Flutter Entertainment PLC (FLUT) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Flutter Entertainment Q2 2026 earnings call. (Operator Instructions)

感謝各位稍候。我是 Greg，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Flutter Entertainment 2026 年第二季（Q2）財報電話會議。（接線員指示）

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

現在我想把電話交給集團投資人關係總監 Paul Tymms。Paul？

Hi, everyone, and welcome to Flutter's Q2 update call. With me today are Flutter's CEO, Peter Jackson; and CFO, Rob Coldrake. After this short intro, Peter will open with a summary of our operational progress, and then Rob will go through our Q2 financials and our updated guidance for 2026. We will then open the lines for Q&A.

各位好，歡迎參加 Flutter 的 Q2 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。在這段簡短開場之後，Peter 將先就我們的營運進展做摘要，接著 Rob 會說明我們 Q2 的財務表現以及更新後的 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）構成前瞻性陳述，涉及風險、不確定性及其他因素，可能導致實際結果或成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 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 statement, except as required by law. Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures. Reconciliations are included in the results materials we have released today available 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的義務。同時，在我們的發言或回答問題時，將討論非 GAAP 財務衡量指標。對應調節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。

I will now hand you over to Peter.

現在我把時間交給 Peter。

Thank you, Paul. Good morning, everyone, and thank you for joining us. Before we get into the results, I wanted to say a few words about the announcement we made this morning. After nearly nine years as CEO, this is the right time to hand over to Dan, and I'll be stepping down at the end of September.

謝謝你，Paul。各位早安，感謝各位加入。在進入業績之前，我想先談幾句我們今天早上發布的公告。在擔任執行長將近九年後，現在是把職務交棒給 Dan 的適當時機，我將於九月底卸任。

It's been an enormous privilege to lead this business, and I do so with tremendous confidence in Flutter's future and the team we've built and in Dan's leadership. One thing I've always tried to do throughout my time as CEO is to take a long-term view of how we create value for shareholders.

能夠領導這家公司是莫大的榮幸；我對 Flutter 的未來、我們打造的團隊，以及 Dan 的領導能力都充滿信心。在我擔任執行長期間，我一直努力以長期視角思考如何為股東創造價值。

That has sometimes meant making decisions that weren't universally welcomed in the moment because we believe they will strengthen the business over the long term. In 2019 and 2020, for example, we continued to invest heavily in FanDuel at a time when many questioned those decisions because of the impact on near-term earnings.

這有時意味著在當下做出並非所有人都歡迎的決策，因為我們相信這些決策將在長期強化公司。例如在 2019 與 2020 年，我們在許多人質疑其對短期獲利影響的情況下，仍持續大幅投資 FanDuel。

Looking back, those investments proved to be the right thing to do. They strengthened our competitive position and laid the foundations for the business we have today. And we're making the same type of decision again today. We see a significant opportunity to invest behind our leadership in US sports betting and iGaming, strengthening our proposition and positioning the business for future growth.

回頭看，這些投資證明是正確的選擇。它們強化了我們的競爭地位，並為今日的業務奠定基礎。而我們今天再次做出同類型的決策。我們看到一個重大機會：加大投資以鞏固我們在美國運動博彩與 iGaming 的領導地位，強化產品主張，並為未來成長做好布局。

We recognize that this weighs on near-term earnings, but we're convinced it's the right thing to do to maximize long-term shareholder value. With that, let me turn to our results. We've delivered an encouraging quarter relative to our expectations, and I'm pleased with the progress we're making across the business.

我們理解這會對短期獲利造成壓力，但我們堅信這是最大化長期股東價值的正確作法。接下來我談談我們的業績。本季表現相較我們的預期令人鼓舞，我也對我們在各項業務上的進展感到滿意。

In the US, we've implemented our new leadership structure, made good progress on our sportsbook improvement plan and further expanded our prediction market offering and capabilities. For H2, we'll be delivering an improved value proposition for our customers, a move we believe is critical to strengthening our number one position in the highly competitive US market, aligned with our new customer first strategy and better positioning the business for market share gains in 2027 and beyond.

在美國，我們已落實新的領導架構，運動博彩（sportsbook）改善計畫取得良好進展，並進一步擴展我們的預測市場（prediction market）產品與能力。展望下半年（H2），我們將為客戶提供更佳的價值主張；我們相信這對於在競爭激烈的美國市場鞏固我們的第一名地位至關重要，並與我們新的「客戶優先」策略一致，同時也讓公司在 2027 年及之後更有利於提升市占。

During Q2, US revenue was 6% lower year-over-year, reflecting a 6 percentage point growth impact from customer-friendly sports results as the Knicks legendary win in June put some cash back in our customers' wallets in time for the World Cup. Customer engagement was excellent throughout the NBA finals and the FIFA World Cup. And even when you adjust for these marquee events, underlying sportsbook trends were in line with our expectations as our sportsbook improvement plan continues to deliver.

Q2 期間，美國營收年減 6%，反映出因對客戶有利的賽事結果而帶來 6 個百分點的成長影響；例如尼克隊在 6 月的傳奇勝利，讓部分資金回到客戶口袋，趕上世界盃期間的投注。在 NBA 總冠軍賽與 FIFA 世界盃期間，客戶互動表現非常出色。即使剔除這些指標性賽事的影響，運動博彩的基本趨勢仍符合我們預期，因為我們的運動博彩改善計畫持續帶來成效。

We continue to see a limited cannibalization impact from prediction markets on our existing customer base in regulated sportsbook states. And we believe FanDuel's operational execution and outperformance, both in recent state launches and during key marquee events, confirms the strong demand for traditional sports betting products when sports content is compelling.

我們持續看到，在已受監管的運動博彩州別中，預測市場對既有客群的蚕食效應有限。我們也認為，FanDuel 在近期州別上線及關鍵指標性賽事期間的營運執行與優於市場的表現，證實當運動內容具吸引力時，市場對傳統運動博彩產品仍有強勁需求。

We expanded our loyalty program to 70% of customers this quarter, which has helped with engagement metrics with 82% of customers surveyed saying the Rewards Club improved their experience and more than half saying it lifts their betting activity. We also introduced BetProtect+, our best-in-market injury protection feature and enhanced our soccer offering for the World Cup, leveraging the Flutter Edge to offer unique features such as SuperSub. And while FanDuel trends have been encouraging, the market continues to be subdued, and we estimate that the market grew by around 5% in H1.

本季我們將忠誠度計畫擴展至 70% 的客戶，這有助於提升互動指標；在受訪客戶中，82% 表示 Rewards Club 改善了他們的體驗，且超過一半表示該計畫提升了他們的投注活動。我們也推出 BetProtect+（我們市場上最具競爭力的傷病保障功能），並針對世界盃強化足球產品，運用 Flutter Edge 提供如 SuperSub 等獨特功能。儘管 FanDuel 的趨勢令人鼓舞，市場整體仍偏疲弱；我們估計上半年（H1）市場約成長 5%。

Although we continue to closely monitor the implications of the growth in prediction markets on the broader online sports betting market, we believe the market is yet to rebound from the disappointing NFL performance experienced in Q4 2025. We firmly believe market growth will ultimately return to higher levels with more compelling content driving stronger customer engagement.

雖然我們持續密切關注預測市場成長對更廣泛線上運動博彩市場的影響，但我們認為市場尚未從 2025 年第四季（Q4 2025）NFL 表現不如預期所帶來的影響中回升。我們堅信，隨著更具吸引力的內容帶動更強的客戶參與，市場成長最終將回到更高水準。

Though our forecasts prudently assume market growth rates in H2 will be broadly consistent with those seen in the first half. The US leadership changes we recently implemented are working, and we are well positioned to deliver improved performance through a more competitive customer-led proposition.

不過，我們的預測仍審慎假設下半年（H2）的市場成長率大致與上半年相近。我們近期在美國推動的領導層調整正在發揮作用，透過更具競爭力、以客戶為導向的產品主張，我們已具備條件帶來更佳表現。

In fact, the encouraging underlying signs we're seeing give us the confidence to increase generosity to customers and improve our value proposition. And while this proactive action will result in a reduction in near-term profitability, investing behind customer momentum is an approach that has consistently served us well.

事實上，我們看到的基本面正向訊號令人鼓舞，使我們有信心提高對客戶的回饋力度並改善價值主張。雖然這項主動作為將導致短期獲利能力下降，但在客戶動能之上加碼投資，一直是對我們非常有效的方法。

This momentum and the current market dynamics mean now is the right time to move from a focus on margin growth to prioritizing AMPs and growing ARPU. This will position us well to extend our leadership in the US market and capture further share in 2027.

這股動能以及目前的市場動態，意味著現在是從著重毛利率成長，轉向優先提升 AMPs 並成長 ARPU 的適當時機。這將使我們能夠延續在美國市場的領導地位，並在 2027 年取得更多市占。

Turning now to prediction markets. We view prediction markets as an attractive opportunity. And while we are closely monitoring their impact on the broader online sports betting market, we continue to see prediction markets as incremental to sports betting and iGaming, growing the overall market by capturing new demand.

接著談預測市場。我們認為預測市場是一個具吸引力的機會。雖然我們正密切監測其對更廣泛線上運動博彩市場的影響，但我們仍將預測市場視為對運動博彩與 iGaming 的增量補充，透過捕捉新的需求來擴大整體市場。

Our own prediction market offering, FanDuel Predicts, allows us to acquire customers ahead of sports betting regulation in new states while delivering incremental economics in the meantime. And while operational progress in H1 was slower than planned, we are gaining traction and have a clear road map for improvement.

我們自有的預測市場產品 FanDuel Predicts，讓我們能在新州別運動博彩尚未受監管前先行獲客，同時在此期間帶來增量經濟效益。儘管上半年（H1）的營運進展較原計畫緩慢，我們正逐步取得進展，並已制定清晰的改善路線圖。

The integration of the Crypto.com exchange to expand our sports offering ahead of the FIFA World Cup has significantly enhanced our product proposition. And in coordination with CME, we have agreed that all FanDuel Predicts sports and novelty contracts will now be moved to crypto.com while continuing to provide our customers access to CME's extensive financial markets.

為在 FIFA 世界盃前擴展我們的運動產品而整合 Crypto.com 交易所，已顯著強化我們的產品主張。並且在與 CME 協調下，我們已同意將所有 FanDuel Predicts 的運動與新奇（novelty）合約移轉至 crypto.com，同時仍持續讓客戶可接觸 CME 廣泛的金融市場。

This new exchange arrangement will ensure we can deliver new products at pace ahead of the NFL season start. Our One App offering is also enabling us to leverage FanDuel's nationwide brand equity, driving both accelerated penetration and marketing efficiencies. We believe we're also uniquely positioned to provide liquidity for combination markets across different prediction market platforms with a market-making offering that can scale rapidly and at low incremental investment.

這項新的交易所安排將確保我們能在 NFL 賽季開始前，以更快速度推出新產品。我們的 One App 產品也使我們能運用 FanDuel 的全國性品牌資產，推動更快速的滲透並提升行銷效率。我們也相信，憑藉可快速擴張且增量投資低的做市（market-making）方案，我們具備獨特優勢，能為不同預測市場平台之間的組合市場提供流動性。

It is very early days, but we would expect to generate approximately $50 million of revenue from Market Making this year, demonstrating both the good progress made so far and the potential opportunity.

目前仍處於非常早期階段，但我們預期今年可從做市業務（Market Making）產生約5,000萬美元的營收，這同時展現了迄今為止取得的良好進展以及潛在的機會。

Turning now to international. We've made good progress in the quarter. We strengthened our market-leading position in Italy and leveraged the power of the Flutter Edge to drive record engagement during the World Cup. As a result, revenue grew 10%, including the benefit of our Snai and Betnacional acquisitions.

接著談國際業務。我們在本季取得良好進展。我們鞏固了在義大利的市場領先地位，並運用 Flutter Edge 的力量，在世界盃期間帶動創紀錄的互動參與。因此，營收成長10%，其中包含我們收購 Snai 與 Betnacional 所帶來的貢獻。

AMP growth in the quarter was impacted by the closure of our India business last year. Italy continues to deliver exceptional levels of growth across both sportsbook and iGaming, and our revenue performance continues to outpace the market as we extend our market leadership. This was despite the short-term impact from the Snai migration, which we successfully completed back in April.

本季 AMP 的成長受到我們去年關閉印度業務的影響。義大利在體育博彩（sportsbook）與 iGaming 兩方面持續交出卓越的成長水準，隨著我們擴大市場領導地位，營收表現持續領先市場。儘管 Snai 遷移帶來短期影響，我們已於4月成功完成該遷移。

As expected, the migration resulted in a brief period of share loss, but performance recovered strongly in June as customers embrace a significantly expanded product offering with AMPs increasing 30% in June and strong parlay penetration during the World Cup. SEA iGaming revenues were up 34%, driven by new and exclusive content in Italy and an expanded product offer in Turkey.

如預期，遷移導致短暫的市占下滑，但6月表現強勁回升，因客戶接受了大幅擴充的產品供給，6月 AMP 成長30%，且世界盃期間串關（parlay）滲透率強勁。東南亞（SEA）iGaming 營收成長34%，主要受義大利新增且獨家內容，以及土耳其擴大的產品供給所帶動。

The post-migration recovery in Snai and the strength of our first half performance in both Italy and Turkey give us confidence in sustaining this strong growth in the second half. In the UKI, SkyBet customers are adapting well to the new highly rated user interface, driving a sequential improvement in SkyBet performance, while overall iGaming growth in the UKI remains robust at 7%.

Snai 遷移後的復甦，以及我們在義大利與土耳其上半年表現的強勁，使我們對下半年維持此一強勁成長更具信心。在英國與愛爾蘭（UKI），SkyBet 客戶對全新且評價甚高的使用者介面適應良好，帶動 SkyBet 表現較前一季改善；同時 UKI 整體 iGaming 成長仍維持強勁，達7%。

The increase in UK iGaming tax became effective in April. As a leading operator in the market, we are confident in the delivery of our first order cost savings and in our ability to gain share as other operators begin to react to this increase. In Brazil, good operational progress, including the integration of Flutter's product and pricing capabilities into our local platform was offset by more challenging market conditions driven by government social economic measures.

英國 iGaming 稅率上調已於4月生效。作為市場領先營運商，我們對於落實第一階段成本節省充滿信心，並相信當其他營運商開始因應此一上調時，我們有能力提升市占。在巴西，良好的營運進展（包括將 Flutter 的產品與定價能力整合至我們的在地平台）被更具挑戰的市場環境所抵銷，該環境主要由政府的社會經濟措施所驅動。

This resulted in Flutter Brazil organic revenue declining year-over-year, in line with the market. We will continue to enhance our sportsbook product offering with further product rollouts enabled by the integration and improve iGaming generosity mechanics in the second half of the year. Brazil remains an attractive long-term opportunity, and we are focused on building a market-leading platform that scales our customer base and delivers strong returns.

因此，Flutter 巴西的有機營收年減，與市場走勢一致。我們將持續強化體育博彩產品供給，透過整合所帶來的進一步產品上線，同時在下半年改善 iGaming 的讓利機制（generosity mechanics）。巴西仍是具吸引力的長期機會，我們專注於打造可擴大客戶基礎並帶來強勁報酬的市場領先平台。

Our performance in APAC was broadly in line with expectations, with positive performance in key sports offsetting continued softness in racing. And while excellent execution in CEE saw us gain market share in all of our main markets. And finally, we've also announced today that we've initiated the next phase of Flutter's cost transformation, reshaping our cost base to fund our next stage of growth. Rob will cover this in more detail shortly.

我們在亞太（APAC）的表現大致符合預期，關鍵運動項目的正向表現抵銷了賽馬持續疲弱的影響。同時，我們在中東歐（CEE）的卓越執行，使我們在所有主要市場皆提升了市占。最後，我們今天也宣布已啟動 Flutter 成本轉型的下一階段，重塑成本基礎以支應下一階段的成長。Rob 稍後會更詳細說明。

To close, I'm encouraged by the progress we've made in Q2. In the US, we're delivering continued sequential improvement in key sportsbook metrics alongside sustained iGaming growth. The new US leadership team is driving a renewed customer-first approach, and our proactive investments will help place us in the best possible position for growth in 2027.

總結來說，我對我們在第二季取得的進展感到鼓舞。在美國，我們在關鍵體育博彩指標上持續呈現逐季改善，同時 iGaming 成長維持穩健。新的美國領導團隊正推動重新聚焦「以客戶為先」的方法，而我們的前瞻性投資將協助我們在2027年取得最佳的成長位置。

Within International, we are executing at pace and Flutter Edge-enabled product improvements are driving our momentum in the second half. I'm confident that the choices we're making today from investing in the US to expanding our TAM with FanDuel Predicts and Market Making, strengthening our international businesses and advancing the next phase of cost transformation will deliver sustainable long-term value for our shareholders.

在國際業務方面，我們以快節奏執行，並由 Flutter Edge 所驅動的產品改善正推動我們下半年的動能。我有信心，我們今天所做的選擇——從投資美國、透過 FanDuel Predicts 與做市擴大我們的 TAM（可服務總市場）、強化國際業務，以及推進成本轉型的下一階段——將為股東帶來可持續的長期價值。

And with that, I'll hand over to Rob.

接下來，我把時間交給 Rob。

Thanks, Peter, and good morning, everyone. Q2 performance was ahead of expectations with revenue growth of 3%, reflecting the benefit of M&A and excellent engagement during the FIFA World Cup across the US and international. This was partly offset by an adverse swing in US sports results year-over-year.

謝謝你，Peter，各位早安。第二季表現優於預期，營收成長3%，反映併購（M&A）的貢獻，以及美國與國際市場在 FIFA 世界盃期間的卓越互動參與。但部分被美國體育賽果相較去年同期的不利變動所抵銷。

The increase in UK gaming taxes and planned investments in both prediction markets and World Cup marketing resulted in adjusted EBITDA declining 45%. A net loss of $296 million for the quarter versus a net income of $37 million in Q2 2025 was primarily driven by the reduction in segment profitability and one-off historical tax costs of $95 million. These were partially offset by an improvement of $81 million and $171 million in other income, expense and taxation, respectively.

英國博彩稅上調，以及我們在預測市場與世界盃行銷上的計畫性投資，導致調整後 EBITDA 下滑45%。本季淨損失2.96億美元，相較於2025年第二季淨利3,700萬美元，主要由於分部獲利能力下降，以及一次性歷史稅務成本9,500萬美元所致。上述影響部分被其他收入、費用與稅項分別改善8,100萬美元與1.71億美元所抵銷。

Loss per share and adjusted loss per share declined to $1.57 and $0.49, respectively, reflecting these profitability factors and a noncontrolling interest benefit. Net cash provided by operating activities increased by $4 million with the increased net loss in the quarter, offset by the benefit of an increase in other current liabilities, including the impact of UK gaming tax increase, historical tax cost provisions and a positive swing in player deposit liabilities.

每股虧損與調整後每股虧損分別降至1.57美元與0.49美元，反映上述獲利因素以及非控股權益帶來的利益。營運活動提供的淨現金增加400萬美元；儘管本季淨損失擴大，但被其他流動負債增加所帶來的效益所抵銷，其中包括英國博彩稅上調的影響、歷史稅務成本準備，以及玩家存款負債的正向變動。

As a result, free cash flow, including financing CapEx and excluding player funds, reduced by 56% year-over-year. We ended Q2 with a leverage ratio of 4.3x. We expect our second half cash generation will drive a reduction in leverage by the end of 2026. We continue to prioritize organic investment in our core business and strategic initiatives, including emerging opportunities such as prediction markets, while also maintaining a clear focus on deleveraging the balance sheet.

因此，自由現金流（包含融資性資本支出 CapEx 且排除玩家資金）年減56%。我們在第二季末的槓桿比率為4.3倍。我們預期下半年的現金創造能力將推動槓桿在2026年底前下降。我們仍優先投入核心業務與策略性計畫的有機投資（包括預測市場等新興機會），同時也持續明確聚焦於降低資產負債表槓桿。

We expect to return to our target leverage range of 2 to 2.5x in the medium term, consistent with our stated policy with exact timing dependent on the cadence of our strategic investments.

我們預期在中期回到2至2.5倍的目標槓桿區間，與我們既定政策一致；確切時點將取決於我們策略性投資的節奏。

Moving now to our group-wide cost transformation program. Phase 1 of our program is delivering ahead of expectations. We are on track to deliver in excess of the previously guided $300 million of savings by 2027 and $200 million of additional cost savings that were announced as part of our UK gaming tax mitigation plans also expected to be delivered in 2027.

接著談我們集團層級的成本轉型計畫。第一階段的成果優於預期。我們正按計畫在2027年前實現超過先前指引的3億美元節省，並且也將在2027年交付額外2億美元的成本節省（此為我們英國博彩稅緩解計畫的一部分並已對外宣布）。

Building on this significant progress, we have initiated the next phase of Flutter's cost transformation. Phase 2 reflects a broader program to reshape our cost base, build a more efficient, resilient cost structure for the long term and protect profitability. Through removing duplication, delivering technology efficiencies and leveraging AI, this cost action will reflect an evolution in how Flutter operates, leveraging our global scale while still maintaining a fundamental local focus on the customer.

在此重大進展基礎上，我們已啟動 Flutter 成本轉型的下一階段。第二階段是一項更廣泛的計畫，旨在重塑成本基礎，建立更高效率、更具韌性的長期成本結構，並保護獲利能力。透過消除重複、提升技術效率並運用 AI，此一成本行動將反映 Flutter 營運方式的演進：在運用全球規模的同時，仍維持以客戶為核心的在地聚焦。

We expect Phase 2 to deliver an additional $500 million of gross savings by 2029, providing the headroom to absorb inflationary pressures and known tax headwinds whilst freeing up capacity to invest in revenue-generating initiatives. In the US, we believe that this will ensure the business is well positioned for its next stage of growth.

我們預期第二階段將在2029年前帶來額外5億美元的總節省（gross savings），提供空間以吸收通膨壓力與已知的稅務逆風，同時釋放資源以投資於帶動營收的計畫。在美國，我們相信這將確保業務為下一階段成長做好充分準備。

In International, we expect that the benefits will underpin our 5% to 10% revenue growth algorithm by both protecting adjusted EBITDA margins in more mature markets and enabling investment in growth areas. These actions are also expected to drive a meaningful improvement in cash generation. Our plans are progressing well, and we will be in a position to share more details of our Q3 results in November.

在國際業務方面，我們預期其效益將支撐我們5%至10%的營收成長演算法（growth algorithm）：一方面在較成熟市場保護調整後 EBITDA 利潤率，另一方面也能支持對成長領域的投資。這些行動亦預期將顯著改善現金創造能力。我們的計畫進展順利，並將能在11月公布第三季業績時分享更多細節。

Moving now to our 2026 outlook. Early Q3 trading was ahead of expectations, reflecting good engagement in the knockout stages of the FIFA World Cup and slightly favorable sports results. Full year guidance is therefore updated to reflect positive impact of Q2 trading in US and international, expected market-making revenue and adjusted EBITDA benefit of $50 million, additional operating cost savings of $45 million delivered through our efficiency program in the US.

接著談我們對2026年的展望。第三季初的交易表現優於預期，反映 FIFA 世界盃淘汰賽階段的良好互動參與，以及略為有利的體育賽果。因此，我們更新全年指引，以反映第二季美國與國際交易表現的正面影響、預期的做市營收，以及調整後 EBITDA 5,000萬美元的增益，另包含透過美國效率計畫所實現的4,500萬美元額外營運成本節省。

The impact of confirmed one-week delay to the 2026, 2027 NFL season start, not previously captured in guidance of $75 million revenue and $50 million adjusted EBITDA, investment to strengthen our proposition and accelerate FanDuel sportsbook momentum, as Peter outlined earlier, and forward FX rates in international. These movements result in a reduction to our full year group revenue guidance of $395 million to $17.91 billion at the midpoint and a reduction of our adjusted EBITDA guidance of $210 million to $2.655 billion at the midpoint.

已確認的 2026、2027 年 NFL 賽季開季延後一週之影響（先前在 7,500 萬美元營收與 5,000 萬美元調整後 EBITDA 指引中未反映）、為強化我們的價值主張並加速 FanDuel 體育博彩動能而進行的投資（如 Peter 先前所述），以及國際業務的遠期匯率。上述變動使我們全年集團營收指引在中位數下調 3.95 億美元至 179.1 億美元，並使調整後 EBITDA 指引在中位數下調 2.10 億美元至 26.55 億美元。

We've also improved our capital expenditure guidance to $815 million to reflect incremental project efficiencies, also resulting in a reduction in depreciation and amortization guidance to $730 million.

我們也將資本支出指引改善至 8.15 億美元，以反映新增的專案效率提升，同時也使折舊與攤銷指引下調至 7.30 億美元。

Additionally, group transaction, restructuring and integration costs will be approximately $500 million, reflecting an increase of approximately $200 million from our previous expectations, primarily due to the initial cost to implement our 2026 cost efficiency programs and tax provisions of $95 million relating to historical India and US sales and use tax exposures. Additional detail on our guidance is available in today's release.

此外，集團交易、重組與整合成本約為 5.00 億美元，較先前預期增加約 2.00 億美元，主要由於推動 2026 年成本效率計畫的初始導入成本，以及與歷史印度與美國銷售稅及使用稅曝險相關的 9,500 萬美元稅務提列。關於我們指引的更多細節，請參閱今日發布的新聞稿。

Before I close, I'd like to acknowledge and thank Peter. His leadership over the past nine years has been instrumental in building Flutter into the global leader it is today. On a personal note, I've greatly valued his support and advice since becoming CFO, and I'm incredibly grateful for his partnership.

在我結束之前，我想向 Peter 致意並表達感謝。他在過去九年的領導，對於將 Flutter 打造成今日的全球領導者至關重要。就個人而言，自我擔任 CFO 以來，我非常珍視他給予的支持與建議，並對他的合作夥伴關係深表感激。

Having worked closely with Dan over the past six years, I'm equally confident that we have the right leader for the next phase of Flutter's journey. He knows our business exceptionally well, has played a central role in shaping our strategy, is ideally placed to lead the company as we continue to execute our strategy and deliver sustainable long-term shareholder value.

過去六年我與 Dan 密切共事，我同樣有信心我們已擁有帶領 Flutter 進入下一階段旅程的合適領導者。他對我們的業務有極其深入的了解，在塑造我們的策略上扮演核心角色；隨著我們持續落實策略並為股東創造可持續的長期價值，他是帶領公司前進的最佳人選。

In closing, I'm really encouraged by the momentum we have built through H1 and in particular, during the FIFA World Cup, which give me confidence in delivering our second half guidance.

最後，我對我們在上半年所建立的動能感到非常振奮，尤其是在 FIFA 世界盃期間的表現，這讓我對達成下半年指引更具信心。

Peter and I are now happy to take your questions.

Peter 和我現在很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Ed Young, Morgan Stanley.

Ed Young，摩根士丹利。

Thank you. Good afternoon. My first question is on the additional $270 million of EBITDA investment you're putting into the US business. Can you give us some color on how we should think about the components on that? Because obviously, on promotions, you've launched a new loyalty scheme.

謝謝。下午好。我的第一個問題是關於你們在美國業務額外投入的 2.70 億美元 EBITDA 投資。能否請你們說明一下我們應如何看待其組成？因為很明顯，在促銷方面，你們推出了新的忠誠度方案。

There were some events noise in Q2, but you're already at 540 basis points of promo spend. So some thoughts on that. And then on marketing, similarly, how we should think about the CAC to LTV that you're putting on the incremental marketing dollars you intend to put to work in the current competitive environment?

第二季有一些事件性雜訊，但你們的促銷支出已達 540 個基點。所以想聽聽你們對此的看法。另外在行銷方面，同樣想請教在目前競爭環境下，對於你們打算追加投入的行銷預算，我們應如何看待 CAC 對 LTV 的關係？

And then my second question, Peter, in your written remarks, you mentioned -- I think you reiterated in your verbal remarks as well about long-term thinking in the business. In your letter, you noted you're convinced Dan shares a similar mentality. I guess given your expectations for a mid-single-digit growing market in the US, at least for now, how do you weigh up the argument that some of your international markets might be as or more deserving of incremental investment than the US.

第二個問題，Peter，在你書面發言中你提到——我想你在口頭發言中也再次強調——關於業務的長期思維。在你的信中，你指出你相信 Dan 也有類似的心態。我想在你們預期美國市場至少目前為止是中個位數成長的情況下，你如何權衡一種觀點：也許你們某些國際市場同樣或更值得追加投資，而不是美國？

Thanks, Ed. No, I think what we have to focus on is the sportsbook improvement plan and the great progress we're seeing on that at the moment in FanDuel. If I think about the growth we saw in Handle around the NBA finals were up sort of 40% year-over-year per game.

謝謝你，Ed。不，我認為我們必須聚焦在體育博彩改善計畫，以及我們目前在 FanDuel 看到的重大進展。如果我回想 NBA 總決賽期間我們在投注額（Handle）的成長，每場比賽年增大約 40%。

Actives up 25% year-over-year, 2.3 million customers engaged in the World Cup, 1/3 of which have been reactivated. And in recent trading, I think we've seen record weeks from an MLB perspective. So I feel like we've got good momentum in FanDuel. The sportsbook improvement plan is working.

活躍用戶年增 25%，有 230 萬名客戶在世界盃期間參與，其中三分之一已被重新喚回。而在近期交易表現上，我認為我們在 MLB 方面也出現了創紀錄的週表現。因此我覺得 FanDuel 的動能相當不錯。體育博彩改善計畫正在發揮作用。

The changes we've made to loyalty, the generosity posture from a product perspective, things like BetProtect and of course, we bought SuperSub here in FanDuel around the world. So there's good momentum in the business. And I think what we've always found before is that when we've got great content, great products, we've invested behind it, and it's helped build a bigger business for the future.

我們在忠誠度所做的調整、從產品角度採取更慷慨的策略立場、像 BetProtect 這類功能，當然還有我們在 FanDuel 於全球範圍內收購了 SuperSub。所以業務動能良好。而我們過去一向發現，當我們擁有優質內容、優質產品，並在其背後加大投資時，這有助於為未來打造更大的業務。

And that's what we're intending to do. So we want to invest behind the momentum we're seeing at the moment. Rob, I don't know whether you want to pick up on the specifics.

這正是我們打算做的。因此我們希望在目前看到的動能之上加碼投資。Rob，我不確定你是否想補充一些具體細節。

Yes, a couple of points to add. I mean this is an investment in generosity spend, Ed. So it's a deliberate investment decision. As Peter said, we've made really good progress with the sportsbook improvement plan. In the last quarter, we're really encouraged by the customer response that we're seeing.

是的，我補充幾點。Ed，這是一項在「慷慨度支出」（generosity spend）上的投資，因此是刻意做出的投資決策。如 Peter 所說，我們在體育博彩改善計畫上取得了非常好的進展。在上一季，我們對目前看到的客戶回饋感到非常鼓舞。

We're also seeing really good returns on our marketing spend, both on sports and in casino, and that's been boosted by the World Cup, but the paybacks that we're seeing at the moment are excellent. This is a proactive decision that we're making around the longer-term US opportunity. We're really seeing an opportunity to lean in at the moment. It's working well, and we intend to continue that in H2 and exit 2026 with the strongest business possible.

我們也看到行銷支出帶來非常好的回報，無論是在體育或在賭場業務；世界盃確實帶來助益，但我們目前看到的回收期表現非常出色。這是我們針對美國長期機會所做的主動決策。我們確實看到此刻加大投入的機會。目前運作良好，我們打算在下半年持續推進，並在 2026 年結束時以盡可能最強的業務狀態收官。

And on the international versus US investment?

那關於國際市場與美國之間的投資取捨呢？

Well, I think we've always been very focused on investing behind organic opportunities across the business. If I look at the progress that we're making in Italy, in Turkey, in Central and Eastern Europe, the sequential improvements we're seeing in the UK, these are all benefiting from the investments we're making behind the business.

我認為我們一直非常專注於在整個業務中，針對有機成長機會進行投資。如果我看我們在義大利、土耳其、中東歐的進展，以及我們在英國看到的逐季改善，這些都受惠於我們對業務所做的投資。

And so look, I think we are focused on delivering the plans, driving growth in international and in the US market. And I think as Rob mentioned, we see good returns on the investments we're seeing here in the US and in international, and that's why we're investing behind both of them.

所以我想，我們的重點是交付各項計畫，推動國際與美國市場的成長。而如 Rob 所提，我們在美國與國際的投資都看到良好回報，這也是我們同時在兩者背後投入資源的原因。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

I wanted to get some maybe additional thoughts on what do you think is driving the softer market-wide trends in the US You comment on prediction market cannibalization, but curious with the increasing popularity of combos, if maybe those risks have increased from an OSB cannibalization perspective?

我想再請教一些看法：你認為是什麼因素導致美國整體市場趨勢較為疲弱？你提到預測市場的排擠效應，但我也好奇，隨著串關（combos）的受歡迎程度提高，從 OSB（線上體育博彩）被排擠的角度來看，這些風險是否有所增加？

Barry, I think we -- if we look at the success of the NBA Finals and the World Cup where with exciting content, we've seen really good engagement from a customer perspective. I just -- I mentioned the 2.3 million customers, one-third of those were reactivated going into the World Cup, seeing active numbers up 26% year-over-year on our NBA finals games. We're seeing very good content from a -- these are big marquee events.

Barry，我想我們——如果看 NBA 總決賽與世界盃的成功，在有吸引力的內容帶動下，我們確實看到客戶參與度非常好。我剛才提到 230 萬名客戶，其中三分之一在世界盃前被重新喚回；在我們的 NBA 總決賽賽事中，活躍數年增 26%。我們看到非常好的內容——這些都是大型的旗艦賽事。

And I think it's helping drive engagement from a customer perspective. Clearly, parlays are very popular for us, and we've made a bunch of changes to enable us to drive some improvements from a parlay penetration perspective through things like the World Cup and the NBA, which we delivered on. I think from the question around sort of cannibalization, we have seen, as we stated before, low single-digit impacts on the business. I look at this as incremental TAM.

我認為這有助於從客戶角度推動參與度。很明顯，串關（parlays）對我們非常受歡迎；我們也做了許多調整，透過世界盃與 NBA 等賽事，提升串關滲透率並取得成效。至於你提到的排擠效應問題，我們確實如先前所述，看到對業務造成低個位數的影響。我把這視為可服務市場總量（TAM）的增量。

These are -- there are opportunities for us to go and acquire customers in advance of sportsbook regulation passing in, frankly, the sort of half of America that we can't currently operate in. And then there's the opportunity for us to leverage our pricing and risk management capabilities through market making on a national basis. And both of those things are incremental TAM for us.

這些是——坦白說，在目前我們還無法營運的、約半個美國的地區，在體育博彩監管通過之前，我們有機會提前去獲取客戶。接著，我們也有機會透過全國性的做市，運用我們的定價與風險管理能力。而這兩件事對我們而言都是額外增加的 TAM。

We are going to deliver a step change in our prediction market product as we go into the football season. The launch of the One App, which is going to enable customers nationally to access the tremendous user experience that we have currently available in our regulated states is going to be important. But we're going to see a really big step change in sort of the catalog that's available to customers through the integration and movement of all of our sports contracts to crypto.com.

隨著我們進入美式足球賽季，我們將在預測市場產品上帶來一次顯著的躍升。One App 的推出將非常重要，它會讓全國的客戶都能使用我們目前在受監管州所提供的卓越使用者體驗。但我們也會看到在可供客戶使用的「產品目錄」方面出現非常大的躍升，因為我們會把所有體育合約整合並遷移到 crypto.com。

I think I'd just add as well that if you look at the recent World Cup tournament and when you got really good concept, it really kind of reaffirms the demand that there is out there for traditional online sports betting products.

我想我也補充一下，如果你看看最近的世界盃賽事，當你有非常好的產品概念時，這其實再次印證了市場對傳統線上體育博彩產品的需求確實存在。

So in June and July, in the US, we had our highest respective active months ever, and we're carrying that momentum through now, albeit it's a slightly lower point in the sporting calendar from a phasing perspective, but we're seeing really strong volumes through into the MLB season, which is really encouraging. Of course, still early days in Q3. And whilst that momentum is really encouraging, ultimately, performance in the quarter and the second half will be determined by the football season as we know.

因此在美國，6 月與 7 月分別是我們史上活躍度最高的月份，而我們也把這股動能延續到現在；雖然從季節性節奏來看，目前在體育賽事日曆上屬於相對較淡的時段，但我們在 MLB 賽季期間仍看到非常強勁的交易量，這很令人鼓舞。當然，Q3 仍屬於早期階段。而儘管這股動能非常令人振奮，但我們也知道，本季與下半年最終的表現將由美式足球賽季所決定。

Got it. And then just for a follow-up. North Carolina just recently passed a tax increase for OSB, taking you to 22%, while they also effectively added a 6% tax for prediction market. How does that weigh into your thinking strategically about prediction markets given the state effectively is signing off on it here. Just curious if it makes you want to lean in more or less strategically between the two offerings.

了解。接著我再追問一下。北卡羅來納州最近剛通過提高 OSB 稅率，將你們的稅率提高到 22%，同時也等同於對預測市場新增了 6% 的稅。鑑於該州在這裡等於是對預測市場「背書」，這在策略上會如何影響你們對預測市場的思考？我只是好奇，在這兩種產品之間，你們是否會在策略上更偏向投入更多或更少？

There's a lot of questions and working on from a regulatory perspective around sort of prediction markets. Some of these things, the extent to which they can be rolled out will be resolved by the Supreme Court. I mean from a state-by-state tax perspective, there's also a lot going on at the moment. I think we've been pleased with our focus on trying to get new states to open. I think that's an important component that we need to recognize as well. And I think we're excited to see some of the progress we're going to be able to make around both iGaming and sports betting as well.

從監管角度來看，關於預測市場目前還有很多問題需要釐清與推進。其中一些事項——它們能在多大程度上推行——將由最高法院來裁定。而就各州稅制而言，目前也有很多變化正在發生。我想我們對於聚焦推動更多新州開放感到滿意。我認為這也是我們需要認知的一個重要組成部分。同時，我們也很期待在 iGaming 與體育博彩兩方面都能取得一些進展。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Good morning, everybody. Thanks for taking my questions. So I wanted to start off with the market making and get your sense on how that market feels for you guys going into the second half. I think following the prediction markets, it's been out there that these markets are getting efficient pretty quickly.

各位早安。謝謝讓我提問。我想先從做市談起，想了解你們對於下半年這個市場狀況的感受。我想在預測市場之後，外界一直在說這些市場很快就會變得有效率。

And so I know you guys did $6 million in the 2Q and you've got $50 million for the year. So what are you baking in for the second half? What platforms do you think you'll be most active in? And what can you tell us about the mix between where you're trading in single leg versus combos as a percentage of mix?

我知道你們在 2Q 做了 600 萬美元，而全年目標是 5,000 萬美元。那你們對下半年是怎麼納入假設的？你們認為會在哪些平台上最活躍？另外，能否談談你們交易中單關（single leg）與串關（combos）的占比結構？

Yes. So let me pick up on that one. I mean we're really excited about the opportunity in market making. Actually, Peter and I were with the team in Jersey City last week, and we're definitely seeing volumes continue to increase across the ecosystem, and that gives us an increased level of confidence in the long-term potential of that market.

是的。那我來回應這題。我們對做市的機會感到非常興奮。其實上週 Peter 和我在澤西市與團隊在一起，我們確實看到整個生態系的交易量持續增加，這也讓我們對該市場的長期潛力更有信心。

Our ambition here, as we've stated before, is to establish a leading position in this space by leveraging the pricing and risk management and the trading capabilities that we've got and developed over the years with our sportsbook. And we feel that we've got a real advantage in that place in pricing complex and correlated markets. As the combo volume increases, we're better placed to take advantage of that.

我們在這裡的企圖心，如同先前所說，是透過我們多年來在體育博彩業務中建立的定價、風險管理與交易能力，在這個領域建立領先地位。我們認為自己在複雜且具相關性的市場定價方面確實有優勢。隨著串關交易量增加，我們更能把握這個機會。

And we see that as a really attractive and high-margin segment for us. Of course, it's still early days. I think the volumes that we're achieving into the second half of the year are encouraging, and we think this has got the potential to become a meaningful revenue stream for us. But we see how we trade through the second half of the year, and then we'll update forecast into 2027.

我們也把這視為對我們而言非常具吸引力、且高毛利的區塊。當然，現在仍是早期階段。我們在下半年所達成的交易量令人鼓舞，我們認為這有潛力成為對我們有意義的營收來源。不過我們會先看下半年實際交易表現，之後再把預測更新到 2027 年。

Okay. Great. And then a follow-up on the NFL. Could you just flesh out a little bit more details about the delayed start? This is a market that you commonly wanted to invest, obviously, ahead of the start, the time when there's the best customer acquisition opportunity. So what's sort of the playbook with a delayed start? How will you approach -- how will you have to approach that differently?

好的。很好。接著追問 NFL。你能否再多補充一些關於延後開季的細節？這通常是你們會想在開季前就提前投入的市場，因為那是最佳的客戶獲取時機。那麼在延後開季的情況下，你們的作戰手冊是什麼？你們會——你們必須如何以不同方式來應對？

The delayed start is really just a technicality brand, that's all around the timing of the season and where Labor Day falls and this can move from one year to the next. We're not actually changing our investment posture at all here. The start of the NFL season is something that we'll lean into.

延後開季其實只是技術性因素，主要是賽季時間點以及勞動節落在哪一天，而這可能每年都會不同。我們在這裡其實完全不會改變投資姿態。NFL 賽季開打是我們會加大投入的時點。

It's really important for us in terms of reengaging customers. What I would say is that during the World Cup, we actually reactivated a bunch more customers than we were anticipating, which was really encouraging for us. We're actually starting in a stronger position.

就重新喚回客戶而言，這對我們非常重要。我想說的是，在世界盃期間，我們實際重新啟用的客戶數比預期更多，這對我們來說非常令人鼓舞。我們其實是以更強的起點進入接下來的賽季。

We're also clearly focused on college football and start that, which is a key opportunity for us to get behind some customer initiatives as we start the NFL. But from a posture perspective, we're not going to be changing our approach massively. Having the Rewards Club live for all customers this year is also going to be really important.

我們也很明確地聚焦在大學美式足球以及其開季，這是我們在 NFL 開打前後推動一些客戶方案的關鍵機會。但就姿態而言，我們不會大幅改變我們的做法。今年讓 Rewards Club 對所有客戶上線也會非常重要。

So we've already rolled it out to 70% of customers by the start of the NFL, that's going to be available for all of our customers. We're seeing really good traction behind that. So with the college football start in the week before, that's a great opportunity to prime customer wallets, and we hope to see a running start to the NFL season.

因此在 NFL 開季前，我們已經把它推廣到 70% 的客戶；到 NFL 開始時，這將會對我們所有客戶開放。我們看到這方面的推進成效非常好。而大學美式足球在前一週開打，這是個很好的機會來預先活化客戶錢包，我們也希望 NFL 賽季能有一個強勁的開局。

Okay. So the NFL schedule delay was not previously in guidance and is today, but this is an NFL schedule, not a Flutter schedule.

好的。所以 NFL 賽程延後先前沒有納入指引，但今天納入了；不過這是 NFL 的賽程，而不是 Flutter 的排程。

Correct. This is NFL scheduling, which was previously in guidance, and we've updated our guidance for it.

正確。這是 NFL 的賽程安排，先前其實已在指引中，我們也已就此更新了我們的指引。

Perfect. Thanks, everyone.

完美。謝謝各位。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

Hi, everyone. Good morning. So direct casino AMP growth actually looked pretty strong in the quarter. And keeping in mind, you can't grow iGaming revenue 40% forever. Can you just talk about what the sports betting to iGaming cross-sell looks like now? And should we expect the investment into sports in the NFL season to actually help iCasino growth in the back half of the year?

嗨，各位。早安。所以本季直營賭場 AMP 的成長看起來其實相當強勁。而且考量到 iGaming 營收不可能永遠維持 40% 的成長。你能否談談目前體育博彩導流到 iGaming 的交叉銷售情況？以及我們是否應該預期，在 NFL 賽季對體育博彩的投資，會在下半年實際帶動 iCasino 的成長？

And then, Peter, I guess a second question, handle up 31% in July, which was better than your June performance. Just trying to piece together some of your comments around market growth won't pick up in the back half of the year, but you did say MLB is starting to pick up a little bit. I guess just like what does that imply for your actual underlying business outside of the World Cup in July?

然後，Peter，我想第二個問題是，7 月的 handle（投注額）成長 31%，表現優於你們 6 月的成績。我只是想把你們關於市場成長在今年下半年不會回升的一些評論拼湊起來，但你確實提到 MLB 開始有些回溫。我想問的是，這對你們在 7 月世界盃之外的實際核心業務意味著什麼？

Okay. Thank you, Jordan. Look, picking up on the gaming side, we clearly harnessed the World Cup opportunity to increase the football relevant content or soccer relevant content during the World Cup, which obviously helped drive sort of reactivations and cross activation in the tournament.

好的。謝謝你，Jordan。你提到遊戲（gaming）這一塊，我們很明顯把握住世界盃的機會，在世界盃期間增加與足球相關的內容，這顯然有助於帶動某種程度的重新啟用（reactivations）以及在賽事期間的交叉啟用（cross activation）。

But you've got to remember that the main focus and push for us from an iGaming perspective is around acquiring those direct-to-casino customers. And the Love Island: Unlocked launch we had in June, our new brand ambassador, Ariana Madix. We've seen some really good success from that, the MONOPOLY live exclusive launch. So there's been a lot of great content that we've got supporting iGaming.

但你必須記得，從 iGaming 的角度來看，我們的主要重點與推動方向是獲取那些直達賭場（direct-to-casino）的客戶。而我們在 6 月推出的《Love Island: Unlocked》，以及我們新的品牌大使 Ariana Madix。我們從中看到非常不錯的成效，還有 MONOPOLY live 的獨家上線。所以我們有很多很棒的內容在支撐 iGaming。

Clearly, the smaller sports betting business we had coming into the year did impact cross-sell. But as Rob mentioned, we've got a bigger base now. So look, I think we're feeling good about the prospects for the iGaming business. Your question around sort of market growth, we are -- we have seen this strong performance through Q2.

很明顯，我們在年初時較小的體育博彩業務確實影響了交叉銷售（cross-sell）。但如 Rob 所提到的，我們現在有更大的基礎。所以我認為我們對 iGaming 業務的前景感覺良好。至於你問到的市場成長，我們——我們在第二季看到了強勁表現。

We have seen the strong NBA finals. We've been very pleased with the engagement we've seen around the World Cup. We are pleased with sort of how we started into Q3. Look, the football season was tough last year. We think a bunch of that was down to the content, which wasn't as engaging for consumers. There was also obviously some execution issue from our perspective around generosity.

我們看到了強勁的 NBA 總決賽。我們對世界盃帶來的互動參與度也非常滿意。我們也滿意第三季的開局。去年橄欖球賽季很艱難。我們認為其中很大一部分原因在於內容，對消費者而言不夠吸引人。另外，從我們的角度來看，在「慷慨度」（generosity）方面的執行也顯然有一些問題。

But we're planning some great campaigns this year. We're hoping for some very compelling matches and content. And I think we'll see what happens. But look, our forecast assumes some prudent views around market growth in the second half. And I hope we find that the market outperforms that, but we thought it was the right thing to take the growth we saw in the first half and use that for the second half guide.

但今年我們規劃了一些很棒的行銷活動。我們希望能有一些非常吸引人的比賽與內容。我想我們就拭目以待。不過，我們的預測在下半年對市場成長採取較為審慎的看法。我希望市場表現能優於此，但我們認為把上半年看到的成長納入並用於下半年指引，是正確的做法。

The other point to mention on iGaming is that clearly, the success of our casino business has been built on direct acquisition, which remains very strong. The cross-sell piece, we've been really pleased with during the World Cup, where the cross-sell actives were actually slightly ahead of our expectations.

另外一點要提的是 iGaming：很明顯，我們賭場業務的成功是建立在直接獲客（direct acquisition）之上，而這仍然非常強勁。交叉銷售這一塊，我們在世界盃期間的表現讓我們非常滿意，因為交叉銷售的活躍用戶（cross-sell actives）實際上略高於我們的預期。

And if you compare Q4 this year versus Q4 last year, the cross-sell was actually slightly lower than we'd anticipated last year because of some of the execution issues Peter talked about Q4, which means we're quite optimistic about how the cross-sell will perform as we move to Q4 this year as well.

如果你比較今年第四季與去年第四季，交叉銷售其實比我們去年預期的略低，原因是 Peter 提到的去年第四季一些執行問題；這也讓我們對今年進入第四季後交叉銷售的表現相當樂觀。

Thanks, and Peter, thanks for help over the years.

謝謝，Peter，也謝謝你這些年來的幫助。

(Operator Instructions)

(接線員指示)

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行（Wells Fargo）。

Hey, guys, thanks for the question. I guess just if we could -- on a pure modeling sense for the US business, could we get a sense of the breakdown of the EBITDA for the balance of the year for Q3 and Q4 and just how potentially Q4 loaded the outlook is from here?

嗨，各位，謝謝讓我提問。我想就純粹建模的角度，針對美國業務，我們能否了解一下今年剩餘期間第三季與第四季 EBITDA 的拆分，以及從現在看，展望是否在第四季有較明顯的集中（Q4 loaded）？

Yes. Let me pick that one up, Trey. So for Q3, we are assuming a roughly breakeven EBITDA with $500 million of EBITDA Q4, which is down from circa $700 million in our previous guidance. So if you roll through the factors there, the generosity phasing in terms of the increased investment that we're making -- you've got the NFL schedule effects, which is in Q3 only.

可以。Trey，我來回答這題。我們對第三季的假設是 EBITDA 大致打平（breakeven），第四季 EBITDA 為 5 億美元，低於我們先前指引約 7 億美元。如果把影響因素拆開來看，包含「慷慨度」的時點安排，也就是我們正在增加的投資——還有 NFL 賽程的影響，這只會出現在第三季。

There's also some state launch costs playing into that where we've got the continued Arkansas investment this year. We obviously had Missouri launching last year, which was previously in the guidance. The other thing to call out is we've got some operating cost savings coming through as part of the overall plan in the US We've got about $45 million of operating cost savings in the second half. So those are the key moving parts for Q3 and Q4.

另外也有一些州別上線成本的影響，我們今年仍持續在阿肯色州（Arkansas）投入。我們去年在密蘇里州（Missouri）上線，當時已包含在先前指引中。另一個要點是，作為美國整體計畫的一部分，我們會有一些營運成本節省逐步體現；下半年大約有 4,500 萬美元的營運成本節省。以上是第三季與第四季的主要變動因素。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Hey, great. Thanks for taking my question. Just going back to the investment in generosity. Should we just think of the US sportsbook, given all the sports, the engaging nature that this is just a lower net win margin market versus some of your other international markets that just might not have the sports steps that we have in the US.

嗨，很好。謝謝回答我的問題。我想回到「慷慨度」投資這件事。我們是否應該把美國體育博彩（sportsbook）視為一個淨贏率（net win margin）較低的市場，因為這裡運動賽事很多、互動性很強；相較之下，你們其他一些國際市場可能沒有像美國這樣的運動賽事節奏？

Jed, we've seen some improvements as we come into Q2 around our structural margin. And I think I know there have been some questions around that. And I think we would expect to continue to see growth in structural margin. I think -- look, we are seeing strong momentum in the business at the moment. I think we're feeling confident that the sportsbook improvement plan is working.

Jed，我們在進入第二季時，已看到結構性毛利率（structural margin）有所改善。我知道外界對此有一些疑問。我們預期結構性毛利率會持續成長。我認為——你看，我們目前看到業務動能很強。我們對體育博彩改善計畫正在奏效感到有信心。

We'll have the loyalty scheme rolled out to the entire customer base when we go into the football season. I think we've started making better customer-focused and customer-first decisions in the business. And I think as we've done in the past, it's time to invest behind that and make sure that as we move into '27, we have a bigger business and a better trajectory for the business.

當我們進入橄欖球賽季時，忠誠度方案（loyalty scheme）將會推廣到整個客戶基礎。我認為我們已開始在業務中做出更以客戶為中心、客戶優先的決策。而且我認為就像我們過去做過的那樣，現在是時候在這方面加大投資，確保當我們邁向 2027 年時，我們擁有更大的業務規模與更好的發展軌跡。

And a bigger business means we can invest in having better products from a customer perspective. And look, I think we can also make sure that we're sort of growing ARPU as well as AMPs. And that's something that's really important for us as we sort of look to grow and expand the business.

而更大的業務規模意味著，從客戶角度來看，我們可以投資打造更好的產品。而且我認為我們也能確保在提升 ARPU 的同時，也提升 AMPs。這對我們在推動業務成長與擴張時非常重要。

And medium to long term, we see a very clear path to that margin expansion, as we've talked about previously, Trey. So we've consistently demonstrated across all of our international businesses, our ability to grow parlay penetration and also improve the product mix over time, and we think there's meaningful opportunity to do that in the US.

而在中長期，我們看到一條非常清晰的路徑可以實現毛利率擴張，正如我們先前與你討論過的，Trey。因此，我們在所有國際業務中一貫證明了：我們有能力提高串關（parlay）滲透率，並且隨時間改善產品組合（product mix）；我們認為在美國也有相當大的機會做到這點。

Thank you, and good luck, Peter.

謝謝，也祝你好運，Peter。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Curious with the transition to crypto.com for sports from CME, how your JV will work from a contract volume standpoint through non-CME exchanges. I guess specifically, I believe it was a 50-50 economic split with CME. How does that work now with other exchanges?

我想了解，體育產品從 CME 轉到 crypto.com 之後，你們的合資（JV）在合約成交量（contract volume）方面，透過非 CME 交易所會如何運作。我想更具體地說，我相信之前與 CME 是 50/50 的經濟分成。那現在換成其他交易所後，會怎麼運作？

Ryan, look, we are excited about extending the sports and novelties catalog that we have available for our customers as a result of switching to this new venue for those products, and we will keep our existing financial markets with CME. So the economics for the financial markets with CME stay broadly as they were.

Ryan，你看，我們很期待透過切換到這個新的場地（venue）來提供這些產品，從而擴充我們可供客戶選擇的體育與新奇（novelties）產品目錄；而我們既有的金融市場產品仍會與 CME 合作。因此，與 CME 的金融市場產品在經濟條件上大致維持原狀。

I think there's probably a slight positive for us in moving towards crypto.com is a modest economic benefit. But the really important thing here is the step change we're going to see in the catalog for customers. And together with the enhanced sportsbook proposition, look and feel of the One App, I think we're going to have a very compelling proposition available for consumers nationwide.

我認為轉向 crypto.com 對我們可能有一點小幅正面影響，也就是帶來些許經濟利益。但這裡真正重要的是，我們將在客戶可選的產品目錄上看到一個階躍式提升（step change）。再加上強化後的體育博彩主張，以及 One App 的外觀與體驗，我認為我們將能為全國消費者提供非常有吸引力的產品方案。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Thanks very much. Peter, I'll echo what some of my peers have said upfront and say thanks and sort of best of luck. I'm glad we're doing this at sort of 9:00 a.m. now as opposed to 3 or 4 a.m. in the past also. My question is on the US iGaming business. In prior quarters, you guys sort of had a soft target for high teens growth. I'm curious if that was adjusted as part of the US outlook.

非常感謝。Peter，我先呼應幾位同業一開始說的，謝謝你，也祝你一切順利、好運。我也很高興我們現在是在大概早上9點進行，而不是像過去那樣在凌晨3點或4點。我的問題是關於美國 iGaming 業務。在先前幾個季度，你們大致有一個「高十幾％」成長的軟性目標。我想了解這是否已作為美國展望的一部分而調整。

And maybe a sort of second component of this is if we're thinking about revenue margins and cost reduction opportunities for the US business, how would you think about slots versus table games mix opportunities for improving revenue margins and then first-party content moving forward?

另外也許這個問題的第二個部分是：如果我們在思考美國業務的營收利潤率與降本機會，你會如何看待透過老虎機（slots）與桌上遊戲（table games）的組合來提升營收利潤率的機會？以及未來第一方內容（first-party content）的發展？

Yes. Clark, so let me pick up the iGaming question. So we've always said in our guidance that we expect the iGaming business to grow at high teens for the year. And we expected it to be slightly lower in H1 than H2 given the base of the sportsbook numbers coming into the year. As Peter said earlier, we're really pleased with the momentum that we've got in the iGaming business in the World Cup, the cross-sell actives were higher than we'd anticipated.

是的。Clark，我先回答 iGaming 的問題。我們在指引中一直都說，我們預期 iGaming 業務全年將以高十幾％的速度成長。而且考量到年初進來時體育博彩（sportsbook）數據的基期，我們預期上半年（H1）會略低於下半年（H2）。如 Peter 先前所說，我們對 iGaming 業務在世界盃期間所展現的動能非常滿意，交叉銷售的活躍用戶（cross-sell actives）高於我們原先的預期。

I think from a content perspective, we're actually going through the plan with the team last week, but we've got exclusive content launches every month from now until the end of the year, and there's some popular franchise stuff in there and some repeats of some of the franchise titles that worked really well for us in the past like Huff N' Puff and the Willy Wonka titles. So we're really pleased with where iGaming is, and we've reiterated our guidance for the second half of the year. And as I said, with the cross-sell piece earlier as well in Q4, anticipating a slightly better cross-sell performance in Q4 than with last year.

我想從內容角度來看，我們其實上週才和團隊一起檢視計畫；從現在到年底，我們每個月都會推出獨家內容（exclusive content）。其中包含一些熱門系列（franchise）的作品，也會重推一些過去對我們表現很好的系列標題，例如 Huff N' Puff 和 Willy Wonka 系列。因此我們對 iGaming 的現況非常滿意，也重申了我們對今年下半年的指引。另外如我先前提到交叉銷售的部分，我們預期在第四季（Q4）的交叉銷售表現會比去年更好一些。

And look, we can see that, Clark, as you say, the difference between the table games and slots, we can see a very clear distinction there. The direct casino so the slots growing very strongly. And look, as we said a few times on the call, we're coming into the year with the smaller sports space impacted table games.

而且，Clark，正如你所說，我們確實可以看到桌上遊戲與老虎機之間非常明顯的差異。直接線上賭場（direct casino），也就是老虎機，成長非常強勁。同時，如同我們在電話會議中提過幾次的，我們是在體育業務規模較小、因而影響桌上遊戲的情況下進入今年的。

But look, I think as we've gone through the World Cup, seen that big step-up in performance, the NBA finals, all the plans we've got for the football season, I think we're excited to see what we can do in the second half.

不過我想，隨著我們經歷世界盃、看到表現大幅躍升，以及 NBA 總決賽，再加上我們為美式足球賽季所做的所有規劃，我們對下半年的表現很期待。

Joe Stauff, Susquehanna.

Joe Stauff，Susquehanna。

I just wanted to clarify a few things on your prediction market strategy at this point. You answered a couple. But -- do you expect to own your own exchange at some point? Can you give us any 2Q volume or user metrics? And the new One App that you're going to launch before the new sports season, will that include a traveling wallet?

我想就你們目前的預測市場（prediction market）策略釐清幾點。你們已回答了其中幾個。但是——你們是否預期未來某個時間點會擁有自己的交易所（exchange）？你們能否提供任何第二季（2Q）的成交量或用戶指標？以及你們將在新賽季前推出的新 One App，是否會包含可跨州使用的錢包（traveling wallet）？

Thank you, Joe. Yes, there are -- this is a very fast-moving space. And I mean, there's been news in the last few days around some of the complexities of market making if you own some of the exchange components. So we just got to be thoughtful that we position ourselves as well as we can.

謝謝你，Joe。是的——這是一個變化非常快速的領域。而且，過去幾天也有一些新聞，談到如果你擁有交易所部分組件，做市（market making）在複雜性上的一些議題。所以我們必須審慎思考，確保我們把自身定位做到最好。

And I think we're happy with the strategy that we have. As I said, the One App is going to deliver a real step change in performance from a customer perspective. And in terms of the traveling app, if you have opened a contract app when you're in California and you're here in New York, you will be able to close that contract down. That is something that will be available. So if that's what you mean by, yes, we will have it available for customers. Rob, do you want to talk about the volumes?

我想我們對目前的策略感到滿意。如我所說，One App 從客戶角度將帶來真正的性能躍升。至於你提到的 traveling app，如果你在加州開了一個合約（contract）應用，然後你人在紐約，你將能夠把那個合約關閉。這項功能會提供。所以如果你指的是這個意思，那答案是肯定的，我們會提供給客戶使用。Rob，你要談一下成交量嗎？

Yes. So the volumes are significantly up, but on quite a small base. So we're making really good progress the Predicts numbers are consolidated within our reported financial results, but we're not separately disclosing the volumes at this point in time. I think the catalyst for higher volumes we anticipate will be the launch of the One App.

好的。所以成交量確實大幅上升，但基期相當小。因此我們進展良好。Predicts 的數據已併入我們對外揭露的財務結果中，但目前我們不會單獨披露成交量。我認為我們預期推動成交量更高的催化劑，會是 One App 的上線。

Peter and I were with the team a couple of weeks ago. It looks really slick. I think we're quite excited about the impact that, that will have, and it will be relatively seamless if you're, say, traveling from New York to California. The wallets are separate, but it's very easy to switch between.

Peter 和我幾週前和團隊在一起。看起來非常俐落。我想我們對它可能帶來的影響相當期待，而且如果你例如從紐約旅行到加州，整體會相對無縫。錢包是分開的，但在兩者之間切換非常容易。

So I think the product experience is going to be significantly enhanced from where it was. And the key for us is that we're going to have much more liquidity than we previously had. It's going to be a much fuller catalog. I think that's going to be a real benefit to us as we go into the new football and basketball season.

所以我認為產品體驗將較以往大幅提升。而我們的關鍵在於，我們將擁有比以前更多的流動性（liquidity）。也會是一個更完整的品類目錄（catalog）。我認為這會在我們進入新的美式足球與籃球賽季時，為我們帶來很大的助益。

Dan Politzer, JPMorgan.

Dan Politzer，JPMorgan。

Good morning, everyone, and thanks for the question. Just a clarification on the Prediction market and how you think about the guidance there. I think your guidance now reflects $50 million of incremental EBITDA from market making. And if I recall, your guidance for the full year was $200 million to $300 million of expected investment. So I guess, given that you have this incremental piece, where does that kind of put you in terms of the total investment you expect here for this year?

各位早安，謝謝讓我提問。我想釐清一下預測市場，以及你們如何看待相關指引。我理解你們目前的指引反映了來自做市的 5,000 萬美元增量 EBITDA。而如果我沒記錯，你們對全年指引是預期投入 2 億到 3 億美元的投資。所以我想問，既然有這個增量項目，那麼就今年而言，你們預期的總投資額大概會落在什麼位置？

Yes, you're right on the market making, Dan, as I said earlier, we're quite excited about that opportunity, and that's definitely increased quite a bit from where we were previously. With regards to the investment on Predicts, what we've done as a business in the last couple of quarters is really integrate Predicts with the sportsbook proposition. So we're no longer breaking out the investments separately.

是的，Dan，你對做市的理解沒錯；如我先前所說，我們對這個機會相當興奮，而且相較於之前確實增加了不少。至於 Predicts 的投資，我們在過去幾個季度所做的是，將 Predicts 與體育博彩（sportsbook）的產品主張更深度整合。因此我們不再把投資額單獨拆分揭露。

If you think about the cadence over the course of this year, our focus, as we said at Q1 was leaning more into making sure that we've got the right product experience, which we really feel like we're doing with the One App and some of the changes that we've made with Crypto.com being plugged in.

如果你看今年的節奏，我們的重點——如同我們在第一季（Q1）所說——更偏向確保我們具備正確的產品體驗；我們認為透過 One App 以及我們把 Crypto.com 串接進來所做的一些改動，正在做到這一點。

From a cost perspective, then this gives us this synergistic benefit that we've been looking for across the sportsbook and Predicts where we feel that we can really get national scale and leverage on our marketing spend, which is very helpful for us. In terms of the economics of how that then pays back over time, that remains relatively consistent, we think, with how we've previously described them.

從成本角度來看，這也帶來我們一直在尋求的協同效益，能在 sportsbook 與 Predicts 之間發揮作用；我們認為這能讓我們真正取得全國規模（national scale），並在行銷支出上形成槓桿，這對我們非常有幫助。至於其經濟性如何隨時間回收，我們認為大致仍與我們先前描述的情況相對一致。

We need to see how the new product lands in the second half of the year and the traction that we get on the One App before we determine what the investment profile will be into the next year. But certainly, the synergistic benefits that we will get from having a broader sportsbook proposition, we think will stand us in very good stead.

我們需要觀察新產品在今年下半年落地後的表現，以及 One App 帶來的牽引力（traction），之後才會決定明年的投資輪廓會是什麼樣子。但可以確定的是，透過更廣泛的 sportsbook 產品主張所帶來的協同效益，我們認為將使我們處於非常有利的位置。

Monique Pollard, Citi.

Monique Pollard，Citi。

It was just if I could come back to the investment that you're putting in, in the second half to accelerate the FanDuel sportsbook momentum. So if I understood correctly, Rob, that investment is all centered around generosity. So I think that's an additional sort of 1.4% of last year's 2H handle that you're putting into promos. And promos last year in the second half were already 5.6% of handles.

我只是想回到你們在下半年為了加速 FanDuel 體育博彩動能而投入的投資這一點。所以如果我理解正確的話，Rob，那項投資完全是圍繞在提高讓利（generosity）上。所以我認為那相當於把去年的下半年投注額（handle）的約 1.4% 額外投入到促銷（promos）裡。而去年下半年的促銷本來就已經是投注額的 5.6%。

So I guess we're going to go -- I'm just trying to make sure I understand this correctly. We're going to go to like 7% promos as a proportion of handle in the second half. So sort of what kind of customer paybacks, et cetera, are you expecting on that? And is that -- do you see that as a sort of one-off in the second half? Or might that continue as we go into the first half '27?

所以我想我們將會——我只是想確認我理解正確。我們下半年促銷占投注額的比例會到大約 7% 左右。那麼在這樣的投入下，你們預期的客戶回饋（paybacks）等等會是什麼樣子？以及這是否——你們會把它視為下半年的一次性作法？還是可能會延續到 2027 年上半年？

Yes. So let me start on the numbers, Mini. We won't be at 7% of annual incentive generosity in the second half of the year. We are increasing in terms of our overall position. So it will be closer to 6%. That's an increase on where we were last year. We previously anticipated that the profile would be slightly lower as we got traction around the Rewards Club, et cetera.

是的。所以我先從數字開始說，Mini。我們下半年不會達到全年激勵讓利 7% 的水準。我們確實是在提升整體投入力度。所以會更接近 6%。這比我們去年來得高。我們先前原本預期，隨著 Rewards Club 等措施逐步見效，投入曲線會稍微低一些。

But as we've said, this is a deliberate investment decision based on sportsbook momentum that we've currently got in the business. And a lot of that has been generated by this approach that we've taken in Q2, where we've been leaning in a bit more. We could have delivered higher EBITDA this year by investing less, but we don't think that's the right thing to maximize the long-term shareholder value.

但如同我們所說，這是一項基於目前體育博彩業務動能所做出的刻意投資決策。其中很大一部分動能，來自我們在第二季採取的做法——我們更積極地加碼投入。如果今年少投資一些，我們本可以交出更高的 EBITDA，但我們不認為那是最大化長期股東價值的正確作法。

We're seeing great opportunity to invest behind the customer proposition, and that's coming through in current momentum. Even if you look at the last couple of weeks trading across MLB, I think last week, we had our record week ever in MLB. We've got a huge number of reactivated customers on the platform. We're really happy with the apps that we've got in the ecosystem as we head towards NFL.

我們看到在客戶主張（customer proposition）上加大投資的絕佳機會，而這也反映在目前的動能上。即便只看過去幾週 MLB 的交易表現，我想上週我們創下了 MLB 歷史最高單週紀錄。平台上有大量被重新喚回的客戶。在邁向 NFL 之際，我們對生態系中的各個 App 也非常滿意。

So the investment is a proactive one. It puts us slightly ahead of where we were last year in terms of customer generosity as a percentage of handle. And we will review the spending as we always do as we go into next year. We're constantly looking at paybacks and the ROI that we're getting. But if you look at those returns that we're getting at the moment, they are looking very attractive, and we'll continue to lean in.

因此這項投資是主動性的。就「客戶讓利占投注額比例」而言，它讓我們略高於去年。而我們也會一如既往，在進入明年時檢視支出。我們持續關注回饋（paybacks）以及我們取得的投資報酬率（ROI）。但如果你看我們目前拿到的回報，它們看起來非常有吸引力，我們也會繼續加碼。

Many, the one thing I'd just add is that we know we didn't execute on our sort of generosity strategy as well as we could have done last year. And I think we're in a much better place now I think with this investment, with a better execution, with the loyalty plan, we are seeing improvements around our ability to drive and grow ARPU, and that is an important focus for us alongside the growth as well.

Many，我想補充的一點是：我們知道去年在讓利策略的執行上，沒有做到我們本可以做到的水準。而我認為現在我們的狀態好很多；透過這項投資、更好的執行，以及忠誠計畫（loyalty plan），我們看到在推動並提升 ARPU 的能力上有所改善；在追求成長的同時，這也是我們的重要重點。

That's very clear. Thank you, and thanks for everything over the years, Peter.

非常清楚。謝謝你，也謝謝你這些年來的一切，Peter。

Thanks, Monique.

謝謝，Monique。

Charlie Muir-Sands, BNP Paribas.

Charlie Muir-Sands，法國巴黎銀行（BNP Paribas）。

Yeah, morning, gentlemen. Thank you for taking my questions. Firstly, just with respect to the incremental cost savings program, you've obviously updated the restructuring cost charges you anticipate to incur in 2026. But is it fair to assume that there will be ongoing cash restructuring charges through '27 and perhaps '28 to deliver that 2029 saving?

是的，早安，各位先生。謝謝你們回答我的問題。首先，關於額外的成本節省計畫，你們顯然已更新了預計在 2026 年發生的重組成本費用。但我們是否可以合理假設，為了實現 2029 年的節省目標，在 2027 年、甚至可能 2028 年仍會持續有現金重組費用？

And linked more broadly to that, has the Board given Mr. Taylor kind of a wider remit to review the corporate structure and strategy of the business? Or should we see this as the evolution of the strategy from here and no likely further major changes to come soon?

另外更廣泛地延伸來看，董事會是否給了 Taylor 先生更大的授權範圍，去檢視公司的組織架構與業務策略？還是我們應該把這視為策略在此之後的自然演進，短期內不太可能再有進一步的重大變革？

Let me start with the cost investment and how we're thinking about it and maybe Peter can pick up on the second part of your question. So a couple of things to mention. Firstly, from our initial cost transformation program that we launched in 2024, it's important to note that we're actually tracking ahead of that.

我先從成本投入以及我們如何思考它開始回答，然後也許 Peter 可以接著回答你問題的第二部分。有幾點要提。首先，針對我們在 2024 年啟動的初始成本轉型計畫，重要的是要指出：我們實際上進度超前。

So we've delivered all of the key component parts largely in terms of the activities. We've got the new UKI operating model in place. The SkyBet migration is complete. The PokerStars transformation is going really well and it's in its final stages and the Snai migration went really well earlier this year. So really pleased with that.

所以就各項活動而言，我們基本上已交付所有關鍵組成部分。我們已建立新的 UKI 營運模式。SkyBet 的遷移已完成。PokerStars 的轉型進展非常順利，已進入最後階段，而 Snai 的遷移也在今年稍早進行得很成功。所以我們對此非常滿意。

With regards to the incremental $500 million that we're talking about today, this really builds on that progress that we've made and reflects the next phase of how we intend to operate. This is about simplifying the organization. It's about leveraging our global scale more. It's about accelerating the use of technology and AI and continuing to remove duplication across the group.

至於我們今天談到的額外 5 億美元，這其實是建立在我們已取得的進展之上，並反映我們下一階段打算如何運作。這是關於簡化組織。這是關於更充分運用我們的全球規模。這是關於加速採用科技與 AI，並持續消除集團內的重複配置。

If you look at our SDI guidance for this year, we've got $100 million of cost badged against this, which is in conjunction with the US and the start of this program more broadly across the group. Of course, there will be some additional one-off costs into '27 and '28. Typically, when we look at big restructuring programs, you look at $1 of cost for $1 of run rate savings. We actually think it will be lower on this because of the nature of the savings and the fact that a lot of them will be tech and AI driven. So we think the cost will be lower. But yes, there will be some incremental costs into '27 and '28.

如果你看我們今年的 SDI 指引，其中有 1 億美元的成本被歸類在這項計畫之下，這與美國業務以及本計畫在集團更廣泛推動的起步相配合。當然，在 2027 年與 2028 年還會有一些額外的一次性成本。通常我們看大型重組計畫時，會以「每 1 美元成本換取每 1 美元的常態化節省（run rate savings）」作為概略基準。但我們認為這次會低於該水準，因為節省的性質，以及其中很多將由科技與 AI 驅動。所以我們認為成本會更低。但沒錯，2027 年與 2028 年會有一些額外成本。

Charlie, in terms of your question around Dan and strategy, look, Dan has been very involved in all of the strategy work that we've done as a group over the years and execution of the plans of the business. It's clearly very supportive of all the stuff that we're announcing today as well. So I think you'd expect to see a continuation of the strategy and the execution against it as he picks up the reins from the 1st of October.

Charlie，關於你問 Dan 與策略的問題——Dan 這些年來一直深度參與我們作為一個團隊所做的所有策略工作，以及業務計畫的執行。他也顯然非常支持我們今天宣布的所有事項。因此我認為，當他在 10 月 1 日接任後，你應該會看到策略的延續，以及對該策略的持續落地執行。

Ian Moore, Bernstein.

Ian Moore，Bernstein。

Hi, thanks for taking my question. I guess just harping on kind of what Monique was asking about earlier, the -- I guess, the incremental investment that you're putting into the generosity in the second half. Obviously, given -- I guess, Dan mentioned this a little bit earlier, but given the kind of missteps with managing generosity last NFL season, as you look into this NFL season with this incremental investment, what would success kind of look like 12 months out as you're reengaging customers going into the next NFL season or said differently, like what specifically is different about the setup into this NFL season versus last year?

嗨，謝謝讓我提問。我想延續一下 Monique 先前問的——也就是你們在下半年額外投入到讓利（generosity）的增量投資。顯然，考量到——我想 Dan 先前也稍微提到——去年 NFL 賽季在讓利管理上出現了一些失誤；當你們帶著這筆增量投資進入本季 NFL 時，若以 12 個月後來看，當你們在下一個 NFL 賽季前重新喚回客戶時，所謂的成功會長什麼樣子？或者換句話說，相較於去年，今年進入 NFL 賽季前的準備具體有哪些不同？

Thanks, Ian and I think you've answered the question to some extent yourself, right? So we -- the missteps last year, we didn't apply and approach the generosity strategy as well as we should have done, particularly in a very high-margin sort of environment. We weren't there consistently for our customers.

謝謝，Ian，我想你在某種程度上其實已經回答了這個問題，對吧？所以——去年那些失誤在於，我們沒有把讓利策略運用與執行到應有的水準，尤其是在一個高毛利的環境下。我們沒有持續一致地為客戶提供支持。

That is something we are addressing through the loyalty program, and I'm excited about the traction we're getting from that, the improvements in average player days, which, of course, translates into ARPU and what customers are telling us about their perception of our generosity as a consequence.

這是我們透過忠誠度計畫正在處理的事情，我也對我們從中獲得的進展感到振奮——平均玩家天數的改善，當然也會轉化為 ARPU，以及客戶告訴我們，他們因而對我們慷慨程度的觀感。

We are investing more as we go into the second half. I think it's the right thing to do to take advantage of the momentum we have in the business. The test for us will be, as we come into 2027, do we have a bigger business with a better trajectory than we had anticipated. And that's what we're planning for.

隨著我們進入下半年，我們會加大投資。我認為，為了把握我們在業務上所擁有的動能，這是正確的做法。對我們而言，考驗將是：當我們進入 2027 年時，我們是否擁有一個比原先預期更大、且走勢更佳的業務。而這正是我們正在規劃的方向。

And we know that if we got better momentum, higher revenues in the business, it enables us to invest more behind delivering great product experiences for customers, and we'll be able to really take advantage of the loyalty program and other features and offerings for them.

我們也知道，如果我們有更好的動能、業務收入更高，就能讓我們投入更多資源在為客戶提供卓越的產品體驗上，並且能真正充分利用忠誠度計畫以及其他功能與方案來服務他們。

Chad Beynon, Macquarie Group.

Chad Beynon，Macquarie Group。

Good morning. Thanks for taking my question. And Peter, thanks for everything up to this point. Just with respect to US iGaming and sports betting regulation, I know the main iGaming law, I think, just took effect for 2027 launch partnerships with the tribes is the way that, that was written. How are you looking -- I know it's early and a lot of this will come in the beginning of '27, but how are you looking at prospects for iGaming or sports betting legalization in '27?

早安。謝謝讓我提問。Peter，也謝謝你一路以來所做的一切。關於美國 iGaming 與體育博彩的監管，我知道主要的 iGaming 法案——我想——剛剛生效，並且是以 2027 年上線、與部落建立合作夥伴關係的方式來撰寫的。你們怎麼看——我知道現在還早，很多事情會在 2027 年初發生——但你們如何看待 2027 年 iGaming 或體育博彩合法化的前景？

Yes, when we talked at the Capital Markets Day, we said we would hope to have one new iGaming state by '27 by the end of '27. And look, I think we're optimistic. I think Virginia has probably got furthest of any of our target states. I think there's some interesting opportunities around D.C. But then there's a bunch of them where we're hoping to build traction, whether it's Ohio or other places we can mention. So look, we think it's going to happen, and there's some real pent-up demand for us to be able to deliver the income and product experience to customers in those states.

是的，我們在資本市場日提到，我們希望在 2027 年底之前能新增一個 iGaming 州。而且，坦白說，我認為我們是樂觀的。在我們鎖定的目標州中，維吉尼亞可能是進展最遠的。我認為在華盛頓特區周邊也有一些有趣的機會。此外還有一批州，我們希望能逐步建立動能，不論是俄亥俄或其他我們可以提到的地方。總之，我們認為這會發生，而且市場確實存在相當大的被壓抑需求，讓我們能在那些州為客戶提供收益與產品體驗。

Thank you. Appreciate it.

謝謝。感謝。

Thanks, Chad.

謝謝你，Chad。

Paul Ruddy, Davy.

Paul Ruddy，Davy。

Quick question on international, if that's okay. Just firstly, on the UK&I, just how has the market progressed since the introduction of the iGaming tax? Have you seen any evidence of kind of change in competitor behavior and general thoughts on mitigation?

想快速問一個關於國際業務的問題，如果可以的話。首先，關於英國與愛爾蘭（UK&I），自從引入 iGaming 稅之後，市場進展如何？你們是否看到競爭對手行為出現某種變化的跡象，以及對於緩解措施的整體看法？

And maybe just secondly, then on Brazil, just Brazil still seems to be rather bumpy, thoughts on continuing to invest there and when that market might start to improve for you?

其次，關於巴西，巴西看起來仍然相當顛簸；你們對於持續在那裡投資的想法是什麼？以及那個市場何時可能開始對你們有所改善？

Thank you, Paul. I think the important point that we sort of flag is the sort of sequential improvement we're seeing in Sky Gaming. I think customers have adapted to the new interface post migration. And we've had a very strong World Cup for all of our brands in the UK. Look, I think we've obviously guided to our first order mitigants in the market.

謝謝你，Paul。我認為我們想強調的一個重點，是我們在 Sky Gaming 看到的那種逐季改善。我認為客戶在遷移後已經適應了新的介面。而且我們旗下所有品牌在英國的世界盃表現都非常強勁。另外，我想我們也已經就市場上的第一階段緩解措施給出了指引。

And I think we're adapting our approach around that, probably taking a little bit more focus on headcount savings rather than marketing because we want to maintain our posture in the market. We do think we're beginning to see some of our competitors pulling back as we anticipated. And so look, I think the second order mitigants are going to be significant, and we'll be well positioned to capitalize on those.

我認為我們也正在調整我們在這方面的做法，可能會把更多重點放在人力成本節省上，而不是行銷，因為我們希望維持我們在市場上的姿態。我們確實認為，正如我們所預期的那樣，開始看到一些競爭對手在收縮。因此，我認為第二階段的緩解措施將會相當顯著，而我們也會處於有利位置來把握這些機會。

Yes. In Brazil, Paul, we're still really excited about our potential in this market. I think there's a number of improvements that we implemented across the first half of the year. We've got our product and pricing capabilities now, including BetBuilder in Brazil and the uptake on that has been very strong. We've improved the iGaming proposition and improved the generosity metrics around that.

是的。Paul，在巴西方面，我們仍然對在這個市場的潛力感到非常興奮。我認為我們在上半年已經推動了多項改善。我們現在已具備產品與定價能力，包括在巴西推出 BetBuilder，而其採用情況非常強勁。我們也改善了 iGaming 的產品主張，並提升了相關的慷慨度指標。

So we're feeling quite confident about our product and how we set up into '27. There is quite a moving piece with regards to the regulatory backdrop in Brazil, and that's somewhat stifling the overall market growth. But within the context of that market, I think we're happy with our performance, and we're still encouraged about the medium to long-term opportunity there.

因此，對於我們的產品以及我們如何為 2027 年做準備，我們感到相當有信心。巴西的監管背景仍有不少變動因素，這在某種程度上抑制了整體市場成長。但在該市場的脈絡下，我認為我們對自身表現感到滿意，並且仍對那裡的中長期機會感到鼓舞。

John DeCree, CBRE.

John DeCree，CBRE。

Hi, guys. Thanks for taking my question. And Peter, I'll pile on the congratulations. You've got quite a career at Flutter. Maybe kind of looking ahead, this is probably a prediction market TAM question. But when you kind of look at the comparable, the Betfair Exchange in the UK and the US and in states where predictions and sports coexist under a less vague regulatory environment, do you see anything in the US or US consumer where predictions could be a much bigger piece of the overall sports pool than you see in the UK?

嗨，各位。謝謝讓我提問。Peter，我也要加入恭喜的行列。你在 Flutter 的職涯相當精彩。也許往前看，這大概是一個關於預測市場 TAM 的問題。但當你看英國的 Betfair Exchange，以及在美國、在那些預測與體育在較不模糊的監管環境下共存的州的可比案例時，你是否看到美國或美國消費者有任何特徵，使得預測在整體體育博彩池中的占比，可能會比英國大得多？

Well, John, if we look at the UK or other markets like Italy or Brazil where the Betfair Exchange coexists with other sports books, we find that the exchange has a pretty small market share. And that's primarily because of the inability to offer sort of generosity through an exchange platform. Of course, the person that needs to provide the generosity is effectively the market maker and they can't be confident they'll get the next bet from a customer if they've offered them some generosity back.

嗯，John，如果我們看英國或其他像義大利或巴西這類 Betfair Exchange 與其他體育博彩平台共存的市場，我們發現交易所的市占率相當小。這主要是因為交易所平台難以提供所謂的「慷慨度」。當然，需要提供慷慨度的一方實際上是造市者，而如果他們回饋了一些慷慨度給客戶，也無法確定下一筆下注仍會來自同一位客戶。

And so I don't see that structure being any significantly different here in America. So I think the extent to which you have (inaudible) coexisting with regulated OSB, I would expect to see the regulated OSB continue to take the vast majority of the business. Clearly, there are some niche areas, shops and stuff like that where they will be more likely to take their volumes to the Predicts type platforms. But as we know, they're not things which the traditional bookmakers can make money from anyway.

因此，我不認為這種結構在美國會有任何顯著不同。所以我認為，在（聽不清）與受監管的 OSB 共存的情況下，我預期受監管的 OSB 仍會拿下絕大多數的業務。顯然，有一些利基領域、店家之類的，他們更可能把交易量帶到 Predicts 這類平台。但如我們所知，那些本來就不是傳統莊家能賺錢的項目。

And ladies and gentlemen, we are running long. So we will conclude the Q&A session today. I would now like to turn the call back over to Peter Jackson for closing comments. Peter?

各位女士先生，我們時間已經超出。因此我們將在今天結束問答環節。接下來我想把電話交回給 Peter Jackson 作結語。Peter？

Okay. Thank you very much, Greg. And look, I'm sorry, we've overrun. You'd have thought that having done this 35 times, we would have got the hang of it by now. So with apologies to those of you who we didn't get to, the IR team are around and here to take any of your questions. Thank you very much, everybody, and I appreciate your support over the years.

好的。非常感謝你，Greg。也很抱歉，我們超時了。你會以為做了 35 次之後，我們到現在應該已經駕輕就熟了。因此，向那些我們沒能輪到提問的各位致歉；投資人關係（IR）團隊都在，也會在這裡回答你們任何問題。非常感謝各位，也感謝大家多年來的支持。

Thanks, Peter. And ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Have a great day, everyone.

謝謝你，Peter。各位女士先生，今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝大家今天愉快。