Flutter Entertainment plc

Good morning, everyone, and thanks for joining us. I'm here with Jonathan to answer your questions following our announcement this morning. Hopefully, you've all had a chance to watch the presentation that we published on our website this morning. I won't repeat what has been said there, but we'll just make a few opening comments. 2020 was a remarkable year for Flutter. We completed our merger with Stars Group in May, and in December, we accelerated our buy-in to the minority shareholders in Fangiole. something we're very keen to do given the scale of the opportunity we see in North America. I'm pleased to say that our business is performing very well. The growth we're delivering is being built on sustainable foundations with significant recreational customer growth in all our key regions. Throughout 2020, our average monthly online players grew 19%, with that growth accelerating during the year. Average player growth globally was 32% in H2. Merger integration continues to progress well. You'll have seen that we have upgraded our cost energy guidance this morning. As we said before, our number one priority is ensuring that the momentum in the business is not negatively impacted by integration work. But I'm pleased that we've been able to identify further efficiencies whilst maintaining strong momentum. Whilst performance in all of our regions has been strong, our ongoing leadership position in the US is particularly encouraging. We now believe the U.S. market opportunity will be materially bigger than we previously estimated, with a TAM of $20 billion by 2025, while the returns profile we have highlighted this morning clearly shows the embedded value we're building in our business. 2021 has started well, and while our retail business is still being impacted by COVID-related closures, the strong underlying momentum in our online businesses is expected to offset this. And with that, I'll open it up for questions. In the interest of giving everyone the chance to ask a question, can I ask that you limit yourselves to two each in the first instance? And then if we have time, we'll perhaps answer any follow-ups you may have.

Thank you. Your first question is coming from Ed Young of Morgan Stanley.

Good morning, Ed.