Flutter Entertainment PLC (FLUT) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Flutter Entertainment Second Quarter 2025 Update Call. (Operator Instructions)

女士們、先生們，下午好，感謝你們的到來。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Flutter Entertainment 2025 年第二季更新電話會議。（操作員指示）

I would now like to turn the call over to Paul Tymms, Group Director of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係集團總監 Paul Tymms。請繼續。

Hi, everyone, and welcome to Flutter's Q2 update 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 go through the Q2 financials and updated guidance for 2025. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 的第二季更新電話會議。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 將介紹第二季的財務狀況和 2025 年的最新指引。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. 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.

我們今天提供的一些信息，包括我們的 2025 年指引，構成前瞻性陳述，涉及風險、不確定性和其他因素，可能導致實際結果與這些陳述中所示的結果存在重大差異。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。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。

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，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。

And I will now hand you over to Peter.

現在我將你交給彼得。

Thank you, Paul. I'm delighted to report a strong set of results for the quarter. Across the group, our operational performance was excellent, and we're making meaningful progress against our strategic priorities. This in turn is driving our strong financial performance. During Q2, we saw around 16 million average monthly players engaging with our products, driving revenue 16% ahead year-over-year and adjusted EBITDA 25% ahead.

謝謝你，保羅。我很高興地報告本季的強勁業績。在整個集團中，我們的營運表現非常出色，並且我們在策略重點方面取得了有意義的進展。這反過來又推動了我們強勁的財務表現。在第二季度，我們看到平均每月約有 1,600 萬名玩家使用我們的產品，推動營收年增 16%，調整後 EBITDA 成長 25%。

While increased noncash charges resulted in net income reducing by 88% year-over-year, cash from operating activities was $36 million higher. Before I provide an update on our U.S. and International businesses, I would like to update you on the excellent progress we're making against our strategic priorities. Starting with our transition to the U.S. Following our move to U.S. primary listing in May last year, Flutter has become a well-established business within U.S. capital markets.

雖然非現金費用增加導致淨收入年減 88%，但經營活動現金流卻增加了 3,600 萬美元。在我介紹我們的美國和國際業務的最新情況之前，我想先向您介紹我們在戰略重點方面取得的出色進展。從我們向美國轉型開始。繼去年 5 月轉任美國主要上市後，Flutter 已成為美國資本市場上成熟的企業。

This was demonstrated by our inclusion in both the CRSP and Russell indices during Q2 and the increased levels of liquidity we now see for Flutter stock. We also believe we remain very well placed with admission to other major U.S. indices in time.

這體現在我們在第二季被納入 CRSP 和 Russell 指數，以及我們現在看到的 Flutter 股票流動性水準的提高。我們也相信，我們仍將處於非常有利的位置，能夠及時被納入其他主要美國指數。

Secondly, we continue to demonstrate our credentials as an and business, deploying capital at high returns organically through M&A and returning cash to shareholders. This was again evidenced in July with the extension of our U.S. market access partnership with Boyd. This deal increased our ownership of FanDuel to 100% at an attractive valuation and also secured U.S. state market access at much more favorable terms.

其次，我們繼續證明我們作為一家企業的資質，透過併購有機地部署高回報的資本並向股東返還現金。今年 7 月，我們與 Boyd 延長了美國市場准入合作夥伴關係，這再次證明了這一點。這筆交易使我們對 FanDuel 的所有權以頗具吸引力的估值增至 100%，並且以更優惠的條件獲得了美國州市場准入。

This is also a great example of the longer-term cost levers we have available, which help underpin our confidence in the delivery of our long-term adjusted EBITDA margin targets.

這也是我們可用的長期成本槓桿的一個很好的例子，它有助於增強我們對實現長期調整後的 EBITDA 利潤率目標的信心。

Thirdly, on the U.S. regulatory front, I believe our sector is making meaningful progress in encouraging lawmakers to adopt a balanced tax strategy, which promotes market growth and investment. We believe our substantial U.S. scale positions us well to mitigate tax changes. This is both from a direct mitigation perspective as well as benefiting from the market share gains we typically observe market leaders experience over time when regulatory changes are introduced.

第三，在美國監管方面，我相信我們的產業在鼓勵立法者採取平衡的稅收策略方面正在取得有意義的進展，這有利於市場成長和投資。我們相信，我們在美國的巨大規模使我們能夠很好地緩解稅收變化。這既是從直接緩解的角度，也是從市場份額的成長中受益，我們通常觀察到，在引入監管變化後，市場領導者會隨著時間的推移而經歷市場份額的成長。

We were, of course, disappointed to see the state of Illinois introduce a wager fee on July 1, which unfairly impacts our recreational lower handle customers and significantly increases operating costs in the state. As previously announced, starting September 1, we'll introduce a $0.50 fee on each bet placed in Illinois to help mitigate this impact. We are confident, as evidenced by the majority approach to date, that Illinois is an outlier and that lawmakers generally will recognize the importance of adopting a balanced approach.

當然，我們很失望地看到伊利諾伊州在 7 月 1 日引入了投注費，這對我們的休閒低投注客戶產生了不公平的影響，並大大增加了該州的營運成本。正如先前宣布的那樣，從 9 月 1 日起，我們將對伊利諾伊州的每筆投注收取 0.50 美元的費用，以幫助減輕這種影響。我們相信，正如迄今為止的多數意見所證明的那樣，伊利諾伊州是一個例外，立法者通常會認識到採取平衡方法的重要性。

Fourthly, the events contract landscape continues to develop at pace. We have two decades experience of operating the world's largest betting exchange, the Betfair Exchange, which shares similar characteristics with events contracts, and this will help inform our views. We are closely monitoring regulatory developments and are assessing opportunities and potential participation strategies this may present for FanDuel.

第四，賽事承包格局持續快速發展。我們擁有二十年經營全球最大的博彩交易所 Betfair Exchange 的經驗，其與賽事合約具有相似的特徵，這將有助於我們形成觀點。我們正在密切關注監管發展，並評估這可能為 FanDuel 帶來的機會和潛在的參與策略。

In our international markets, we were able to complete the Snai and NSX transactions during the quarter, creating a leadership position in Italy and establishing a scale position in Brazil. In Italy, Snai integration plans are well underway, and our good progress means we have increasing confidence in our synergy targets. We finished the quarter with over 30% share of the online market, and our attention is now on bringing Snai customers onto the SEA's market-leading online platform in the first half of 2026.

在我們的國際市場，我們在本季完成了 Snai 和 NSX 交易，在義大利建立了領導地位，並在巴西確立了規模地位。在義大利，Snai整合計畫正在順利進行，良好的進展意味著我們對協同目標越來越有信心。本季度，我們佔據了超過 30% 的線上市場份額，現在我們的重點是將 Snai 客戶在 2026 年上半年帶入東南亞市場領先的線上平台。

And finally, in the newly regulated Brazilian market, we retain a strong conviction that the market opportunity will be very significant, and that those operators with scale and the best product will win the largest share of the market. Leveraging the Flutter Edge and local management expertise, our strategy is to elevate our Brazilian proposition. We've targeted quick wins in product and marketing, which we expect will deliver significant improvements to the customer proposition on both sportsbook and iGaming over the next 12 months, which we believe will place us well for future success.

最後，在新監管的巴西市場，我們堅信市場機會將非常巨大，那些擁有規模和最佳產品的營運商將贏得最大的市場份額。利用 Flutter Edge 和本地管理專業知識，我們的策略是提升我們的巴西主張。我們的目標是在產品和行銷方面取得快速成功，我們預計這將在未來 12 個月內顯著改善體育博彩和 iGaming 的客戶主張，我們相信這將為我們未來的成功奠定良好的基礎。

I'll now take you through progress in our U.S. and International businesses during the quarter. In the U.S., we maintained our clear position as the #1 online operator in both sportsbook and iGaming. We had a great quarter with revenue growth of 17%, benefiting from the highest gross revenue margin month on record in June for sportsbook and excellent iGaming momentum. Our phenomenal iGaming performance with revenue 42% ahead and AMPs up 32% is clear evidence of the benefits of our very strong product road map.

現在我將向大家介紹本季我們美國和國際業務的進展。在美國，我們保持著體育博彩和 iGaming 領域第一大線上營運商的明顯地位。我們本季表現出色，營收成長了 17%，這得益於 6 月體育博彩產業創下的最高毛收入利潤率以及出色的 iGaming 發展勢頭。我們的 iGaming 表現非常出色，營收成長了 42%，AMP 成長了 32%，這清楚地證明了我們非常強大的產品路線圖的優勢。

We launched our FanDuel Rewards Club to all iGaming customers in April and added the second installment of our very successful exclusive Huff and Puff series. Leveraging the Flutter Edge via the proprietary platform we migrated to last year, we also added a record volume of new titles to the platform.

我們在 4 月向所有 iGaming 客戶推出了 FanDuel 獎勵俱樂部，並增加了非常成功的獨家 Huff and Puff 系列的第二部分。透過我們去年遷移到的專有平台 Flutter Edge，我們也為該平台添加了創紀錄數量的新遊戲。

In sportsbook, continued product improvements drove growth in player frequency (inaudible) handle 7% higher year-over-year. AMPs were 4% lower as we lapped our very successful North Carolina launch in the prior year when we delivered significant population penetration during the opening months. Activity on the NBA playoffs was encouraging with four separate seven-game series, including the finals, helping to drive better engagement than expected. On sportsbook product, we continue to deliver innovative and engaging features to our customers.

在體育博彩方面，持續的產品改進推動玩家頻率（聽不清楚）年增 7%。由於我們去年在北卡羅來納州的推出非常成功，在頭幾個月就實現了顯著的人口滲透，因此 AMP 下降了 4%。NBA 季後賽的活動令人鼓舞，包括總決賽在內的四個獨立的七場系列賽有助於提高參與度，超出預期。在體育博彩產品方面，我們持續為客戶提供創新且引人入勝的功能。

Harnessing our next-generation pricing capability, we added Same Game Parlay plus and profit boost functionality to our Your Way feature during the NBA playoffs. We've been really pleased with engagement and are looking forward to offering a broader product proposition in the upcoming NFL season. FanDuel's Same Game Parlay experience continues to be by far the standout proposition in the market and underpinned a further expansion in our structural gross revenue margin to 13.6% during the quarter.

利用我們的下一代定價功能，我們在 NBA 季後賽期間為我們的 Your Way 功能添加了 Same Game Parlay plus 和利潤提升功能。我們對參與度感到非常滿意，並期待在即將到來的 NFL 賽季提供更廣泛的產品主張。FanDuel 的 Same Game Parlay 體驗繼續成為市場上最突出的主張，並支撐我們本季結構性毛收入利潤率進一步擴大至 13.6%。

Building on the success of our Parlay Your Bracket offering for March Madness, we added similar features for NHL and WNBA during Q2, and we also expanded Same Game Parlay Live to Tennis for the first time to deliver a record Wimbledon for FanDuel. On MLB, our Batter Up feature, which allows customers to parlay outcomes for the next three batters up was rolled out for all live games and has been resonating well.

在我們為瘋狂三月推出的 Parlay Your Bracket 服務取得成功的基礎上，我們在第二季度為 NHL 和 WNBA 添加了類似的功能，並且我們還首次將 Same Game Parlay Live 擴展到網球領域，為 FanDuel 帶來了創紀錄的溫布頓網球公開賽。在 MLB 中，我們的擊球手預測功能讓客戶可以對接下來的三名擊球手的結果進行預測，該功能已在所有直播比賽中推出，並獲得了良好的反響。

These product enhancements supported strong live betting volumes in the period, with live betting making up over half our handle in Q2 and Same Game Parlay Live, our fastest-growing component. A seamless live proposition was key to this growth as we leverage our global live betting expertise through the Flutter Edge. This includes winning of the core fundamentals such as optimized in-game settlement and ultimately delivering an overall player experience that minimizes friction and maximizes ease of use.

這些產品的增強功能支持了該期間強勁的現場投注量，其中現場投注占我們第二季度投注量的一半以上，而同場串關直播是我們增長最快的部分。當我們透過 Flutter Edge 利用我們的全球現場投注專業知識時，無縫的現場提議是這一增長的關鍵。這包括贏得核心基礎，例如優化遊戲內結算，並最終提供最大程度減少摩擦和最大程度提高易用性的整體玩家體驗。

Our International performance continues to be positive, benefiting from both our scale and diversification. We delivered year-over-year revenue growth of 15% in the quarter with the benefits of the Snai and NSX acquisitions. We saw good product delivery in the quarter, driven by our focus on the Flutter Edge and have recently launched MyCombo to Sisal sportsbook in Italy ahead of the new soccer season. This Same Game Parlay proposition is a market first and represents a step change in product differentiation made possible by our global scale and deep industry expertise. In July, we also launched Flutter's first bingo network following the successful partnership between Sisal and tombola, which brings the latter's innovative product and deep liquidity pool to Sisal's Italian online bingo customers.

由於我們的規模和多樣化，我們的國際業績繼續保持積極態勢。由於採用 Snai 和 NSX 收購，本季我們實現了年增 15%。由於我們專注於 Flutter Edge，本季我們的產品交付情況良好，並且在新足球賽季之前，我們最近在義大利的 Sisal 體育博彩中推出了 MyCombo。這項 Same Game Parlay 提議是市場首創，代表了我們全球規模和深厚行業專業知識所實現的產品差異化的重大變化。7 月，繼 Sisal 與 tombola 成功合作之後，我們還推出了 Flutter 的首個賓果遊戲網絡，將後者的創新產品和深厚的流動性池帶給 Sisal 的意大利在線賓果遊戲客戶。

We are also executing our cost efficiency program as we successfully migrated 9 million Sky Betting & Gaming customers onto our shared UKI platform. This will give customers access to new exciting features, which will include a version of our SuperSub product in time for the upcoming European football season. Reactions to the new Sky Bet customer proposition has been positive, and early performance on iGaming has been very strong. The PokerStars transformation is another significant pillar of the program, and we delivered our largest milestone to date in Italy in July with the migration of PokerStar's Italian customers onto the shared SEA platform.

我們也正在執行我們的成本效益計劃，因為我們成功地將 900 萬 Sky Betting & Gaming 客戶遷移到我們的共享 UKI 平台上。這將使客戶能夠使用令人興奮的新功能，其中包括我們為即將到來的歐洲足球賽季推出的 SuperSub 產品版本。人們對 Sky Bet 新客戶主張的反應是正面的，而且 iGaming 的早期表現非常強勁。PokerStars 的轉型是該計劃的另一個重要支柱，隨著 PokerStars 的義大利客戶遷移到共享的 SEA 平台，我們在 7 月在義大利實現了迄今為止最大的里程碑。

In conclusion, looking ahead to the remainder of the year, our strong performance in the first half of 2025 underlines the strength of Flutter's fundamentals. I feel confident as we head into the second half of 2025, our performance in Q2 positions us well to deliver on our strategic objectives and execute strongly throughout the content-rich calendars for NFL, NBA and European soccer during the remainder of the year.

總而言之，展望今年剩餘時間，我們在 2025 年上半年的強勁表現凸顯了 Flutter 基本面的強勁。我相信，隨著我們進入 2025 年下半年，我們在第二季度的表現將使我們能夠實現戰略目標，並在今年剩餘時間內在 NFL、NBA 和歐洲足球等內容豐富的賽事中保持強勁表現。

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

現在我將把您交給 Rob，讓他向您介紹財務狀況。

Thanks, Peter. I'm really pleased to be presenting you with a strong set of results for the second quarter. Group revenue increased by 16% and adjusted EBITDA grew 25%, driven by the sustained earnings transformation of our U.S. business as it rapidly scales, the benefit of the NSX and Snai acquisitions and continued growth in International.

謝謝，彼得。我很高興向大家報告第二季的強勁業績。集團營收成長了 16%，調整後 EBITDA 成長了 25%，這得益於我們美國業務隨著規模迅速擴大而持續的獲利轉型、NSX 和 Snai 收購帶來的好處以及國際業務的持續成長。

Group net income was impacted by an increase in noncash charges. This primarily related to the Fox Option valuation, which was a charge of $81 million versus a credit of $91 million in the prior year. Other movements included the amortization of acquired intangibles related to the new acquisitions and the PokerStars and Sky Bet transformations and an increased income tax expense as historic losses were utilized in 2024. Together, this drove an 88% year-over-year reduction in net income. Adjusted earnings per share grew 45%, while earnings per share decreased to $0.59 from $1.45 in Q2 2024 due to the impact of the noncash items I've just outlined.

集團淨收入受到非現金費用增加的影響。這主要與 Fox Option 估值有關，該估值費用為 8,100 萬美元，而上一年的貸項為 9,100 萬美元。其他變動包括與新收購、PokerStars 和 Sky Bet 轉型相關的已收購無形資產的攤銷，以及由於 2024 年利用歷史損失而增加的所得稅費用。總體而言，這導致淨收入年減 88%。調整後每股收益成長了 45%，而由於我剛才概述的非現金項目的影響，每股收益從 2024 年第二季的 1.45 美元下降至 0.59 美元。

Turning to the U.S. Revenue was 17% higher, including sportsbook growth of 11% and exceptional iGaming growth of 42%. Adjusted EBITDA of $400 million was up 54% and EBITDA margin was 530 basis points higher, driven by strong operating leverage. This came primarily from sales and marketing, which decreased by 440 basis points as a percentage of revenue against heightened investment in North Carolina's launch last year as well as our decision to reallocate some marketing spend from the quarter into the second half of the year.

美國市場收入成長了 17%，其中運動博彩成長了 11%，iGaming 成長了 42%。受強勁的經營槓桿推動，調整後 EBITDA 為 4 億美元，成長 54%，EBITDA 利潤率高出 530 個基點。這主要來自銷售和行銷，由於去年對北卡羅來納州推出的投資增加，以及我們決定將本季度的部分行銷支出重新分配到下半年，銷售和行銷佔收入的百分比下降了 440 個基點。

In International, revenue of $2.4 billion and adjusted EBITDA of $591 million for the quarter reflected growth of 15% and 13%, respectively, as the inclusion of the Snai and NSX acquisitions contributed 11 percentage points to the year-over-year revenue growth. This result was driven by strong underlying performance in SEA despite lapping the European Football Championships and more favorable sports results in 2024. This contributed to excellent iGaming growth of 27% for the division with notably strong performances in UKI, APAC and CEE. Adjusted EBITDA increased by 13% year-over-year, with the acquisitions of Snai and NSX contributing 7 percentage points of growth. And EBITDA margin reduced by 40 basis points to 24.7%, reflecting our ongoing investment in Brazil.

在國際業務方面，本季營收為 24 億美元，調整後 EBITDA 為 5.91 億美元，分別成長 15% 和 13%，因為 Snai 和 NSX 的收購為同比營收成長貢獻了 11 個百分點。儘管歐洲足球錦標賽落敗，且 2024 年體育賽事成績更為有利，但東南亞地區依然表現強勁，推動了這一結果。這促使該部門的 iGaming 業務實現了 27% 的出色成長，尤其在英國、亞太地區和中東歐地區表現強勁。調整後 EBITDA 年成長 13%，其中收購 Snai 和 NSX 貢獻了 7 個百分點的成長。EBITDA 利潤率下降 40 個基點至 24.7%，反映了我們在巴西的持續投資。

As Peter previously outlined, I've been really pleased with the progress on our cost transformation program with delivery of the PokerStars and Sky Bet migrations in Q2, important milestones on this journey. Progress to date gives me even more conviction in achieving the $300 million savings that I shared with you at our Investor Day last September. We continue to expect the majority of the $300 million savings to arise in 2027 following the final planned migration from the PokerStars technology stack in the second half of 2026.

正如彼得之前所概述的，我對我們的成本轉型計劃的進展感到非常滿意，第二季度完成了 PokerStars 和 Sky Bet 的遷移，這是這一歷程中的重要里程碑。迄今為止的進展讓我更有信心實現去年 9 月投資者日上與大家分享的 3 億美元節省目標。我們預計，在 2026 年下半年完成 PokerStars 技術堆疊的最終遷移後，這 3 億美元節省的大部分將在 2027 年實現。

From a cash flow perspective, net cash from operating activities increased by 11%, driven by the earnings growth I previously referenced. Free cash flow reduced by 9%, driven by the acquisition of Snai and higher investment in our technology platforms in Q2 than in the prior year. This technology investment continues to pay dividends as we harness the Flutter Edge and continue to innovate at pace. Available cash increased quarter-on-quarter to $1.7 billion, while net debt for the quarter was $8.5 billion, with leverage three times our last 12 months adjusted EBITDA, including Snai.

從現金流角度來看，經營活動產生的淨現金增加了 11%，這得益於我之前提到的獲利成長。自由現金流減少了 9%，原因是第二季收購 Snai 以及對科技平台的投資比去年同期增加。隨著我們利用 Flutter Edge 並繼續快速創新，這項技術投資將繼續帶來回報。可用現金環比增加至 17 億美元，而本季淨債務為 85 億美元，槓桿率是我們過去 12 個月調整後 EBITDA（包括 Snai）的三倍。

As Peter already highlighted, we extended our market access agreement with Boyd in July, which we expect will deliver approximately $65 million in annual cost savings. We purchased Boyd's 5% holding in FanDuel at an attractive price, which has been financed through additional debt on competitive terms. We, therefore, expect our leverage to increase in the near term, but then reduce rapidly given the highly visible and profitable growth opportunities that exist across the group. We remain committed to our medium-term leverage ratio target of 2 times to 2.5 times.

正如彼得已經強調的那樣，我們在 7 月延長了與 Boyd 的市場准入協議，我們預計這將帶來每年約 6500 萬美元的成本節省。我們以極具吸引力的價格收購了 Boyd 在 FanDuel 的 5% 股份，並透過具有競爭力的條款透過額外債務進行融資。因此，我們預計我們的槓桿率將在短期內上升，但鑑於集團內存在的高度可見且有利可圖的成長機會，隨後將迅速下降。我們仍致力於將中期槓桿率目標維持在2倍至2.5倍。

We continue to return capital to shareholders through our share repurchase program with total repurchases of $300 million in the quarter, and we still expect to return up to $1 billion to shareholders via this program during 2025. As an and business, we are highly disciplined allocators of capital. We expect to return up to $5 billion of cash to shareholders over a three-year to four-year period, whilst also maintaining the flexibility to invest significant amounts of capital, both organically and inorganically. The Boyd deal is a great example of both this flexible approach and the value we believe we can create.

我們繼續透過股票回購計畫向股東返還資本，本季共回購 3 億美元，我們仍預計在 2025 年透過該計畫向股東返還高達 10 億美元。作為一家企業，我們是高度自律的資本配置者。我們預計在三到四年內向股東返還高達 50 億美元的現金，同時也保持以有機和無機方式投資大量資本的靈活性。Boyd 交易是這種靈活方法和我們相信能夠創造的價值的一個很好的例子。

Moving now to the outlook for 2025. Performance since our Q1 earnings when previous guidance was set has been positive, and we are upgrading our full year adjusted EBITDA guidance to include the $100 million positive impact of U.S. sports results; a $40 million adverse impact from U.S. tax changes in Illinois, Louisiana and New Jersey, which we expect to be almost entirely mitigated by the Boyd market access savings; and finally, a $20 million benefit due to the timing of our anticipated launch in Missouri moving later to the beginning of December. We, therefore, now expect group revenue and adjusted EBITDA of $17.26 billion and $3.295 billion, respectively, at the midpoint, representing 23% and 40% year-over-year growth.

現在我們來展望一下 2025 年。自從我們第一季獲利以來（當時制定了先前的指引）業績一直保持積極態勢，我們正在上調全年調整後 EBITDA 指引，以將美國體育賽事結果帶來的 1 億美元積極影響；伊利諾伊州、路易斯安那州和新澤西州的美國稅收變化帶來的 4,000 萬美元不利影響（我們預計 Boyd 市場准入該市場准入這一問題將幾乎推遲到這一影響下2,000 萬美元的收益。因此，我們現在預計集團營收和調整後 EBITDA 中間值分別為 172.6 億美元和 32.95 億美元，年增 23% 和 40%。

Our improved U.S. outlook includes expected 2025 revenue and adjusted EBITDA of $7.58 billion and $1.245 billion, respectively, representing year-over-year growth of 31% and 146%. Foreign currency changes since our previous guidance are not material, and therefore, International revenue and adjusted EBITDA guidance of $9.68 billion and $2.3 billion is reaffirmed, representing year-over-year growth of 17% and 11%, respectively. Additional information on guidance is available in today's release, including additional income statement and cash flow items.

我們對美國前景的改善包括預計 2025 年營收和調整後 EBITDA 分別為 75.8 億美元和 12.45 億美元，年增 31% 和 146%。自我們先前的指引以來，外幣變化並不重大，因此，國際收入和調整後的 EBITDA 指引分別為 96.8 億美元和 23 億美元，分別年增 17% 和 11%。今天的發布中提供了有關指導的更多信息，包括額外的損益表和現金流量項目。

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

彼得和我很樂意回答您的問題，然後我會將電話轉回給接線員來管理通話。

Thank you, ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) One moment please for your first question.

謝謝女士們、先生們，我們現在開始問答環節。（操作員指示）請稍等片刻，回答您的第一個問題。

Your first question comes from the line of Ed Young of Morgan Stanley. Please go ahead.

您的第一個問題來自摩根士丹利的 Ed Young。請繼續。

Good evening.My first question is on U.S. marketing. Your gross profit was a little bit better than we had, but your contribution was a lot better and your marketing is already in your Investor Day range a couple of years early. And in absolute terms, you mentioned the year-on-year North Carolina timing, but it's actually almost exactly flat with what it was in '22 and '23. So I wonder if you could talk a little bit about the drivers of efficiencies and leverage in that line. And can you quantify how much the benefit was from the reallocation into Q4?

晚安.我的第一個問題是關於美國行銷的。你們的毛利比我們好一點，但你們的貢獻要好得多，而且你們的行銷已經提前幾年進入了投資者日的範圍。從絕對值來看，您提到了北卡羅來納州的同比時間，但實際上它與 22 年和 23 年的情況幾乎持平。所以我想知道您是否可以稍微談談該領域效率和槓桿的驅動因素。您能否量化重新分配到第四季的收益是多少？

The second question is on prediction markets. One of your peers says they're actively exploring and is now explicitly guiding ex prediction market investment. And your other main peer is saying it has no desire to be a first mover and no presumption has a right to win in that space. So where on the scale has your thinking got on the opportunity at this point? And how should we think about potential investment either this year or into later years?

第二個問題是關於預測市場。你的一位同行表示，他們正在積極探索，現在正在明確指導預測市場投資。而你的另一位主要同行則表示，它無意成為先行者，並且沒有任何假設有權在該領域獲勝。那麼，您現在對於這個機會的看法如何？我們應該如何考慮今年或未來幾年的潛在投資？

Evening, Ed. Let me pick up the prediction markets one first, and then Rob will come in and talk to you about the U.S. marketing. Look, with prediction markets, it's clearly a fast-moving space. And for those of you on the call who are a bit less familiar with our International business, it's worth remembering that we've got sort of two decades experience of operating the world's largest betting exchange, the Betfair Exchange. We offer this product in lots of markets around the world, and it shares some similar characteristics of the event contracts, which will obviously be helpful to us as we consider the landscape and any developments.

晚上好，艾德。我先來聊聊預測市場，然後羅布會來跟你聊聊美國市場。瞧，預測市場顯然是一個快速發展的領域。對於那些不太熟悉我們國際業務的電話會議嘉賓來說，值得記住的是，我們在經營世界上最大的博彩交易所 Betfair Exchange 方面擁有二十年的經驗。我們在全球許多市場上提供該產品，它具有與活動合約類似的一些特徵，這顯然對我們考慮情況和任何發展有所幫助。

But as you say, we're evaluating the various regulatory developments and assessing the potential opportunities this may present for FanDuel. Naturally, we've got a lot of important stakeholders that we need to consider, and so we're watching this space very closely.

但正如您所說，我們正在評估各種監管發展並評估這可能為 FanDuel 帶來的潛在機會。當然，我們需要考慮很多重要的利害關係人，因此我們正在密切關注這個領域。

Ed, just picking up on the sales and marketing question. Obviously, when you look at it year-on-year, we're about four percentage points lower quarter versus quarter. Part of that is due to the maturing state profile. We also have the North Carolina launch, if you remember, in Q2 last year. And as we said proactively in our statement, we have phased some marketing into H2, which will help us in front of a very busy new NFL and NBA season, so which we're looking forward to.

艾德，我只是想問銷售和行銷問題。顯然，如果與去年同期相比，我們的季度環比下降了約 4 個百分點。部分原因是由於國家形像日趨成熟。如果您還記得的話，去年第二季度我們還在北卡羅來納州推出了該產品。正如我們在聲明中主動提到的那樣，我們已經在下半年分階段開展了一些行銷工作，這將幫助我們應對非常繁忙的新 NFL 和 NBA 賽季，因此我們對此充滿期待。

Are you able to quantify that phasing or are you not?

您能量化這個階段嗎？還是不能？

It's broadly $20 million to $25 million.

大致在 2000 萬至 2500 萬美元之間。

Thank you.

謝謝。

Your next question comes from the line of Jordan Bender of Citizens. Please go ahead.

您的下一個問題來自公民的喬丹·本德 (Jordan Bender)。請繼續。

Good afternoon. Thanks for the question. I want to continue on the conversation with prediction markets for a second, but not the will you or won't you, but rather kind of how you underwrite the risk. So I guess the question is the total capital outlay could be quite significant. So how do you get comfortable investing that type of money given the backdrop that potentially three years from now, there could be a different U.S. administration or even change of political party here in the U.S.?

午安.謝謝你的提問。我想繼續討論預測市場，但不是討論你是否會這樣做，而是討論你如何承保風險。所以我猜問題是總資本支出可能相當大。那麼，考慮到三年後美國政府可能會發生變化，甚至美國政黨也可能會發生變化，您如何放心投資這筆資金？

And then the second one, I want to touch on the Illinois surcharge. Was that done on a state basis? Or should we view that more as a company policy moving forward that you could look to utilize if states do increase taxes in the future?

第二，我想談談伊利諾州的附加費。這是在國家層級完成的嗎？或者我們應該將其更多地視為一項公司政策，如果未來各州確實增加稅收，您可以考慮利用該政策？

Jordan, look, I'll follow on the prediction market stuff. Look, we're not going to sort of speculate on the different ways in which we're assessing this opportunity and what the potential of costs and pros and cons of the different opportunities are. It's just not worth speculating at this time.

喬丹，聽著，我會關注預測市場的事情。你看，我們不會去推測我們評估這個機會的不同方式，以及不同機會的潛在成本和優缺點。現在還不值得猜測。

As it pertains to your sort of second question, the Illinois surcharge, I mean we're obviously very disappointed that they brought this tax into play in Illinois. We think it really will hurt the sort of recreational customers and ultimately risk fueling the black market, which is not good for integrity of sports, it's not good for player protection, it's certainly not good for collection of revenue for the state. So we don't think it's a good idea, but look, we've introduced this fee, which we think is the fairest way to deal with it. We think Illinois is an outlier. We don't expect this to happen anywhere else.

至於你的第二個問題，即伊利諾伊州附加稅，我的意思是，我們顯然對伊利諾伊州實施這項稅收感到非常失望。我們認為這確實會損害休閒客戶的利益，並最終有可能助長黑市，這不利於運動的完整性，不利於運動員的保護，當然也不利於國家稅收的徵收。所以我們不認為這是一個好主意，但是你看，我們已經引入了這筆費用，我們認為這是處理這個問題最公平的方式。我們認為伊利諾州是一個異常現象。我們不希望這種事情發生在其他地方。

We'll introduce the fee, and we'll see what happens.

我們將引入費用，然後看看會發生什麼。

Your next question comes from the line of Barry Jonas with Truist Securities. Please go ahead.

您的下一個問題來自 Truist Securities 的 Barry Jonas。請繼續。

Just a follow-up on Illinois. Is the transaction fee mitigation and guidance assume the fee is taxable? And if it doesn't, does that change your -- could that change your strategy at all, whether that's moving to a minimum, adjusting pricing or anything else?

這只是伊利諾伊州的後續報導。交易費用減免和指導是否假設該費用應納稅？如果沒有，這會改變你的策略嗎？無論是降至最低、調整價格還是其他？

Yes. Barry, it doesn't assume that it's taxable. Obviously, we are monitoring the situation quite closely at the moment. We landed on the transaction fee. It's quite simple for our customers to understand, and it also ties directly to the legislative that was issued. It's also more straightforward to implement from a tech perspective. So we're monitoring. And if there are some changes around the way the fee is perceived by the state, then we'll address that accordingly.

是的。巴里，這並不認為它是應納稅的。顯然，我們目前正在密切關注局勢。我們討論的是交易費。我們的客戶很容易理解，而且它與頒布的立法直接相關。從技術角度來看，實現起來也更加簡單。所以我們正在監控。如果國家對費用的看法發生了一些變化，那麼我們也會採取相應的措施。

Got it. And then I was hoping you could spend a minute talking about California. Maybe provide any update on how sports betting could look there and how that factors in with -- I believe the AG recently gave an opinion on DFS. So just curious how that all kind of comes together in the latest on California.

知道了。然後我希望你能花一點時間談論加州。也許可以提供關於體育博彩在那裡如何發展以及它與什麼有關的最新情況——我相信 AG 最近對 DFS 發表了意見。所以我很好奇所有這些在加州的最新情況如何。

I mean we've talked about California before. And you're right about the AG issuing this nonbinding view around on DFS, clearly something which we're following carefully. I think from our perspective, we have a lot of respect for the tribes and we will be very thoughtful about making sure that we are working with them and listening to them. They're clearly the important stakeholder in the state of California, and we have a lot of respect. Great. Thank you so much.

我的意思是我們之前談論過加州。您說得對，總檢察長就 DFS 發表了這一不具約束力的觀點，顯然我們正在密切關注此事。我認為從我們的角度來看，我們非常尊重部落，我們會非常認真地確保與他們合作並傾聽他們的意見。他們顯然是加州的重要利益相關者，我們非常尊重他們。偉大的。太感謝了。

Your next question comes from the line of Jed Kelly of Oppenheimer.

您的下一個問題來自奧本海默公司的 Jed Kelly。

This is Josh on for Jed. I just wanted to see if you could speak to any of the early July handle trends or hold trends that you guys are seeing?

這是喬希 (Josh) 為傑德 (Jed) 表演的。我只是想看看您是否可以談談您所看到的 7 月初的處理趨勢或保持趨勢？

No, I'm afraid we're not going to comment on just current trading.

不，恐怕我們不會只對當前的交易發表評論。

Okay. And then maybe you could touch on, I guess, how your Your Way parlay is kind of progressing into football, and just talk about some of the highlights that you've seen in the NBA playoffs using the Your Way parlay.

好的。然後我想，也許您可以談談您的 Your Way 聯注是如何發展到足球領域的，並談談您在 NBA 季後賽中使用 Your Way 聯注所看到的一些精彩片段。

Yes. As a reminder for those of you on the call, Your Way is just one feature in the sort of underlying technology we're building for our sports betting business. And we think it's going to be very exciting for customers in the future. It's going to be a revolutionary approach to sportsbooks and will allow us to deliver a meaningful superior experience to customers.

是的。提醒各位電話會議嘉賓，「Your Way」只是我們為體育博彩業務所建構的底層技術的一個功能。我們認為這對未來的客戶來說將會非常令人興奮。這將是體育博彩的一種革命性方法，使我們能夠為客戶提供有意義的卓越體驗。

In terms of the way in which we were able to utilize it in the NBA playoffs, we weren't pushing it, but we saw a big skew towards Same Game Parlay within the your bet capability. And there's some exciting plans we've got for the product as we get into the football season. I mean clearly, we're not going to put all the details of it into the -- our competitors' minds right now. But rest assured, this is a foundational change that we're making. And I think when you think about how important it is to ensure you've got a broad range of markets, whether that's in live or premarket, the Your Way product allows that sort of huge choice.

就我們在 NBA 季後賽中如何利用它而言，我們並沒有大力推廣它，但我們發現您的投注能力中存在著對同場比賽過關投注的很大偏向。隨著足球賽季的到來，我們對產品製定了一些令人興奮的計劃。我的意思是，顯然我們現在不會把所有細節都告訴競爭對手。但請放心，這是我們正在進行的根本性變革。我認為，當您考慮到確保擁有廣泛的市場是多麼重要時，無論是在現場還是在上市前，Your Way 產品都能提供這種巨大的選擇。

And we think that will also allow us to sort of improve the presentation of betting to consumers as well.

我們認為這也將使我們能夠改善向消費者呈現投注的方式。

Your next question comes from the line of Bernie McTernan with Needham & Company. Please go ahead.

您的下一個問題來自 Needham & Company 的 Bernie McTernan。請繼續。

Great, thanks for taking the question. Maybe just continuing on the product conversation if you could just talk to how you're merchandizing and pushing players to TRY same game parlay live, how the retention of those products have been and what it means for the upcoming NFL season.

太好了，謝謝你回答這個問題。如果您可以繼續討論產品問題，請談談您如何推銷產品並推動玩家嘗試同一遊戲的現場聯贏遊戲，這些產品的保留情況如何，以及這對即將到來的 NFL 賽季意味著什麼。

Live betting for us is something that we've been doing for years in Europe. It's a mainstay of our product offering in soccer, cricket, tennis, whatever sports you would think about. And in fact, it's worth remembering that we invented cash-out. So this is something that we've been really thoughtful about for a long time. When I look at live betting in the U.S., there are three things which we think is really important here.

我們在歐洲已經從事現場投注多年了。它是我們在足球、板球、網球以及任何您能想到的運動項目中提供的主要產品。事實上，值得記住的是，我們發明了提款。所以這是我們長期認真思考的事情。當我觀察美國的現場投注時，我們認為有三件事非常重要。

One is to make sure you have a really good Same Game Parlay proposition. People want to be able to take the appropriate Same Game Parlay depending on what's happening in the game because let's remember, sports is inherently unpredictable, and that's what makes it so much fun to watch and so much fun to bet on.

一是確保你有一個真正好的 Same Game Parlay 提議。人們希望能夠根據比賽的進展採取適當的同場比賽聯注，因為請記住，體育運動本質上是不可預測的，這就是觀看和下注如此有趣的原因。

And so making sure that we can reduce the friction for consumers so they're watching the game, they can select that Same Game Parlay very quickly is important. And that's an immersive front-end experience to ensure that they can discover that Same Game Parlay, they can track it, and then they get the scoreboards and other visualizations important. And look, when we combine all those things, we think it positions us very well with the leading live product in the U.S. market.

因此，確保我們可以減少消費者的摩擦，讓他們觀看比賽時可以非常快速地選擇同一場比賽的聯贏，這一點很重要。這是一種沉浸式的前端體驗，確保他們能夠發現相同的遊戲聯贏，可以對其進行跟踪，然後獲得記分牌和其他重要的視覺化資訊。而且，當我們把所有這些因素結合起來時，我們認為這將使我們成為美國市場上領先的直播產品。

Understood. Then maybe just a more broad one on iGaming. Just given the impressive results accelerating in the quarter on difficult comparisons, just where can it go from here? And do you think you're expanding the market or you're taking share?

明白了。那麼也許只是對 iGaming 的一個更廣泛的探討。鑑於本季令人印象深刻的業績在艱難的比較中加速發展，它接下來會走向何方？您認為您正在擴大市場還是正在搶佔市場份額？

If we look at iGaming at the moment, the penetration rates has still got a long way to go. So I think that we are still early in where penetration can get to in iGaming. We're clearly with the FanDuel business, very focused on acquiring direct to casino customers. In the early days, we're focused on cross-sell, but the biggest opportunity is the direct to casino customers. And when I look at what we've been doing with the rewards club, the exclusive content, the jackpots, there's a lot of great product work we've been doing, which has been really helping push FanDuel to be number one. And there's a long way to go, a lot more opportunities for us, big opportunities to increase penetration in the states that we're operating.

如果我們現在看看 iGaming，滲透率還有很長的路要走。所以我認為我們在 iGaming 滲透方面還處於早期階段。我們顯然專注於 FanDuel 業務，非常注重直接吸引賭場客戶。在早期，我們專注於交叉銷售，但最大的機會是直接面向賭場客戶。當我回顧我們在獎勵俱樂部、獨家內容、累積獎金方面所做的工作時，我發現我們做了很多出色的產品工作，這些工作確實幫助 FanDuel 成為第一名。我們還有很長的路要走，還有很多機會，有很大機會提高我們在開展業務的各州的滲透率。

Thank you. Your next question comes from the line of Brandt Montour with Barclays. Please go ahead.

謝謝。您的下一個問題來自巴克萊銀行的 Brandt Montour。請繼續。

Good evening everybody, and thanks for taking my question. So guys, when I look at the guidance for '25 and the changes that you made here, it's all sort of noncore things, and you laid it out very cleanly. And I go back last quarter, again, it was sort of the same thing where there was no changes to sort of your underlying thinking. And I just want to level set for the first six months of this year, do you feel better or the same across those core KPIs like handle, hold, promo, iGaming? I know that's sort of a convoluted question, but I just want to understand the evolution of your confidence on those core KPIs sort of halfway through here.

大家晚上好，感謝您回答我的問題。所以夥計們，當我查看 25 年的指導和您在此處所做的更改時，它們都是非核心的東西，而且您將其列得非常清楚。我回顧上個季度的情況，同樣的事情發生了，你的基本思維沒有任何改變。我只是想對今年前六個月的情況進行評估，對於處理、保持、促銷、iGaming 等核心 KPI，您是否感覺更好或一樣？我知道這是一個有點複雜的問題，但我只是想了解您對這些核心 KPI 的信心是如何演變的。

Yes. Brandt, yes, I think in summary, we feel really good about the momentum that we've got at the moment. Particularly moving from Q1 into Q2, definitely seeing some strength in the underlying KPIs. With regards to the guidance for the full year, as you mentioned, it's largely mechanical, the moves. We did slightly beat our expectations for the Q2 on an underlying basis, and that was a combination of the marketing phasing that I talked about earlier and some slightly better underlying sportsbook and iGaming performance.

是的。布蘭特，是的，我認為總而言之，我們對目前的進展感到非常滿意。特別是從第一季到第二季度，我們明顯看到了底層 KPI 的一些優勢。關於全年的指導，正如您所說，這主要是機械性的舉措。從根本上來說，我們確實略微超出了對第二季度的預期，這是我之前談到的營銷階段以及一些略好的基礎體育博彩和 iGaming 表現的結合。

But listen, it's early in the year. You can't extrapolate the summer performance. We're going to take a reasonably prudent approach given the seasonality of the business, and we're really pleased with the underlying fundamentals.

但是聽著，現在才年初。你無法推斷夏季的表現。考慮到業務的季節性，我們將採取合理的審慎態度，我們對基本面感到非常滿意。

Okay. And actually another one for you, Rob, if I may. The deal with Boyd and the access agreement renegotiation, that sort of really did set a new low mark on what the value of those access fees could be worth. What is that going through that negotiation and that deal, what does that sort of make you feel about your other access agreements? Is that a one-off?

好的。實際上，如果可以的話，我還想再給你一個機會，羅布。與博伊德達成的協議以及接入協議的重新談判，確實為這些接入費的價值設定了新的低點。經過那次談判和那項交易後，您對其他訪問協議有何感受？這是一次性的嗎？

Or do you think there's opportunity there for you?

或者您認為那裡存在著適合您的機會？

Yes. Listen, there's definitely opportunity, but it's longer term. These are very long-term agreements that were signed a few years ago when there was a different landscape and a different backdrop to market access. So there are definitely opportunities, but we consider them as longer-term opportunities. I think they will be material when they come around, but it's largely from 2030 onwards.

是的。聽著，機會肯定存在，但這是一個長期的過程。這些都是幾年前簽署的長期協議，當時市場准入的情況和背景與現在不同。因此，機會肯定存在，但我們認為這些是長期機會。我認為當它們出現時它們將會成為現實，但這主要是從 2030 年開始。

In the meantime, as we've previously said and laid out at the Investor Day, we are confident that we've got other levers within our cost of sales that can act as mitigation for other cost increases.

同時，正如我們之前在投資者日上所說和闡述的那樣，我們相信，我們的銷售成本中還有其他槓桿可以緩解其他成本的增加。

Quarter, guys, thank you.

四分之一，夥計們，謝謝你們。

Your next question comes from the line of Joe Stauff of Susquehanna. Please go ahead.

您的下一個問題來自薩斯奎漢納的喬·斯托夫 (Joe Stauff)。請繼續。

Peter, Rob, I wanted to ask on FanDuel. As we think about, say, your guide and the outlook in the new sports calendar, how to think about your sports AMP growth and the outlook? Is this a season essentially where you press the monetization levers a little bit more, say, than the volume levers that you've pressed historically? And then my follow-up is -- to that is just on the previous marketing spend question, it is down. Rob, you commented on it.

彼得、羅布，我想在 FanDuel 問一下。當我們思考您的指南和新體育日曆中的前景時，如何看待您的體育 AMP 成長和前景？從本質上來說，在這個季度中，您是否會比過去更按下貨幣化槓桿，例如，按下音量槓桿？然後我的後續問題是 - 這只是關於之前的行銷支出問題，它下降了。羅布，你對此發表了評論。

But is there -- is FanDuel in a position where the preference is to use the promotional line versus, say, the advertising and marketing line for engagement and user growth similar to where you are in other jurisdictions? Or is it too early?

但是，FanDuel 是否傾向於使用促銷手段而不是廣告和行銷手段來吸引用戶並促進用戶成長，就像在其他司法管轄區一樣？還是太早了？

Joe, nice to hear from you. I think if you go back to some of the conversations we've had historically around sort of acquisition, it's worth remembering that we've always been very focused on acquiring as many customers as we can, whilst ever they meet our CAC/LTV criteria. That's -- it's always been a sort of mainstay of the business, and it will remain so. We also think in the same way, though, around the application of generosity that as well. And I think when we think about how we've been applying generosity over the course of this year and how you get it to the right customer segments, that's also really important.

喬，很高興收到你的來信。我認為，如果回顧我們過去圍繞收購進行的一些對話，值得記住的是，我們一直非常專注於獲得盡可能多的客戶，同時他們必須符合我們的 CAC/LTV 標準。這一直是我們業務的支柱，並將繼續如此。不過，我們也以同樣的方式思考慷慨的應用。我認為，當我們思考今年我們如何運用慷慨以及如何將其傳遞給正確的客戶群時，這也非常重要。

And so I think your characterization of the shift from volume to monetization may not be right, but I think we've always been very focused on that sort of CAC/LTV dynamic. And that's what we use to drive both where and how we're applying this generosity and also how hard to push from a customer acquisition perspective.

因此，我認為您對從數量到貨幣化的轉變的描述可能不正確，但我認為我們一直非常關注這種 CAC/LTV 動態。這就是我們用來推動我們在何處以及如何運用這種慷慨，以及從客戶獲取的角度如何努力推動的因素。

Yes. From an AMP perspective, Joe, clearly, there's a couple of dynamics to this for the quarter and how we're looking at it for the rest of the year. But we're obviously seeing phenomenal growth in our iGaming AMPs, which were up 32% in the quarter. We've seen a slight retracement in the sportsbook AMP within the quarter. But as we explained, that's largely due to the North Carolina launch last year, where we effectively picked up 1 in 20 of the adult population at that launch.

是的。喬，從 AMP 的角度來看，顯然本季存在一些動態，以及我們如何看待今年剩餘時間的情況。但我們顯然看到 iGaming AMP 出現了驚人的成長，本季成長了 32%。我們發現本季體育博彩 AMP 出現了小幅回檔。但正如我們所解釋的，這很大程度上要歸功於去年在北卡羅來納州的發布，當時我們有效地覆蓋了 1/20 的成年人口。

So we're feeling reasonably sanguine about the volume and the handle that we're seeing. But as we previously articulated at Q1 and Q4, handle is just one metric that we look at. And we're seeing great frequency. We're seeing increased frequency from our customers. We're seeing excellent retention from those customers that we want to retain.

因此，我們對所看到的成交量和處理量感到相當樂觀。但正如我們之前在第一季和第四季所闡述的那樣，處理能力只是我們關注的指標。我們看到的頻率很高。我們發現客戶的頻率增加。我們發現我們想要保留的那些客戶的保留率非常高。

And we continue to see the extension of our parlay penetration. So lots of strong attributes to the program.

而我們繼續看到我們的聯注滲透率的擴大。因此該程式具有許多強大的屬性。

Thank you, guys.

謝謝你們。

Your next question comes from the line of Paul Ruddy of Davy. Please go ahead.

您的下一個問題來自戴維 (Davy) 的保羅·魯迪 (Paul Ruddy)。請繼續。

Just a quick one on this side of the Atlantic, if that's okay, on Snai. I think you alluded to there, just the platform migration happening in H1 '26. And you also kind of talked maybe I don't know if I'm using the right language, but some conservatism around the synergy targets or maybe increased conviction on synergies. Could you flesh out that piece on the increased conviction on synergies a little bit? And then secondly, just on the platform migration, will it require that to happen for kind of the new product that maybe you're bringing into Sisal to be brought into Snai?

如果可以的話，就大西洋這邊的 Snai 來說一下。我認為您曾經提到過，26 年上半年發生的平台遷移。您也談到了也許我不知道我是否使用了正確的語言，但圍繞協同目標的一些保守態度或可能對協同效應增強的信念。您能否稍微詳細說明一下關於協同效應增強的信念這一部分？其次，僅在平台遷移方面，是否需要將引進 Sisal 的新產品引進 Snai？

Or can you start introducing that product, the kind of Flutter Edge product into Snai fairly quickly? And then just a very quick follow-up on U.S. tax, if that's okay. Just would it be a sensible assumption for next year that the known tax increases can be offset by the Boyd's renegotiation?

或者您能否很快開始將該產品（類似 Flutter Edge 的產品）引入 Snai？如果可以的話，接下來我簡單跟進美國稅務問題。那麼，對於明年來說，已知的稅收增加可以透過博伊德的重新談判來抵消，這是一個合理的假設嗎？

Paul, look, let me just deal quickly with Snai, and then Rob can talk to you about the U.S. tax piece. I mean, I think as you pointed out, we're planning to do a migration of the Snai business onto the effectively Sisal platform in H1 2026. That will allow us to offer the Snai customers the full suite of products that Sisal have access to. So things like MyCombo and the full range of products we have available on the platform.

保羅，聽著，讓我快速處理一下史奈，然後羅布可以和你談談美國稅收問題。我的意思是，正如您所指出的，我們計劃在 2026 年上半年將 Snai 業務遷移到有效的 Sisal 平台上。這將使我們能夠向 Snai 客戶提供 Sisal 可以使用的全套產品。因此，我們在平台上提供 MyCombo 等全系列產品。

So we're excited about that. There are things we're doing in the meantime to provide a sort of step-up for the Snai customers. But it's not long to wait until that migration will happen. And I think the speed at which we can get that done, we've got our hands on the business now, and that's why we reaffirmed our confidence in our ability to hit the synergies, which we referenced.

所以我們對此感到很興奮。同時，我們正在採取一些措施為 Snai 客戶提供某種支援。但遷移很快就會發生。我認為我們能夠以這樣的速度完成這項工作，我們現在已經開始著手這項業務，這就是為什麼我們重申了我們對實現協同效應的能力的信心，正如我們所提到的。

Yes. With regards to the U.S. taxes, so we will see a higher benefit from Boyd last year -- next year as it annualizes, so circa $65 million. As we said, it largely covers for this year. For next year, obviously, that's going to cover a significant proportion of the tax increases that we will see.

是的。就美國稅收而言，我們將看到去年 Boyd 的收益更高——明年按年率計算，收益約為 6500 萬美元。正如我們所說，它基本上涵蓋了今年的情況。對於明年來說，顯然這將涵蓋我們將看到的很大一部分稅收增加。

I think it's important to remember a couple of the other dynamics. So we always talk about first order mitigation where we think we can mitigate sort of circa 20% in the first six months, and that depends on the competitive dynamics in the market. And then you tend to see a second order mitigation and kind of the scale benefits play out following that. So we'd expect that mitigation to increase thereafter. So as we've said on a number of occasions, we've got Boyd, but we've got a number of other tools in our kind of levers and powers as well to deploy if we do see further tax increases.

我認為記住其他一些動態很重要。因此，我們總是談論一級緩解，我們認為我們可以在前六個月內緩解約 20%，這取決於市場中的競爭動態。然後，您將看到二階緩解和隨之而來的規模效益。因此我們預計此後緩解措施將會增加。因此，正如我們多次說過的那樣，我們有博伊德，但如果我們確實看到進一步的增稅，我們還有許多其他工具和權力可以部署。

That's really helpful, thank.

這真的很有幫助，謝謝。

(Operator Instructions) And your next question comes from the line of Monique Pollard with Citi.

（操作員指示）您的下一個問題來自花旗銀行的 Monique Pollard。

Just one question. Can I just ask on the U.S. gross margin? That's come in very strong for the second quarter. You do mention in the statement that there was 90 basis points of benefit from payment processing fees, and those were changes you made back in the second half of '24.

只有一個問題。可以問一下美國的毛利率嗎？對於第二季來說，這一表現非常強勁。您在聲明中確實提到，支付處理費帶來了 90 個基點的收益，而這些都是您在 2024 年下半年做出的改變。

So obviously, that then annualizes second half of '25. But do you think there are other things that you're working on, whether it's further negotiations on payments or other things that could lead to further scaling of the nontax part of the cost of goods sold?

顯然，這將使 25 年下半年年度化。但是您是否認為您正在致力於其他事情，無論是進一步談判付款還是其他可能導致進一步擴大銷售成本中非稅部分的事情？

Monique, as you correctly pointed out, I mean, we have been -- had some successes in this area. So a lot of the payment cost initiatives that we've put into play, we made roughly around Q3 last year. And a number of these relate to our improving our deposit to handle ratio and also renegotiation of payment costs more broadly. I think alongside that, we've also been making some efficiencies in terms of the fraud cost line, which continues to come down. And as we've also said in the past, there's a number of other cost items that we're looking at the larger buckets within the cost of sales, including the geolocation costs and the other large buckets.

莫妮克，正如你正確指出的那樣，我的意思是，我們在這個領域已經取得了一些成功。我們實施的許多支付成本措施大約是在去年第三季實施的。其中一些與我們改善存款處理比率以及更廣泛地重新協商支付成本有關。我認為除此之外，我們在詐欺成本方面也取得了一些效率，其成本正在持續下降。正如我們過去所說的那樣，我們正在考慮銷售成本中較大份額的許多其他成本項目，包括地理位置成本和其他大份額成本。

So continue to make good progress. We're very pleased with where the cost of sales is, and it's very much on track to be within the parameters that we set out at the Investor Day in September.

因此繼續取得良好進展。我們對銷售成本的現狀非常滿意，並且完全符合我們在 9 月份投資者日設定的參數。

Thank you. Your next question comes from the line of Clark Lampen of BTIG. Please go ahead.

謝謝。您的下一個問題來自 BTIG 的 Clark Lampen。請繼續。

Thanks very much. Good evening, Peter, you touched on iGaming before and mentioned low penetration. You guys provided a really helpful overview at the start of July of the product and platform work that you guys have sort of done cumulatively over the last couple of years. I wanted to see if you guys could help us sort of digest, I guess, the second derivative implications of that. Where do you see the biggest deltas versus peers from a product standpoint? And if we were to boil it down sort of in a purely quantitative way, do you believe that some of the advantages that are translating to share right now are sort of durable and that over time, you could have -- you could be a market leader, I guess, for iGaming?

非常感謝。晚上好，彼得，你之前談到了 iGaming 並提到了滲透率低。你們在七月初提供了一個非常有用的概述，概述了你們在過去幾年中累積完成的產品和平台工作。我想看看你們是否可以幫助我們消化一下其中的二階導數意義。從產品角度來看，您認為與同業相比最大的差異在哪裡？如果我們以純粹的量化方式來歸納，您是否認為現在轉化為份額的一些優勢是持久的，並且隨著時間的推移，您可能會成為 iGaming 市場的領導者？

Well, Clark, we are the market leader for iGaming. And I think that we are the market leader because we have continuously executed on our strategy that we set out at the Investor Day in 2022 that we believe the majority of the iGaming TAM would come from casino direct customers. And I think that's proved to be the case. We also laid out a very clear sort of three-step approach to how we're going to get to product leadership, and we've done that. And I think, if I look at it, the stuff I mentioned earlier, the work we've done around jackpots, the work we're doing with exclusive content, the Rewards Club, actually leveraging the Flutter Edge as well in terms of bringing new titles out.

嗯，克拉克，我們是 iGaming 市場的領導者。我認為我們是市場領導者，因為我們一直在執行我們在 2022 年投資者日制定的策略，我們相信 iGaming TAM 的大部分將來自賭場直接客戶。我認為事實已經證明如此。我們也制定了非常清晰的三步驟方法來說明我們如何取得產品領導地位，而我們已經做到了。我認為，如果我看一下我之前提到的東西，我們圍繞累積獎金所做的工作，我們在獨家內容方面所做的工作，獎勵俱樂部，實際上也在利用 Flutter Edge 推出新遊戲。

So we're in a -- the team has done a phenomenal job, huge growth in AMPs and revenue, but we're still in very early days. Lots of potential to come from a penetration perspective. And I think that we're really well set. We'

因此，我們處於一個——團隊做了出色的工作，AMP 和收入都取得了巨大的成長，但我們仍處於早期階段。從滲透角度來看，有很大的潛力。我認為我們已經做好了充分的準備。我們'

Your next question comes from the line of Robert Fishman of MoffettNathanson. Please go ahead.

您的下一個問題來自 MoffettNathanson 的 Robert Fishman。請繼續。

I thank you. If I could do one more on iGaming. I think in the prepared remarks, you talked about adding a record volume of new titles. Just curious if you can talk how much of FanDuel's iGaming handle on our business, however you want to talk about it, is driven by in-house or exclusive content versus third-party games? Or maybe just big picture, what the mix of that in-house games has evolved over the past couple of years and where you expect that to end up?

我謝謝你。如果我可以在 iGaming 上再做一件事。我想在準備好的發言中，您談到了增加創紀錄數量的新書。我只是好奇，您是否可以談談 FanDuel 的 iGaming 對我們的業務的影響有多大，無論您想如何談論它，是由內部或獨家內容還是第三方遊戲驅動？或者也許只是從總體上看，過去幾年中內部遊戲的組合發生了哪些變化，您預計最終會發展成什麼樣子？

Robert, look, all of our content for FanDuel at the moment is all coming from third parties. Now some of that is exclusive for us, and we have exclusivity provisions for periods of time on it. So the Huff and Puff and then Huff and even more Puff have been exclusive titles for us on our platform. Clearly, in the rest of the organization, we do have access to our own in-house studios and content. And in time, that's something that we can put into the FanDuel business to help alleviate some of the costs of procuring that content.

羅伯特，你看，我們目前為 FanDuel 提供的所有內容都來自第三方。現在其中一些對我們來說是獨家的，並且我們對其有一段時間的獨家經營權。因此，《Huff and Puff》以及《Huff and more Puff》一直是我們平台上的獨家作品。顯然，在組織的其他部分，我們確實可以存取我們自己的內部工作室和內容。隨著時間的推移，我們可以將其投入到 FanDuel 業務中，以幫助減輕採購該內容的部分成本。

But at the moment, we've been focusing on making sure that we have the broadest and best range available for our customers, and delivering things like the jackpots with over 200,000 jackpots have been won since launch and the Rewards Club, which I think is a very exciting piece of capability. Getting that right has been a priority for us before we start bringing some of the in-house content that we know how to do. And I mean we've got good penetration levels in some of our other iGaming markets around the world for in-house content, but it's just -- it's not something that we've been prioritizing getting into FanDuel yet.

但目前，我們一直致力於確保為客戶提供最廣泛、最好的產品，並提供諸如累積獎金之類的服務，自推出以來，已有超過 200,000 個累積獎金被贏得，還有獎勵俱樂部，我認為這是一個非常令人興奮的功能。在我們開始引入一些我們知道如何製作的內部內容之前，做好這一點一直是我們的首要任務。我的意思是，我們在全球其他一些 iGaming 市場中，內部內容的滲透率已經很高，但這還不是我們優先考慮進入 FanDuel 的內容。

Understand, thank you.

明白了，謝謝。

Your next question comes from the line of Chad Beynon with Macquarie. Please go ahead.

您的下一個問題來自麥格理的 Chad Beynon。請繼續。

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 about kind of a postmortem question after the lottery tender. So now that the results are final and you won't have a major cash outlay in the next couple of years. I guess two-parter on this. One, does it maybe free up some capital to do some things that you would not have been able to do if you had invested in that market? And then second, related to this tender, did it also kind of open up your mind to maybe other things within the lottery space in other geographies?

我想問一些關於彩票招標之後的事後問題。所以現在結果已經是最終的了，你在未來幾年內不會有大筆的現金支出。我想這可以分為兩個部分。第一，它是否能釋放一些資本來做一些如果你投資該市場就無法做到的事情？其次，與這次招標有關，它是否也讓你對其他地區的彩券領域有了更多的了解？

Thank you.

謝謝。

Hey, Chad. yes, I can pick this one up. So I'll take the second part of the question first. I mean we always said with the Italian lottery opportunity that we thought this was a unique opportunity in Italy. So we don't have a broader interest per se in other lottery products around the world. With regards to whether or not it frees up capital, listen, as we said on a number of occasions, we are very disciplined when it comes to our capital allocation.

嘿，查德。是的，我可以拿起這個。我先回答問題的第二部分。我的意思是，我們總是說，義大利彩票機會是義大利獨一無二的機會。因此，我們對世界各地的其他彩票產品本身並沒有更廣泛的興趣。至於它是否釋放資本，聽著，正如我們多次說過的，在資本配置方面，我們非常自律。

We are very committed to bringing our leverage ratio back to the 2 times to 2.5 times that we've talked about in the medium term. And we believe that we've got a number of opportunities in front of us.

我們非常致力於將我們的槓桿率恢復到我們在中期談到的2倍到2.5倍。我們相信，我們面前有很多機會。

And as we've said before, we think we can continue to be an and business. So we'll continue to invest behind the business organically. We'll continue to look at accretive M&A opportunities as they come along. And we'll continue to operate our share buyback, which is operating as we set out previously, and we'll buy back up to $5 billion of our stock over the next three years to four years. So we feel we're in a really good place here. We're deleveraging very quickly, very cash generative, and that opens up a lot of opportunities for us.

正如我們之前所說，我們認為我們可以繼續成為一家和企業。因此，我們將繼續對該業務進行有機投資。我們將持續關注出現的增值型併購機會。我們將繼續按照先前製定的計畫進行股票回購，未來三到四年內我們將回購價值高達 50 億美元的股票。因此，我們覺得我們現在的處境非常好。我們正在快速去槓桿，現金流非常充沛，這給我們帶來了很多機會。

Thank you, Ralph Appreciate it.

謝謝你，拉爾夫，非常感激。

Your next question comes from the line of John DeCree with CBRE. Please go ahead.

您的下一個問題來自 CBRE 的 John DeCree。請繼續。

This is Max Marsh on for John DeCree. Seeing some good growth out of Brazil. Correct me if I'm wrong, but I believe that's your only Latin American market. Is your strong performance there impacting your thinking on expanding to other regulated markets in Latin America and maybe if you're developing a bit more of a Flutter Edge in that market that might be able to be replicated?

這是 Max Marsh 為 John DeCree 主持的節目。看到巴西出現了一些良好的增長。如果我錯了請糾正我，但我相信那是你唯一的拉丁美洲市場。您在那裡的出色表現是否影響了您向拉丁美洲其他受監管市場擴張的想法？如果您在該市場開發更多的 Flutter Edge，是否可能會被複製？

Max, look, we are, the world's, biggest and most, global, sports betting and gaming business, and, when we sit here and evaluate, what the opportunities are around the world, you're right, we think about Latin America, we think about many markets where we're not operating in. But we have to evaluate where do we think is the best place to put our capital. I mean, there's a lot of soccer goes on in Latin America. There's some interesting opportunities there. So, they're all in the mix of it, as we think about, where we're going to be deploying our capital as Rob said, we're in our business, we invest organically in the business, we're doing share repurchases and we're also doing. M&A, so we, we've only just closed the, snack acquisition and the Brazil acquisition, but clearly the team are thinking about other opportunities, around the world in Latin America, Europe, all over the place.

馬克斯，你看，我們是世界上最大、最全球化的體育博彩和遊戲企業，當我們坐在這裡評估世界各地的機會時，你是對的，我們想到了拉丁美洲，我們想到了我們尚未開展業務的許多市場。但我們必須評估我們認為將資本投入的最佳地點在哪裡。我的意思是，拉丁美洲有很多足球比賽。那裡有一些有趣的機會。所以，正如我們所想的，它們都混合在一起，我們將在哪裡部署我們的資本，正如羅布所說，我們在我們的業務中，我們對業務進行有機投資，我們正在進行股票回購，我們也在做。併購，所以我們剛完成了零食收購和巴西收購，但顯然團隊正在考慮拉丁美洲、歐洲等世界各地的其他機會。

Thank you very much.

非常感謝。

Your next question comes from the line of Ben Shelley of UBS. Please go ahead.

您的下一個問題來自瑞銀的 Ben Shelley。請繼續。

Good evening. Just on the International business, can you walk us through the biggest countries of outperformance and underperformance versus your original expectations at the start of the year?

晚安.就國際業務而言，您能否向我們介紹一下與您年初的預期相比，表現優異和表現不佳的最大國家？

Yes. Ben, obviously, there's been lots of overperformance. So I'll probably talk about that for a while, and there won't be -- it won't take me long to cover the underperformance. So in particular, I would say the SEA business, so Southern Europe and Africa is really outperforming. That business has gone from strength to strength since we first acquired the Sisal business and brought it into the group a couple of years ago.

是的。本，顯然，我們已經有很多超額表現了。所以我可能會談論這個問題一段時間，但不會——我不會花很長時間來談論表現不佳的問題。因此，我特別要說的是東南亞業務，尤其是南歐和非洲的表現確實非常出色。自從幾年前我們首次收購劍麻業務並將其納入集團以來，該業務不斷發展壯大。

At that point in time, Sisal was doing approximately 400,000 AMPs a month online. It's now surpassed 1 million. If you look at the profitability inflection of that business as well, it continues to go from strength to strength.

當時，Sisal 每月在線上處理約 40 萬個 AMP。目前已突破100萬。如果你也看一下該業務的獲利能力變化，就會發現它將繼續不斷增強。

We've now acquired the Snaitech business, which is a very complementary brand and takes back the gold medal position for us in the Italian market. So we're very excited about Italy. In addition to that, in that region, we've got Turkey, which is performing phenomenally well. We've recently signed a new contract with our partners in Turkey, and there's a number of other opportunities that are really kind of going to make that quite an exciting market for us.

我們現在已經收購了 Snaitech 業務，這是一個非常互補的品牌，為我們奪回了義大利市場的金牌地位。所以我們對義大利感到非常興奮。除此之外，在該地區，土耳其的表現也非常出色。我們最近與土耳其的合作夥伴簽署了一份新合同，還有許多其他機會，這些機會確實會讓我們感到非常興奮。

I think with regards to some of the more mature markets, I think the growth has slowed down slightly in Australia, as we've mentioned before, some challenges there around horse racing. But actually, when you look at this quarter, we've actually increased revenue year-on-year. So we're quite pleased with the performance of Australia in this quarter. But overall, the international portfolio is performing really well. We're pleased with the changes that we made operationally this year to bring it together as one segment because it really gives us excellent visibility to look at capital allocation opportunities across that as a portfolio, and it's really working well for us.

我認為就一些比較成熟的市場而言，我認為澳洲的成長略有放緩，正如我們之前提到的，那裡的賽馬運動面臨一些挑戰。但實際上，當你看這個季度時，我們的收入實際上是同比增長的。因此，我們對澳洲本季的表現非常滿意。但整體而言，國際投資組合表現確實良好。我們很高興看到今年我們在營運方面做出的改變，將其整合為一個部門，因為這確實讓我們能夠很好地了解整個投資組合中的資本配置機會，而且這對我們來說確實很有效。

Thank you.

謝謝。

Your next question is from the line of Ryan Sigdahl of Craig-Hallum Capital Group. Please go ahead.

您的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。請繼續。

Hey, good day, Peter Rob. When I look at the new state within the guidance, the costs, $70 million EBITDA loss, I assume that's all for Missouri online sports betting launch. That's double what your closest peer in the U.S. is guiding for. So I guess curious if you have any change in your plans from a state playbook launch. I know it's a similar number from last quarter, but just vis-a-vis what they're planning to spend and how you compare that to previous launches.

嘿，你好，彼得·羅布。當我查看指導中的新州成本、7000 萬美元的 EBITDA 損失時，我認為這就是密蘇裡州線上體育博彩推出的全部內容。這是美國最接近的同業預測值的兩倍。所以我很好奇，隨著國家劇本的發布，您的計劃是否有任何變化。我知道這個數字與上一季相似，但這只是相對於他們計劃支出的金額以及與之前發布的金額的比較。

Yes. Ryan, we've not changed our approach. So we've always been very consistent in terms of what we think new state launches cost. We set this out at our Investor Day last year, where we said a contribution loss of circa $35 million per 1% of the population. Missouri is about 1.8% of the population. I think we've consistently held a number for Missouri. We can't talk for others and their economics, but we're very confident in our own workings.

是的。瑞安，我們沒有改變我們的方法。因此，我們對新州啟動成本的看法始終非常一致。我們在去年的投資者日上提出了這一點，當時我們說每 1% 的人口的貢獻損失約為 3500 萬美元。密蘇裡州約佔該州人口的 1.8%。我認為我們一直為密蘇裡州保持著一定的領先優勢。我們不能代表其他人及其經濟狀況發言，但我們對自己的運作非常有信心。

Okay. Thank you, Rob. And I think that's the end of the questions now. There's no further questions on the call, I can see. So I'd just like to thank everybody very much indeed for joining.

好的。謝謝你，羅布。我想現在問題就到此為止了。我看電話裡沒有其他問題了。所以我真的很感謝大家的加入。

And look, as we move into the second half of the year, we're pleased with how we started Q3, and we're excited to see what we can do when we bring our great products to our customers, whether that's for the NFL, NBA or European soccer teams. So thank you very much.

隨著我們進入下半年，我們對第三季的開局感到滿意，我們很高興看到當我們將優秀的產品帶給客戶時我們可以做些什麼，無論是針對 NFL、NBA 還是歐洲足球隊。非常感謝。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。