Earnings Call Transcript - FLUT Q1 2021

Operator, Operator

Good morning, and welcome to the Flutter H1 Results Update call. My name is Joe and I'm your operator today. But first, I will hand over to Peter Jackson, Group CEO of Flutter. Please go ahead, Peter.

Peter Jackson, Group CEO

Thank you, Joe. Good morning, everyone and thank you for joining us. With me today, is Jonathan Hill, our CFO. Hopefully you've had a chance to read our announcements and watch the presentation we released this morning but for those that have not yet, I'll just cover off a few of the key points. Firstly, we're very happy with the progress we've made in continuing to scale our US business. Flutter US is now 50% bigger in revenue terms than our next nearest online competitor with the gap between FanDuel and each of its competitors widening during the first half. Our sports betting and gaming customer base is now three times as big as it was just 12 months ago, having added 1.7 million customers in the last year alone. We believe that our superior sports product and the strength and reach of the FanDuel brand have been the key drivers of this growth. In Q2, we crossed the $0.5 billion mark in quarterly US revenues for the first time, with our US division, now the second largest in revenue terms within the Flutter Group. As a result of our strong customer acquisition and retention, we now expect to generate between $1.8 billion and $2 billion in US revenue this year. While delighted with the performance of the business as a whole, our market share in sports betting, particularly stands out. We finished Q2 with a 45% share of the US online sports betting market leading new and more mature states alike. And while we believe there are good opportunities for us to grow our gaming share as we better leverage more of Flutter's enhanced capabilities, it is the shape and pipeline of new state regulation with its emphasis on sports betting that is particularly exciting. We now expect up to nine further US states to regulate mobile sports betting by the end of 2022, close to doubling the proportion of the US population who will be able to sports bet legally online. And of those nine states, just one is expected to regulate gaming initially. Given the strength of our sports betting offering and the key competitive advantages we enjoy in this space, we feel this positions FanDuel very well, to compound its leadership position. Secondly, our performance outside the US has exceeded our expectations during the first half. And both our UK & Ireland, and Australia divisions' online earnings grew by more than 50% year-on-year in the first half. This has been driven by recreational customer growth. We grew our average monthly players or AMPs by 44% in the UK & Ireland, and by 52% in Australia, in H1. These growth rates reflect an ongoing shift of customers from retail to online. In the UK & Ireland, where we've only emerged fully from stay-at-home restrictions relatively recently, it is probably a little bit soon to say definitively how permanent the shift in player behavior has been. But in Australia, which was largely unaffected by COVID for much of H1 and where our retail competition was open, we now believe that the events of the last 18 months have resulted in a permanent step change in the size of our business there, with customer retention that has exceeded even our most optimistic expectations. In International, the revenue decline following the spike in player activity in H1 last year was less pronounced than we expected, albeit the division did continue to benefit from a tailwind from ongoing stay-at-home restrictions in parts of Europe. We are transforming the shape and quality of our International division by investing more in regulated and high growth markets with encouraging early signs. Our customer base in H1 were just 3% below the elevated levels of H1 last year. What this all means is, we've today issued 2021 EBITDA guidance for the group ex-US of £1.27 billion to £1.37 billion, materially above current consensus. Finally, we've announced this morning that we now believe our US business will be profitable in 2023 based on the expected timetable for new state regulation. We believe this will have a transformational impact on the overall earnings, cash generation and balance sheet profile of the group. To be clear, we are not setting a target date for profitability. The date our US business turns profitable remains an output for us. We remain entirely focused on growing the embedded value of the business by acquiring as many customers as we can, as long as we can, and generating attractive returns on investment. The 2023 projection instead reflects simple mathematics. We now believe we will reach a tipping point in 2023, where the sheer scale of our existing US customer base, and the positive contribution those customers generate will more than offset the cost of acquiring additional new customers and the more fixed operating cost base of the business. Slides 29 and 30 of our presentation cover this in more detail. Our projection assumes that none of California, Florida, or Texas launch online sports betting and gaming before 2024. Should one of those large states regulate sooner, our level of investment in new player acquisition will be higher and profitability could be delayed but such a scenario would represent a nice problem to have, as it would mean our TAM will be bigger again. If the US does turn profitable in 2023, it is not difficult to see what that would mean for Flutter's overall earnings and cash flow profile and the leverage benefits that would bring. Overall then, I'm delighted with how the business is performing and the longer term prospects for the group. With that, I'd be happy to take any questions you have. As always in the interest of giving everyone the chance to ask their question, can I ask you to limit yourself to two questions each to start with. This time, at the end, we're more than happy to take follow ups. With that I'll handover to Joe.

Operator, Operator

Thank you. Thank you. Okay, we have our first question that's coming from Michael Mitchell from Davey. Go ahead. Your line is now open.

Michael Mitchell, Analyst (Davey)

Yes, good morning, Peter. Good morning, Jonathan. Thanks for taking my questions. Two, if I could. Firstly on the US, and one of the more notable features of your performance in market share terms for us has been, what appears to be a strengthening in your position as each day becomes more established. And you can comment in terms of market share kind of across New Jersey, Pennsylvania and Indiana being 51% in the period. I wonder, could you comment on that dynamic and why you think the gap between FanDuel and other competitors tends to widen and how sustainable those structural drivers are? And then secondly on Australia, if I could, and despite snap lockdowns in the country, that country did emerge from the more sustained COVID disruption seven or eight months ago and yet AMPs in Q2 were up 61% year-on-year against a high watermark. And I wondered, could you comment again, just in terms of how — why you've been so successful in retaining what looks to be the majority of the retail customers you've acquired through the COVID disruption? Thank you.

Peter Jackson, Group CEO

Thank you, Michael. The question you ask about the US is an important one, because it is true that we are seeing our position strengthening in sports. It's down to factors we've talked about for a long time. We do have a fantastic product and we benefit from having strong pricing and risk management capabilities, not just in FanDuel, but ones which we are leveraging from across the globe as well. If I reference a few pages in the presentation, if you look at Page 33, for example, and you look at the benefits we're getting from the Same Game Parlay, as an example of what we're doing from a product perspective, that's a very good example. Bettors purchase these products externally, which often leaves their effectiveness beside other products, but it's another thing to actually develop it in-house as we've done, and have it as an integral part of the customer experience. That is important. If you look at page 35, you can see we've seen structural benefits to margin that have grown in recent times as customers have taken advantage of the range of products we have. One of the things we're sharing today that we hadn't commented on before, you see on page 37 is our database for DFS has almost doubled since 2017. That's a result of the investments we've been putting into the FanDuel brand. A lot of this is sustainable: we are continuing to invest in product, bringing more of our markets that we're managing for pricing and risk management in-house, and continuing to invest in building and developing the FanDuel brand and drive. So, I think we're in a strong position. Regarding Australia, Australians have had a different path through COVID compared with much of the rest of the world. Many are now back into lockdown there. But we believe we have seen a permanent step change in the size of the business. While last year there was not a lot of sport going on, racing continued, and that led to growth in AMPs. Many customers trialed our online product during the period and found they liked it. We have product innovations in Australia, we just launched Bet with Mates, which has been a good way of bringing in another wave of new customers, and of offering value to our customers in ways the retail monopoly provider cannot. That's leading to a permanent step change in the size of the business. We're getting strong operating leverage off the back of that, which has helped us grow. We'll talk more about that on September 22nd at our Investor Day; it will be a good opportunity for you to speak to Barney and the rest of the team.

Michael Mitchell, Analyst (Davey)

Super, many thanks.

Operator, Operator

Thank you. The next question is coming from Ed Young from Morgan Stanley. Please go ahead, your line is open.

Edward Young, Analyst (Morgan Stanley)

Hi, thank you for taking my questions. And thanks for the additional disclosure on the US, very useful. My first question is on the US. You mentioned a couple of times, Peter, direct casino acquisition. And I noticed your well-made points around the next wave of states being sport. Most of what you spoke about in the presentation was the pipeline of product improvements you expect to put into that area. But can you talk a little bit more about brand? I appreciate you've got Stardust and perhaps you could touch on that. But do you think you need another direct acquisition brand? How do you think about casino or gaming databases in the States? And then my second question is on the International, sort of the mirror image of the rest of the group in terms of gaming versus sports, I guess. I know some of your launches over the last year have been on third party platforms for speed and you're going to move in-house. Can you tell us a little bit about that transition, how you think sports and International growth in general might look and what the timeline for that is? I know you said it won't be overnight, but to give us an idea of when growth in that area might look more like growth in some of your other markets on the sports side or strength in that side, that would be very useful. Thank you.

Peter Jackson, Group CEO

Thanks. I realize we've put a lot of information out early this morning, so apologies if I've been long, but there was no other way to do it. As it relates to the US, we have a very strong position in sports. FanDuel has been synonymous with that; the DFS database gave us an advantage that allowed us to build our position. We run the world's largest online casino business and have deep capabilities and know-how. The plan for the US is to bring that expertise into the US market. We will continue to do so with the products we've developed and grown in-house. When I look at the proportion of revenues in the International casino business that comes from our own products, it's approaching 20%, which positions us well and shows we're good at building our own products. We're also improving cross-sell journeys in the US. For example, we were able to offer promotional mechanics to users of the Same Game Parlay product that gave them access to some free spins on casino where relevant. Having the largest user base of sports bettors gives us great cross-sell ability into casino in the US. We have the iconic Stardust casino brand, which we're using in the US market, but there's a lot of plans and opportunities to extend and improve what we do for the FanDuel brand as well. The most important point is we continue to lead in sports, which gives us a strong platform to grow casino. Eight of the nine next states to launch are going to be sports only.

Jonathan Hill, CFO

Where we have states doing gaming as well as sports betting, we have market access partners, like our friends in Boyd. We work hard on cross-sell from those offline databases online. We access online potential customers through our market access partners as well. That's another area where we are working hard.

Peter Jackson, Group CEO

Regarding International, we have used third party platforms recently, such as in Colombia, to get into market quickly. It's not dissimilar to what we did in the US initially, where we used third party platforms and when the time was right, moved the business onto our core platform. During the period we announced the acquisition of Singular, which powers Adjarabet. Our business was so successful in Georgia and Armenia that Singular gives us capabilities useful in that part of the world and possibly elsewhere. We are developing capabilities in-house. As it relates to putting the global betting platform into the International business, we hope to trial it in some markets towards the end of this year, but it will take a while to fully roll out. The success in International is coming from casino: the business is doing incredibly well and has become our biggest vertical. Investments we've made, through affiliates and campaigns, have been very successful. We got five times the number of customers coming direct into our business than pre-COVID. We're pleased with the progress in International casino as well.

Edward Young, Analyst (Morgan Stanley)

Thanks so much. I appreciate the detailed answers. Thank you.

Operator, Operator

Thank you. The next question is coming from Kiranjot Grewal from Bank of America. Please go ahead. Your line is open.

Kiranjot Grewal, Analyst (Bank of America)

Hi, morning, guys. I think just building on that question on brands. We saw DraftKings acquiring Golden Nugget yesterday. You've got five brands already in the US. Could you comment on the rationale and potential benefits of having several brands in the US? Or is there going to be a time where you ramp up investment or focus into other brands other than FanDuel? And then the second question is around your US 2023 positive EBITDA. That's really encouraging. I know in the past, you've mentioned a potential IPO for the US. Do you still see virtue in spreading out the US beyond just the potential valuation crystallization? And if the US were to separate, would you expect the US EBITDA to come down, say, losing some of the benefits of having Flutter's group level scale benefits? Thank you.

Peter Jackson, Group CEO

We've shared a lot of information today about how successful we've been using the FanDuel brand for customer acquisition. If you look at the chart on Page 27 of the presentation, you can see as we've grown through the number of states, the number of customers we've acquired, and we've now got over 2.2 million sports and gaming customers with a CPA of $291. While we continue to see those results, we will invest heavily behind the FanDuel brand. We also have several other brands available to us in the market and we will continue to push those. TVG is a good example where we've seen benefits as we've helped grow that business but we've also launched racing under the FanDuel brand. We have the Stardust brand as well. Operating with multiple brands gives us an opportunity to target different customer groups with different needs, and we'll continue to invest where we see compelling and effective acquisition cost to lifetime value dynamics. Regarding an IPO, while we've contemplated an IPO of a small stake of FanDuel, if we were to do that it would continue to be a controlled subsidiary of the group. Nothing would change in terms of support to the rest of the group through pricing and risk management capabilities or enhancements. The global betting platform and other synergies would remain. One of the things that's helped FanDuel's success is the support across Flutter: thousands of engineers across the group help support FanDuel. If we were to do an IPO it would only ever be for a small stake and would remain a controlled subsidiary, allowing us to maintain the symbiotic relationship between that division and the rest of the group.

Kiranjot Grewal, Analyst (Bank of America)

Okay, perfect. That's incredibly helpful to know the economics will be the same. Thanks a lot.

Operator, Operator

Thank you. The next question is coming from Simon Davies from Deutsche Bank. Please go ahead.

Simon Davies, Analyst (Deutsche Bank)

Yeah, morning, and two for me too, please. Firstly, you talk about a 160 basis point decline in net revenue margin across the group. Can you talk a bit about how that breaks down, i.e. how much of that is down to luck, how much down to pricing? And can you give us a bit of a feel in terms of your pricing strategy in the US now? Are you still increasing bonusing or suppressing pricing to support growth rates there? And my second question is on the International division, obviously, a big impact from online poker. Can you break out what percentage of revenues now come from online poker? And as that business finally stabilizes year-on-year, roughly how is it running as a percentage relative to pre-pandemic levels? Thanks.

Jonathan Hill, CFO

Maybe I can deal with the first question. Of the 160 basis points reduction, about half was due to reduced luck across the group. Reduced positive sports results were still positive about 120 basis points; in H1 2020 it was actually 200 basis points of positive sports results. Secondly, we have invested more in generosity, which is the other element, and that's helped drive the AMP growth across the group. We continue to optimize the right level of generosity and how that plays into driving the top line. Those are the critical points.

Peter Jackson, Group CEO

As it relates to our pricing strategy in the US, when you look at the page in the presentation on margin, which is on 35, don't think the upward movement has anything to do with us moving core underlying pricing. We've maintained very tight pricing. It's actually through product mix that margins have changed. Also, because the US is becoming a larger component of the group and we have tight pricing in the US, expected margin has come down marginally in the first half because of that aggressive pricing in the states. So there are three components: a small reduction in expected margin due to the US becoming a greater component, a bigger step down in luck, and a smaller increase in promotional spend to drive growth. Regarding International poker, if you look at gaming AMPs in the first half and compare them with the prior year, which was a very tough comparative period, they're down 9%. We still maintain 91% of our customer levels in 2021. We had our second largest tournament ever in poker with Sunday Millions in the period. We're doing good things around live streaming in poker: PokerStars branded and sponsored content had about two thirds share of all poker views on Twitch. We're making changes to reward and generosity for that part of the business and trialing a new reward scheme. The business performed better than we expected. We saw a large influx of new customers last year and volumes have been off less than we expected. The team has done a great job retaining customers into casino and some cross-sell into sports, although there's more to do in sports.

Simon Davies, Analyst (Deutsche Bank)

Thank you. Can you split out what the poker component is within International and whether that has stabilized?

Peter Jackson, Group CEO

We don't have that figure to hand in this call. I think the easiest way to look at it is that in terms of gaming revenues in H1, it's roughly equal between the two but casino overtook poker in the second quarter.

Simon Davies, Analyst (Deutsche Bank)

Okay. Thank you very much.

Operator, Operator

Thank you. The next question is coming from Joe Thomas from HSBC. Please go ahead.

Joe Thomas, Analyst (HSBC)

Good morning. A couple of questions, please. One is the UK Responsible Gambling initiatives. I think you said that's going to be ramped up in the second half of this year. I'm just wondering if there's any sort of further quantification that you can give us to the drag that that's having and perhaps a tailwind as we go into next year as these comps normalize? And indeed, whether that's going to be rolled out further across the business beyond UK and Ireland? And then the second question, I'm intrigued by some of the news coming out of India recently, in Tamil Nadu in particular, and I'm just wondering if there's any sort of high level thoughts you could give us about the scale of the market opportunity there and further changes?

Peter Jackson, Group CEO

We're not putting a number on the changes we're making around responsible gambling; it's captured within our guidance. When you look at the UK brands, particularly Sky Bet and Paddy Power, we have very recreationally focused brands in the UK. We're continuously looking for additional measures we can take. We have unilaterally introduced changes in Ireland that we think are right for that market, such as moves around credit cards. In Australia, we're undertaking activities specific to that market. We approach this market-by-market and take learnings from one market to others. Regarding India and Tamil Nadu, Tamil Nadu recently published a change in its view around legislating skill games, which benefits our business there. Skill games were a large part of the market in India before they were temporarily closed down. We're excited it has come up again and think we have a well-placed brand to capitalize on it.

Joe Thomas, Analyst (HSBC)

Is that just rummy? Is there any quantification you could give us on where that might end up and impact on different states?

Jonathan Hill, CFO

We'd prefer not to quantify at this point. It's a relatively small business at this point and we're excited about the prospects. When the time is right, we'll bring it forward with more detail. It does set an interesting legislative framework in one state, and we hope it will push across other states which potentially have a positive view on skill games.

Joe Thomas, Analyst (HSBC)

Thank you.

Operator, Operator

Thank you. The next question is from Gavin Kelleher from Goodbody Capital Markets. Please go ahead.

Gavin Kelleher, Analyst (Goodbody Capital Markets)

Good morning, Peter. Good morning, Jonathan. My first question on the US: we can surmise the competitive advantages you have and the scale advantage just on CPAs. You mentioned the $291 CPA. Can you comment on how CPAs have trended and how they're trending across states? And as you look forward to the NFL season, do you expect a big increase in competition? Are you building in a big increase in marketing?

Jonathan Hill, CFO

We give one bit of detail: we got a 1.2 times payback on those $291 CPAs. In the second year, the contribution we get is greater than in the first year, although we don't have a long track record for that cohort yet. When you think about lifetime value relative to CPA, you can see we're pleased with the embedded value we're creating. We've been acquiring as many customers as we can and will continue to do so.

Peter Jackson, Group CEO

We don't obsess about CPAs; we obsess about CPAs versus LTVs. That's our focus. If we have to spend $400 in one state and $150 in another because that's the right CPA to LTV equation, then that's what we do. We analyze it at that level. Regarding the DraftKings acquisition of Golden Nugget, you're referring to them acquiring the online businesses from Golden Nugget. We don't believe it has any bearing on our licensing.

Gavin Kelleher, Analyst (Goodbody Capital Markets)

Perfect. Thanks. Thank you, Peter. Thank you, Jonathan.

Operator, Operator

Thank you. The next question is coming from Joe Stauff from Susquehanna. Please go ahead. Your line is open.

Joe Stauff, Analyst (Susquehanna)

Hi, good morning. With the migration of your in-house sports platform completed, how should we think about growth in products you might offer, especially this football season in the US in the second half? Second, you provided a lot of data in the slide deck and press release. You indicated about 40% of your OSB customers came from your daily fantasy database and about a third came from overall marketing efforts. I was wondering if the balance came from your TVG database?

Peter Jackson, Group CEO

To your second question first: we've acquired 40% of our customers from our DFS database and a large chunk from marketing. The balance isn't coming from TVG; there's some crossover but a lot is coming through refer-a-friend mechanisms. Our Spread the Love campaign has been successful for viral acquisition. With platforms in-house, we gain multiple benefits. We had some outages last football season because third party platforms couldn't cope with volumes. Now that we control everything, we'll have better stability for this season. We can bring more pricing in-house and manage models and increase products like cash out. There's lots on the product roadmap, some of which we won't share with competitors. Having it in-house gives us much more control.

Jonathan Hill, CFO

The tech effort to migrate has been significant; we can now repurpose that effort to develop bells and whistles for customers.

Joe Stauff, Analyst (Susquehanna)

I appreciate that. Thank you. One additional: the win rate was very high in the second quarter in the US in a seasonally weak period. What's the right way to think about that going forward in the second half, especially Q3?

Peter Jackson, Group CEO

About half of the uplift came from structural margin improvements driven by the Same Game Parlay product; the other half was sports results, which get magnified by Same Game Parlay. The more penetration we get in Same Game Parlay, the more structural margins can improve. We've seen similar behavior in other markets and there's a long way to go in increasing penetration and product development.

Joe Stauff, Analyst (Susquehanna)

Thank you.

Operator, Operator

Thank you. The next question is coming from Richard Stuber from Numis. Please go ahead.

Richard Stuber, Analyst (Numis)

Hi, good morning. Two questions please. First, in Australia the average players are up 52% and you've implied a lot comes from retail customers. Do you think you've taken market share from other online bookmakers in Australia? Second, in the US there's been lots of M&A activity recently. Do you think there are any product or technology deficiencies within your offering which could benefit from bolt-on M&A, or is litigation or balance sheets a common impediment to M&A?

Peter Jackson, Group CEO

We've definitely taken market share in Australia. Precisely where those customers come from is harder to gauge. Many customers show behavior and profiles that suggest they came from the retail monopoly service. We benefited from customers trialing our products who found they enjoy the value and generosity we provide and the enhanced product experience. There have been online gains too, but it's hard to compare this year with last year because the sporting calendar is very different. Compared to two years ago, profitability is nearly three times and customer growth is strong. The Australia team has done a great job and we'll present more on September 22nd. Regarding the US, our continued growth and strong position is driving competitors to pursue M&A to catch up. We've been building capabilities since January 2018 to win in the market. We have the capabilities we need now. Eight of the nine next states are sports focused and we have the scale with FanDuel to operate at a different level than competitors. We're investing heavily in products, services and capabilities. If we identify a bolt-on acquisition that adds value, we would do it. There's nothing blocking us at the moment.

Richard Stuber, Analyst (Numis)

Great. As a follow up, FanDuel is doing well. Are there any metrics you could share on FOX Bet, how that's going, what revenue it achieved in the first half or EBITDA?

Peter Jackson, Group CEO

FanDuel made up 93% of the revenues in the first half. We don't split EBITDA performance by individual businesses.

Richard Stuber, Analyst (Numis)

Great, thanks very much.

Operator, Operator

Thank you. The next question is coming from James Rowland Clark from Barclays. Go ahead, your line is open.

James Rowland Clark, Analyst (Barclays)

Hi, morning everyone. Two questions please, both on the US. First, are you close to finding a new CEO for FanDuel? Second, can you provide a little color on the competitive environment going into the NFL season, given many medium sized players want to have a good crack at the market? Should we be surprised if your market-leading sports betting market share drops off a bit during the autumn?

Peter Jackson, Group CEO

If anyone wants to put their name forward for the CEO job, this is not the forum. We've met many candidates and are close to appointing our long-term CEO for the business. Amy has done a very good job in the interim and the business hasn't missed a beat. On the competitive environment, when we did our first Capital Markets Day we expected rising competitive intensity. We are not complacent; we're constantly paranoid about how people might attack us. State by state we work to continue to win. We never set a market share target; we've always focused on CPA versus LTV and state-by-state economics. The customers have turned out more valuable than we expected, with better retention, higher cross-sell and higher usage, and better margins because of mix. That probably means we should have acquired even more customers initially, but we'll refine models and acquire more. Profitability or market shares are outputs. It's the math between existing customers' embedded value and the volume of new customers that drives the tipping point to profitability in 2023. We have operating leverage, and we can add the nine new states without adding huge amounts of operating costs, though there will be marketing investment. Market share is a function of acquisition success and product quality, retention and wallet share. That's why product development is critical. You can acquire customers but you need a product for them to stick around.

James Rowland Clark, Analyst (Barclays)

True. That's great. Thank you very much.

Operator, Operator

Thank you. The next question is from Christine Zhou from RBC. Please go ahead. Your line is open.

Christine Zhou, Analyst (RBC)

Hi, good morning and thank you. First, on the percentage of regulated market: during the presentation you showed it increased from 82% to 90%. Do you expect that to increase more in future and/or are you happy with where it is at the moment? Second, on the US specifically, on your media and partnerships with sports teams and leagues: on Page 38 you mentioned you believe you have the highest share of voice on some regional networks. Can you give more color given many competitors are securing deals with teams and leagues? Do you have more partnerships versus others or something else giving you the highest share of voice and how important are these? Given you have the FanDuel base, how do you view this channel?

Peter Jackson, Group CEO

We moved from 82% to 90% regulated partly because the US became a larger component of the group. The US is already our second biggest division by revenue in Q2, and as it grows, that will increase the regulated percentage. Of our unregulated markets, Canada, the Netherlands and Brazil are moving towards regulation, so our percentage will naturally move up toward 95% in the short to medium term. There will always be markets moving toward regulation, so it won't be zero, but I'm comfortable with our pipeline. On media and partnerships: we spent more than $300 million in the first half, which is greater than the revenues of most competitors. It's scale, breadth and depth of assets and the ability to invest where something works. There's flexibility built in. Our US team spends money effectively and efficiently, as shown by the CPA figures and customer numbers. We'll continue to innovate and push forward going into the next football season.

Christine Zhou, Analyst (RBC)

Cool. Thank you.

Peter Jackson, Group CEO

Okay, I think we're done on questions now. Thank you very much, everybody. I appreciate your time this morning, and particularly the time listening to Jonathan and I take you through the presentation. I think there is some very important information that we have shared with the market today. If you haven't had a chance, I'd encourage you to spend some time reviewing the materials. Thank you all very much for your support.

Jonathan Hill, CFO

Thanks.

Operator, Operator

Thank you. Thank you everyone. That does conclude your call for today. You may now disconnect. Thanks again for joining and enjoy the rest of the day.