DAVY VIEW

Q3 numbers came in largely in line with our recently revised estimates, with growth impacted by some unfavourable sports results and heightened promotional intensity in the US in the early part of the NFL season. Guidance has been downgraded for the full year in the US, but the two key elements of this are sports results and prediction markets investment. Both of these were largely expected. We believe Flutter has positioned itself very well to benefit from the opportunity in prediction markets and management commentary on the call that it expects to have the clear number one product by Q2 next year was notable. It has engaged with other stakeholders, including the tribes and regulators, and we do not anticipate any impact on regulated state licenses (outside of Nevada where it had no B2C presence). It has invested further in US growth in Q4 and commentary on recent momentum was bullish.