Financial Data and Key Metrics Changes - Group revenue increased by 16% year over year, with adjusted EBITDA growing by 25% [24][6] - Net income decreased by 88% year over year due to increased non-cash charges, while cash from operating activities rose by $36 million [6][25] - Adjusted earnings per share grew by 45%, while earnings per share fell from $1.45 to $0.59 [25] Business Line Data and Key Metrics Changes - In the U.S., revenue grew by 17%, with sportsbook growth of 11% and exceptional iGaming growth of 42% [26] - International revenue reached $2.4 billion, reflecting a 15% year-over-year growth, driven by the SNAI and NSX acquisitions [20][28] - iGaming performance showed a 27% growth in the international division, with strong performances in UKI, APAC, and CEE [28] Market Data and Key Metrics Changes - The U.S. maintained its position as the number one online operator in both sportsbook and iGaming, with a record gross revenue margin month in June [16] - The company achieved over 30% share of the online market in Italy following the SNAI acquisition [14] - The Brazilian market is expected to present significant opportunities, with a focus on product and marketing improvements [14] Company Strategy and Development Direction - The company is focused on expanding its U.S. market presence and has made significant progress in regulatory matters [12][9] - Strategic acquisitions, such as SNAI and NSX, are aimed at enhancing market leadership in Italy and Brazil [14][10] - The company is committed to returning capital to shareholders while maintaining flexibility for organic and inorganic investments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and strategic objectives for the remainder of 2025, particularly with upcoming sports seasons [22][23] - The company is monitoring regulatory developments closely, especially in Illinois, where a new wager fee was introduced [12][46] - Management believes that the U.S. market's scale will help mitigate potential tax changes and maintain competitive advantages [12][32] Other Important Information - The company has extended its market access agreement with Boyd, expecting approximately $65 million in annual cost savings [30] - The company is on track to achieve $300 million in savings from its cost transformation program by 2027 [29] - Available cash increased to $1.7 billion, while net debt stood at $8.5 billion, with a leverage ratio of three times adjusted EBITDA [30] Q&A Session Summary Question: U.S. Marketing and Contribution - The company noted efficiencies in marketing spend, with a reallocation of approximately £20 million to £25 million into Q4 to prepare for the NFL and NBA seasons [42][43] Question: Prediction Markets - Management is evaluating opportunities in prediction markets, leveraging their experience with the Betfair exchange [40] Question: Illinois Surcharge - The Illinois surcharge was introduced as a response to state tax changes, with management expressing disappointment over its impact on recreational customers [46][47] Question: California Sports Betting - Management is monitoring developments in California, particularly regarding tribal interests and the recent AG opinion on DFS [53] Question: iGaming Growth - Management believes there is significant potential for iGaming growth, focusing on acquiring direct casino customers [65] Question: Boyd Deal and Market Access - The Boyd deal is seen as a long-term opportunity for renegotiating other access agreements, but these will take time to materialize [72] Question: iGaming Content Mix - Currently, all content for FanDuel is sourced from third parties, with plans to introduce in-house content in the future [101] Question: Brazil Market Expansion - The company is considering further opportunities in Latin America, leveraging its recent successes in Brazil [112]