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

U.S. business performance and strategy

• Achieved higher-than-expected customer acquisition and retention in 2024, especially in iGaming, leading to a larger player base and market leadership with $1 billion more revenue than competitors.

• Market competition has become more rational, with disciplined marketing and realistic customer value modeling driving sustainable growth.

• Focus remains on a single brand (FanDuel) in the U.S. due to its strong resonance with mass-market customers, with flexibility to adapt if market dynamics change.

• Emphasizes a challenger mindset to avoid complacency, with decision-making pushed close to customers and a focus on beating key competitors like DraftKings.

Financial guidance and margin outlook

• 2025 U.S. revenue expected to grow 20–25% in existing states, with 5–6 percentage points of margin expansion driven by cost leverage and operational efficiencies.

• Margin gains expected from cost of sales leverage, OPEX transformation, and continued marketing efficiency.

• Confident in pricing strategy despite short-term sports result volatility, especially in NFL, with long-term structural hold and parlay penetration leadership.

Product innovation and customer engagement

• Launched "Your Way," a foundational product innovation enabling near-infinite bet combinations, unique pricing, and enhanced risk management, rolled out across all U.S. states and being introduced internationally.

• Early adoption during the Super Bowl showed 5% customer usage and 90% unique bets, with plans for further variants and long-term impact on engagement and live betting.

• Live betting penetration is increasing, supported by new features like bet tracking and merchandising, with ambitions to expand across major sports.