Flutter Entertainment (FLUT) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

U.S. performance and strategy

• iGaming exited Q4 with 28% GGR share, driven by exclusive content and loyalty programs.

• Sports margins exceeded expectations, reaching long-term targets and doubling year-over-year in December.

• High parlay mix and strong margins led to handle pressure, with some share loss in 2025.

• Generosity strategy underperformed in Q4, prompting upcoming loyalty program launch and personalized offers.

• Prediction markets product launched, targeting incremental customers in states without regulated OSB.

Guidance, margin, and growth outlook

• Guidance for 2026 is prudent, reflecting conservative handle growth assumptions.

• Sequential improvement in volume and revenue post-NFL, especially in NBA.

• iGaming expected to deliver high-teen revenue growth year-on-year, moderating from previous high thirties.

• Loyalty program and product initiatives in Q2 expected to drive sportsbook performance.

Product and competitive positioning

• Maintains leadership in parlays, with ongoing enhancements planned.

• App load time to be halved in Q2; focus on e-commerce basics and user experience.

• Social products and promotions, like Pass The Leg, are expanding.

• Loyalty program for sports to launch soon, aiming to match casino success.