Flutter Entertainment PLC (FLUT) 2024 Q4 法說會逐字稿

Good afternoon and welcome to Flutter's Q4 and fiscal year 2024 earnings call hosted by CEO, Peter Jackson, and CFO, Rob Coldrake. Please note this conference call is being recorded.

下午好，歡迎參加 Flutter 第四季和 2024 財年財報電話會議，由執行長 Peter Jackson 和財務長 Rob Coldrake 主持。請注意，本次電話會議正在錄音。

(Operator Instructions)

（操作員指示）

I will now hand you over to Paul Timms, Flutter Director of Investor Relations to begin today's call.

現在，我將把電話會議交給 Flutter 投資者關係總監 Paul Timms，開始今天的電話會議。

Hi, everyone, and welcome to Flutter's Q4 results call. With me today are Flutter's CEO, Peter Jackson, and CFO, Rob Coldrake. After this short intro, Peter will open with a summary of our operational progress, and then Rob will run through the Q4 financials and our new guidance for 2025. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 第四季業績電話會議。今天與我一起的還有 Flutter 的執行長 Peter Jackson 和財務長 Rob Coldrake。在簡短的介紹之後，Peter 將首先概述我們的營運進展，然後 Rob 將介紹第四季度的財務狀況和我們對 2025 年的新指導。然後我們將開放問答熱線。

Some of the information we are providing today including our 2025 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. These factors are detailed in our earnings press release and our SEC filings.

我們今天提供的一些資訊（包括我們的 2025 年指引）構成前瞻性陳述，其中涉及風險、不確定性和其他因素，可能導致實際結果與這些陳述中所示的結果有重大差異。這些因素在我們的收益新聞稿和美國證券交易委員會文件中有詳細說明。

In addition, all forward-looking statements are based on current expectations, and we undertake no obligation to update any forward-looking statements, 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 in the Investors section of our website.

此外，所有前瞻性陳述均基於當前預期，除非法律要求，否則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。對帳結果已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」部分查閱。

I will now hand you over to Peter.

我現在將你交給彼得。

Thank you, Paul. I'm delighted to provide an update on what has been a fantastic year for Flutter. Our strategic positioning provides a compelling investment opportunity. This includes access to significant growth markets and a scaled and diversified portfolio of local hero brands who win in the local markets through accessing our unique differentiator, the Flutter Edge.

謝謝你，保羅。我很高興能夠更新 Flutter 輝煌的一年的最新動態。我們的策略定位提供了極具吸引力的投資機會。這包括進入重要的成長市場以及規模化和多樣化的本地英雄品牌組合，這些品牌透過利用我們獨特的差異化因素 Flutter Edge 在本地市場取得成功。

In 2024, we capitalized on these opportunities as we strengthened our leadership position in the US market, while globally, our local brands solidified their number one positions and took share in key markets, including the UK and Italy. We also grew into new markets with the very successful FanDuel launches in North Carolina and Vermont, along with the addition of MaxBet in our international business. We have achieved this by leveraging the Flutter Edge to deliver the best product for players.

2024年，我們利用這些機會鞏固了在美國市場的領導地位，而在全球範圍內，我們的本土品牌鞏固了第一的位置，並在包括英國和義大利在內的主要市場佔據了份額。我們也透過在北卡羅來納州和佛蒙特州成功推出 FanDuel 以及將 MaxBet 納入我們的國際業務，拓展了新市場。我們透過利用 Flutter Edge 為玩家提供最好的產品實現了這一目標。

Our pricing capabilities give our players access to the leading Same Game Parlay products across multiple geographies, driving both engagement and continued expansion of our market-leading structural gross revenue margin.

我們的定價能力使我們的玩家能夠訪問多個地區的領先 Same Game Parlay 產品，從而推動參與度並持續擴大我們市場領先的結構性毛收入利潤率。

Our IGaming product proposition is going from strength to strength with the creation of Flutter Studios, which we believe will better harvest our games development capabilities, which complements the addition of further tier one supplier content. Altogether, this translated into excellent financial performance, with revenue growth of 19% and adjusted EBITDA $482 million or 26% higher in 2024. With leverage now within our medium-term guidance range after declining by nearly a turn in 2024, we will truly see the benefits of being an And business in 2025.

隨著 Flutter Studios 的創建，我們的 IGaming 產品主張正在不斷壯大，我們相信這將更好地提升我們的遊戲開發能力，並與一級供應商內容的增加相輔相成。總而言之，這轉化為出色的財務業績，2024 年營收成長 19%，調整後 EBITDA 達到 4.82 億美元，成長 26%。槓桿率在 2024 年下降近一倍後，目前已處於我們的中期指導範圍內，到 2025 年，我們將真正看到成為 And 企業的好處。

Firstly, we expect FanDuel's fantastic product pipeline will drive continued organic investments and planned acquisition to sustain our leadership position in the US Secondly, in the newly formed International division, we expect to have the Snai and NSX acquisitions in the first half, further enhancing the scale and diversification of the group in high-growth markets. And thirdly, we'll get the full year benefit of the share repurchase program with up to $1 billion of repurchases expected across 2025.

首先，我們預計 FanDuel 出色的產品線將推動持續的有機投資和計劃中的收購，以維持我們在美國的領導地位。其次，在新成立的國際部門，我們預計將在上半年完成 Snai 和 NSX 收購，進一步增強集團在高成長市場的規模和多樣化。第三，我們將獲得股票回購計畫的全年收益，預計 2025 年回購金額將高達 10 億美元。

Turning now to our performance in Q4. In the US, we exited the year in a position of unparalleled strength, with a sportsbook GGR market share of 43% and a iGaming GGR market share of 26%. This means we closed the year as a clear number one online sportsbook operator in the US, a position we have consistently maintained. And we have now also overtaken other multi-brand competitors to become the number one iGaming operator. This market leadership position has been delivered and maintained through our laser focus on product innovation, combined with a disciplined customer acquisition strategy.

現在來談談我們第四季的表現。在美國，我們在年底擁有無與倫比的優勢，體育博彩 GGR 市佔率為 43%，iGaming GGR 市佔率為 26%。這意味著我們在年底成為美國排名第一的線上體育博彩營運商，並且一直保持這一地位。現在我們也已經超越其他多品牌競爭對手，成為第一大 iGaming 營運商。我們透過專注於產品創新並結合嚴謹的客戶獲取策略來建立和維持這一市場領導地位。

The strong performance in the quarter was somewhat masked by the well documented adverse sports results as we saw some of the most customer-friendly NFL results on record. While these short-term results led to change in outlook for 2024, the transitory nature of these impacts, which are part of operating a sportsbook has no bearing to the long-term position of the business as we have absolute confidence in our leading pricing and risk management capabilities, and in the structural gross and net revenue margin targets, which we outlined at the Investor Day.

由於我們看到了有史以來對客戶最友好的 NFL 比賽結果，因此本季度的強勁表現在一定程度上被有據可查的不利體育賽事結果所掩蓋。雖然這些短期結果導致了2024年前景的變化，但這些影響的暫時性（作為營運體育博彩的一部分）不會影響業務的長期地位，因為我們對我們領先的定價和風險管理能力以及我們在投資者日概述的結構性毛收入和淨收入利潤率目標絕對有信心。

I've been really pleased with the strength and trajectory of the US business. Existing player cohort growth remains encouraging, and the opportunity to acquire new customers remain very compelling, with payback periods of less than 18 months and well below our two-year threshold for investment. Our focus on product innovation helps to drive our structural gross revenue margin to 14.5% in the quarter. Parlay penetration continues to increase with NFL up 500 basis points on the high base as our market-leading Same Game Parlay products continue to resonate very well with our customers.

我對美國業務的實力和發展軌跡感到非常滿意。現有玩家群的成長仍然令人鼓舞，獲取新客戶的機會仍然非常引人注目，回報期不到 18 個月，遠低於我們兩年的投資門檻。我們對產品創新的關注有助於推動本季結構性毛收入利潤率達到 14.5%。由於我們市場領先的 Same Game Parlay 產品繼續受到客戶的熱烈歡迎，Parlay 滲透率持續上升，NFL 在高基數上上漲了 500 個基點。

Our product pipeline is stronger than ever, with a number of new sportsbook features launched in Q4 leveraging our market-leading pricing capabilities. These included increased betting markets across all major sports, a new live activity tracker for NFL, which has seen good early adoption rates, and greater ability for customers to tailor the general generosity they receive with more to come during 2025.

我們的產品線比以往更加強大，第四季度推出了許多新的體育博彩功能，充分利用了我們市場領先的定價能力。這些舉措包括擴大所有主要運動項目的投注市場、為 NFL 推出新的即時活動追蹤器（早期採用率良好）、以及增強客戶定制所獲一般慷慨捐贈的能力，2025 年還將推出更多慷慨捐贈。

We also continue to trial a revolutionary new Your Way product, with all states having access to this new customizable way of betting NFL in the quarter, and we are now in the process of rolling out Your Way to NBA markets. Although it's really early stages, the engagement we've seen from customers has been very pleasing.

我們也將繼續試用革命性的全新 Your Way 產品，本季度所有州都可以使用這種新的可自訂 NFL 投注方式，目前我們正在將 Your Way 推廣到 NBA 市場。儘管現在還處於早期階段，但我們看到客戶的參與度非常令人滿意。

On iGaming, product innovation has also delivered us to our number one position. Launches included sports theme games such as NBA Super Slam that we expect will help drive sportsbook cost out and exclusive titles by Samurai 888 Kenji. We know access to exclusive games appeal to our direct iGaming customers, in particular, as we laid out at Investor Day. We improved our iGaming rewards proposition with the introduction of the new jackpot functionality on our daily prize mechanic, FanDuel Reward Machine, as well as trialing our new FanDuel Rewards Club loyalty program. Combined, these features help to deliver exceptionally strong AMPs growth, up 37%.

在 iGaming 領域，產品創新也讓我們佔據了第一名的位置。推出的遊戲包括 NBA Super Slam 等運動主題遊戲，我們預計這將有助於降低體育博彩成本，以及 Samurai 888 Kenji 的獨家遊戲。我們知道，獨家遊戲對我們的直接 iGaming 客戶尤其有吸引力，正如我們在投資者日所闡述的那樣。我們透過在每日獎金機制 FanDuel Reward Machine 上引入新的累積獎金功能以及試行新的 FanDuel Rewards Club 忠誠度計劃，改進了我們的 iGaming 獎勵主張。這些特點結合起來有助於實現 AMP 的異常強勁增長，增幅達 37%。

Our fundamental drivers are taking good momentum into the new financial year. The NFL season ended with a great Super Bowl. As we look into 2025, I feel very confident about FanDuel's prospects. From a regulatory perspective, the US continues to be a dynamic market. One new state opportunities, we continue to push mass expansion for both sportsbook and iGaming.

我們的基本驅動力在新財年呈現出良好勢頭。NFL 賽季以一場精彩的超級碗比賽落下帷幕。展望 2025 年，我對 FanDuel 的前景充滿信心。從監管角度來看，美國仍然是一個充滿活力的市場。一個新的國家機遇，我們繼續推動體育博彩和 iGaming 的大規模擴張。

We also note the research and development on prediction markets and opportunities that may arise for us there. We are also monitoring proposals for state gaming tax increases within the regulated sports betting market, and we're working closely with advisers and regulators alongside our peers to ensure the impact such changes can help on the regulated market are well understood.

我們也注意到預測市場的研究和發展以及可能為我們帶來的機會。我們也正在監測受監管體育博彩市場中州博彩稅增加的提案，我們正在與顧問和監管機構以及我們的同行密切合作，以確保這些變化對受監管市場的影響得到充分理解。

Irrespective of what means states may use to manage their budget deficits, as the largest operator in North America we believe that we are in the best position within the sector to mitigate impacts should they arise. Outside of the US, we had a strong quarter with revenue growth of 14%, where access to our Flutter Edge capabilities is driving share gains across the portfolio. In UKI, we had another excellent year, and we've now grown our market share by 4 percentage points over the last two years. Product delivery continues to be key to that success.

無論各州採用何種手段來管理預算赤字，作為北美最大的營運商，我們相信，我們在該行業中處於最佳地位，可以減輕可能出現的影響。在美國以外，我們本季表現強勁，營收成長了 14%，其中 Flutter Edge 功能的使用推動了整個產品組合的份額成長。在英國，我們又度過了出色的一年，過去兩年我們的市佔率成長了 4 個百分點。產品交付仍然是成功的關鍵。

In the quarter, Paddy Power's expanded Super Sub products drove increased parlay penetration, and in turn, structural gross revenue margin improvements. An engaging English Premier League has also driven high levels of player demand. Our iGaming proposition continues to improve with expanded free-to-play content, such as the Sky Vegas Guaranteed Prize Machine and a broader range of tier one gaming content.

在本季度，Paddy Power 擴展的 Super Sub 產品推動了聯注滲透率的提高，進而推動了結構性毛收入利潤率的提高。英超聯賽的激烈競爭也帶動了對球員的高需求。我們的 iGaming 主張不斷改進，不斷擴展免費遊戲內容，例如 Sky Vegas 保證獎金機和更廣泛的一級遊戲內容。

In Italy, Sisal's poker players now have access to PokerStars shared liquidity pool, quickly resulting in record prize calls and showing the direct benefit of access to the Flutter Edge. Sisal compelling omnichannel offering help drive a 33% increase in Italian AMPs during Q4, with omnichannel players generating over 1.5 times more online revenue compared to online-only clients. Given this large omnichannel presence, we look forward to welcoming Snai into the group in the second quarter.

在義大利，Sisal 的撲克玩家現在可以訪問 PokerStars 共享流動資金池，這很快就帶來了創紀錄的獎金召喚，並展示了訪問 Flutter Edge 的直接好處。Sisal 引人注目的全通路產品幫助推動義大利 AMP 在第四季度成長 33%，全通路參與者的線上收入比純線上客戶高出 1.5 倍以上。鑑於這種龐大的全通路影響力，我們期待在第二季歡迎 Snai 加入集團。

Positive momentum continues across our key consolidated invest markets, demonstrating the benefits of our diversified portfolio and our capacity to invest for long-term growth. This is demonstrated well in India, where we continue to invest through the impact of the tax changes introduced in October 2023, which temporarily impacted growth rates. The underlying (inaudible) can now be seen with AMP growth of 72% on a year over two-year basis.

我們的主要綜合投資市場繼續保持積極勢頭，證明了我們多元化投資組合的優勢以及我們投資長期成長的能力。印度就很好地證明了這一點，儘管 2023 年 10 月推出的稅收變化暫時影響了成長率，但我們仍繼續在印度進行投資。現在可以看到，潛在的（聽不清楚）是 AMP 在兩年內同比增長了 72%。

In Australia, player-driven momentum in sports remains a positive tailwind against the known softer racing market with underlying trends playing out in line with our expectations during the quarter.

在澳大利亞，由運動員推動的體育發展勢頭仍然對眾所周知的疲軟賽馬市場起到了積極的推動作用，本季度的基本趨勢符合我們的預期。

Finally, and in summary, we believe that the group is very well positioned for 2025 and also to deliver our 2027 goals that we set out at our Investor Day. We have excellent momentum in our global businesses, and we are delivering against our Play Well ambitions.

最後，總而言之，我們相信集團已為 2025 年做好了充分準備，並能夠實現我們在投資者日制定的 2027 年目標。我們的全球業務發展勢頭良好，我們正在實現「Play Well」的目標。

FanDuel has made a strong start to the year, and we expect to materially expand our player base due to our market-leading products. The reorganization of our ex-US businesses into our new international division will enhance our strategic focus on winning in our local markets, while our cost transformation programs will ensure we maximize shareholder value.

FanDuel 今年開局表現強勁，我們預計憑藉我們市場領先的產品，我們的玩家基礎將大幅擴大。將我們的美國以外業務重組為新的國際部門將增強我們在本地市場取勝的戰略重點，而我們的成本轉型計劃將確保我們實現股東價值的最大化。

I will now hand over to Rob to take you through the financials and our guidance.

現在我將把時間交給 Rob，讓他向您介紹財務狀況和我們的指導。

Thanks, Peter, and hello, everyone. It's great to be talking to you today about another strong quarter. The group delivered revenue and adjusted EBITDA growth of 14% and 4%, respectively, despite the impact of the customer-friendly sports results in the US. The Group generated net income of $156 million, which is after the combined noncash expense of $346 million, the amortization of the acquired intangibles and the fair value movement on the FOX option.

謝謝，彼得，大家好。很高興今天能和大家談論另一個強勁的季度。儘管受到美國消費者喜愛的體育賽事成績的影響，該集團的收入和調整後 EBITDA 仍分別增長 14% 和 4%。該集團的淨收入為 1.56 億美元，這是扣除 3.46 億美元的非現金支出、所收購無形資產的攤銷以及 FOX 選擇權的公允價值變動之後的結果。

Earnings per share increased by [$5.59 to $0.45] in Q4, benefiting from the recognition of a tax credit on historic US losses and an impairment charge in the prior year comparative period. Adjusted EPS, which now excludes certain fair value movements primarily due to the impact of the revaluation of the FOX option, increased 67% due to the tax credit.

第四季每股收益增加了 [5.59 美元至 0.45 美元]，受益於對歷史美國虧損的稅收抵免以及去年同期的減損費用的確認。調整後的每股盈餘因稅收抵免而增加了 67%，目前已排除主要由於 FOX 選擇權重估影響而導致的某些公允價值變動。

Turning now to the financial performance for each of the segments. In the US, revenue was 14% higher with adjusted EBITDA of $163 million. This included continued strong iGaming growth of 43%, driven by the product improvements Peter outlined, driving excellent player growth and engagement during the quarter. Sportsbook revenue growth of 8% reflected the adverse impact of sports results as well as a moderation in handle growth to 12%. As anticipated, the sequential handle trend was lower than Q2 and Q3 due to various factors, including the timing of state launches in the current and prior year, a greater number of NFL games in Q4 2023 and the continued migration of our customers to higher revenue margin products, which are typically also lower handle wages.

現在來談談每個部門的財務表現。在美國，營收成長了 14%，調整後的 EBITDA 為 1.63 億美元。其中包括 iGaming 繼續強勁增長 43%，這得益於 Peter 概述的產品改進，推動了本季玩家的出色成長和參與度。體育博彩收入增長 8%，反映了體育賽事結果的不利影響以及投注額增長放緩至 12%。正如預期的那樣，由於各種因素，連續的處理趨勢低於第二季度和第三季度，這些因素包括當前和去年各州發布的時機、2023 年第四季度 NFL 比賽數量的增加以及我們的客戶繼續轉向更高收入利潤率的產品，而這些產品通常處理工資也較低。

We estimate customer-friendly sports results cost approximately $550 million in revenue and $360 million of adjusted EBITDA in Q4. This is before factoring in one-off cost mitigations and any recycling benefits. I will summarize our estimate of the net impact of 2024 when I walk through our 2025 guidance. From a cost perspective, we continue to deliver excellent operating leverage despite the impact of sports results on revenue, the incremental taxes year-over-year in Illinois and the opportunity to continue to invest in customer acquisition.

我們估計，客戶友好的體育賽事結果將導致第四季度收入損失約 5.5 億美元，調整後 EBITDA 損失約 3.6 億美元。這還沒有考慮一次性成本緩解和任何回收效益。當我介紹 2025 年指導方針時，我將總結我們對 2024 年淨影響的估計。從成本角度來看，儘管體育賽事結果對收入產生影響、伊利諾伊州稅收逐年遞增，並且有機會繼續投資於客戶獲取，但我們仍然能夠提供出色的經營槓桿。

Outside of the US, revenue grew 14%, while adjusted EBITDA increased 6%. UKI had an excellent quarter with revenue growth of 20%, driven by a strong performance in both sportsbook and iGaming, which were 31% up and 16% up, respectively. Sportsbook revenue was aided by the positive year-on-year swing in sports results at 390 basis points, combined with a further 110 basis points expansion in our structural gross revenue margin as players engage with our expanded Same Game Parlay offering.

美國以外地區的營收成長了 14%，而調整後的 EBITDA 則成長了 6%。UKI 本季表現出色，營收成長 20%，這得益於體育博彩和 iGaming 的強勁表​​現，分別成長了 31% 和 16%。體育博彩收入得益於體育賽事結果同比大幅上漲 390 個基點，加上隨著玩家參與我們擴展的 Same Game Parlay 產品，我們的結構性毛收入利潤率進一步擴大 110 個基點。

In International, constant currency revenue growth of 23% was driven by a 22% increase from existing consolidated first markets, and MaxBet also contributed 8 percentage points to the year-over-year growth. Sisal had an exceptional quarter in Italy, highlighted by online revenue growth of 41% as we took share in the market and benefited from a favorable swing in sports results. India, Turkey, Georgia and Brazil all performed strongly in the quarter, demonstrating the benefits of our diversified portfolio. In Australia, revenue was 8% lower, reflecting softness in the racing market, although AMP growth has been encouraging at 7%.

在國際領域，以固定貨幣計算，收入增長 23%，這得益於現有合併第一市場 22% 的增長，而 MaxBet 也為同比增長貢獻了 8 個百分點。Sisal 在義大利度過了一個出色的季度，線上收入成長了 41%，這得益於我們佔據了市場份額並受益於體育賽事結果的有利變化。印度、土耳其、喬治亞和巴西在本季均表現強勁，彰顯了我們多元化投資組合的優勢。在澳大利亞，儘管 AMP 的成長率令人鼓舞，達到 7%，但收入下降了 8%，反映出賽馬市場的疲軟。

Cash flow growth in the quarter was underpinned by the growth in our business with net cash from operating activity up 67% and free cash flow growth of 175%. Cash flow also benefited from the comps versus prior year, which included increased CapEx relating to the acquisition of our new US office in L.A. and increased transaction costs associated with our US listing.

本季現金流的成長得益於我們業務的成長，經營活動產生的淨現金成長 67%，自由現金流成長 175%。現金流也受益於與去年同期相比的成長，其中包括與收購我們在洛杉磯的新美國辦事處有關的資本支出增加，以及與我們在美國上市有關的交易成本增加。

Cash flow conversion over the year as a whole was excellent with free cash flow of $941 million, a $0.6 billion increase year-over-year despite the $428 million headwind relating to settlement of derivatives in 2023 and 2024. The significant expansion in group adjusted EBITDA was $482 million over the last year, and FX movements drove a $635 million reduction in our net debt over the equivalent period to bring leverage within our medium-term target range at 2.2 times. This anticipated reduction unlocks the capacity to repurchase up to $1 billion in shares across 2025, in tandem with the acquisitions of Snai and NSX, totaling approximately $2.7 billion.

全年現金流轉換表現優異，自由現金流達 9.41 億美元，儘管 2023 年和 2024 年面臨與衍生性商品結算相關的 4.28 億美元逆風，但仍比去年同期增加了 6 億美元。去年，集團調整後的 EBITDA 大幅增加 4.82 億美元，而外匯變動則推動我們的淨債務在同期減少 6.35 億美元，使槓桿率達到我們的中期目標範圍 2.2 倍。此次預期減持將釋放出在 2025 年回購高達 10 億美元股票的能力，同時也將收購 Snai 和 NSX，總額約 27 億美元。

Moving now to the 2025 guidance we have published today, which includes trading up to the end of February. In the US, we expect existing state revenue and adjusted EBITDA midpoints of $7.72 billion and $1.4 billion, respectively. This represents year-over-year growth of 33% and 176% and growth at the midpoint of our Investor Day commentary after adjusting for sports results in the 2024 base. Normalizing 2024 sports results, US net revenue would have been around $6.3 billion and adjusted EBITDA of approximately $800 million. This includes adjustments of one-off costs we called out as mitigation in Q4 as well as our estimate of the benefit of recycling in the quarter.

現在轉到我們今天發布的 2025 年指導，其中包括截至 2 月底的交易。在美國，我們預計現有州收入和調整後的 EBITDA 中點分別為 77.2 億美元和 14 億美元。這代表著同比增長 33% 和 176%，以及根據 2024 年基期的體育賽事結果進行調整後，我們投資者日評論中點的增長。根據 2024 年體育賽事結果的正常化，美國淨收入將達到約 63 億美元，調整後 EBITDA 約為 8 億美元。這包括我們在第四季度稱為緩解措施的一次性成本調整以及我們對本季回收效益的估計。

2025 started really well. Underlying trends are in line with our expectations with an acceleration in staking trends from Q4 levels as we lap a more like-for-like calendar period. Sports results for the year-to-date have been roughly neutral with the great Super Bowl result offsetting adverse sports results in January.

2025 年的開局非常好。隨著我們進入一個更加類似的日曆週期，基本趨勢與我們的預期一致，從第四季度開始，押注趨勢有所加速。今年迄今的體育賽事結果大致中性，超級盃的出色成績抵消了 1 月份不利的體育賽事結果。

I'll now take you through some comments on phasing for the existing state guidance. In the first half of 2025, it's worth remembering that the shape of 2024 was impacted by adverse sports results in Q1 and positive sports results in Q2, and therefore, phasing year-over-year will look different. We therefore expect revenue in Q1 to be roughly 24% or 25% of total revenue for the year and Q1 adjusted EBITDA to be around 20% of 2025 adjusted EBITDA. Around 60% of our US adjusted EBITDA is expected to arise in the second half of 2025, with Q4 remaining our largest quarter of the year.

現在，我將向您介紹有關現有國家指導分階段實施的一些評論。在 2025 年上半年，值得記住的是，2024 年的情況受到第一季度不利的體育賽事結果和第二季度有利的體育賽事結果的影響，因此，同比分階段看起來會有所不同。因此，我們預計第一季的營收約佔全年總營收的 24% 或 25%，第一季調整後的 EBITDA 約佔 2025 年調整後 EBITDA 的 20%。我們美國調整後的 EBITDA 預計將在 2025 年下半年出現約 60%，其中第四季仍是我們今年最大的季度。

New states and territory launches are expected to result in negative revenue of $40 million and an adjusted EBITDA cost of $90 million, reflective of a Q4 launch in Missouri and some prelaunch investment cost in Alberta ahead of an anticipated Q1 2026 launch.

預計新州和地區的發射將導致負 4000 萬美元的收入和 9000 萬美元的調整後 EBITDA 成本，這反映了密蘇裡州第四季度的發射和在預計的 2026 年第一季度發射之前在阿爾伯塔省的一些發射前投資成本。

Moving on to group ex-US guidance. We expect revenue and adjusted EBITDA midpoints of $8.25 billion and $1.85 billion, respectively, excluding M&A. On a nominal basis, this is in line with 2024. They equate to growth of 6% and 10% for revenue and adjusted EBITDA, respectively, after adjusting for foreign currency movements and the gross quarter results benefit in 2024, and is in line with our expectations.

繼續討論美國以外的集團指導。我們預計，不包括併購，營收和調整後的 EBITDA 中位數分別為 82.5 億美元和 18.5 億美元。從名義上看，這與 2024 年一致。在調整外匯變動和 2024 年季度總業績收益後，它們分別相當於收入和調整後 EBITDA 成長 6% 和 10%，這符合我們的預期。

Foreign currency exchange rates have moved against the dollar over the last few months to create a 3% year-over-year headwind at revenue and adjusted EBITDA of approximately $220 million and $50 million, respectively.

過去幾個月，外匯匯率對美元產生變動，導致收入和調整後 EBITDA 年比分別下降 3% 左右，約 2.2 億美元和 5,000 萬美元。

Quarterly phasing should be broadly in line with 2024 after allowing for the Euros in Q2 and Q3, along with very favorable sports results in Q2. Revenue growth is reflective of continued momentum in International and an encouraging outlook in Australia. As anticipated, growth in UKI is moderating from the high levels reported during 2024 as we come against positive sports results, the European Soccer Championships in 2024, absorbing the impacts of the government white paper finally being implemented and as we migrate Sky Bet onto our global platform.

在考慮到第二季和第三季的歐洲盃以及第二季非常有利的體育賽事結果後，季度分階段應該與 2024 年大致一致。收入成長反映了國際市場的持續成長動能以及澳洲市場的樂觀前景。正如預期的那樣，由於我們面臨積極的體育成績、2024 年歐洲足球錦標賽、吸收最終實施的政府白皮書的影響以及我們將 Sky Bet 遷移到我們的全球平台，UKI 的增長正在從 2024 年報告的高水平放緩。

Overall, ex-US guidance also reflects the initial benefits of our cost efficiency program, and we remain on track to deliver $300 million in annualized cost savings by 2027. 2025 is an important year for these programs and we are very pleased with our progress to date. We expect to migrate Sky Bet customers to a single UKI platform across the summer and complete the program by the end of the year. As our players now have access to PokerStars poker liquidity pool, and we expect Italian players to be accessing a combined platform later this year.

總體而言，美國以外的指導也反映了我們的成本效率計劃的初步效益，並且我們仍有望在 2027 年前實現 3 億美元的年度成本節約。 2025 年對這些計劃來說是重要的一年，我們對迄今為止的進展感到非常滿意。我們預計將於今年夏季將 Sky Bet 客戶遷移至單一 UKI 平台，並在年底前完成該計劃。由於我們的玩家現在可以訪問 PokerStars 撲克流動資金池，我們預計義大利玩家將在今年稍後訪問綜合平台。

From Q1 2025, we will combine UKI, International and Australia into 1 new combined international setting. This means the group ex-US adjusted EBITDA midpoint guidance is split between $2.08 billion for the new international segment and $230 million unallocated corporate overhead. Finally, we have also guided on some additional income statement and cash flow items that you can find in today's release.

從 2025 年第一季開始，我們將把英國、國際和澳洲合併為 1 個新的綜合國際環境。這意味著該集團除美國以外的調整後 EBITDA 中點指引分為新國際部門的 20.8 億美元和 2.3 億美元的未分配公司管理費用。最後，我們還對一些額外的損益表和現金流量項目進行了指導，您可以在今天的發布中找到。

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

有了這些，彼得和我很樂意回答您的問題，我會把電話轉回給里賈娜來管理通話。

(Operator Instructions)

（操作員指示）

Ed Young, Morgan Stanley.

摩根士丹利的艾德楊 (Ed Young)。

Thank you. My first question is on US guidance. You've been a lot of detail there, so thank you. I wonder if you could pick up on the $90 million of investment losses in new states. Can you just talk through the timing movement on Missouri and Alberta and if there are any other underlying changes within the guide? And perhaps more broadly, could you comment on the customer acquisition environment? And then, the second question prediction markets. Peter, you mentioned it very briefly there, just listen to your main peer described them as more of an opportunity than anything else. Is that how you see it?

謝謝。我的第一個問題是關於美國的指導。您說得非常詳細，謝謝。我想知道您是否能了解到新州 9000 萬美元的投資損失。您能否談談密蘇裡州和阿爾伯塔省的時間變動以及指南中是否還有其他潛在的變化？或許更廣泛地說，您能評論一下客戶獲取環境嗎？然後，第二個問題是預測市場。彼得，你剛才非常簡短地提到了這一點，只需聽聽你的主要同行將其描述為一種機會而不是其他任何東西。您是這麼認為的嗎？

Okay, should I pick up on the first question with regards to the new state. As mentioned, yeah, we're expecting to launch Missouri in Q4 around November, and we're expecting Alberta not to be till Q1 2026. As we've said previously, 1% of the population, we think roughly equates to around $35 million in contribution costs in terms of the launch in the first six months. So that ends up being around $80 million for Missouri, as most of those investment costs are typically incurred upfront as we said before. And then in Alberta we're expecting around $10 million for a kind of pre-live investment towards the end of this year, so that gets you to the $90 million.

好的，我應該繼續回答有關新狀態的第一個問題嗎？正如所提到的，是的，我們預計將於 11 月左右在第四季度推出密蘇裡州，而我們預計阿爾伯塔省要到 2026 年第一季才會推出。正如我們之前所說，我們認為 1% 的人口在前六個月的啟動中大約相當於 3500 萬美元的貢獻成本。因此，對於密蘇裡州來說，最終的投資成本約為 8,000 萬美元，因為正如我們之前所說，大部分投資成本通常都是預先發生的。在阿爾伯塔省，我們預計今年年底前將有約 1,000 萬美元的預上線投資，因此總投資將達到 9,000 萬美元。

Yes, I think you asked about customer acquisition more broadly. We've been very pleased with the way, which we've been able to continue to lean into the market. We -- I referenced earlier, the extent which we continue to see good opportunities to acquire a customer and that we exited '24 with a bigger business than we anticipated. I don't see any reason that we can't continue to push on and build as big a business as we can.

是的，我認為您詢問的是更廣泛的客戶獲取問題。我們對能夠繼續融入市場的方式感到非常滿意。我們—我之前提到過，我們繼續看到獲得客戶的良好機會，並且我們在 24 年結束時的業務規模超出了我們的預期。我認為我們沒有理由不繼續努力，盡可能地擴大業務。

With regards to your second question, Ed, look, we are monitoring the situation with these sports futures contracts closely. The regulation is very fluid. I think we'll -- we understand that the CFTC is due to hold a roundtable on sports-related event contracts for the next month or so, and we get especially some clarity thereafter. It could be an interesting opportunity but I think it's worth recognizing that the products themselves like the richness of a true sportsbook offering. I think about the Your Way products and the fact we were doing around the Super Bowl for that. It's a very compelling, very broad parlay products. We need to remember that the prediction products are very vanila in comparison.

關於你的第二個問題，艾德，我們正在密切關注這些體育期貨合約的情況。該法規非常不穩定。我認為我們會——我們了解到商品期貨交易委員會將在下個月左右舉行一次關於​​體育相關賽事合約的圓桌會議，之後我們會得到一些明確的資訊。這可能是一個有趣的機會，但我認為值得認識到的是，產品本身就像真正的體育博彩產品的豐富性。我想到 Your Way 產品以及我們在超級盃期間為此所做的事情。這是一個非常引人注目、範圍非常廣泛的聯營產品。我們需要記住，相較之下，預測產品非常簡單。

Thank you.

謝謝。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks very much. Good evening, Peter. I wanted to follow up on customer acquisition trends just very quickly. Did you see any major delta in acquisition trends between, say iGaming first customers and core sportsbook? And as it relates to iGaming product in sort of '25 and beyond, you talked about the launch of a rewards program and integration of new jacket -- or sorry, jackpot features into the product. I don't know if it's too early to comment, but I'm curious if you could give us on the product and rewards program, maybe a feel for what the expected benefits might be from those integrations over time?

非常感謝。晚上好，彼得。我想快速追蹤客戶獲取趨勢。您是否發現 iGaming 的首批客戶和核心運動博彩之間的收購趨勢有任何重大差異？至於它與 25 年及以後的 iGaming 產品有關，您談到了推出獎勵計劃以及將新夾克（或者抱歉，是累積獎金功能）融入產品中。我不知道現在評論是否為時過早，但我很好奇您是否可以向我們介紹產品和獎勵計劃，也許可以讓我們了解一下這些整合隨著時間的推移可能帶來哪些預期的收益？

Well, Clark, certainly not where I am. But look, from the customer acquisition perspective, we've made the point earlier about how pleased we are with the trends. We're seeing very strong growth in iGaming. You can see that in the numbers year-over-year when you look at the fourth quarter, and that was behind the very strong revenue performance we saw in the quarter. It is a function of the fantastic things we're doing from a product perspective.

好吧，克拉克，當然不是在我所在的地方。但是，從客戶獲取的角度來看，我們之前已經表達過我們對這些趨勢感到多麼滿意。我們看到 iGaming 的成長非常強勁。當您查看第四季度的數據時，您可以看到同比數字的變化，這也是我們在本季看到非常強勁的營收表現的原因。它是我們從產品角度所做的奇妙事情的一個功能。

The Reward Machine jackpots which were live in October, I think have been very important. The FanDuel Casino Rewards Club, which is a flagship loyalty program. We did a [launch] in December to a subset of our customers. There's a lot going on. There's a bunch of things that we've been doing over the course of this year, which I'm sure you've seen access in what we're giving customers access to some exclusive content, which I know the team are very excited about as well. So I'm delighted that going both to drive the direct casino acquisition but also to continue to support the cross-sell into the sportsbook as well.

我認為十月上線的獎勵機大獎非常重要。FanDuel 賭場獎勵俱樂部是一項旗艦忠誠度計劃。我們在 12 月向部分客戶進行了發布。有很多事情發生。我們今年做了很多事情，我相信你已經看到了，我們為客戶提供了一些獨家內容的訪問權限，我知道團隊也對此感到非常興奮。因此，我很高興能夠推動直接賭場收購，同時也繼續支持體育博彩的交叉銷售。

Thank you. If I may, I have a very brief follow up just on Italian lottery. Peter, you've previously expressed some interest in bidding for a second lottery contract. I'm curious if that's still an opportunity that's in focused or has that materialized maybe the way that you might have expected?

謝謝。如果可以的話，我想對義大利彩票做一個簡短的跟進。彼得，你之前曾表示有興趣競標第二份彩券合約。我很好奇這是否仍然是一個值得關注的機會，或者是否已經以您所期望的方式實現了？

I think you're referencing -- I mean, look, in Italy, there is an opportunity to bid for the lotto contract. It's a very different type of product to the SuperEnalotto that we already run in Italy. We've been very pleased by the way in which we've been able to run the SuperEnalotto product. I think Sisal has done a brilliant job in terms of activating that driving cross-selling at the online channel and driving benefits in that. There is an opportunity to bid for the lotto. We are putting our thoughts together on that. We've got a couple of weeks to decide what we're going to do.

我想你指的是——我的意思是，你看，在義大利，有機會競標樂透合約。該產品與我們目前在義大利運營的 SuperEnalotto 非常不同。我們對能夠運行 SuperEnalotto 產品的方式感到非常滿意。我認為 Sisal 在啟動線上管道的交叉銷售並帶來收益方面做得非常出色。有機會競​​標彩券。我們正在就此進行共同思考。我們有幾週的時間來決定我們要做什麼。

But looking at I think the extent to which we can make a good financial return on it, you'd expect us to lead into it. It is difference of the sort of lottery products that we see in the US are more opportunities to drive it.

但我認為，考慮到我們能從中獲得多大的財務回報，你會期望我們能夠引領這個進程。與我們在美國看到的彩票產品不同，有更多的機會來推動它。

Rob, you put a bit more whether you want to reference it.

Rob，你是否想引用它，請多加說明。

Yes. I mean the SuperEnalotto products that we've got at the moment, Clark, has been performing fantastically well for the Sisal business, it's got a huge customer base. When you look at the lotto products, it's quite different to SuperEnalotto. There's more of a regional bias to a SuperEnalotto tends to be a national game for us. But if you look at the lotto, the 21 million Italians playing it every week, which is over 40% of the population, that serves a lot. So we think there's huge opportunity there. If the numbers make sense, it's something we're looking quite close down.

是的。我的意思是，我們目前擁有的 SuperEnalotto 產品，Clark，在劍麻業務方面表現非常出色，擁有龐大的客戶群。當您查看彩票產品時，您會發現它與 SuperEnalotto 有很大不同。對我們來說，SuperEnalotto 更傾向於全國性的遊戲，而區域性偏見則更為明顯。但如果你看看彩票，你會發現每周有 2,100 萬義大利人玩彩票，佔義大利總人口的 40% 以上，這發揮了很大的作用。因此我們認為這裡面存在著巨大的機會。如果這些數字有意義的話，那麼我們正在密切關注此事。

Brant Montour, Barclays.

巴克萊銀行的布蘭特·蒙圖爾。

Hello, everybody, thanks for taking my question. So your way is rolled out to a big portion of the system. I know it's been a very light touch with what you've put out there so far versus what you know you have aspirations to put out there eventually throughout through that product. What has the early learnings been with what you've put out? Give us an update on that product, please.

大家好，感謝您回答我的問題。因此，您的方法已推廣至系統的很大一部分。我知道，到目前為止，您推出的產品與您最終希望透過該產品推出的產品相比，還只是很小的一部分。從您發表的文章中您獲得了哪些早期的經驗？請向我們提供該產品的最新進展。

I can talk a little bit about some of what we saw in the Super Bowl where the product was available. We didn't particularly market it aggressively. We saw around 1 in 20 customers use the product at the Super Bowl. I think around 90% of the bets that people placed were bets so they couldn't have done without utilizing the customization that's available within the Your Way product. We're seeing -- and I think around 25% of the customers have placed parlay bets of more than 10 legs.

我可以稍微談談我們在超級盃上看到的一些產品的情況。我們並沒有特別積極地推銷它。我們發現大約每 20 個顧客中就有 1 個在超級盃上使用該產品。我認為人們所下的賭注中約有 90% 都是賭注，因此他們不可能不利用 Your Way 產品中提供的客製化功能。我們看到——我認為大約有 25% 的客戶下了超過 10 筆的累積賭注。

So we're seeing really strong engagement with it. People are really enjoying the extent, which they can customize and find bets that they couldn't have done otherwise. We're excited to see what we can do with this product as we continue to evolve it. You need to remember, we're solving two very complex things with Your Way. One is just sort of enormous expansion of markets that come available for customers. And finding ways and merchandising and simplifying that back to customers so we can give them what they want to bet on quickly.

因此，我們看到了非常強烈的參與度。人們確實很享受這種程度，他們可以自訂並找到他們無法做到的賭注。我們很高興看到隨著我們繼續改進該產品，我們可以利用它做什麼。您需要記住，我們正在用您的方式解決兩個非常複雜的問題。一是向消費者提供的市場規模大幅擴張。並尋找方法、推銷產品並簡化流程，讓客戶能夠快速獲得他們想要的商品。

And then secondly, managing all the risk associated with that. And I think the team has done a great job in cracking that but we're just being very thoughtful and careful in terms of how we roll this out to the customer base.

其次，管理與此相關的所有風險。我認為團隊在解決這個問題上做得很好，但我們在如何將其推廣到客戶群方面非常深思熟慮和謹慎。

Thanks for that, Peter. And just to follow up on hold, you gave structural hold calculation for the fourth quarter 14.5%. Maybe you could talk about how you're thinking about hold 425 given that fourth quarter number that you hit. It isn't far away from the 15% that you guys had sort of put out as a target for 27% recognizing there's some seasonality to it.

謝謝你，彼得。為了跟進暫停情況，您給出了第四季度 14.5% 的結構性暫停計算。也許您可以談談，考慮到您在第四季度達到的數字，您如何考慮保持 425。這與你們提出的 15% 的目標（27%）相差不遠，但要認識到其中有一定的季節性。

Yeah, Thanks, Brandt. Listen, we're not guiding specifically on hold for 2025. But what I would say is we laid out some targets structurally at the Capital Markets Day back in September. We're making really good progress towards that. You can see that in the published data in 2024. We feel like we've got a very good start in Q1 this year. And we're very much tracking in progress with those longer-term targets that we set out. So we're feeling quite sanguine about where the margins are at the moment.

是的，謝謝，布蘭特。聽著，我們並沒有特別指出 2025 年的暫停情況。但我想說的是，我們在九月的資本市場日上就結構性地設定了一些目標。我們在這方面取得了很大進展。您可以在 2024 年發布的數據中看到這一點。我們覺得今年第一季的開局非常好。我們正在密切追蹤我們所製定的長期目標的進展。因此，我們對目前的利潤率感到相當樂觀。

Okay, great, thanks everyone.

好的，太好了，謝謝大家。

Bernard McTernan, Needham.

伯納德·麥克特南，尼德姆。

Great, thanks for taking the question. Want to ask on tax rates, just dealing with Illinois in the second half of '24, what did you actually see on a gross impact and net impact and was there any change in the competitive environment in the state because of the higher tax rates?

太好了，謝謝你回答這個問題。想問一下關於稅率的問題，僅就 24 年下半年伊利諾伊州的情況而言，您實際上看到了總影響和淨影響是什麼，並且由於稅率提高，該州的競爭環境是否發生了變化？

Yeah, let me pick that one up, Bernard. So, as we previously mentioned with with Illinois, we said there was going to be a $50 million impact in 2024, and that would be $40 after mitigation. It's broadly ended up resulting in a in a result for us that that's in line with that. We previously said for 2025, we're expecting to be able to mitigate sort of 50% growth factor, yeah, that's still where we're thinking, so broadly it's played out as we expected.

是的，讓我來接這個，伯納德。因此，正如我們之前提到的伊利諾伊州，我們說 2024 年的影響將達到 5000 萬美元，而緩解後的影響將達到 4000 萬美元。總體而言，這最終為我們帶來了與此相符的結果。我們之前說過，到 2025 年，我們預計能夠緩解 50% 的成長因素，是的，我們仍在考慮這個問題，所以總體而言，它的發展符合我們的預期。

Understood then maybe just on the other side of regulation thinking about potential iGaming legalization would just, any updated thoughts here in terms of potential momentum in states.

那麼理解一下，也許只是在監管的另一邊考慮潛在的 iGaming 合法化，就各州的潛在勢頭而言，有什麼更新的想法嗎？

The beginning of the year is always the time when we get a better read on what's going to happen over the course of the year. We don't want to jam anything at this stage. But we're excited that we'll be launching in Missouri in the fourth quarter. You remember at the Investor Day, we talked about the fact we anticipate getting a couple of percentage points of sports betting in each of the -- that sort of three years and one new iGaming state, I think we remain confident that can happen.

每年年初，我們總是能夠更了解這一年會發生什麼事情。現階段我們不想阻礙任何事。但我們很高興將於第四季在密蘇裡州推出該產品。您還記得在投資者日上，我們談到我們預計在未來三年和一個新的 iGaming 州，體育博彩的份額將分別增長幾個百分點，我認為我們仍然有信心這能夠實現。

Great, thank you both.

太好了，謝謝你們兩位。

Jordan Bender, Citizens.

喬丹·本德，公民。

Good afternoon, everyone. We're getting questions around handle growth slowing in the US and then continuing into January. I believe parlay handle growth comps are incredibly tough in the 4Q and the start of the year. Anything else you could point us to to help us bridge from what we're kind of seeing today to your implied handle growth for the full year?

大家下午好。我們收到的問題是如何處理美國經濟成長放緩並持續到一月份的問題。我相信，在第四季和年初，parlay 處理成長比較會非常艱難。您還能指出什麼來幫助我們將今天看到的情況與您預計的全年處理量增長聯繫起來嗎？

And then the second question unrelated, I'm seeing if you can expand on the broader strategy across South and Latin America. The region's pretty untapped by any flutter brand, so it's a strategy there to kind of, build your presence and brand in Brazil before potentially laying the groundwork to kind of further expand throughout the region.

然後第二個問題無關緊要，我想看看您是否可以擴展南美和拉丁美洲的更廣泛策略。該地區尚未被任何 Flutter 品牌開發，因此這是一種策略，先在巴西建立你的存在和品牌，然後再為進一步擴展到整個地區奠定基礎。

Jordan, why don't I just quickly deal with that Latin American question. We're excited to be working with NSX, and we have to get the deal closed next quarter. I think we've got a terrific team and the opportunity to be able to bring the Flutter Edge to bear there with their products, expertise, technology and other scale benefits, I think, will be very exciting. As and when we find other opportunities across Latin America, we'll take them. You need to remember we're in AND business, we're investing very heavily in organic customer acquisition, great paybacks, sort of 18 months that's in iGaming or sports here in the US and other markets around the world, India, et cetera.

喬丹，我為什麼不快速處理一下拉丁美洲的問題呢？我們很高興能與 NSX 合作，我們必須在下個季度完成交易。我認為我們擁有一支出色的團隊，並且有機會將 Flutter Edge 帶到那裡，利用他們的產品、專業知識、技術和其他規模優勢，我認為這將非常令人興奮。當我們在拉丁美洲發現其他機會時，我們就會抓住它們。您需要記住，我們從事的是 AND 業務，我們在有機客戶獲取、豐厚回報方面投入了大量資金，大約 18 個月的時間都集中在美國和世界其他市場（印度等）的 iGaming 或體育領域。

We're also going to continue to do M&A. And we've got this $1 billion of share repurchase this year. So M&A will continue to be an important part of our strategy, but we have to make sure that the -- it's the right opportunities for us in terms of delivering the right financial returns and us being able to reap the benefits from the Flutter Edge.

我們也將繼續進行併購。我們今年已回購了 10 億美元的股票。因此，併購將繼續成為我們策略的重要組成部分，但我們必須確保——這對我們來說是正確的機會，能夠帶來正確的財務回報，並使我們能夠從 Flutter Edge 中獲益。

Yeah, picking up on your handle question, John, so Q4 handle trends were broadly as we'd anticipated, so 12% up in Q4. We're expecting Q4 to be lower than the previous quarters partly due to the impact of state launches and some phasing around NFL games. But you look at Q4 specifically, it had one less NFL round and it also lacked Kentucky, which moderated kind of the sequential growth.

是的，約翰，回答你的手把問題，第四季的手把趨勢大致符合我們的預期，第四季成長了 12%。我們預計第四季度的業績將低於前幾個季度，部分原因是受到國家啟動和 NFL 比賽分階段的影響。但具體到第四季度，NFL 比賽輪次減少了一輪，而且缺少肯塔基州，這在一定程度上減緩了連續增長。

As I mentioned in my remarks, we also talked about some recycling benefit, but that's not enough to kind of offset the above. 2025 started really well, as we stated, and you know Q1s improve year on year as we lack this kind of like for like calendar period, so. Yeah, we're quite pleased. I think the last point worth mentioned is we don't really kind of obsess about handle, it can be inflated by promotions and penetration, which we're obviously keen to keep moving the dial on tends to be a bit of a headwind to handle at times as well, but we're pleased with we're trending.

正如我在演講中提到的，我們也談到了一些回收效益，但這還不足以抵消上述影響。正如我們所說，2025 年的開局非常好，而且您知道第一季的業績逐年改善，因為我們缺乏這種類似日曆時期的業績。是的，我們很高興。我認為最後一點值得一提的是，我們並沒有真正沉迷於處理，它可以透過促銷和滲透來誇大，我們顯然渴望繼續推動這一進程，有時處理起來也有點逆風，但我們對我們的趨勢感到滿意。

I appreciate the commentary. Thank you.

我很欣賞你的評論。謝謝。

Paul Ruddy, Davey.

保羅·魯迪，戴維。

Hi, good evening, guys. Just two questions for me. Just firstly, on the Italy acquisition in Snai. Just could you give any -- a little bit more detail maybe on the timing of that coming in? And just the second part of it looks like that business may have lost some share in the second half of 2024. Just how quickly do you think when you absorb that business, you can kind of start to turn that around and get growth back?

大家好，晚上好。我只有兩個問題。首先，關於在義大利收購 Snai 的情況。您能否提供一些關於這項舉措實施時間的更多細節？從第二部分來看，該業務可能在 2024 年下半年失去一些份額。您認為，當您吸收了這項業務後，您能多快扭轉局面並恢復成長？

And then just as a quick follow-on from that, just if you can give any broad guidance on the expected contribution from the two acquisitions in 2025 in a half year basis?

然後，作為快速的後續問題，您是否可以對 2025 年兩次收購在半年內的預期貢獻給出任何廣泛的指導？

Yes. Thanks, Paul. So I can pick up on that. So we're still on track for Q2 with the Snai completion. As you noted in the Italian market share data with our Sisal brand, we've been doing very well. So we've been taking the share. So we're keen to get the Snai deal completed and give them access to our product capabilities and on the Flutter Edge and also get on with delivering some of these synergies, which we're confident we'll be able to start realizing those quickly.

是的。謝謝，保羅。所以我可以理解這一點。因此，隨著 Snai 的完成，我們第二季的工作仍將按計劃進行。正如您在我們的 Sisal 品牌的意大利市場份額數據中註意到的那樣，我們的表現非常好。所以我們一直在分享。因此，我們渴望完成 Snai 交易，讓他們能夠使用我們的產品功能和 Flutter Edge，並繼續實現其中的一些協同效應，我們相信我們很快就能開始實現這些效應。

With regards the numbers around the acquisitions, as previously stated, in Brazil, we think that NSX, there'll be up to $100 million of EBITDA losses this year, also hoping to completion of NSX at some point in Q2, and it's nice as previously guided as well but feeling very good about both acquisitions, keen to get into the building and both can start making a difference.

關於收購的數字，如前所述，在巴西，我們認為 NSX 今年的 EBITDA 損失將高達 1 億美元，同時也希望 NSX 能在第二季度的某個時候完成，這與之前的指導一樣好，但對這兩次收購都感覺很好，渴望進入這個領域，而且兩者都可以開始發揮作用。

Okay. Great. And if I could just ask a second, just to unpick the handle growth question for the US a little bit more. Is it right to think about kind of a lower handle growth environment now as we go through 2025 as people -- as you look to more of those recreational high-margin products that are maybe lower bet size and higher margin maybe up some upside on hold percentages and lower handle growth? Or how should we think that through? Is there kind of any broad guardrails you think about to handle growth?

好的。偉大的。如果我可以再問一下的話，只是想進一步解釋美國的成長問題。當我們進入 2025 年時，現在考慮較低的處理成長環境是否正確——當您關注更多那些可能賭注規模較低、利潤率較高的娛樂性高利潤產品時，持有百分比可能會有所上升，而處理增長可能會較低？或者說我們該如何思考這個問題？您是否考慮過採取某種廣泛的措施來應對成長？

I think I'll come back to the point that I just mentioned, Paul, which is we don't obsess about handle. We're quite happy with where handle is trending. But you can artificially inflate that with promotions and other things. And actually, if you look at the underlying momentum we've got within the business in revenue, which is the key KPI that we look at, it's very strong, and we're very pleased with it. So I said in Q4, there are reasons that sequentially why the trend was slightly lower because we've kicked off this year, we're really happy with where the business is trending.

保羅，我想我會回到我剛才提到的觀點，那就是我們不會過度專注於手把。我們對手把的流行趨勢非常滿意。但你可以透過促銷和其他方式人為地增加這個數字。實際上，如果你看一下我們業務中收入方面的潛在成長勢頭（這是我們關注的關鍵 KPI），就會發現它非常強勁，我們對此非常滿意。所以我在第四季說過，有理由導致趨勢略有下降，因為我們今年已經開始，我們對業務趨勢感到非常滿意。

That's great. Thanks guys.

那太棒了。謝謝大家。

Dan Pulitzer, Wells Fargo.

富國銀行的丹‧普利策。

Hi, Peter and Rob, thanks for taking my questions. First, I know you guys gave a lot of great detail on the US If I look at your kind of normalized revenue and EBITDA for '23 and for -- or sorry, for '24 and '25, it looks like flow-through is in the low 40s. Is there any way to kind of give us a little bit additional color whether it relates to gross margins and being able to get some additional upside there relative to the prior year or even leveraging kind of some of the fixed OpEx buckets? Any additional detail would be helpful?

嗨，彼得和羅布，謝謝你們回答我的問題。首先，我知道你們對美國的情況給出了很多詳細的信息，如果我看一下你們 23 年和 24 年以及 25 年的正常化收入和 EBITDA，看起來流通額在 40% 出頭。有沒有什麼方法可以為我們提供一些額外的信息，無論是與毛利率有關，還是能夠相對於上一年獲得一些額外的上漲，或者甚至利用一些固定的運營支出桶？任何其他詳細資訊會有幫助嗎？

Dan, is that only question you had or --

丹，這是你唯一的問題嗎？--

No. My follow-up is just another one on the Italian lottery. Any puts and takes as you think about that concession, whether joining the existing concessionaire versus maybe competing against that incumbent in the bidding process? Just how you're kind of thinking about that high level, would be great.

不。我的後續報道只是有關義大利彩券的又一報道。您在考慮這項特許經營權時，有什麼得失嗎？是加入現有的特許經營者，還是在競標過程中與現有特許經營者競爭？您對這個高水準的思考方式真是太棒了。

We're not going to talk about our bidding strategy. It's commercially sensitive. We will be very -- rest assured we'll be very disciplined, and we'll -- to the extent that we go ahead, we will put on as good a share as we can.

我們不會談論我們的競標策略。這具有商業敏感度。我們將非常——請放心，我們將非常自律，並且我們將——在我們繼續前進的範圍內，我們將盡可能地承擔更大的份額。

Yeah, so in terms of your drop-through question, I mean, there's a number of dynamics playing into this as we previously talked about. But you've got the existing states, which are maturing and with the maturity of those states, you might see some lower handle but you're going to see higher net revenue versus pilot penetration increases. One thing that's important to say is actually, we are delivering operating leverage across all lines, and you can see that in the P&L in Q4, and we expect that trend to continue into 2025. So we're clearly making progress on cost of sales and marketing towards those targets that we set out in 2027.

是的，就您提到的直接問題而言，我的意思是，正如我們之前討論過的，這其中涉及許多動態因素。但是現有的州正在成熟，隨著這些州的成熟，您可能會看到一些較低的處理量，但您會看到更高的淨收入與飛行員滲透率的增長。有一點很重要，那就是我們在所有業務線上都實現了經營槓桿，你可以在第四季度的損益表中看到這一點，我們預計這一趨勢將持續到 2025 年。因此，我們在銷售和行銷成本方面顯然正在朝著我們在 2027 年設定的目標取得進展。

I think the last point is I said we don't obsess about handle. We don't obsess about drop-through even sometimes it isn't the best metric to look at. We prefer to focus on revenue and EBITDA and those targets that we laid out at the Capital Markets Day.

我認為最後一點是我說過我們不會過度關注手把。我們不會過度關注掉線率，儘管有時它並不是最好的衡量標準。我們更願意關注收入和 EBITDA 以及我們在資本市場日制定的目標。

Got it, thank you so much.

明白了，非常感謝。

Thanks.

謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Just circling back on handle because we've been getting a lot of questions on it. Just where we -- when we look at it, where your iGaming growth is really strong, we are seeing some handle deceleration. So is that some of your better higher-value players choosing to play iGaming over sports betting? Or is there anything out there?

嘿，太棒了。只是再次回到這個問題上，因為我們收到了很多關於它的問題。當我們觀察它時，我們發現 iGaming 的成長確實非常強勁，但處理速度卻有所減緩。那麼，是不是有些更優秀、更高價值的玩家選擇玩 iGaming 而不是體育博彩呢？或是那裡有東西嗎？

And then just on the Your Way parlay, just to roll that broader -- just to get a broader rollout, are you more -- concentrating more on the merchandising? Or is it more still on the risk management?

然後就在 Your Way 的合作中，只是為了擴大範圍 - 只是為了獲得更廣泛的推廣，您是否更專注於商品銷售？還是更專注於風險管理？

Jed, I think the -- I can talk a little bit about the Your Way products. And look, I mean, I think I can make a comment on iGaming and I'm sure Rob will have some follow-up there, but -- yes. On the Your Way product, we've got to get the merchandising right from a customer perspective. And so the user experience of having a vastly increased array of product to become overwhelming, and we have to make sure it isn't. And so I think the team are doing a really nice job on sort of the user experience that we've made available.

傑德，我想──我可以稍微談談 Your Way 產品。瞧，我的意思是，我想我可以對 iGaming 發表評論，而且我相信 Rob 會有一些後續行動，但是 - 是的。對於 Your Way 產品，我們必須從客戶的角度進行正確的行銷。因此，擁有大量產品種類的使用者體驗會變得難以承受，我們必須確保這種情況不會發生。因此我認為團隊在我們提供的使用者體驗方面做得非常出色。

But it's no good taking bets on an array of new products if you actually haven't got the pricing risk management right at the same time. I say you've got to solve all of these problems simultaneously. It's very complex but I think the teams are doing a brilliant job and we're really excited to see where we can take this product. It's worth remembering that. I remember being in Australia, where we launched the multi-resolution, as it was then in 2016. And here we are nine year of facilitating and developing the product. I'm sure Your Way is something, which is going to -- will be similar.

但如果你實際上沒有同時正確地進行定價風險管理，那麼對一系列新產品進行押注是沒有好處的。我說你必須同時解決所有這些問題。它非常複雜，但我認為團隊做得非常出色，我們非常高興看到我們可以將這款產品帶到哪裡。值得記住的是。我記得我們在 2016 年在澳洲推出了多解析度技術。我們已經花了九年時間來促進和開發該產品。我確信 Your Way 將會是類似的。

Rob, I don't know if you want to talk about iGaming?

羅布，我不知道你是否想談談 iGaming？

Yes. I mean in terms of your first question, Jed, we're not seeing that in terms of trend, we're going to take away from sportsbook. I think as Peter outlined earlier, we had some fantastic product developments in iGaming, which are really kind of driving the performance of iGaming forwards. We're really pleased with that.

是的。傑德，關於你的第一個問題，我們並沒有看到趨勢上我們會從體育博彩中抽身。我認為正如 Peter 之前概述的那樣，我們在 iGaming 領域取得了一些出色的產品開發，這些產品確實推動了 iGaming 性能的進步。我們對此感到非常高興。

We're also continuing to see excellent paybacks in both sportsbook and iGaming, arguably even better in iGaming. The question for us is how much we keep really kind of investing behind that. We've got Asaf who's our Casino Director of FanDuel. He's constantly asking me to invest more. So it's a good challenge to have but we're really pleased with the performance of both. So definitely not a drag on sportsbook from iGaming.

我們也繼續看到體育博彩和 iGaming 的出色回報，甚至可以說 iGaming 的回報更好。我們面臨的問題是，我們真正要為此投入多少資金。我們的 FanDuel 賭場總監是 Asaf。他不斷要求我投入更多資金。所以這是一個很好的挑戰，但我們對兩者的表現都非常滿意。因此，iGaming 絕對不會對體育博彩造成拖累。

Thank you.

謝謝。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

Hey guys, thanks for taking my questions. Given the Illinois mitigation efforts you've seen to date and you expect this year, can you kind of offer any general guidelines around the mitigation targets we could see as more states talk about increases? Is 50% sort of a good baseline target should it come to that?

嘿夥計們，謝謝你們回答我的問題。鑑於您迄今為止看到的伊利諾伊州的緩解措施以及您對今年的預期，隨著越來越多的州談論增加，您能否就我們可以看到的緩解目標提供一些一般指導？如果達到這個水平，50% 是否是一個好的基準目標？

I think it's a good starting point. I mean we need to remember that as the largest operator in the market by a long way, I think we're in the best place mitigate this. But I think as a rule of thumb, it's not a bad starting point.

我認為這是一個很好的起點。我的意思是，我們需要記住，作為市場上最大的運營商，我認為我們處於緩解這一問題的最佳位置。但我認為根據經驗法則，這不是一個糟糕的起點。

Great, that's really helpful. And then just a general follow up, do you think there was anything structurally different about the NFL this past year that led to abnormal holds and I guess did you learn anything from the season that you could take with you in the future? Thanks.

太好了，這真的很有幫助。然後只是一個一般性的後續問題，您認為去年 NFL 在結構上有什麼不同，導致了異常的停賽，我想您是否從這個賽季中學到了什麼，可以在未來運用？謝謝。

More favorites one than normally it happened. So I think that's a simple answer.

比平常更喜歡一個。所以我認為這是一個簡單的答案。

All right. Thanks so much, guys. Appreciate it.

好的。非常感謝大家。非常感謝。

(Operator Instructions) Jeff Stantial, Stifel.

（操作員指示） Jeff Stantial，Stifel。

Hey, good afternoon, everyone. Thanks for taking our question. Peter, can you just talk a bit on the trajectory of promotional reinvestment in the US heading into 2025? Do you expect reinvestment as a percentage of handle to drift higher as you allocate or share back a portion of your structural hold rate expansion back with players? And if that is the case, can you just add some color on how you think about derivative market share impact as your reinvestment strategy starts to bifurcate from peers who do seem to be managing promos, either flat or lower in 2025?

嘿，大家下午好。感謝您回答我們的問題。彼得，能否簡單談談 2025 年美國促銷再投資的軌跡？當您將部分結構性持有率擴張分配或分享給玩家時，您是否預計再投資佔手柄的百分比會上升？如果情況確實如此，那麼您能否補充說明一下，當您的再投資策略開始與那些似乎在管理促銷活動的同行出現分歧時，您對衍生品市場份額影響的看法，到 2025 年，促銷活動要么持平，要么下降？

The thing that we do, which is true for acquisition as well as deployment of generosity is we look through a very -- we're very disciplined in terms of how we allocate and spend it. So we want to see a good return. We talk about a two-year payback from a marketing acquisition perspective, and here, we're 18 months. It is true for deployment of generosity as well, making sure it gets to the right customer drives the right outcome is how we're really focused in the business and that's how the team has set up to think about deployment of our very big (inaudible) for us.

我們所做的事情，對於獲取和部署慷慨都是如此，我們會仔細審查——我們在如何分配和使用慷慨方面非常自律。因此我們希望看到好的回報。我們從行銷收購的角度討論了兩年的回報期，而這裡是 18 個月。這對於慷慨的部署也是如此，確保它到達正確的客戶，推動正確的結果，這是我們真正專注於業務的方式，也是團隊為思考部署我們非常大的（聽不清楚）的方式。

Joseph Stauff, Susquehanna.

約瑟夫‧斯托夫，薩斯奎漢納。

Hi, thanks, Peter, Rob. Just wondering how you think about the impact of Your Way, both on structural hold in the US as well as, your ability to kind of accelerate, say, handle growth. Just curious about, do you see that as more accretive to your structural hold or what?

嗨，謝謝，彼得，羅布。只是想知道您如何看待 Your Way 對美國結構性維持以及加速（例如處理成長）的能力的影響。只是好奇，您是否認為這對您的結構性控制更有幫助？

I think that the types of benefits will derive from Your Way are likely to be, as you say, like higher holds, I think we should get better engagement, increased customer frequency. I mean, we won't get all of them. We're excited to see what happens with it.

我認為 Your Way 可能帶來的好處包括，正如您所說，更高的持有率，更好的參與度，更高的客戶頻率。我的意思是，我們不會得到所有這些。我們很興奮地想看看它會發生什麼。

Robert Fishman, Moffet Nathanson.

羅伯特·菲什曼、莫菲特·納桑森。

Thank you. Good afternoon. I'm curious if you guys are seeing any signs of consumer weakness in your older vintage US states for either sports betting or iGaming? And then any lessons that you can take from the international markets that you can apply to FanDuel if, in fact, we do see any sort of macro US headwinds in the coming quarters?

謝謝。午安.我很好奇，你們是否看到美國老牌各州在體育博彩或 iGaming 方面出現消費疲軟的跡象？那麼，如果我們確實看到未來幾季美國宏觀經濟出現任何不利因素，您可以從國際市場中吸取哪些教訓並將其應用於 FanDuel 呢？

Rob, look, in terms of macro impact, traditionally, our experience is that the business is actually very defensive. So when we think about the impact of the financial crisis or other macro impacts, the business has actually been very defensive in the face of those. And so look, we're not seeing any bearing on our historical cohorts here in the US, I wouldn't expect it.

羅布，你看，就宏觀影響而言，傳統上，我們的經驗是，業務實際上具有很強的防禦性。因此，當我們考慮金融危機或其他宏觀影響時，企業實際上已經採取了非常防禦的措施。所以，我們在美國沒有看到任何對我們歷史群體的影響，我也不指望這一點。

I wouldn't expect the same applies for international, so from my experience in international businesses tend to be very resilient in times of economic downturn. So we're not seeing any signals at all at the moment despite the various volatilities in the US economy.

我認為國際企業不會出現同樣的情況，因此，根據我的經驗，國際企業在經濟低迷時期往往具有強烈的彈性。因此，儘管美國經濟存在各種波動，但我們目前還沒有看到任何訊號。

Chad Bayman, Macquarie.

麥格理銀行的查德貝曼 (Chad Bayman)。

Hi, good afternoon. Thanks for taking my question.

嗨，下午好。感謝您回答我的問題。

I wanted to ask one on the US business. I know there's some broadcast partnership deals that could be coming to an end. And these are always fluid. And particularly on American football, you guys have participated when it made sense. So wondering if you could elaborate a little bit in terms of how you view media rights, partnerships, if anything has really changed as the economics of these contracts is pretty dynamic?

我想問一個有關美國業務的問題。我知道一些廣播合作協議可能即將結束。而這些總是不斷變化的。特別是在美式足球方面，只要有意義，你們就會積極參與。所以想知道您是否可以詳細說明您如何看待媒體權利、合作夥伴關係，以及這些合約的財務狀況是否真的發生了變化？

I think the team have done a brilliant job over the years of negotiating good contracts. I mean I think we have always been very disciplined in how we tackle these, and we've been able to use our global experience to help us identify, which ones are going to be most attractive. I think the -- there is a lot of change happening at the moment. We're all aware of the sort of fragmentation of rights, certainly increase in streaming.

我認為該團隊多年來在談判良好合約方面做得非常出色。我的意思是，我認為我們在處理這些問題時一直非常嚴謹，並且我們能夠利用我們的全球經驗來幫助我們確定哪些問題是最具吸引力的。我認為——目前正在發生很多變化。我們都意識到權利的分散，串流媒體的權利分散無疑會加劇。

So we're thoughtful about how we continue to ensure that our customers can access the sports they want to watch. I'm pleased with the portfolio we have. Our scale helps us in terms of investing to acquire the right types of rights. And we've got a bigger customer base, we can amortize those across, which is important.

因此，我們認真考慮如何繼續確保我們的客戶能夠觀看他們想觀看的體育賽事。我對我們的投資組合感到滿意。我們的規模有助於我們進行投資以獲取正確類型的權利。而且我們擁有更大的客戶群，我們可以攤提這些客戶，這很重要。

John DeCree, CBRE

John DeCree，世邦魏理仕

Hi, thank you. One question on Brazil, I'm not sure if I missed it earlier, but I know it's only been a couple of months since the regulated market launch. But curious if you could walk us through kind of your investment strategy, kind of in a launch, and is that happening already or would we expect, more investment when the NSX acquisition closes later this year? Thank you.

你好，謝謝。關於巴西的一個問題，我不確定我是否之前錯過了，但我知道自受監管的市場啟動以來才過了幾個月。但我很好奇，您是否可以向我們介紹一下您的投資策略，例如啟動時的策略，這是否已經開始了，或者我們是否預計，在今年稍後 NSX 收購完成時會有更多投資？謝謝。

John, it's worth remembering that Brazil is not like the launch of a US state. There is a very extensive market in operation before regulation arrives. There's a lot of advertising, principal payment opportunities. It was a very functioning market. And so it's not going to be like the launch of Missouri will be in Q4, whether there's a big push from an acquisition perspective.

約翰，值得記住的是，巴西並不像美國的一個州的成立。在監管到來之前，市場已經非常廣泛地運作。有很多廣告和本金支付機會。這是一個運作良好的市場。因此，無論從收購的角度來看是否有很大的推動力，密蘇裡州的推出都不會像在第四季那樣。

Rob, you may comment on that, you've got experience of Brazil from international.

羅布，你可以對此發表評論，你擁有巴西的國際經驗。

Yeah, we've got lots of experience at Brazil from (inaudible). The headline is we're still working to the $100 million in terms of EBITDA losses for this year, and we might see some slight phasing differences on that depending on when the deal completes and the Brazilian football season doesn't actually start until the end of this month, so we need to see what happens then.

是的，我們在巴西有很多經驗（聽不清楚）。標題是我們仍在努力實現今年 1 億美元的 EBITDA 損失，並且我們可能會看到一些細微的分階段差異，具體取決於交易何時完成，而巴西足球賽季實際上要到本月底才開始，所以我們需要看看那時會發生什麼。

Yes, there is going to be in this first 12 to 18 months, intense competition for the for media assets. There were up to 200 different companies that applied for a license. We think the market will start to shake out quite quickly. But I think given our track record, given our capabilities, given our products, we are very confident of our ability to succeed in the Brazilian market, and we're very excited to get started with NSX.

是的，在未來 12 到 18 個月內，媒體資產的競爭將會非常激烈。申請許可證的公司多達 200 家。我們認為市場很快就會開始震盪。但我認為，鑑於我們的業績記錄、我們的能力和我們的產品，我們對在巴西市場取得成功的能力非常有信心，我們對開始 NSX 感到非常興奮。

Ben Shelly, UBS.

瑞銀的本·謝利（Ben Shelly）。

Hi, if we take your normalized revenues and EBITDA for the US in 2024, they were meaningfully in excess of your original guidance in March last year. Can you just talk us through what you're forecasting underappreciated last year? And to that effect, where do you see potential upside to guidance in the US in 2025?

您好，如果我們以您 2024 年在美國的正常化收入和 EBITDA 計算，它們將大大超出您去年 3 月最初給出的預期。您能否向我們介紹一下您預測去年哪些東西被低估了？那麼，您認為 2025 年美國經濟前景如何？

I'm happy to give you a bit of a flavor on it, Ben, and Rob will definitely want to follow up. We ended the year with a much bigger business than we anticipated in terms of the number of customers we had on the platform but particularly the progress we made in iGaming, and those things really helps support the numbers that you referenced. I think it's also fair to say that we may get considerable progress for us the Parlay perspective, which helped support the structural whole. All the things that we talked about actually at the Investor Day.

我很高興能給你一些相關信息，本，羅布肯定會想跟進的。就我們平台上的客戶數量而言，我們今年的業務量遠遠超出了我們的預期，尤其是在 iGaming 方面取得的進展，這些確實有助於支持您提到的數字。我認為也可以公平地說，我們可能會從 Parlay 視角取得長足的進步，這有助於支持整體結構。我們在投資者日實際上談論的所有事情。

But Rob, I don't know if anything you want to add.

但是羅布，我不知道您是否還有什麼要補充。

I think that's the key point, Peter. I mean, ultimately, we're very pleased with the progress that we're making towards those long-term targets. We've got off to a good start. I think there will be different phases within this but as and when we see opportunities to continue investing and continue growing the business, and the kind of paybacks that we're experiencing, we will continue to do so. But it's a good start and we're on track to get towards what we outlined for 2027 that the investor day.

我認為這就是關鍵點，彼得。我的意思是，最終，我們對實現這些長期目標所取得的進展感到非常滿意。我們已經有了一個好的開始。我認為這其中會有不同的階段，但當我們看到繼續投資和繼續發展業務的機會以及我們正在經歷的回報時，我們將繼續這樣做。但這是一個好的開始，我們正朝著投資者日所概述的 2027 年目標邁進。

Thank you.

謝謝。

Adrian de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

Yes, hi, good evening. I'm just curious if you could decompose a bit for us, the growth, the 22.5% US growth on the line you expect between iGaming and online sports betting?

是的，你好，晚上好。我只是好奇，您是否可以為我們稍微分解一下，您預計 iGaming 和線上體育博彩在美國的增長率會達到 22.5%？

We're not going to provide that, it's in aggregate for the US business to not break down in sports and games.

我們不會提供這種服務，總的來說，美國企業不會在體育和遊戲領域陷入困境。

Okay, cool. Thank.

好的，很酷。感謝。

Ryan Sigdal, Craig Hallam Capital Group.

瑞安·西格達爾，克雷格·哈勒姆資本集團。

Hey, thanks for sneaking me in guys. Just a bigger picture question to and looking at sports betting, the last couple of years have really been focused on parlays, enhancing the offerings there, which has been talked a lot about, but here's what the focus on the sports betting product roadmap would be for 2025 and even if you want to go beyond that.

嘿，謝謝你們偷偷帶我進來。這只是關於體育博彩的一個更大問題，過去幾年我們真正關注的是聯注投注，增強了那裡的投注服務，這已經被討論了很多，但以下是 2025 年體育博彩產品路線圖的重點，即使你想超越這一點。

You might think we've only been talking about parlays in 2024. But as I said earlier, the revolution really started in 2016. The Italian teams are very excited about the introduction of the parlay products to that market. Historically, it's been difficult to deliver from a regulatory perspective but we're making progress. There's some great things that the UK teams are doing. And of course, we've got the Your Way up here in the US There's a lot of products coming to bear for customers.

您可能認為我們只談論 2024 年的聯注投注。但正如我之前所說，革命真正開始於 2016 年。義大利球隊對於將聯注投注產品引入該市場感到非常興奮。從歷史上看，從監管角度來看，實現這一目標一直很困難，但我們正在取得進展。英國團隊正在做一些很棒的事情。當然，我們在美國也有 Your Way，為顧客提供許多產品。

I think the team have a brilliant job in terms of keeping our customers engaged and excited. And it is true for what we do in iGaming as well. From a -- you have to customers are really interested and engaged in what's happening from a player perspective. What we can do with all the new markets and the sort of parlay is exciting. There's a whole heap of things around generosity, which we're evolving as well. And I referenced some of the things we're doing from iGaming perspective earlier. There's a lot of exciting things to come.

我認為團隊在保持客戶參與和興奮方面做得非常出色。對於我們在 iGaming 中所做的事情也是如此。從某種程度上來說——你必須讓顧客真正感興趣並參與玩家視角所發生的事情。我們能夠利用所有新市場和各種連動手段來做的事情令人興奮。關於慷慨有很多事情，我們也在不斷發展。我之前提到了我們從 iGaming 角度所做的一些事情。還有很多令人興奮的事情即將發生。

Yeah, I think maybe a couple of other things to add. We're really excited about the development in live products. There's been a bunch of stuff this year in terms of NFL in-house game trackers, post product improvements. As Peter said, people are really following the player narrative as well. So we've developed player experiences where people can go and look at the last five games stats of the players. And there's some really interesting stuff that the US team are doing, which is really driving the sportsbook forward. So I'm quite excited about what's to come in 2025.

是的，我想也許還有一些其他的事情需要補充。我們對即時產品的發展感到非常興奮。今年，NFL 內部比賽追蹤器和產品改進方面有很多新進展。正如彼得所說，人們確實也在關注玩家的敘述。因此，我們開發了玩家體驗，人們可以查看玩家最近五場比賽的統計數據。美國隊正在做一些非常有趣的事情，這確實推動了體育博彩的發展。所以我對 2025 年即將發生的事情感到非常興奮。

Okay. Well, look, I think we've come to the end of the questions. Thank you very much, everyone. I'm sorry I have to rush through the last half dozen or so you didn't get chance to ask the second question. Myself and IR team around to help you. But thank you all for your time. We very much appreciate it.

好的。好吧，看，我想我們的問題已經問完了。非常感謝大家。很抱歉，我必須匆匆忙忙地回答最後六個問題，您沒有機會問第二個問題。我和 IR 團隊將竭誠為您提供協助。但還是感謝大家抽空。我們非常感激。

That will conclude today's call. We thank you all for joining. You may now disconnect.

今天的電話會議到此結束。我們感謝大家的加入。您現在可以斷開連線。