Flutter Entertainment (FLUT) Fireside chat summary

Introduction and agenda

• Discussion focused on recent developments, strategic investments, industry trends, and management changes.

Current industry trends

• U.S. online sports betting market is growing around 5%, with iGaming growing faster.

• Market-wide slowdowns occurred in Q4 last year due to less compelling NFL content and high win rates.

• International markets, especially Italy, Turkey, and CEE, are experiencing strong growth.

• U.K. remains a leading market with significant share in both sportsbook and iGaming.

Challenges and overcoming obstacles

• High promotional investments are impacting EBITDA but are seen as necessary for long-term U.S. growth.

• Regulatory uncertainty in prediction markets and tax increases in key markets require adaptive strategies.

• Navigating tax changes in the U.K. and loss of India have kept international EBITDA flat, but cost-saving initiatives are underway.