Flutter Entertainment PLC (FLUT) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Flutter Entertainment fourth quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫JL，今天我將擔任你們的會議接線生。在此，我謹代表 Flutter Entertainment 向大家歡迎參加 2025 年第四季財報電話會議。（操作說明）

I would now like to turn the conference over to Paul Tymms, Group Director of Investor Relations. You may begin.

現在我將把會議交給投資者關係集團總監保羅·蒂姆斯。你可以開始了。

Hi, everyone, and welcome to Flutter's Q4 update call. Joining me today are CEO, Peter Jackson; and CFO, Rob Coldrake. After this short intro, Peter will open with a summary of our operational performance in the quarter, and then Rob will update on our Q4 financials and new 2026 guidance. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 第四季更新電話會議。今天和我一起出席的有執行長彼得傑克森和財務長羅伯科爾德雷克。在簡短的介紹之後，Peter 將首先總結我們本季的營運業績，然後 Rob 將介紹我們第四季的財務狀況和新的 2026 年業績指引。接下來我們將開放問答環節。

Some of the information we are providing today 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 results materials and our SEC filings.

我們今天提供的一些資訊構成前瞻性陳述，其中涉及風險、不確定性和其他因素，這些因素可能導致實際結果與這些陳述中指出的結果有重大差異。這些因素已在我們的業績報告和提交給美國證券交易委員會的文件中詳細說明。

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.

所有前瞻性陳述均基於當前預期，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。此外，在我們的發言或回答問題時，我們將討論非公認會計準則財務指標。核對結果已包含在我們今天發布的業績資料中。

And I will now hand you over to Peter.

現在我將把你交給彼得。

Thank you, Paul. I'm pleased to share our strong fourth quarter results and reflect on our strategic progress in 2025. Flutter is the world's leading online sports betting and iGaming company with unique advantages delivered through the Flutter Edge and a proven track record of delivery. 2025 was another transformative year for the company, marked by our strategic execution, continued market leadership and disciplined investment, delivering group revenue up 17% and adjusted EBITDA 21% higher.

謝謝你，保羅。我很高興與大家分享我們強勁的第四季業績，並展望我們在 2025 年的策略進展。Flutter是全球領先的線上運動博彩和iGaming公司，憑藉Flutter Edge提供的獨特優勢和卓越的業績記錄，成為業界翹楚。 2025年是公司又一個具有變革意義的年份，得益於我們高效的策略執行、持續的市場領導地位和穩健的投資，集團營收成長17%，調整後EBITDA成長21%。

In the US, we maintained our clear leadership position in both online sports betting and iGaming. We also launched FanDuel Predicts in Q4 to capitalize on the emerging prediction market opportunity. In our international business, we strengthened our portfolio with strategic acquisitions in Brazil and Italy, extending our positions in high-growth and exciting markets. We made significant progress on our transformation and efficiency programs, and we are well on track to deliver the anticipated revenue growth and cost efficiencies.

在美國，我們在線上體育博彩和網路遊戲領域都保持了明顯的領先地位。為了抓住新興預測市場的機遇，我們也在第四季推出了 FanDuel Predicts。在國際業務方面，我們透過在巴西和義大利的策略性收購加強了我們的投資組合，擴大了我們在高成長和充滿活力的市場中的地位。我們在轉型和效率提升計劃方面取得了重大進展，我們正按計劃穩步實現預期的收入成長和成本效益。

Our swift disciplined responses to regulatory changes in India where sudden legislative change forced the cessation of real money gaming and to higher UK gaming taxes underscored our scale benefits and business agility. We entered 2026 in a strong position, and I've never had more conviction in our ability to capitalize on the long growth runway ahead.

印度監管政策的突然變化迫使印度停止真錢遊戲，英國博彩稅也相應提高，我們迅速且有條不紊地應對這些變化，這凸顯了我們的規模優勢和業務靈活性。進入 2026 年，我們處於強勢地位，我對我們能夠充分利用未來長期成長機會的能力從未如此充滿信心。

Turning to the fourth quarter. Our Q4 group performance was strong with revenue up 25% and adjusted EBITDA up 27%. In the US, revenue growth was 33% with adjusted EBITDA 90% higher, lapping the significantly unfavorable sports results in the prior year. We delivered another superb iGaming quarter. Revenue grew 33%, driven by 18% AMPs growth and an increase in player frequency as our successful content strategy and rewards scheme resonated well with our customers.

進入第四節。我們第四季集團業績表現強勁，營收成長 25%，調整後 EBITDA 成長 27%。在美國，營收成長了 33%，調整後的 EBITDA 成長了 90%，彌補了去年體育賽事帶來的不利業績。我們又迎來了一個出色的 iGaming 季度。收入成長了 33%，這主要得益於 AMP 成長了 18%，以及玩家造訪頻率的提高，因為我們成功的策略和獎勵計畫受到了客戶的積極回應。

FanDuel sportsbook Q4 revenue growth was 35% However, Q4 sportsbook trends across the market diverged from expectations. High gross revenue margins were offset by moderating handle performance. As a business, we always consider net revenue as our core revenue KPI, and we, therefore, always consider revenue and handle trends together in conjunction with customer activity levels.

FanDuel體育博彩第四季營收成長了35%。然而，第四季度整個體育博彩市場的趨勢與預期不符。雖然毛利率較高，但門市銷售業績卻下滑。作為一家企業，我們始終將淨收入視為核心收入KPI，因此，我們始終將收入和處理趨勢與客戶活躍度結合起來考慮。

This was particularly important this quarter as adverse recycling was a key driver of the lower handle growth with persistently high gross revenue margins leading to lower levels of customer engagement. In addition, the second half of the NFL season saw less compelling content with fewer popular teams and favorite players making the playoffs this season, adversely impacting customer engagement.

本季這一點尤其重要，因為不利的回收利用是導致手柄成長放緩的關鍵因素，而持續較高的毛利率又導致客戶參與度降低。此外，NFL賽季下半程的精彩內容有所減少，本賽季進入季後賽的熱門球隊和球員數量也較少，這對顧客參與度產生了不利影響。

These market trends were far more pronounced for FanDuel for two reasons. First, our significant structural revenue advantage resulted in a greater impact from adverse recycling as FanDuel recorded persistently high NFL gross revenue margins throughout November and December. Overall, we finished the NFL season 100 bps ahead of our expected margin at 19%.

這些市場趨勢在 FanDuel 上表現得更為明顯，原因有二。首先，我們顯著的結構性收入優勢導致不利的回收期產生更大的影響，因為 FanDuel 在整個 11 月和 12 月期間都保持了較高的 NFL 毛收入率。總的來說，我們最終以 19% 的預期優勢結束了 NFL 賽季，比預期優勢高出 100 個基點。

Second, our standard generosity playbook proved less effective in Q4 as our investment phasing did not sufficiently align with the pattern of sports results during this period. As a result, we saw a higher churn within our customer base and resulted in loss of market share. We also don't believe prediction markets are having a meaningful impact on our business.

其次，我們的標準慷慨策略在第四季度效果不佳，因為我們的投資階段與該時期體育賽事結果的模式沒有充分吻合。因此，我們的客戶流失率較高，導致市佔率下降。我們也不認為預測市場對我們的業務產生了實質的影響。

As you'd expect, we've undertaken a comprehensive review and found no evidence of material cannibalization on our existing business. And this finding is reinforced by our Missouri launch, where customer acquisition trends exceeded expectations, reaching 5% of the population within the first 30 days, making Missouri one of our best state launches to date.

正如您所料，我們進行了全面審查，並未發現任何證據表明現有業務受到實質蠶食。我們在密蘇裡州的推出也印證了這一發現，客戶獲取趨勢超出預期，在最初的 30 天內就覆蓋了 5% 的人口，使密蘇裡州成為我們迄今為止最成功的州級推廣之一。

Moderated market handle trends have continued into the start of 2026. We believe these trends reflect the halo impact of the factors evidenced in Q4, and we continue to monitor trends closely. And as set out in our shareholder letter, we have a clear US strategy for 2026. Our market-leading, highly profitable US position is driven by product superiority, enabled by our exceptional pricing capabilities, combined with highly disciplined customer acquisition. This has allowed FanDuel to deliver an estimated 70% share of market EBITDA.

市場交易量趨於溫和的趨勢一直持續到 2026 年初。我們認為這些趨勢反映了第四季度所反映的因素的光環效應，我們將繼續密切關注這些趨勢。正如我們在致股東信中所述，我們制定了明確的 2026 年美國策略。我們在美國市場領先且利潤豐厚的地位，得益於我們卓越的產品優勢，而產品優勢又源於我們出色的定價能力，再加上我們高度自律的客戶獲取策略。這使得 FanDuel 獲得了約 70% 的市場 EBITDA 份額。

However, recent trends have led us to take additional actions to strengthen these capabilities to reinforce our leadership position. We will leverage our scale, proprietary technology and data advantages to deliver experiences competitors cannot easily replicate, including more intuitive bet building, smarter personalization and richer live engagement.

然而，近期的趨勢促使我們採取更多措施來加強這些能力，以鞏固我們的領導地位。我們將利用我們的規模、專有技術和數據優勢，提供競爭對手難以複製的體驗，包括更直觀的投注構建、更聰明的個人化和更​​豐富的即時互動。

In addition, we're enhancing how customers feel recognized and rewarded with more engaging reward experiences, including the launch of a new loyalty program, extending a core part of our casino success into sport. I'm confident that the ongoing improvements to our sportsbook product and generosity strategy will harness our scale and structural advantages, driving a sequential improvement in our performance throughout 2026 and deliver market share gains.

此外，我們正在透過更具吸引力的獎勵體驗來提升客戶感受到認可和獎勵的方式，包括推出新的忠誠度計劃，將我們賭場成功的核心部分擴展到體育領域。我相信，我們體育博彩產品和慷慨策略的不斷改進將利用我們的規模和結構優勢，推動我們在 2026 年業績的持續提升，並帶來市場份額的成長。

Let me now update you on prediction markets and how we're going after this opportunity. We believe that prediction markets will accelerate state regulation of online sports betting and iGaming. This, in our view, is the most valuable long-term opportunity in the US In the meantime, the near- to medium-term growth potential on prediction markets for FanDuel is significant. There is new TAM to go after. Prediction Markets will enable us to acquire new sports and entertainment first customers into the FanDuel ecosystem ahead of potential regulation.

現在讓我來向您介紹一下預測市場的情況，以及我們如何抓住這個機會。我們認為預測市場將加速國家對線上體育博彩和網路遊戲的監管。我們認為，這是美國最有價值的長期機會。同時，FanDuel 在預測市場上的近期至中期成長潛力巨大。有新的目標市場需要開拓。預測市場將使我們能夠在潛在監管出台之前，率先將新的體育和娛樂客戶引入 FanDuel 生態系統。

We can deliver attractive returns by providing sports markets to the 40% of the US population who cannot currently access online regulated sports books. We are exceptionally well positioned to harness this opportunity, and we launched our own offering, FanDuel Predicts in Q4. Early signals have been encouraging with most activity focused on sports and with average volume per customer in line with expectations.

我們可以透過向目前無法訪問受監管的線上體育博彩網站的 40% 的美國人口提供體育博彩市場，從而帶來可觀的回報。我們擁有得天獨厚的優勢來把握這一機遇，並在第四季度推出了我們自己的產品 FanDuel Predicts。早期跡象令人鼓舞，大部分活動都集中在運動領域，每位客戶的平均交易量也符合預期。

We are also actively pursuing options to leverage our world-class proprietary pricing capabilities for market-making services, and we'll share further details in due course. Rob will update you on our predictions market financial guidance. But as outlined in our Q3, we'll invest meaningfully with ambition to deliver a leading position in this space. The opportunity across prediction markets is certainly far bigger than any potential cannibalization of existing sports.

我們也積極尋求利用我們世界一流的專有定價能力來開展做市服務的各種方案，我們將在適當的時候分享更多細節。Rob 將向您報告我們的市場預測和財務指導。但正如我們在第三季報告中所述，我們將進行大量投資，力爭在該領域佔據領先地位。預測市場蘊藏的機會無疑遠大於現有運動可能遭受的任何蠶食。

Moving on to our international business. International revenue grew 19% in Q4 and adjusted EBITDA increased 6%. We are making excellent progress on our strategic transformations and integrations, building a strong platform for future revenue growth and delivering cost savings. In the UKI, the Sky Bet sportsbook migration has delivered the expected cost savings, and we are now accelerating customer-facing investment to restore momentum.

接下來談談我們的國際業務。第四季國際營收成長19%，調整後EBITDA成長6%。我們在策略轉型和整合方面取得了顯著進展，為未來的收入成長和成本節約建立了強大的平台。在英國和愛爾蘭，Sky Bet 體育博彩遷移已經實現了預期的成本節約，我們現在正在加快面向客戶的投資，以恢復成長勢頭。

In SEA, Flutter regained the Italian online market leadership position in Q4. And the results of the PokerStars migration in Italy have been very encouraging with revenue growth of 13% and new customer volumes more than doubling in Q4. PokerStars migrations will continue at pace into 2026 following the successful precedent we have now created in Italy, driving further growth and delivering planned cost savings.

在東南亞，Flutter 在第四季度重新奪回了義大利線上市場的領導地位。PokerStars 在義大利的遷移取得了非常令人鼓舞的結果，第四季營收成長了 13%，新客戶數量翻了一番以上。繼我們在義大利的成功先例之後，PokerStars 的遷移工作將繼續快速推進到 2026 年，從而推動進一步成長並實現計劃中的成本節約。

The Snai business integration is progressing well. Customer acquisition initiatives, including Sisal's retail sign-up model and restructured generosity to boost cross-sell and reactivations drove all-time record iGaming AMPs and ensured Snai finished the year in revenue growth. The planned platform migration in Q2 will further accelerate this growth by providing Snai access to a vastly expanded product suite, including Sisal's leading products such as My Combo.

Snai的業務整合進展順利。客戶獲取舉措，包括 Sisal 的零售註冊模式和重組的優惠活動，以促進交叉銷售和重新激活，推動了 iGaming AMP 的歷史新高，並確保 Snai 以收入增長結束了這一年。計劃於第二季度進行的平台遷移將進一步加速這一增長，使 Snai 能夠訪問大幅擴展的產品套件，包括 Sisal 的領先產品，例如 My Combo。

In Brazil, improved casino and digital marketing capabilities drove a surge in customer acquisition, up 51% since the start of the year. We believe the Brazilian market presents a significant and compelling growth opportunity for Flutter and that the 2026 FIFA World Cup represents a unique moment in a soccer obsessed market to take market share.

在巴西，賭場和數位行銷能力的提升推動了客戶獲取量的激增，自年初以來成長了 51%。我們相信巴西市場為 Flutter 提供了重大且極具吸引力的成長機會，而 2026 年 FIFA 世界盃則代表著在足球狂熱的巴西市場中搶佔市場份額的獨特機會。

As a result, we expect to invest more. And while extending our investment time line shifts the phasing of profitability, we have strong conviction that disciplined near-term investments will build a larger, more profitable and sustainable business over the long term. Looking ahead to 2026, I'm confident in our strategic positioning. We have compelling plans in place to strengthen our leadership, unlock future value and deliver sustainable growth.

因此，我們預計將增加投資。雖然延長投資期限會改變盈利的階段，但我們堅信，有紀律的近期投資將在長期內打造一個更大、更盈利、更可持續的業務。展望2026年，我對我們的策略定位充滿信心。我們已製定強有力的計劃，以加強我們的領導地位，釋放未來的價值，並實現永續成長。

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

現在我將把發言權交給羅布，讓他為大家講解財務狀況。

I'm pleased to present another quarter of strong financial delivery. Group revenue increased by 25% and adjusted EBITDA grew 27%, driven by a good year-on-year performance across both segments and the successful integration of our recent acquisitions.

我很高興地向大家匯報，我們又一個季度取得了強勁的財務表現。集團營收成長 25%，調整後 EBITDA 成長 27%，這得益於兩個業務部門良好的同比業績以及近期收購的成功整合。

As Peter noted, we are making excellent progress on our strategic transformations and integrations, and we are firmly on track to achieve our targeted $300 million cost savings by 2027. We're embedding rigorous cost discipline across the business, identifying new efficiencies and optimizing opportunities to protect margins and fund strategic growth investments.

正如彼得所指出的，我們在策略轉型和整合方面取得了卓越的進展，我們正穩步朝著 2027 年實現 3 億美元成本節約的目標邁進。我們正在整個業務中貫徹嚴格的成本控制，尋找新的效率提升途徑，並優化各種機會，以保護利潤率並為策略成長投資提供資金。

In the quarter, group net income was $10 million compared to $156 million in the prior year as the strong adjusted EBITDA performance was offset by higher interest costs relating to the financing of our strategic M&A and increased tax expense, reflecting the significant step-up in US profitability year-over-year.

本季度，集團淨收入為 1,000 萬美元，而去年同期為 1.56 億美元。強勁的調整後 EBITDA 業績被與戰略併購融資相關的較高利息成本和增加的稅收支出所抵消，這反映出美國盈利能力同比大幅提升。

Earnings per share and adjusted earnings per share declined by $0.50 and $1.20, respectively, reflecting these factors. The group's net cash provided by operating activities declined by $224 million to $428 million, primarily reflecting the cash impact of these increased expenses and a $128 million adverse impact from a lower level of customer deposits year over year.

受這些因素影響，每股盈餘和調整後每股盈餘分別下降了 0.50 美元和 1.20 美元。該集團經營活動產生的淨現金減少了 2.24 億美元，至 4.28 億美元，主要反映了這些增加的支出對現金的影響，以及客戶存款同比下降帶來的 1.28 億美元的不利影響。

Free cash flow declined by $335 million to $138 million, including the impact of M&A and increased investment in capital expenditure. The higher CapEx was driven by phasing of Italian concession payments and investment in future revenue-enhancing and cost efficiency projects such as our PokerStars transformations.

自由現金流減少了 3.35 億美元，至 1.38 億美元，其中包括併購和資本支出增加的影響。資本支出增加是由於義大利特許經營權款項分階段支付以及對未來提高收入和成本效益的項目（例如我們的 PokerStars 轉型）進行投資所致。

We completed $245 million in share repurchases during Q4, bringing full year 2025 repurchases to $1 billion, in line with our guidance. Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. We remain committed to our long-term policy of returning capital to shareholders.

我們在第四季完成了 2.45 億美元的股票回購，使 2025 年全年回購金額達到 10 億美元，符合我們的預期。我們嚴謹的資本配置政策使我們能夠靈活有效地應對不斷變化的市場狀況和新出現的機會。我們始終致力於執行向股東返還資本的長期政策。

We now expect to commence returning $250 million in H1 2026, and we'll provide guidance on our future buyback cadence as the year progresses, preserving our flexibility to invest in the business and strengthen our balance sheet.

我們現在預計將於 2026 年上半年開始返還 2.5 億美元，並且我們將在今年稍後提供未來回購節奏的指導，以保持我們投資業務和加強資產負債表的靈活性。

We ended the year with a leverage ratio of 3.7 times. Strong profit growth and cash generation will continue to drive leverage reduction throughout 2026, moving us towards our target ratio of 2 to 2.5 times over the medium term.

年末我們的槓桿率為 3.7 倍。強勁的利潤成長和現金流將繼續推動槓桿率在 2026 年全年下降，使我們在中期朝著 2 至 2.5 倍的目標比率邁進。

Moving now to our outlook for 2026. In the US, we expect revenue of $7.8 billion and adjusted EBITDA of $1.05 billion, translating to year-over-year growth of 12% and 14%, respectively. This includes new state investment of $70 million in adjusted EBITDA as we expect to launch Alberta in Q2. The guidance also reflects current trading where the impact on our customer base from the very high gross revenue margins achieved in the second half of Q4, alongside a less compelling end to the NFL season has driven lower customer engagement levels into 2026. Outside of NFL, year-over-year trends improved in February.

接下來展望一下2026年。在美國，我們預期營收為 78 億美元，調整後 EBITDA 為 10.5 億美元，分別年增 12% 和 14%。這包括新的州投資，調整後 EBITDA 為 7000 萬美元，因為我們預計將在第二季啟動艾伯塔省計畫。該指引也反映了當前的交易情況，第四季度下半年實現的極高毛利率對我們的客戶群產生了影響，加上 NFL 賽季收官階段不夠精彩，導致客戶參與度在 2026 年有所下降。除 NFL 外，2 月的同比趨勢有所改善。

Although we believe that these market trends are largely transitory, we have taken a measured view of how these trends will progress, including when market handle growth rates will recover from the Q4 recycling impact. We also expect a sequential improvement in FanDuel's relative performance to the market due to improvements to our sportsbook product, generosity strategy and the launch of our new loyalty program during the year.

儘管我們認為這些市場趨勢在很大程度上是暫時的，但我們對這些趨勢的發展趨勢持謹慎態度，包括市場處理成長率何時才能從第四季度回收的影響中恢復過來。我們也預計，由於體育博彩產品的改進、慷慨策略以及年內推出新的忠誠度計劃，FanDuel 相對於市場的表現將逐步改善。

We now expect that our prediction markets investment will be towards the upper end of the previously guided range, closer to $300 million to reflect the significant opportunity we believe exists to drive customer acquisition. While it's still very early days, our view remains that the shape of the profit ramp for prediction markets should be similar to new sportsbook state launches.

我們現在預計，我們的預測市場投資將接近先前指導範圍的上限，接近 3 億美元，以反映我們認為在推動客戶獲取方面存在的巨大機會。雖然現在下結論還為時過早，但我們仍然認為預測市場的獲利成長曲線應該與新體育博彩平台的上線曲線類似。

In International, we expect revenue of $10.6 billion and adjusted EBITDA of $2.23 billion revenue at the midpoint, representing year-over-year growth of 13% and 1%, respectively. We are really pleased with the underlying momentum in the first two months of the year, particularly in SEA, where we have extended our online market leadership in Italy.

在國際業務方面，我們預計營收為 106 億美元，調整後 EBITDA 為 22.3 億美元（取中間值），分別年增 13% 和 1%。我們對今年前兩個月的整體發展勢頭感到非常滿意，尤其是在東南亞地區，我們在義大利進一步鞏固了線上市場的領先地位。

The guidance incorporates an investment in Brazil of approximately $70 million to grow our market position and the previously guided impacts from the UK tax increases and the Indian market switch off. We expect our unallocated corporate costs to be $310 million; a $30 million increase compared with the prior year. This reflects an increased 2025 base driven by investment in shared technology, talent and costs associated with our US listing, which will continue in 2026.

該指導意見包含了對巴西約 7000 萬美元的投資，以擴大我們的市場地位，以及先前指導意見中提到的英國增稅和印度市場關閉的影響。我們預計未分配的公司成本為 3.1 億美元，比前一年增加 3,000 萬美元。這反映了 2025 年基數的增加，這主要得益於對共享技術、人才以及與我們在美國上市相關的成本的投資，而這些投資將在 2026 年繼續進行。

To conclude and reiterate Peter's conviction, we are excited for the year ahead and look forward to another year of strong execution. With that, Peter and I are happy to take your questions. I'll hand you back to JL to manage the call.

最後，重申彼得的觀點，我們對未來一年充滿期待，並期待在新的一年裡繼續取得強勁的成績。那麼，我和彼得很樂意回答你們的問題。我會把你的通話交還給 JL，讓他來處理。

(Operator Instructions)

（操作說明）

Jordan Bender, Citizens.

喬丹本德，市民。

Peter, I want to start with one of the quotes from the press release where it says it's difficult to be definite as to when market growth rates will recover from the impact in 4Q recycling. I guess what I'm trying to figure out here is, do you think any of this what's going on could be structural in nature? And do you ever see this type of phenomenon happen across any of your other sports markets globally?

彼得，我想先引用新聞稿中的一句話，其中提到很難確定市場成長率何時才能從第四季回收的影響中恢復過來。我想弄清楚的是，你認為目前發生的這一切是否可能與結構性問題有關？您在全球其他運動市場是否也曾經遇到類似的現象？

And I guess the second or the follow-up question to that is your sportsbook AMPs were up 4% for the year. The story around increasing penetration into existing states is something that you've spoken to in the past. So I'm curious where you think you stand in terms of net new customers to support this environment where we are seeing handle flow.

我想第二個或後續問題是，你們體育博彩的 AMP 今年成長了 4%。關於如何提高在現有州的滲透率，您之前也談過。所以我很想知道，在目前這種處理流程繁忙的環境下，您認為自己在吸引新客戶方面處於什麼位置。

Let's start with your question around sort of handle and how that compares with other markets that we operate in. And I think it's worth acknowledging that the period of time we're talking about in the US in Q4 is in the football season. And I've talked before about the very high levels of volatility that we see around football in the US.

讓我們先來回答你關於「處理方式」的問題，以及它與我們營運的其他市場相比如何。我認為值得一提的是，我們所謂的美國第四季正值橄欖球賽季。我之前也談到美國足球界極高的波動性。

So I think -- when I think about other markets, the soccer-driven markets we see in the UK or Italy, racing in Australia, we would see less volatility and less sustained periods of very positive sports results. I can remember this time last year when we're talking about the football season and people were concerned as to whether we could ever see positive sports results in football. Clearly, this season, we've seen very strong results. And as I stated earlier, we've seen a margin of 19% across the full football season.

所以我認為——當我想到其他市場，例如英國或義大利的足球市場，澳洲的賽馬市場，我們會看到波動性較小，體育賽事取得非常積極成績的持續時間也較短。我還記得去年這個時候，我們還在談論足球賽季，人們擔心我們是否能在足球比賽中看到積極的成績。顯然，本賽季我們已經取得了非常出色的成績。正如我之前所說，整個足球賽季的淨勝率為 19%。

And so when you compare that with last year and the very substantial step-up in margins year-over-year, you would expect to see a commensurate drop in handle, right? It's the math in terms of how it works from the customer play. So that phenomenon of sort of recycling and the impact that margin has on sort of growth of stakes is something that we've seen before.

因此，與去年相比，利潤率同比大幅增長，你會預期交易量會相應下降，對吧？這是從客戶角度出發，用數學方式來解釋其運作方式的問題。所以這種循環利用的現像以及利潤率對資本成長的影響，我們以前就見過。

In terms of your second question around sort of AMPs, look, I think the important thing is that our sportsbook AMPs in our pre-2025 states were also growing in Q4. And look, in the combined sports and iGaming business, we saw mid-single-digit growth. So we're still seeing AMP growth in all the core cohorts.

關於你第二個關於 AMP 的問題，我認為重要的是，我們在 2025 年前的州的體育博彩 AMP 在第四季度也實現了增長。而且，在體育和網路遊戲業務的綜合領域，我們看到了中等個位數的成長。因此，我們仍然看到所有核心用戶群體中 AMP 的成長。

Paul Ruddy, Davy.

保羅·魯迪，戴維。

Just on -- it's a little bit of a follow-up that I forget to ask. But on the structural hold piece, it looks exceptionally strong. Has there been any change in strategy around pursuing a more, say, hold positive handle passive strategy in the way you've set yourselves up?

補充一下——這是我忘記問的一個後續問題。但在結構支撐件上，它看起來異常堅固。你們的策略是否有所改變，例如採取更積極的被動策略，例如持有積極的選擇權或持有被動選擇權？

And maybe if you could just give if there is any quantification of what you think the actual amount of handle impact might have been year-on-year from that recycling impact?

或許您能量化一下您認為把手回收對每年實際產生的影響程度嗎？

I think one of the things I'd state is when I think about the NFL season this year. When you look at the sort of the quality of the teams that got into the latter stages of the competition, there were a lot less of the sort of key marquee players involved. And that has a significant impact for us because of our dependence on the parlay market.

我想說的其中一點是，當我想到今年的 NFL 賽季時。當你觀察進入比賽後期階段的球隊的整體水平時，你會發現其中缺少許多關鍵的明星球員。由於我們依賴串關市場，這對我們來說影響很大。

I actually suspect that we saw lower levels of parlay penetration than we would otherwise have done if we'd have sort of matchups like we'd had last year. So there's nothing -- we've not changed our big or anything like that, we simply saw a very considerable set of consecutively positive sports results. I think 10 out of 11 weeks, we saw very favorable weeks of above-average margin there fell a number of weeks above 30%, which we think has a real sort of impact on customer sentiment when you get to those sorts of levels.

實際上，我懷疑如果我們能像去年那樣安排比賽，串關投注的普及率可能會更高。所以沒什麼特別的——我們沒有改變我們的大局或其他任何類似的事情，我們只是看到了一系列非常連續的積極體育賽事結果。我認為在過去的 11 周中，有 10 週的利潤率非常理想，高於平均水平，但有好幾週的利潤率都低於 30%，我們認為當利潤率達到這種水平時，會對客戶情緒產生真正的影響。

And then in terms of the blackout of trying to work out if it were not for that, what would have happened to handle, I mean it's very difficult. And I think there's a lot of -- it's a complex relationship between those things. And of course, you've also got the overlay of what's going on from a generosity perspective as well. So I think it's hard for us to make a full assessment.

至於停電期間，要弄清楚如果沒有停電會發生什麼情況，我的意思是，這非常困難。我認為這兩者之間存在著很多——這是一種複雜的關係。當然，你也要從慷慨的角度來看這件事。所以我覺得我們很難做出全面評估。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Can you maybe talk a little bit about the prediction product today and how you see that improving moving forward? And then maybe as a follow-up, curious to get your thoughts on the probability of more US state tax increases here. And is there any scenario where you might exit OSB in any uneconomically viable state to focus more on FanDuel Predicts?

您能否談談目前的預測產品，以及您認為它未來會如何改進？然後，作為後續問題，我很想知道您對美國各州未來可能進一步提高稅收的看法。是否存在任何情況下，您會在 OSB 處於不經濟可行狀態時退出，以便將更多精力集中在 FanDuel Predicts 上？

Yes, look, we've -- obviously, we're pleased we got our prediction market product into -- from a sports perspective into those 18 states where we can't currently offer our regulated OSB. Clearly, that's a lot of incremental opportunity for us to go after that otherwise we couldn't have had.

是的，你看，顯然，我們很高興能夠從體育角度將我們的預測市場產品推廣到我們目前無法提供受監管的 OSB 的 18 個州。顯然，這為我們提供了極大的發展機遇，否則我們不可能獲得這些機會。

We have got good plans to improve the breadth and quality of the product we have over the course of this year. There's obviously the World Cup coming up shortly, which is going to be a very important opportunity for us to showcase the quality of our soccer product, both for the half of America who are in states where there's regulated OSB, where we're very excited about that, but also into the half of America who will be reliant on our Predicts product. Soccer is actually the fourth most popular sport for us by GGR.

今年，我們制定了完善的計劃，以提高我們產品的廣度和品質。顯然，世界盃即將到來，這將是我們展示足球產品品質的一個非常重要的機會，不僅對於美國有受監管的定向刨花板（OSB）的州的居民來說（我們對此感到非常興奮），而且對於依賴我們預測產品的美國另一半居民來說也是如此。根據GGR的數據，足球實際上是我們第四大最受歡迎的運動。

So I think we're excited about that. And we believe that we have a lot of expertise in that globally and of course, we can couple that together with the quality of the FanDuel brand and our experience from the Betfair Exchange to really push hard. And there's lots of other product enhancements we intend to make over the course of the year before we get to the start of the NFL.

所以我覺得我們對此感到很興奮。我們相信我們在全球範圍內擁有豐富的專業知識，當然，我們可以將這些專業知識與 FanDuel 品牌的品質以及我們在 Betfair 交易所的經驗結合起來，真正全力以赴。在 NFL 賽季開始之前，我們還計劃在今年內進行許多其他產品改進。

From a tax perspective, we're clearly at the outset of the year and moving into legislative season. As ever, there will be some noise and soundings about tax increases in certain states. I mean on the positive front, actually, just before coming on this call, we've had positive news already, getting a license in Arkansas, which is a positive move for us.

從稅收角度來看，我們顯然正處於年初，即將進入立法季。和以往一樣，某些州將會出現一些關於增稅的討論和猜測。我的意思是，從積極的方面來說，實際上，就在我們接聽這個電話之前，我們已經收到了一些積極的消息，我們在阿肯色州獲得了執照，這對我們來說是一個積極的舉措。

And ultimately, if we do see any tax increase, there aren't any that we see with high degree of certainty at the moment. But as a scale operator, we're very well placed to mitigate those as we've proven in the past, and we have levers at our disposal and costs that we will use to mitigate that and work through it.

最終，即便真的要增稅，目前我們也沒有任何跡象顯示增稅一定會發生。但作為規模運營商，我們完全有能力減輕這些影響，正如我們過去所證明的那樣，我們有辦法應對這些影響，並且我們擁有可以採取的措施和成本來減輕這些影響並克服這些影響。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Maybe starting off on the handle trends in Q4 and year-to-date. Peter, you talked to some market share loss, which is expected to moderate as the year goes on. But if you look at performance in the Missouri launch, there really doesn't seem to be much dilution to market share at all. So maybe could you just help us reconcile those two data points?

或許可以先從第四季和年初至今的把手趨勢說起。彼得，你提到了一些市場份額的損失，預計隨著時間的推移，這種情況會有所緩解。但如果你看一下密蘇裡州的上市表現，你會發現市佔率似乎並沒有受到太大影響。所以，您能否幫我們協調這兩個數據點？

And then for my follow-up, Rob, it looks like unallocated corporate is pacing well above the '27 targets that you introduced a few years back. Can you just frame for us maybe what's changed, if anything? And where do you go from here?

羅布，我的後續問題是，未分配的企業融資似乎遠遠超過了你幾年前提出的 2027 年目標。您能否簡單地向我們介紹一下，如果有什麼變化的話，具體是什麼變化？接下來你打算去哪裡？

You're right. We've been very pleased with the launch in Missouri. And as I stated earlier, it's one of our most successful state launches to date in terms of the population penetration. I think we're very pleased with that.

你說得對。我們對在密蘇裡州的發布非常滿意。正如我之前所說，就人口滲透率而言，這是我們迄今為止最成功的州級推廣活動之一。我認為我們對此非常滿意。

I think it's -- and it's down to our excellent new state playbook I think the point I'd make around some of the handle trends that we saw in Q4 last year, it really ties back to some of the stuff I was talking about in terms of the very strong and sustained periods of very high margins, coupled with the fact that we saw less popular teams getting into the playoffs for football.

我認為——這要歸功於我們優秀的州政府新政策。我認為我想就去年第四季我們看到的一些投注趨勢提出的觀點，實際上與我之前談到的一些內容有關，即利潤率非常高且持續強勁的時期，再加上我們看到一些不太受歡迎的球隊進入了橄欖球季後賽。

I suspect that there were some of our customers who, to use another sporting analogy, put their queues back in the rack and stopped betting. So look, I think what we'll have to do is reactivate those customers. We're excited about the product changes that we'll be delivering over the course of this year. I mentioned the loyalty program, the changes we're making to generosity, we've got the World Cup coming up. So I think there's a lot of great opportunities with March Madness for us to push hard and get these customers back on our platform.

我懷疑我們的一些客戶，用另一個體育術語來說，就是把他們的投注隊伍放回了貨架上，停止了投注。所以，我認為我們必須做的就是重新啟動這些客戶。我們對今年即將推出的產品變化感到非常興奮。我提到了會員忠誠度計劃，以及我們正在進行的慷慨舉措，而且世界盃也即將到來。所以我認為，隨著「瘋狂三月」的到來，我們有很多絕佳的機會可以大力推廣，讓這些客戶重新回到我們的平台上。

From a corporate cost perspective, there's a couple of points to make. So we are slightly above our original guide. There's a couple of contextual points to this. The first is we obviously re-segmented the business at the start of 2025, and we saw some additional costs move into corporate as a result of that re-segmentation.

從企業成本的角度來看，有幾點需要說明。所以我們現在的氣溫略高於最初的預期。這裡有幾個背景資訊需要說明。首先，我們顯然在 2025 年初對業務進行了重新劃分，並且由於這種重新劃分，我們看到一些額外的成本轉移到了公司層面。

The second point with regards to 2025 is we actually had some reduced revenue-driven cost allocations as part of the year-end closeout, which is just kind of left pocket, right pocket. We have been investing in cost in the center overall with the Flutter Edge, and we're seeing excellent payback in terms of the transformation, strategic transformation work that's going on across the group.

關於 2025 年的第二點是，作為年度結算的一部分，我們實際上減少了​​一些收入驅動的成本分配，這就像是左右分攤一樣。我們一直在對中心整體成本進行投資，採用 Flutter Edge 技術，並且我們看到，就整個集團正在進行的轉型和策略轉型工作而言，這些投資獲得了極佳的回報。

And what I'd say lastly is actually we've just kicked off a comprehensive cost optimization program across the group, and we are looking to optimize further efficiencies as we go through 2026.

最後我想說的是，我們剛剛啟動了一項覆蓋整個集團的全面成本優化計劃，我們希望在 2026 年進一步提高效率。

Brandt Montour of Barclays.

巴克萊銀行的布蘭特·蒙圖爾。

So digging into US revenue guidance for '26, low teens growth expectations. I think we kind of got a sense now for sort of some conservatism around handle. Have you guys changed your philosophy around how you guide for sport outcomes or for structural hold within that guide?

因此，深入分析美國 2026 年的營收預期，預期成長幅度在 10% 左右。我認為我們現在對“handle”這個詞的保守性已經有了一些了解。你們在指導運動表現或指導體系結構方面，理念是否有所改變？

I'll pick this up. So -- no, we've not changed our philosophy. What I'd say in summary for 2026 is we've taken a sensible measured approach to our guidance. The guidance includes 12% revenue growth for 2026 and 14% EBITDA growth in the US We're not including any revenue from prediction markets in that as we want to trade through the period initially before we take a view on that.

我來取。所以——不，我們的理念沒有改變。總而言之，對於 2026 年，我們在指導方針方面採取了明智和穩健的方式。該指引包括 2026 年美國營收成長 12%，EBITDA 成長 14%。我們沒有將預測市場的任何收入計入其中，因為我們希望先進行交易，然後再對此發表意見。

As Peter mentioned, it's quite a complex relationship between handle and gross revenue margin, and that's why we look at revenue as our core KPI, and we guide to revenue only. We also haven't talked about iGaming yet, but we're assuming that the iGaming growth continues in the high teens, and we'll have double-digit sportsbook growth on revenue.

正如 Peter 所提到的，客流量和毛利率之間的關係相當複雜，因此我們將收入視為核心 KPI，並且我們只以收入作為績效指引。我們還沒有談到 iGaming，但我們假設 iGaming 的成長將繼續保持在 10% 以上，而體育博彩的營收成長將達到兩位數。

So overall, as I said, it's a sensible and measured approach that we feel comfortable with. We should also see some sequential improvement through the year as we land some of the product and generosity initiatives that we talked to in the shareholder letter.

所以總的來說，正如我所說，這是一個明智且穩健的方法，我們對此感到滿意。隨著我們在致股東信中提到的一些產品和優惠活動逐步落實，我們應該會在今年看到一些持續的改善。

Ed Young, Morgan Stanley.

艾德楊，摩根士丹利。

My question is around the less effective generosity playbook. You mentioned phasing, improved competitor offerings and elevated generosity in the market. So my question is, how should we square your commentary around your new generosity strategy, which you said you want to be sort of disciplined but also competitive. Is that you saying effectively that you need to make your scale count by keeping your generosity at higher levels?

我的問題是關於效果欠佳的慷慨表達方式。您提到了分階段實施、競爭對手產品改進以及市場慷慨程度提高。所以我的問題是，我們該如何調和你關於你新的慷慨策略的評論呢？你說過你想讓這個策略既有紀律性，又有競爭力。你的意思是，你需要透過保持更高的慷慨程度來讓你的規模發揮更大的作用嗎？

And then my follow-up is, the commentary is also about the improved competitor's offerings. So what's not worked on the product side to maintain sufficient leadership versus competition? And what sort of additional investment are you making or do you think you need to make to make that right?

然後我的後續評論是，評論也涉及了競爭對手改進後的產品。那麼，在產品方面，有哪些方面做得不夠好，導致無法維持對競爭對手的足夠領先地位？為了解決這個問題，您正在進行哪些額外的投資？或者您認為還需要哪些額外的投資？

Thank you for the question. On generosity, look, I think it is a very important sort of topic for us. I talked about some of these heightened levels of margin that we saw. I think -- look, it's fair to say that we didn't execute our generosity strategy as well as we should have done. We pushed hard in the beginning of Q4. And actually, when you look at what the pattern of gross win margins were throughout the back end of Q4, we just saw this very sustained period, including a number of weeks, as I said earlier, above 30% we should have pushed harder generosity at those points, and we didn't. And that's something that we will address and make sure that we incorporate into our playbook for the future.

謝謝你的提問。關於慷慨，我認為這對我們來說是一個非常重要的主題。我談到了我們看到的一些更高的利潤率水平。我認為——公平地說，我們的慷慨策略執行得併不盡如人意。我們在第四季初全力以赴。事實上，當你觀察第四季末毛利勝率的模式時，你會發現這是一個持續的時期，包括好幾週，正如我之前所說，勝率超過 30%，我們本應該在這些時候更加慷慨地給予獎勵，但我們沒有。我們會解決這個問題，並確保將其納入我們未來的行動計劃中。

So this isn't about putting more money on the table. This is about using what we have in a smarter way. And I think tying to that point about being smarter with it, when I look at what we do with our casino business, we get a lot more credit for the generosity we give our customers there as a result of the loyalty program that we have. The rewards program has been a really important driver of the success we seen in casino. And we must be one of the few consumer businesses in the state that doesn't have a loyalty program to full stop for sports. It's been very successful for us in casino.

所以，這並非是投入更多資金的問題。這關乎如何更巧妙地利用我們所擁有的資源。我認為，說到要更聰明地運用它，當我審視我們在賭場業務中的做法時，我們透過忠誠度計畫給予客戶的慷慨，也因此獲得了更多的讚譽。獎勵計劃是我們賭場成功的重要驅動因素。而且，我們可能是州內為數不多的沒有體育類會員忠誠計畫的消費企業之一。這在賭場方面對我們來說非常成功。

And as I said, we'll bring those -- we'll bring that experience into our sportsbook, which I think will be very important. That's something that we'll do in Q2 this year. So we're going to remain disciplined. We saw a very unusual situation after the last couple of years where we've seen low margins in football sort of very high and very sustained periods of margin, and we didn't have the right playbook or tools really to be able to deal with it.

正如我所說，我們將這些經驗帶到我們的體育博彩平台，我認為這將非常重要。這是我們今年第二季要做的事情。所以我們會繼續保持自律。過去幾年，足球比賽的分差一直很低，而現在卻出現了非常高且持續時間很長的分差，這種情況非常不尋常，我們並沒有合適的策略或工具來應對這種情況。

Picking up on the second part of your question around products. We don't necessarily think this is something that's not worked for us per se, but more a bit of a narrowing of the gap in terms of the product advantage that we've typically held over the last few years. And -- as we think about this, we're looking to double down on the product advantage that we've had previously, and we're working on a number of things, both in the US and in our international business. As we outlined in the release, there's a few specific areas. So we're looking at differentiation and innovation and really enhancing our SGP offering.

接下來，我想回答您關於產品問題的第二部分。我們並不認為這本身對我們不起作用，而是說我們在過去幾年中通常保持的產品優勢差距有所縮小。而且——當我們思考這個問題時，我們希望加倍鞏固我們之前擁有的產品優勢，我們正在美國和國際業務中開展多項工作。正如我們在新聞稿中所概述的那樣，這涉及到幾個具體領域。因此，我們正在尋求差異化和創新，並真正提升我們的SGP產品。

You'd see actually outside of the US In Italy, our My Combo products working extremely well for us, and that's allowed us to take the leadership position back in Italy. The rewards piece that Peter talked about and also just elevating the core journeys and the personalization and experience of being on the FanDuel site, which we've got a team working on.

實際上，在美國以外的義大利，我們的 My Combo 產品表現非常出色，這使我們能夠重新奪回在義大利的領先地位。Peter 提到的獎勵機制，以及提升 FanDuel 網站的核心流程、個人化體驗，我們已經安排了一個團隊負責這項工作。

The other piece, which we obviously talked about a lot previously is our outcome-based pricing and how this really provides the structure and the foundations behind our product innovation and improvements moving forward. And we still remain incredibly excited about this. It's taking a little while to work through. But fundamentally, we expect this to be a significant product advantage for us when we fully land that and roll that capability out.

另一點，我們之前也多次談過，就是我們基於結果的定價，以及它如何真正為我們未來的產品創新和改進提供結構和基礎。我們對此仍然感到無比興奮。需要一些時間才能弄清楚。但從根本上講，我們預計當我們全面實現並推出這項功能時，這將是我們的一項重大產品優勢。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

I wanted to follow up on Rob's comment about the double-digit growth you're seeing in sportsbook or you're expecting, I guess, embedded in the guidance. Just Rob, can you help us compare that to the run rates you're seeing in the business right now? I know current quarter is a little harder to comment on, but the market has been so dynamic. It's been a little hard to track. And while we can see handle numbers, it's harder to get that full NGR picture. So any color you could give us there to kind of square what you're seeing in the business with that outlook would be helpful.

我想就羅布關於體育博彩業務兩位數增長的評論做個後續討論，或者我想，你預計體育博彩業務將實現兩位數增長，這應該已經包含在業績指引中了。Rob，你能幫我們把這個數據和你目前在產業中看到的運作率做比較嗎？我知道現在這個季度的情況比較難評論，但是市場變化太快了。有點難以追蹤。雖然我們可以看到銷售數據，但要獲得完整的淨銷售數據卻比較困難。所以，如果您能提供一些信息，幫助我們將您在業務中看到的情況與這種觀點進行某種程度的對比，那將非常有幫助。

And then also, if you could just comment maybe high level on what you're seeing share-wise for the NBA because it feels like we've seen that as a product that Flutter has historically done extremely well in, but we've seen some competition ramp up there.

另外，您能否就 NBA 的市佔率發表一下高屋建瓴的看法？因為感覺 Flutter 一直以來在這個領域都表現得非常出色，但我們也看到一些競爭正在加劇。

So yes, in terms of current trading, we started off the year with a continuation of the trends that we observed late in Q4. So the closing stages of the NFL season, as Peter alluded to, including the playoffs and the Super Bowl saw some slightly less compelling player narratives and that drove continued low levels of customer engagement into the start of the year.

是的，就目前的交易情況而言，我們年初延續了第四季末觀察到的趨勢。正如彼得所暗示的那樣，NFL賽季的最後階段，包括季後賽和超級碗，出現了一些不太引人入勝的球員故事，這導致年初客戶參與度持續偏低。

But outside of the NFL, we started to see trends improving month-on-month into February, which is encouraging. We think some of the customer fatigue from the positive sports results persisted into January as well. As Peter said, we had 10 out of 11 positive weeks. We ended up the NFL season with a 19.3% margin on NFL, which is incredibly strong for a season overall.

但除了 NFL 之外，我們開始看到 2 月的趨勢逐月改善，這令人鼓舞。我們認為，消費者對運動賽事利好消息的疲勞感延續到了1月。正如彼得所說，我們在11周中有10週呈陽性。我們在 NFL 賽季結束時取得了 19.3% 的勝率，這對於一個賽季來說是一個非常強勁的成績。

And in terms of February data based on the small sample that we have, the week-to-week volume trends are definitely improving, suggesting that part of this was potentially an NFL season-specific dynamic. But at this stage, it's still quite early. Visibility remains slightly limited on whether the current market dynamics will be short-lived or what we'll see over the next quarter or a few months. But we're quite confident about our Q1 guide, and we'll continue to monitor the trends very closely.

就我們掌握的小樣本二月數據而言，每週的交易量趨勢肯定有所改善，這表明其中一部分可能是 NFL 賽季特有的動態。但目前來說，一切都還為時過早。目前市場動態是否會是短暫的，以及未來一個季度或幾個月的情況如何，仍然難以預測。但我們對第一季的業績指引相當有信心，並將持續密切關注相關趨勢。

We're confident that we have the right plans in place to continue improving our US performance over the course of the year. And we've definitely seen a sequential improvement even over the last few weeks.

我們有信心，我們已經制定了正確的計劃，將在今年內繼續提高我們在美國的表現。而且在過去幾周里，我們確實看到了持續的改善。

On the question around sort of a high level on NBA, look, this has always been an area that's important to us. Again, it's down to things like the quality of the players that we have engaged in the games with the strength of our parlay offering. There are -- there's inevitably a bit of a sort of bleed across between customers who are betting on both football and NBA that if they've seen those very high margins on football inevitably will have some impact on their ability to stake on NBA.

關於NBA高層層面的問題，你看，這始終是我們非常重視的領域。再說一遍，這取決於我們邀請參賽者的水平以及我們串關投注產品的實力。不可避免地，在足球和 NBA 投注的客戶之間會存在一些相互影響，如果他們看到足球的賠率非常高，那麼他們投注 NBA 的能力必然會受到一定影響。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just going back to your prediction markets. Do you feel like you potentially would want to acquire your own DCM license just to control your own destiny? Or can you just talk about how your JV with the CME is progressing?

回到你們的預測市場。你是否覺得你可能會想要獲得自己的DCM執照，從而掌控自己的命運？或者您能否談談您與 CME 的合資專案進度？

We spent a lot of time working out how we wanted to tackle prediction markets. And I think we've got our product into the market. We're into those 18 states that we can't offer our regulated sports betting product in. And look, we're going to make a series of product changes over the course of this year. We're very happy with the CME. We've got a strong pipeline of product improvements coming through.

我們花了很多時間研究如何因應預測市場。我認為我們的產品已經成功推向市場。我們已經進入了那18個無法提供受監管體育博彩產品的州。而且，我們將在今年內對產品進行一系列更改。我們對芝加哥商品交易所 (CME) 非常滿意。我們有一系列強而有力的產品改進方案即將推出。

I also referenced some of the stuff we're looking at around sort of market making as well. So there's a lot going on in this space. We're investing -- we plan to invest a lot of money. And look, I hope we sat here in a year's time when we've been able to invest very successfully and acquire a lot of customers onto our platform.

我還提到了一些我們正在研究的關於做市方面的內容。所以這個領域有很多事情正在發生。我們正在投資——我們計劃投入大量資金。我希望一年後我們能坐在這裡，那時我們已經成功地進行了投資，並在我們的平台上獲得了大量客戶。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

I want to go back on prediction markets, unsurprisingly, I guess. I guess what have you seen that justifies the incremental spend there? Because it sounded like things so far were tracking in line with your expectations. And along those lines, how do you think about the competitive landscape evolving if and when we do get perfect regulatory clarity here?

我想，不出所料，我又想重返預測市場了。我想問你看到了什麼，才覺得這筆額外的投入是值得的？因為聽起來目前為止一切都符合你的期望。那麼，從這個角度來看，如果我們最終能夠獲得完全明確的監管規定，您認為競爭格局會如何演變？

We've got experience of investing organically in our business. I mean I think about what we're doing in Brazil at the moment. I think about all the quarters we had post PASPA being repealed. But we've always taken a very disciplined approach when opportunities arise. And we will make sure that we acquire as much business as we can.

我們在業務的有機成長方面擁有豐富的經驗。我的意思是，我想到了我們目前在巴西所做的事情。我想起了PASPA法案廢除後我們度過的所有季度。但是，當機會出現時，我們始終採取非常嚴謹的態度。我們將盡一切努力獲取盡可能多的業務。

Clearly, the phasing of our marketing will align with our sort of product road map and scale over the course of this year. This quarter is more about sort of test and learn to understand how we optimize our spend and drive conversion. We expect to invest heavily in the second half of the year. And look, given the opportunity we see, we expect to be towards the top end of the figures. But I reserve the right to spend more if we find opportunities are bigger.

顯然，我們的行銷分階段進行將與我們的產品路線圖保持一致，並在今年內逐步擴大規模。本季更多的是測試和學習如何優化支出並提高轉換率。我們預計下半年將進行大量投資。而且，鑑於我們看到的機遇，我們預計業績將接近頂尖水準。但我保留在發現更大機會時增加投入的權利。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，尼德姆公司。

This is Stefanos Crist calling in for Bernie. Just wanted to follow up on Arkansas. We understand there's a 51% revenue share. Just wanted to ask why launch now and maybe why not do Predicts instead of the traditional sportsbook.

這裡是斯特凡諾斯·克里斯特，他為伯尼打來電話。想跟進一下阿肯色州的情況。我們了解到，收益分成比例為 51%。我只是想問為什麼現在推出，以及為什麼不做預測遊戲而要做傳統的體育博彩。

Look, I'm happy to pick it up. And I think what we've seen in Missouri with our new state playbook, I think, is a really good example of when you've given customers or consumers the choice the breadth of offering that you have in a traditional OSB together with the generosity playbook you can provide means it's a much more compelling offering.

你看，我很樂意把它取下來。我認為我們在密蘇裡州的新州級方案中看到的，就是一個很好的例子，說明當你給予客戶或消費者選擇權時，傳統定向刨花板 (OSB) 所提供的廣泛產品，再加上你提供的慷慨方案，就意味著它是一種更具吸引力的產品。

So look, we're super excited. That's what our sort of true north is for us in the business. We'd like to see more states passing regulation for OSB and indeed, iGaming. Look, it's -- so those 2 areas, we'd love to see more states pass. There are only two national players in the state. So look, we're excited to get our playbook going and see what we can do in the state.

所以你看，我們超興奮。這就是我們在這個行業中真正的指路明燈。我們希望看到更多州通過針對線上博彩（OSB）和網路博彩（iGaming）的監管法規。你看，就是——所以這兩個領域，我們很希望看到更多州通過。該州只有兩名國家級球員。所以，我們很興奮能開始實施我們的計劃，看看我們能在這個州取得怎樣的成就。

Ben Shelley, UBS.

本謝利，瑞銀集團。

Do you expect US online sports betting market share to stabilize in 2026? And more broadly, what's giving you confidence in sequential improvement in your competitive position through the year?

您認為美國線上運動博彩市場佔有率會在 2026 年趨於穩定嗎？更廣泛地說，是什麼讓您對今年競爭地位的持續提升充滿信心？

We are confident in the quality of the products that we have in the market. We're excited about the introduction of our loyalty program. There is more work we're doing around generosity. And as Rob mentioned on the question earlier, there are enhancements that we're making to our products as well.

我們對市場上產品的品質充滿信心。我們很高興推出會員忠誠計畫。我們正在進行更多與慷慨相關的工作。正如羅佈在之前的問題中提到的那樣，我們也在對我們的產品進行一些改進。

So I'm very confident in our ability to execute. We have consistently done that. And I think that we will be able to hold our market share. And look, I'd like us to take more market share to the extent that we can get good returns on it, and we will spend that money.

所以我對我們的執行能力非常有信心。我們一直以來都是這樣做的。我認為我們能夠保住市場佔有率。而且，我希望我們能盡可能擴大市場份額，以獲得良好的回報，我們會把這筆錢花出去。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

My questions are related to the sportsbook loyalty program. I think, Peter, number 1, just for clarification, I think you said that, that was going to roll out in Q2. I wanted to make sure that they had that correct.

我的問題與體育博彩公司的會員忠誠計劃有關。彼得，我想，第一點，為了澄清一下，我想你說過，那將在第二季推出。我想確認他們的說法是否正確。

And then second, I wanted to see if you could give us a little bit of color around when you introduced the same offering for your iGaming business, what the immediate impact was? Was it a revenue driver? Did it help you with promo? I think that that's -- there have clearly been a bunch of questions on the call thus far around the direction of promo. So maybe with that as a reference point, was it helpful to promo? Is that a source of leverage, I guess, for iGaming when you introduced that? Any color that you can provide a reference point would be helpful.

其次，我想了解一下，當您在 iGaming 業務中推出相同的服務時，能否給我們介紹一下當時的情況，以及它產生的直接影響是什麼？它是否帶來了收入成長？它對你的推廣有幫助嗎？我認為——到目前為止，電話會議上顯然有很多關於推廣方向的問題。所以，以此為參考點，對宣傳推廣有幫助嗎？我想，當你推出這項技術時，這是否為iGaming帶來了優勢？提供任何顏色作為參考都會很有幫助。

I mean, the perspective from our casino business where our rewards program has been a really important part of the success of that business. We got to a record market share in Q4 with 28%. Look -- and we're still building our loyalty, the rewards program, right? There's still changes we're making. We're still integrating more of the generosity into the program. So we've been at it a long time in the casino business, and there's still a way to go. So it's a little bit like our parlay products. We're never done. There's always improvements and changes we can make.

我的意思是，從我們賭場業務的角度來看，我們的獎勵計劃一直是該業務成功的重要組成部分。我們在第四季度獲得了創紀錄的市場份額，達到 28%。你看——我們還在建立我們的忠誠度獎勵計劃，對吧？我們仍在進行一些改變。我們仍在努力將更多慷慨捐贈融入計畫中。我們在賭場產業摸爬滾打了很久，但還有很長的路要走。所以它有點像是我們的串關產品。我們永無止境。我們總是能做出改進和改變。

So look, we will launch a loyalty program for our sportsbook. And I think one of the immediate benefits that we've seen in casino is that you get much better sort of saliency from your customers around the rewards that you're giving them. And I expect to see that happen in our sportsbook. I mean there's -- we sometimes describe it sort of link and labeling. And so I think that's the immediate step change we'd expect to see. And so I hope it will help drive increases in wallet share.

所以，我們即將推出運動博彩忠誠度計畫。我認為我們在賭場看到的直接好處之一是，你的顧客會更清楚地意識到你給予他們的獎勵。我預計這種情況也會發生在我們的體育博彩業務中。我的意思是，我們有時會把它描述成某種聯繫和標籤。所以我認為，這就是我們預期會看到的直接改變。因此，我希望這能有助於提高錢包份額。

Ian Moore, Bernstein.

伊恩·摩爾，伯恩斯坦。

One on capital allocation. How would you rank, I guess, the different inputs you're weighing in deciding at one point you become more active on share repurchases through the year? And I guess, any update you're willing to give on progress toward resolution of the FOX option?

第一點是關於資本配置。我想，在決定何時增加股票回購力道時，您會如何權衡各種因素？您會如何對這些因素進行排序？那麼，您能否就FOX方案的解決進展提供一些最新進展？

Maybe I'll start on the capital allocation question. So as I mentioned in my prepared comments, the capital allocation framework remains consistent with what we outlined at our Investor Day in 2024, and we remain committed to the long-term policy of returning capital to our shareholders. As we often say, we are an and company. So we'll ensure our capital allocation decisions are balanced by the opportunities to invest for growth, but also to optimize for leverage over time.

或許我可以先從資本配置問題著手。正如我在準備好的評論中提到的，資本配置框架與我們在 2024 年投資者日上概述的框架保持一致，我們仍然致力於向股東返還資本的長期政策。正如我們常說的，我們是一家…公司。因此，我們將確保我們的資本配置決策既能兼顧投資成長的機會，又能隨著時間的推移優化槓桿作用。

And our current approach really provides us with the flexibility to respond effectively to evolving market conditions and emerging opportunities. And in 2026, we'll prioritize significant capital deployment across both the organic investment in our core business which has historically yielded the highest returns, by the way, and strategic investment in the newly emerging prediction markets opportunity.

我們目前的方法確實賦予了我們靈活性，使我們能夠有效地應對不斷變化的市場狀況和新出現的機會。2026 年，我們將優先考慮對核心業務進行大量資本投入，這兩項投入分別是對核心業務的有機投資（順便說一句，核心業務歷來收益最高）和對新興預測市場機會的戰略投資。

So there's a lot to go after. We continue to generate a lot of cash in this business, and we can and will delever quickly, but there's lots of interesting and exciting allocation opportunities ahead of us through 2026, which we want to get behind.

所以還有很多目標值得追求。我們在這個行業持續創造大量現金流，我們可以而且將會迅速降低槓桿率，但到 2026 年，我們面前還有許多有趣且令人興奮的投資機會，我們希望抓住這些機會。

There's nothing to say on the FOX option at this stage.

目前對於福斯選項還沒有什麼可說的。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Any more color you can provide? I think you said high teens growth that you're expecting for the US iGaming in 2026. Just how sustainable do you think that is as we think about the years ahead?

還能提供更多細節嗎？我想你之前說過，你預計美國 iGaming 在 2026 年將實現 10% 以上的成長。展望未來，您認為這種做法的可持續性究竟如何？

Well, if you think about the iGaming market in 2025, it grew around 26%, and our revenue growth was 33%. I think as the states mature, we'd expect some moderation of that growth, but we feel confident it's going to continue to be mid- to high teens. Therefore, we do expect continued strong growth, and we're excited about the product road map that we've got in iGaming.

如果你展望 2025 年的 iGaming 市場，它成長了約 26%，而我們的營收成長了 33%。我認為隨著各州的發展成熟，我們預計這種增長速度會放緩，但我們有信心它將繼續保持在十幾到二十幾的水平。因此，我們預計未來將繼續保持強勁成長，我們對 iGaming 領域的產品路線圖感到非常興奮。

There's definitely still a long way to go on the penetration rates in iGaming. If you look at what we set out, I think it's 9.5% at the Investor Day, we're about 6.5%, I think, as we stand today. So lots to still go after there, and we're incredibly pleased, as I said earlier, with our iGaming performance.

iGaming 的滲透率還有很長的路要走。如果你看看我們之前設定的目標，我認為在投資者日那天是 9.5%，而就目前而言，我認為我們大概達到了 6.5%。所以還有很多工作要做，而且正如我之前所說，我們對 iGaming 的表現非常滿意。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Sorry about it, but I wanted to ask a little bit more just on generosity investments and those returns in -- for FanDuel. So it certainly makes sense, right, in [iCasino], you get a higher return, you get more betting events, that makes sense. But do you get a return? -- does that -- that seems to me to be a unique customer, meaning that customer doesn't necessarily cross-promote into OSB.

不好意思，但我還想再問一下關於 FanDuel 的慷慨投資及其回報的問題。所以，在[iCasino]裡，你獲得更高的回報，更多的投注活動，這當然很有道理，對吧？但是你能獲得回報嗎？ ——這——在我看來，這似乎是一個獨特的客戶，這意味著該客戶不一定會向 OSB 進行交叉推廣。

And so your generosity investments in OSB, at least for that, does cross-promote. Is that maybe part, I guess, of what we're trying to figure out and what happened essentially in the third and fourth quarter with respect to like your approach because obviously, you're gunning on the [iCasino], and it's worked. I was just wondering if that's part -- if that's a realistic understanding of kind of how you're allocating that capital and why the returns are lower.

因此，您慷慨投資 OSB，至少在這方面，確實起到了交叉促進作用。我想，這或許是我們正在努力弄清楚的問題的一部分，也是第三季度和第四季度發生的情況，特別是關於你們的方法，因為很明顯，你們在[iCasino]上投入了大量資源，而且奏效了。我只是想知道這是否是原因之一——這是否是對你如何分配資金以及為什麼回報率較低的現實理解。

Yes, I think there's two things going on, and I just make sure I understand your question. I think effectively, we did not deploy our generosity efficiently in Q4. I mean, particularly when you think about the very long sequence of very high margins, particularly with some of those real peak weeks, we were not efficient and effective.

是的，我覺得有兩個方面要考慮，我只是想確認一下我是否理解了你的問題。我認為，實際上，我們在第四季度並沒有有效地利用我們的慷慨資源。我的意思是，特別是考慮到連續很長一段時間的高利潤率，尤其是一些真正的高峰週，我們的效率和效果並不好。

We should have been deploying more generosity at those points there. I think separately, we have had lots of success with deploying our loyalty or rewards program into casino. In all of our businesses, we deploy a lot of generosity to customers. And one of the advantages of bundling up that generosity within a loyalty program is consumers understand better what's been going on.

我們當時本應採取更慷慨的做法。我認為，就我們本身而言，我們在賭場推廣忠誠度或獎勵計劃方面取得了巨大的成功。在我們所有的業務中，我們都對客戶非常慷慨。將這種慷慨優惠納入忠誠度計劃的優勢之一是，消費者可以更好地了解發生了什麼。

And I actually think one of the issues for us in Q4 was there's a bit of a whipsaw where generosity was on, it was off, it's on, and it's off. And particularly at a time when margins were running very hot, I think we're probably causing a bit of confusion amongst our customers, and we're just not deploying it effectively. So that's what we're going to address, get to a more efficient and effective distribution of generosity. And I think that's very important.

實際上，我認為我們在第四季度遇到的問題之一是，慷慨政策出現了一種忽強忽弱的波動。尤其是在利潤非常豐厚的時候，我認為我們可能給客戶造成了一些困惑，而且我們沒有有效地部署它。所以，這就是我們要解決的問題，要實現更有效率、更有效的慷慨分配。我認為這非常重要。

Chad Beynon, Macquarie Group.

Chad Beynon，麥格理集團。

With respect to the upcoming UK iGaming impact, has anything changed just in the current landscape in terms of how your competitors are maybe running their business, promos, marketing, et cetera? And could this potentially adjust how you're thinking about mitigation?

鑑於即將到來的英國 iGaming 改革的影響，就目前的市場格局而言，您的競爭對手在業務營運、促銷、行銷等方面是否發生了任何變化？這是否有可能改變你對緩解措施的看法？

Well, we obviously laid out our top-level plans for mitigation when the changes were introduced in Q4 last year. And to this point, we're not seeing anything different to what we'd anticipated in terms of activity. But it's actually early days because the tax changes don't actually hit until April. And what we expect will happen is that people will start to moderate behavior from that point onwards.

顯然，我們在去年第四季引入這些變化時，就制定了最高等級的緩解計畫。到目前為止，就活動而言，我們還沒有看到任何與我們預期不同的情況。但現在下結論還為時過早，因為稅收政策的變化要到四月才會真正生效。我們預計，從那時起，人們的行為將開始收斂。

If you think about the market share of iGaming in the UK, there's a very long tail. So there's circa 30% of the market shares in the long tail with much inferior economics to us given our scale. And actually, we fully anticipate that there will be some changes in marketing and generosity and return to player dynamics as we move through the year. We were reasonably conservative in terms of our view in terms of what we recapture versus the tax increase, and we still remain confident in that.

如果你看看英國 iGaming 的市場份額，你會發現它的尾部非常長。因此，長尾市場約佔 30% 的市場份額，但考慮到我們的規模，它們的經濟效益遠不如我們。事實上，我們完全預料到，隨著今年的推進，行銷、獎勵力度以及對玩家的回報動態將會發生一些變化。在稅收增加與稅收回收方面，我們的觀點相當保守，我們仍然對此充滿信心。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Peter, I wanted to circle back to a comment you made in the prepared remarks of your sentiment that we share as well, and that is prediction markets should accelerate OSB and iGaming regulation in the states. So curious if you could share any more color on that view and your perspective. You probably have as good of a view or better than anyone. And what kind of inputs help you feel confident that, that might come to fruition?

Peter，我想回到你在準備好的演講稿中表達的觀點，我們也認同你的觀點，那就是預測市場應該加快各州對線上博弈和網路博弈的監管。非常好奇您能否就此觀點和您的視角分享更多細節。你的視野可能和任何人一樣好，甚至更好。什麼樣的資訊能讓你相信這件事最終會實現？

We have -- I think we're singing to the choir if you are in agreement with me. I think we do believe that the noise around prediction markets, and it is an opportunity for us to acquire customers in advance of the states regulating, but we do think it will help hasten the regulation of iGaming and online sports betting. We've got an extensive team who are focused on this, and we're having some very fruitful conversations at the moment. Look, we've just had some good news in Arkansas. Who knows where else the next shoe to drop will be. I'm excited to see some iGaming states come along at some point soon.

我覺得，如果你同意我的觀點，我們就是在對信徒唱歌。我認為我們確實相信預測市場周圍的喧囂，這為我們提供了一個在各州進行監管之前獲取客戶的機會，但我們也認為這將有助於加快對網路博彩和線上體育博彩的監管。我們有一個龐大的團隊專注於此，目前我們正在進行一些非常有成效的討論。瞧，我們剛從阿肯色州得到一些好消息。誰知道接下來還會發生什麼事。我很期待在不久的將來看到一些允許線上博彩的州出現。

Monique Pollard, Citi.

莫妮克·波拉德，花旗銀行。

Apologies if I missed it, but I couldn't see anywhere if you could help clarify how much you spent on FanDuel Predicts in the fourth quarter? Just conscious that you didn't have -- it was only a handful of states during Q4 before the wider launch in January.

如果我錯過了什麼，請見諒，但我找不到您能否幫忙說明您在第四季度在 FanDuel Predicts 上花了多少錢？只是意識到你沒有——在1月全面推出之前，第四季只有少數幾個州參與了。

And basically, the follow-up question to that is me just trying to understand how much of the guidance change in the FanDuel Predicts for 2026 to the upper end is just a timing shift versus how much is it that you've seen something in the Predicts customers you've acquired so far that makes you think it's worth pushing more aggressively on that opportunity in 2026?

基本上，接下來的問題是，我只是想了解 FanDuel 2026 年預測的上限變化有多少僅僅是時間上的調整，又有多少是因為你們目前為止從預測客戶中看到了某些東西，讓你們認為值得在 2026 年更積極地抓住這個機會？

Yes, it's Rob here. We didn't actually confirm a number in the release, so you didn't miss anything. It is actually lower than the $45 million that we guided at Q3, so ended up spending slightly less than that in the quarter. I think Peter outlined earlier on very well what our intentions are for 2026. So we've now said that we're going to be towards the top end of the range.

是的，我是羅布。我們在新聞稿中並沒有明確公佈具體數字，所以你並沒有錯過什麼。實際上低於我們在第三季預期的 4500 萬美元，因此本季的最終支出略低於預期。我認為彼得之前已經很好地概述了我們2026年的計劃。所以我們現在說，我們將接近價格區間的高端。

What I would say is that within that, we retain our right to have flexibility on that spend. It's a very fast-moving category, and our investment will ultimately be driven by the types of returns that we see. But ultimately, both of us would be delighted to be sitting here at the end of the year saying that we've actually invested at the top end or beyond that envelope because that will mean that we're really achieving traction in the prediction market space.

我想說的是，在此基礎上，我們仍然有權靈活支配這部分支出。這是一個發展速度非常快的領域，我們的投資最終將取決於我們所看到的收益類型。但最終，我們倆都會很高興在年底坐在這裡說，我們實際上已經達到了最高投資額度甚至更高，因為這意味著我們在預測市場領域真正取得了進展。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

Peter, I hear you on the NFL playoffs. I know we were all sad Vikings didn't make it. My question is, given the more pronounced moderation in customer activity and the unfavorable recycling in the US, I guess, especially relative to your peers, curious how the company -- how you plan to maintain your structurally higher hold while also retaining share of players' wallets.

彼得，我明白你對NFL季後賽的看法。我知道我們都為維京人沒能成功而感到難過。我的問題是，鑑於美國客戶活動明顯放緩以及回收情況不佳，我想，特別是相對於您的同行而言，我很好奇貴公司——您計劃如何保持結構性較高的市場份額，同時又能保住玩家錢包中的份額。

Ryan, yes, I mean, I think we've discussed some of these factors already. The key issue that we saw in Q4 wasn't that we had over the course of this football season, the 19% margin. That was great. And you look at where the gross win margin was for Q4 and sort of we're in line with what we anticipated doing for 2027. The issue really was how we deployed our generosity. And that's something that we are addressing. I've talked about that. We've got to make sure that the generosity strategy reflects what we're seeing in the market.

瑞安，是的，我的意思是，我想我們已經討論過其中的一些因素了。我們在第四季看到的關鍵問題並不是我們在整個足球賽季中遇到的19%的利潤率。那很棒。看看第四季的毛勝率，我們基本上達到了 2027 年的預期目標。真正的問題在於我們如何運用我們的慷慨。而這正是我們正在努力解決的問題。我之前談過這個問題。我們必須確保慷慨策略能夠反映出我們在市場上看到的情況。

And those 10 out of 11 weeks with very high and sustained margins and then a number of weeks at 30%, those -- they really impacted our business. And the relationship around what we're doing with generosity with where margins are, the sort of hangover impact that you get for a couple of weeks after those very high margins is something we want to make sure that we address. Personalized generosity is the way to deal with that because, of course, even when we're talking about very high margins, there's still averages and there's customers who've done well and customers have done badly within that.

11 週中有 10 週利潤率非常高且持續，還有幾週利潤率達到 30%，這些都對我們的業務產生了很大的影響。而我們慷慨的做法與利潤率之間的關係，以及在高利潤率之後幾週內可能出現的「宿醉」效應，是我們希望確保解決的問題。個人化的慷慨是解決這個問題的方法，因為，當然，即使我們談論的是非常高的利潤率，仍然存在平均值，並且其中既有業績好的客戶，也有業績差的客戶。

And that's what the team have got a lot of experience of doing in Australia. We're learning from that and deploying it into the US business. So this isn't so much a matter of the issue of the high margins. It's more how we make sure that we spend generosity effectively. Customers understand what's happening, and we don't have the sort of the situation where we're a bit inconsistent and that is not helpful for customers, particularly with these consecutive high margins.

而這正是該團隊在澳洲累積的豐富經驗。我們正在從中吸取經驗，並將其應用到美國業務中。所以，這與其說是高利潤率的問題，不如說是利潤率的問題。更重要的是，我們如何確保有效地利用慷慨之舉。客戶了解情況，我們不會像某些公司那樣出現前後矛盾、對客戶不利的情況，尤其是在利潤率持續走高的情況下。

Richard Stuber, Deutsche Bank.

理查德‧斯圖伯，德意志銀行。

Just for me, a question on sort of credit cards. I did read somewhere that you now stop taking credit card deposits. I was wondering, have these credit card deposits been largely offset by the same customers using alternative payment methods? Or have those credit card customers broadly left? And is that sort of a similar thing which your competitors are doing in terms of credit cards?

我只是想問一個關於信用卡的問題。我確實在某個地方看到過，你們現在不再接受信用卡存款了。我想知道，這些信用卡儲值是否很大程度被同一批顧客使用其他付款方式所抵銷了？或者說，這些信用卡客戶已經大量流失了？你的競爭對手在信用卡方面是否也採取了類似的策略？

Yes, this is something that we have been anticipating for and also something that we've navigated in a number of our markets around the world, but we're actually anticipating a de minimis impact from this. It comes in at the start of March. It's within our plans, and we're not expecting it to have a material impact.

是的，這是我們一直預料到的情況，也是我們在世界各地許多市場已經應對過的情況，但我們預計這實際上只會造成微乎其微的影響。它將於三月初上市。這在我們的計劃之內，我們預計不會產生實質影響。

Okay. I think we are done with the questions. Thank you very much, everybody, for dialing in. Much appreciated.

好的。我想我們已經問完了所有問題。非常感謝大家的撥入。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。