DAVY VIEW

Flutter Entertainment’s US division was the standout feature of a promising first half. Its performance relative to other US operators is stark — it is ‘lapping the field’ in terms of revenue growth, market share gains and customer economics. Beyond the US, the group has made important progress in its UK & Ireland Online and International divisions, while Australia continues to excel. This report includes our updated forecasts, including the addition of the now completed Sisal acquisition. Underlying revenues increase by 4-6% for the 2022-2024 period, driven by the US, while our underlying group EBITDA forecasts are virtually unchanged.