REG - Flutter Entertainmnt - Flutter capital markets event

Flutter EntertainmentAnnouncement

16/11/2022 16:30

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RNS Number : 6269G  Flutter Entertainment PLC  16 November 2022

16 November 2022

Flutter capital markets event showcasing FanDuel

Number one US sports betting and iGaming business

 

Flutter, the world's leading sports betting and iGaming business, is today
hosting an event for investors and analysts at 25 Cipriani, Broadway, New York
showcasing its US business, FanDuel. The event will also be streamed
virtually.

FanDuel is the number one operator in the US today with a 42% share of the US
online sports betting market and a 18% share of the US iGaming market. This
leading position is underpinned by a range of sustainable competitive
advantages, alongside access to unique benefits enabled by the Flutter Group.
The FanDuel Advantages coupled with the Flutter Edge have produced a winning
position of unparalleled scale which ensures that FanDuel:

 

1.         Acquires customers more efficiently

2.         Retains customers for longer; and

3.         Grows customer value more effectively

Excellent operational execution is driving significant momentum for our
FanDuel flywheel, creating a virtuous circle where our scale advantage
continues to compound and ensures we maintain our economic advantages and our
clear number one position.

We are confident in a path to a 2030 total addressable market of more than
$40bn in gross gaming revenue which represents growth of 4.5 times the size of
the market today. By continuing to leverage the FanDuel Advantages and Flutter
Edge, this would imply a significant runway of future revenue growth for
FanDuel. With mature EBITDA margins expected to be equivalent to those in
existing Flutter divisions of 25-30%, this growth potential would imply
significant levels of long-term profitability, transforming the Flutter Group.

Peter Jackson, Chief Executive, commented:

"The US market represents the single biggest opportunity in our sector today
and we are proud to own FanDuel, the premier asset within this market. The
business has transformed the Flutter Group, performing better than we could
have hoped and growing tenfold since PASPA was repealed in 2018.

FanDuel's success demonstrates the importance of global scale combined with
local leadership and expertise. A clear strategy focused on the customer has
delivered the number one position that FanDuel enjoys today and will continue
to ensure FanDuel is the long-term market winner. Today we will demonstrate
the superior business model underpinning FanDuel's success, which has ensured
that our US division is on course to deliver profitability for the full year
2023. The superior economics that FanDuel enjoys as the market leader,
represents an enormous value creation opportunity for the Group as our US
business continues to grow.

Amy Howe and the leadership team have done a phenomenal job in executing on
FanDuel's strategy to date and we remain excited about continuing FanDuel's
success story."

 

 Analyst briefing:

 The event, including remote registration, can be accessed virtually here
 (https://flutter.connectid.cloud/) . The presentation and live stream will
 commence at 2pm EST (7pm GMT). Q&A participation will be limited to
 analysts attending in-person. Registration for in-person participation is now
 closed.

 Contacts:

 Investor Relations:
 Paul Tymms, Group Director of Investor Relations and FP&A      + 44 75 5715 5768
 Ciara O'Mullane, Investor Relations                            + 353 87 947 7862
 Liam Kealy, Investor Relations                                 + 353 87 665 2014

 Press:
 Kate Delahunty, Corporate Communications                       + 44 78 1077 0165
 Lindsay Dunford, Corporate Communications                      + 44 79 3197 2959
 Rob Allen, Corporate Communications                            + 44 75 5444 1363
 Billy Murphy, Drury Communications                             + 353 1 260 5000
 James Murgatroyd, Finsbury                                     + 44 20 7251 3801

 

About Flutter Entertainment plc:

Flutter Entertainment plc (the "Group") is a global sports-betting and gaming
company reporting as four divisions:

•       US: includes FanDuel, TVG, Stardust, FOX Bet and PokerStars
brands, offering regulated real money and free-to-play sports betting, online
gaming, daily fantasy sports and online racing wagering products to customers
across various states in the US and Canada.

•       UK & Ireland: includes the Sky Betting and Gaming, Paddy
Power, Betfair and Tombola brands offering a diverse range of sportsbook,
exchange and gaming services across the UK and Ireland, along with over 600
Paddy Power betting shops.

•       Australia: the Sportsbet brand offers online sport betting and
is the Australian market leader.

•       International: includes PokerStars, Sisal, Adjarabet, Betfair
and Junglee operating in multiple jurisdictions around the world offering a
diverse range of sportsbook, exchange and gaming services.

 

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