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 business maintained number one position, despite some share loss in 2025; product and loyalty changes underway.

• High margins, especially from parlays, led to lower handle but strong profitability; margin doubled YoY in December.

• Generosity strategy underperformed in Q4, impacting customer engagement; loyalty program launch planned for next quarter.

• Prediction markets product launched, targeting new states and incremental customer acquisition.

Guidance, margin, and handle outlook

• Guidance for 2026 reflects conservatism on handle growth due to recent high margins and volume softness.

• Sequential improvement in volume and revenue post-NFL, especially in NBA, supports confidence in 2026 guidance.

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

• Loyalty scheme and product initiatives in sportsbook to drive graduated improvement through the year.

Product and competitive positioning

• Leadership in parlays maintained; ongoing enhancements to parlay and app performance planned for Q2.

• Social betting products and improved loyalty programs to increase engagement and transparency.

• No major shifts in focus areas; live betting and cash-out improvements continue.

• Catching up in sports loyalty programs, leveraging casino experience.