Flutter Entertainment plc

Good morning everyone and thank you for joining us for our half-year results call. I'm joined in Hammersmith today by Jonathan to take any questions you may have following our results announcement. This is obviously not the way we would normally present our results and we look forward to a time when we'll be able to meet you all again in person. I hope you've had a chance to watch our H1 presentation which we posted to our website earlier this morning. If you've not, the recording will remain available and a PDF of the presentation is also available on the site. It may be useful to have the presentation open as we might refer to certain slides in some of our answers. To summarise the key points of our announcement, we're very pleased with our first half performance and the way the group has maintained its strong momentum against a very challenging backdrop. The 35% EBITDA growth we've announced reflects strong underlying performance across all parts of our business and really demonstrates the importance of the products and geographical diversification we have within the business. We completed our merger with the Stars Group on May 5th and we've made a very good start in integrating our two groups. I'd like to thank our whole team for delivering these results in what were very challenging circumstances. I see great opportunities to invest in our business across each of our four regions and we will continue to do so in a disciplined and sustainable manner. With that, we'll now take any questions you may have. In the interest of giving everyone a chance to ask their questions, can I ask you to limit yourselves to two questions each to begin with, and then if we have time, we'll be happy to take follow-ups. Jo will help moderate the questions, but if you have any questions, please just press star 1.

Thank you, Peter. Our first question comes from Ed Young from MS. Please go ahead. Your line is open.

Good morning and thank you for taking my questions. I've got two both from the international business, please. The first one's about your reinvestment plan for PokerStars. Your presentation seems to suggest that direct casino acquisition was the biggest area for planned investment. Is that a fair representation of where you think you'll be putting the investment? And on the marketing percentage of sales, you made that point very clearly about underinvestment versus norms of about 25% across the industry. But if I look across the rest of your businesses, the weakest business at H1 relatively was Paddy Power Betfair on 9, that's at 24%. And the strongest was Skybet at 16 and Australia at 14. And they were sort of similarly low levels relative to the industry even last year before any Q2 distortion. So how do we think about the right level for all of those businesses and across this group in general, not just focus on specifics? And the second question is on the cross-sell opportunity of Sports International. You talked a little bit about the platform in the presentation, but not much about the exchange, which is how you previously sort of couched that cross-sell from both customers. Can you just give some colour on how your thinking about sports cross-sell has developed since you had a better chance to look at the business and how you framed that opportunity and does putting off the Betfair UK from the rest of international affect that at all? Thanks.