Flutter Entertainment PLC (FLUT) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the Flutter Q3 trading update, hosted by CEO, Peter Jackson; and CFO, Rob Coldrake. Please note, this conference call is being recorded. (Operator Instructions)

下午好，歡迎來到 Flutter 第三季交易更新，由執行長 Peter Jackson 主持；財務長羅布‧科爾德雷克 (Rob Coldrake)。請注意，本次電話會議正在錄製中。（操作員說明）

I will now hand you over to your host today, Paul Tymms, Flutter Director of Investor Relations to begin today's conference. Paul?

現在我將把你們交給今天的東道主 Flutter 投資者關係總監 Paul Tymms，開始今天的會議。保羅？

Hi, everyone, and welcome to Flutter's Q3 results call. With me today are Flutter's CEO, Peter Jackson, and CFO, Rob Coldrake. After this short intro, Peter will open with a brief summary of our operational progress during the quarter and then Rob will run through the Q3 financials and our updated 2024 guidance. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 第三季業績電話會議。今天和我在一起的有 Flutter 的執行長 Peter Jackson 和財務長 Rob Coldrake。在簡短的介紹之後，Peter 將首先簡要總結我們本季的營運進展，然後 Rob 將介紹第三季的財務數據和我們更新的 2024 年指引。然後我們將開通問答熱線。

Some of the information we are providing today, including our 2024 guidance constitutes forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements.

我們今天提供的一些信息，包括我們的 2024 年指導，構成前瞻性陳述，涉及風險、不確定性和其他因素，可能導致實際結果或結果與這些陳述中所示的結果存在重大差異。

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

這些因素在我們的收益新聞稿和美國證券交易委員會的文件中進行了詳細說明。此外，所有前瞻性陳述均基於當前預期，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。此外，在我們的評論或回答問題時，我們將討論非公認會計準則財務指標。調節表包含在我們今天發布的結果資料中，可在我們網站的投資者部分取得。

And I will now hand you over to Peter.

現在我將把你交給彼得。

Thank you, Paul. And I'm delighted to be taking you through our excellent Q3 performance today. Performance in Q3 was very strong for the Group and once again ahead of market expectations. We delivered AMP and revenue growth of 16% and 27% respectively, and EBITDA was 74% higher. This was driven by continued execution against our strategic priorities. And when I take a step back from this performance, it is clear that the business is very well positioned for future growth.

謝謝你，保羅。我很高興今天向您介紹我們第三季的出色表現。該集團第三季​​的業績非常強勁，再次超出市場預期。我們的 AMP 和營收分別成長了 16% 和 27%，EBITDA 成長了 74%。這是由於我們的策略優先事項持續執行而推動的。當我從這一業績中退後一步時，很明顯，該業務已經為未來的成長做好了充分的準備。

The NFL season is off to a great start for FanDuel, helping drive handle 36% ahead in the quarter overall with handle growth of 23% in those states launched pre-2022 and 37% in those states launched in 2022 and 2023. Customer economics have also remained compelling with payback periods of 18 months in the quarter. These customer economics continue to validate our investment strategy as we focus on building as big a business as we possibly can today, while staying well within our 24 months payback target. This focus has been driving strong customer acquisition, up 10% compared to the prior year.

FanDuel 的NFL 賽季迎來了一個良好的開端，幫助推動本季度整體處理量增長36%，其中2022 年之前推出的州的處理量增長了23%，2022 年和2023 年推出的州的處理量增長了37%。客戶經濟效益也依然引人注目，本季的投資回收期為 18 個月。這些客戶經濟效益持續驗證我們的投資策略，因為我們專注於建立盡可能大的業務，同時保持在 24 個月投資回收目標。這一重點推動了強勁的客戶獲取，與前一年相比增長了 10%。

Many of you joined us at our recent Investor Day in New York, where we demonstrated how product innovation has been and will continue to be a key driver of our success at FanDuel and across the Group. Recent product improvements rolled out for the new NFL season have been resonating well with our customers, including expansion of The Pulse to all NFL games and a further increase in live player prop markets.

你們中的許多人參加了我們最近在紐約舉行的投資者日活動，我們在會上展示了產品創新如何一直並將繼續成為我們 FanDuel 和整個集團成功的關鍵驅動力。最近為新 NFL 賽季推出的產品改進引起了客戶的良好共鳴，包括將 The Pulse 擴展到所有 NFL 比賽以及現場球員道具市場的進一步增加。

This focus on more immersive live experiences in capturing the player narrative helped to drive our sports book and base 31% higher year-over-year. In addition, the proportion of live handle coming from same game parlays almost doubled in the first month of the NFL season and our overall NFL parlay penetration was over 700 basis points higher.

這種對捕捉玩家敘述的更身臨其境的現場體驗的關注有助於推動我們的體育博彩和基數同比增長 31%。此外，在 NFL 賽季的第一個月，來自同一場比賽連贏的現場投注比例幾乎翻了一番，我們的整體 NFL 連贏滲透率高出 700 個基點以上。

These product improvements are driving both customer engagement and volumes and are contributing to continued structural revenue margin expansion year-over-year. This continues to give us confidence that we are well on track to deliver our long-term gross revenue margin target of 16% we shared at our Investor Day.

這些產品改進正在推動客戶參與度和銷售量，並有助於結構性收入利潤率逐年持續成長。這繼續讓我們相信，我們正在順利實現我們在投資者日分享的 16% 的長期毛收入目標。

In iGaming, product improvements also drove our AMP base 43% higher and a step-up in our customer frequency. We know that our customers' top preference is to see exclusive and well-loved gaming franchises, and we continue to execute on delivering these with the launch of the Pure imagination gaming title and our Wonka iGaming series, quickly becoming our second most popular slot game for new customers, next only to World of Wonka, which was launched in Q1.

在 iGaming 領域，產品改進也使我們的 AMP 基數提高了 43%，並提高了我們的客戶頻率。我們知道，客戶的首要偏好是看到獨家且深受喜愛的遊戲特許經營權，我們將繼續執行這些任務，推出Pure Imagine 遊戲遊戲和我們的Wonka iGaming 系列，迅速成為我們第二大最受歡迎的老虎機遊戲對於新客戶來說，僅次於第一季推出的 World of Wonka。

We were delighted to see the Missouri sports betting referendum passed by voters last week. From a new launch perspective, we therefore currently expect to add Alberta and Canada during Q2 and Missouri during Q4 2025.

我們很高興看到上週選民通過了密蘇裡州體育博彩公投。因此，從新的發布角度來看，我們目前預計在 2025 年第二季度添加艾伯塔省和加拿大，在 2025 年第四季添加密蘇裡州。

Outside of the US, AMP growth of 13% drove an increase in revenues of 15% and EBITDA growth of 24%, underpinned by our scale and diversification. We saw excellent momentum in iGaming as well as strong sportsbook performances with the conclusion of the European Football Championships in July and the beginning of the new soccer season in Europe during the quarter.

在美國以外的地區，在我們的規模和多元化的支撐下，AMP 成長 13%，帶動收入成長 15%，EBITDA 成長 24%。隨著 7 月歐洲足球錦標賽的結束以及本季度歐洲新足球賽季的開始，我們看到了 iGaming 的強勁勢頭以及強勁的體育博彩表現。

In the UKI, our market leading products continued to deliver strong growth across both sportsbook and iGaming, resulting in continued market share gains. On iGaming, we added the UK's number three ranked games provider to our content portfolio. And our sportsbooks benefited from a 142% increase in same-game parlay wages at the beginning of the new soccer season compared to the same period in 2022.

在 UKI，我們市場領先的產品繼續在體育博彩和 iGaming 領域實現強勁增長，從而導致市場份額持續增長。在 iGaming 上，我們將英國排名第三的遊戲提供者加入我們的內容組合。與 2022 年同期相比，我們的體育博彩公司受益於新足球賽季開始時的同場連贏彩金增長 142%。

Our same-game parlay capabilities also benefited Sisal in Italy as the first operator to offer the product for the new Italian soccer season with same-game parlays accounting for nearly a quarter of all sportsbook wages in the first six rounds.

我們的同場連贏能力也使義大利的Sisal 受益，它是第一家為新義大利足球賽季提供產品的營運商，在前六輪中，同場連贏佔所有體育博彩工資的近四分之一。

Sisal also broadened its portfolio of iGaming titles during the third quarter, including exclusive titles we know players enjoy, which combined with our sportsbook product improvements helped to deliver a 200 bps increase in Sisal Italian market-share year-over-year and a 41% increase in online revenues. In Australia, while the anticipated racing market declines were evident in the quarter with staking 8% lower, AMPs were 6% ahead, and growing across both sports and racing, which we believe is encouraging for the future growth trajectory of the business.

Sisal 還在第三季度擴大了其 iGaming 遊戲產品組合，包括我們知道玩家喜歡的獨家遊戲，這與我們的體育博彩產品改進相結合，幫助 Sisal 意大利市場份額同比增長了 200 個基點，增長了 41%線上收入增加。在澳大利亞，雖然本季預期的賽車市場下滑明顯，賭注下降8%，但AMP 領先6%，並且體育和賽車領域都在增長，我們認為這對該業務的未來增長軌跡來說是令人鼓舞的。

Overall, the Group had a very strong quarter. And I feel even more confident in the path to medium-term growth that we laid out at our recent Investor Day and the future value creation opportunities for the Group. You've heard me talk about us as an and business, almost significant capital allocation optionality, and I'm really pleased to confirm that we will launch our share repurchase program on November 14.

總體而言，該集團的季度表現非常強勁。我對我們在最近的投資者日所規劃的中期成長之路以及集團未來的價值創造機會更加充滿信心。您已經聽過我談論我們作為一家企業、幾乎重要的資本配置選擇，我非常高興地確認我們將於 11 月 14 日啟動股票回購計畫。

We intend to repurchase up to $350 million of ordinary shares up to the end of Q1 2025 with a further announcement of the details in due course. This, coupled with our announcement to acquire NSX and Snai in the quarter, our continued organic investments in our businesses to drive strong growth, clearly demonstrate our status as a business with many opportunities for capital deployment and the ability to do the more.

我們計劃在 2025 年第一季末回購最多 3.5 億美元的普通股，並在適當時候進一步公佈細節。再加上我們在本季度宣布收購NSX 和Snai，以及我們對業務的持續有機投資以推動強勁增長，這些都清楚地表明了我們作為一家擁有許多資本部署機會和做更多事情的能力的企業的地位。

And with that, I hand you over to Rob.

就這樣，我把你交給羅布。

Thanks, Peter. And hello, everyone. As Peter already outlined, the Group delivered a strong third quarter performance with revenue growth of 27%, adjusted EBITDA growing 74% to $450 million, reflecting the adjusted EBITDA inflection of our US business. After non-cash expenses, including the amortization of acquired intangibles of $128 million and $121 million loss in the quarter on the fair value of the Fox Option, the Group generated a net loss of $114 million. Our third quarter diluted loss per share and adjusted earnings per share improved year-over-year however, due to the strong financial performance of the Group.

謝謝，彼得。大家好。正如 Peter 已經概述的那樣，該集團第三季​​度業績強勁，收入增長 27%，調整後 EBITDA 增長 74%，達到 4.5 億美元，反映了我們美國業務調整後 EBITDA 的變化。除去非現金費用，包括收購的無形資產攤銷 1.28 億美元及本季 Fox Option 公允價值損失 1.21 億美元，集團產生淨虧損 1.14 億美元。然而，由於集團強勁的財務業績，我們第三季的攤薄每股虧損和調整後每股盈餘較去年同期有所改善。

Turning now to the financial performance for each of the segments. In the US, performance exceeded our expectations with revenue growth of 51% and adjusted EBITDA $113 million higher than last year at $58 million for the quarter.

現在轉向每個細分市場的財務表現。在美國，該季度的業績超出了我們的預期，營收成長了 51%，調整後 EBITDA 比去年高出 1.13 億美元，達到 5,800 萬美元。

As you may recall, we noted at our Q2 earnings that we expected a small adjusted EBITDA loss for the quarter with the outperformance here driven by a combination of underlying trading strength within the business, the impact of positive sports results and the benefit of one-off cost items. US revenue growth of 51% includes strong growth across both new and existing states with revenue up 46% in those states which launched pre-2022.

您可能還記得，我們​​在第二季財報中指出，我們預計本季調整後的EBITDA 會出現小幅虧損，而本季的優異表現是由業務內的潛在交易實力、積極的體育賽事結果的影響以及以下因素共同推動的：折扣項目。美國 51% 的收入成長包括新州和現有州的強勁成長，其中 2022 年之前推出的州收入成長了 46%。

Sportsbook revenue growth of 62% was driven by handle growth of 36% and 130 basis point increase in our net revenue margin to 8.2%. This increase was driven by further expansion of our structural revenue margin to 12.8%. Whilst we benefited from a positive sports results swing year-over-year, this was largely absorbed by increased investment in promotional spend as we returned some of the positive sports results to our customers. This is in addition to us continuing to invest in the compelling customer payback periods that Peter outlined. iGaming revenue was 46% higher as the product improvements we have been making continued to drive strong growth.

體育博彩收入成長 62% 是由於手柄成長 36% 以及我們的淨收入利潤率提高 130 個基點至 8.2%。這一成長是由我們的結構性收入利潤率進一步擴大至 12.8% 所推動的。雖然我們受益於逐年積極的體育成績波動，但這在很大程度上被增加的促銷支出投資所吸收，因為我們將一些積極的體育成績返還給了客戶。除此之外，我們還繼續投資於彼得概述的引人注目的客戶投資回收期。由於我們不斷進行的產品改進繼續推動強勁成長，iGaming 收入成長了 46%。

Our cost of sales for the third quarter of 58.9% as a percentage of revenue was ahead of our expectations, primarily driven by the impact of the positive sports results. In sales and marketing, we delivered strong operating leverage and some phasing benefit into Q4, which drove the cost as a percentage of revenue down by 760 basis points year-over-year. This all combined with the revenue performance above to deliver adjusted EBITDA of $58 million for the quarter.

我們第三季的銷售成本佔收入的比例為 58.9%，超出了我們的預期，這主要是受到積極的體育賽事結果的影響。在銷售和行銷方面，我們在第四季度實現了強大的營運槓桿和一些階段性效益，這使得成本佔收入的百分比比去年同期下降了 760 個基點。所有這些與上述收入表現相結合，本季調整後的 EBITDA 達到 5800 萬美元。

Outside of the US, revenue grew 15% with growth across all segments. UKI maintained its strong momentum with the third quarter benefiting from in-year phasing of European football championship marketing to deliver strong leverage and EBITDA growth of 29%. Sports results were favorable in the quarter in the UKI, adding 40 basis points to our sportsbook net revenue margin.

在美國以外的地區，隨著所有細分市場的成長，收入成長了 15%。UKI 保持強勁勢頭，第三季度受益於歐洲足球錦標賽行銷的年內分階段，實現了強勁的槓桿率和 EBITDA 成長 29%。UKI 本季的體育賽事結果良好，使我們的體育博彩淨收入利潤率增加了 40 個基點。

Australia also benefited from favorable sports results in the period with 130 basis points of positive impact in the quarter. This resulted in a year-over-year swing of 180 basis points and was the driver of the 12% revenue and 14% adjusted EBITDA growth year-over-year. Otherwise, staking trends were in line with our expectations in that market.

澳洲也受惠於同期良好的體育成績，本季產生了 130 個基點的正面影響。這導致同比波動 180 個基點，並推動營收年增 12%，調整後 EBITDA 年成長 14%。除此之外，質押趨勢符合我們對該市場的預期。

In international, the addition of MaxBet and strong growth in our consolidate and invest markets drove revenue 17% higher on a constant currency basis. This translated to a 36% increase in adjusted EBITDA on a constant currency basis due to a one-off credit from a historic legal case, excluding which adjusted EBITDA growth would have been slightly ahead of revenue growth.

在國際方面，MaxBet 的加入以及我們的整合和投資市場的強勁成長推動收入按固定匯率計算成長了 17%。由於歷史性法律案件的一次性信用，這意味著調整後 EBITDA 在固定貨幣基礎上增長了 36%，排除該案件調整後 EBITDA 增長將略高於收入增長。

From a cash flow conversion perspective, the strong performance I've just taken you through was offset by the impact from the settlement of derivative instruments in place to manage foreign currency and variable interest rate risk. These created an adverse year-over-year cash outflow driven by a payment on settlement during the current quarter of $213 million compared with a receipt of $89 million during Q3 2023.

從現金流轉換的角度來看，我剛剛向您介紹的強勁表現被用於管理外幣和可變利率風險的衍生工具結算的影響所抵消。這些造成了同比不利的現金流出，原因是本季結算付款為 2.13 億美元，而 2023 年第三季的結算付款為 8,900 萬美元。

As a result, free cash flow was $112 million versus $434 million in the prior year. Our strong deleveraging profile saw our leverage ratio reduced to 2.4 times from 3.1 times at the end of December 2023, and it's now within our medium-term leverage target range of 2 times to 2.5 times. As Peter already flagged, we are pleased to begin our share repurchase plan, in-line with the authorization provided by the Board.

結果，自由現金流為 1.12 億美元，而前一年為 4.34 億美元。我們強勁的去槓桿化措施使得我們的槓桿率從 2023 年 12 月底的 3.1 倍降至 2.4 倍，目前處於我們 2 倍至 2.5 倍的中期槓桿目標範圍內。正如彼得已經指出的那樣，我們很高興根據董事會的授權開始我們的股票回購計劃。

Moving on now to our updated guidance for 2024, where I'm very pleased to say that we are able to slightly increase our overall full year expectations for the Group. In the US, if it was not for the run of customer-friendly NFL sports results in Q4 to date, we would have been increasing our guidance for the year also.

現在轉向我們更新的 2024 年指引，我很高興地說，我們能夠略微提高對集團全年的整體預期。在美國，如果不是第四季度迄今為止對客戶友好的 NFL 體育比賽結果的運行，我們也會增加今年的指導。

Notwithstanding the impact of these results, the strong underlying performance in Q3 and the read through to Q4 means we are only reducing our US full-year revenue midpoint guidance by $50 million to $6.15 billion. Adjusted EBITDA midpoint moves $30 million to $710 million with our EBITDA range narrowed $670 million to $750 million. This equates to year-over-year growth of 40% for revenue and 206% for adjusted EBITDA.

儘管有這些結果的影響，但第三季強勁的基本業績和通讀第四季意味著我們僅將美國全年營收中點指引減少了 5,000 萬美元，至 61.5 億美元。調整後的 EBITDA 中點移動了 3000 萬美元至 7.1 億美元，我們的 EBITDA 範圍縮小了 6.7 億美元至 7.5 億美元。這相當於營收年增 40%，調整後 EBITDA 年成長 206%。

In the Group ex-US, we are upgrading our expectations and now expect increased revenue of $8.2 billion and increased adjusted EBITDA of $1.82 billion at the midpoint of our guidance. This equates to year-over-year growth of 11% for both. Given the positive sports results benefit we have seen in Australia, we also increased our adjusted EBITDA expectations for this segment to approximately $290 million for the year.

在集團（美國除外）中，我們正在上調預期，目前預計收入將增加 82 億美元，調整後 EBITDA 將在我們指導的中點增加 18.2 億美元。這相當於兩者年增 11%。鑑於我們在澳洲看到的積極的體育成果效益，我們也將今年對該細分市場的調整後 EBITDA 預期提高至約 2.9 億美元。

As always, our guidance is provided on the basis that sports results are in-line with our expectations for the remainder of the year, current foreign exchange rates, no new state openings for the remainder of the year and then a consistent regulatory and tax environment. This guidance demonstrates the strong momentum we have across the Group and is really encouraging as I think about the medium term guidance we laid out at the Investor Day.

像往常一樣，我們提供指導的依據是體育賽事結果符合我們對今年剩餘時間的預期、當前的外匯匯率、今年剩餘時間沒有新的州開放以及一致的監管和稅收環境。這項指引展示了我們整個集團的強勁勢頭，當我想到我們在投資者日制定的中期指引時，這確實令人鼓舞。

Finally, we continue to make good progress towards completion of our acquisitions of NSX and Snai, which we expect to complete by the end of Q2. For consistency, it would make sense therefore, to think about consolidation of earnings of those businesses from 1 July, 2025.

最後，我們在完成對 NSX 和 Snai 的收購方面繼續取得良好進展，預計在第二季末完成。因此，為了保持一致性，考慮從 2025 年 7 月 1 日起合併這些企業的利益是有意義的。

With that, Peter and I are happy to take your questions. And I'll hand you back to Greg to manage the call.

彼得和我很樂意回答你的問題。我會將您交還給格雷格來管理通話。

Thanks Rob. (Operator Instructions)

謝謝羅布。（操作員說明）

Ed Young, Morgan Stanley.

艾德楊，摩根士丹利。

Thank you. Good evening. I have two questions, one on the US and one on the UK, if that's okay. And on the US, it looks like promotions were up 540 bps in the quarter, which is obviously above your 400 basis long-term guide you gave at the Investor Day. Rob, you touched on there that some of that was giving back generosity around good favorable results for you.

謝謝。晚安.我有兩個問題，一個是關於美國的，一個是關於英國的，如果可以的話。在美國，本季的促銷活動似乎上漲了 540 個基點，這顯然高於您在投資者日給出的 400 基點長期指引。羅布，你提到其中一些是為了給你帶來良好的有利結果而回饋慷慨。

And on that last point, is it the opposite, i,e., the offsetting benefit with less need from promos that's led to the relatively strong Q4 guide versus some of your peers? Or put another way, should we think of generosity as something that's good for the players but also good for you in terms of smoothing out some of the volatility of results within the business?

關於最後一點，是否是相反的，即，促銷需求減少帶來的抵銷效益導致第四季度指南相對於一些同業而言相對強勁？或者換句話說，我們是否應該將慷慨視為對玩家有利的事情，而且在消除業務中結果的一些波動方面對您也有好處？

And then the second question is on the UK, obviously, continued outperformance of the market there. How do you see the prospects for outperforming the market into 2025 given some of the regulatory factors might normalize? You've obviously called out operational side as well. So how much of the operational outperformance is the driver there and how much you think it's regulation affecting others? Thanks.

第二個問題顯然是關於英國市場的持續表現。鑑於一些監管因素可能正常化，您如何看待 2025 年跑贏大盤的前景？您顯然也提到了營運方面。那麼，營運績效的推動因素有多少？謝謝。

Hi, Ed. Why don't I just give you a brief response to the UK question, a couple of thoughts about US in general. And I know Rob will want to follow up with a bit more detail. I think, from a UK perspective, we're very pleased with the market share that we continue to take.

嗨，艾德。我為什麼不簡單地回答英國的問題，以及對美國的一些整體看法。我知道羅布會想跟進更多細節。我認為，從英國的角度來看，我們對我們繼續佔據的市場份額感到非常滿意。

Clearly, as we get into 2025, we will start to annualize some of the changes that we know our competitors have made. And I think it will become more difficult to grow market share at the same rate, although we shouldn't underestimate how strong our product is in the market at the moment.

顯然，當我們進入 2025 年時，我們將開始按年計算我們知道競爭對手所做的一些變化。我認為以同樣的速度增加市場份額將變得更加困難，儘管我們不應該低估我們的產品目前在市場上的強大程度。

So I think that's something that we're really benefiting from as well as the changes that we made to move early from a safer gambling perspective. In the US, I'd actually call out our pricing accuracy as something that's been incredibly important for us.

因此，我認為這是我們真正受益的事情，也是我們為儘早從更安全的賭博角度出發而做出的改變。在美國，我實際上會指出我們的定價準確性對我們來說非常重要。

We've got a very strong parlay mix, which ought to actually make positive results better and negative results potentially worse because a lot of parlays can drive more sort of volatility. But our pricing accuracy is absolutely crucial. And I think that's what's really driving the material differential that you're seeing with our business and others. Rob, do you want to comment on generosity and other points?

我們有一個非常強大的連本帶利組合，這實際上應該使積極的結果更好，而消極的結果可能更糟，因為大量的連本帶利可能會帶來更多的波動。但我們的定價準確性絕對至關重要。我認為這就是您在我們的業務和其他業務中看到的實質差異的真正原因。羅布，你想對慷慨和其他觀點發表評論嗎？

Yeah. So maybe a point on the UK first, Ed. I think as Peter mentioned, we're really happy with the momentum there into next year. One thing that continues to perform extremely well in the UK is the gaming business. And we're up 29% overall there, but all brands were very strong again across the piece, which was very helpful for the result.

是的。所以也許首先是關於英國的一點，艾德。我認為正如彼得所提到的，我們對明年的勢頭感到非常滿意。在英國繼續表現出色的一件事是遊戲業務。我們整體上漲了 29%，但所有品牌在整體上再次表現強勁，這對結果非常有幫助。

In terms of promotions and the generosity in Q3, yes, it is consistent with our investment strategy year-to-date and actually we have been giving back more to customers as a result of the customer -- of the bookmaker-friendly results in Q3. We're not planning to change that strategy in Q4. We have had some slightly adverse results Q4 to date, but not withstand that, we're not expecting to change our generosity approach at this point in time.

就第三季的促銷和慷慨而言，是的，這與我們今年迄今為止的投資策略一致，實際上，由於第三季對博彩公司有利的結果，我們一直在回饋客戶更多。我們不打算在第四季改變這項策略。到目前為止，我們在第四季度取得了一些稍微不利的結果，但儘管如此，我們預計此時不會改變我們的慷慨方法。

Thank you.

謝謝。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good afternoon, everyone. I think most of us would agree the moves to layer in the media funnels have been working pretty well in recent years, just thinking through TVG and FanDuel TV and just the share gains you've seen in that business. With that line of thinking, I want to get your perspective on the RSN deals that were announced in the US and how you'll look to utilize those assets with your existing business today.

大家下午好。我想我們大多數人都會同意，近年來，媒體管道分層的舉措一直運作良好，只要考慮一下 TVG 和 FanDuel TV 以及您在該業務中看到的份額收益即可。帶著這種思路，我想了解您對在美國宣布的 RSN 交易的看法，以及您今天將如何利用這些資產與現有業務。

On the second question here, can we just get an update on what you're hearing on the ground in Brazil? It's a month and a half out here and it doesn't seem like there's too much progress to get out by Jan 1, just what you're hearing there. Thank you.

關於第二個問題，我們能否了解您在巴西實地聽到的最新消息？已經有一個半月了，到 1 月 1 日似乎沒有太多進展，正如你所聽到的。謝謝。

Yeah, afternoon, Jordan. You'll be aware from the conversations we had around the Investor Day, and how extensive our sort of media mix and footprint is in the US. And I think it's a real benefit you see from our scale. Don't forget Mike talking about the benefits of refer a friend, for example. And I think that's something which stands us in really good stead.

是的，下午，喬丹。您將從我們在投資者日期間進行的對話中了解到，我們的媒體組合和足跡在美國有多麼廣泛。我認為這是您從我們的規模中看到的真正好處。例如，不要忘記麥克談論了推薦朋友的好處。我認為這對我們來說非常有利。

Look, we've been looking at this sort of RSN deal for a while. We thought it's an interesting opportunity to get involved in -- I mean, college sports, very important. It gives us access to some certain assets that we would have not previously been able to look at. And so we thought it was worth looking at it, being around the hoop and seeing what we could do with it.

看，我們關注 RSN 這類交易已經有一段時間了。我們認為這是一個參與大學運動的有趣機會，非常重要。它使我們能夠訪問一些我們以前無法查看的某些資產。所以我們認為值得關注它，看看我們能用它做什麼。

And I think early indications are very positive. I think the team has done a brilliant job from a standing start to deliver such good and strong integrations. And we'll see how much it helps benefit the business. I mean, Rob, do you want to talk about Brazil?

我認為早期跡象非常積極。我認為團隊從一開始就做得非常出色，能夠提供如此良好且強大的整合。我們將看看它對企業有多大幫助。我的意思是，羅布，你想談談巴西嗎？

Yeah. So we are still anticipating and preparing for a 1 January launch for Brazil. With it being Brazil, we don't have affirmative confirmation of that. But we're planning on that basis. There are various regulatory challenges at the moment there as we know, but actually, we're very confident about our approach in Brazil. We've grown there with our brands that we've got there already.

是的。因此，我們仍在期待並準備 1 月 1 日在巴西推出。由於是巴西，我們對此並未得到肯定的確認。但我們正在以此為基礎進行規劃。據我們所知，目前那裡存在各種監管挑戰，但實際上，我們對我們在巴西的做法非常有信心。我們已經在那裡發展了我們的品牌。

We're very excited about the NSX acquisition. And we feel that gives us the ability to really kind of push on in Brazil and investing behind that brand in 2025 as we laid out at the Investor Day, something that we're planning to do and really take advantage of what we think is a very exciting market with lots of opportunity.

我們對 NSX 的收購感到非常興奮。我們認為，這使我們有能力在 2025 年真正推動巴西市場並對該品牌進行投資，正如我們在投資者日上所闡述的那樣，我們計劃這樣做，並真正利用我們認為的優勢非常令人興奮的市場，有很多機會。

Awesome. Thank you very much.

驚人的。非常感謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Thanks for taking my questions. Just going back around the promotional reinvestment. If more of your users or players start to lean into your same-game parlay product, just given the yield on that, does that force you just to have to promote more because the holds are so high? And then I saw you're going to be involved in the Netflix Christmas NFL games. Was that implied in your guide or is that additional? Thank you.

嘿，太棒了。感謝您回答我的問題。回到促銷再投資。如果更多的用戶或玩家開始傾向於您的同遊戲連本帶利產品，僅考慮到該產品的收益，這是否會迫使您不得不推廣更多產品，因為保留率如此之高？然後我看到你將參加 Netflix 的聖誕 NFL 比賽。您的指南中是否暗示了這一點，或者是額外的？謝謝。

Hi, Jed. Well, look, I mean, we're obviously -- we have known that we're going to be involved in the Christmas Day games. So it is in the guide. We'll be delighted to be able to deliver our exciting product for Americans to get behind on Christmas Day. From a parlay perspective, you're right, it does drive a significant improvement in the hold of.

嗨，傑德。好吧，聽著，我的意思是，我們顯然 - 我們知道我們將參加聖誕節比賽。指南中也是如此。我們很高興能夠為美國人在聖誕節那天提供我們令人興奮的產品。從連贏的角度來看，你是對的，它確實推動了抓地力的顯著改善。

I think we should need to remember that we've seen a big step-up in parlay adoption year-over-year. Customers really like the product. It is higher margin, but the generosity proportions that we do offer to our customers are as a percentage. So naturally, as margins increase, we will be spending more.

我認為我們應該記住，我們已經看到連贏彩的採用率逐年有了很大的進步。客戶真的很喜歡這個產品。這是更高的利潤，但我們向客戶提供的慷慨比例是百分比。因此，隨著利潤的增加，我們自然會增加支出。

Thank you.

謝謝。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thanks for taking the questions. Wanted to first just touch on the Your Way product and really dive into what behavior you're seeing from those players, whether it's engagement, retention, parlay mix. And then maybe what are the early learnings from Colorado?

偉大的。感謝您提出問題。我想先了解 Your Way 產品，並真正深入了解您從這些玩家身上看到的行為，無論是參與度、保留率還是連本帶利組合。那麼科羅拉多州的早期經驗可能是什麼？

And I think the release mentioned another state that you're launched and early learnings in the past for its other launches. And then, sorry, that was a long first one. And then second, maybe more simple, but were you surprised how narrowly Missouri passed by? I think it was one of the closer referendum votes we've seen in US for online sports betting. Thanks.

我認為該版本提到了您發布的另一個狀態以及過去對其其他發布的早期學習。然後，抱歉，這是一個很長的第一個。第二，也許更簡單，但你對密蘇裡州如此險峻地通過感到驚訝嗎？我認為這是我們在美國看到的線上體育博彩公投中最接近的投票之一。謝謝。

Yeah. Hi, Bernie. Hello, it's easy to pick up the Missouri one. I mean, we only needed to win by a vote. So there's an argument that we wasted 6,099 votes. But look, yeah, joking aside, look, we were very pleased it was passed. There was some reasonably strong opposition at one point to the amendment.

是的。嗨，伯尼。您好，購買密蘇裡州的很容易。我的意思是，我們只需要以一票之差獲勝即可。因此有人認為我們浪費了 6,099 票。但是，是的，開個玩笑，我們很高興它通過了。修正案曾經一度遭到一些相當強烈的反對。

So we were delighted to get it over the line. And I think it gives us conviction in our guide at the Investor Day to the fact that we'd see two percentage points of adult population in each of the next several years. I think that's very helpful. Rob, you want to talk about the Your Way product briefly?

所以我們很高興能夠成功。我認為這讓我們對投資者日的指南充滿信心，因為我們將在未來幾年中每年看到成年人口成長兩個百分點。我認為這非常有幫助。Rob，您想簡單談談 Your Way 產品嗎？

Yes, it's quite early stages in Colorado and West Virginia, and it's only available to select customers. So it's not rolled out to the entire customer base, but certainly in terms of the initial reaction that we've got from customers and their engagement with the product, we've had some really positive feedback and reviews.

是的，這在科羅拉多州和西維吉尼亞州還處於早期階段，並且僅適用於特定客戶。因此，它並未推廣到整個客戶群，但就我們從客戶那裡得到的初步反應以及他們對產品的參與而言，我們確實得到了一些非常積極的反饋和評論。

And we therefore plan to roll out that early stage version more broadly to all states in time. So yeah, I think the most important thing from a financial perspective is that we've solved the math to actually price almost infinite markets here, which is the really exciting point as we move forwards.

因此，我們計劃及時向所有州更廣泛地推出該早期版本。所以，是的，我認為從財務角度來看最重要的是，我們已經解決了數學問題，可以為幾乎無限的市場實際定價，這是我們前進過程中真正令人興奮的一點。

I'm super excited about the product. I mean, there's a huge amount of work to get the user experience right. When you think about having infinite SKUs, that could become very difficult. But I think we're getting some good learnings out of it. This has taken years for us to build. And we're delighted to see what it does in the years ahead.

我對這個產品非常興奮。我的意思是，要獲得正確的使用者體驗需要做大量的工作。當您考慮擁有無限的 SKU 時，這可能會變得非常困難。但我認為我們從中得到了一些很好的教訓。我們花了數年時間才建成。我們很高興看到它在未來幾年的表現。

Great. Thank you both.

偉大的。謝謝你們倆。

Paul Ruddy, Davy.

保羅魯迪、戴維.

Hi, good evening, guys. Just back to the promotional intensity in the US, just the decision to reinvest some of that additional hold in Q3. Is that reference to a pickup in overall intensity in the market, has it gotten more competitive? Or is it simply just back to the old the capital LTV still remain very favorable? And then secondly, just as a quick follow-up just on Australia. I think you've used the word encouraging there. Is it too early to say that that market has inflected back now, we might see a good rebuild?

嗨，晚上好，夥計們。回到美國的促銷力度，我們決定在第三季將部分額外持有的資金再投資。這是指市場整體強度的上升，競爭是否變得更加激烈？還是只是回到了老本錢LTV仍然保持非常優惠？其次，就像對澳洲的快速跟進一樣。我認為你在那裡使用了鼓勵這個詞。現在說市場已經回升，我們可能會看到良好的重建，是否還為時過早？

Hi, Paul. Look, on Australia, I think we've been pleased with the growth in AMPs we're seeing in the market. Obviously, we're through the Melbourne Cup. I think it was actually an Irish jockey that won the race and 90-to-1 outsider, was a pretty favorable result for the Australian punters. But look, I think we're pleased with the way that we're seeing the AMP growth.

嗨，保羅。看，在澳大利亞，我認為我們對市場上看到的 AMP 成長感到滿意。顯然，我們已經完成了墨爾本杯。我認為實際上是一位愛爾蘭騎師贏得了比賽，並且 90 比 1 的局外人，對澳大利亞投注者來說是一個相當有利的結果。但是，我認為我們對 AMP 成長的方式感到滿意。

I think we've got some positive sports results in Q3. We've got to remember next year, we've got a lot of taxes we're going to annualize. But I think it just goes back to the strength of the business and the benefits that Australia continues to provide into the rest of the Group through The Flutter Edge in terms of helping us with things like generosity and products. And, Rob, to the point of generosity, why don't you talk about the promotional intensity stuff?

我認為我們在第三季度取得了一些積極的體育成果。我們必須記住，明年我們要繳大量稅。但我認為這可以追溯到業務的實力以及澳洲繼續透過 Flutter Edge 為我們提供慷慨和產品等方面的好處。而且，Rob，說到慷慨，為什麼不談促銷強度的事情呢？

Yeah. So, thanks, Paul. I mean, in terms of generosity generally, we had a good run in Q3 and actually returning some of that positive luck to our customers will help NFL investment. And we're seeing great engagement around our NFL products, and we're really happy with the customer engagement we're seeing in NFL to date.

是的。所以，謝謝，保羅。我的意思是，就慷慨而言，我們在第三季度表現良好，實際上將一些積極的運氣回饋給我們的客戶將有助於 NFL 的投資。我們看到 NFL 產品的客戶參與度很高，而且我們對迄今為止在 NFL 中看到的客戶參與度感到非常滿意。

Just generally, we do work within a set of economic parameters for our paybacks, as we've mentioned on a number of occasions. And we're tracking well within that at the moment both in terms of marketing payback and generosity. So we're really pleased with the investment that we're laying down and the engagement that we're getting from our customers. And we don't see any need to significantly change that in the short term.

一般來說，正如我們在許多場合提到的那樣，我們確實在一組經濟參數範圍內進行工作以獲得回報。目前，我們在行銷回報和慷慨方面都進展順利。因此，我們對我們所進行的投資和客戶的參與感到非常滿意。我們認為短期內沒有必要做出重大改變。

Thanks very much.

非常感謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good afternoon, good evening, everybody. Thanks for taking my question. So first question would be on the pre-2022 state revenue growth of 46%, 23% handle growth really strong. How much of that is new customers acquired this year? And do you think the strength you've seen from new customer growth, is at all in part because of certain black market sites known to be being shut down this year?

大家下午好，晚上好。感謝您提出我的問題。所以第一個問題是 2022 年之前國家營收成長 46%，23% 的成長確實強勁。今年獲得的新客戶有多少？您認為您從新客戶成長中看到的力量是否部分是由於某些已知的黑市網站今年被關閉？

The second question would be, how has the Illinois competitive landscape changed at all in the last few months since the legislation? And if you've changed anything at all, how are customers responding to those changes? Thank you.

第二個問題是，自立法以來的過去幾個月裡，伊利諾州的競爭格局發生了什麼樣的變化？如果您進行了任何更改，客戶對這些更改有何反應？謝謝。

Hi, Brandt. I'll start with a sort of overview of what I think is happening from a sort of competitive intensity perspective, which I think is important to the view about the pre-'22 states. The new customer acquisition in those states is actually up 6% year-over-year. And I know you referenced the point about whether that's black market operators being closed down or not. We've got by far the best pricing and products in the market. And I think that's what's standing us in really good stead.

嗨，布蘭特。我將從某種競爭強度的角度概述我認為正在發生的事情，我認為這對於對 22 年前的州的看法很重要。這些州的新客戶獲取量實際上比去年同期增長了 6%。我知道您提到了黑市運營商是否被關閉的問題。我們擁有迄今為止市場上最好的價格和產品。我認為這正是我們的優勢。

If you think about the TAM that we shared at the Investor Day, we've still got a long way to go from a penetration perspective even in some of the states which we've been operating in for a very long period of time. So I continue to see a long runway of growth for us in the future in those states from a customer acquisition perspective.

如果你想想我們在投資者日分享的 TAM，從滲透的角度來看，即使在我們已經運作了很長時間的一些州，我們還有很長的路要走。因此，從客戶獲取的角度來看，我繼續看到我們未來在這些州的長期成長。

But let's also remember, if you look at the sort of NFL, parlay penetration up 700% -- sorry, 700 basis points year-over-year and that helps improve margins as well. So a combination of all of those things helping support the business.

但我們還要記住，如果你看看 NFL 的類型，連本帶利滲透率上升了 700%——抱歉，同比增長了 700 個基點，這也有助於提高利潤率。因此，所有這些因素的結合有助於支持業務。

On your second question in terms of Illinois, we've not seen anything that leads us to a different conclusion from what we guided at Q2 in terms of the impact and what we're seeing currently is not deviating from those trends. So it's largely consistent with what we saw and commented on at Q2.

關於伊利諾伊州的第二個問題，我們沒有看到任何東西導致我們在影響方面得出與我們在第二季度指導的結論不同的結論，而且我們目前看到的情況並沒有偏離這些趨勢。因此，這與我們在第二季度看到和評論的情況基本一致。

Thanks everyone.

謝謝大家。

Ryan Sigdahl, Craig-Hallum Capital Group.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。

Hey, good afternoon, guys. I want to start, Peter, you just mentioned FanDuel has the best pricing in the market for the customer. Highly competitive from that standpoint. Can you elaborate on where you're really seeing the success from a pricing advantage in the more complex markets and bets driving that, I'll say, relatively strong Q4 thus far given the game outcomes?

嘿，下午好，夥計們。首先，Peter，您剛剛提到 FanDuel 為客戶提供了市場上最優惠的價格。從這個角度來看，競爭非常激烈。您能否詳細說明一下，在更複雜的市場中，您真正從定價優勢中看到了成功，並且考慮到遊戲結果，我想說，到目前為止，第四季度相對強勁？

And then secondly, on the Your Way parlay, from a hold standpoint, should we think of this as your traditional parlay hold above average percent or can this be better given the uniqueness and personalization of it? Thanks.

其次，在「你的方式」連本帶利中，從持有的角度來看，我們是否應該將其視為您的傳統連本帶利持有率高於平均水平，或者考慮到它的獨特性和個性化，這是否可以更好？謝謝。

Hi, Ryan. Look, I think the point around pricing advantages, look, we've got to think about this as a sort of pricing accuracy point. It's really, really important when we are taking these complex parlay bets that we're getting the pricing as accurate as possible.

嗨，瑞安。看，我認為圍繞定價優勢的一點，看，我們必須將其視為一種定價準確性點。當我們進行這些複雜的連本帶利投注時，讓定價盡可能準確是非常非常重要的。

And that is what has supported us with very strong margins even whilst we've had the best pricing available for our customers. It means that when customer-friendly results, we don't get hit as badly as people who've got loose pricing, which is not as accurate. And it means that when results are in our favor also helps us as well.

這就是為什麼我們能夠獲得非常高的利潤，儘管我們為客戶提供了最優惠的價格。這意味著，當結果對客戶友好時，我們不會像那些定價寬鬆的人那樣受到嚴重打擊，因為定價不那麼準確。這意味著當結果對我們有利時也會對我們有幫助。

At the end of the day, though, it means that we've got the confidence to offer a broader range of products and markets to our customers, which means that they're more likely to take more parlay products, we get more data, which helps us to reinforce our pricing capabilities and pricing accuracy. So this goes back to the stuff that Dom and the team talked about at the Investor Day. And I think you're really seeing the benefits of it in real life in Q4 when you compare our performance against other players in the market.

不過，歸根結底，這意味著我們有信心為我們的客戶提供更廣泛的產品和市場，這意味著他們更有可能接受更多的連本帶利產品，我們獲得更多的數據，這有助於我們增強定價能力和定價準確性。這又回到了 Dom 和團隊在投資者日談論的內容。我認為，當您將我們的表現與市場上其他參與者進行比較時，您確實會在第四季度的現實生活中看到它的好處。

I think maybe just to add to what Peter said, I mean the fact that obviously, we lead the market in parlays, that compounds the margin benefit. So when thinking about Your Way, we're very excited about it in terms of the potential to offer more markets and compound that same-game parlay benefit even more. And as we said though earlier on, it's very early days in terms of this product. So we need to do this testing and see where we land. But we're very excited about it as we mentioned.

我想也許只是對彼得所說的進行補充，我的意思是，顯然，我們在連本帶利市場中處於領先地位，這使得利潤率收益更加複合。因此，當考慮「Your Way」時，我們對它提供更多市場並進一步複合同遊戲連贏收益的潛力感到非常興奮。正如我們之前所說，就該產品而言，現在還處於早期階段。所以我們需要做這個測試，看看我們著陸在哪裡。但正如我們所提到的，我們對此感到非常興奮。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone, and thanks for taking my questions. First, I wanted to touch on 2025 a bit. Can you talk us through maybe some of the building blocks as we think about next year as it relates to structural hold and the extent of the increases you've seen in the past couple of years and how to think about that next year?

嘿，大家下午好，感謝您回答我的問題。首先，我想談談 2025 年。您能否向我們介紹我們明年考慮的一些組成部分，因為它與結構性保持以及您在過去幾年中看到的增長程度有關，以及如何考慮明年？

And then along with that, the other puts and takes, whether it's Missouri and sports versus iGaming growth? And then the second question, just Florida, there's been some news and some headlines regarding that state possibly opening up along with Hard Rock. If there's any kind of comment or insights you could share there, that would be great? Thanks.

除此之外，還有其他的看跌期權，是否是密蘇裡州和體育與 iGaming 的成長？然後是第二個問題，就佛羅裡達州而言，有一些關於該州可能與硬石一起開放的新聞和頭條新聞。如果您可以在那裡分享任何評論或見解，那就太好了？謝謝。

Dan, yeah, maybe I'll start with 2025. We're not providing 2025 guidance at this stage, and we'll share that at our Q4 earnings in March. You will recall, however, that we shared our medium-term views on the trajectory of what we expect at our Investor Day, including how we're thinking about 2025. I think just referring to that would be helpful in thinking about the growth for next year. I can touch on a couple of specific points. But we said at that time that we expect revenue growth, excluding 2025, state launches for the US to be between 20% to 25% from our 2024 guidance.

丹，是的，也許我會從 2025 年開始。我們現階段不提供 2025 年指導，我們將在 3 月的第四季財報中分享此資訊。不過，您可能還記得，我們​​在投資者日分享了我們對預期軌蹟的中期看法，包括我們對 2025 年的看法。我認為僅僅提及這一點將有助於思考明年的成長。我可以談幾個具體的點。但我們當時表示，我們預計，不包括 2025 年的收入成長，美國各州的收入成長將比我們 2024 年的指導成長 20% 至 25%。

And from an EBITDA perspective, we expected margin expansion of 500 basis points to 600 basis points. In terms of some specific points, yes, we're going to have two new states next year as we mentioned in terms of Alberta and Missouri. The way that we generally think about new states is roughly a $35 million cost for each 1% of the population. With those two new states depending on timing, that's going to be accessing a further 3% of the population in the context of how we think about the overall US population. So those are probably the key points to be thinking about as we move into 2025.

從 EBITDA 角度來看，我們預期利潤率將擴大 500 個基點至 600 個基點。就某些具體問題而言，是的，正如我們在艾伯塔省和密蘇裡州提到的那樣，明年我們將有兩個新州。我們通常認為新州的成本大約是每 1% 的人口 3500 萬美元。這兩個新州的開通取決於時間，從我們對美國總人口的看法來看，這將涵蓋另外 3% 的人口。因此，這些可能是我們進入 2025 年時需要考慮的關鍵點。

Dan, look, and in terms of your question about Florida, I mean, look, you're aware that we're not able to operate sports betting in Florida presently, the Seminoles and Hard Rock retain monopoly in the market. As an associate member of the Indian Gaming Association, FanDuel, of course, supports and partners with Indian tribes throughout the US.

丹，聽著，就你關於佛羅裡達州的問題而言，我的意思是，聽著，你知道我們目前無法在佛羅裡達州經營體育博彩，塞米諾爾人和硬石保持著市場的壟斷地位。作為印第安遊戲協會的準會員，FanDuel 當然支持並與美國各地的印第安部落合作。

And we recognize the importance of the Supreme Court's decision for tribal sovereignty. We'll continue to find ways to work together with tribal partners in Florida and the US more generally. There are potential paths forward in Florida that we'll continue to explore, but it'd be premature to identify what course that might take at the moment.

我們認識到最高法院對部落主權的裁決的重要性。我們將繼續尋找與佛羅裡達州和美國的部落合作夥伴更廣泛地合作的方法。我們將繼續探索佛羅裡達州的潛在前進道路，但目前確定可能採取的路線還為時過早。

Understood. Thanks so much.

明白了。非常感謝。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Hi, good afternoon. Peter, can you talk more about your confidence in seeing the shorter payback period that you've referenced while balancing the additional investments to acquire the new users? And then either maybe Peter or Rob, any additional detail you can share on how FanDuel's new product features aside from the Your Way parlay are benefiting the net revenue margins during the first half of the NFL season, or maybe even more broadly, like how would you characterize the competitive position of FanDuel's product relative to the competition given all your enhancements that you're making there? Thank you.

嗨，下午好。Peter，您能否多談談您對看到您提到的更短投資回收期同時平衡獲取新用戶的額外投資的信心？然後，無論是 Peter 還是 Rob，您都可以分享有關 FanDuel 除了 Your Way 連贏之外的新產品功能如何使 NFL 賽季上半段的淨收入利潤受益的任何其他詳細信息，或者更廣泛地說，例如鑑於您所做的所有改進，您描述了FanDuel 產品相對於競爭對手的競爭地位嗎？謝謝。

Hi, Robert. So look, in terms of my confidence in our sort of paybacks at the moment, I mean, look, they're high. I mean, we've got a fantastic product. I think people recognize the benefits of our pricing. I think we're doing smart things with generosity. I mean, you saw a lot of that come together at the Investor Day. And customers have seen that with the start of the football season, of course, with basketball as well.

嗨，羅伯特。所以，就我目前對我們的回報的信心而言，我的意思是，看，它們很高。我的意思是，我們有一個很棒的產品。我認為人們認識到我們定價的好處。我認為我們正在慷慨地做明智的事情。我的意思是，你在投資者日看到了很多這樣的事。隨著足球賽季的開始，客戶們已經看到了這一點，當然，籃球賽季也是如此。

And I think that's what's leading to a big step-up in acquisition volumes year-over-year in the third quarter, which of course, is always a more intense and bigger period for us. So we're very pleased with performance. There has been a reduction in the payback period. And look, we've always been trying to acquire as big a business as we can whilst ever we meet our payback criteria. Obviously, there's a bit of space in there at the moment, but we're continuing to push hard and acquire as much business as we can.

我認為這就是導致第三季收購量比去年同期大幅增加的原因，當然，這對我們來說始終是一個更加激烈和更大的時期。所以我們對錶現非常滿意。投資回收期有所縮短。看，我們一直在努力收購盡可能大的企業，同時滿足我們的投資回報標準。顯然，目前還有一些空間，但我們將繼續努力爭取盡可能多的業務。

In terms of the product question, there's lots of developments that keep landing. And there's a number of things that we can touch on for Q3. I mean, first, I would say that we're delighted with the fact that our total live handle was up 700 bps in the first four weeks of the NFL and also the NFL parlay penetration has been up 700 bps in the first four weeks as well. We've put quite a lot of investment behind the live investments.

就產品問題而言，有許多進展不斷落地。我們可以在第三季討論很多事情。我的意思是，首先，我想說的是，我們很高興我們的總實時處理量在NFL 的前4 週內上升了700 bps，並且NFL 連贏投注滲透率在前4 週內上升了700 bps ，因為出色地。我們在實際投資背後投入了大量投資。

So we've got a number of things such as in-house game trackers launch for NFL and college football. We've improved the customer experience with new scoreboards across the big six sports as we see them. We're improving the player narrative constantly. We've enhanced the market in terms of player props and quick duration bets.

因此，我們推出了許多產品，例如針對 NFL 和大學橄欖球推出的內部比賽追蹤器。我們透過六大體育項目的新記分板改善了客戶體驗。我們正在不斷改進玩家的敘述。我們在玩家道具和快速持續投注方面增強了市場。

So there's a bunch of stuff that we've done here, and we'll continue to invest behind it. And this is where we really see some of the benefit of the Flutter Edge as well because some of the things that we're bringing to bear in the US market are things that we've seen and developed in other markets and we're now successfully reaping the benefits in the US also.

所以我們在這裡做了很多事情，我們將繼續在背後投資。這也是我們真正看到 Flutter Edge 的一些好處的地方，因為我們在美國市場推出的一些東西是我們在其他市場看到和開發的，現在我們正在美國也成功地獲益。

Great. Thank you both.

偉大的。謝謝你們倆。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks very much. I have two, please. I wanted to follow up on the Your Way beta testing comments. I'm curious, if we were to think about, I guess, the sort of duration of the '24-'25 NFL and NBA seasons right now, would you be disappointed if the products aren't released or sort of brought nationally and out of beta over that timeframe?

非常感謝。我有兩個，拜託。我想跟進 Your Way 測試版的評論。我很好奇，如果我們考慮一下 24-25 NFL 和 NBA 賽季現在的持續時間，如果產品沒有在全國範圍內發布或引入，您會感到失望嗎？

And then the second question I have is on Italy. Rob, you mentioned sort of July 1, '25, as a good time for thinking about when that might start to hit the model. When you have Snai under the umbrella and fully consolidated, what are the most immediate opportunities that you guys have in front of you in terms of Flutter Edge improvements or sort of product cross-pollination? And are there specific targets that you might sort of think about or have in mind amidst regulation from a share capture standpoint? Thank you.

我的第二個問題是關於義大利的。Rob，您提到了 25 年 7 月 1 日，這是考慮何時開始影響模型的好時機。當你們將 Snai 納入並完全整合後，你們在 Flutter Edge 改進或產品異花授粉方面面臨的最直接的機會是什麼？從股份捕獲的角度來看，在監管過程中，您可能會考慮或牢記哪些具體目標？謝謝。

Hey, Clark, let me deal quickly with the Your Way point. And then Rob can talk to you about, I think, sort of synergies sounds like you're asking on Italy. We've been pretty clear, I think, on the Your Way products. We're very excited about it. It's taken a huge amount of work to get it this far as Rob was saying, solving the maths. We're now very focused on making sure we deliver a fantastic user experience as we do with all of our product.

嘿，克拉克，讓我快速處理一下“你的方式”點。然後羅布可以跟你談論，我想，某種協同效應聽起來就像你在問義大利。我認為，我們對 Your Way 產品的態度已經非常明確了。我們對此感到非常興奮。正如羅布所說，解決數學問題需要做大量的工作才能做到這一點。我們現在非常專注於確保我們提供出色的用戶體驗，就像我們對所有產品所做的那樣。

So look, our intention is to roll out this beta more broadly to customers across the US. But we're not going to roll it out unless we get it right. And it's difficult to land this correctly. We spent a lot of time building it and we'll get it in customers' hands when we're ready. We're very excited about it. I think it's going to have a huge impact for the business in later years. But there's no point in rushing it a week here or there.

因此，我們的目的是向美國各地的客戶更廣泛地推出此測試版。但除非我們做對了，否則我們不會推出它。正確地解決這個問題很困難。我們花了很多時間來建造它，準備好後我們會將其交付給客戶。我們對此感到非常興奮。我認為這將對未來幾年的業務產生巨大影響。但在這裡或那裡匆忙一周是沒有意義的。

Yeah. So, in terms of the Snai acquisition, we're really excited about this one. So we continue to really outperform our expectations in Italy, which is a huge developed regulated gambling market and the largest in Europe. What we've seen since Sisal has come into the Flutter's table is the fact that being an omnichannel operator in Italy enables you to continue taking share because of the advertising restrictions there. And we see us kind of compounding that with Snai coming on board as well.

是的。因此，就收購 Snai 而言，我們對此感到非常興奮。因此，我們在義大利的表現確實超出了我們的預期，義大利是一個巨大的發達受監管賭博市場，也是歐洲最大的市場。自從 Sisal 進入 Flutter 的市場以來，我們看到的事實是，作為義大利的全通路營運商，您可以繼續獲得份額，因為那裡的廣告限制。我們看到 Snai 也加入了我們，這有點複合了。

There's a significant cost and revenue synergy plan behind the Snai deal, which I won't talk in detail about now, but we're very confident about both the revenue and cost synergies. And yeah, we've got a fantastic team already in place in Italy running Sisal that gives us a very high degree of confidence over those synergies.

Snai交易背後有一個重要的成本和收入協同計劃，我現在不會詳細談論，但我們對收入和成本協同效應非常有信心。是的，我們在義大利已經組建了一支出色的團隊來運作劍麻，這讓我們對這些協同效應充滿了信心。

And I think the last point to mention with Snai is that this is a really standout brand by itself. Snai is a brand in the Italian market that's synonymous with sports betting. So it's a very different and complementary brand to Sisal. So we see them both operating alongside one another and really kind of enhancing our position in the market overall and taking that gold medal position.

我認為 Snai 的最後一點是，它本身就是一個非常出色的品牌。Snai 是義大利市場上的一個品牌，是運動博彩的代名詞。因此，它是一個與劍麻非常不同且互補的品牌。因此，我們看到他們並肩作戰，確實增強了我們在整體市場中的地位，並取得了金牌地位。

Thank you.

謝謝。

Joe Stauff, Susquehanna.

喬·斯塔夫，薩斯奎哈納。

Thank you. Hello, Peter Rob. Two questions, please, on FanDuel. One, just in terms of the AMP mix in the quarter, I saw that you referred to 43% casino AMP growth. Is that a casino-first product or is that a mixture between maybe the two casino products depending on how the user is sourced?

謝謝。你好，彼得·羅布。請在 FanDuel 上提出兩個問題。第一，就本季的 AMP 組合而言，我看到您提到賭場 AMP 成長了 43%。這是賭場優先的產品，還是兩種賭場產品的混合體，取決於使用者的來源？

And then two, I wondered if you could just kind of review your Ontario positioning. It's tough to tell what's really going on in that market other than from a macro perspective. I think you had just migrated the product over to the US tech stack? And what is your share in that market, third quarter and so forth?

第二，我想知道您是否可以回顧一下您在安大略省的定位。除了從宏觀角度來看，很難判斷該市場到底發生了什麼事。我認為您剛剛將產品遷移到美國技術堆疊？第三季等，您在該市場的佔有率是多少？

Hi, Joe. So I think on the -- yeah, on Ontario, I mean, we have just migrated the product over. You're absolutely right. I think we've been very pleased with how the FanDuel product has resonated with the Canadian consumers. We're excited to see what we can do now. We've got it on our own tech stack. This wasn't a cold start market. Obviously, this is a little bit more complex to land the market, but I think the product has resonated really well. I don't have the sort of market share figures to hand, I'm afraid. Rob, do you want to talk about the casino stuff?

嗨，喬。所以我認為——是的，在安大略省，我的意思是，我們剛剛將產品遷移過來。你是絕對正確的。我認為我們對 FanDuel 產品與加拿大消費者產生的共鳴感到非常滿意。我們很高興看到我們現在能做什麼。我們已經在自己的​​技術堆疊上擁有了它。這不是一個冷啟動的市場。顯然，這對登陸市場來說有點複雜，但我認為該產品確實引起了很好的共鳴。恐怕我手邊沒有市場佔有率的數據。羅布，你想談談賭場的事嗎？

Yeah, could you just repeat your first part of the question there for us, please?

是的，您能為我們重複問題的第一部分嗎？

Yeah. Sure. Sure, Rob. I was just kind of referring to the third quarter AMP growth, 28%. I thought I read something, correct me if I'm wrong, that the casino portion of that grew 43% in the third quarter. And I'm wondering, is that all the casino-first product is sort of more of, say, a clarity question?

是的。當然。當然，羅布。我只是指第三季 AMP 成長 28%。我想我讀過一些東西，如果我錯了，請糾正我，其中賭場部分在第三季度增長了 43%。我想知道，所有賭場優先的產品是否更像是清晰度問題？

I can pick it up, Joe. I mean, the 43% is correct. And I think we have been very pleased with the growth in both the direct casino customer segment as well as in cross-sell. I mean, I think we'd always originally assumed we'd get strength in cross sell. I think as I've spoken over the last few results quarters, we've seen real performance in the direct casino space, but look, we're very pleased in both segments. And I think we've got some great product, as I mentioned, in my opening remarks, I think the stuff we're doing with our daily jackpots and stuff, I think is also really resonating with the customers as well.

我可以把它撿起來，喬。我的意思是，43% 是正確的。我認為我們對直接賭場客戶群以及交叉銷售的成長感到非常滿意。我的意思是，我認為我們最初一直認為我們會在交叉銷售中獲得優勢。我認為正如我在過去幾個季度的業績中所說的那樣，我們已經看到了直接賭場領域的真正表現，但是看，我們對這兩個領域都非常滿意。我認為我們已經有了一些很棒的產品，正如我在開場白中提到的那樣，我認為我們用日常累積獎金和其他東西所做的事情也確實引起了客戶的共鳴。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Hi, Peter and Rob. Thanks for taking all of our questions. Maybe just one on the UK to start. Obviously, the budget has come and gone, but leading into it, there was a bit of speculation about possible tax increases and that didn't happen. But I think would be great to get your kind of thoughts on anything in the budget that's relevant for you and maybe a comment on the consultation that's expected about possibly consolidating the tax structure?

嗨，彼得和羅布。感謝您回答我們所有的問題。也許只是從英國開始。顯然，預算已經來了又去，但在預算出台之前，有一些關於可能增加稅收的猜測，但這並沒有發生。但我認為，如果您能了解您對預算中與您相關的任何內容的想法，或對可能整合稅收結構的諮詢發表評論，那就太好了？

Do you have another question, Joe or --

喬，你還有其他問題嗎？--

Sure. The second one was just going to be about the share repurchases now that you've started the $350 million tranche, could you remind us your approach to that? Is it kind of going to be a quarterly announcement, programmatic, a bit more opportunistic and just kind of revisit how we should think about that?

當然。第二個問題是關於股票回購，既然你已經開始了 3.5 億美元的部分，你能提醒我們你的做法嗎？這是否會是一個季度公告、程序化的、更多機會主義的、只是重新審視我們應該如何思考這個問題？

John, on the UK, sort of the budget tax changes, I mean, I think it's worth reminding everyone, given our significant scale, we're better placed to absorb any tax changes relative to the market than other competitors there. What the government, the new government in the UK have effectively done is said that they're going to carry on with the work that the preceding government were doing, which was to look at consolidating the various different tax rates in the UK and they are consulting about that.

約翰，關於英國的預算稅收變化，我的意思是，我認為值得提醒大家，鑑於我們的規模龐大，我們比那裡的其他競爭對手更有能力吸收相對於市場的任何稅收變化。英國新政府實際上所做的事情是，他們將繼續前任政府正在做的工作，即考慮整合英國的各種不同稅率，他們正在對此進行諮詢。

So we'll continue to engage with them. I think there's also been a small sort of NI change in the UK, but that's sort of immaterial really for us from a group perspective. Rob, do want to talk about the share repurchase there?

因此我們將繼續與他們接觸。我認為英國的 NI 也發生了一些小的變化，但從團體的角度來看，這對我們來說實際上並不重要。羅布，想談談那裡的股票回購嗎？

Yeah. So we're really excited to get going with this share repurchase and we'll commence that later this week. From that point onwards, we'll introduce the next tranche of the buybacks at our Q4 results in March. And we're partnering with Goldman Sachs on this to help us out in terms of the mechanics and looking forward to getting excited going with that later this week.

是的。因此，我們非常高興能夠開始這次股票回購，我們將在本週晚些時候開始。從那時起，我們將在三月的第四季業績中介紹下一批回購。我們正在與高盛合作，以幫助我們解決機制方面的問題，並期待本週晚些時候對此感到興奮。

Great. Thanks, Rob. Thanks Peter.

偉大的。謝謝，羅布。謝謝彼得。

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

Thank you. Good evening, everyone. So I've got a couple of questions, please. The first one is that Fox has been discussing a lot vocally the fact that they would enforce their option around FanDuel. So just wondering how you see things panning out around that?

謝謝。大家晚上好。我有幾個問題。第一個是福克斯一直在口頭上討論他們將圍繞 FanDuel 執行他們的選擇這一事實。所以只是想知道你如何看待這方面的事情？

And then sticking to the UK, can you remind us if your numbers already include anything around the white paper implementation? You touched before on like [GBP50 million to GBP100 million] of impact. Is that already in the UK numbers, or would that come in if ever the white paper was to be implemented? Thank you.

然後是英國，您能否提醒我們您的資料是否已經包含了任何有關白皮書實施的內容？您之前談過[5000萬英鎊到1億英鎊]的影響。英國的數據中已經有這個數字嗎？謝謝。

Hi, Adrien. Look, I think you need to ask Fox what they intend to do. I mean, clearly, if they were to exercise it, they'd have to be licensed, which I understand is no mean fee. And then once they did that, they'd have to exercise the entire option. And then it would give them the ability to acquire the stake, which is illiquid. So they've got no exit mechanism.

嗨，艾德里安。聽著，我想你需要問福克斯他們打算做什麼。我的意思是，顯然，如果他們要行使它，就必須獲得許可，我知道這並不是一筆小錢。一旦他們這樣做了，他們就必須行使整個選擇權。然後，這將使他們有能力獲得缺乏流動性的股份。所以他們沒有退出機制。

And of course, there's the price which you're familiar with. So look, this is something we'll -- that you have to -- you have to ask Fox whether they intend to put their shareholder capital into that or not? Rob, do you want to talk about the white paper in the UK?

當然，還有您熟悉的價格。所以看，這是我們要做的事情——你必須——你必須問福克斯是否打算將股東資本投入其中？羅布，你想談談英國的白皮書嗎？

So as we stand, we're early in the second year of an anticipated multi-year consultation. We've not seen anything so far to indicate any change to our previously guided GBP25 million to GBP50 million EBITDA impact. And a number of those elements are still subject to further concentration piloting. So we'll have to see how it goes. I mean, what I would say is that we've got ahead of some of the previous regulation, which has stood us in very good stead. And we believe these numbers are in consensus already.

因此，就我們目前的情況來看，我們正處於預期的多年期磋商的第二年初期。到目前為止，我們還沒有看到任何跡象表明我們先前指導的 2500 萬英鎊至 5000 萬英鎊 EBITDA 影響有任何變化。其中一些要素仍有待進一步集中試點。所以我們得看看事情進展如何。我的意思是，我想說的是，我們已經領先之前的一些規定，這對我們很有幫助。我們相信這些數字已經達成共識。

Thank you.

謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. Just a quick one circling back to Your Way and maybe just ask the question slightly differently. When you gave your long-term hold guidance, was this factored into it or would that be potential upside or did that long-term hold guidance kind of assume that you would be developing different things as you approach that? Thanks.

偉大的。謝謝。只是快速回到“你的方式”，也許只是以稍微不同的方式提出問題。當你給出長期持有指導時，這是否被考慮在內，或者這是否是潛在的上漲空間，或者長期持有指導是否假設你在接近這一目標時會開發不同的東西？謝謝。

Hi, Robin. Look, clearly, we were aware of the Your Way products when we gave our long-term hold guidance. We're out in beta with it at the moment. We're very excited about the product. I think it will provide a lot of excitement and engagement for US consumers. But we don't yet know how people are going to properly engage with it when we have it out there to them. But at this stage, it was factored into guidance. Clearly, our hold rates are higher in the guidance than they are today. And this is part of it, increased parlay penetration be driven by Your Way, More Legs and all those types of things will have an impact on that.

嗨，羅賓。顯然，當我們給予長期持有指導時，我們就意識到了 Your Way 產品。目前我們正處於測試階段。我們對該產品感到非常興奮。我認為這將為美國消費者帶來很多興奮和參與。但我們還不知道當我們向人們提供它時，他們將如何正確地參與其中。但在現階段，它已被納入指導。顯然，我們的指導中的持有率比現在要高。這是其中的一部分，由「你的方式」、「更多的腿」和所有這些類型的事情推動的連贏滲透率的提高都會對此產生影響。

Okay, great. Thank you.

好的，太好了。謝謝。

Okay. Look, I think that's it now. So, Greg, thank you very much and to everybody on the call. Appreciate your time. Thank you all for listening and look forward to catching up with you soon.

好的。聽著，我想現在就是這樣了。所以，格雷格，非常感謝你以及參加電話會議的每個人。珍惜您的時間。感謝大家的收聽，並期待盡快與您聯繫。

Thank you and ladies and gentlemen that does conclude today's call. Thank you all for joining and you may now disconnect. Have a great day, everyone.

謝謝各位女士們、先生們，今天的電話會議結束了。感謝大家的加入，現在可以斷開連線了。祝大家有美好的一天。