Flutter Entertainment PLC (FLUT) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Flutter Entertainment plc Preliminary Results for 2021. (Operator Instructions)

早上好，歡迎來到 Flutter Entertainment plc 2021 年初步業績。（操作員說明）

Good morning, everyone, and thank you for joining our 2021 preliminary results presentation. It's great to be with you in person after nearly 2 years of Zoom meetings. As you can see, Jon is with me this morning, and he'll take you through our financial performance shortly.

大家早安，感謝您參加我們 2021 年的初步業績發表會。經過近兩年的 Zoom 會議，很高興能親自與您見面。正如您所看到的，喬恩今天早上和我在一起，他很快就會向您介紹我們的財務表現。

Slide 3 shows the agenda for this morning's presentation. I'm going to start with a brief overview of key developments in 2021. Then I'll take you through our refreshed group strategy and our new positive impact plan, which is designed to make our business more sustainable. Jonathan will then take you through the financials before I provide an operational update. Thereafter, we'll be happy to take any questions you may have.

幻燈片 3 顯示了今天上午演示的議程。我將首先簡要概述 2021 年的主要發展。然後，我將向您介紹我們更新的集團策略和新的正面影響計劃，該計劃旨在使我們的業務更具可持續性。然後，在我提供營運更新之前，喬納森將向您介紹財務狀況。此後，我們將很樂意回答您可能提出的任何問題。

Starting on Slide 4. Look, I've been pleased with the progress we've made in 2021 from both an operational and a strategic perspective. We continue to expand our recreational customer base globally in a sustainable way that positions us well for the long term. In the U.S., FanDuel continues to lead, and we achieved an important milestone on the path to profitability with FanDuel sportsbook and gaming business turning contribution positive during the year.

從投影片 4 開始。看，從營運和策略角度來看，我對 2021 年我們所取得的進展感到滿意。我們繼續以可持續的方式在全球範圍內擴大我們的娛樂客戶群，這使我們在長期內處於有利地位。在美國，FanDuel 繼續保持領先地位，我們在盈利之路上實現了一個重要的里程碑，FanDuel 體育博彩和遊戲業務在這一年中實現了積極貢獻。

In the U.K. and Ireland, we maintained our market share while making significant strides to make our business more sustainable. Jonathan and I will share more details on the progress we're making in this area and take you through the material items that drove our Q4 performance in particular.

在英國和愛爾蘭，我們保持了市場份額，同時在使我們的業務更具可持續性方面取得了重大進展。喬納森和我將分享更多關於我們在這一領域取得的進展的細節，並帶您了解特別推動我們第四季度業績的重要項目。

In Australia, Sportsbet continues to win share of the online market, reaching an estimated 50% in 2021. And in International, we've stabilized the PokerStars business. Jonathan will provide an overview of the key moving parts within the division over the last 2 years, and I will then share how this equips us well for delivering long-term growth.

在澳大利亞，Sportsbet 繼續贏得線上市場份額，預計到 2021 年將達到 50%。在國際市場，我們已經穩定了 PokerStars 業務。喬納森將概述過去兩年該部門內的關鍵活動部分，然後我將分享這如何幫助我們實現長期成長。

In 2018, we laid out a 4-pillar strategy for the group. And on Slide 5, we have summarized the progress we've achieved. We are the #1 operator in the U.K., Ireland, Australia and the U.S., while also now having a series of podium positions across international markets. We are a diversified global player from both a geographic and product perspective. And I'm sure I don't need to remind you all how important diversification has been over the last 2 years. Perhaps most encouragingly, our growth has been recreational-player led. Our customer base now stands at over 7.6 million monthly players, having grown a further 23% in 2021. And we have a business where over 90% of revenues come from regulated markets today, a number that we expect to rise to 95% in the not-too-distant future, with further markets regulating and as our U.S. business expands.

2018年，我們為集團制定了四大支柱策略。在投影片 5 中，我們總結了所取得的進展。我們是英國、愛爾蘭、澳洲和美國的第一大營運商，同時在國際市場上也佔據了一系列領先地位。從地理和產品的角度來看，我們都是一個多元化的全球參與者。我相信我不需要提醒大家過去兩年多元化的重要性。也許最令人鼓舞的是，我們的成長是由休閒玩家主導的。目前，我們的客戶群每月有超過760 萬名玩家，到2021 年將進一步成長23%。目前，我們的業務90% 以上的收入來自受監管的市場，我們預計這一數字將在2020 年上升至95%。隨著市場的進一步監管以及我們美國業務的擴展，在不久的將來。

In addition of Sisal, will also add additional regulated revenue. Globally, we continue to see significant opportunities to grow our presence, both organically and through acquisition, and our refresh strategy is designed to take advantage of those opportunities.

除了劍麻之外，還將增加額外的監管收入。在全球範圍內，我們繼續看到透過有機方式和收購來擴大我們影響力的重大機會，我們的更新策略旨在利用這些機會。

On Slide 6, we summarize our refreshed 4-pillar strategy. Pillar 1 focuses on our core markets where we aim to extend our leadership positions by delivering great products to our recreational player base, while leveraging our economies of scale to drive efficiencies. In the U.S., we will continue to invest to win as the market expands. Our goal is simple: to maintain our lead in U.S. sports betting while improving our share of the online gaming market. Pillar 3 is focused on international market opportunities where we will combine local and global scale to expand our share in attractive regulated markets. We'll find more Adjarabets, Junglees and Sisals, strong local brands with competitive moats around their businesses. And finally, we'll nurture an innovative and experimental mindset across the group to take early positions in future spaces.

在投影片 6 中，我們總結了更新後的 4 支柱策略。第一支柱專注於我們的核心市場，我們的目標是透過向娛樂玩家群提供優質產品來擴大我們的領導地位，同時利用我們的規模經濟來提高效率。在美國，隨著市場的擴大，我們將繼續投資以獲勝。我們的目標很簡單：保持我們在美國體育博彩領域的領先地位，同時提高我們在線上遊戲市場的份額。第三支柱專注於國際市場機會，我們將結合本地和全球規模，擴大我們在有吸引力的監管市場中的份額。我們會發現更多 Adjarabets、Junglees 和 Sisals，這些強大的本地品牌在其業務周圍擁有有競爭力的護城河。最後，我們將在整個團隊中培養創新和實驗思維，以便在未來領域中佔據先機。

We're already developing some of these ideas with VR, or virtual reality poker generating $10 million in gross revenue during 2021. This group strategy will be enabled by scale, speed, product, data and our positive impact plan, which I'll cover in more detail on the next slide.

我們已經在透過VR 或虛擬實境撲克開發其中一些想法，在2021 年創造1000 萬美元的總收入。該集團策略將透過規模、速度、產品、數據和我們的積極影響計劃來實現，我將對此進行介紹下一張投影片將詳細介紹。

Yesterday, we launched our Positive Impact Plan, a sustainability strategy that puts 3 key sets of stakeholders at the heart of everything we do: Our customers, colleagues and communities. The slide sets out the global principles of the plan to make a positive change across these 3 stakeholder groups. Importantly, we have now set clear targets in each of these areas so we can hold ourselves to account. I'll talk more about our customer target on the next slide.

昨天，我們推出了積極影響計劃，這是一項永續發展策略，將三組關鍵利害關係人置於我們所做一切工作的核心：我們的客戶、同事和社區。這張投影片列出了該計畫的全球原則，旨在為這 3 個利害關係人群體帶來積極的改變。重要的是，我們現在在每個領域都設定了明確的目標，以便我們可以對自己負責。我將在下一張投影片上詳細討論我們的客戶目標。

We want to empower colleagues to work better and to ensure that our teams are representative of where we work and live through a comprehensive diversity, equity and inclusion strategy. We want to work with communities to do more and aim to have improved the lives of 10 million people by 2030. We'll do so by using the expertise and experience within our business to support our communities with a focus on sports, health and well-being and tech for good. You'll find a lot more information on our positive impact plan when our annual report is published in the coming weeks.

我們希望透過全面的多元化、公平和包容性策略，讓同事能夠更好地工作，並確保我們的團隊代表我們工作和生活的地方。我們希望與社區合作做更多事情，目標是到 2030 年改善 1000 萬人的生活。為此，我們將利用我們業務中的專業知識和經驗來支持我們的社區，重點關注體育、健康和健康-存在和科技向善。當我們在未來幾週內發布年度報告時，您將找到有關我們積極影響計劃的更多資訊。

Our Play Well, Safer Gambling strategy builds on years of progress already made in protecting our customers, such as through the CAAP model developed originally in PPB. For a group with over 7.6 million monthly customers, we know there is no one-size-fits-all approach, though we believe there are universal principles that we can and should apply to all we can to protect vulnerable customers. We're listening to our customers, industry experts and critics by investing in research, innovation and collaboration. We want to empower our players to play positively by providing them with platforms and products that have protective tools in place. And this will include having better conversations with our players to encourage them to pause and reflect on their play and make positive choices.

我們的「玩得好，更安全」的賭博策略建立在多年來在保護客戶方面取得的進展的基礎上，例如透過最初在 PPB 中開發的 CAAP 模型。對於每月擁有超過 760 萬客戶的集團來說，我們知道沒有一種放之四海而皆準的方法，但我們相信存在一些通用原則，我們可以而且應該竭盡全力應用這些原則來保護弱勢客戶。我們透過投資研究、創新和協作來傾聽客戶、行業專家和評論家的意見。我們希望透過為玩家提供配備保護工具的平台和產品，讓他們能夠積極參與遊戲。這將包括與我們的玩家進行更好的對話，鼓勵他們停下來反思自己的比賽並做出積極的選擇。

And we'll continue to support players who need intervention by providing robust internal infrastructures, external partnerships and fund new initiatives. To ensure these principles are embedded within our organization, divisional safer gambling goals will be linked to our team's remuneration as part of their annual bonus metrics. This will ensure each division is focused on initiatives that will support and promote local safer gambling strategies in individual markets and context. We've also established our first global goal, to have 75% of our players using 1 or more of our Play Well tools by 2030. We believe that the use of such tools empowers customers to appraise their own activity while promoting positive play.

我們將繼續透過提供強大的內部基礎設施、外部合作夥伴關係和資助新措施來支持需要介入的參與者。為了確保這些原則融入我們的組織中，部門更安全的賭博目標將與我們團隊的薪酬掛鉤，作為其年度獎金指標的一部分。這將確保每個部門都專注於支持和促進個別市場和環境中當地更安全的賭博策略的措施。我們也制定了第一個全球目標，在 2030 年讓 75% 的玩家使用一個或多個 Play Well 工具。我們相信，使用此類工具可以讓客戶評估自己的活動，同時促進積極的遊戲。

I feel really proud of this new strategy and look forward to seeing the benefits it will bring to our customers, our people and our communities. And with that, I'll hand you over to Jonathan to take you through our financial results.

我對這項新策略感到非常自豪，並期待看到它為我們的客戶、我們的員工和我們的社區帶來的好處。接下來，我將把您交給喬納森，讓您了解我們的財務表現。

Thanks, Peter, and good morning, everybody. Again, it's great to actually see people in 3D. So welcome all. Plenty to cover, so let's get started.

謝謝彼得，大家早安。再次強調，能夠以 3D 方式親眼目睹人物真是太棒了。所以歡迎大家。有很多內容需要介紹，所以讓我們開始吧。

Okay. So starting on Slide 10. On a pro forma constant currency basis, we delivered revenue growth of 17% in 2021. This is obviously driven by the increase in the ongoing recreational player base with AMPs up, as Peter said, 23% year-on-year. Our sports revenue increased by 27%, thanks to the continued growth in the U.S., a strong performance in Australia and a return to a more normal sports calendar in 2021. As we'll cover later, this growth was despite challenging sports margin comparatives from 2020.

好的。從幻燈片10 開始。按照預期的固定匯率計算，我們在2021 年實現了17% 的收入增長。這顯然是由持續的休閒玩家基礎隨著AMP 的增長而推動的，正如Peter 所說，同比增長了23% -年。由於美國的持續增長、澳大利亞的強勁表現以及 2021 年體育日曆的恢復，我們的體育收入增長了 27%。 正如我們稍後將介紹的，儘管體育利潤率與2020.

Gaming revenue increased by 4% as the U.S. growth helped offset the uplift seen in our international business from the COVID-related boost in poker during 2020. These factors, combined with a larger U.S. loss and the initiatives that we are taking to make the business more sustainable, resulted in a group EBITDA of GBP 1 billion, 18% lower than 2020, and excluding those U.S. investment losses down by 10%. The group continues to turn profit into cash at a very high rate. We ended the year with net debt of GBP 2.6 billion and a leverage of 2.6x or 2.1x, excluding those U.S. investment losses.

遊戲收入成長了4%，因為美國的成長幫助抵消了2020 年新冠疫情相關的撲克業務成長為我們的國際業務帶來的成長。這些因素，再加上美國市場的更大損失以及我們為推動業務而採取的措施更具可持續性，導致集團 EBITDA 為 10 億英鎊，比 2020 年下降 18%，不包括美國投資損失下降 10%。該集團繼續以非常高的速度將利潤轉化為現金。截至年底，我們的淨債務為 26 億英鎊，槓桿率為 2.6 倍或 2.1 倍（不包括美國投資損失）。

Now turning to Slide 11 and the statutory income statement. Clearly, the high year-on-year growth reflected the benefit of a full 12 months contribution from The Stars Group in 2021's numbers versus 8 months in 2020 and the statutory loss after tax of GBP 412 million included over GBP 900 million of separately disclosed items, which were primarily noncash items. This included the amortization of acquired intangibles of GBP 543 million, mainly from the TSG merger. It also includes GBP 163 million for the final settlement of the historic PokerStars case with the state of Kentucky.

現在轉向投影片 11 和法定損益表。顯然，同比的高成長反映了Stars Group 2021 年整整12 個月的貢獻（相對於2020 年的8 個月）的收益，以及4.12 億英鎊的法定稅後虧損，其中包括超過9 億英鎊的單獨披露項目，主要是非現金項目。其中包括 5.43 億英鎊收購無形資產的攤銷，主要來自 TSG 合併。它還包括 1.63 億英鎊，用於與肯塔基州達成歷史性的撲克之星案件的最終和解。

Slide 12, we show our AMPs by division since H1 2019. Player volumes are a key indicator of the underlying health of our business and is a signal how effectively we are delivering against our customer acquisition and retention strategies. In 2021, we grew the total AMPs by 23% to 7.6 million. I'm not going to go through every number in detail, but a few things really stand out as I consider what we're delivering in terms of player growth. When compared to 2019, we have emerged with a much larger player base than we had pre-COVID, mostly driven by growth in recreational players, and that's very encouraging. In the UK&I player numbers were 25% higher year-on-year in 2021 at 3.2 million. Player retention in Australia remained strong with 2-year compound AMP growth of 28% and in international AMPs have grown by 10% since 2019 with that growth coming from more sustainable markets. And in the U.S., we had nearly 2 million AMPs in Q4, making it nigh our second largest division in terms of player numbers.

投影片 12，我們展示了自 2019 年上半年以來按部門劃分的 AMP。玩家數量是我們業務基本健康狀況的關鍵指標，也是我們如何有效地實施客戶獲取和保留策略的信號。 2021 年，我們的 AMP 總數增加了 23%，達到 760 萬人。我不會詳細介紹每個數字，但當我考慮我們在玩家成長方面所提供的服務時，有些事情確實很突出。與 2019 年相比，我們的玩家基礎比新冠疫情爆發前要大得多，這主要是由休閒玩家的成長推動的，這是非常令人鼓舞的。 2021 年，英國和愛爾蘭的玩家數量年增 25%，達到 320 萬人。澳洲的玩家保留率依然強勁，兩年複合 AMP 成長率為 28%，國際 AMP 自 2019 年以來已成長 10%，這種成長來自更永續的市場。在美國，我們在第四季擁有近 200 萬 AMP，就玩家數量而言，它幾乎是我們第二大部門。

On Slide 13, you can see how player growth translated into revenue growth. Last year, we delivered revenue growth of 17%, with the majority of that driven by the U.S. I'll talk about the U.K. and Ireland in more detail on the next slide, but I do want to touch you in the forms of the other divisions. We grew revenues in Australia by 20% last year, undoubtedly helped by COVID-related restrictions. And that growth of 20% was driven by AMP growth of 27%. We have enjoyed favorable sports results in both 2020 and 2021 in Australia, but there was no material difference in margin year-on-year.

在投影片 13 上，您可以看到玩家成長如何轉化為收入成長。去年，我們實現了 17% 的收入成長，其中大部分是由美國推動的。我將在下一張幻燈片中更詳細地討論英國和愛爾蘭，但我確實想以其他國家的形式與您接觸。部門。去年，我們在澳洲的營收成長了 20%，這無疑得益於與新冠疫情相關的限制。 20% 的成長是由 27% 的 AMP 成長所推動的。 2020年和2021年，我們在澳洲都取得了不錯的體育成績，但利潤率比去年同期沒有實質差異。

In International, as we've previously guided, revenue declined due to the uplift in poker activity in the prior year, along with the effect of regulatory changes and compliance initiatives. In the U.S., our revenue more than doubled, up 113%. The biggest drivers of this were a full year contribution from 4 sportsbook states launched in 2020 and a partial year benefit from our 4 new states launched in 2021. We also benefited from structural growth in our sportsbook margin, which Peter is going to cover later. We launched in 3 new gaming states, bringing our total footprint to 5 and our U.S. gaming business is already half the size of our entire UK&I gaming business. TVG and DFS continue to contribute with combined revenue growth of 11% in 2021.

在國際市場，正如我們之前所預測的那樣，由於上一年撲克活動的增加以及監管變化和合規舉措的影響，收入有所下降。在美國，我們的收入成長了一倍多，成長了 113%。其中最大的推動因素是2020 年推出的4 個體育博彩州的全年貢獻，以及2021 年推出的4 個新州的部分年度收益。我們還受益於體育博彩利潤率的結構性增長，彼得稍後將對此進行介紹。我們在 3 個新的遊戲州推出業務，使我們的總足跡達到 5 個，而且我們的美國遊戲業務規模已經是整個英國和愛爾蘭遊戲業務規模的一半。 TVG 和 DFS 持續做出貢獻，2021 年合併營收成長 11%。

Okay. On Slide 14, I want to take you through the year-on-year performance of our online business in UK&I. To keep this analysis straightforward, we have not tried to normalize the impact of COVID for clearly, 2020 was an unusual year with online benefiting from retail closures. Additionally, we have not tried to separate out the estimate of recycling impact, albeit we have seen less recycling in 2021 than historically has been the case, and Peter will talk a little bit more about that later. Starting from the left, firstly, we had some good underlying gaming and exchange revenue growth with gaming AMPs up 22% despite lapping some challenging COVID comparators. This is before we account for the impact of safer gambling measures. Staking grew by 25%, driving GBP 266 million in revenue growth, benefiting from the return of a more normal sports calendar.

好的。在投影片 14 上，我想向您介紹我們在英國和愛爾蘭的線上業務的同比表現。為了使分析簡單明了，我們並沒有試圖將新冠疫情的影響正常化，因為顯然 2020 年是不尋常的一年，在線商店受益於零售關閉。此外，我們並沒有嘗試將回收影響的估計分開，儘管我們發現 2021 年的回收量比歷史上的情況要少，Peter 稍後會詳細討論這一點。從左邊開始，首先，我們的基礎遊戲和交易所收入成長良好，儘管我們與一些具有挑戰性的新冠肺炎比較指標相比，遊戲 AMP 成長了 22%。這是在我們考慮更安全的賭博措施的影響之前的情況。受益於更正常的體育賽事日曆的回歸，賭注增長了 25%，推動收入增長 2.66 億英鎊。

We continue to benefit from improvements in structural margin, which added in a further GBP 46 million. The year-on-year swing in sports results impacted our revenues by GBP 232 million, a large proportion of which impacted in Q4. We rolled out various new safer gambling measures during the year, which we estimate cost us approximately GBP 93 million during 2021. And Peter will share our progress that we've made in this area later. Reported revenue growth of 3% translated into EBITDA of GBP 626 million, flat year-on-year with some higher cost of sales in the areas of streaming costs and taxes.

我們繼續受益於結構性利潤的改善，進一步增加了 4,600 萬英鎊。體育賽事成績的同比波動對我們的收入產生了 2.32 億英鎊的影響，其中很大一部分影響在第四季度。我們在這一年中推出了各種新的更安全的賭博措施，我們估計 2021 年我們將花費約 9300 萬英鎊。稍後 Peter 將分享我們在這一領域取得的進展。報告的收入成長 3%，EBITDA 為 6.26 億英鎊，與去年同期持平，但串流媒體成本和稅收領域的銷售成本有所上升。

Moving on to Slide 15, given the significant one-off COVID impacts on PokerStars in 2020, we thought it might be helpful to provide a 2-year EBITDA bridge for the International division. Firstly, we have to adjust for foreign exchange movements, which can be material in our International division, being the translation of the P&L from U.S. dollars to sterling, firstly; and secondly, exposure to local currencies, which players exchange to play in U.S. dollars. Over 2 years, the EBITDA impact has been GBP 61 million.

轉到投影片 15，考慮到 2020 年新冠疫情對撲克之星造成的重大一次性影響，我們認為為國際部門提供一個 2 年期 EBITDA 橋樑可能會有所幫助。首先，我們必須針對外匯變動進行調整，這對我們的國際部門來說可能很重要，首先是將損益表從美元換算為英鎊；其次，玩家可以兌換當地貨幣以換取美元。兩年多來，EBITDA 影響達到 6,100 萬英鎊。

Next, we have the impact of initiatives that we have taken to improve the sustainability of the division. First, you will recall that we made the decision at the end of 2019 to switch off a number of Betfair Exchange partners whose compliance standards were not aligned to ours. The net cost of these switch-offs was GBP 8 million. Secondly, we guided to a GBP 65 million investment to bring the compliance processes and standards of TSG up to Flutter's standards post merger. And thirdly, we have improved the quality of the geographic, regulated and product mix within the division. And as a result, our cost of sales as a percentage of revenues increased by around 8 percentage points.

接下來，我們將了解我們為提高該部門的可持續性而採取的措施的影響。首先，您可能還記得，我們​​在 2019 年底決定關閉一些合規標準與我們不一致的 Betfair Exchange 合作夥伴。這些關閉的淨成本為 800 萬英鎊。其次，我們引導投資 6,500 萬英鎊，使 TSG 的合規流程和標準在合併後達到 Flutter 的標準。第三，我們提高了該部門內地理、監管和產品組合的品質。結果，我們的銷售成本佔收入的百分比增加了約 8 個百分點。

We have had the negative regulatory developments in both Germany and Netherlands, which have cost the business GBP 85 million since 2019, with a further GBP 55 million incremental costs to come in 2022. Rebasing 2019 EBITDA for these items resulted in an EBITDA of GBP 304 million. You can then see the underlying investment made in the business and the growth this has driven to date. Of the GBP 133 million of investment, GBP 52 million was in capabilities. Some of this is in building required resource, for example, in our regulatory and compliance teams, and some was invested in commercial skills and capabilities to enable us to effectively spend the marketing investment and invest in product improvements. Peter will touch on where we have focused this investment -- we have sorry, just go back. Thanks. We have delivered growth of GBP 121 million, of which we estimate 2021 benefited by around GBP 38 million from COVID impacts.

我們在德國和荷蘭都經歷了負面的監管發展，自2019 年以來已使企業損失了8500 萬英鎊，2022 年還將增加5500 萬英鎊的增量成本。對這些項目的2019 年EBITDA 進行重新調整後，EBITDA 為304 英鎊百萬。然後，您可以看到對業務的基礎投資以及迄今為止所推動的成長。在 1.33 億英鎊的投資中，5,200 萬英鎊用於產能投資。其中一些是建立所需的資源，例如，在我們的監管和合規團隊中，還有一些是投資於商業技能和能力，使我們能夠有效地利用行銷投資並投資於產品改進。彼得將談到我們這項投資的重點——我們很抱歉，請回去吧。謝謝。我們實現了 1.21 億英鎊的成長，其中我們估計 2021 年將受益於新冠疫情影響約 3,800 萬英鎊。

By rebuilding the foundations of the PokerStars business and investing in our casino and marketing capabilities, we have stabilized our poker share, driven significant growth in direct casino and delivered good underlying growth in our key markets, which Peter will talk about shortly.

透過重建撲克之星業務的基礎並投資於我們的賭場和行銷能力，我們穩定了我們的撲克份額，推動了直接賭場的顯著增長，並在我們的關鍵市場實現了良好的基礎增長，Peter 很快就會談到這一點。

Slide 16 provides an EBITDA and an EBITDA margin summary for 2019, 2020 and 2021. Standing back from these results, we have materially rebalanced the group over this period. In UK&I online, the recreational growth has delivered strong customer and profit growth over 2 years, at a time when retail has been challenged. Australia has delivered phenomenal profit growth from increasing AMPs, synergies and operating leverage. As covered in the previous slide, we have materially reshaped and derisked the International division. And the corporate, we have delivered synergies from the merger.

投影片 16 提供了 2019 年、2020 年和 2021 年的 EBITDA 和 EBITDA 利潤率摘要。從這些結果來看，我們在此期間對集團進行了實質的重新平衡。在 UK&I 線上業務中，在零售業面臨挑戰的情況下，娛樂業務的成長在兩年多的時間裡帶來了強勁的客戶和利潤成長。澳洲透過不斷增加的 AMP、協同效應和營運槓桿實現了驚人的利潤成長。正如上一張投影片所述，我們對國際部門進行了實質重組並消除了風險。對於公司而言，我們透過合併帶來了協同效應。

In the U.S., while losses have grown over the last 2 years, we have invested to build the embedded value of the business, and now have a clear path to profitability in 2023. As a reminder, our revenues from 2019 to 2021 grew from GBP 400 million to GBP 1.4 billion. Overall, we feel the group is really well positioned financially going forward.

在美國，雖然過去兩年虧損有所增加，但我們進行了投資以建立業務的內在價值，現在已經有了在2023 年實現盈利的明確路徑。需要提醒的是，我們從2019 年到2021 年的收入增長了英鎊4億至14億英鎊。總體而言，我們認為該集團未來的財務狀況確實良好。

On 17 -- on Slide 17, you will see we generated adjusted free cash flow of GBP 625 million. This is lower than the prior year due to our EBITDA reduction, higher CapEx spend and a reduced working capital benefit compared to 2020. Cash generation was still very strong. Comparing operating profit to pretax adjusted free cash flow, we converted profits into cash at 102%. I'm sure you'll be glad to hear that I won't go through every line item on this slide, and we'll just talk about some of the more material ones. We paid higher corporate tax given the changing geographic mix of our earnings. Interest paid was GBP 37 million lower year-on-year, thanks to lower borrowing costs. We paid GBP 234 million to fully settle the historic case of Kentucky, including associated legal fees. And our Employee Benefit Trust acquired GBP 181 million worth of shares relating to FanDuel incentive schemes put in place at the time of the original acquisition. M&A activity during the period resulted in a net inflow of GBP 73 million from the sale of Oddschecker, partially offset by the acquisitions of Junglee Games and Singular. And as a result, we finished the year with net debt of GBP 2.6 billion and a leverage of 2.6x. And this is before the acquisitions of Tombola, which completed in January, and Sisal, which is expected to complete in Q2 of this year.

17 日—在幻燈片 17 上，您將看到我們產生了 6.25 億英鎊的調整後自由現金流。由於與 2020 年相比，我們的 EBITDA 減少、資本支出增加以及營運資本效益減少，因此該數字低於上一年。現金產生仍然非常強勁。將營業利潤與稅前調整後的自由現金流量進行比較，我們將利潤轉換為現金的比率為 102%。我相信您會很高興聽到我不會詳細介紹這張投影片上的每個項目，我們只會討論一些更重要的項目。鑑於我們收入的地理結構不斷變化，我們繳納了更高的企業稅。由於借貸成本下降，支付的利息較去年同期減少 3,700 萬英鎊。我們支付了 2.34 億英鎊，以徹底解決肯塔基州的歷史性案件，包括相關的法律費用。我們的員工福利信託基金收購了價值 1.81 億英鎊的股票，這些股票與最初收購時實施的 FanDuel 激勵計劃相關。在此期間的併購活動導致出售 Oddschecker 帶來 7,300 萬英鎊的淨流入，但部分被收購 Junglee Games 和 Singular 所抵消。結果，我們今年的淨債務為 26 億英鎊，槓桿率為 2.6 倍。這是在 1 月完成的 Tombola 收購和預計今年第二季完成的 Sisal 收購之前。

So as I said, the leverage at the end of '21 was 2.6x or 2.1x, excluding U.S. losses. To consider the impact of Tombola and Sisal in the group's debt and leverage level, we have modeled the year-end '21 position as though we owned both assets at that point. On this basis, our leverage ratio would have been 3.7x, or 3.1x excluding U.S. losses. Given the highly cash-generative nature of our business, and our expectation that we'll be EBITDA positive in the U.S. in 2023, we are comfortable running with a temporary elevated leverage ratio.

正如我所說，21 年末的槓桿率為 2.6 倍或 2.1 倍（不包括美國損失）。為了考慮 Tombola 和 Sisal 對集團債務和槓桿水平的影響，我們對 21 年末的頭寸進行了建模，就好像我們當時擁有這兩種資產一樣。在此基礎上，我們的槓桿率為 3.7 倍，如果不包括美國損失，則為 3.1 倍。鑑於我們業務的高度現金生成性質，以及我們預計 2023 年我們在美國的 EBITDA 將為正值，我們可以放心地暫時提高槓桿率。

As you will see on the slide since these announcements, all of our credit ratings have a stable outlook. And we remain committed to our medium-term target of 1 to 2x leverage, and the Board will review the group's dividend policy once leverage is within the targeted range.

正如您將在這些公告發布以來的幻燈片中看到的那樣，我們所有的信用評級展望均為穩定。我們仍致力於實現 1 至 2 倍槓桿率的中期目標，一旦槓桿率處於目標範圍內，董事會將審查集團的股利政策。

Slide 19 provides a trading update and additionally, some memo items for those wishing to update trading models. Current trading for the 7 weeks to -- the first 7 weeks in 2022 have been in line with our expectations and 2% higher year-on-year. The prior year included some very positive sports results in the UK&I.

投影片 19 提供了交易更新，此外還為那些希望更新交易模型的人提供了一些備忘項目。目前 2022 年前 7 週的交易量符合我們的預期，年增 2%。前一年在英國和愛爾蘭取得了一些非常積極的體育表現。

Given the evolving situation in Russia and Ukraine, we wanted to provide a summary of our exposure to both markets. Since completion of our merger with TSG, we have materially reduced our exposure to the Russian online market. And in 2021, Russia accounted for GBP 41 million in contribution. In addition, Ukraine represented a contribution of GBP 19 million. We are monitoring the situation closely, with our working assumption being that revenues from both jurisdictions will fall to 0 in the not-too-distant future.

鑑於俄羅斯和烏克蘭不斷變化的局勢，我們希望提供我們對這兩個市場的曝險總結。自從完成與 TSG 的合併以來，我們大幅減少了在俄羅斯線上市場的投資。 2021年，俄羅斯貢獻了4,100萬英鎊。此外，烏克蘭捐款1900萬英鎊。我們正在密切關注事態發展，我們的工作假設是，兩個司法管轄區的收入將在不久的將來降至零。

As we consider the shape of 2022 revenues compared to 2021, we benefited from favorable sports results in the first half of last year with gross win margins 120 basis points above expected levels, whereas they were in line overall in H2. We therefore expect that the phasing of our growth this year will see us grow more in the second half assuming a normal run of sports results.

當我們考慮 2022 年收入與 2021 年相比的情況時，我們受益於去年上半年良好的體育業績，毛利潤率比預期水平高出 120 個基點，而下半年總體情況與預期一致。因此，如果體育賽事成績正常，我們預計今年的成長階段將使我們在下半年實現更多成長。

And with that, I'll hand back to Peter.

接下來，我將把問題交還給彼得。

Thanks, Jonathan. I'll now provide an update on key developments across the group, starting with the U.S. on Slide 21. Back in August, when we provided a deep dive in our U.S. business, I described how the flywheel effect is fueling FanDuel's growth. And over the last 12 months, Amy and the team have done a great job in continuing to scale our U.S. business.

謝謝，喬納森。現在，我將提供整個集團主要發展的最新情況，從幻燈片 21 上的美國開始。早在 8 月份，當我們深入了解我們的美國業務時，我描述了飛輪效應如何推動 FanDuel 的成長。在過去 12 個月裡，艾米和團隊在繼續擴大我們的美國業務方面做得非常出色。

The chart on the right demonstrates how quickly the business is growing. Our monthly sportsbook customers grew by 180% in 2021 with our gaming customer base more than doubling also. Our best-in-class sports betting product is continuing to deliver improvements to our structural win margins. We'll continue to invest heavily in product, brand and generosity but believe the efficiency of our spend stands out in the U.S. sector today. Critically, our revenue growth is continuing to exceed our operating cost growth, bringing ongoing improvements on our path to profitability.

右圖顯示了業務成長的速度。 2021 年，我們的每月體育博彩客戶成長了 180%，我們的遊戲客戶群也增加了一倍以上。我們一流的體育博彩產品正在繼續改善我們的結構性贏利。我們將繼續在產品、品牌和慷慨方面進行大量投資，但相信我們的支出效率在當今的美國行業中脫穎而出。至關重要的是，我們的收入成長持續超過營運成本成長，為我們的獲利之路帶來持續改善。

We believe strongly that the long-term winners in this sector are determined by their quality of their product. On Slide 22, the migration of FanDuel into the group's betting platform was completed in July and provided significant improvements in speed and reliability across the NFL season. Our proprietary Same Game Parlay product, which is seamlessly integrated into the user experience, continues to be a key differentiator for us, and we'll continue to expand our product offering in this area. Over 76% of our NFL customers placed the Same Game Parlay bet during the NFL season. And as we have highlighted before, this brings big benefits to us in the form of structurally higher win margins.

我們堅信，該領域的長期贏家取決於產品品質。在幻燈片 22 上，FanDuel 遷移到該集團的投注平台已於 7 月完成，並在整個 NFL 賽季的速度和可靠性方面取得了顯著改進。我們專有的 Same Game Parlay 產品無縫整合到用戶體驗中，仍然是我們的關鍵差異化因素，我們將繼續擴展我們在該領域的產品供應。超過 76% 的 NFL 客戶在 NFL 賽季期間進行了同場連本帶利投注。正如我們之前強調的那樣，這給我們帶來了巨大的好處，即結構性更高的利潤率。

In Q4 of this year, we generated 50% more gross revenue from our handle than the average of the rest of the market. We also continue to leverage our scale to invest in the FanDuel brand. In the second half, we signed multiyear extensions with key partners such as the NFL, the NBA, Pat McAfee, the Ringer and the PGA. Given the attractive customer economics we're seeing, our U.S. business spent over $1 billion on customer promotions and marketing in 2021. This allowed us to have the highest TV media share voice in the market throughout the second half, 25% higher than our nearest competitor. The levels of required investment to be a winner in this market are high, which we ultimately feel may act as a helpful barrier to entry in the industry.

今年第四季度，我們的手把產生的總收入比市場其他公司的平均收入高出 50%。我們也繼續利用我們的規模來投資 FanDuel 品牌。下半年，我們與 NFL、NBA、Pat McAfee、Ringer 和 PGA 等主要合作夥伴簽署了多年續約協議。鑑於我們所看到的有吸引力的客戶經濟，我們的美國業務在2021 年在客戶促銷和行銷上花費了超過10 億美元。這使我們在整個下半年擁有市場上最高的電視媒體份額聲音，比我們最接近的公司高出25%競爭者。成為這個市場的贏家所需的投資水平很高，我們最終認為這可能會成為進入該行業的一個有益的障礙。

On Slide 23, you'll see the results these advantages are delivering. We continue to lead with a 40% share of the online sports betting market in Q4. Our share of the overall online sports and gaming market was 31% in Q4 when combined with our 20% gaming share. Our market share remains remarkably resilient, as we've added gold medals in new 2021 states such as Arizona, Michigan and Virginia to our ongoing leads in earlier states such as New Jersey and Pennsylvania. When states launch, our early share can be depressed by both our own investments and promotional activity and the early giveaways from competitors. But once markets settle down, we're encouraged to see that customers are migrating to where the product is best.

在投影片 23 上，您將看到這些優勢帶來的結果。第四季度，我們繼續以 40% 的線上體育博彩市場份額處於領先地位。第四季度，我們在整個線上體育和遊戲市場的份額為 31%，加上我們的遊戲份額為 20%。我們的市佔率仍然非常有彈性，因為我們在新澤西州和賓州等早期州持續領先的基礎上，又在亞利桑那州、密西根州和維吉尼亞州等 2021 年新州獲得了金牌。當各州推出時，我們自己的投資和促銷活動以及競爭對手的早期贈品可能會壓低我們的早期份額。但一旦市場穩定下來，我們就會欣喜地看到客戶轉向產品最好的地方。

In Q1 of 2022, we've invested significantly during launches in New York, Louisiana and in another generous Super Bowl offer. We expect these investments to deliver strong market shares as the year progresses. Our New York launch has been particularly successful with over 400,000 new sportsbook customers acquired to date. In addition, we're already seeing signs that competitors are pulling back from their initial customer offers. There's an important point to note in terms of long-term profitability in New York and tax take for the state. We hope policymakers in New York recognize that while the state benefited from an initial period of heavy investment amongst operators, such investment is not sustainable beyond a few weeks. Absent different treatments of bonusing and/or a lower tax rate, the period of aggressive initial spending is almost over.

2022 年第一季度，我們在紐約、路易斯安那州的發布以及另一場慷慨的超級碗優惠活動中投入了大量資金。我們預計隨著時間的推移，這些投資將帶來強勁的市場份額。我們在紐約的推出特別成功，迄今已吸引了超過 40 萬名新的運動博彩客戶。此外，我們已經看到競爭對手正在撤回最初的客戶報價的跡象。就紐約的長期盈利能力和該州的稅收而言，有一點值得注意。我們希望紐約的政策制定者認識到，雖然紐約州從營運商的初期大量投資中受益，但這種投資在幾週後就無法持續。如果沒有不同的獎金待遇和/或較低的稅率，激進的初始支出時期即將結束。

On the right-hand chart, you'll see that we're delivering our leading share while operating more efficiently than our largest online competitors. We generated 47% more revenue than our nearest competitor in 2021 and we achieved this whilst securing $400 million less in losses on a comparable reporting basis. One key factor in this efficiency is that on a like-for-like basis, we estimate that in 2021, we spent $0.25 less on sales and marketing for each dollar of revenue generated than our nearest competitor.

在右側圖表中，您會看到我們正在提供領先的份額，同時比我們最大的線上競爭對手更有效率地運作。 2021 年，我們的收入比最接近的競爭對手高出 47%，同時在可比較報告基礎上減少了 4 億美元的損失。這種效率的一個關鍵因素是，在同類基礎上，我們估計，到 2021 年，每產生 1 美元的收入，我們在銷售和行銷方面的支出比最接近的競爭對手少 0.25 美元。

On Slide 24, I want to update you on our latest thinking around state-by-state profitability. At our 2019 U.S. Investor Day, we estimated that our New Jersey sportsbook will be structurally contribution-positive within 18 to 30 months of launch. I'm pleased to report that we're now seeing an acceleration in that time line to just 12 to 24 months.

在投影片 24 上，我想向您介紹我們關於各州獲利能力的最新想法。在 2019 年美國投資者日，我們預計新澤西州體育博彩將在推出後 18 至 30 個月內實現結構性貢獻。我很高興地向您報告，我們現在看到該時間縮短至 12 至 24 個月。

What's driving this? Firstly, we are acquiring customers far faster when a state launches than used to be the case. Arizona is a good example of this, has a population that's 3/4 of the size of New Jersey. It took us about 5 months to acquire our first 100,000 sportsbook customers in New Jersey. In Arizona, it took us less than a month. These faster sign-up rates better reflect the awareness of the sports betting generally, but also the changes we've made to our own state launch playbook, where our integrated accounts and wallet means we are converting DFS customers to sports betting faster than before.

是什麼推動了這一點？首先，當一個州推出時，我們獲得客戶的速度比以前快得多。亞利桑那州就是一個很好的例子，其人口是新澤西州的 3/4。我們花了大約 5 個月的時間在新澤西州獲得了第一批 10 萬名體育博彩客戶。在亞利桑那州，我們花了不到一個月的時間。這些更快的註冊率更好地反映了人們對體育博彩的普遍認識，同時也反映了我們對自己的州啟動策略所做的改變，我們的整合帳戶和錢包意味著我們比以前更快地將DFS 客戶轉變為體育博彩。

Once acquired, the quality of our products are driving better retention rates and generating a structurally higher sports margins I spoke about. The chart shows what this means for investment and returns. Because we're acquiring more customers initially, the initial investment losses are deeper in the first months post launch, but we end up with a much bigger base of customers in a shorter time frame, leading to a higher level of contribution in the subsequent months.

一旦被收購，我們產品的品質就會提高保留率，並產生我提到的結構性更高的體育利潤。這張圖表顯示了這對投資和回報意味著什麼。由於我們最初會獲得更多客戶，因此在推出後的頭幾個月初始投資損失會更大，但我們最終會在更短的時間內獲得更大的客戶群，從而在接下來的幾個月中做出更高水準的貢獻。

On Slide 25, we show what this means for our path to profitability. In 2021, our combined sportsbook and gaming businesses generated a positive contribution of $14 million. As you can see, the early cohorts of customers generated the positive contribution that we then use to invest in the next wave of new customers. Just 38% of our 2021 total customer base were with us before January last year, yet they generated enough contribution to offset the material net investment made to acquire the remaining 62% of our customer base. Going forward, as our existing customer base expands, their contribution will far outstrip our ongoing customer acquisition investment. We can see this being played out at an individual state level, where large early states like New Jersey, Pennsylvania, Illinois and Indiana were already contribution positive in 2021.

在幻燈片 25 中，我們展示了這對我們的獲利之路意味著什麼。 2021 年，我們的體育博彩和遊戲業務合併產生了 1,400 萬美元的積極貢獻。正如您所看到的，早期的客戶群產生了積極的貢獻，然後我們將其用於投資下一波新客戶。去年 1 月之前，我們 2021 年總客戶群中只有 38% 是我們的，但他們產生的貢獻足以抵銷為收購剩餘 62% 客戶群而進行的物質淨投資。展望未來，隨著我們現有客戶群的擴大，他們的貢獻將遠遠超過我們持續的客戶獲取投資。我們可以看到這種情況在各州一級上演，其中新澤西州、賓夕法尼亞州、伊利諾伊州和印第安納州等大型早期州在 2021 年已經做出了積極貢獻。

FanDuel's cost base, excluding marketing, was $458 million in 2021, which is a significant level of investment for those choosing to compete with us. Even with ongoing investment and the potential for ongoing losses in FOX Bet, we expect that by 2023, we'll be EBITDA positive in the U.S. This does assume though that the timing of new state regulation matches our expectations and that a big state like California doesn't go live next year. And should California go live, reaching EBITDA positive would likely be delayed, but that would be a nice problem to have.

2021 年，FanDuel 的成本基礎（不包括行銷費用）為 4.58 億美元，對於那些選擇與我們競爭的公司來說，這是一筆相當大的投資。即使 FOX Bet 正在進行持續投資且可能持續虧損，我們預計到 2023 年，我們在美國的 EBITDA 將為正。這確實假設新州監管的時機符合我們的預期，而像加州這樣的大州明年不會上線。如果加州上線，實現 EBITDA 為正值的時間可能會被推遲，但這將是一個很好的問題。

Now let me talk about our U.K. and Irish businesses. In our UK&I division, 2021 was something of a tale of 2 halves. Jonathan has already talked you through how our performance compared with 2020, but I'd like to spend a couple of minutes showing some insights around the fourth quarter and the moving parts that influenced the outcome.

現在讓我談談我們在英國和愛爾蘭的業務。在我們的 UK&I 部門，2021 年可以說是分為兩個半的故事。喬納森已經向您介紹了我們的業績與 2020 年相比如何，但我想花幾分鐘時間展示有關第四季度的一些見解以及影響結果的動態部分。

First, we saw a very material swing in sports results year-on-year. The swing from good luck to bad in the fourth quarters of 2020 and 2021 resulted in a revenue swing of almost GBP 150 million. There's nothing structurally going on with margin, it's simply down to results and the fact that we generally over-index in bet builder products. Secondly, you can see how the cost of the safer gambling changes we've made impacted revenues across the year, with costs totaling GBP 93 million by the end of Q4. Setting these 2 factors aside, though, it's fair to say that underlying demand in Q4 was below our expectations. The normal relationship between staking and margin was weaker in Q4 when compared with historic norms, and we think there are a couple of reasons for this. Firstly, we think that the COVID unwind has led to reduced levels of customer engagement in gambling products generally, and the Gambling Commission data published last week would back that up. It showed that online sports betting GGR was down 43% in the U.K. in Q4.

首先，我們看到體育成績同比出現了非常實質的波動。 2020 年和 2021 年第四季的時好時壞導致收入波動近 1.5 億英鎊。保證金在結構上沒有任何問題，這只是取決於結果以及我們通常在投注構建器產品中過度索引的事實。其次，您可以看到我們做出的更安全的賭博變革的成本如何影響全年收入，截至第四季度末，成本總計 9300 萬英鎊。不過，撇開這兩個因素不談，可以公平地說，第四季的潛在需求低於我們的預期。與歷史正常水平相比，第四季度質押和保證金之間的正常關係較弱，我們認為造成這種情況的原因有幾個。首先，我們認為新冠疫情的放鬆導致客戶對賭博產品的參與度普遍降低，賭博委員會上週發布的數據也支持了這一點。報告顯示，第四季英國線上體育博彩 GGR 下降了 43%。

Secondly, we feel that some of our products lacked the sharpness towards the end of last year, and we're making changes to address that. In contrast, our gaming business outperformed the market. Flutter brands maintained good customer volumes driven by our leading daily price mechanics such as the Sky Vegas Prize Machine and Paddy's Wonder Wheel. It's notable though that the market generally experienced a fewest number of Q4 online casino downloads for 3 years. And rest assured, we are responding to what we're seeing in the market, and we are very focused on improving our product proposition. And we're also examining the cost base of the business. While we don't know what specific recommendations will be made in the white paper, we know that customer economics in the U.K. are going to continue to evolve, and so we're doing work now to make sure our structures and cost base are optimized to the future shape of the sector.

其次，我們覺得我們的一些產品缺乏去年年底的清晰度，我們正在做出改變來解決這個問題。相比之下，我們的遊戲業務表現優於市場。在 Sky Vegas 獎機和 Paddy's Wonder Wheel 等領先的每日價格機制的推動下，Flutter 品牌保持了良好的客戶量。值得注意的是，市場第四季的線上賭場下載量總體上是三年來最少的。請放心，我們正在對市場上所看到的情況做出反應，我們非常專注於改進我們的產品主張。我們也正在檢查業務的成本基礎。雖然我們不知道白皮書中將提出哪些具體建議，但我們知道英國的客戶經濟將繼續發展，因此我們現在正在努力確保我們的結構和成本基礎優化到該行業的未來形態。

On Slide 27, I want to talk about the progress we've made in improving the sustainability of our business in the U.K. and Ireland. As you can see on the chart on the left, since H2 2019 our AMP growth has exceeded our revenue growth, with reductions in revenue from higher-value tiers being largely offset by growth in lower spending cohorts. What this effectively means is that we've reduced the proportion of revenue coming from our top value tier by over 55% since 2019. We have grown our overall AMP base by 27% at the same time. ARPUs across all our customer cohorts have reduced, and we believe we have increased our share within the recreational space in that time.

在投影片 27 上，我想談談我們在提高英國和愛爾蘭業務可持續性方面取得的進展。正如您在左側圖表中看到的，自 2019 年下半年以來，我們的 AMP 成長超過了收入成長，高價值層收入的減少在很大程度上被較低支出群體的成長所抵消。這實際上意味著，自 2019 年以來，我們已將來自最高價值層的收入比例減少了 55% 以上。同時，我們的整體 AMP 基礎增長了 27%。我們所有客戶群的 ARPU 值都下降了，我們相信我們當時在娛樂空間中的份額增加。

Businesses such as ours will always have a concentration of revenues coming from higher income customers. Having examined this, we see that our revenue concentration coming from higher value tier customers aligns closely with overall wealth distribution from the U.K. Now just 6.7% of our revenue comes from that highest value tier, and this is considerably lower for both our recreational brands and Tombola. The safer gambling framework we already put in place and our new Play Well strategy gives us confidence in the protections we have for our higher-spending customers.

像我們這樣的企業的收入始終集中來自高收入客戶。對此進行研究後，我們發現我們來自高價值層客戶的收入集中度與英國的整體財富分配密切相關。現在我們的收入中只有 6.7% 來自最高價值層，對於我們的休閒品牌和通博拉。我們已經實施的更安全的賭博框架和新的「好好玩」策略讓我們對為高消費客戶提供的保護充滿信心。

On Slide 28, we set out how we protect our customers throughout all stages of their journey, from registration to continue to play. I'm not going to go through all of the detail here, but I want to share it as I think it's a really important that people understand just how much we're doing in this area at the moment.

在投影片 28 中，我們闡述如何在客戶旅程的各個階段（從註冊到繼續玩遊戲）中保護客戶。我不會在這裡詳細介紹所有細節，但我想分享它，因為我認為讓人們了解我們目前在這一領域做了多少工作非常重要。

From a robust checks and monitoring for our newest customers to always on protections, we want to ensure that all our customers are equally empowered and protected where needed. I recognize that the changes we are making are having a financial impact on our business, but I passionately believe that what we're doing is right for our customers and right for our business in the long run. I would encourage our peers to be proactive in this area, too. And ultimately, this means that the U.K. sector experiences a year or 2 of lower growth, then there will be a price worth paying in the interest of all stakeholders.

從對我們的最新客戶進行嚴格的檢查和監控到始終提供保護，我們希望確保所有客戶在需要時都能得到平等的授權和保護。我認識到我們正在做出的改變正在對我們的業務產生財務影響，但我堅信，從長遠來看，我們正在做的事情對我們的客戶來說是正確的，對我們的業務也是正確的。我鼓勵我們的同行也積極參與這一領域。最終，這意味著英國產業將經歷一兩年的低成長，然後為了所有利害關係人的利益，將付出值得付出的代價。

Turning to Australia on Slide 29. Back in September, Barni and the team brought you through why we're winning the market by delivering on product, marketing and value. We now have a 50% share of the Australian online market, 7 percentage points higher than in 2019, but we aren't resting on our laurels. In the second half, the team combined the best of our product in Same Game Multis with our leading value proposition by offering personalized bet return tokens to Same Game Multi betters. By combining our top line growth through the operational efficiency scale can deliver and the synergy benefit from the TSG merger, our EBITDA margin has expanded by 10 percentage points in just 2 years. This has seen EBITDA growth at a compound rate of 64% over that time. Sportsbet provides the perfect template of what we're trying to achieve in other international markets and showcases the financial benefits from market leadership.

第 29 張投影片轉向澳洲。早在 9 月份，Barni 和團隊就向您介紹了我們為何透過提供產品、行銷和價值來贏得市場。目前，我們在澳洲線上市場佔有 50% 的份額，比 2019 年高出 7 個百分點，但我們並沒有滿足於現狀。在下半年，團隊將我們在 Same Game Multis 中最好的產品與我們領先的價值主張相結合，為 Same Game Multi 的更好者提供個性化的投注返回代幣。透過將營運效率規模帶來的營收成長與 TSG 合併帶來的協同效益結合，我們的 EBITDA 利潤率在短短 2 年內就擴大了 10 個百分點。在此期間，EBITDA 的複合成長率為 64%。 Sportsbet 為我們在其他國際市場上努力實現的目標提供了完美的模板，並展示了市場領導地位所帶來的經濟利益。

Now moving on to International. We're really pleased to see those key areas of investment that Jonathan talked you through are starting to pay off. On the left, you can see how we successfully stabilized our market share in poker, with a steady decline from the beginning of 2019 flattening as we began to invest in the poker proposition and in particular, since Q4, since we launched our new reward scheme, which has really resonated with customers. Stabilizing this player base is crucial to our casino and sports cross-sell business. We've also improved the sustainability of our business, with 78% of revenues now coming from regulated or regulating markets, a number that will continue to rise.

現在轉向國際。我們非常高興看到喬納森向您介紹的那些關鍵投資領域正在開始獲得回報。在左側，您可以看到我們如何成功穩定我們在撲克領域的市場份額，隨著我們開始投資撲克主張，特別是自第四季度以來，自從我們推出新的獎勵計劃以來，我們的市場份額從2019 年初開始趨於平穩。 ，確實引起了客戶的共鳴。穩定這個玩家基礎對於我們的賭場和體育交叉銷售業務至關重要。我們也提高了業務的可持續性，目前 78% 的收入來自受監管或受監管的市場，這一數字也將持續上升。

We are very pleased with the growth we're seeing in our casino business through both cross-sell and direct casino. We saw an all-time record from Casino First customers during Q4. Having improved the sustainability of the business, we're now very focused on the opportunities ahead for this division.

我們對透過交叉銷售和直接賭場在賭場業務中看到的成長感到非常滿意。我們在第四季度看到了 Casino First 客戶的歷史記錄。在提高了業務的可持續性後，我們現在非常關注該部門未來的機會。

On Slide 31, we've selected a number of markets where we see excellent potential for further growth. These markets are -- have varying degrees of regulation with Italy and Georgia regulated and Canada and Brazil regulating. The projected TAM of these markets is approximately GBP 26 billion by 2026, with a projected online compound annual growth rate of 10% over the next 5 years. The real growth for Flutter in these markets though will hopefully come from growing our market share. Today, we have an 8% online market share in these markets, which given our extensive capabilities feels low to me. We have a big opportunity to grow this share, and our international team are focused on replicating the success we have in other markets where we achieved local scale.

在投影片 31 中，我們選擇了一些我們認為具有進一步成長潛力的市場。這些市場受到不同程度的監管，其中義大利和喬治亞受到監管，加拿大和巴西受到監管。預計到 2026 年，這些市場的 TAM 約為 260 億英鎊，預計未來 5 年線上複合年增長率為 10%。不過，Flutter 在這些市場的真正成長有望來自於我們市場佔有率的成長。如今，我們在這些市場中擁有 8% 的線上市場份額，但考慮到我們廣泛的能力，我覺得這個份額很低。我們有很大的機會擴大這一份額，我們的國際團隊致力於複製我們在其他市場的成功，並實現了本地規模。

Finally, Slide 32 just provides an updated view on what the shape of the division will look like once we complete the Sisal acquisition. The addition of Sisal will help us to further diversify the business and provide us with access to the attractive Italian market, where our share will then exceed over 20%. It will also bring an omnichannel advantage that we hope will unlock further benefits across our other brands, and we look forward to welcoming Francesco and his team to the division.

最後，投影片 32 只是提供了我們完成劍麻收購後該部門的形狀的最新視圖。劍麻的加入將幫助我們進一步實現業務多元化，並為我們提供進入有吸引力的義大利市場的機會，屆時我們的份額將超過20%。它還將帶來全通路優勢，我們希望能為我們的其他品牌帶來更多好處，我們期待著弗朗西斯科和他的團隊加入該部門。

In conclusion, I'm happy with the progress we've made across the group in 2021, we're very focused on the future. With a refreshed strategy that's put sustainability at its heart, I believe we are very well positioned to continue to grow our presence globally. We must be relentless in making sure that our product remains industry-leading and that we drive efficiencies within the group as we do so.

總之，我對整個團體在 2021 年的進展感到滿意，我們非常關注未來。憑藉以永續發展為核心的更新策略，我相信我們處於有利位置，可以繼續擴大我們的全球影響力。我們必須堅持不懈地確保我們的產品保持行業領先，並以此提高集團內部的效率。

And within that, we'll now open it up to any questions you may have. We'll take questions in the room first. And then if we have time, we'll go to the phone lines. (Operator Instructions) Michael?

在此範圍內，我們現在將解答您可能提出的任何問題。我們先在房間裡回答問題。然後，如果有時間，我們就會去撥打電話。 （操作員指示）邁克爾？

Two, if I can. First on the U.S. and quite a few references to superior economics through the presentation. And have I picked up the statistic correctly. I think you said your spend was about 25% lower than key competitors. I just wonder what that efficiency is when you look at it kind of a customer acquisition and/or customer retention base. So just interested in some further color in terms of where you think you're outperforming.

兩個，如果可以的話。首先是關於美國，並在演講中多次提到了優越的經濟學。我是否正確地獲取了統計數據？我想您說過您的支出比主要競爭對手低約 25%。我只是想知道當你看看客戶獲取和/或客戶保留基礎時，效率是多少。因此，只需對您認為自己表現出色的方面進行進一步的分析感興趣。

And then secondly, on the U.K. market, if I can. And again, an interesting detail in terms of the concentration of your revenue base in terms of higher value customers. When you think about that 7% from that higher value cohort, how do you think about that number going forward, particularly given the changes we could get or we will get, you say, from the gambling products in the coming months?

其次，如果可以的話，在英國市場。再說一遍，這是一個有趣的細節，就是您的收入基礎集中在高價值客戶方面。當你想到來自更高價值群體的 7% 時，你如何看待這個數字的未來，特別是考慮到你說的未來幾個月我們可能從賭博產品中獲得的變化？

Thank you, Michael. Look, taking the question around the U.S. I think there are 2 very important factors that are going on around efficiency. I always go back to looking at the sort of CAC-to-LTV dynamics that we're seeing in the market, which is, for us, the most important dynamic. And I think from a sort of acquisition cost perspective, we undoubtedly -- have always had a benefit in the market in terms of our ability to cross our customers from DFS into sports. And that's something that we've made sure we really benefit from.

謝謝你，麥可。看，就美國各地的問題而言，我認為圍繞效率有兩個非常重要的因素。我總是回顧我們在市場上看到的從 CAC 到 LTV 的動態，這對我們來說是最重要的動態。我認為，從某種購買成本的角度來看，毫無疑問，我們在市場上一直享有優勢，因為我們有能力將客戶從 DFS 轉移到運動領域。我們已確保我們真正從中受益。

But the team have also been very disciplined when it comes to our marketing spend. It's very easy to sort of get such into signing deals and partnerships and you can spend a lot of money very needlessly. And there are some codes and opportunities that we passed on, which proved to be the right decision. So I think the team have done a great job for us in being very diligent around our marketing investment. And whilst we have -- we do spend more money than other people, we think we also spend it very wisely when we do. And when we look and track our acquisition costs, we can see that and it gives us real confidence in the team's performance.

但在行銷支出方面，團隊也非常嚴格。讓這樣的人簽署交易和建立夥伴關係是很容易的，而且你可能會不必要地花很多錢。我們傳承了一些準則和機會，事實證明這是正確的決定。因此，我認為團隊在行銷投資方面非常勤奮，為我們做了出色的工作。雖然我們確實比其他人花更多的錢，但我們認為，當我們這樣做時，我們也非常明智地花錢。當我們查看並追蹤我們的收購成本時，我們可以看到這一點，這讓我們對團隊的表現充滿信心。

I think at the back side of that equation, looking at the LTVs, we obviously have a structural margin advantage because of the Same Game Parlay, right? And we're seeing very substantial use of that product amongst our customers, which gives us a margin advantage. But ultimately, the fact that our retention levels are so high, also helps with the lifetime values. And the reason that we're getting such a good use of the Parlay product, the reason we get such good retention is because we have the best products in the market yes.

我認為從方程式的背面來看，從生命週期價值來看，由於同遊戲連本帶利，我們顯然擁有結構性利潤優勢，對嗎？我們看到我們的客戶對該產品的大量使用，這為我們帶來了利潤優勢。但最終，我們的保留水準如此之高，也有助於提高生命週期價值。我們之所以能如此充分地利用 Parlay 產品，並獲得如此良好的保留率，是因為我們擁有市場上最好的產品。

And the great thing about the U.S. is you can look at this, a lot of market data comes out state by state and often, almost on this a weekly basis and New York for me is a great example. And you can look at -- people got big market shares of handle because they are handing out free dollars. But you now look at where the market shares have gone when people are actually reverting back to using the best products and FanDuel is now #1 in that market.

美國的偉大之處在於，你可以看看這個，很多市場數據都是按州發布的，而且通常幾乎每週都會發布，對我來說，紐約就是一個很好的例子。你可以看看——人們獲得了很大的市場份額，因為他們正在分發免費的美元。但現在你看看當人們真正恢復使用最好的產品時市場份額的去向，FanDuel 現在在該市場排名第一。

I think it's worth looking back at the last 6 months, I mean, we've had undoubtedly, the most aggressive start to NFL that we've ever had, and we'll probably see it again next year, by the way, we're hopefully we will, but maybe we will. And we've seen some people coming in with very, very aggressive offers. And we have seen our economics through that period hold up, and we maintain discipline at times when people were buying handle share, and it was -- there were some crazy offers out there.

我認為值得回顧一下過去的 6 個月，我的意思是，毫無疑問，我們擁有 NFL 有史以來最積極的開局，明年我們可能會再次看到它，順便說一句，我們希望我們會，但也許我們會。我們看到有些人提出了非常非常激進的報價。我們看到我們的經濟在那段時期保持穩定，當人們購買手柄份額時，我們有時會保持紀律，而且確實存在一些瘋狂的報價。

But actually, what we've seen is we've seen announcements from competitors around their levels of spend ongoing and pullbacks. We have seen our returns looking fantastic, and we're leaning in, not leaning out at this point because of the returns that we're seeing from investment at this point and have seen through the whole of the season because we maintained ourselves, but no, we're seeing some really attractive investment opportunities in terms of CAC-to-LTVs in that market, and we feel very positive about where we are today.

但實際上，我們看到的是競爭對手關於其持續支出水準和撤回支出水準的公告。我們已經看到我們的回報看起來非常棒，我們正在向前傾斜，而不是向外傾斜，因為我們從此時此刻的投資中看到了回報，並且因為我們保持了自己，所以我們已經看到了整個賽季的回報，但不，我們在該市場上看到了一些在 CAC 到 LTV 方面非常有吸引力的投資機會，並且我們對我們今天的處境感到非常樂觀。

I think that's an important point. We're seeing competitors pull back. We're actually leaning in because we're seeing the CAC-to-LTV dynamics are improving for us.

我認為這是很重要的一點。我們看到競爭對手紛紛撤退。我們實際上正在做出努力，因為我們看到 CAC 到 LTV 的動態正在改善。

In terms of the U.K. When we look at the shape of the market, and I talked about it a little bit, and we compare that with sort of wealth distribution or income tax distribution in the U.K., and we think our business is more favorably skewed, right? So we think we're in a very good starting point. We've got a very -- we've got the best recreational base of customers and brands in the market.

就英國而言，當我們觀察市場的形態時，我稍微談了一下，我們將其與英國的財富分配或所得稅分配進行比較，我們認為我們的業務更加傾斜， 正確的？所以我們認為我們正處於一個非常好的起點。我們擁有市場上最好的客戶和品牌休閒基地。

And so we think that, look, there are going to be changes that occur. We have made some significant investments and we talked about it in terms of our positive impact plan. Yesterday, I was showing you the revenue that we've taken out of the business over the course of last year, but we think it's the right thing to do to get ahead of these changes. And we believe that the Gambling Act will introduce us at more level playing field. So it could be that competitors can claim that they're delivering market growth, but I'm not sure how sustainable that will be in the long run.

所以我們認為，看，將會改變。我們已經進行了一些重大投資，並且我們在積極影響計劃方面對此進行了討論。昨天，我向大家展示了去年我們從業務中扣除的收入，但我們認為，應對這些變化是正確的做法。我們相信，《賭博法》將為我們帶來更公平的競爭環境。因此，競爭對手可能會聲稱他們正在實現市場成長，但我不確定從長遠來看，這種情況的可持續性如何。

We think we've got the right shape and distribution of business today. And we think we've got the right focus on the recreational base for whatever the changes are that the Gambling Act review introduces. And I'm relatively buoyed by the fact that they seem to be taking quite an evidence-led approach here, and we think we've got some good data and insights to share with them with the things that we've been doing.

我們認為今天的業務結構和分佈是正確的。我們認為，無論賭博法審查帶來什麼變化，我們都應該正確地關注娛樂基礎。我相對感到鼓舞的是，他們似乎在這裡採取了相當以證據為主導的方法，我們認為我們已經獲得了一些好的數據和見解，可以與他們分享我們一直在做的事情。

Richard Stuber from Numis. A couple of questions, actually. Just the first one just following on the last question about the highest value tier. Could you say what -- how you define that? Is that how much spend per month from those customers? Because clearly, if the cap goes from GBP 500 maximum deposit to GBP 300, that could make a huge difference and the definition of that 7% could be a lot higher. So any sort of numbers around what you define there?

來自努米斯的理查德·斯圖伯。實際上有幾個問題。這只是關於最高價值層的最後一個問題之後的第一個問題。你能說一下——你如何定義它嗎？這些客戶每個月的支出是多少？因為顯然，如果上限從 500 英鎊最高存款額提高到 300 英鎊，這可能會產生巨大的差異，而 7% 的定義可能會高得多。那麼圍繞你定義的任何數字？

And the second question on the U.S., obviously incredibly good market share. Do you have any sense of how the black market is going on in the U.S., whether you're taking -- whether you -- a lot of these are black market operators, you're taking share from them as well.

關於美國的第二個問題，顯然是令人難以置信的良好市場份額。你是否了解美國黑市的情況，無論你是否正在奪取——無論你是否——其中許多都是黑市運營商，你也從他們那裡奪取了份額。

So look, in terms of the U.K. market, we -- we have taken a lot of steps to address what we think is some of the challenges in the sector, whether it's looking at customers when they come in and they join us, the monitoring that we have and then the sort of the backstop we have in terms of looking at people's expenditure. And we're now starting to distinguish that with different sort of age categories as well.

因此，就英國市場而言，我們已經採取了很多措施來解決我們認為該行業面臨的一些挑戰，無論是在客戶進來並加入我們時關注他們，還是進行監控我們擁有，然後我們在考慮人們的支出方面擁有某種支持。我們現在也開始區分不同年齡類別。

So ultimately, we think that our business is very well set up for whatever changes that come. Now we've heard lots of noise around how affordability checks can be introduced. We think that the approach that we're taking with a very sort of granular set of different approaches in different segments is the right answer rather than some simplified figure for the whole market, but we'll wait and see whether the review, the Gambling Act ends up in a similar position.

因此，最終，我們認為我們的業務已經做好了應對任何變化的準備。現在我們聽到了很多關於如何引入負擔能力檢查的聲音。我們認為，我們在不同細分市場中採用的一組非常細粒度的不同方法是正確的答案，而不是整個市場的一些簡化數字，但我們將拭目以待，看看是否會進行審查，賭博《行動》最後也處於類似的境地。

I think if I go back to the point I said made before, you're right, you can sort of define some high value tiers in all sorts of different ways. But ultimately, if we look at things like the income tax distribution, and you'll be well aware that the top 1% of income taxpayers generate 30% of the income tax base. Our business is nowhere near skewed like that, right? So it gives us real reassurance that the -- that our business is very well set up for the market distribution dynamics that we see.

我想如果我回到我之前說過的觀點，你是對的，你可以用各種不同的方式定義一些高價值的層級。但最終，如果我們看看所得稅分配等問題，您就會清楚地意識到，收入最高的 1% 納稅人創造了所得稅基數的 30%。我們的業務遠沒有那麼扭曲，對吧？因此，這讓我們真正放心，我們的業務已經為我們所看到的市場分銷動態做好了充分的準備。

In terms of the U.S., I'm afraid we are -- we've never been focused on sort of market share targets. We always talk about the fact we've been focused on lots of CAC-to-LTV dynamics. As Jonathan mentioned earlier, we're actually seeing them really favorable at the moment. We're delighted with how the business is performing. We're pushing really hard to take advantage of the fact that we've got the best products in the market.

就美國而言，恐怕我們從未關注過某種市佔率目標。我們總是談論這樣一個事實：我們一直專注於 CAC 到 LTV 的動態。正如喬納森之前提到的，我們實際上看到他們目前非常受歡迎。我們對業務的表現感到滿意。我們正在努力利用我們擁有市場上最好的產品。

We just had a fantastic Super Bowl. We're delighted with the market share that we've taken. We're winning in so many key states and the business has got terrific momentum in it. And of course, we're seeing that we also have operating leverage come through into the business. So we're taking advantage of that and pushing as hard as we can. I have no doubt we're taking business from some of the black market operators, but they'll still be doing very well in states like California, Florida and Texas, which are yet to regulate. Jonathan, anything you want to add?

我們剛剛度過了一場精彩的超級盃比賽。我們對所佔據的市場份額感到高興。我們在許多關鍵州都取得了勝利，業務發展勢頭強勁。當然，我們看到我們也將營運槓桿融入業務中。因此，我們正在利用這一點並盡我們所能地推動。我毫不懷疑我們正在從一些黑市運營商那裡獲得業務，但他們在加利福尼亞州、佛羅裡達州和德克薩斯州等尚未受到監管的州仍然會做得很好。喬納森，你還有什麼要補充的嗎？

Simon Davies from Deutsche Bank. Two from me, please. You talked about GBP 93 million of safer gambling costs last year. Can you give us a feel for where those were incurred and in particular, what the cost was of the introduction of max stakes and deposit limits?

德意志銀行的西蒙戴維斯。請從我這裡來兩份。您去年談到了 9,300 萬英鎊的安全賭博成本。您能否讓我們了解這些費用是在哪裡發生的，特別是引入最大賭注和存款限額的成本是多少？

And secondly, can you give some guidance in terms of revenues coming from Eastern Europe? I know you're seeing any impact given the recent invasion of Ukraine on some of the neighboring markets in particular, Georgia?

其次，您能否就來自東歐的收入提供一些指引？我知道您看到最近烏克蘭入侵對一些鄰國市場，特別是格魯吉亞的影響？

Yes, Jonathan.

是的，喬納森。

Yes. I mean, look, there's a whole range of things that add up to the GBP 93 million, and obviously, we've been putting in lower thresholds. We've gone through the year. We've undertaken daily deposit limits for all customers. Actually, the GBP 10 staking limit on slots has been a very, very small proportion of that, so well less than 10%. So that's not been a big driver of it. It's been the general multitude of actions that we've taken -- undertaken across a whole range of areas. So I wouldn't put it down certainly to that GBP 10 limit or so.

是的。我的意思是，看，有很多東西加起來總計 9300 萬英鎊，而且顯然，我們一直在降低門檻。我們已經走過這一年了。我們對所有客戶實施每日存款限額。實際上，老虎機上 10 英鎊的質押限制只佔其中非常非常小的比例，遠低於 10%。所以這並不是它的一個重要驅動因素。這是我們在各個領域採取的整體行動。所以我不會將其確定為 10 英鎊左右的限額。

In terms of the impact across the sort of the broader region of Eastern Europe first in terms of the changes we've seen, we haven't -- we've obviously seen impacts in the countries which have been directly impacted. And of course, the most important thing from our perspective is for our colleagues who are based in and around the region, where we have a large number of contractors, nearly 80 contractors, subcontractors based in Ukraine. And we're doing everything we can to support them and their families, including relocation for the families, if that's appropriate to some of the countries neighboring where we may have locations. And we have 2 direct employees in Russia. As it relates to the performance of the business in Georgia and Armenia, we haven't seen any significant impact as a result of the conflict.

就我們所看到的變化對東歐更廣泛地區的影響而言，我們顯然沒有看到直接受到影響的國家受到的影響。當然，從我們的角度來看，最重要的是我們在該地區及其周邊地區的同事，我們在該地區擁有大量承包商，近 80 個承包商和分包商，總部設在烏克蘭。我們正在盡一切努力支持他們和他們的家人，包括為他們的家人搬遷，如果這適合我們可能設有辦事處的一些鄰近國家。我們在俄羅斯有 2 位直接員工。由於這與格魯吉亞和亞美尼亞的業務表現有關，因此我們沒有看到衝突造成任何重大影響。

David Brohan, Goodbody's. Just 2 questions from me. So firstly, as part of the sustainability plans that you announced yesterday, you talked about the 50% and 75% targets in '26 and 2030. Can you give any color in terms of where that currently sits?

大衛·布羅漢，Goodbody's。我只有兩個問題。首先，作為您昨天宣布的永續發展計畫的一部分，您談到了 26 年和 2030 年 50% 和 75% 的目標。您能否說明目前的情況？

And then just also on retail, so in terms of the Irish retail business versus the U.K., there's quite a divergence in terms of the recovery versus 2019. So how should we kind of be thinking about Irish retail going forward versus 2019 levels?

然後就零售業而言，愛爾蘭零售業與英國相比，其復甦情況與 2019 年相比存在很大差異。那麼，我們應該如何考慮愛爾蘭零售業相對於 2019 年水準的未來發展呢？

Okay, yes. Look, in terms of the Play Well metrics, we're currently at around 35% against that metric. There are different stages in different parts of the globe. And I think if I look at a market like the U.S., we're taking -- we're trying to take a real sort of leadership position around that. So we'll be doing some safer gambling advertising in Q2. We've been the first operator to sign up to offer Gamban software to customers. There's a variety of things we're doing. We're building our own AI models for the U.S. market, recognizing the differences in the U.S. market compared with what we're seeing overseas.

好吧，是的。看，就 Play Well 指標而言，我們目前的比例約為 35%。全球不同地區有不同的階段。我認為，如果我看看像美國這樣的市場，我們正在努力在這方面取得真正的領導地位。因此，我們將在第二季做一些更安全的賭博廣告。我們是第一家簽約向客戶提供 Gamban 軟體的營運商。我們正在做各種各樣的事情。我們正在為美國市場建立自己的人工智慧模型，並認識到美國市場與海外市場的差異。

And as an example, we'll be tracking to 400 metrics across our consumers in the U.K. to try and identify any examples of people who are exhibiting behaviors that we're uncomfortable with. So there's a lot we're going to be doing in the U.S. and recognizing our leadership position we have in that market and a very substantial growth in the business. And I think it's also important that we share leadership in that area, too. Jonathan, I don't know, you want to reference where we are on Irish retail.

舉例來說，我們將追蹤英國消費者的 400 個指標，以嘗試識別那些表現出令我們感到不舒服的行為的人。因此，我們將在美國做很多事情，並認識到我們在該市場的領導地位以及業務的大幅成長。我認為我們在該領域分享領導力也很重要。喬納森，我不知道，你想參考我們在愛爾蘭零售業的情況。

I think what we're seeing behaviorally in Ireland is just is different than what we've seeing in the U.K. I think the U.K. has gone sort of post-COVID, at a much earlier stage with people feeling much more confident about going into retail outlets, et cetera, et cetera. And obviously, we've been more fully open for a longer period in the U.K. than we have.

我認為我們在愛爾蘭看到的行為與我們在英國看到的行為不同。我認為英國已經進入了後疫情時代，處於更早的階段，人們對進入零售業更有信心奧特萊斯等等。顯然，我們在英國全面開放的時間比現在更長。

Look, we'll see how behaviors change over the next 3 to 6 months. We're still confident that Irish retail is a very key place in the market. We know we get benefits from having that iconic brand on the high street and that will continue. But we have no doubt that the Irish retail will bounce back in time. It's just a case of how long that's going to take.

聽著，我們將看到未來 3 到 6 個月內行為如何改變。我們仍然相信愛爾蘭零售業是市場上非常關鍵的地方。我們知道，我們可以從在街上擁有這個標誌性品牌中獲益，而且這種情況將會持續下去。但我們毫不懷疑愛爾蘭零售業會及時反彈。這只是需要多長時間的情況。

Kiranjot Grewal from Bank of America. Just 2 questions from me. Firstly, on stickiness. Your product seems to be better and bigger in terms of range and that seems to be driving a lot of the demand. But is there a risk they could be catch up competitors? Or is there some kind of element within the product that would drive loyalty?

來自美國銀行的 Kiranjot Grewal。我只有兩個問題。首先，關於黏性。你們的產品似乎在範圍上更好、更大，這似乎推動了很大的需求。但他們是否有被趕上競爭對手的風險？或者產品中是否存在某種可以提高忠誠度的元素？

And then the second one is on U.S. IPO. We spoke in detail about it, I think, 6 months ago, and there were, I think, 3 reasons you outlined why you wanted to do it. Given where the share prices have headed in the market in the last 6 months, is that still on the cards for, say, this year or could that be delayed?

第二個是關於美國首次公開募股。我想，我們在 6 個月前詳細討論過這個問題，我認為，您概述了為什麼要這樣做的 3 個原因。考慮到過去 6 個月的市場股價走勢，今年是否仍有可能出現這種情況，或者是否可以推遲？

And I presume your reference of stickiness of products is in the U.S., I mean, because I could talk about any one of our products, they're great in all the markets we operate. I mean there's a hundred things that you have to do or many more actually and the product team will kick me for saying only 100. There's many things you have to do to get the product right for customers. The speed needs to use is a really important aspect.

我想你提到的產品黏性是在美國，我的意思是，因為我可以談論我們的任何一款產品，它們在我們經營的所有市場中都表現出色。我的意思是，你必須做一百件事，甚至更多，而產品團隊會因為我只說了 100 件事而踢我。為了讓產品適合客戶，你必須做很多事情。使用的速度是一個非常重要的方面。

If you think about the way in which the variety of markets that we have available to better surface the markets that people want to find quickly and enable them to get on -- get their bets on in a way that works them really efficiently is important. Actually, the Same Game Parlay products and the integration of that and the ability to evolve that as we have done. And I mentioned what we've done in Australia in terms of building tokenization and generosity into it, and there's other ways in which we're involved -- those things are really important.

如果你考慮我們所擁有的各種市場如何更好地展現人們想要快速找到的市場並讓他們能夠進入——以一種真正有效地發揮作用的方式讓他們下注是很重要的。實際上，同一個遊戲連本帶利產品及其整合以及發展的能力就像我們所做的那樣。我提到了我們在澳洲所做的在建立代幣化和慷慨方面所做的事情，以及我們參與的其他方式 - 這些事情非常重要。

So we're not standing still. We've got the benefits of operating a global platform. So the platform that sits behind our team in America is the same one that sits behind our Paddy Power and Betfair businesses, and we can actually share and take ideas and concepts from one business to another. So we have a very big development team to support our American business, but they also have the benefits of being able to steal ideas and products and services that we see from other divisions as well.

所以我們並沒有坐以待斃。我們擁有營運全球平台的優勢。因此，我們美國團隊背後的平台與我們 Paddy Power 和 Betfair 業務背後的平台是相同的，我們實際上可以分享並將想法和概念從一個業務轉移到另一個業務。因此，我們有一個非常龐大的開發團隊來支援我們的美國業務，但他們也有能力竊取我們從其他部門看到的想法、產品和服務。

So the way I think about it is they've got thousands of cheer leaders who are helping build products in America. And we're certainly not standing still. And I think -- if you look at the Super Bowl this year, there were no issues from a customer service perspective or stability perspective. And a lot of -- I mean, there have been challenges in the past, but the massive volumes we're putting through the platform, the business and the platform all stood up really well. And I think that shouldn't be underestimated.

所以我的想法是，他們有數千名啦啦隊領袖正在幫助在美國製造產品。我們當然不會停滯不前。我認為，如果你看看今年的超級碗，從客戶服務的角度或穩定性的角度來看，不存在任何問題。我的意思是，過去存在著許多挑戰，但我們透過平台投放的大量數據、業務和平台都表現得非常好。我認為這一點不應該被低估。

So I think when we look at the retention levels in the business, it's very much driven by the quality of the products, and there's lots of aspects to that. And you can look at (inaudible) project for example, undertake a review and assess the quality of our products and have us ranked #1. And our customers are abating with that. They may take other people's free money, but then they'll come and continue to use FanDuel.

所以我認為，當我們考察業務的保留水平時，它在很大程度上是由產品品質驅動的，這涉及很多方面。例如，您可以查看（聽不清楚）項目，進行審查並評估我們產品的質量，並使我們排名第一。我們的客戶對此的態度正在減弱。他們可能會拿走別人的免費錢，但隨後他們會繼續使用 FanDuel。

So at the end of the day, we have to be paranoid because everybody else is going to be trying to catch up, so we got to stay ahead, keep investing, and that's why you can see our cost base growing. We're putting in more tech folk in both the sports betting side. We've also got a big opportunity on the gaming side that we haven't monetized properly yet. And that's why we put another head -- another 100 heads into that business. We've just moved one of our most experienced casino guys across the U.S., and he'll be going over there very shortly to help really try and get some growth, more growth into that side of the business and really make sure that our product does everything it needs to do on the gaming side as well as the sports side.

所以歸根結底，我們必須保持偏執，因為其他人都會努力追趕，所以我們必須保持領先，繼續投資，這就是為什麼你可以看到我們的成本基礎不斷增長。我們在體育博彩方面投入了更多的技術人員。我們在遊戲方面也有一個巨大的機會，但我們還沒有適當地貨幣化。這就是為什麼我們又投入了另外 100 名負責人來從事這項業務。我們剛剛將一位最有經驗的賭場人員調到美國各地，他很快就會去那裡，幫助我們真正嘗試在業務的這方面取得一些增長，更多的增長，並真正確保我們的產品在遊戲方面和體育方面都做了它需要做的一切。

And as it relates to the IPO of a small stake in FanDuel, the reasons that we talked about in the past were the fact that you get this with the marketing benefits of having a listed vehicle in the U.S. And we know that DraftKings had lot of publicity off the back of their listing of their customers buying stakes, something that we would like to get the benefits of.

由於它涉及 FanDuel 少量股份的 IPO，我們過去談到的原因是，你可以透過在美國上市的工具獲得行銷優勢。而且我們知道 DraftKings 有很多他們在客戶購買股份的上市後進行宣傳，我們希望從中受益。

We often talk about the levels of partnerships that we have and whether that's with marketing channels or personalities or different media businesses, and to be able to pay for some of those in equity as well as cash is important. So they suspect that some of the people who took equity a while ago, wishing they have now taken cash.

我們經常談論我們擁有的合作夥伴關係的水平，以及是否與行銷管道、名人或不同的媒體企業合作，能夠以股權和現金支付其中一些合作夥伴關係很重要。因此他們懷疑一些不久前持有股權的人希望現在能拿到現金。

And then finally, there's also the policies about to remunerate your colleagues with local equity, which is important. So those factors are all important for us. It's not something that we need to do. And clearly, we're monitoring the markets at the moment and it's something in which the Board will keep under evaluation.

最後，還有關於以當地公平方式支付同事報酬的政策，這一點很重要。所以這些因素對我們來說都很重要。這不是我們需要做的事情。顯然，我們目前正在監控市場，董事會將繼續對此進行評估。

James Wheatcroft from Jefferies. Part of profitability has been a key discussion topic, I think, with the market over the last few months. Historically, you've talked about having a 25% EBITDA margin in the mature U.S. states. I was wondering whether you could give us a feel for how maybe New Jersey is developing along that path, and how long before it might be, we see other states in that sort of same category, please?

傑富瑞 (Jefferies) 的詹姆斯惠特克羅夫特 (James Wheatcroft)。我認為，過去幾個月，獲利能力一直是市場討論的關鍵議題。從歷史上看，您曾談到美國成熟州的 EBITDA 利潤率為 25%。我想知道您能否讓我們了解一下新澤西州可能是如何沿著這條道路發展的，以及在這之前多久我們會看到其他類似的州，好嗎？

Jonathan?

喬納森？

It obviously -- what we've outlined this morning is this 12 to 24 months of getting into that profitable state on a state-by-state basis. We obviously only have a short period of history for the states that came after New Jersey. New Jersey, we're very comfortable with the level of contribution percentage that we're seeing from that state, and a gaming state and a sports betting state, where we have a very strong market share and a good tax rate, and we're very happy with where we are in this state.

顯然，我們今天早上概述的是各州在 12 到 24 個月內進入盈利狀態。顯然，新澤西州之後的​​各州只有很短的歷史。新澤西州，我們對該州以及博彩州和體育博彩州的貢獻百分比水平感到非常滿意，我們在那裡擁有非常強大的市場份額和良好的稅率，而且我們」我們對目前的狀態非常滿意。

We haven't got enough track record to start talking about the state-by-state contribution percentages for those states that came in 2019. But I think over time, we will look at how we try and bring to life in -- more for you guys where the 2019 states and hopefully, the trajectory of those 2020 states, and we can start building those J-curves up for you.

我們還沒有足夠的記錄來開始談論 2019 年各州的捐款百分比。但我認為，隨著時間的推移，我們將考慮如何嘗試並實現更多目標你們知道2019 年的狀態，並希望知道2020 年狀態的軌跡，我們可以開始為你們建立這些J 曲線。

At the minute, we're a little bit early in those 2019 states to really start seeing where they're getting to in terms of that contribution percentage. But I can assure you we feel very confident in the direction of travel on these states and even more so after the last 6 months we've seen.

目前，我們在 2019 年這些州真正開始了解他們的貢獻百分比的情況還為時過早。但我可以向你們保證，我們對這些州的發展方向非常有信心，在過去 6 個月的經歷之後更是如此。

Ed Young from Morgan Stanley. My first question was on the U.K. The regulatory impacts you outlined started at GBP 7 million in Q1 and was GBP 37 million by Q4. You're expecting incrementally more measures to be introduced because that suggests a run rate of GBP 150 million, GBP 160 million or so and obviously GBP 37 million in Q4, GBP 7 million in Q1. It seems like a GBP 50 million or GBP 60 million headwind to revenue potentially if it stays at the current level or maybe higher than that if it goes this year. Can you maybe talk about what we expect going into next year? The short answer to the question there is should -- should the U.K. online profitability growing at next year, which should we expect for that? I mean that's really what I'm driving at.

摩根士丹利的艾德楊。我的第一個問題是關於英國的，您概述的監管影響從第一季的 700 萬英鎊開始，到第四季達到 3700 萬英鎊。您預計將逐步採取更多措施，因為這表明運行率為 1.5 億英鎊、1.6 億英鎊左右，顯然第四季度為 3700 萬英鎊，第一季為 700 萬英鎊。如果保持目前的水平，收入可能會面臨 5000 萬英鎊或 6000 萬英鎊的阻力，如果今年保持在當前水平，收入可能會更高。您能談談我們對明年的預期嗎？對於這個問題的簡短回答是——明年英國的線上獲利能力是否會成長，我們對此有何預期？我的意思是，這就是我真正的目的。

And then the second question is on International. You gave a very helpful bridge there. I think the H2 run rate suggests that's run rating about GBP 240 million. I think you called out Jonathan another GBP 55 million Germany and the Netherlands. You obviously mentioned Ukraine and Russia as well. Is there any sense do you think that there's a case to be made to pull back on some of the investments you've made by choice there to stabilize profitability? Or do you see that as essential to drive the revenue to get back to growth? Is there any kind of cost action you're considering that division given how much it's come down the EBITDA in terms from 2019 and 2020 levels?

第二個問題是關於國際的。你在那裡架起了一座非常有幫助的橋樑。我認為 H2 運行率表明運行評級約為 2.4 億英鎊。我想你又打電話給喬納森了 5500 萬英鎊的德國和荷蘭。您顯然也提到了烏克蘭和俄羅斯。您是否認為有必要撤回您為穩定獲利能力而選擇進行的一些投資？或者您認為這對於推動收入恢復成長至關重要？鑑於 EBITDA 較 2019 年和 2020 年水準下降了多少，您是否正在考慮對該部門採取任何成本行動？

On the U.K., I think there's 3 moving parts to consider as we look at 2021 into 2022. There's first, I think, I think the recreational market will still stay -- remain a bit of the market that will be a better part of the market to be in. And I still think on that recreation element, there'll probably still be growth. But the overall market, as we said, in Q3, we think will probably be flat. So if we want to be in one part of the market, I think we're in the right place.

在英國，我認為在我們展望 2021 年到 2022 年時，需要考慮 3 個動態部分。首先，我認為，休閒市場仍將保留——仍然是市場的一部分，並將成為市場的更好組成部分。我仍然認為在娛樂元素上，可能仍然會有成長。但正如我們所說，我們認為第三季的整體市場可能會持平。因此，如果我們想進入市場的某個部分，我認為我們處於正確的位置。

I think what we're effectively doing is bringing into our business what we expect to have to bring into the business anyway. So -- in my view, we're just building sustainability rather than building it a little bit later, and I think it's the right thing to do for the business. As we see the customer economics evolve, so on the cost side, there's 2 things that will affect the business and the customer on the cost side. One is just the general customer economics, if we see lower values, therefore, what does that mean for promotional and marketing spend as we go forward? And what can we actually afford to invest in that CAC-to-LTV equation to ensure that we're driving the right value.

我認為我們正在有效的是將我們期望無論如何都必須引入業務的東西引入我們的業務。因此，在我看來，我們只是在建立永續性，而不是稍後再建設，而且我認為這對企業來說是正確的事情。隨著我們看到客戶經濟的發展，因此在成本方面，有兩件事會在成本方面影響業務和客戶。一是一般客戶經濟學，如果我們看到較低的價值，那麼，這對我們今後的促銷和行銷支出意味著什麼？我們實際上能負擔得起對 CAC 到 LTV 方程式的投資，以確保我們推動正確的價值。

And the second thing will be on the cost base and the integration. The UK&I integration was always more -- the Australia and the corporate stuff was very short term because in Australia, we were obviously bringing 2 businesses together and it was 2 people for 1 job and 2 cost bases under 1. So it was very quick and it was done incredibly effectively by the team.

第二件事是成本基礎和整合。英國和我的一體化總是更多——澳大利亞和公司的東西都是非常短期的，因為在澳大利亞，我們顯然將2 家企業合併在一起，2 個人負責1 個工作，2 個成本基礎低於1。所以速度非常快，而且團隊的工作效率非常高。

The same in group, it was cost to contract, et cetera. In U.K. it was always going to be more complex. It's about major changes in the tech, which, as you know, in our sector don't happen overnight because it's complex. It's a multiyear process. And there'll be some structural changes that will happen in that business over time.

在團體中也是如此，還有合約成本等等。在英國，情況總是會更加複雜。這是關於技術的重大變化，正如你所知，在我們的行業中，這不會在一夜之間發生，因為它很複雜。這是一個多年的過程。隨著時間的推移，該業務將會發生一些結構性變化。

So you've got 3 sort of moving parts there in terms of the type -- the market, the SG stuff coming in, plus the cost. We feel that we should see profitability going forward in that business and the mix of those 3 things year-on-year from '21 to '22 in terms of the U.K. and Ireland profitability.

因此，就類型而言，你有 3 種移動部件——市場、SG 的進來，加上成本。我們認為，就英國和愛爾蘭的盈利能力而言，我們應該看到該業務未來的盈利能力以及從 21 年到 22 年這三件事的同比組合。

And then regarding your question around international and the investment we put into the business. I mean, I think you need to look at it in different buckets. I mean, half of the money we put into investment was stuff that we absolutely had to do and, I describe it, as sort of rebuilding the foundation of keeping the lights on the top of the stuff for the business, which there's no choice around.

然後關於您關於國際和我們對業務的投資的問題。我的意思是，我認為你需要從不同的角度來看待它。我的意思是，我們投入投資的一半資金是我們絕對必須做的事情，我將其描述為重建基礎，使業務保持在最重要的地位，這是別無選擇的。

In terms of sort of the growth-orientated levels of investment, around half of that went into the casino business. And we -- we're seeing a really good performance in our directly acquired casino business. Now the revenue is 4x higher than it was premerger. And we -- now that we've built the capabilities, we've just been able to sort of replicate that into a number of sort of incremental markets. We're really pleased with how that's doing the returns it's generating.

就以成長為導向的投資水平而言，其中大約一半進入了賭場業務。我們直接收購的賭場業務取得了非常好的表現。現在的營收比合併前高出 4 倍。現在我們已經建立了這些能力，我們剛剛能夠將其複製到一些增量市場中。我們對它所產生的回報感到非常滿意。

We are -- we have put some money behind the PokerStars brand. It is important for us in markets like Brazil and Canada, which we just referenced as being 2 important components when you look at how big that TAM to get. But there's also places we're investing in things like into the Betfair brand in Lat Am, Junglee. So it is important to remember that when we talk about international, it isn't just PokerStars and there's some really important businesses there that we're investing and getting good growth from.

我們－我們已經為撲克之星品牌投入了一些資金。這對我們在巴西和加拿大等市場非常重要，當您考慮 TAM 的規模時，我們只是將其視為兩個重要組成部分。但我們也在一些地方進行投資，例如在拉丁美洲的 Junglee 投資 Betfair 品牌。因此，重要的是要記住，當我們談論國際時，不僅僅是撲克之星，還有一些我們正在投資並獲得良好成長的非常重要的業務。

I mean one of the benefits of having the portfolio is we -- just because the international profitability of pullback, if we still see great paybacks in markets, we don't have to say, well, we don't -- we can't do that because we've got to keep that bit of the business growing at a certain rate or taking profit today rather than growing the business. We're going to do the right thing across the portfolio.

我的意思是，擁有投資組合的好處之一是我們——只是因為回調的國際盈利能力，如果我們仍然看到市場的巨大回報，我們不必說，好吧，我們不——我們可以”不這樣做是因為我們必須保持這部分業務以一定的速度成長，或今天就獲利，而不是發展業務。我們將在整個投資組合中做正確的事情。

And to Peter's point, I mean, half of our year-on-year sales and marketing uplift in International. It's actually because we've got Junglee in for the full 2020 -- for the 2021 year. And actually, the paybacks we're seeing in that market, for instance, are fantastic. So we're going to do the right thing for the medium term of the business, and not do something just to try and ensure short-term profitability because that would be -- would not be driving shareholder value in this case.

就彼得的觀點而言，我的意思是，我們國際銷售和行銷年增的一半。實際上是因為我們已經讓 Junglee 參與整個 2020 年甚至 2021 年。事實上，我們在該市場看到的回報是非常驚人的。因此，我們將在業務中期做正確的事情，而不是僅僅為了確保短期盈利能力而做一些事情，因為在這種情況下，這不會推動股東價值。

Are there any more questions in the room? Should we go to the -- I don't know if there's any questions coming on the phone? I don't quite know how we manage -- forgotten how we do these hybrid events.

房間裡還有什麼問題嗎？我們應該去——我不知道電話裡是否有任何問題？我不太清楚我們是如何管理的——忘記了我們如何舉辦這些混合活動。

So the first question is coming from Joe Stauff from Susquehanna.

第一個問題來自薩斯奎哈納的喬·斯托夫。

Thank you. Good morning, everyone. Peter, I was wondering if you can give us maybe an updated view on the timing you'd expect for the arbitration process with FOX? And then I wanted to ask about how do you think about the iCasino strategy in the U.S. that you have? Are you thinking of consolidating brands or going with one particular brand? If you can comment on that, please.

謝謝。大家，早安。彼得，我想知道您是否可以向我們提供您對福克斯仲裁程序的預期時間的最新看法？然後我想問您如何看待您在美國的 iCasino 策略？您是否正在考慮整合品牌或選擇某一特定品牌？如果您能對此發表評論，請。

Okay. Look, Joe, you'll have noticed from our release this morning that we mentioned that there's been a delay to the timing of the arbitration FOX because we've been in dialogue with them, but we now have a date set for June and that's what we'll be working towards and look, we're very comfortable going to arbitration. We think we've got a very robust position. And ultimately, that's the new time frame. It was the right thing to do to have a dialog with FOX, push back the original dates. Ultimately we'll run to that arbitration timetable.

好的。聽著，喬，你會從我們今天早上的新聞稿中註意到，我們提到 FOX 的仲裁時間有所延遲，因為我們一直在與他們對話，但我們現在已確定日期為 6 月，那就是對於我們將努力實現的目標和目標，我們很樂意接受仲裁。我們認為我們的地位非常穩固。最終，這就是新的時間框架。與福克斯進行對話，延後原定日期是正確的做法。最終我們將按照仲裁時間表進行。

And look -- I mean, you all know this, but we recognize absolutely the value of the FanDuel asset. And therefore, any deal that might be done with FOX we'll have to recognize that. And if we can't get the deal that's right for our shareholders, we're very comfortable going into arbitration. Absolutely right.

你看，我的意思是，你們都知道這一點，但我們絕對認識到 FanDuel 資產的價值。因此，對於可能與福克斯達成的任何交易，我們都必須認識到這一點。如果我們無法達成適合股東的交易，我們很樂意訴諸仲裁。絕對正確。

And then look, in terms of what we do in the U.S. from a casino perspective, we know that there's more for us to do. But fortunately, we know what we need to do because we're very good at growing direct casino businesses we do it all around the world.

然後看看，從賭場的角度來看我們在美國所做的事情，我們知道我們還有更多要做的事情。但幸運的是，我們知道我們需要做什麼，因為我們非常擅長發展直接賭場業務，我們在世界各地都這樣做。

So as Jonathan mentioned earlier, we're bringing over one of our top casino managers into the U.S. to help support that business. And there's a heap of things that we've got, or plan to do for that business over the course of this year. I don't want to necessarily tell our competitors all of our plans, but you can rest assure that we're very good growing direct casino businesses, and we intend to continue to do that in the U.S. But of course, we have the best set of customers to cross-sell into, which is the sportsbook we have in the U.S. market where we're the leaders.

正如喬納森之前提到的，我們正在將我們的一位頂級賭場經理帶到美國來幫助支持這項業務。今年我們已經或計劃為該業務做很多事情。我不想告訴我們的競爭對手我們所有的計劃，但你可以放心，我們的直接賭場業務發展得非常好，我們打算繼續在美國這樣做。但是，當然，我們擁有最好的一組進行交叉銷售的客戶，這就是我們在美國市場的體育博彩市場，我們是該市場的領導者。

And of course, it's also worth remembering that sportsbook is where the action is really at the moment in America. It's where the next few states will come onstream and that's our strong hand. So we'll continue to make sure we really exploit that. But there is more work to do. In casino, we've actually held our market share, which I think is quite remarkable when we look at the quality of our products. There's lots we know we're going to do to improve it, and we will do so.

當然，也值得記住的是，體育博彩才是美國目前真正的活動場所。接下來的幾個州將在這方面投入使用，這是我們的強項。因此，我們將繼續確保我們真正利用這一點。但還有更多工作要做。在賭場，我們實際上保持了我們的市場份額，當我們考慮我們產品的品質時，我認為這是相當了不起的。我們知道我們需要做很多事情來改進它，我們也會這樣做。

The next question is coming from James Rowland Clark from Barclays.

下一個問題來自巴克萊銀行的詹姆斯羅蘭克拉克。

A couple of questions, please, on the U.S. and on the U.K. Just on the U.S. view, were you able to provide a revenue target and EBIT loss guidance for 2022. I strongly believe you can hit GBP 1 billion worth of revenue this year.

請問幾個關於美國和英國的問題。就美國而言，您是否能夠提供 2022 年的收入目標和 EBIT 損失指引。我堅信您今年的收入可以達到 10 億英鎊。

And then in the U.K., just [arithmetically] the review ends up producing legislation that's better than you planned with your safeguarding measures. Are you in a position where you can switch the business back on to high-value customers? Or reacquire or retain these customers?

然後在英國，僅僅[算術上]審查最終會產生比你計劃的保護措施更好的立法。您是否能夠將業務重新轉向高價值客戶？或重新獲得或保留這些客戶？

Shall I take the first one?

我要拿第一個嗎？

Yes, please.

是的，請。

Okay. So we won't be providing revenue guidance at this point on the U.S., and it will definitely, I would expect to be higher than the GBP 1.4 billion, $1.9 billion we did in '21, but I'm not giving a number for that.

好的。因此，我們目前不會提供美國的收入指導，我預計它肯定會高於我們在 21 年所做的 14 億英鎊和 19 億美元，但我不會給出具體數字那。

In terms of EBITDA and the loss, I think we are not giving specific guidance at this point. But as a starting point, considering our losses in 2021 at a comparable sort of level for '22 is a very good starting point. We're not here to discuss a significant increase in EBITDA loss at all, unlike some of our competitors. We would think a reasonable starting point is where we got to in 2021 with a clear route to where we're going in '23, which I think we've flagged pretty clearly, hopefully.

就 EBITDA 和損失而言，我認為我們目前沒有給出具體指導。但作為一個起點，考慮到 2021 年我們的損失與 22 年的水平相當，這是一個非常好的起點。與我們的一些競爭對手不同，我們根本不在這裡討論 EBITDA 損失的大幅增加。我們認為一個合理的起點是我們在 2021 年達到的目標，並有一條清晰的路線通往我們在 23 年的目標，我認為我們已經非常清楚地標記了這一點，希望如此。

Thank you, Jonathan. And in terms of the potential of outcome in the U.K. environment, look, we think it's very important to build a business that's sustainable. I think the regulators are certainly going to do is introduce a level playing field. You could say that we have moved ahead of the regulators in trying to do the right thing for the business and that is the case. I think it will be good when the regulators can introduce a level playing field. People who are placing big growth numbers, you've got to ask how they're doing that and how sustainable it is. I think we're all desperate for some clarity, and we'll get that with the introduction of the gambling at review, and we'll make sure that we shape our business appropriately once we know how the U.K. government wants to introduce the legislation.

謝謝你，喬納森。就英國環境的潛在結果而言，我們認為建立可持續的業務非常重要。我認為監管機構肯定要做的是引入一個公平的競爭環境。你可以說，我們已經領先於監管機構，努力為企業做正確的事情，事實就是如此。我認為監管機構能夠引入公平的競爭環境會很好。對於那些希望實現巨大成長的人，你必須問他們是如何做到這一點的，以及它的可持續性如何。我認為我們都迫切希望得到一些明確的信息，隨著賭博審查的引入，我們將得到這一點，一旦我們知道英國政府希望如何引入立法，我們將確保適當地塑造我們的業務。

The next question is coming from Monique Pollard from Citi.

下一個問題來自花旗銀行的 Monique Pollard。

I have a couple of questions from me, if I can, one on Australia, one on the U.S. Just in Australia, obviously, you've seen huge scale that's coming through with marketing cost of just 9% of revenue in 2021. I just wondered if there was potential for that marketing costs or potential revenue we got on an absolute basis to continue to scale into 2022, whereas we could max out that level here?

如果可以的話，我有幾個問題，一個關於澳大利亞，一個關於美國。顯然，就在澳大利亞，您已經看到了巨大的規模，而 2021 年的行銷成本僅佔收入的 9%。我只是想知道我們在絕對基礎上獲得的行銷成本或潛在收入是否有潛力繼續擴大到2022 年，而我們可以在這裡最大限度地發揮這一水平？

And then secondly, on the U.S., obviously the fantastic win margin of 25% in the fourth quarter. And as you said, wonderful performance in staking on Same Game Parlay. Obviously, you mentioned 76%, a couple of customers were using Same Game Parlay during this season. But I just wondered if you could give any color on how that proportion of Same Game Parlay product could increase to 2022 and whether you can really catch around that improvements in the end margin this year.

其次，在美國隊，顯然第四節 25% 的優異勝率。正如您所說，在同場連本帶利投注中表現出色。顯然，您提到 76% 的客戶在本賽季使用了 Same Game Parlay。但我只是想知道您是否可以說明同遊戲連本帶利產品的比例如何增加到 2022 年，以及您是否能真正抓住今年最終利潤的改善。

Monique, thanks for the question. A couple of comments on Australia. The first is that we actually saw the net win margin above where we would have expected it by about 70 basis points roughly the same year-on-year. So therefore, what you're sort of seeing is a slightly artificially low -- marginally lower level of marketing spend than we probably would have thought.

莫妮克，謝謝你的提問。關於澳洲的一些評論。首先，我們實際上看到淨利潤比我們預期的高出約 70 個基點，與去年同期大致相同。因此，您所看到的有點人為地低——行銷支出水準比我們可能想像的略低。

I think the second and more important thing in Australia is -- as we put more and more of the value that we give to customers directly to them through bespoke promotional benefits to individuals through pricing or promotions or whatever that is directly on a customer-by-customer basis, that's going through our, kind of, promotion line. And the more of that we can make direct to the individuals, the less we put through the sales and marketing line.

我認為在澳大利亞，第二件也是更重要的事情是——我們通過定價、促銷或任何直接針對客戶的任何方式，通過為個人定制的促銷優惠，直接為客戶提供越來越多的價值。 -以客戶為基礎，這是透過我們的促銷活動進行的。我們直接向個人提供的服務越多，我們透過銷售和行銷管道投入的費用就越少。

So actually, what you'll see is as we get more and more adept at making sure we can be rifle shot rather than scattergun. We'll put more value to the individual customer, and you will see sales and marketing coming down. Where that ends up, we need to see. I think we're at a very efficient point at this stage, and I don't necessarily see that scaling further. And we'll have to just make sure we've got the right balance between the above the line and below the line sort of offers because they obviously go through different lines, which makes it slightly confusing to make sure that we've got enough brand visibility, brand presence being seen to have a high-value proposition in the market as well as individual customers getting that through personalized bespoke generosity.

所以實際上，你會看到我們越來越擅長確保我們可以用步槍而不是散彈槍射擊。我們將為個人客戶提供更多價值，你會看到銷售和行銷下降。最終結果如何，我們需要看看。我認為現階段我們正處於非常有效率的階段，而且我不一定會看到進一步擴大規模。我們必須確保在線上和線下的報價之間取得適當的平衡，因為它們顯然會經過不同的線，這使得確保我們有足夠的報價有點令人困惑品牌知名度、品牌存在被視為在市場上具有高價值主張，以及個人顧客透過個人化客製化慷慨獲得此價值。

And look, as it relates to the win margins in the U.S. I think one thing I'd just remind you of is the sort of the impact of some of our promotional activity on win margins across the course of the year. So things like our very successful Super Bowl campaign where we make offers like 56:1 available to customers can artificially depress win margins in the period, but ultimately, those things bounce back.

看，因為它與美國的贏利率有關，我想我要提醒您的一件事是我們的一些促銷活動對全年贏利率的影響。因此，像我們非常成功的超級盃活動（我們向客戶提供 56:1 的優惠）之類的事情可能會人為地壓低這段時期的利潤率，但最終，這些事情會反彈。

And I think the performance of the Same Game Parlay product for football is important, but it's also really important for things like the NBA as well. So we're comfortable with the levels of margin we see in the U.S. and we have some of those structural advantages.

我認為同場連贏產品的表現對足球很重要，但對 NBA 等賽事也非常重要。因此，我們對美國的利潤水準感到滿意，並且我們擁有一些結構性優勢。

And the more the market moves into the fast followers and then into a more recreational base, we see that naturally, as we've seen in other markets, driving the sort of the multi, sort of parlay mix higher over time. So -- we're hoping that over time, we could see that penetration of parlays grow further as the mix of the customer base changes. And therefore, we're hoping that we'll end up with increasing structural margins over time.

市場越多轉向快速追隨者，然後進入更具娛樂性的基礎，我們自然會看到，正如我們在其他市場中看到的那樣，隨著時間的推移，推動多種、連本帶利組合的發展。因此，我們希望隨著時間的推移，隨著客戶群結構的變化，連贏投注的滲透率會進一步成長。因此，我們希望隨著時間的推移，我們最終會增加結構性利潤。

Okay. I don't think there are any more questions on the phone. So thank you very much, everybody, for coming in. It's nice to see you all in 3D. Thank you for your ongoing support.

好的。我認為電話裡沒有更多問題了。非常感謝大家的光臨。很高興在 3D 中見到大家。感謝您一直以來的支持。

Thanks very much.

非常感謝。