Ladies and gentlemen, good afternoon. I would like to welcome everyone to Flutter Entertainment's third quarter 2025 update call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 a second time. Thank you. And I would now like to turn the conference over to Paul Tymms, Group Director of Investor Relations. You may begin.

Hi, everyone, and welcome to Flutter's Q3 update call. With me today are Flutter's CEO, Peter Jackson, and CFO, Rob Coldrake. After this short intro, Peter will open with a summary of our operational progress, and then Rob will go through the Q3 financials and updated guidance for 2025. We will then open the lines for Q&A. Some of the information we are providing today, including our 2025 guidance, constitutes forward-looking statements that involve risks, uncertainties, and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings. In addition, all forward-looking statements are based on current expectations, and we undertake no obligation to update any forward-looking statement except as required by law. Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures. Reconciliations are included in the results materials we have released today, available in the Investors section of our website. I will now hand you over to Peter.

Thank you, Paul. I'm pleased to report a good third quarter. The continued momentum in both our U.S. and international businesses during Q3 saw over 14 million average monthly players engaging with our products, driving revenues 17% ahead year over year and adjusted EBITDA 6% higher. While we reported a net loss for the quarter, this is driven by the non-cash impairment charge following the regulatory changes in India and the previously communicated payment to Boyd for improved U.S. market access terms. Customer-friendly sports results in September and October, which, as we've previously outlined, are transitory in nature, mean we are reducing our full-year outlook 2025 by $280 million in adjusted EBITDA. But the underlying business is performing well. And I'm really pleased with the strong positioning of Flutter's core business as we continue to execute in the final quarter of the year. Before I provide an update on the Q3 performance of the U.S. and international businesses, I'd like to share how we're strategically positioning FanDuel to capture the emerging prediction markets opportunity. I'm very excited to announce our expansion into this market with the launch of FanDuel Predicts in December. We will immediately unlock a significant incremental addressable market by offering a compelling sports product to the vast majority of the U.S. adult population in those states currently without sports betting. Entertainment and financial prediction markets will also be available. Flutter is exceptionally well-positioned to capitalize on this opportunity through our strategic partnership with CME Group, combined with FanDuel's nationwide brand presence, market-leading sports betting expertise, and two decades of our own experience operating the Betfair exchange. FanDuel Predicts will also accelerate the acquisition of customers into the FanDuel ecosystem ahead of the state legalization of sports betting. Furthermore, the strength of our world-class pricing and risk management…

Thanks, Peter. Group revenue increased by 17% and adjusted EBITDA grew 6% in the quarter, driven by excellent organic iGaming growth and the benefits of our recent acquisitions. Group net loss was $789 million for the quarter, compared to $114 million in the prior year. This was primarily due to three significant one-off items. First, a non-cash impairment charge of $556 million related to our Zhengli business following the legislative change in India that meant we had to cease real money operations there. Second, the previously communicated $205 million payment to Boyd for revised U.S. market access terms, which will deliver approximately $65 million in annual savings going forward. Third, increased amortization costs related to our recent acquisitions and business transformation. These were partly offset by a $27 million year-over-year benefit from the Fox auction fair value adjustments. Adjusted earnings per share grew 29%, while loss per share increased $3.91 from $0.58 in Q3 2024, due to the impact of the mainly non-cash items I have just outlined. Turning to the U.S., revenue was 9% higher with exceptional iGaming growth of 44%, offsetting a sportsbook revenue decline of 5%. This led to adjusted EBITDA of $51 million compared with $58 million in the prior year. Sportsbook performance reflected the competitive dynamics Peter mentioned, with customer-friendly sports results and heightened competitor generosity as the NFL season starts. We are pleased with the momentum in the business at the start of Q4. Handling AMP growth has been strong, and the NBA season has started positively. In international, revenue of $2.4 billion reflected growth of 21%, with our acquisitions contributing 18 percentage points of this increase. On an organic basis, iGaming performance was very strong, particularly in Turkey and Italy, with sportsbook performance reflecting tough prior year comparatives from the European Championships. Adjusted…

Thank you. And we'll now begin our question and answer session. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question and one follow-up. Again, it is star one if you would like to join the queue. And our first question comes from the line of Jeff Stantial with Stifel. Your line is open.

Hey, good afternoon everyone. Thanks for taking our question. Maybe just starting off on the $200 to $300 million planned investment next year for FanDuel Predicts. Peter, could you just maybe talk a little bit more on the return algorithm for this product, meaning are you planning to acquire users with similar payback thresholds as sports casino or adjust to reflect some of the higher uncertainty for this product? And then when you think about LTVs and return on that spend, does strategic positioning ahead of eventual traditional sports betting regulation and cross-sell opportunity factor into that calculation? Are you restricting just to gross profits from the prediction wagering?

Hi, Jeff. Look, we're very excited about FanDuel Predicts. The ability to take their sports product into the half of America that you can't currently avail as the selling products, I think, is something which is tremendously exciting. And the ability to partner with CME and leverage all of the expertise they have, we've had and built over the years with the Betfair exchange, I think, means we're going to be a very audible investor. And we have to put money behind it. Now from a customer acquisition perspective, we are going to maintain a very disciplined approach as we always have done since operating in the U.S., and we will be carefully monitoring the CAC to LTV dynamics. Ultimately, we do want to see as many states passing legislation to introduce sports betting as possible, and then we'll be able to migrate those customers onto sports betting. But look, I think it is important that we put strong behind this. I think we've got an incredible brand. We're going to have a great follow-up in the launches in December. And I think we'll have the market-leading product by the time we get to Q2 next year.

That's great. Thanks for all that color there. And then maybe shifting gears over to some of the higher, I think you call it rational competitor generosity that you saw early on in the NFL season as moderated, though it's still elevated here. Just I guess, could you add a little bit more color? How widespread was this across multiple operators? What do you see as sort of the rationale, I don't know, from some of your peers on raising spend this year specifically? And then thematically, I guess, how do you think about the risk that the broader industry maybe starts to drift more irrational in a type of prisoner's dilemma type exercise, you know, following some of this spend? Thanks.

Yes. We've historically seen a lot of generosity at the beginning of the season when customers are trying to reactivate their customer bases and get them back onto the platform. And look, this year, we saw a heightened level. And there was a lot of irrational behavior. It's not the first time we've seen it. We can all call out the difference of competitors in the past who have spent a lot of money trying to acquire customers. What's most important is to have the best product in business, and that's what we have. Best pricing for customers. So look, when we look at the performance into Q4, we're very comfortable with the level of customers we've on the platform. We're comfortable with the level of sort of same-game parlay penetration that we're seeing as well. So people are having they spend a lot of money, but they haven't really managed to move the needle themselves. At some point, people will realize that it's not worth pursuing these offers because it doesn't deliver for them. Thanks very much.

And our next question comes from the line of Paul Ruddy with Davy. Your line is open.

Hi, Peter and Rob. Thanks very much for taking the question. And just if you wouldn't mind, would you be able to give us just a little bit more color on trading in September and into Q4 in the U.S., please? And then just secondly on Predictive Markets, on the investment next year, would you expect it's a tricky question because you don't have full oversight maybe. But would you expect that investment to be the entire investment, i.e., you'll do all the unregulated states within that next year? Thank you.

Yes. Hi, Paul. I'll pick up on this. First part of the question. Maybe Peter will pick up on the Predictive Markets investments. So as Peter mentioned, we did see a lot of competitive action at the start of the new NFL season with some very uneconomic offers in the market. We maintained our discipline, our investment posture as we tend to do. So that there was some handle and SGP share that we lost the first couple of weeks of September. But we were pleased with the way that we managed through September and subsequently our performance into October. If you look at September share data, we actually took 47% of the NGR share in September. I think which reflects maybe some of the value that others were getting for some of the investment that they made. We have seen a moderation of that competitive intensity, but it still remains a little elevated, I would say, from normal levels. But we're really pleased with our momentum into Q4. We've got a record number of AMPs on the platform. We've got double handle growth, and we've got a really strong sports and bet mix with the NBA season starting well. So we're quite pleased with our momentum.

Paul, with regards to the sort of investment levels around prediction markets, we'll know a lot more next month when we launch the product and we see how much traction we gain. I'm excited to think about all of that marketing that currently lands nationally for customers who can't avail of the sports betting product. Suddenly, get a better download FanDuel Predicts and find that they've got access for the sort of sat in California or wherever they are. We think that the figures that we quoted for investment next year, it will be more sort of back-end loaded towards the launch of the football season. But as we've done historically, we're going to be prepared to invest at levels whilst we continue to see great returns and paybacks. We'll know a lot more in the first couple of quarters next year once we get some traction and see what the LTVs look like. How they compare with our experience of operating Betfair globally. And I think that will really help inform how hard we can push.

Okay. Thanks very much. Really helpful.

And our next question comes from the line of Ed Young with Morgan Stanley. Your line is open.

Good evening. My first question is on prediction as well. You've talked in the release about extensive engagement with regulators and tribes, tribal lands being ring-fenced, also they're not offering the product should the state regulate. I think it's probably further along than many expected to be able to get access to the whole U.S. in one form or another. Can you perhaps give a little bit of color to the extent you can on the nature of those conversations and how they developed? And does it give you any more optimism in terms of the liberalization path for other states to regulate sports betting going forward? And then second of all, just to get a bit more color perhaps on the NBA. You talked Amazon, but that's clearly forward-looking, you've talked about much better engagement. You see much more happy with the performance this year. Can you just give a little bit of color on what lies below that? Is that the nature of the sort games in the leagues this year in terms of unpredictability? Or was it product upgrades that have driven that change in performance related to last year? Thanks.

Hi, Ed. Well, let me take the Prediction Markets one, and then Rob can talk a little bit about the NBA. We have obviously been having extensive engagement with stakeholders. As we get close to launching the FanDuel Predicts Markets product. As you well know, sitting in the UK, as a prediction market, it's not in the same ballpark as a fully-fledged sports betting product. Breadth of product offering, generosity, and a bunch of other things are nowhere near as good. So pragmatically, this is the financial predicts policy has been very exciting for the half of America who can't currently access sports betting. If you're sat in a state and you're getting close to passing legislation, you won't want to miss out on the tax dollars. So look, we hope that this does accelerate some of the legalization of states that were previously in the pipeline for launching sports betting, because ultimately that's what we'd like to see as many states having that as possible, because I think that means consumers will get a much better offer.

Yes. So picking up on the second part, question around the NBA, there's a few things that we're finding very positive and exciting. One is we're definitely seeing an enhanced handle from where we were at this point last year. And as I alluded to, kind of double-digit growth in the season so far. It would also appear the new television deals that are out there are getting good traction. There's some data showing that the viewing figures are up. Our new partnership with Amazon Prime, we're very excited about the integrations that are working well for us. From a financial perspective, we've seen significant improvement in the NBA parlay handle mix year on year. So, I don't think over 1,100 basis points improvement year on year, which is flowing through into a healthy product mix as well. I think the other thing as well is just engagement with the product. I think at one point last year, there was potentially less engagement with the NBA product. There seems to be excellent engagement with the NBA this year. I think if the, you know, the 100 or 80 to 100 matches so far as reading the stat yesterday, half of them have gone down. There's been five points between them in the last kind of few minutes of the game. There's some really good engagement around it, which is good to see.

Thank you. And our next question comes from the line of Jordan Bender with Citizens. Your line is open.

Hey, everyone. Good afternoon. Thanks for the question. You still have the 2027 targets out there, and prediction markets, obviously, weren't in those numbers when you provided. So as we start to layer in the prediction market and the capital outlay that's going to happen over the medium term, is there any kind of sense on your end of do you feel any worse or better about the EBITDA and margins that you laid out during your Investor Day? I guess my follow-up or the second question here, would you look to get FanDuel traders involved in prediction markets? And I guess, does this present an opportunity just given the volume that you're seeing?

Let me pick up on the 2027 guidance point, Jordan, and then Peter can pick up the second point. So we're obviously not providing any updated guidance for 2027. Building on what Peter said earlier about prediction markets, we're incredibly excited about it. The additional TAM that that's opening up for us. We need to see how the investment next year plays through, but from my perspective, it will be a very good scenario if we invest more than we planned because that will be demonstrating that we're seeing good returns on that investment spend. We're quite excited about where that can go. A couple of other things probably just to bear in mind, we've done the Boyd deal this year, which delivers some cost of sales savings through to '27. We finished 2024 with a larger business, but we also had some tax increases. So there's a number of things in the mix, but if you take a step back from the detail, probably the thing that I'm most excited about is the prediction market opportunity.

So, Jordan, in terms of being a market maker for prediction markets, there's a lot of complexity to do to be a market maker on a CFTC regulated DCM. I think but if you look at what's required for that, I mean, the ability to price complex correlated outcomes accurately is something that we do every day in our core business. Look, it is something that we're actively evaluating. But in the immediate term, our focus is the B2C launch of FanDuel Predict next month.

Understood. Thank you very much.

And ladies and gentlemen, we ask that you now please limit yourself to one question, so we may take as many questions as possible. Our next question comes from the line of Jason Tilchin with Canaccord Genuity. Your line is open.

Good afternoon. Thanks for taking my question. Yet another one on Prediction Markets. I'm just curious from a product perspective, you're viewing the ability to take learnings from Betfair operations overseas versus maybe what you're planning to do differently based on the different product features that have resonated in the U.S. market with traditional markets to date?

Hi, Jason. Yes, look, we were able to get a bunch of the team who've been working on the Betfair exchange for years involved in developing the products we have. We'll be launching in December for FanDuel Predicts. So we can take the learnings and expertise from Betfair. We can clearly have a very good understanding of what U.S. consumers want through the experience of FanDuel. And we'll be launching an exciting product next month, and we've got some fast follow features we'll be bringing. And I'm very confident by Q2 next year, we'll have the leading products in the market.

And our next question comes from the line of Shaun Kelley with Bank of America. Your line is open.

Hi, good afternoon everyone. Thank you for taking my questions. Peter, whoever wants to take it, wondering if you could give us a little bit more color on how you're underwriting the revenue side of the prediction market formula. I think we all know there's going to be some J curve and early investment involved. But just how are you thinking about the fee structure here? That environment seems like it's very dynamic in the U.S. So how price sensitive do you think customers are going to be? And just how are you kind of thinking about the top line function and maybe your cost structure that sits underneath it? I'd obviously should be much better given the lack of state-level taxes, obviously. Thanks.

Well, Shaun, one of the nice things about offering prediction markets, as you see with the Betfair Exchange, is you're not subject to the vagaries of sports results. You're right, it is a commission-based structure. So we'll launch in December. We'll get early indications of how customers are behaving. But we're excited to see how we can build out the lifetime value models. That will make sure that we can maintain a disciplined approach to acquisition in the market.

Thank you.

And our next question comes from the line of Bernie McTernan with Needham and Company. Your line is open.

Great. Good afternoon. Thanks for taking the question. Just a follow-up. Peter, twice you mentioned that you expect the product to improve by Q2 to have a market-leading product. So just want to get some more specificity there in terms of what kind of product you're launching with and then the major improvements we should expect in the coming months. Thank you.

Bernie, I don't want to tell my competitors everything we've got planned, right? But look, we're very confident in our ability to deliver a winning proposition. I mean, I think in the short term, we'll have a great product offering available to consumers. Obviously, we're not going to be ready for the start of the NFL this season, but we're really focused on making sure that when we get to the 2026 NFL season, we'll have a very compelling offer for customers. And look, I think we've been able to increment and deliver exciting features on our sportsbook, and I think we'll be able to do the same for prediction markets. We've a clear roadmap. And some of the stuff that people love, like the player props and things, that they see in the sportsbook, will be available next year.

And our next question comes from the line of Barry Jonas with Truist Securities. Your line is open.

Hey guys. Nevada just put out a notice saying you've surrendered your gaming license in the state due to FanDuel Predicts. Can you talk about the ramifications here? And are there further risks we should monitor for current or future state gaming licenses now, or was Nevada really the main risk? Thank you.

Sorry, Barry. We, you know, we as I've stated, we have had conversations with different stakeholders over time, and Nevada was amongst that. And we did have a license in Nevada, but we didn't have any retail or B2C operations there. We were supporting Boyd as part of our legacy arrangement. Look, once we're it's sad to have to surrender the license, but that's what we've done. Nevada is protecting their interests. We need to protect our interests. And FanDuel Predicts will allow us to go after the half of the market that we haven't previously been able to go after.

Thank you.

And our next question comes from the line of Clark Lampen with BTIG. Your line is open.

Maybe for the sake of variety, I'll switch it up and ask a question about iGaming. Your growth accelerated a little bit this quarter, 45% in the U.S. Just curious how you guys think about product differentiation beyond what you've already done with exclusives and the rewards framework? And then maybe bigger picture, where do you think about whether it's U.S. or for the full business, iGaming revenue mix going? Thanks a lot.

Look, I don't think we should underestimate how important some of those pieces are exclusivity of content and I mean, I think the third installment in the Huff and Puff series was the most successful one we've had to date, and we're very excited about it. The reward programs, which have been key for us in other markets, and I think we're demonstrating how important it is in the U.S. market. And also work we've done from a jackpot perspective. So some of the stuff is really hard to replicate. And so the team did a brilliant job executing. And there's loads more improvements and changes to deliver. And it's not just in the U.S. market as well. We're taking our capabilities. I know that the team here in the U.S. is spending time with our colleagues in Italy and in Central and Eastern Europe. So we're sharing best practices around the world. And that's what's allowing us to stay ahead of our competitors.

And our next question comes from the line of Jed Kelly with Oppenheimer. Your line is open.

Hey, great. Thanks for taking my question. Just as we look out to next year, obviously, with prediction markets, but has anything changed in the underlying earnings power that you see ex-prediction markets over into next year? Anything with promotional velocity, taxes that you just sort of could touch on? Thanks.

Yes. Let me pick up on this, Jed. I mean, as we mentioned earlier, we've got some really good momentum in the business at the moment, and our focus is on exiting 2025 with the strongest business possible. We've got a real level of confidence that we'll continue to grow into 2026, both in the U.S. and internationally. We're not taught on this call much about our international business yet, but we're really confident about the growth profile that we've got there next year. Especially from an EBITDA perspective with some of the transformation initiatives that we're delivering. So there's not anything that is particularly front of mind. Obviously, the prediction investment will be incremental to what we previously looked at. But as we've said earlier, we're very excited about that and what that will potentially mean for us in 2027 and beyond. No significant changes to 2026.

Thank you.

And our next question comes from the line of Brandt Montour with Barclays. Your line is open.

Thanks, everybody. So my question is on the fourth quarter. Sort of sportsbook investment. Could you give us a sense for if that's all NFL or if that was NFL and NBA? I think the more important point would be, if you do see good returns on that investment, would you be looking to sort of keep that going or is your number one priority to sort of get back to the levels that you were at prior?

Thanks, Brandt. I think the point we'd say is we've got flexibility and agility around where we invest, particularly from a generosity perspective, and, you know, we can tweak and be agile with that as we move from week to week depending on what we see in the market. As we've said on a number of occasions previously, we've got a disciplined set of economic parameters that we invest to in terms of paybacks, ROIs, and CACs. That model has worked very well for us consistently, and that's not something that we're going to materially diverge from. As we said earlier, the start of Q4, we've seen some very compelling opportunities to invest and lean in and potentially where some others went in very hard early in September. Retraced a bit. But as we said, we are seeing some elevated levels of generosity in the market. So we're very confident with our posture, what that will deliver, and the size of business that we'll exit 2025. We do anticipate, as Peter said earlier, that in the medium to longer term, the generosity in the market will moderate, and that's what we've experienced in many other markets around the world historically. That's what we'll see at some point in time. And in the meantime, we're very confident with our generosity posture.

Thanks.

And our next question comes from the line of Ben Shelley with UBS. Your line is open.

Hi, thanks for taking my question. Could you share any early learnings the measures you took in Illinois and the impact on player behavior there? And how does this guide your response to strategy on potential tax hikes going forward?

Yes. Hi, Ben. I can pick up on Illinois. So obviously, with the structure that was introduced in Illinois, as you'd expect, we're seeing a reduction in the number of bets there. But increasing handle per bet. When we look to the September data, Illinois is definitely behaving in line with other states, so we saw no impact on our Q3 numbers. However, we do still kind of monitor this very closely, we're looking at the market data closely at the start of Q4 and what that may or may not mean. When you take a step back and approach this higher level, we definitely feel that this is another lever or tool that we've got in our armory to potentially mitigate taxes in high-tax jurisdictions moving forwards. We're hopeful that the regulatory landscape potentially accelerates with some of the prediction developments as well as we discussed earlier. But yes, this is certainly something that we'll have in our toolkit moving forward and we'll consider elsewhere where appropriate.

Thank you.

And our next question comes from the line of Ryan Sigdahl with Craig Hallum. Your line is open.

Hey, good afternoon, guys. Curious if you're willing to comment kind of on the initial product launch and predictions if that will include parlays. Your largest competitor in the U.S. that's forthcoming also in prediction markets that they're going to have some prepackaged stuff just to help on the liquidity side. But curious if you're willing to comment on what offerings you're going to have on the Parlay side?

Hi, Ryan. Look, we are not going to launch Parlays next month when we launch FanDuel Predicts. But you can expect us to fast follow with this early next year.

And our next question comes from the line of John DeCree with CBRE. Your line is open.

Hi. Thank you. Another one on iGaming. It's probably harder to discern, but curious if you've seen any more competitive, aggressive behaviors in the promotional environment for iGaming in the U.S., probably easier to see during NFL season, but curious, you had great results in the quarter. But was that equally as competitive as sports betting?

Hi, John. We you don't quite see the same sort of externalities driving iGaming as you do sports. Where obviously you have season launches and big games and stuff like that? We've heard a lot from competitors about how focusing particularly on the direct casino space, which is something that we've been focused on for a while. But the team have been focused on what they can control. Is things like lots of exclusive content, which we're very excited about. It's not just Huff and Puff. We've got Wonka and Samurai titles. We've got Vegas, Matt, Blackjack in Q3. So there's lots of stuff that we focused on. We've had 500 new titles in the quarter. If I look at the business, we've got AMP growth 30% year over year. So I think people are trying to focus on this, but I think the team has got really good momentum in the business. And I think there's exciting plans in the pipeline.

Thanks, Peter. All very helpful.

And our next question comes from the line of Robert Fishman with MoffettNathanson. Your line is open.

Good afternoon. Back to the competitive landscape in the U.S., do you think the new partnership with ESPN and DraftKings will change any future competitive dynamics? And are you looking to pursue any other media partnerships, any update would be welcome with your Fox relationship and the equity stake there? Thank you.

Hi, Robert. Yes, as you'd expect, I mean, I don't think there are many partnerships that emerge in the U.S. market that we haven't looked at. And as a scale player, if we want to do these deals, we've got the resources to make them happen. We've been very pleased with our Amazon partnership, the tip-off of the NBA season, the odds integration and stuff that you can do from a consumer perspective, and also you see on the screen, I think, worked really well are going to resonate very well. But ESPN struggled to get their best product to work. We've seen a number of these media deals struggle because of the quality of the product. We have the best product in the market, and we think that's what stands us in best regard in terms of continuing to grow and be number one in America.

And our next question comes from the line of Joe Stauff with Susquehanna. Your line is open.

Thanks. Peter, I was wondering if you could comment on the viability of the Parlay product on FanDuel Predicts and whether or not you guys expect to use it to hedge maybe any of the local concentrated bets that you might have in your sportsbook?

Yeah. Hi. Hi, Joe. Look, we were excited about the launch of FanDuel Predicts. I think as I stated, we're going to make the parlay product available early next year. I don't think you should underestimate quite how hard it is to bring parlays to life on these platforms, and they can only really be delivered in a prepackaged way. You're never going to get the same degree of choice or depth of markets. And that's one of the challenges and why the prediction markets are not in the same ballpark as a sports betting product. I don't think that there will be the right type of depth of market for us to be hedging, and I'm not sure it's something we necessarily want to do either. We've got real confidence in our pricing and our platform. And that's not something that I'd be anticipating us doing.

Thank you.

And our next question comes from the line of Chad Beynon with Macquarie Group. Your line is open.

Afternoon. Thanks for taking my question. Wanted to ask about I guess, the swift, message or decision in India in the seizing of that market? I know you've seen openings and closings in different markets in your time. Does it feel like the parliament is vehemently against this industry? Or are they just looking to better protect the consumer? And if we see movement to the black market, something opens up in the next couple of years that's just more in line with what they want. Thank you.

Chad, I can give you a bit of perspective on this. Look, we're frustrated at the speed with which the bill that emerged came into law. Yeah. And I yeah. I would hope that in that sort of timeframe you talk about, we might get some more sort of legal clarity around the extent to which some of these games of skill may be able to come back. They had had seventy years worth of constitutional protection in India. It's not that long ago that we saw Black Friday in America and look where we are today. Look, we're going to maintain the Jungli products on a free-to-play basis, and we'll see what happens. Doing all the lobbying and legal challenges that you'd expect us to.

Thank you.

And our next question comes from the line of Estelle Weingrop with JPMorgan. Your line is open.

Hi, good evening. I've got one question on the UK. Please. How do you see the underlying market at the moment? I mean, sportsbook revenue remains negative year on year. Clearly, you're lapping some tough comps there, plus the Euros related comps, but iGaming also slowed quarter to a low single-digit number ex-FX. How should we look at the quarters ahead for both sports and iGaming assuming broadly normalized sports results? Thank you.

Yes. Hi, Estelle. I think in summary, we're pleased with the momentum that we've got in the UK. As you said yourself, there's quite a lot of results in the mix because we had a very favorable Euros in Q3 last year. Which is impacting the comps on the sportsbook revenue. In gaming, we were 7% up. We've got some good new content there. But we've lapped some of the pricing initiatives that we had in last year. But we're feeling really confident we've completed the migration of our Sky Bet platform now onto our UKI platform. When we did a similar transition with Paddy Power a few years ago, it really benefited the business and it acted as a real catalyst for growth in that business moving forward. So we're hoping and anticipating the same will happen with Sky Bet. They've already been able to launch a number of new products into Sky Bet this season. We've got super sub products on the sportsbook now. We've also got squad back in there. Which is something that's being powered off of our outcome-based pricing. So we're really encouraged. We're the market leader in the UK. We've got an exceptionally strong business, and we're very confident about what 2026 will bring.

Thanks.

And our final question comes from the line of Monique Pollard with Citigroup. Your line is open.

Hi, afternoon. Thank you for taking my question. It was just one on the commentary that you gave in the quarter about the lower than anticipated parlay mix at the start of the NFL season. So, I wonder if you could comment please on sort of what was going on there. As you said, it was transitory in nature. And related to that, how the YourWay product is going? Thank you.

Yeah. Hi, Monique. Let me start on the parlay, next part of the question, maybe Peter can pick up on YourWay and what we're doing around outcome-based pricing. But as we've mentioned on a couple of occasions at the start of the season, there were a lot of quite uneconomic offers in the market of promotional spend, and a number of those were same-game parlay-based offers. We won't name them by name, but I think people are aware of some of the very generous offers that were in the market. As I mentioned earlier, these handle driving measures don't always convert revenue. I think that transpired to be the case for some of our competitors to have these offers in the market at the start of the season. We did see a moderation of that later into September and also into October. Actually, when we look at our parlay mix now, in NFL and in NBA, we're really pleased with it. I alluded to the numbers earlier. So I think we're in a good position, and we're very pleased with our product mix.

Yes. And look, Monique, from a sort of YourWay perspective, you know, look, it's now available for all of our customers this season, including those in Canada. And the more sophisticated approach we have to pricing is helping improve an increase in bets cash downs, year to date, which is making a big difference. You've got to remember, it's a very fundamental sort of rewrite. So there's now a set matrix of, that's why it's called can be a basis of every eventuality that can occur. And so as the game is progressing, it means we've got a much broader array and set of products that consumers can select from. And it even means that whilst the game is playing, we're updating and changing the odds of which team we think is going to win the Super Bowl. If you think about what that's requiring on a Sunday when you get a full slate of games going on, that's very, very complex. And so there's a bunch of sort of we can do around sort of daily specials, which we do in an automated way. Big improvements around sort of cash out and reductions in suspension. So it's improving speed of pricing updates. It's reducing latency. So we're excited. And of course, there's also the trials we've been doing around AI-powered conversational stuff. So look, there's a lot of excitement around where it will take us.

Understood. Thank you.

So I think we've reached the end of the questions. And thank you very much, everybody, for joining the call. We spent a lot of time talking about prediction markets today. We've put a lot of effort into getting to this position we're going to be able to launch this product next month. Huge thanks to the team who've worked on this, but particularly to those folks who've been involved in the very constructive dialogue with lots of our regulators. Nick? Always said that we would never do anything to damage our existing businesses. Nevada is a little bit different. We don't have B2C operation there. But we're very excited about the launch prediction markets product next month. And we're excited about what we've got coming down the line from a product perspective. But of course, it's not just we're seeing in the prediction markets. I'm very bullish about the existing business we have in the U.S., strong growth in iGaming and, of course, benefiting from the diversification we have internationally. A lot to be excited about into Q4 going into 2026. So thank you very much, everyone.

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.