Flutter Entertainment PLC (FLUT) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Flutter Entertainment Q1 2026 earnings call. (Operator Instructions) I will now hand the conference over to Paul Tymms, Group Director of Investor Relations. Paul, please go ahead.

各位好。感謝各位加入，歡迎參加 Flutter Entertainment 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給集團投資人關係總監 Paul Tymms。Paul，請開始。

Hi, everyone, and welcome to Flutter's Q1 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 our Q1 financials and our updated guidance for 2026. We will then open the lines for Q&A.

各位好，歡迎參加 Flutter 第一季更新電話會議。今天與我一同出席的有 Flutter 執行長 Peter Jackson，以及財務長 Rob Coldrake。在這段簡短開場後，Peter 將先就我們營運進展作摘要，接著 Rob 會說明第一季財務表現以及我們更新後的 2026 年指引。之後我們將開放問答。

Some of the information we are providing today, including our 2026 guidance constitutes forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings.

我們今天提供的部分資訊（包括 2026 年指引）屬於前瞻性陳述，涉及風險、不確定性及其他因素，可能導致實際結果與這些陳述所示有重大差異。相關因素已在我們的財報新聞稿及向美國證券交易委員會（SEC）提交的文件中詳述。

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

此外，所有前瞻性陳述均以目前預期為基礎，除法律要求外，我們不承擔更新任何前瞻性陳述之義務。另外，在我們的發言或回答問題時，將討論非 GAAP 財務衡量指標。對帳表已包含在我們今日發布的業績資料中，可於本公司網站「投資人」專區取得。

And I will now hand you over to Peter.

現在我把時間交給 Peter。

Thank you, Paul. I'm pleased to share our Q1 results and update you on the progress made against the key strategic objectives we outlined in February. But first, I wanted to address the management changes we've announced today. Amy Howe will be leaving the business. I'd like to thank Amy for her contribution to Flutter and FanDuel and recognize the impact she's had on the business since joining in 2021. We wish her every success for the future.

謝謝你，Paul。我很高興與各位分享我們第一季的業績，並更新我們在二月所提出關鍵策略目標上的進展。不過首先，我想先談談我們今天宣布的管理層變動。Amy Howe 將離開公司。我要感謝 Amy 對 Flutter 與 FanDuel 的貢獻，並肯定她自 2021 年加入以來對業務帶來的影響。我們祝福她未來一切順利。

Looking forward, the US market and FanDuel's number one position within it represents one of the most significant growth opportunities in our industry, and it is essential that we have the right structure and leadership in place to fully capitalize on it.

展望未來，美國市場以及 FanDuel 在其中的第一名地位，是本產業最重要的成長機會之一；我們必須具備正確的組織架構與領導團隊，才能充分把握。

Dan Taylor's track record of driving growth and executing on complex strategies, making ideally suited for his expanded role. Christian Genetski has proved to be an exceptional leader and has been instrumental in scaling the FanDuel business and market leadership. These changes will sharpen our focus on the US sportsbook to strengthen the connection between our US and international divisions and fully leverage the group's expertise, capital and strategic ambition.

Dan Taylor 在推動成長與執行複雜策略方面的實績，使他非常適合擔任擴大後的職務。Christian Genetski 已證明自己是卓越的領導者，並在擴大 FanDuel 業務規模與鞏固市場領導地位方面發揮關鍵作用。這些調整將使我們更聚焦於美國體育博彩（sportsbook），強化美國與國際事業部之間的連結，並充分運用集團的專業能力、資本與策略企圖心。

I'm confident this gives us the right structure for long-term success and strengthens our ability to deliver sustained long-term growth.

我有信心，這將為我們帶來長期成功所需的正確架構，並強化我們實現可持續長期成長的能力。

Now turning to the results in the quarter. In the US, we saw encouraging signs and underlying growth in Q1. Overall, AMP were 1% behind last year and revenue grew 6% with headline KPIs improving as the quarter progressed. As outlined in February, overall sportsbook performance was adversely impacted by NFL trends observed in Q4 by persistently high gross revenue margins negatively impacted customer activity, leaving us with a smaller player base as we enter 2026. We outlined our sportsbook and generosity improvement plans to maintain our leadership position in these areas, and we're now executing against them.

接著談本季業績。在美國，我們在第一季看到令人鼓舞的跡象與基本面成長。整體而言，AMP 較去年低 1%，營收成長 6%，且隨著季度推進，主要 KPI 持續改善。如二月所述，整體 sportsbook 表現受到我們在第四季觀察到的 NFL 趨勢不利影響：持續偏高的毛營收率（gross revenue margins）抑制了客戶活動，使我們在進入 2026 年時的玩家基礎較小。我們已提出 sportsbook 與「慷慨度」（generosity）改善計畫，以維持在這些領域的領導地位，目前正按計畫執行。

From a generosity perspective, we are focused on delivering a truly customer-first proposition. Examples include the launch of early win promotions through March Madness and opportunistic payers to capture the social side of betting, which aided engagement, met fans or know what I mean. In April, we began rolling out our support for loyalty program, which has had a very positive response from the initial cohort of customers to gain access to the program.

在「慷慨度」方面，我們聚焦於提供真正以客戶為先的產品主張。例如，在三月瘋（March Madness）期間推出「提前贏」（early win）促銷，以及把握時機的付款者（opportunistic payers）以捕捉投注的社交面向，進而提升互動與參與度，讓粉絲——你知道我的意思。四月，我們開始逐步推出我們的支援型忠誠度計畫（loyalty program），初始客群對於取得計畫資格的反應非常正面。

We also launched Bet Protect+ an industry-first generosity mechanic, allowing customers to ensure their bets for the full game for small fees. The initial response has been excellent, with adoption rates double our expectations and continue to grow.

我們也推出 Bet Protect+，這是業界首創的「慷慨度」機制，讓客戶可支付小額費用，為整場比賽的投注提供保障。初期反應極佳，採用率是我們預期的兩倍，且仍持續成長。

From a sportsbook perspective, product enhancements in the quarter included expansion of our popular Pass the Leg feature to Super Bowl, more personalized and simplified NBA same-game parlay building with [betters] again and full screen streaming for key sports. And these changes are gaining traction with our customers. Underlying trends across our headline KPIs have been positive. Without handle and structural revenue margin all improving through the quarter.

在 sportsbook 方面，本季的產品強化包括：將廣受歡迎的 Pass the Leg 功能擴展至超級盃（Super Bowl）、更個人化且更簡化的 NBA 同場串關（same-game parlay）建構（與 [betters] 再次合作），以及針對重點賽事提供全螢幕串流。這些改動正逐步獲得客戶採用。我們主要 KPI 的基本面趨勢均呈正向。不論是投注額（handle）與結構性營收率（structural revenue margin）都在本季持續改善。

Looking ahead, we have a strong pipeline of improvements plans, and we expect these positive trends to continue into Q2. This includes significant expansion of our new loyalty program through Q2 and Q3 ahead of a full rollout of the NFL 2026, 2027 season and new soccer product features ahead of the World Cup.

展望未來，我們有強勁的改善計畫儲備（pipeline），並預期這些正向趨勢將延續至第二季。其中包括在第二季與第三季大幅擴展新的忠誠度計畫，並在 2026、2027 年 NFL 賽季全面上線前完成部署，以及在世界盃前推出新的足球產品功能。

In iGaming, FanDuel delivered another strong growth of growth -- another strong quarter of growth, sorry, with AMS at 10%. Expansion of our direct casino player base coupled with improved frequency among higher-value cables to a revenue growth of 19% year-over-year. This was driven by enhanced rewards delivered through our loyalty program, including daily reward boxes and the continued rollout of new and exclusive content.

在 iGaming 方面，FanDuel 再度交出強勁的成長——抱歉，是又一個強勁的成長季度，AMS 成長 10%。擴大我們的直營線上賭場玩家基礎，加上高價值客群的使用頻率提升，帶動營收年增 19%。這主要來自我們透過忠誠度計畫提供的強化獎勵（包括每日獎勵箱），以及持續推出新的獨家內容。

At the start of April, we migrated PokerStars customers to the FanDuel platform unlocking improved products and cross-state liquidity for poker customers.

四月初，我們將 PokerStars 客戶遷移至 FanDuel 平台，為撲克客戶解鎖更佳的產品體驗與跨州流動性（cross-state liquidity）。

Turning now to prediction markets. First, we continue to see limited cannibalization impact on prediction market operators on our sportsbook growth. We believe this is attributable to the fundamental differences and product propositions between sportsbook and prediction market platforms, customer age profiles and concentration of prediction market activity amongst entertainment first and low-value users. However, we continue to monitor the impact that prediction market operators in the broader sports betting ecosystem.

接著談預測市場（prediction markets）。第一，我們持續看到預測市場營運商對我們 sportsbook 成長的蚕食效應有限。我們認為這歸因於 sportsbook 與預測市場平台在產品主張上的根本差異、客群年齡結構不同，以及預測市場活動多集中於以娛樂為先且低價值的用戶。不過，我們仍持續監測預測市場營運商在更廣泛運動博彩生態系中的影響。

Second, in terms of the opportunity, we continue to view prediction market as an attractive incremental customer acquisition opportunity ahead of sports betting regulation in new states. The fast-moving and complex regulatory environment as a time has made product delivery time challenging. However, we are prioritizing new product rollout and focus on building the operational flexibility required to deliver our ambitions.

第二，就機會而言，我們仍將預測市場視為在新州運動博彩法規落地前，一個具吸引力的增量獲客機會。快速變動且複雜的監管環境，使產品交付時程面臨挑戰。然而，我們正優先推動新產品上線，並聚焦建立達成我們企圖所需的營運彈性。

In March and April, we widened our range of sports markets and early testing of our generosity capabilities saw encouraging returns with strong app downloads through March Madness. We launched the FanDuel One App at the start of April, dynamically serving customers, sports betting and sportsbook states or prediction markets in non-sportsbook space. Critically, this now allows us to leverage FanDuel's strong nationwide brand awareness by just One App delivers access to an increasingly compelling sports experience.

在三月與四月，我們擴大了運動市場的涵蓋範圍，且對「慷慨度」能力的早期測試帶來令人鼓舞的回報；在三月瘋期間，App 下載量表現強勁。我們在四月初推出 FanDuel One App，可依客戶所在地動態提供服務：在可進行運動博彩的州提供 sports betting 與 sportsbook，在非 sportsbook 州則提供預測市場。關鍵在於，這讓我們能以單一 App 充分運用 FanDuel 在全美的強大品牌知名度，提供日益具吸引力的運動體驗入口。

While Q1 revenues were modest, reflecting the early stage of the journey, we are focused on delivering the improvements needed during 2026 to serve customers an exciting sports bet experience by Q4. The '26-'27 NFL season launch will be a major milestone with further improvements planned for the FIFA World Cup.

雖然第一季營收規模不大，反映我們仍處於旅程早期階段，但我們聚焦於在 2026 年期間完成必要的改善，並在第四季前為客戶提供令人興奮的運動投注體驗。2026-2027 年 NFL 賽季上線將是重要里程碑，且我們也規劃在 FIFA 世界盃前進一步改善。

We believe our world-class proprietary pricing capabilities can also unlock significant market-making opportunity. We began market-making services on a major third-party prediction market platform in April. Early indicators have been encouraging, and we expect to launch the initial phase of our market-making platform in the coming months.

我們也相信，我們世界級的自有定價能力可解鎖可觀的做市（market-making）機會。我們已於四月在一家主要第三方預測市場平台開始提供做市服務。早期指標令人鼓舞，我們預期在未來幾個月推出做市平台的初始階段。

Turning to our International segment. Our performance in Italy has been extremely strong. We are the clear number one operator online, outgrowing the market and our main competitors. This performance is even more remarkable given the drag from our Snai business, which while in growth during the quarter had yet to benefit from the migration onto the SEA platform, which successfully completed at the end of April transitioning around 2 million accounts. Sisal market-first MyCombo product saw excellent engagement with multi-leg bets contributing half of prematch softer handle with over 30% of bets carrying five or more legs. And this drove a significant step-up in parlay penetration and structural margin.

接著談我們的國際業務部門。我們在義大利的表現極為強勁。我們在線上是明確的第一大營運商，成長速度超越市場及主要競爭對手。考量到我們 Snai 業務的拖累，這項表現更顯難能可貴；Snai 雖在本季仍維持成長，但尚未受惠於遷移至 SEA 平台，而該遷移已於 4 月底順利完成，轉移約 200 萬個帳戶。Sisal 率先市場推出的 MyCombo 產品互動表現優異，多串關投注貢獻了賽前較低賠率（softer）投注額的一半以上，且超過 30% 的投注包含五個或以上的串關。這也帶動串關滲透率顯著提升，並改善結構性毛利率。

In iGaming, Sisal benefited from the continued rollout of exclusive content. I'm very excited about the outlook for the rest of the year initially with Sisal ongoing exceptional performance and the unlocking of Sisal's market-leading product Snai following the platform migration.

在 iGaming 方面，Sisal 受惠於獨家內容的持續上線。我對今年剩餘時間的展望感到非常振奮：首先是 Sisal 持續的卓越表現，其次是在平台遷移後，將解鎖 Sisal 市場領先的產品 Snai 的潛力。

In the UKI, strong double-digit iGaming revenue growth was delivered across Paddy Power, tombola and Betfair driven by new slot content and robust retention. Although Sky Bet's performance has been behind our expectations, as customers adapted to the new user interface post migration, momentum has improved with its highest customer acquisition volumes in five years in January, and underlying sportsbook revenue returning to growth in March.

在 UKI（英國與愛爾蘭），Paddy Power、tombola 與 Betfair 的 iGaming 營收均實現強勁的雙位數成長，主要由新款老虎機內容與穩健的留存所帶動。儘管 Sky Bet 的表現低於我們預期（客戶在遷移後適應新的使用者介面），但動能已改善：1 月的客戶獲取量創五年新高，且 3 月的體育博彩（sportsbook）基礎營收重回成長。

Market competitiveness remains stable ahead of the UK iGaming tax increase to 40% on the first of April. We now expect less profitable operators to begin adjusting marketing and generosity strategies.

在 4 月 1 日英國 iGaming 稅率提高至 40% 之前，市場競爭態勢仍維持穩定。我們目前預期獲利能力較弱的營運商將開始調整行銷與優惠（慷慨度）策略。

As a leading UK operator, Flutter is well placed to deliver material first order litigation, as previously outlined, and to benefit from second order market share gains over time.

作為英國領先的營運商，Flutter 具備良好條件可如先前所述，實現可觀的第一階（first order）訴訟效益，並隨時間推移受惠於第二階（second order）的市占提升。

In Brazil, performance remains encouraging with Betnacional AMPs over 40% higher year-over-year. We will soon integrate our proprietary pricing capabilities, unlocking a best-in-class parley product and promotional improvements ahead of the FIFA World Cup in June.

在巴西，表現仍令人鼓舞，Betnacional 的 APM（每月活躍玩家）年增超過 40%。我們將很快整合自有的訂價能力，解鎖同級最佳的串關（parlay）產品，並在 6 月 FIFA 世界盃前提升促銷方案。

In APAC, we saw modest year-over-year growth in sportsbook APMs and handle. Rating, excluding greyhounds, were still declining year-over-year, was ahead of our expectations. We also welcome advertising restrictions announced in April and believe Sports Bet is well placed to build on its market-leading position.

在 APAC（亞太），我們的體育博彩 APM 與投注額（handle）年增小幅成長。評分（rating）在排除靈緹賽（greyhounds）後，雖仍呈年減，但優於我們的預期。我們也歡迎 4 月公布的廣告限制，並相信 Sportsbet 具備良好條件可在其市場領先地位上再接再厲。

Overall, I'm pleased with how we've executed on our priorities across the group and particularly in the US, we've made significant progress embedding the improvements discussed in Q4. FanDuel's predicts is building momentum and I'm excited about our market-making opportunity.

整體而言，我對我們在集團各項優先事項上的執行感到滿意，尤其是在美國，我們在落實第 4 季所討論的改善措施方面已取得顯著進展。FanDuel 的 predicts 正在累積動能，我也對我們創造市場（market-making）的機會感到振奮。

Internationally, our Snai and NSX integration is progressing well, and we are investing with commission in Brazil. We now have the right organizational structure in place to deliver against our strategic priorities, giving me confidence in the outlook for the year and our ability to deliver sustainable shareholder long-term value.

在國際市場方面，我們的 Snai 與 NSX 整合進展順利，且我們正以審慎態度在巴西投入資金。我們現在已建立正確的組織架構以落實策略優先事項，這讓我對今年的展望以及我們創造可持續的股東長期價值的能力充滿信心。

Finally, I wanted to note our plans to review our London Stock Exchange listing as we consider streamlining the dual listing. We expect this review to conclude during Q2, and we'll update on our findings at that time.

最後，我想提及我們計畫檢視在倫敦證券交易所的上市安排，因為我們正考慮精簡雙重上市架構。我們預期此檢視將於第 2 季完成，並會在屆時更新我們的結論。

I'll now hand you over to Rob.

接下來我把時間交給 Rob。

Thanks, Peter, and good afternoon, everyone. Group delivered 17% revenue growth in Q1 2026 with adjusted EBITDA up 2%. This reflected contributions from our Snai and Betnacional acquisitions and a positive year-over-year swing in sports results. Performance included 10% sportsbook revenue growth with excellent underlying momentum in SEA and the US showing encouraging signs of improvement, as Peter outlined.

謝謝你，Peter，各位下午好。集團在 2026 年第 1 季營收成長 17%，調整後 EBITDA 成長 2%。這反映了 Snai 與 Betnacional 併購案的貢獻，以及體育賽果帶來的年對年正向變化。表現包含體育博彩營收成長 10%，SEA 的基礎動能非常強勁，而美國也如 Peter 所述，呈現令人鼓舞的改善跡象。

We also delivered continued strong iGaming performance across the US, SEA and UKI, with total iGaming revenue growth 28%. Net income of $209 million declined $126 million year-over-year, driven by a [$71 billion] increase in interest expense and $122 million increase in depreciation and amortization. These were partially offset by an $88 million noncash year-over-year benefit from the Fox option fair value adjustment.

我們也在美國、SEA 與 UKI 持續交出強勁的 iGaming 表現，iGaming 總營收成長 28%。淨利為 2.09 億美元，年減 1.26 億美元，主要受利息費用增加（[$71 billion]）以及折舊與攤銷增加 1.22 億美元所致。上述影響部分被 Fox 選擇權公允價值調整帶來的 8,800 萬美元非現金年對年利益所抵銷。

Earnings per share and adjusted earnings per share declined to $1.23 and $1.22, respectively, reflecting the factors mentioned above and $61 million year-over-year noncontrolling interest benefit as we lapped the prior period. This included an expense reflecting Boyd's 5% ownership of FanDuel.

每股盈餘與調整後每股盈餘分別下降至 1.23 美元與 1.22 美元，反映上述因素，以及由於我們已跨越（lapped）前期基期而帶來的 6,100 萬美元年對年非控股權益利益。其中包含一項費用，反映 Boyd 對 FanDuel 的 5% 持股。

Net cash provided by operating activities increased by $142 million or 76% year-over-year primarily driven by positive year-over-year [excluding] player funds for $153 million from an outflow in the prior year related to Sisal lottery payout to an inflamed in the current quarter. This more than offset higher tax interest payments and assume the [APAC] contribution in the period to support our US advocacy initiatives.

營運活動提供的淨現金年增 1.42 億美元（或 76%），主要由年對年變化所驅動：在排除玩家資金後，現金流增加 1.53 億美元，從去年因 Sisal 彩券派彩造成的現金流出，轉為本季的現金流入。這已足以抵銷較高的稅款與利息支付，並假設本期納入 [APAC] 的貢獻以支持我們在美國的倡議（advocacy）計畫。

Capital expenditure was higher year-over-year due to lower prior year phasing in the quarter. As a result, free cash flow, including financing, CapEx and excluding player funds declined by 46%. There is no change to our full year 2026 capital expenditure guidance.

資本支出年對年增加，原因是去年同期在季度內的支出時點（phasing）較低。因此，自由現金流（包含融資、資本支出且排除玩家資金）下降 46%。我們對 2026 全年資本支出指引沒有變動。

Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. We continue to prioritize organic investment in our core business and strategic investment, including emerging opportunities such as prediction markets, which we continue to view as an optionality driven investment within a defined cost envelope.

我們嚴謹的資本配置政策，提供了因應不斷變化的市場環境與新興機會的彈性。我們仍優先投入核心業務的有機投資與策略性投資，包括預測市場（prediction markets）等新興機會；我們持續將其視為在既定成本框架內、由選擇權價值（optionality）驅動的投資。

While deleveraging is now a priority, buybacks also remain an important part of our capital allocation policy. At our Q4 earnings in February, we communicated our plans to return [$250 million] to shareholders commencing in H1. This tranche began in Q1 and remains ongoing. As of May 1, $190 million has been returned to shareholders. Consistent with our flexible approach, we will continue to evaluate the buyback program as we progress through the year.

雖然去槓桿（deleveraging）如今是優先事項，但庫藏股回購仍是我們資本配置政策的重要一環。在 2 月的第 4 季財報中，我們已溝通自上半年起向股東回饋 [$250 million] 的計畫。此一批次已於第 1 季啟動並仍在進行中。截至 5 月 1 日，已向股東回饋 1.90 億美元。秉持我們的彈性作法，我們將在今年推進過程中持續評估回購計畫。

From a leverage perspective, we ended Q1 with a leverage of 3.7 times. We expect leverage to decrease by the end of 2026, initially increasing through Q2 and Q3, reflecting the profitability profile of the business before reducing in and moving us towards our target ratio of 2 times to 2.5 times over the medium term. We also continue to drive efficiencies across the business and have already embedded significant cost savings through our ongoing cost transformation programs.

就槓桿而言，我們在第 1 季末的槓桿倍數為 3.7 倍。我們預期槓桿將在 2026 年底前下降；在第 2 季與第 3 季可能先上升，反映業務的獲利結構，之後再下降，並在中期朝我們 2 倍至 2.5 倍的目標區間邁進。我們也持續推動全公司效率提升，並已透過持續進行的成本轉型計畫內嵌了顯著的成本節省。

In international, we are on track to deliver the full $300 million run rate from our cost efficiency program by the year-end with most major milestones already achieved. We are now actively defining the next phase of cost transformation into 2027 and beyond with a clear emphasis on sustained cost discipline and operating leverage.

在國際業務方面，我們有望在年底前達成成本效率計畫每年 3 億美元的 run rate（年化節省），且多數主要里程碑已完成。我們目前也正積極規劃 2027 年及以後的下一階段成本轉型，並明確聚焦於持續的成本紀律與營運槓桿。

In the US, we are equally focused on cost efficiency with 2026 savings realized across initiatives, including payment provider efficiencies, improved supplier rates and overall process optimization. This includes the closure of our FanDuel TV racing network and FanDuel Picks products in 2026 in order to optimize costs and ensure investment is directed towards the highest return areas.

在美國，我們同樣聚焦成本效率，2026 年的節省將來自多項措施，包括支付服務供應商效率提升、供應商費率改善，以及整體流程最佳化。其中包含在 2026 年關閉 FanDuel TV 賽馬網路與 FanDuel Picks 產品，以最佳化成本並確保投資導向回報最高的領域。

Moving to our 2026 outlook. We are pleased with the trading momentum in April and our full year guidance is unchanged on an underlying basis, adjusting only for unfavorable Q1 sports results in the US and international and launch costs in Arkansas not previously included.

接著談我們對 2026 年的展望。我們對 4 月的交易動能感到滿意；在基礎口徑下，我們的全年指引維持不變，僅針對美國與國際在第 1 季不利的體育賽果，以及先前未納入的阿肯色州（Arkansas）啟動成本進行調整。

Guidance also reflects the internal transfer of management of our PokerStars North America business from our international business to the US.

指引亦反映將 PokerStars 北美業務的管理權，從國際業務內部移轉至美國業務。

Group revenue is now expected to be $18.3 billion at midpoint and adjusted EBITDA of [$2.865 billion] for the year, representing [12%] 1% year-year growth, respectively.

集團營收目前預期全年以中位數計為183億美元，經調整後EBITDA為[28.65億美元]，分別代表[12%]及1%的年對年成長。

Additional detail and guidance is available in today's release.To reiterate Peter's comments, I'm encouraged by the positive operational signals we are seeing, which give me conviction in our full year outlook. Peter and I are now happy to take your questions.

更多細節與指引已載於今日發布的公告中。重申Peter的評論，我對我們看到的正面營運訊號感到鼓舞，這讓我對我們的全年展望更有信心。Peter和我現在很樂意回答各位的提問。

I'll hand back to Samantha to manage the call.

我把電話交回給Samantha來主持會議。

(Operator Instructions)

(接線員指示)

Jordan Bender, Citizens.

Jordan Bender，Citizens。

I do want to start I guess the management changes over the last couple of months, but including today, from our perspective and some of the questions we're getting, like, how should we be viewing kind of these changes in real time? Is this an effort to kind of get back to where we were maybe to start the NFL season with Christian Dan? Or is this kind of a change in strategy on what you're trying to do, including maybe like willingness to spend on generosities.

我想先從過去幾個月（也包括今天）的管理層變動談起；從我們的角度以及我們收到的一些問題來看，例如，我們應該如何即時看待這些變動？這是否是為了回到我們之前的狀態，例如在NFL賽季開始時由Christian和Dan來帶領？或者這是否代表你們在想做的事情上出現策略轉變，包括例如在促銷贈送上的支出意願？

And then the second question, Robert, Peter, 2Q EBITDA, about $104 million by my math. Can you maybe just help us with some of the inputs to -- you have a lot of moving pieces in the quarter, just kind of how we get to that number.

第二個問題，Robert、Peter，按我的計算，第二季EBITDA大約是1.04億美元。你們能否協助我們理解一些推導到這個數字的關鍵因素——本季有很多變動項目，想請你們說明一下我們如何得到這個數字。

Jordan. Look, I'll take the first question I think Bob will probably pick up the Q2 EBITDA one. In terms of the management changes, now is the right time for us to put in place new leadership in the business. I'm excited to see what Christian and Dan can do. But we're getting on to the private foot as a business. The sportsbook improvement plan is working.

Jordan。我先回答第一個問題，我想Bob可能會接著回答第二季EBITDA那題。就管理層變動而言，現在是我們在業務中安排新領導團隊的適當時機。我很期待看到Christian和Dan能做到什麼。但作為一家公司，我們正轉為更積極主動的態勢。體育博彩改善計畫正在發揮作用。

We're starting to see some sequential benefits of it in the quarter. And I'm excited to see what we can do with our loyalty program is that launches and rolls out through the course of the year. I think we've been trading the business harder. I mentioned that the stuff we've been doing with the Mets and some other things, I think the team have been doing to get on the front foot which is working, and I'm pleased with the progress we're making with Bet Protect. So there's no change in our strategy or cost in the business.

我們開始在本季看到一些按季改善的效益。而且我也很期待我們的忠誠度計畫在今年推出並逐步擴展後能帶來的成果。我認為我們在業務經營上更積極進取。我提到我們與大都會隊（Mets）以及其他一些合作，我認為團隊為了更主動出擊所做的事情正在奏效；同時，我也對我們在Bet Protect方面的進展感到滿意。因此，我們的策略或成本結構沒有改變。

Just picking up on your Q2 question, Jordan, in terms of where we are. So there's no change in our expectations for Q2 and where we were previously. And actually, if you look at our trading at the moment, we're trading in line with our expectations, and we've actually seen some slightly favorable sports results in recent weeks.

接著回到你關於第二季的問題，Jordan，就我們目前的狀況而言。我們對第二季的預期以及先前的看法都沒有改變。事實上，如果你看我們目前的交易表現，我們與預期一致，而且近幾週我們也看到一些略為有利的體育賽果。

I think if you look at consensus, there's potentially some adjustments that need to be made to the phasing within that where it's slightly too high in Q2 and too low later in the year. The main things to consider in the year-on-year bridge, we're thinking about Q2 would be -- the prior year included about $70 million from sports results.

我認為如果看市場共識預估，可能需要對其中的時點分配做一些調整：第二季可能略偏高，而今年後段略偏低。就年對年橋接來看，我們在思考第二季時，主要要考量的是——去年同期包含約7,000萬美元來自體育賽果。

We've also got some prediction market spend in the forecast for this year in Q2, which we expect to ramp up slightly from Q1. And then we've got some marketing around the World Cup, which will kick off in Q2, and that's in addition to the new states investment that we'll continue to lay down around Missouri and Arkansas. And just from an undying perspective, clearly, as we said in Q1, we've got a slightly lower player base that we started the year off with and that flows through from an online perspective. But ultimately, no change in Q2 from our previous expectations.

此外，我們在今年第二季的預測中也包含一些預測市場（prediction market）的支出，預期會較第一季略為增加。另外還有圍繞世界盃的部分行銷活動，將在第二季啟動；這也是在我們持續對密蘇里州與阿肯色州等新州投資之外的額外投入。再從整體角度來看，正如我們在第一季所說，我們今年起步時的玩家基礎略低，這也會反映在網路端的表現上。但總體而言，第二季相較我們先前的預期沒有變化。

Barry Jonas, Truist.

Barry Jonas，Truist。

Great the prediction legal environment remains pretty active, I'd say. Curious to hear your expectations for how you think this plays out in the court. And does that weigh into how you think about your investment spend going into next year and beyond?

目前預測市場的法律環境仍相當活躍。想請教你們對於你們認為此事在法院將如何發展的預期。以及這是否會影響你們對明年及更長期投資支出的思考？

Barry. Well, you're certainly right that the -- there's a lot of noise around the legal position of serving solution markets. I think it's important that we remember a few things. I mean first of all, I think the team have made good progress recently. I think launching the market-making capabilities, the One App, which allows consumers wherever they are across Americas have access sports on FanDuel I think its important progress. And I think we demonstrated the strength of our brand, some of the stuff we did around March Madness.

Barry。你說得沒錯，關於提供解決方案市場（solution markets）的法律定位，確實有很多雜音。我認為重要的是我們要記住幾件事。首先，我認為團隊最近取得了不錯的進展。我認為推出做市（market-making）能力，以及One App，讓美洲各地的消費者無論身在何處都能在FanDuel上接觸體育內容，這是重要的進展。我也認為我們在三月瘋（March Madness）期間所做的一些活動，展現了我們品牌的實力。

So I'm excited about the incremental opportunity this presents for us. Until we get through and understand ultimately what the Supreme Court say, I think we're going to live with this uncertainty. I think in the meantime, we're going to continue to invest in the market-making we're really pleased with the early indications that we're seeing from that, and it's a good opportunity for us to monetize this business.

因此，我對這為我們帶來的增量機會感到興奮。在我們走完流程並最終了解最高法院會怎麼說之前，我認為我們將必須與這種不確定性共存。同時，我們會持續投資於做市能力；我們對目前看到的早期跡象非常滿意，這也是我們將此業務變現的良好機會。

And then from the core [fix] product, look, ultimately, we will acquire as many sports customers we can ultimately onto our regulated ASP products. And that's what our real focus is. And so that's -- our intention is to build a great sports experience for customers wherever they are in America. And that's what we're going to do with One App.

至於核心[fix]產品，最終來說，我們會盡可能把更多體育客戶導入我們受監管的ASP產品。這才是我們真正的重點。因此，我們的目標是在美國各地，無論客戶身在何處，都能為他們打造卓越的體育體驗。這就是我們要透過One App來做到的事。

Got it. And then just for a follow-up. I think a lot has happened since your 2024 Analyst Day and Street numbers are certainly adjusted. But I'm curious to get your thoughts at a high level if -- how you think about the path and timing about ultimately hitting those original targets.

了解。再追問一題。自你們2024年分析師日以來發生了很多事，華爾街的數字也確實做了調整。但我想從高層次了解你們的看法：你們如何看待最終達成當初原始目標的路徑與時間點？

Yes. Let me pick that one up, Barry. So ultimately, we still see a very compelling pathway to growth in the short to medium term, obviously, from the targets that we set out at the Capital Markets Day in 2024, it's right to assume that things have moved out to the right slightly given some of the underlying changes in the business since that time. But if you think about some of the key structural foundations that we set out at the Investor Day. We retained confidence of those, we retain confidence in our ability to be able to increase structural margin.

是的。Barry，我來回答這題。總體而言，我們仍然看到短中期非常具吸引力的成長路徑；當然，基於自2024年資本市場日以來業務基本面的一些變化，合理的假設是相較我們當時設定的目標，時程可能略微往後移。但如果你回想我們在投資人日所提出的一些關鍵結構性基礎。我們對這些仍有信心，也對我們提升結構性利潤率的能力保持信心。

We continue to see higher penetration. We continue to see move into new states in terms of regulated OSB. We said it would be 2% per year, and we've broadly seen that since. We said on new iGaming stake in the next three years. We're actually seeing some encouraging conversations and hopefully there'll be music moving in the right direction there.

我們持續看到更高的滲透率。在受監管的OSB方面，我們也持續看到向新州擴張。我們當時說每年2%，而我們大致上也確實看到這樣的進展。我們也提到未來三年會有新的iGaming州。目前我們看到一些令人鼓舞的對話，希望那邊會有更多正向進展。

So we're still feeling very confident about the longer-term plans. We need to trade through the next couple of quarters and see where we're exiting 2026, and we'll be able to give a bit more color at that point in time.

因此，我們對長期計畫仍然非常有信心。我們需要先走過接下來幾個季度，看看2026年結束時的狀況，屆時我們就能提供更多說明。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Great. Just going back to the market making and how you're able to integrate that into your product, can you talk about -- does that just give you the ability to merchandise that product better either through customer credits or other things you can do to drive engagement. Can you just talk about the importance of putting market making behind that.

很好。回到做市以及你們如何把它整合進產品中，你能否談談——這是否讓你們能更好地陳列/推廣該產品，例如透過客戶點數（credits）或其他方式來提升互動。能否談談在其背後導入做市的重要性？

Jed, you're right. that market making is an exciting opportunity. And I think it's a great way that we can showcase the quality of our pricing capabilities that we have in the business more generally. And so when we think about the opportunities, it's principally around the combos. We're going to be market making in those many platforms as we can.

Jed，你說得對。做市確實是一個令人興奮的機會。我認為這也是一個很好的方式，讓我們能夠展示我們在整體業務中所具備的定價能力品質。因此，當我們思考這些機會時，主要是在組合（combos）方面。我們會在盡可能多的平台上為這些產品提供做市。

And I think it's a good opportunity for us to monetize our pricing expertise in doing so. I think the point you're raising is the extent to which if we're doing it on our own platform, it may allow us to change the dynamics of the customer objective. I think there are some interesting possibilities to that, that we're of course we're considering.

我也認為，這是一個讓我們在此過程中將定價專業變現的好機會。我想你提出的重點是：如果我們是在自有平台上做，這可能讓我們改變客戶目標的動態。我認為這裡面確實有一些有趣的可能性，當然我們也正在評估。

Got it. And then just as a follow-up, just philosophically, in the US, how does the -- how do you guys kind of go maximizing for net win margin versus trying to drive maybe more players. Do you ever think about toggling down the net win margins maybe to get more players and maybe the net win margins in the US for whatever reason, might not be as high as other countries?

了解。接著追問一下，從理念上來說，在美國，你們如何在最大化淨贏利率（net win margin）與嘗試帶動更多玩家之間取得平衡？你們是否曾考慮過把淨贏利率調低一些，以吸引更多玩家；而且美國的淨贏利率可能因為某些原因不如其他國家那麼高？

The biggest driver of our net win margin is really the bet mix and the extent to which customers are building the same game parley products. And this is something that people want to do. And that's -- we're simply meeting that customer need. You then have to look at the relationship, of course, between the structural gross win margins of generosity and you've got to get the balance right between them. And as we know, if you don't get the balance right, you can see customers quickly become dissatisfied and not have that good experience.

我們淨贏利率最大的驅動因素，其實是投注組合（bet mix），以及客戶在多大程度上在建立同場比賽串關（same game parlay）產品。而這正是人們想做的事。所以我們只是滿足客戶需求。接著你當然要看結構性毛贏利率（gross win margins）與優惠力度（generosity）之間的關係，並且必須在兩者之間取得正確的平衡。而我們也知道，如果平衡沒抓好，客戶很快就會不滿意，體驗也不會好。

We've got lots of experience of that around the world. And I think we're well placed here in the states to deliver great experiences for our customers.

我們在全球各地對此有很多經驗。我認為在美國市場，我們也具備很好的條件，為客戶提供很棒的體驗。

Trey Bowers, Wells Fargo.

Wells Fargo 的 Trey Bowers。

I just wanted to revert back to kind of the cadence in the US as I just run the math on the second half loading it looks like Q2, the expectation is slightly down revenue and EBITDA down 75% year-over-year, but then the back half is 25% revenue growth and 100% EBITDA growth year-over-year.

我想回到美國業務的節奏。我把下半年加載（loading）的數字算了一下，看起來第二季的預期是營收略降、EBITDA 年減 75%，但下半年則是營收年增 25%、EBITDA 年增 100%。

So if you guys could just kind of dig in a little bit on another layer of kind of expectations, I don't know, around promotional activity or just some of the signposts we should look to that should help give confidence that back half loading is doable at this point.

所以如果你們能再多談一層對這些預期的看法，例如促銷活動（promotional activity）之類，或是我們應該關注哪些指標（signposts），能幫助我們對下半年加載在此時仍可達成更有信心。

Yes. Let me pick that up, Trey. So the first one I'd say that we set itself with our initial guidance with Q4 a couple of months ago, we said we anticipated sequential improvement as we move through the year on the top line, and that's something that we're starting to see already I think the best way to look at this simplistically, is to view the year in two halves. And in H1, broadly a continuation of the trends that we're seeing. As we said, we exited 2025 with a slightly smaller customer base, and we're seeing handle slightly down year-on-year with some improvement in Q2 versus Q1.

好的。Trey，我來回答這題。首先我要說的是，我們在幾個月前給出初始指引、並在 Q4 時就已經說過：我們預期隨著年度推進，營收端（top line）會逐季改善，而我認為我們已經開始看到這點。最簡單的看法，是把今年分成上下半年來看。上半年大致上是延續我們目前看到的趨勢。如我們所說，我們在 2025 年底時的客戶基礎略小一些，而我們看到投注額（handle）年對年略降，但 Q2 相較 Q1 有所改善。

We've also had some slight amounts to structural margin impacted by the sports mix. With the new launches in Arkansas that we talked about previously and also with Alberta in July and the World Cup but also see a slightly higher generosity in the first half, but actually for the year overall, we're anticipating a broadly similar generosity envelope.

此外，運動項目組合（sports mix）也對結構性毛利率帶來一些輕微影響。隨著我們先前提到在阿肯色州的新上線，以及 7 月的阿爾伯塔、世界盃等因素，上半年我們也會看到優惠力度（generosity）略高一些；但就全年而言，我們預期整體優惠力度區間大致相近。

So then into the second half of the year, we do lap a weaker prior year NFL performance, and we are expecting handle and structural revenue margins to move to some modest growth year-on-year. We also expect to get some significant efficiency in our generosity as we lap the launch of Missouri last year, and we also get the benefits from the loyalty program that we've launched that we're already starting to see some green shoots from.

進入下半年後，我們會遇到去年 NFL 表現較弱的比較基期（lap）。我們預期投注額（handle）與結構性營收毛利率（structural revenue margins）將轉為年對年溫和成長。我們也預期在優惠力度上能取得顯著效率提升，因為我們將跨過去年密蘇里州上線的比較基期；同時也會享受到我們已推出的忠誠計畫（loyalty program）帶來的效益，我們已經開始看到一些初步的正向跡象（green shoots）。

So to put it all together, we feel very comfortable. I think, as I said in the answer to the previous question, we've not moved from where we previously were and actually we always said that we'd have some sequential improvement as we move through the year, and we're starting to see that in the start of Q2. So we're quite comfortable with our position.

綜合來看，我們非常有信心。我想如同我在上一題的回答，我們並沒有偏離先前的看法；而且我們一直都說，隨著年度推進會有逐季改善，我們在 Q2 初期已開始看到這點。因此我們對目前的狀況相當放心。

And then just as a follow-up on the prediction market side, given you're up in the investment a little bit for the year. As we exit this year, what would you guys view as a success in terms of kind of user levels in the non-licensed states to prove out that the investment is playing out like you would like.

另外再追問一下預測市場（prediction market）方面，考量你們今年投資略有增加。當我們在今年結束時，你們會如何定義在非持牌州（non-licensed states）的用戶規模達到什麼程度，才算證明這項投資正如你們所期望地發揮效果？

We're not up in the level of investment. I think what I'd say around what we're doing with collection markets, there's opportunity to monetize this category through our market-making capabilities. ticketing in combos, and that's something you'll see us do. And then I think, look, we are focused on delivery of the One App is in the market now, and that lets us utilize and leverage the FanDuel brand nationally, right? So wherever you are, you can open the FanDuel sportsbook app up and access either regulated RSP, you hear like I am in Manhattan or if you're in California, you'd access our [politics] products.

我們的投資水準並沒有提高。我想就我們在「collection markets」所做的事情而言，透過我們的做市能力，這個類別有變現機會——在組合（combos）上的票券化（ticketing），這也是你們會看到我們去做的。然後我認為，重點是我們正在專注於交付 One App，它現在已經在市場上了，這讓我們能在全國範圍內使用並槓桿 FanDuel 品牌，對吧？所以不管你在哪裡，你都可以打開 FanDuel 體育博彩 App，並存取受監管的 RSP（例如我現在在曼哈頓），或者如果你在加州，你就能使用我們的[政治]產品。

And I think we want to acquire as many customers as we can on that in it through that platform. And I think leverage the national marketing that we already have. We know that FanDuel brand resonates very well. We're building out and improving the quality of our experience for customers. We know how to do this, and we will expand the catalog and deliver a much better experience for customers.

我認為我們希望透過那個平台盡可能獲取更多客戶。同時我認為也要利用我們既有的全國性行銷。我們知道 FanDuel 品牌的共鳴度非常高。我們正在建置並提升客戶體驗的品質。我們知道怎麼做，而且我們會擴充產品目錄，為客戶提供更好的體驗。

And so that's what we're focused on delivering this year.

因此，這就是我們今年專注要交付的內容。

It's worth also building [Slavon] Peter to say that we will remain very disciplined in terms of our investment around production markets. And if we will invest more as we see opportunities to do so and be great positions in at the end of the year if we're getting real traction, and we really want our shoulder behind the world with this.

另外也值得補充，[Slavon] Peter 要說的是：在預測市場（production markets）相關投資上，我們會保持非常嚴謹的紀律。如果我們看到有機會、且值得投入，我們會加大投資；若在年底時我們獲得真正的動能，我們也會處在很好的位置，並且我們確實希望在這件事上全力以赴。

But equally, we will follow same rigorous framework that's driven our success in the sportsbook business. and we will continue to monitor the returns in the CAC to LTV as we move through. But certainly, when the improved product is in place for the World Cup and then start with the NFL season, we certainly see some exciting opportunities.

但同樣地，我們會沿用推動我們體育博彩業務成功的那套嚴謹框架，並在推進過程中持續監控 CAC 對 LTV 的回報。不過可以確定的是，當改良後的產品在世界盃期間到位，並接著進入 NFL 賽季時，我們確實看到一些令人興奮的機會。

Jeffrey Stantial, Stifel.

Stifel 的 Jeffrey Stantial。

Can you hear me?

聽得到我嗎？

Yes, we can.

是的，聽得到。

Two from us. First, Peter, you mentioned in the release some challenges shipping product for prediction markets just at the velocity you would have expected or consistent with sports, given some regulatory constraints. Can you just talk about or clarify sort of where this bottleneck is most pronounced. Is there sort of a function of the JV partnership? Is this more the lack of guardrails that you're seeing from the CFTC, just sort of what explains this restriction the product development pacing?

我們有兩個問題。第一個，Peter，你在新聞稿中提到，由於一些監管限制，在預測市場的產品交付速度上，未能達到你原本預期的節奏，或至少不像體育那樣快。你能否談談或釐清一下，這個瓶頸最明顯是出現在哪裡？這是否與合資（JV）合作夥伴關係有關？還是說，這更多是因為你們從 CFTC 那裡看到的缺乏明確護欄（guardrails）？總之，是什麼原因導致產品開發節奏受到這樣的限制？

And then second, just a clarifying question. The release does not revenues were about $90 million ahead of your guidance in Q1, if you exclude the $45 million of hold impact. Can you just clarify where is this $90 million come from? Is this sort of core sports or casino is Arkansas or prediction markets and then the decision not to sort of flush this through to the guide?

然後第二個，只是想釐清一個問題。新聞稿中提到，若排除 4,500 萬美元的 hold 影響，第一季營收約比你們的指引高出 9,000 萬美元。可以請你們釐清這 9,000 萬美元是從哪裡來的嗎？這是來自核心體育或賭場、阿肯色州，或是預測市場？以及為什麼決定不把這部分反映到指引裡？

I'll pick up the [index] product question, first of all. I think we have made some good progress in the first quarter. I referenced that in the fact that we are now live with our unified One App is it's been important, I think, is a great step for us and most the market-making capabilities. I think we are working hard to improve the breadth of our sports coverage we have, particularly around sort of combat. And there have been some as I said in the release and challenges around that, I think it's principally around our ability to access the range of content on our -- rather than a sort of product front-end issue.

我先回答 [index] 產品的問題。我認為我們在第一季取得了一些不錯的進展。我提到我們現在已經上線了整合式 One App，這點很重要，我認為對我們而言是很大的一步，也提升了多數的做市能力。我認為我們正努力改善我們的體育賽事覆蓋廣度，特別是在格鬥類賽事方面。而且如我在新聞稿中所說，這方面確實有一些挑戰，我認為主要在於我們取得各類內容的能力——在我們的……而不是產品前端本身的問題。

And I'm confident that our teams have the capability to deliver great user experience and products for our customers.

我有信心我們的團隊有能力為客戶提供很棒的使用者體驗與產品。

If you look at the -- actually the Betfair Predicts product, which is live in the UK, I think it's a fantastic example of what the teams can deliver. And I know that there's a lot of work going on to make sure that we can expand the range of product particularly from a combo perspective onto our own platforms. And we will make sure that we adapt as we need to in order to win in sports.

如果你看——其實 Betfair Predicts 產品已在英國上線，我認為這是團隊能交付成果的一個極佳例子。我也知道目前正在進行大量工作，以確保我們能把產品範圍擴大，特別是從組合（combo）角度，延伸到我們自有平台上。我們也會確保在需要時做出調整，以便在體育領域勝出。

Picking up on your question around the underlying [beat], yes. So there were a couple of factors that we certainly saw some strong NBA handle in the quarter, which helped us offset the impact of slightly unfavorable sports results and the Arkansas launch. Thinking about the year as we set out our guidance a couple of months ago, we did say that we're taking a sense for a measured view to the guidance. It's early in the year. Encouragingly, we are seeing some early signs to our plans are gaining traction.

接著回到你關於基本面「超預期（beat）」的問題，是的。本季我們確實看到 NBA 的投注額（handle）表現強勁，這有助於抵銷體育賽果略為不利以及阿肯色州上線的影響。回到我們幾個月前提出全年指引時的思考，我們確實說過會以審慎、衡量過的角度來看待指引。畢竟現在還在年初。令人鼓舞的是，我們已看到一些早期跡象，顯示我們的計畫正在取得成效。

But given it's early in the year, we're not going to be updating the guidance at this stage aside from the technical factors mentioned in the release.

但由於現在仍在年初，除了新聞稿中提到的技術性因素外，我們此階段不會更新指引。

Bernie McTernan, Needham & Company.

Bernie McTernan，Needham & Company。

Great. First, just wanted to follow up on the continued theme on the second half ramp. Just maybe any building blocks you can give in terms of how you think you're going to get back to year-over-year handle growth in the second half of the year?

很好。首先，我想延續一下關於下半年加速成長的主題。你們能否提供一些「組成要素」，說明你們認為下半年要如何回到投注額（handle）年增成長？

And just by the response of the last question, it sounds like NBA is trending positively. Would it be possible to see if any sort of quarter-to-date trends on handle just so we can compare versus the 1Q results?

另外，從上一題的回覆聽起來，NBA 的趨勢是正向的。是否可以分享一下本季迄今（quarter-to-date）的投注額趨勢，讓我們可以和第一季結果做比較？

And then I have a follow-up.

然後我還有一個追問。

Yes. So as I mentioned, Bernie, we're pleased with the momentum that we're seeing at the moment. We see some positive year-on-year handle trends in NBA. As we talked about many times for our this school, we're not absent looking at hand as the one metric, and that's one of the factors and building blocks for the full year, but we don't actually need to see a huge incremental improvement from where we are in the year-on-year handle variance for us to hit the targets that we set out in the guidance, that we set out. We're also anticipating a small amount of structural margin expansion as we move into the second half of the year, which should be helped by the mix of sports.

好的。如我提到的，Bernie，我們對目前看到的動能感到滿意。我們看到 NBA 的投注額（handle）有一些正向的年增趨勢。正如我們多次談到的，對我們而言，我們不會只把投注額當作唯一指標；它是全年的一個因素與組成要素，但其實我們不需要在目前的年增投注額差異上看到非常大的額外改善，就能達成我們在指引中設定的目標。我們也預期在進入下半年時，結構性毛利率會有小幅擴張，這應該會受惠於運動項目的組合。

And as I said, for the overall generosity envelope for the full year, we're expecting that to be broadly in line. But I'd say in the short term, we're seeing some encouraging trends, and it's absolutely in line with our expectations and the phasing that we did certainly set out when we look at our guidance.

另外，如我所說，就全年整體的「讓利（generosity）額度」而言，我們預期大致會維持一致。但我會說，短期內我們看到一些令人鼓舞的趨勢，這也完全符合我們的預期，以及我們在指引中所設定的時程分布（phasing）。

And Bernie, I think the -- when I look at the sportsbook improvement plan, the changes that we're delivering the benefits were saying to things by to already the perception data that I'm seeing clearly demonstrates the benefits we're getting from the very early cohort into the program. Excited to see what happens when we roll that out of the full year. The bet protect stuff, I think, is getting real traction. So there's a lot of good things coming down the track, which I think we see the benefits of already. And as we get to the back half of the year, I think we'll -- we'll see those in full rollout, and we'll get the full benefit of the.

而且 Bernie，當我看我們體育博彩（sportsbook）改善計畫時，我們正在推動的變更與所帶來的效益——我看到的認知（perception）數據已清楚顯示，從非常早期納入計畫的那一批用戶（cohort）身上，我們已經獲得了好處。很期待當我們在全年全面推廣後會發生什麼。我認為 bet protect 相關的內容正在獲得真正的動能。所以接下來還有很多好事在路上，我們認為現在就已經看到一些效益。而當我們進入下半年，我想我們——我們會在全面上線時完整看到這些，並獲得全部的效益。

Okay. And then just one financial question. Just gross margin in the US were almost 200 basis points lower year-over-year despite revenue growth. What was the major driver there? Any one-timers? Was this just launch impacting the promotional spending? Just any puts and takes you provide there would be helpful.

好的。然後一個財務問題。美國的毛利率在營收成長的情況下，年對年仍低了將近 200 個基點。主要驅動因素是什麼？有任何一次性因素嗎？這只是因為新州上線導致促銷支出增加嗎？如果你們能提供一些增減因素（puts and takes）會很有幫助。

Yes. There's a couple of facts. I think one would be the tax increases that we've seen year-on-year from a state perspective. We have New Jersey, Illinois, Louisiana, which is approximately 220 basis points total. So that's probably the main moving part.

是的。有幾個因素。其中之一是我們看到各州層面的稅率年對年上升。包括新澤西、伊利諾伊、路易斯安那，合計約 220 個基點。所以這大概是主要的變動因素。

And of course, when you look at this year-on-year, the sports results impact to take into account. We're making great progress, as we've said before, and things like payment and fraud costs, and we've really got cost of sales in our cross-sales in terms of how we make more efficiencies as we move forward. But the main movement margin-wise year-on-year will be down to the tax changes.

當然，做年對年比較時，也要把體育賽果的影響納入考量。如我們先前所說，我們在支付與反詐欺成本等方面取得了很大進展；在銷售成本上，我們也在交叉銷售等面向持續提升效率，以便未來更有效率。但就毛利率年對年的主要變動而言，會主要來自稅制變化。

Ben Shelley, UBS.

Ben Shelley，UBS。

I've just got two. One on US promotions. I'd like to understand more about how US online sports betting promotions in the quarter, excluding state launches, how did they fare on a same-state basis?

我有兩個問題。第一個關於美國促銷。我想更了解本季美國線上體育博彩的促銷情況：若排除新州上線，在同州（same-state）基礎上表現如何？

And then with regards to prediction markets and CAC inflation. Can you comment on whether you're seeing any inflationary impact on customer acquisition costs from prediction market-related marketing spend?

第二個關於預測市場與 CAC 上升。你們能否評論一下，是否看到因預測市場相關的行銷支出而導致客戶取得成本（CAC）出現通膨式上升的影響？

Ben, why don't I pick up the question around the production market inflation. And I think from our perspective, we are not seeing any change in terms of the competitiveness we have in the market. We have reasonably long-term deals in place for a lot of our marketing deals with our partners. And so we're not subject to the vagaries of short-term fluctuations in people trying to spend more money on that. So I think it's -- it remains a very competitive place, but it has been for some time.

Ben，關於預測市場造成的成本上升這題我來回答。以我們的角度來看，我們沒有看到市場競爭態勢出現任何變化。我們與合作夥伴在許多行銷合作上都有相對長期的合約安排。因此，我們不太會受到短期波動的影響——例如有人試圖在這方面投入更多資金所造成的起伏。所以我認為——這仍然是一個競爭非常激烈的領域，但其實已經競爭了一段時間。

And I think the nature of our national partners and deals that we have put us in a clinical space.

而且我認為，我們的全國性合作夥伴以及我們所簽訂的合作協議，讓我們處於一個相對有利的位置。

Yes. When you look at the generosity year-on-year, you have to take in probably about 50 basis points from the new states. I think our focus at the moment is on how do we get the big bang for buck from our generosity lay down across our customer base.

是的。當你看年對年的讓利（generosity）時，你大概需要把新州帶來的約 50 個基點納入考量。我認為我們目前的重點是：如何讓我們在整個客戶基礎上的讓利投放，取得最大的投資報酬。

And as Peter outlined earlier, I think we've seen some really encouraging response so far from the changes we've made and the customer feedback has been incredibly positive from bet protect plus and so the early days of the new loyalty scheme in sportsbook that we launched. So we're really positive about that.

正如 Peter 先前所概述的，我認為我們已經看到我們所做變更帶來一些非常令人鼓舞的回應，而且客戶對 bet protect plus 的回饋極為正面；同時，我們在體育博彩（sportsbook）推出的新忠誠度方案也仍在早期階段。因此我們對此非常樂觀。

We've said previously that our generous envelope for the full year, we anticipate being broadly in line with 2025, and we've not changed our view amount.

我們先前已表示，就全年而言，我們預期我們較為慷慨的投入額度大致會與 2025 年一致，而我們對投入金額的看法並未改變。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

The first one is on prediction markets. How do you think about the cadence of the spend on prediction markets, 2Q, 3Q, 4Q in light of the fact that I assume that the One App is not necessarily where you wanted to eventually be in terms of the product level, but then also the sports calendar, do you need to be there in a big way for World Cup. Do you want to wait and save dry powder for NFL? And how do you sort of balance that sports calendar as well against that?

第一個問題是關於預測市場（prediction markets）。考量到我假設 One App 在產品層級上未必是你們最終想達到的狀態，以及體育賽事日程，你們如何看待在預測市場的支出節奏——第二季、第三季、第四季？你們是否需要在世界盃時大舉投入？你們會想要等待、把火力留到 NFL 嗎？你們又如何在體育賽程與上述因素之間取得平衡？

Yes. Let me pick up on that, Brandt, in terms of how we're currently thinking about that. So starting off in Q1, that was really about testing and learning for us really in terms of generosity and marketing around our predict products and demonstrating our ability to be able to acquire customers and actually establish some presence in the category. We spent a circa $40 million in Q1.

是的。Brandt，我來接著回答，談談我們目前對此的思考。首先在第一季，對我們而言主要是測試與學習，特別是在我們的 Predict 產品的優惠力度與行銷方面，同時也用來證明我們有能力獲取客戶，並在該類別中建立一定的存在感。我們在第一季投入約 4,000 萬美元。

As I said in my previous answer, it's pretty early days, but actually, we've always said consistently that we anticipate the majority of our spend on this to be in the second half of the year and our view has not changed. So we will invest behind the World Cup, and we expect to ramp our spend slightly from where we've been in Q1 in Q2.

如同我在上一個回答中所說，現在仍屬早期階段，但我們一直一致地表示，我們預期大部分相關支出會落在下半年，而我們的看法並未改變。因此我們會在世界盃期間加大投資，並且預期第二季的支出會較第一季略為提高。

We also retain the right to flex that, as I mentioned earlier, because we're going to closely be looking at the returns that we're getting on CAC and LTV basis on the prediction customers that come into our ecosystem. And then we really want to get behind the start of the NFL season in the second half of the year. But we need to make sure that we've got the right products in place to do that.

此外，我們也保留彈性調整的權利，如我先前提到的，因為我們會密切檢視進入我們生態系的預測客戶，在 CAC（客戶取得成本）與 LTV（客戶終身價值）基礎上的回報。接著我們也非常希望在下半年 NFL 賽季開打時加大投入。但我們必須確保屆時已具備正確的產品配置。

And we'll be looking at the prediction investment envelope alongside what we're doing in our core sports book as well. And as we've always said, our capital allocation framework, we'll be investing where we see the best returns in the business.

同時，我們也會把預測市場的投資額度，與我們在核心體育博彩（sportsbook）上的作為一併評估。而且如同我們一直所說，依照我們的資本配置框架，我們會把投資放在能在業務中帶來最佳回報的地方。

But we don't see the overall envelope changing from where we were previously at we predict at this point in time, but it's an evolving picture. As I said earlier, it would be great to be here at the end of the year, saying we're actually spending more because it's really taking off behind NFL in the second half of the year.

但就目前而言，我們不認為整體額度會偏離先前在 Predict 方面所設定的水準，不過這是一個持續演變的情況。如我先前所說，如果到了年底我們能說：因為下半年 NFL 帶動而真正起飛，所以我們實際上投入更多——那會是很棒的結果。

Okay. Great. And then just a separate question on iGaming that market in the US slowed a little bit sequentially and one of your key competitors hinted at that being a tougher competitive environment, yet you guys outgrew the market and gained share. How sustainable is that sort of performance that you saw?

好的。很好。另外一個獨立問題是關於 iGaming：美國市場的成長率按季略有放緩，你們的一家主要競爭對手也暗示競爭環境變得更艱難；但你們的成長卻超越市場並提升市占。你們認為這種表現有多可持續？

And do you also think that the market's gotten any either less growthy or more competitive sequentially?

你們是否也認為市場按季來看變得成長性較弱，或競爭更激烈？

We were really pleased with the iGaming performance in Q1. The AMPS were up 10%, revenue was up 19%, and revenue growth from the direct casino customers was even higher. So to some extent, our performance was impacted by the fact we came into the year with a smaller sports business.

我們對第一季 iGaming 的表現非常滿意。AMPS 成長 10%，營收成長 19%，而直接娛樂場（casino）客戶帶來的營收成長更高。因此在某種程度上，我們的表現也受到一個因素影響：我們在年初時的體育業務規模較小。

I think the focus we've had on our Rewards Club, and this is a sort of second year we've had the program, the focus on our exclusive content and the relationships we have with the key influencers has been really important for the business. And I think the team is doing a great job executing.

我認為我們對 Rewards Club 的聚焦——這是我們推行該計畫的第二年——以及對獨家內容的投入，還有我們與關鍵意見領袖（influencers）之間的合作關係，對業務都非常重要。我也認為團隊在執行上做得非常出色。

As it relates to market growth, the market can't keep growing at the same percentage rates, right, because it becomes -- as the market grows, you inevitably see some slowdown. But when I look at the market penetration level, there's still a long way to go. So I think the team are executing well, and we've got the leading position in iGaming, and we're performing well.

至於市場成長，市場不可能永遠以相同的百分比速度成長，對吧，因為它會變成——隨著市場規模擴大，你不可避免會看到一些放緩。但當我看市場滲透率水準時，仍然還有很長的路要走。所以我認為團隊執行得很好，我們在 iGaming 也具領先地位，表現也很強。

(Operator Instructions)

(接線員指示)

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

Just in time. I wanted to ask on your generosity investment -- reinvestment in FanDuel OSB. Is it fair to say that largely started in March. I'm wondering if [AMPs] grew in April?

剛好趕上。我想問你們在 FanDuel OSB 的慷慨度投資——也就是再投資。可以說這主要是從三月開始的嗎？我想知道 [AMPs] 在四月是否有成長？

Did you have a second question, Joe, are you just taking one.

Joe，你還有第二個問題嗎？還是你只問一題？

Yes, sure. For the World Cup, Peter, you had mentioned another exchange that you could plug into. Will you be plugged into that more than the CME going into the World Cup?

有的，當然。關於世界盃，Peter，你提到還有另一個你們可以接入的交易所。在世界盃之前，你們接入那個交易所的程度會比接入 CME 更深嗎？

Let me take -- I'll take the World Cup question and then follow up on your first question. We want to make sure that we have a compelling sports offering for our customers as we can. We have got a very exciting set of products that brings for our regulated ASP, leveraging the flutter edge and the global expertise we have in soccer. So we're excited about that and opportunity to bring customers onto the platform.

我先回答——我先回答世界盃的問題，然後再回到你的第一個問題。我們希望盡可能確保為客戶提供具吸引力的體育產品。我們有一套非常令人振奮的產品組合，可用於我們受監管的 ASP，並運用 Flutter 的優勢以及我們在足球方面的全球專業能力。因此我們對此以及把客戶帶到平台上的機會感到興奮。

I think from [Predict] product, we do have the right to connect up with other venues is something we are focused on and the timing of it is tight, but we see where we can get to in terms of that for the World Cup.

我認為就 [Predict] 產品而言，我們確實有權利與其他場域（venues）進行串接，這也是我們正在聚焦的方向；時程確實很緊，但我們會看看在世界盃之前就此能推進到什麼程度。

Yes. On your first question, Joe, from an AMPs [Geno] perspective. So as we've said, we're laying down a number of new initiatives, which we're very pleased with some of the traction that we're getting and we are seeing sequential improvement in a number of our KPIs from Q1 into Q2. We're not getting a hung up on any one metric. But across the board, we're seeing a lot of green on the dashboard, which is helpful.

是的。回到你的第一個問題，Joe，從 AMPs [Geno] 的角度來看。如同我們所說，我們正在推進多項新措施，我們對目前取得的一些進展感到非常滿意，而且我們也看到多項 KPI 從第一季到第二季呈現連續改善。我們不會只執著於單一指標。但整體而言，我們在儀表板上看到很多綠燈，這很有幫助。

We also have some noise. We said we'd see this around March badness where we had a very customer-friendly period in the prior year, and you always get some noise around handle and AMPS as you move through that period, but actually we'd be taking the March Madness that we had this year over last year and the day over the week. So we're quite pleased with the way that, that played through for us. And we're pleased with the momentum that we're now seeing into Q2.

我們也有一些雜訊。我們說過會在三月瘋（March Madness）期間看到這種情況，因為前一年同期我們經歷了一段對客戶非常友善的期間；當你走過那段期間時，投注額（handle）與 AMPS 周邊總會出現一些雜訊，但實際上，就今年相較去年而言，我們會選擇今年的 March Madness，不論是按日或按週來看。所以我們對其對我們的影響方式感到相當滿意。而且我們也對目前進入第二季所看到的動能感到滿意。

Ed Young, Morgan Stanley.

Ed Young，摩根士丹利。

In your shareholder letter, Peter, you said that you've got a clear plan of improvement for the sportsbook, and you've laid out a lot of the product and kind of iterations that are coming. But I wonder if you could sort of help us take a step back and give a bit more of the diagnosis of what you think has gone wrong within the business? Obviously, you've made some changes and it's good to see some decisiveness there.

Peter，你在致股東信中提到，你們對體育博彩（sportsbook）有一個明確的改善計畫，也列出了許多即將推出的產品與迭代。但我想請你協助我們稍微退一步，提供更多你對業務內部究竟出了什麼問題的診斷？顯然你們已做出一些改變，也很高興看到你們在這方面的果斷。

But on a bigger picture level, where is the business not been doing what it should have been doing? And are there any kind of beyond organizational changes, any kind of macro changes in terms of how FanDuel need to approach the market in terms of competitive intensity or promotional intensity. It doesn't sound like that's what you're saying, but you're also saying that Dan Taylor is coming in to sort of review and oversee the business. So please use your diagnosis and perhaps could you share some of it with us today.

但從更宏觀的角度來看，業務在哪些方面沒有做到它本應做到的？另外，除了組織層面的調整之外，是否還需要任何宏觀層面的改變，例如在競爭強度或促銷強度方面，FanDuel 應該如何切入市場？聽起來你並不是這麼說，但你同時也提到 Dan Taylor 會進來某種程度上檢視並監督這項業務。所以請運用你的診斷，也許今天可以和我們分享其中一些看法。

Evening. Well, evening your time, Ed. I think we've been pretty clear around what the issues are for us from a sports perspective in the US And I would describe the intentions of the team as being one way, we just -- we're getting back to focus on the customer-first approach, yes. And we've seen that with the way in which we've been trading the business in the last -- in this last quarter where I mentioned in my opening remarks, the stuff we've been doing around the Mets, I think there's been some good sort justice refunds the team have been doing.

晚上好。嗯，Ed，對你那邊來說是晚上好。我想我們已經相當清楚地說明了我們在美國體育業務面臨的問題。我會形容團隊的意圖是一致的——我們正在重新聚焦於以客戶為先的做法，是的。而且我們也從最近——在這一季的業務操作中看到了這點；我在開場致詞提到，我們圍繞大都會隊（Mets）所做的一些事情，我認為團隊做了一些很不錯的、某種程度上帶有「公正退款」性質的回饋。

And I think it's engaging and it gets you on the front from a sort of social perspective. And that's important to do. And I think it's something which we do around the world.

我認為這很有互動性，也能讓你在社群層面站到前台。而這是重要的。我想這也是我們在全球各地都會做的事情。

I think that, Bet Protects product was important as we needed to deal with the issue of injuries, which was -- has been a real challenge for us in the market. And I think we've got a great solution in place. As I mentioned, we've seen the twice the level of engagement that we had expected with that product already and there's certainly plenty of ways in which you can see us evolving it in time.

我認為 Bet Protect 產品很重要，因為我們需要處理傷病問題——這一直是我們在市場上的一大挑戰。我認為我們已經有了一個很好的解決方案。如我所提到的，我們已經看到該產品的互動程度達到我們原先預期的兩倍，而且未來也確實有很多方式可以讓你看到我們隨時間推進去演進它。

Clearly, one way we can evolve it is with the launch of the loyalty or reward program, there may be tiers of it, for example, where we can give customers access to feedback protect. And so the integration of all of the different aspects of the product is something which is going to be really important for us to make sure that we're offering great value to our customers. So there's -- this isn't about a fundamental change in posture of margin and generosity or anything like that. I think we know what we need to do around loyalty. We know we need to do around the injury stuff.

很明顯，我們可以演進它的一個方式，是推出忠誠度或獎勵計畫；例如可能會有不同等級（tiers），讓我們可以提供客戶使用 Bet Protect 的權限。因此，把產品各個不同面向整合起來，對我們而言將非常重要，以確保我們為客戶提供很高的價值。所以——這並不是關於在毛利與讓利程度等方面做根本性的姿態改變或類似的事情。我想我們知道忠誠度方面需要做什麼。我們也知道傷病相關的事情需要做什麼。

We are getting better on the front foot from a trading perspective. And I think we're making lots of progress there.

從交易（trading）角度來看，我們正變得更積極主動。我認為我們在那方面取得了很多進展。

I think the two other things I'd pull out from a product perspective is we have superior structural growth rate margins in comparison with everyone else in the market. And that's something which is -- doesn't have back and I think it's as a result of the quality of our accuracy of our pricing, and that's something that's really important and it's something that we intend to continue to invest behind and sustain. And I think that is a feature that you see from us in all of our markets.

我想從產品角度另外兩點值得提出：我們相較於市場上其他所有人，擁有更優越的結構性成長率毛利（margins）。而這點——不會消失；我認為這是我們定價精準度與品質所帶來的結果，這非常重要，我們也打算持續投入並維持。我想這也是你在我們所有市場都能看到的特徵。

And the other aspect I'd pick on is there's a lot we're doing from a sort of core product hygiene perspective. And it sounds like these are simple things. The IRS launch time is now less than two seconds. We've got full screen streaming available for key sports. We've upgraded some of our live betting with simplified Same Game Parlay buildings, and you could track five bets on the lock screen. small enhance unlike that, that we will continue to roll out and deliver and actually, the cadence of delivery of this stuff is all being improved with our sort of investment and focus in AI.

另外一個我想強調的面向是，我們在核心產品「衛生」（hygiene）層面做了很多事情。聽起來這些都是些簡單的事。IRS 的啟動時間現在少於兩秒。我們針對關鍵運動項目提供全螢幕串流。我們也升級了部分即時投注，提供更簡化的同場串關（Same Game Parlay）建立流程，而且你可以在鎖定畫面追蹤五筆投注。像這類小幅強化，我們會持續推出並交付；而且實際上，這些功能交付的節奏也都在改善，這得益於我們在 AI 上的投資與聚焦。

So the throughput we're seeing from a product perspective is stepping up materially. And it's really exciting to see that translate into the product that customers are seeing in their hands on their phone. So there's no change in strategy, I think we've got clarity. I think we're putting customers first, and we're getting back on the front foot, and we're starting to see the sequential benefits of that.

因此，從產品角度來看，我們看到的產出速度（throughput）正在顯著提升。而看到這些轉化成客戶在手機上實際拿到手的產品體驗，真的很令人振奮。所以策略沒有改變；我認為我們很清楚方向。我認為我們把客戶放在第一位，我們正重新變得更積極主動，也開始看到這樣做所帶來的連續性效益。

Estelle Weingrod, JPMorgan.

Estelle Weingrod，摩根大通（JPMorgan）。

I've got one in the UK Sports handle was a negative 5%. You mentioned in your remarks an improving momentum in March. Could you elaborate on the actions you are taking in the UK in that segment? And how is the improvement confirmed and sustained in April and May?

我有一個關於英國的問題：體育投注額（Sports handle）下滑了 5%。你在發言中提到 3 月動能有所改善。你能否更詳細說明你們在英國該業務板塊採取了哪些行動？以及這項改善在 4 月與 5 月是如何被驗證並得以延續的？

I mean the biggest drag on performance in the UK is Sky Bet. And -- but we are an area where we're seeing now sequential improvements coming as time passes by since the migration we've seen a big step change. If we look at revenues up 9% on a normalized basis in March, which is compared with flat for the Q1 period as a whole. So good sequential improvements in sports.

我的意思是，英國表現最大的拖累是 Sky Bet。不過——我們現在看到，隨著遷移（migration）後時間推進，改善正逐季出現；我們已經看到一個很大的階段性變化。如果看 3 月在常態化（normalized）基礎上的營收成長 9%，相較之下第一季整體是持平。所以體育業務有不錯的逐月／逐季改善。

And I think from a gaming perspective, we're also making progress. And if I look at the leading indicators, we've had the highest customer acquisition volumes 5 years onto the brand. Sky Gaming has now got more than 1 million customers, which is the first time ever that happened in March. And actually, the iLOQ and CryCheck rank the second. So there's been a big step-up in how that's perceived from a customer perspective.

而且我認為從遊戲（gaming）角度來看，我們也在取得進展。如果我看領先指標，我們的客戶獲取量達到該品牌 5 年來的最高水準。Sky Gaming 現在已有超過 100 萬名客戶，這是史上第一次在 3 月達成。而且實際上，iLOQ 和 CryCheck 的排名是第二。因此，從客戶觀感角度來看，確實有很大的提升。

And it's number one for betting interface in [aesthetics]. There's been a strong chat lots of other metrics we could talk about. I think from my perspective, it just feels very similar to the experience we had post the Paddy Power migration where there was a first year sort of reset and then we've obviously seen very strong performance from [Kalshi] And we've now got great products for the Sky customers. We've addressed some of the issues that we've seen post migration, and I think we're starting to see some of the green shoots come through.

而且在[美觀度]方面，它的投注介面排名第一。還有很多其他指標顯示出強勁的變化，我們也可以談。我認為就我個人而言，這感覺非常類似於我們在 Paddy Power 遷移之後的經驗：第一年會有一個重置期，之後我們顯然看到 [Kalshi] 的表現非常強勁。而現在我們也為 Sky 的客戶提供了很棒的產品。我們已經解決了遷移後看到的一些問題，我想我們開始看到一些初步的正向跡象浮現。

Paul Ruddy, Davy.

Paul Ruddy，Davy。

Just one follow-up on the US generosity and customer acquisition journey. Just regarding paybacks on the state launches, and I suppose the customers you're trying to --

我想就美國的讓利程度與客戶獲取進程再追問一點。主要是關於各州上線（state launches）的回收期（paybacks），以及我想你們試圖要爭取的客戶——--

Paul, we've lost you. Sam are you still there?

Paul，我們聽不到你了。Sam，你還在線嗎？

Yes. We will move on to the next question and reconnect Paul when we can.

是的。我們先進行下一個問題，等可以的時候再把 Paul 重新接回來。

Chad Beynon, Macquarie.

Chad Beynon，麥格理（Macquarie）。

Just one for me. Just given your previous success in acquiring brands, most of which had podium positions. Given the stock dislocation right now in our sector, whether it's B2C, B2B, sports data, affiliate, what's your appetite to maybe do another deal at this time given depressed valuations in the market?

我這邊只有一個問題。考量到你們過去在收購品牌方面的成功經驗，其中多數都具備領先地位。鑑於目前我們產業的股價錯位（stock dislocation），不論是 B2C、B2B、體育數據、聯盟行銷（affiliate），在市場估值偏低的情況下，你們此時再做一筆交易的意願有多大？

We have done plenty of deals, as you say, Chad, I think we've been really pleased with the progress we're making with the integration in Brazil. It's going to be great to see the benefits of the pricing and promo capabilities go into that business ahead of the Soccer World Cup. I think it's going to be super exciting to see what Snai do with all of the capabilities we'll give them access to now that the migrations happen successfully there. There's a lot for us to go after across the business. We are always open to sort of M&A, if we think that the prices are right.

Chad，如你所說，我們做過不少交易；我想我們對於巴西整合進展非常滿意。在足球世界盃之前，把定價與促銷能力的效益導入那項業務，會非常棒。我認為看到 Snai 在當地遷移成功完成後，運用我們現在能提供給他們的各項能力，會非常令人興奮。我們在整個業務上有很多可以追求的機會。如果我們認為價格合適，我們一向對併購（M&A）保持開放態度。

I think right now, for us, we are continuing to focus on those integrations. And there's a lot to do in the US business. We also need to acknowledge our sort of leverage and I think there's a focus the moment on deleveraging.

我認為就目前而言，對我們來說，我們會持續專注於那些整合工作。而在美國業務方面還有很多事情要做。我們也需要認知到我們的槓桿水準，我認為目前的重點是去槓桿。

Ryan Sigdahl, Craig Hallum.

Ryan Sigdahl，Craig Hallum。

This is Will on for Ryan. Just wanted to ask on sort of some of the portfolio optimization we've seen lately. You shuttered FanDuel Picks last month, FanDuel TV racing is shutting down. I think that fair in Mexico has also ceased operations. Just curious if there's an increased focused on sort of portfolio and resource optimization and if there are any other products and/or markets that are being considered?

我是代替 Ryan 的 Will。想請教一下，關於我們最近看到的一些投資組合優化。你們上個月關閉了 FanDuel Picks，FanDuel TV racing 也將停止營運。我想在墨西哥的 fair 也已停止營運。想了解是否正在加大對投資組合與資源優化的關注，以及是否還有其他產品和／或市場正在被納入考量？

Yes. Will. I mean this is a constant focus for us in terms of optimization and efficiencies and the decisions that we take around FanDuel TV and Picks easy for us in terms of where we want our focus to be in the US with FanDuel at the moment and actually a bit in particular with FanDuel TV that delivers some good cost efficiency for us. I think with regards to the broader portfolio across the group, we will continually review but as we sit here today at the moment, the majority of our brands are performing well for us, and that's not a problem that we have in the near, we'll continue to focus on costs and where opportunities present themselves will lead into that.

是的。Will。我的意思是，就優化與效率而言，這一直是我們持續關注的重點；而我們在 FanDuel TV 和 Picks 上所做的決策，對我們來說很容易，因為目前我們希望在美國以 FanDuel 為核心聚焦的方向很清楚；而且特別是 FanDuel TV，能為我們帶來不錯的成本效率。至於集團層面的更廣泛投資組合，我們會持續檢視；但就目前而言，我們大多數品牌的表現都很好，短期內這不是我們面臨的問題。我們會持續專注於成本，並在機會出現時採取行動。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

So Peter and Rob, just maybe super high level. We noticed that there was an application for a direct FCM license recently. Just wondering if any of the management changes may allow for a bigger or slightly bigger rethink on strategy and your approach to vertical integration in prediction markets.

Peter 和 Rob，先從很高層次問一下。我們注意到最近有一項申請直接 FCM 牌照的動作。想請問管理層變動是否可能讓你們在策略上、以及在預測市場的垂直整合做法上，進行更大或稍微更大的重新思考？

And then, Rob, if we could just give a little color for the second half on sort of your thoughts around revenue contribution and what's baked into the guide directionally, obviously, not solid numbers, but directionally for production markets in terms of contribution in the second half.

另外，Rob，如果可以的話，能否就下半年提供一些補充說明：在營收貢獻方面，你們的想法是什麼？以及在指引中大方向上（當然不是具體數字）對預測市場在下半年貢獻的假設是什麼？

Sure. I'll be very brief because you've asked two questions. On the license application, I think in general, I'd get back to what I was referring to earlier on the call. We want to make sure that we can adapt and do what we need to do in order to win. I mean, I think we're very much focused on ensuring that we can build a great sports solution for customers wherever they are.

好的。我會很簡短，因為你問了兩個問題。關於牌照申請，我想大致回到我先前在電話會議中提到的重點。我們希望確保自己能夠因應變化，並做出我們需要做的事情以取得勝利。我的意思是，我們非常專注於確保能在客戶所在的任何地方，為他們打造一個很棒的體育解決方案。

And we need to make sure we've got the right range of products available to them. We're connecting to other venues at the moment. But of course, we have made an application which provides us with further optionality. We've got to adapt and do what we need to do in order to win for our customers.

而我們需要確保提供給他們的產品組合足夠完整。我們目前正在連接其他交易場域。但當然，我們也提出了申請，這能為我們帶來更多選擇性。我們必須因應變化，並做出我們需要做的事情，為客戶贏得勝利。

And on the Prediction market revenue contribution, we're not guiding in detail this as I think that the best indication that you can take short is what mentioned earlier in the sense that we intend to step up the spend as we move through the year. So we'll see some uptick in Q2. And then we'll intend to do more behind the NFL in Q3 and get more detail next time.

至於預測市場的營收貢獻，我們不會就此提供細部指引；我認為你能採用的最佳短期指標，是我先前提到的：我們打算隨著年度推進而提高支出。因此我們會在第二季看到一些上升。接著我們打算在第三季、配合 NFL 做更多投入；下次再提供更多細節。

John DeCree, CBRE.

John DeCree，CBRE。

Peter and Rob for taking all of our questions. Maybe an easy one. I think there was a comment about reduced cross-sell from sportsbook to [iCasino] in the US. Obviously, iGaming results kind of offset that. But we kind of assume that might just be the lower AMPs in the sports platform in the quarter, but curious if there was any change in behavior among cross-sell?

Peter 和 Rob，謝謝你們回答我們所有問題。也許問個簡單的。我想你們提到在美國從體育博彩到 [iCasino] 的交叉銷售有所下降。顯然 iGaming 的結果某種程度上抵消了這點。但我們推測這可能只是因為本季體育平台的 AMP 較低所致；不過想確認一下，交叉銷售行為是否有任何改變？

You answered the question, John. That's exactly the point. We've seen very strong performance in the direct casino part of our business as we always have. And with a smaller phase coming into the year, it impacted our denominator effectively. So this is not an issue in terms of any change in behavior other than that.

你已經回答了這個問題，John。就是這個原因。我們在直營線上賭場（direct casino）業務方面一如既往表現非常強勁。而由於年初進來的基期較小，實際上影響了我們的分母。因此，除了這點之外，並不存在行為改變的問題。

And we continue to be the top brand for awareness and preference on casino customers. So we'll continue to harness that.

而且我們在賭場客戶的品牌認知與偏好方面仍是第一品牌。所以我們會持續善用這一點。

Monique Pollard, Citi.

Monique Pollard，花旗。

I just had a question on this market-making capability in the US around production markets as you're trialing it and then you're going to be launching it later in the year. It feels to me like potentially that could be quite a material opportunity. So just trying to understand if you think it can be quite material over time and whether in that second half US adjusted EBITDA guidance, anything is baked in for that market-making capabilities that ramp up through the year?

我想問的是，關於你們在美國針對預測市場所進行試行、並計畫在今年稍晚推出的做市能力。我感覺這可能是一個相當重大的機會。所以想了解你們是否認為長期來看它可能相當具規模；以及在下半年美國調整後 EBITDA 指引中，是否已納入這項做市能力隨年度推進而爬坡的任何影響？

I've spent time with the team who are doing this market-making. I'm excited about it. I mean it's Greg. We're making money today from offering this capability, particularly focused on combos and leveraging the pricing expertise we have it. It's small scale at the moment.

我花了一些時間和負責做市的團隊交流。我對此感到很興奮。我是 Greg。我們今天就已經透過提供這項能力在賺錢，特別聚焦在組合（combos），並運用我們所具備的定價專業。目前規模還不大。

And we will launch our own platform in the coming months. And I think we'll then better step up the volumes that we're doing.

而我們會在接下來幾個月推出自有平台。我認為屆時我們就能更好地提升我們所做的交易量。

The only bit that's factored into our guide at the moment is the investment. And look, we need to wait and see how we are, and then we can talk to you about the revenues that we're generating. But I think we're -- I think we've got some conviction around our ability to offer a very compelling service in this area between the pricing expertise that we have.

目前納入我們指引的只有投資部分。而且你看，我們需要再觀察實際進展，之後再和你們談我們所產生的營收。但我認為我們——我認為我們對於在這個領域提供非常具吸引力的服務有一定信心，這來自於我們所具備的定價專業。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Just curious, how did the Kalshi and polymarket striking partnerships with the major US sports leagues impact how you plan to partner or approach the leagues going forward?

想請教一下，Kalshi 和 Polymarket 與美國主要體育聯盟達成合作，這對你們未來與聯盟合作或接觸聯盟的方式，有什麼影響？

I think from our business perspective, we have relationships with lots of leagues and sport bodies and teams across the country. We want to be the -- we are the number one place for people to go for regulated online sports betting. And I think we want to be the premier destination for sports, whether that's through OSB or the prediction market routes. And I think our One App allows us to do that dynamically. So wherever you travel across America, you better access our products and capability.

從我們業務的角度來看，我們與全國許多聯盟、體育組織以及球隊都有合作關係。我們希望成為——我們就是——人們進行受監管線上體育博彩的首選平台。而且我認為我們希望成為體育的首要目的地，不論是透過 OSB 或預測市場的途徑。我認為我們的 One App 讓我們能夠動態地做到這一點。因此，無論你在美國各地旅行，你都能更好地使用我們的產品與能力。

And I think we can leverage our national sort of advertising as a consequence of that. And I think there will be some interesting questions and conversations for us to have with those leagues and sporting bodies and other relationships we have.

而且我認為，作為其結果，我們可以運用我們全國性的廣告投放。我也認為，對我們而言，接下來會有一些有意思的問題與對話，將與那些聯盟與體育組織，以及我們擁有的其他合作關係展開。

Okay. I think we have no further questions now. So I'd like to thank everybody for dialing in and asking us all the questions. Much appreciate it if you have any follow-ups or other questions, please let us know afterwards. Thank you.

好的。我想我們現在沒有其他問題了。因此我要感謝各位撥冗參與並向我們提問。如果你們有任何後續或其他問題，請在會後告訴我們，非常感謝。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。