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What does Flutter do and what are its main business segments?

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What factors drove the changes in Flutter's revenue and profit?

- **Revenue Growth**: 17% YoY revenue growth driven by 44% iGaming surge and disciplined sportsbook margin management.
- **Strategic Expansion**: $200-$300 million 2026 investment in FanDuel Predict to capture unregulated U.S. prediction markets.
- **Guidance Update**: Full year 2025 EBITDA reduced by $880 million due to sports results and strategic investments.
- **International Resilience**: 21% YoY international growth, with Turkey and Italy leading.
- **Cost Efficiency**: $300 million cost transformation program delivering $65 million annual Boyd savings.

**【CEO Summary Section】**
- Flutter reported Q3 2025 revenue growth of 17% YoY, driven by 44% iGaming revenue growth and 5% sportsbook handle growth. Adjusted EBITDA increased 6% YoY to $505 million.
- A $556 million non-cash impairment charge related to India's regulatory changes and a $205 million payment to Boyd for U.S. market access terms impacted net loss.
- Launched FanDuel Predict in December 2025, targeting unregulated U.S. states with a nationwide sports prediction product, with planned investments of $40-$50 million in Q4 2025 and $200-$300 million in 2026.
- U.S. sportsbook market share remained strong at 47% in September, despite elevated competitor generosity during NFL season start.
- International business grew 21% YoY, led by Turkey and Italy, with SNI and CCL acquisitions contributing 18 percentage points.

**【CFO Financial Commentary】**
- Group revenue: $16.69 billion (midpoint of updated guidance), +19% YoY; Adjusted EBITDA: $2.95 billion, +24% YoY.
- Q3 2025 net loss: $789 million (vs. $114 million prior year), driven by impairment charges and Boyd payment.
- Operating cash flow reduced by $81 million YoY due to Boyd payment; free cash flow reduced by $87 million YoY.
- Share repurchases of $225 million in Q3 and $245 million in Q4, completing $1.12 billion of 2025 buyback program.
- 2026 guidance includes $200-$300 million investment in FanDuel Predict, with focus on disciplined ROI monitoring.

**【Q&A Key Highlights】**
- **Prediction Markets Investment**: CFO Rob Coldrake stated Q4 2025 investment of $40-$50 million, with 2026 spend of $200-$300 million. CEO Jeremy Jackson emphasized disciplined customer acquisition and LTV monitoring.
- **U.S. Sportsbook Competition**: CFO highlighted Q4 2025 handle growth and NBA season strength, with 1,100bps improvement in parlay mix YoY. CEO noted competitor generosity moderation but elevated levels persist.
- **India Regulatory Impact**: CEO stated focus on free-to-play products in India, with lobbying efforts ongoing.
- **U.K. Market Resilience**: CFO noted 7% iGaming growth and confidence in SkyBet platform migration benefits.
- **Tax Risks**: CFO mentioned potential U.K. tax increases but confidence in Flutter's scale to mitigate impact.


Flutter Entertainment plc(FLUT)-20251113-2025 Q3 Earnings call transcript

- **Record Growth**: Q2 revenue up 16% YoY to $4.3 billion, EBITDA up 40% YoY to $951 million, driven by U.S. sportsbook and iGaming expansion.
- **Strategic Wins**: 100% FanDuel ownership via Boyd deal saves $65M/year, offsetting U.S. tax headwinds. Italy at 30% online market share post-Snai acquisition.
- **Product Innovation**: FanDuel iGaming AMPs up 32% YoY, sportsbook Same Game Parlay+ engagement surging during NBA playoffs.
- **Guidance Upped**: 2025 EBITDA target raised to $3.295 billion (40% YoY), reflecting U.S. sports results and cost savings.
- **Risks**: Illinois wager fee risks mitigated with $0.50/bet fee; Missouri launch costs $70M EBITDA loss, delayed to Dec 2025.

**【CEO Summary Section】**
- Flutter reported Q2 2025 revenue growth of 16% YoY, driven by U.S. sportsbook and iGaming expansion. Adjusted EBITDA rose 25% YoY to $951 million.
- Strategic priorities include U.S. market leadership (FanDuel at 100% ownership post-Boyd deal), regulatory advocacy (opposing Illinois wager fee), and international scale (30%+ online market share in Italy).
- U.S. sportsbook revenue grew 11% YoY, with iGaming up 42% YoY, fueled by product innovations like FanDuel Rewards Club and Same Game Parlay+.
- International markets delivered 15% YoY revenue growth, with Brazil and Italy acquisitions contributing 11ppt to growth. Snai integration on SEA platform expected H1 2026.

**【CFO Financial Commentary】**
- Group revenue: $4.3 billion (16% YoY), U.S. revenue: $1.3 billion (31% YoY), International revenue: $3.0 billion (17% YoY).
- Adjusted EBITDA: $951 million (40% YoY), U.S. EBITDA: $400 million (54% YoY), International EBITDA: $551 million (11% YoY).
- Net cash from operations: $36 million higher YoY, free cash flow reduced 9% due to Snai acquisition and tech investments.
- Updated 2025 guidance: $17.26 billion revenue (23% YoY), $3.295 billion EBITDA (40% YoY). U.S. EBITDA target: $1.245 billion (146% YoY growth).
- Boyd deal saves $65 million annually, offsetting $40 million U.S. tax headwinds. Missouri launch delayed to Dec 2025, with $70 million EBITDA loss guidance.

**【Q&A Key Highlights】**
- **Marketing Efficiency**: U.S. sales & marketing expense down 440bps YoY, with $20-25 million Q2 marketing spend deferred to H2.
- **Illinois Mitigation**: $0.50/bet fee introduced Sep 1 to offset 10% wager fee; Illinois seen as outlier, others expected to adopt balanced tax approaches.
- **International Outperformance**: SEA (+27% iGaming), UKI, APAC, and CEE driving 13% YoY EBITDA growth. Brazil strategy focused on product differentiation and scale.
- **Cost Transformation**: PokerStars & Sky Bet migrations on track for $300 million annual savings by 2027. Flutter Edge tech investments paying dividends in product innovation.
- **Share Repurchases**: $300 million Q2 buybacks; $1 billion annualized pace maintained, with $5 billion+ returns planned over 3-4 years.


Flutter Entertainment plc (FLUT) Q2 2025 Earnings Call Transcript

- **U.S. Dominance**: 43% sportsbook market share, 27% iGaming share, and 14.1% structural margin driven by *Your Way* tech. 
- **Global Scale**: SEA +14% YoY, India iGaming +45% YoY, and $17.08B revenue (midpoint). 
- **Cost Control**: 750bps S&M leverage improvement, $300M cost savings on track. 
- **Capital Return**: $230M buybacks in Q1, targeting $1B+ in 2025. 
- **Italy Ambition**: Snai deal adds $850M revenue, 15.4% market share, and $70M+ synergies.

**【CEO Operational Summary】**
- **U.S. Growth Driver**: Revenue up 18% YoY, driven by sportsbook (15% growth) and iGaming (32% growth). Structural gross margin expanded to 14.1%, supported by proprietary pricing tech like *Your Way*. 
- **International Expansion**: SEA region revenue +14% YoY, India iGaming +45% YoY. Snai acquisition in Italy adds $850M annual revenue and 15.4% market share. 
- **Product Innovation**: *Your Way* enables infinite outcome pricing, MLB handle trends strong, and 1M+ iGaming AMPs achieved for first time. 

**【CFO Financial Highlights】**
- **Q1 2025 Results**: Group revenue $17.08B (midpoint), +22% YoY. Adjusted EBITDA $3.18B (+35% YoY). U.S. EBITDA $161M (+5x YoY). 
- **Cost Efficiency**: $300M cost savings program underway. S&M leverage improved 750bps. Flutter Edge R&D +$6M YoY. 
- **Balance Sheet**: Net debt $5.3B (2.2x LTM EBITDA). $230M share buybacks in Q1, targeting $1B+ in 2025. 

**【Q&A Key Takeaways】**
- **U.S. Sportsbook**: Basketball handle softness offset by NFL/March Madness. MLB trends strong. Structural margin (+5.4pts YoY) resilient to sports results. 
- **iGaming Leadership**: 27% market share driven by exclusive content (e.g., *Huff 'n Puff*), daily jackpots, and 11% AMP growth in UKI. 
- **Italy Integration**: Snai deal to deliver $70M+ synergies over 3 years. Italian lotto bid in Q3 with digitalization potential (30%+ penetration). 
- **Brazil Expansion**: NSX acquisition to add $220M revenue. Betfair Brazil ARPU +20% YoY despite regulatory headwinds.

Flutter Entertainment plc (FLUT) Q1 2025 Earnings Call Transcript

- **U.S. Market Dominance**: 43% sportsbook and 26% iGaming market share; 33% YoY revenue growth guidance for 2025\n- **Product Innovation Success**: Your Way adoption during Super Bowl; 500bps NFL parlay penetration growth\n- **Financial Strength**: $941M free cash flow in 2024; $1B share buyback program\n- **Growth Catalysts**: Snai and NSX acquisitions; $300M cost savings program\n- **Resilience**: <18-month customer payback periods; 14.5% structural gross margin in Q4\n

**【CEO Summary Section】**
- **U.S. Market Leadership**: Exited Q4 with 43% sportsbook GGR market share and 26% iGaming GGR market share, solidifying position as #1 online sportsbook and iGaming operator in the U.S.\n- **Product Innovation**: Launched Your Way customizable betting product in NFL, seeing early adoption with 1 in 20 customers utilizing the feature during Super Bowl. Parlay penetration increased 500bps in NFL.\n- **International Growth**: UKI market share up 4ppt over 2 years; Italy saw 41% online revenue growth.\n- **2025 Outlook**: $1B share repurchase program; Snai and NSX acquisitions (~$2.7B total); U.S. revenue guidance of $7.72B (33% YoY growth).\n
**【CFO Financial Commentary】**
- **Q4 2024 Results**:\n  - Group revenue: $2.4B (14% YoY growth)\n  - Adjusted EBITDA: $629M (4% YoY growth)\n  - Net income: $156M\n  - Free cash flow: $941M (67% YoY growth)\n- **2025 Guidance**:\n  - U.S. revenue: $7.72B (33% YoY growth)\n  - Ex-U.S. revenue: $8.25B (6% YoY growth)\n  - Full year leverage target: 2.2x\n- **Key Drivers**:\n  - Sportsbook adverse results cost $550M in Q4\n  - $300M annualized cost savings program on track\n  - $1B share buyback program\n
**【Q&A Highlights】**\n- **Customer Acquisition**: Payback periods <18 months for new customers; iGaming AMPs growth 37%\n- **New State Expansion**: Missouri launch Q4 2025 with $80M pre-launch costs; Alberta pre-launch costs $10M\n- **Your Way Product**: 25% of users placing >10-leg parlays; risk management framework robust\n- **International Acquisitions**: Snai expected to contribute $100M EBITDA losses in 2025; NSX Brazil market entry\n- **Hold Rate**: Q4 structural gross margin 14.5%, tracking to 15%+ long-term target\n

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