what's growth more sort XX-state guess, of think strong is was right you around, of results sort driving give a said Rob what up back just I bit for pre embedded and little color XX%. us

called Second related the headwind you question that out I Illinois. have million is $XX from to net guys

think that you about in at the headwinds? potential levers taxes additional guys going on managing is those of key forward, player surcharge to potential have increases winnings And your mitigate are disposal tax part maybe that we calculus? As the what

zone continue. nice may to Clark. this and for It's once the to questions, talking your in you be for Thank you time long

give I'll Let probably just U.S. blocks. me the Rob major I to ask give you some around us performance. And then just thoughts the think building

as than posture market just acquisition remind remarks, the of acquiring think my half, through in we the QX. can I really we that of in that pushed And that I the in the can adopted And meet whilst good see business our really it's as can pleased I make increase hard strong opening the less a in we to see the a benefits I'm we we in return definitely sure see in saw first the And think of payback. to player and As numbers, performance criteria. QX. much said you you, that's X-year to that indication ever come in we've

back stands as good year. I the half as think we in of the it really go stead

But talk want the building blocks. about Rob, maybe to you just

Yes.

earnings the all, delighted of year EBITDA full about in be to for I'm upgrade to and first think, talking revenue guidance I my first Clark, call. an

see looking the of EBITDA won't of performance by year but for and second still of extremely a to directly strong What that in that's we Without partly said, As the positive is terrific through a couple to had QX. in result XX% Peter the revenue forward QX, upgrade, drop-through second drop that results. sports driven a we the half as half, reasons. for of the accounts

stated. a we those into Firstly, we're set of we that as acquisition, million previously XX-month year. take kind well given behind XXXX well we've business larger for us of returns a payback within $XX should fair our really continue to that see invest next momentum to up That customer choosing

and got have been partly which due behavior partly that's the additional the operating withdrawals and Play million we've with additional in frequent addition, of higher due Beyond costs, some driven an costs, payment associated player to the and deposits In by acquisition. costs $XX more to and change

then the guidance. you If full $XX in million, to factor impact of year you net the get Illinois

excluding XX% essentially, drops So XX% Illinois, at Illinois. upgrade, ex per or year it's the full

we're with So absolutely delighted that.

you people number of in a I I around a Thank got question we're in look, Rob. Clark, suspect, you've have about can Illinois. positioning around And thinking it. the that situation imagine how And other will questions ourselves

more over states. I the and a punishes sense I who do probably a that rates approach date. makes think me tax to to for people. To customers, maximize recognize that slightly for happy medium to graduated is growth, most us then important the to expansive taken I there's most answer their And that wrong. think for the revenue grow businesses and have that question. start it think maximizes invested just subsequently answer enables best with, the those have market for tax operators don't a instituting anticipate needing to question sensible time, for So And it's to to give I that though provides states system experience a

onshore operators to think it sport who and unregulated operating untaxed are operators to of parlays drive under offshore sweepstakes. will I customers guise or the potentially

or is recognition is moderating of response. local lots We indeed best locations. in levels marketing of internationally have operating generosity And of that experience the reducing patent high our tax

that have more to which well to as us us. As may increase players we their capturing Rob mentioned, leads find an offset prices which also smaller often for provides share,

is the And we marketing think option for winners. local customer that moderating so levels no and we a generosity surcharge have the of to best introduce plans are reducing

from Jordan Citizens from JMP. next question comes Our Bender

here, Maybe big follow most in or XQ theme topic questions. that's In the CPA players been space. just to across a the on

for equally the year-to-date? And implies of into even U.S. maybe sports of kind why fall more? market costs here? that OpEx the guidance CPAs stepping after in up declining acquisitions point season you seeing you are why is you're seeing updated Illinois and or So betting. kind of full accounting can an increase anything question iGaming then this second off to to is impact. happening you're Are across you year reason the else for football allowed that, Or there of of investment And the here kind the core into kind that invest maybe the

have do Thanks, that what's much is consistent levels It's costs at we that whilst increase best year look had advantages. But look the little products we think we're offering the market new an continue customer and market even can. our confident business maintain in meet us real in of we give mechanisms benefits And to can We're prices will cross-sell as the state Jordan. with as can the with much have impact CPA acquire basis, often market launches, cost together us it, that the On lifetime precise we best a return our difficult a QX in of value. because which posture customers as in in maintaining the to confidence the try customer customer often criteria. and to into I actually that very the bit, large get last significant we in we we customers the acquire that gives can I business base CPA year, to other acquired. and important of because -- and get numbers we've to you very customer if and our it QX that as to acquisition, would dilute DFS we've down significant high see we come we that this

question, I think -- the your of second Jordan. part

investing said, what strong seeing behind Peter very we're as at payback. So we're a, some

slightly position the that we're I costs got in year, perspective, also half we've payment think very half got comfortable mentioned the of for we're cost that some costs year. Play the the of from an the higher and Beyond I we've operating second second seeing with

half also mentioned from I momentum of the As coming earlier, got good second the very some we've year revenue perspective. into a

the couple for of more into a other But can actually cost forward on moving coming All the and do be we'll base that to the costs looking leverage. half have of One of We're is focus. be focused operating year things driving perspective. we costs. from second optimal the as very efficient really we are as a additional

in in in some both think costs terms investing with we've are got But Edge we I line the previously that the that listing. you've of of with Flutter previously and expectations. behind outlined addition, capabilities conjunction U.S. also our those signposted regulatory compliance costs in our

comes Ed question Young Stanley. next Morgan Our from from

pre-tournament? understanding revenue talked you've across areas? And you growth color us is that non-U.S. growth to what's first then a an us over perhaps obviously of than color on cohort AMP growth. how mix UK&I, novelty obviously, Rob, and question. on sports given give presents a It event, those just a very if perhaps on good on if different broadbrush per some of what's was X. iGaming cohorts. different the all, the where and AMP I cohorts some you're through, progressed that were had you second stronger you different tournament could driven give the growth you've obviously, growth be but across known seeing from My In across much of a the these just relative that driving more Euros growth bit seen wonder betting could to strong of you question the all see bullish Slide wonder I

you're probably see the to few I think cohorts. make historical give cohort thoughts Ed, let like increases things me and where But from. a growth in continue to is in parlay we about coming our this an -- just penetration our

the us. been has helped seen I think performance. historical about drive our to something has the which that's margin that really I step-ups of beneficial we've position cohort together been very with If sort in think structural

as you that? the all we it's answer frames in lay true, of want anything that can different time that think you to see I out. Rob, and

Yes.

they're cohorts in XXXX the revenues XXXX, pre-XXXX AMPs to in major I we're state state up think XX%, are growth and and the I Revenue up acquisition. XX% was XX%. confident think very specifically, driving, cohort

third So momentum. fact continued I performance the the with And the the into first helps specifically, growth to month his exited The regards some that Euros. we've of absolutely quarter half some and that that. With U.K. Harry and got through on with have mean, incredible great the with Euros delighted. boots coming we're us with the came QX that shooting mostly

U.K. I the that, encouraging think performance. to addition is almost what's the more gaming for In

momentum gaming are excellent posted XX% actually, some U.K. particularly gaming year-on-year, year. growth which the X plus all seeing are in this happy with. we're So brands And of we

So U.K. HX. good is very at as the we into move moment in shape

comes Capital question next Group. from Ryan Our from Craig-Hallum Sigdahl

you need there. directly, those main then tie-ins Want from Diamond with naming to and rumors other at Sports question, secondly, a specifically to there's second for how regional of what been your to the about comment GGPoker, potentially no bet, think looking start, rumors, Poker learned Interactive, curious Pen agreement World ESPN networks, might Group intellectual for Series couple on you've property separately competitor rights but media sports of Caesars during global markets? And sold sign an or you their

the Just competitive curious dynamics how you Poker? that think strategy in around impact may your

from always in think friend. Ryan. definitely look I and we've you, we've able good we products pricing to which our here our to media able Thank been strong -- showcase is the Scale in think in historically our benefit integrations. I the way times if been Look, I U.S. And at with

helped And of customer us. think our for important strong what's acquisition it's performance. I think it's I always with been part

up There's important course, that no really trying they the in people testing with, it we I we're and your the right? fortunate think best products point market. you that got it. products you've of can and finding in quality back like And it's -- product have

a which perspective, think operates done in this deal of global our with, think, one I wouldn't a Caesars they albeit poker competitor be to to markets is sort from have operators. the with lot we compared I GGPoker, you're right, of that business,

there there's of are interesting those some people questions think I for some involved.

PokerStars U.S. us in important the it opportunity provides think the business, with market. an I

a look so I we into us world, in I can There we're get in strength is think think the those a local give it position down perspective. some is And of liquidity share of from we you which segments in liquidity poker the have. of to across it advantages. the states, breaking when reasonably around smaller brands extent that some -- markets -- reasonably can strong regulated the because at hero

Yes.

with perspective, which rolled point, a embark I think seeing we're from just on In we by the out how to poker to a, business in quickly the progressing is we transformation the add QX move there. there. Also started that [ PokerStars. real agility how our Switzerly well. a well. really shoots we'll our see that become very from a performance big very some platform can pleased progress U.S., think I about year, demonstrates very about and can we've and and We're fact we're and to poker Peter's doing PokerStars talked for perspective, optimistic later this ] actually green That's

to place. in we've We've the of of the to which offset number savings. the some positive world, the And pricing both changes put savings had the products. think continue of business our made secondly, across in some casino look in we impact resulted see we've also initiatives I rest a you PokerStars cost has loyalty, that when at

way happy overall. really the So on poker with we're trending that

Our question James comes Clark Rowland from Barclays. next from

Australia. on is question first My

years? guide you sports on on, just said mentioned? And that and EBITDA interest thing? as to guided from due [ there's then expected is there trends to no income in million Can interest outer charge, Or color trends particularly Is on $XXX slightly underlying out confidence benefit. some some $XXX million change up is the results just just a in ] give have focused this the what you're mitigating provides secondly upgraded question driven. us You raise is this you delay interest to timing previously that a bottomed charge which previously

Yes.

So I those can pick questions. up

performance seen pleased Australia, in think we're in really firstly, we've So the the with that quarter. I

of a I a quite think in performance face tough resilient it's demonstrating very backdrop. regulatory the

underlying games strong declines in doubled we've we trends really we've we're line marquee expected So Rugby customer like Origin are year-over-year. customer particularly and said, market with customer as seeing seeing previously acquisition good the State the the signposted. We're momentum events that engagement and on where of

sports, well. as benefit a So we Australia yes, particular, And of outside sports some in in as said, the really from momentum good in results we've in racing. Q had

very that's driving factoring of Australia, which pleased we're upgrade the in, So in all that with.

an previously from that unlock to think projects interest wider across efficiency perspective, about cash had I group. the other some we talked

] Now when until HX envisaged from land we've we originally [ XXXX XXXX.

up So part that's of change. the making

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some that current debt that in interest finance run I expensive well, we'll see U.S. did HX. savings add rate and Euros the very that cost think just the and as May, in to versus of -- some to we refinance in benefit

Politzer next from Fargo. comes Wells from Our question Dan

go for right Maybe on for you of leverage, normalized me. The acknowledging maybe be to your the And kind was here? that's M&A. Peter, end secondly, year, jurisdictions flow-through how Is and opportunities deal? And ex from a about do the the your here about believe you And I maybe it that in which mentioned right first back Brazil the think XX% or flow target other one, willing then balancing you through it would relative through, is your Illinois. of of basis for to high to ballpark you I X this about think to is evaluate some opportunities us you X.Xx, parameters remind or believe, your X.Xx. on how could U.S. these

Thanks -- Daniel, the M&A I'll to answer about will you flow-through. question and this the Rob talk

the think of is, I a done lot acquired recently We Beyond first internationally. remind thing here U.S. the in Play. M&A we've and to

bought also XXXX financial in the as business back We [ well. ]

be certainly to internationally, acquisitions we've markets, us. It's also great in supplying help will with there a had that in important great we're to many, it a we if Actually, Tombola track step-up or Flutter think in that. podium recognize another medal So the be And are of record many gold doing make of this in not position. position performance. we a acquiring either Edge Sisal businesses will present where a markets, in market. or happy market to either example regulated soon big us regulated those example see it yet is markets and of is

in our we experiences got deal go of of leverage if share of at the space. great experiences. We U.S. Our if that can off necessary, find deleverage what And gets target got recently, seen that our that you've in earnings back all the our in confidence we've around making [indiscernible] traded in bringing the will very sure a ourselves do strong beyond we're less we type now right world, us leverage on the growth thinking we've is And the we quickly. look to everything

we including by driving to flow-through virtual factors, be driving a question, our we'll investing of by a where see flow-through to our the mean, quarters forward to yet number it kind returns. we we continue as regards level the share that mention because can That's of of points we market of to both impacted also, our move continue sports see a, and what's superior is And difference firewall on business. because overall couple in at gains about, so to talked that's I are this. opportunities seasonality. results do the and With what's some going paybacks

decent we're on see holding But that to specific driving. this we or drop-through quite continue So we will the anchoring number. momentum the are we've incremental we're ourselves not given revenues stage a confident a got, at that to

question next Paul from Ruddy Our from Davy. comes

both Just for well, probably two me, interconnected.

maybe competitive Just the on -- the intensity.

couple a of product iCasino, will retain you operators maybe season? there kind you BetMGM product may feel speaking why have iCasino, the in think in you launch. respond increased your you new there's speaking refreshed investment Firstly, on about to us similarly, into think sports Could in there is of give some about when second, to? And fear, detail you NFL the advantage the to anything

mean, Paul, responses fairly straightforward you. I for

think states from maintained sports I that's or will doing and a as competitive intensity acquiring do a states, what whether as always posture perspective, robust in business just which can we've much the describe as are we sports I iGaming. the

the QX year. It's course, to second marketing. investment around push about the referenced pleased look, very and about we the with Of for half to half, we're today going continuing the we to get first hard in in of cross-sell what think the talk iGaming. benefit not forward But the we're the just is do what to

us. of MLB also of an as performance investing the would have I to in we've a product been out almost the and look of capabilities. like the NFL. at We building when And wasn't penetration things level same for Historically, got strategy our at lot moment. I'm it really area do the pleased in we parlays

deploy the product football of at within things take beginning season stack of So to advantages -- the clearly, to having live forward around product doing going we're there's our September. a new the launches been into that a and that betting we've lot load

market. in market, long to we to keep intend in best the We've we've way work the the pricing the product our a So and best got very competitors. hard got ahead of

SIG. from from Joe comes question next Our Stauff

capabilities lot that once your process? gross The in anticipate of margin in-house? that's ask disaggregate wondering the questions two OSB XX%. I quarter, was AMP in-source I with the I'm and Peter, is on iCasino. And iCasino fully I reason the, US you of you in for and Rob. you are had where stack to effort then between get the the to technical for pickup to U.S. that you respect tech say, offering, us a two, trying growth if could say,

a own but not Joe, you in brought going improve to market, well, the going not improve I'm is into product a U.S. which that something able great in-house past. to content it's And to to is our stability we've our to cost U.S. in-house the things play, as well. platform the delighted the iGaming of deploy ability do tell It actually our the we've help certainly question in it's because been it's like also

definitely of drive will we So benefits it.

Then a lot the can the talk of about it. off there's that deploy initiatives AMP? think of Rob, exciting I back you we to just want

Yes.

AMP, XX% A both really second happy sportsbook of the small both being of of decline the and much we're expect growth we're terms on DFS, That's half bit year. continuing in the the with into you'd sportsbook In the cannibalization iGaming. a across as iGaming. and very

And iCasino just say, is terms at Peter, point of in-sourced then, XXX% the so in tech say? this clarify, it to stack

we around in-house to a we've lot doing there's bring U.S. of lot around, Yes. iGaming Look, of in control. sit the around part when cross-product the world with providers. that We'll continue of from that things partners that own experiences you'll iGaming, third-party us all the big And been with see and we've is stuff to engine done look own our on into work deploying that I mean, that, also our into promotional stability market. at There's clearly, able around stack. working what we've But extensively to work done our the the space. tech I now

continue will Monique We from Instructions] with Pollard Citi. [Operator

stick then. to I'll one Okay.

therefore, quarter, COGS. been On sort if margin was different good I really Presumably, just the XX.X%. about the some gross the of gross think margin. growing scaling The in in how there's of been non-tax states, you've the U.S.

in profit are place about talked So being gross there? understand about initiatives sort Illinois excluding tax tax the what XX.X%, that to ex also been still I increased? put when think was And margin, has the year obviously, full we've just Is we the of Or guide also Illinois that that impact? want the impact.

handle. I has of cost of our think particularly sales to impact the points sports impact, remember just the of when -- the are of one made all quite not a XX% impact which I results, is on profound

there are a will to? you any more details it's So have Rob that but -- want barring,

sales at one probably composition I look roughly think Peter here, time. cost to I much to in are will XX.X% mention, you we of some previous of driven which expect there's cost said sales sales, in pull we line broadly, XX.X%. When our that is Monique. more levers results. of of it it's when by and of of with now the is pull look we can the guidance revenue, some of mean be sports over a points as cost and very at you But there other couple

costs, for an them in cuts payment that had our withdrawal our If you we of deposit our costs for which up percentage withdraw, increase a easier are function a customers, as But it payment system feature. example, about at got revenue. essentially of the revenue, to they makes that as of deposits for look set love we've X% payment for

and coming costs we've year significant but lent into pattern where system got a we in see a other payment that do U.S. start recognition to other in actually over to we've make and in-road some quite costs. the time, next world, we significant payment across There's jurisdictions definitely the So opportunities think cost, reduce them we'll some from where markets

[indiscernible] time We've think costs. got other sales we'll things over as got be we well. able that to You've But also applied address.

of guidance leave of pull can we with within line there's us think we've moving that that the sales and previously that in stay outlined. yes, things So to on we guidance, forward a cost number longer-term

MoffettNathanson. comes next from from Our question Robert Fishman

Edge on distinct recent a between write-up the of you importance Fergie’s similarities discussed Flutter the and competitive your maintaining and advantage. Peter, in developing Manu,

curious about your #X as if kind So of you to U.S. the want North in position the maintaining just your even growing success Carolina of an you speak or if about talk And confidence can I'm of example?

our and we've Robert, a it's important when you we've to empowers that business local article. do I'm assembled that read I -- in think markets. pleased at way you Look, of is each way the that it look the I think able the been globally that

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That presentation. a Have pleasant concludes today's day.