Flutter Entertainment plc

Good morning and welcome to the Flutter Entertainment Half Year Results Update call. Peter Jackson, CEO, is joined by Jonathan Hill, CFO. There will be a chance to ask questions later. As you're getting to the queue, please press star and 1 anytime. And now I will hand over to Peter.

Thank you very much. Good morning and thank you for joining Jonathan and I for this call. Hopefully you've all had a chance to watch our presentation this morning, which helps set out extra colour on our half-year performance and how well positioned the group is for growth. Before we go to questions, I'd just like to highlight a few key points. I've been really pleased with our performance in the first half of the year. We had positive momentum, with revenue up 9% and AMP growth of 14%. Our US performance was outstanding. and continues to exceed all expectations, delivering a profit in Q2. This was driven by phenomenal execution, with a sports betting market share of 51% in Q2, where we were number one in 13 out of 15 states. And was also achieved despite the fact we've been leaning into customer acquisition in Q2, acquiring over half a million new customers. As we laid out in our presentation, we have a clear line of sight to US profitability in 2023 for the full year, including the cost of share-based payments. You'll have seen that we now expect the outcome of the arbitration process with Fox in October. Unfortunately, as this is a live process, we can't provide any further detail. However, as previously stated, we remained very confident in our position regarding fair market value. In the group outside of the US, revenue and EBITDA in H1 were in line with expectations, with strong performances in Australia and in our consolidate and invest international markets. And we're excited to welcome the CSAIL team into the Flutter group last week. In the UK and Ireland, our online performance in Q2 improved sequentially on Q1, and we are confident that the proactive measures we are taking from a safer gambling perspective have set the business up well for the future. Across the whole group, the second half of the year started in line with our expectations. Our advantages in scale and diversification position us extremely well to capitalize on the growth opportunities ahead. And with that, I'll now hand you over to Phoebe to handle questions. Could I please ask people to limit their questions to two only at this stage, and then we can come back to you if you have any subsequent questions.

So once again, just a reminder, if you wish to ask a question, please press your telephone. And our first question is coming from Michelle. Please go ahead.