> Below transactions are a sign Flutter is continuing to diversify geographically (from home/UK); 2Q revenue was 42% in US, 26% UK, 22% International and 10% Aus. Reminder its move in the US over the last few years was helped by a 2018 supreme court ruling (the PASPA repeal) which now allows state-by-state sports betting legalisation. It holds a dominant 51% market share in online US through its https://www.fanduel.com/ platform and is riding very strong (+219%yoy) growth there.
> FY guidance is for revenue +20% and adj. EBITDA +34%. It is acquisitive (not a bad thing as the 2018 FanDuel stake proved) - but keep in mind re. leverage and supply. Front maturity is 2028 TL's, $ issuance may be more likely now given co's mix - reflected in primary listing moving to the US in May.
- $350 in cash paid vs. onboarding $256m revenue and $34m in adj. EBITDA (entire NSX).
- It says Brazil will regulate the online betting/gaming in early '25 which will take out local players and consolidate the market (on tax, licensing and compliance costs).
- The unregulated market is currently CAGR'ing 38% from 2018-23 and NSX holds a 9% share in the country.
- Still committed to MT net 2-2.5x leverage target. It was gross 3.2x/net 2.6x at June and with $1.5b of cash on hand (no issue funding above). Pro-forma leverage moves to 3.4x/net 2.8x.
Investor day (should see BS/M&A comments) comes on 25th of Sept, Q3 results on 12th of Nov.