Flutter Investor Day Presentation Deck
November 2022, 113 slides
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capital markets day of nas | Flutter
agenda introduction market opportunity advantage flutter edge opportunity financial trajectory | Flutter
introduction peter | Flutter
what i will cover success of world gaming business group capabilities powering success group strategy to deliver returns | Flutter
unparalleled scale and success of world gaming business players revenue scale and diversification of the group excluding the us provides resilient and robust model for growth sty | Flutter
extending scale and position in the regulated markets multiple top positions a | Flutter
a diverse portfolio of products with a history of innovation eon revenue by product same game exchange | Flutter
was the premium us asset when was repealed in strong brand with nationwide footprint invested in the brand registered players market share of customers betting on sports cultural alignment flutter capital invested in to date created the us gaming business i sports date | Flutter
strengths and expectations from have played out success to date demonstrates power of our positioning large market opportunity at size of new jersey uniquely positioned scale brand people and product access to flutter balance sheet and significant opportunity to turn into a meaningful part of flutter | Flutter
success is underpinned by flutter deep and capabilities capital talent shared technology years of sports betting and gaming experience | Flutter
in digital markets being the leader matters market leaders typically take an outsized share of the profit pool | Flutter
optimal group strategy to deliver long term shareholder value huge market opportunity diversified scaled business sustainable leadership position historic revenue growth net of regulation strong unit economics high margin in mature businesses profitable in high cash conversion combination makes flutter a compelling investment proposition | Flutter
introduction to amy howe chief executive officer | Flutter
our management team amy howe driving unique culture and focus on | Flutter
diverse product suite available in states a a or at a casino | Flutter
we have built a clear leadership position in | Flutter
and we are in almost every state in which we operate i pat | Flutter
we are now a revenue business | Flutter
with significant runway for growth copa | Flutter
the advantage driving our winning position acquire retain grow sports betting brand betting product innovation proprietary pricing and risk of sports fans best experience accurate competitive odds best marketing assets disciplined promotions organic win margin advantage benefitting from the edge ate | Flutter
benefitting from the edge capital talent shared technology cash funding enabling pursuit of all growth opportunities of and above come from flutter with years of collective experience years of operations serving customers technologists with global network of scalable and reliable proprietary platforms | Flutter
the advantage drives our flywheel creating a and more profitable business in turn allowing us to invest more in product promotions and brand scale advantage advantage underpins best customer offering driving higher revenue through better customer acquisition retention and value growth increased proposition operating | Flutter
with potential to deliver revenue at maturity at margins similar to other divisions our scale advantage is compounding each year driving a pathway to revenue at maturity scale and competitive advantages can deliver long term margins of similar to other flutter divisions | Flutter
market opportunity | Flutter
significant scope for further expansion the market opportunity retain progress to date unlocking future growth impressive market value already unlocked huge runway for growth with significant long term market | Flutter
we have invested significantly in resource and to get to where we are | Flutter
our market advocacy seeks to achieve two primary goals unlock new markets open up and states to protect consumers from illegal operators and create value for the state optimize regulatory environment in existing states push for optimal tax structures and regulatory consistency | Flutter
impressive market value already unlocked since repeal | Flutter
in a mostly balanced regulatory environment mobile registration live registration direct licensing state technology harmonization effective tax rate removing friction in customer acquisition enabling faster new state penetration reducing cost of market access reducing technology complexity and cost providing commercially viable operating environment new markets are opening with commercially reasonable regulation for operators with scale | Flutter
increased upside from greater population coverage as new states go live a resulting in increase in population coverage across both products | Flutter
and increased population penetration in existing states with more recreational customers resulting in increase in population penetration across products adjusted for customer value | Flutter
leading to massive long term potential adjustments from prior slides a population coverage population penetration | Flutter
advantage mike chief commercial officer | Flutter
the advantage driving our winning position acquire retain grow combining to deliver month average customer | Flutter
how we are driving efficient customer acquisition acquire brand head start advantage marketing network sports betting brand in the us of racing and fans portfolio of the best media assets underpinned by a highly disciplined approach | Flutter
invested in marketing over the past years to be brand | Flutter
our customers are our most efficient acquisition channel customer acquisition cost for referrals is lower than other channels with opportunity growing as we scale yew | Flutter
leveraging customer to drive acquisition efficiency of handle from led users pat | Flutter
continually improving playbook for new states lee | Flutter
depth and breadth of partnerships create a barrier to entry for other operators league partnerships team partnerships what this gives us sports partnerships across all major us leagues and teams i | Flutter
access to media assets drives superior return on investment access to national media assets share of voice across regional sports networks what this gives us powerful mix of local and national media assets we fox i res marquee pat | Flutter
broad portfolio of betting influencer talent creates a hard to replicate network effect what this gives us effective driver of betting activity bets on pat super bowl | Flutter
is a first of its kind betting entertainment hub and second screen experience racing brand sports network live streaming coming soon assets downs basketball leagues with more nasal toa | Flutter
media efficiency at national scale will drive marketing rates closer to mature markets national efficiency benefits media savings of activations up brand bonus | Flutter
is winning the customer acquisition battle resulting in months average customer pat | Flutter
how we are driving efficient customer retention best betting product greater choice and flexibility for our customers the best disciplined promotions a single account wallet easy to use interface and innovation pipeline elevating the customer experience delivering the right value to the right customers at the right time retain | Flutter
what we mean by betting products straight bet parlay same game parlay same game parlay | Flutter
pricing and risk management capabilities allow us to deliver what customers want choice range of markets across major us sports flexibility more bet combinations great odds highly competitive odds low friction reduced in play suspension times and faster settlement underpinned by edge access to world class in house pricing risk management | Flutter
innovating ahead of the competition same game parlay out of our in house edge allows us to extend our lead | Flutter
we deliver a superior experience across three pillars get | Flutter
a single account and wallet across all products drives cross sell one all states in customers one account all products customers any product bree by | Flutter
simple and easy to navigate makes it easy for customers to find what they want easy to build bets localized by state of bets ies get | Flutter
consistently adding distinctive and exciting features real time bet tracking player market leg by leg tracking racing integration into active users now one tap away from racing a mela | Flutter
delivers the rated by users and industry experts rated sports betting by customers rated sports betting by experts rating rating on many you to look far wide for what you want but on everything is clearly intuitively presented the variety of options bets features makes the experience an exceptional one a store | Flutter
promotional generosity is a material driver of business performance me in free league pat one day pais | Flutter
our sophisticated promotions engine drives more efficient spend of campaigns via proprietary flutter global promotions platform flexible thousands of tests run every year to refine the models and maximize each dollar of spend targeted of promotional spend is targeted to highly engaged customers to maximize roi improved promotional efficiency driving return on incremental spend pat competitor a | Flutter
case study product focus and disciplined promotions drive our leading position national media spend lower in month of launch significantly more disciplined promotion spend product gap delivering long term win deposit match | Flutter
efficient promotional spend resulting in more revenue per dollar spent with yoy customer retention pat | Flutter
how we are growing customer value accurate odds win margin advantage the leading operator in proprietary odds making proprietary capabilities driving structural margin advantage grow | Flutter
we have a world class pricing risk management capability years odds making experience highly integrated across product commercial marketing global odds feed and tools leverage local of handle from odds we set in house | Flutter
what is pricing and risk management set manage the odds innovate betting product segment customers delivered by world class pricing and risk management experts within and across as action unfolds combine woe quantify expected win margin per utter | Flutter
specialist capabilities and complex data are used to accurately predict probabilities better win margins confidence to derive innovative and complex bet types confidence to take on large liabilities confidence to set a lower accurately predicting probabilities accurate odds skilled traders | Flutter
accurate probabilities and odds enable us to confidently offer highly competitive odds odds you see true probability confidence in our true probabilities allows us to set a lower than the competition providing on average better odds to our customers | Flutter
proprietary and accurate pricing also delivers more choices for customers same game parlay same game parlay parlay straight bet | Flutter
increased choice and flexibility drives higher margin for | Flutter
we generate more margin per dollar of handle revenue from a bet | Flutter
we have continued to expand our margin lead proprietary capabilities will continue to enable innovation and further growth | Flutter
clear path to higher gross win margins target gross win margin disciplined focus on improving odds accuracy innovation in product driving further new market and parlay adoption preserving customer value by continuing to offer highly competitive odds came coxs pat area a | Flutter
conclusion the advantage delivers month average customer acquire retain grow sports betting brand betting product innovation proprietary pricing and risk of sports fans best experience accurate competitive odds best marketing assets disciplined promotions organic win margin advantage lower cost per competitor year on year customer retention more margin per of handle the market benefitting from the edge ate pay value a a | Flutter
the flutter edge | Flutter
benefits we gain from flutter group provide unique competitive advantage flutter edge retain capital talent technology cash funding to fuel expansion global network of scalable and reliable proprietary platforms key assets underpinning advantage and opportunity | Flutter
capital funded growth and leadership position cumulative cash investment of market position with revenue of in | Flutter
unique asset of global sports betting and specialists pipeline of talent to help seed rapidly expanding business pipeline of experts to seed rapid scaling of teams access to deep breadth of across key areas group wide efficiently spent by employees on sales and marketing and promotional generosity customers across multiple gaming products served by customer services operatives bets placed per year across over different countries of global players interacting with play well tools underpins the advantage and future opportunity generosity operatives tools | Flutter
taking insights from flutter positive impact plan to empower at customers play well colleagues work better communities do more building a business with integrity and a foundation of i an ing prog | Flutter
flutter edge is driving key technology benefits technology retain proprietary tech integrated flutter platforms global talent reliable core platform to handle scale and complex regulatory requirements head start over the competition provided by flutter global technology platforms access to international network of talent with deep industry experience delivers scalable efficient and stable technology | Flutter
why having the right technology is critical volume customers transactions and new markets complex regulation bespoke state by state requirements differentiation capacity to innovate key to growth sports and casino bets regulatory releases features delivered | Flutter
significant progress made in building our core proprietary stack most operators and new entrants are still leveraging party systems for core tech majority of our business now operates on a proprietary tech stack as pat | Flutter
leveraging integrated flutter platforms key to our technology advantage flutter proprietary platforms have been developed over years and serve customers around the world | Flutter
we are supported by a global talent network of flutter technologists in i | Flutter
this edge allows us to build scalable efficient and stable technology platforms and maintained over for the same period | Flutter
maintaining performance as we grow mint | Flutter
recap benefits of the edge capital talent shared technology cash funding enabling pursuit of all growth opportunities of and above come from flutter with years of collective experience years of operations serving customers technologists with global network of scalable and reliable proprietary platforms | Flutter
opportunity | Flutter
provides attractive additional growth opportunity to the opportunity retain casino today strategy early indications success driven by cross sell from us focus on improving proposition for direct customer initial results are positive and there is more to come | Flutter
to date we have been very successful at cross selling players to in us monthly cross sell rates share position driven by of our strategy a pat | Flutter
we are now increasing focus on direct customers male oriented years prefer table games direct cross sell more balanced gender mix years prefer slots average age | Flutter
clear strategy which we have begun to execute strategy brand product promotions grow differentiated casino brand improve breadth of product offerings develop engaging and innovative promotion tools talent built the most experienced team leveraging the flutter edge | Flutter
well positioned to grow differentiated brand a | Flutter
product improvements to match the preferences of direct customers | Flutter
we are focused on building innovative and engaging promotion tools | Flutter
we have built the right team to deliver this strategy leveraging the flutter edge of in casino have previously worked in other flutter divisions shared insight of brands innovative power of in house studios combined of experts sky meters i ass sky | Flutter
initial results from our strategy are encouraging | Flutter
and there is much more to come over the next months brand product promotions further establish the casino brand deliver coverage of games that matter launch new innovative forms of promotions create moments throughout the year continue user experience optimization increase usage of real time capabilities in targeting | Flutter
financial trajectory chief officer | Flutter
overview of our financial trajectory financial trajectory retain | Flutter
reminder the shape of the for an operator handle gross win margin gross gaming revenue net gaming revenue gross profit contribution advantage and flutter edge drive economics through | Flutter
the advantage has helped build a net revenue business today | Flutter
potential size of market over tam by group net revenue today significant growth potential | Flutter
evolving shape of us market underlines importance of scale cost of sales in us account for half of revenues remaining of revenue must cover all other costs leaving sufficient headroom to generate strong profit margins implication scale is critical very few operators likely to reach sufficient scale | Flutter
higher market share concentration likely in top players account for share us is already at these levels in significant gap between number and player | Flutter
we will leverage our flywheel to compound our leadership position in turn allowing us to invest more in product promotions and brand scale advantage advantage underpins best customer offering driving higher revenue through better customer acquisition retention and value growth increased proposition operating | Flutter
what does our relative scale advantage look like today an a | Flutter
quantum and efficiency of promotions is difficult for competitors to match i | Flutter
sheer scale of marketing investment reinforces our leadership position combined investment in promotional generosity and marketing of over in | Flutter
combined with highly efficient spend driving impressive returns marketing as a of percentage points lower | Flutter
huge scope to drive further operating leverage through marketing line heightened brand awareness national marketing spread across more regulated states well positioned to reach marketing efficiency levels similar to mature flutter businesses | Flutter
headline contribution growth disguises true scale of embedded value being built but to be profitable our contribution needs to fund and exceed our investment in | Flutter
the cohort view is what gives us confidence in our path to profitability | Flutter
making progress on operating leverage operating leverage as business has scaled ongoing drivers first priority continue to invest for long term growth certain areas facilitate greater operating leverage operating expenses will fall into broad buckets bee ere | Flutter
what does this mean for long term margins clear path for to achieve long term margins similar to other flutter divisions cost of sales of marketing of of long term margins | Flutter
conclusion amy howe | Flutter
key from today has dominant leadership position in us and big opportunity in sustainable advantage combined with unique benefits of the flutter edge provide great confidence in our ability to maintain clear position our phenomenal scale powers our flywheel allowing us to make meaningful investments in product marketing and promotions combined with superior execution and disciplined cost management there is a clear route to significant value creation | Flutter
thank you for joining us | Flutter
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