Flutter Entertainment plc (FLUT) Discusses Strategic Promotional Investments and Customer Engagement Initiatives for FanDuel Transcript

Flutter Entertainment plc ( FLUT ) Discusses Strategic Promotional Investments and Customer Engagement Initiatives for FanDuel

Jeremy Jackson - Group CEO & Executive Director

Rob Coldrake - Chief Financial Officer

Jed Kelly - Oppenheimer & Co. Inc., Research Division

All right. Thanks, everyone, for joining us this morning. I'm Jed Kelly, Senior Analyst at Oppenheimer. Happy to have Peter and Rob from Flutter to talk about recent developments in the company, what's going on into football; exciting time as always. So thank you, Peter, and thank you, Rob, for joining us.

Jeremy Jackson - Group CEO & Executive Director

Jed, let me see you. Thank you for having us.

Jed Kelly - Oppenheimer & Co. Inc., Research Division

All right. Thanks. Okay. So we'll just dive right into it. So you reported results last week, and we saw accelerating engagement, especially around the World Cup. But the big news is the incremental promotional investments impacting EBITDA by about $270 million you're making into FanDuel. So can we kind of dive into that decision and sort of the strategic rationale behind it?

Jeremy Jackson - Group CEO & Executive Director

Of course. I mean, look, we've been talking to a lot of people about this, Jed. And it's been a very straightforward decision for us to make. And let me give you the background to it. I think the first thing I'd say is that the sportsbook improvement plan we put into place in FanDuel has been working very well. So when I think about the recent performance of the business on a number of dimensions, I think we've been very pleased to see the progress that we're making. So whether it's the introduction of