The following is a summary of the Flutter Entertainment Plc (FLUT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Flutter Entertainment saw a 16% growth in revenues to $3.4 billion in Q1 2024 with adjusted EBITDA increasing by 46% to $514 million.

• The firm experienced a net loss of $177 million, attributed to marking the value of the Fox option to the market.

• The company's adjusted free cash flow stood higher than last year at $157 million, with the leverage ratio falling to 2.8 times.

• Revenue growth in their U.S. division was 32% YoY, driven by customer acquisition and retention, with significant growth in both Sportsbook and iGaming revenue.

• International revenues grew by 8%, driven by UK&I and International divisions.

Business Progress:

• Flutter is set to move its primary listing to the New York Stock Exchange, emphasising their U.S. market focus.

• In the U.S. market, FanDuel consolidated its sports leadership position with market shares in online sportsbook and iGaming.

• Introduction of Junglee Poker in India has seen positive player engagement.

• Flutter is planning aggressive investments for business acquisition while meeting return criteria.

• Operational strategies include refining their market approach with every new state launch, transitioning customers towards sports betting, leveraging national advertising, and in-house iGaming tech-stack.

• In the non-U.S markets, the revenue growth was driven by the UK&I and international businesses.

• The company plans for increased capital expenditure on its cloud infrastructure and investments in its AI platform.

• Flutter witnessed a slowdown in AMPs growth in the US due to the Ohio comparisons, but successful launches in North Carolina are expected to offset this.

• Changes are being made to improve the deposit ratio in India, with anticipated return to positive growth by the end of the year.

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