#1Flutter Entertainment Plc Interim Results 2021 & US Deep Dive 10 August 2021 Flutter 134#2PAR & NYEMIN KELA WOLDS LEADERS 455 Flutter Introduction Peter Jackson, Group CEO 2#3Agenda • H1 Summary • Financial Review Group ex-US Business Update - UK and Ireland - International - Australia • US Deep Dive • Conclusion Flutter 3#4H1 Summary • Excellent operational performance, exceeding our expectations - Diversification benefits clearly evident Strong customer momentum with material increase in global customer base - UK & Ireland: strong customer growth with good integration progress - International: revenue decline less than expected with investment programme putting business on more sustainable footing - Australia: sustained change in scale and profitability - FanDuel: US leadership position extended Flutter 4#5Scale and quality of Flutter Group enhanced... Significantly expanded global player base 3.3x US 1.6x Australia Flutter 1.3x H1 2019 TH1 2021 UK&I 1 1.2x International 7.6m AMPS¹ 1.4x Group Increasingly diversified and sustainable revenue streams 30% 8% H1 2019 16% 82% Regulated 46% H1 2021 21% 21% 19% 90% Regulated 39% ■ UK&I ■ Australia ■ US ■ROW Average Monthly Players represent the total number of players that have placed a sports bet/wager, staked a casino bet and/or contributed to rake or tournament fees during a month within the reporting period. The totals include only those players that have deposited real money funds with a Flutter brand on at least one occasion. The AMP numbers do not include Junglee players in 2020 or 2021 to allow for better comparability of underlying player growth for International and Group. 5#6Leading on safer gambling through market specific initiatives Optimising our framework on a market by market basis... Continued investment in people, resources and technology Improving number and quality of SG interactions Developing our Affordability framework in UK; further changes in H2 Investing in SG tools awareness, e.g. 'Take a sec before you bet' Sportsbet campaign launched last month Major partnerships to promote safer gambling, e.g. FanDuel and American Gaming Association / Gamban Leading the market ahead of regulation, e.g. Irish credit card deposit ban, whistle-to-whistle ban and RET funding Flutter ...Leading to more sustainable customer base H1 YoY growth +40% 1 AMPS +30% Revenue Customer growth > revenue growth Revenue per average monthly player lower across both sports and gaming with increased recreational play Increased SG tool usage 6#7GUINNESS GUINNESS GUINNESS GUINNESS Y GUINNESS Flutter GUINNESS Financial Review Jonathan Hill, Group CFO AVIVA STADIU SPACES AVIVA STADIUM FRUMZAN HORIZON DWETHERSHIELD TAYTO TAYTO RBS KIRBS ARE 57 AVIVA STADIUM KIRBS BERBS R 7#8Key financial highlights Pro forma¹ Revenue Profitability Financial position Sports revenue Gaming revenue Total revenue Adjusted EBITDA Group Adjusted EBITDA Group ex-US Adjusted operating profit Adjusted EPS Flutter Free cash flow Cash conversion² Net debt Net debt / LTM EBITDA H1 2021 £1,894m £1,199m £1,159m £1,190m £3,053m £2,389m £597m £684m £472m 171.1p H1 2020 £333m 95% £2,682m 2.3x £684m £703m £567m 286.3p £500m 114% £2,899m 2.3x YOY CC +57% +1% +30% -12% -2% -16% -40% ● ● Strong revenue performance from diversified portfolio Group ex-US: Sports uplift in UK & Ireland and Australia with excellent operational gearing Offset by lower poker revenue and investment in customer growth in International Significant investment in US EPS reduction reflects increased share count and US loss Turning profits into cash Leverage of 2.3x ¹ Includes TSG as though part of the Flutter Group throughout 2020 and 2021 (date of acquisition May 5, 2020). Junglee, which was acquired in January 2021, has not been included on a pro forma basis. See Appendix 3 of the Interim financial statements for a reconciliation of pro forma results to statutory results. 2 Reflects conversion of Operating Profit to pre-tax Adjusted free cash flow. 8#9Statutory Group P&L £m Reported Revenue Adjusted gross profit Adjusted EBITDA Depreciation & amortisation Adjusted operating profit Adjusted net interest expense Separately disclosed items (SDIs) Profit before tax Tax (Loss)/profit after tax Non-controlling interest. (Loss)/profit attributable to equity holders Adjusted basic EPS Flutter H1 2021 3,053 1,944 597 (125) 472 (74) (321) 77 (163) (86) (3) (89) 171.1p H1 2020 1,522 1,026 342 (89) 253 (35) (194) 24 (15) 9 10 19 187.5p YOY +101% +89% +75% +41% +87% +115% +65% +221% -9% Six month contribution from TSG in 2021 with < 2 months in 2020¹ Primary driver of all increases SDIS2 consisted of: - Non-cash items primarily amortisation of acquired intangibles (£276m) Cash items: transaction fees, restructuring and integration costs Tax includes deferred tax charge of £105m due to announced UK tax rate increase to 25% Adjusted H1 2021 effective tax rate 23% (Group ex-US: 18%) Adjusted EPS 9% lower reflecting the increased tax charge in current period and higher share count in H1 2021 ¹ Acquisition completed on 5 May 2020. 2 Separately Disclosed Items: see slide 51 for further details. 9#10Customer momentum continued into H1... Pro forma AMPS Q1'20 - Q2'21 (millions) 3.5 3 2.5 2 1.5 1 0.5 0 H1+44% UK & Ireland Flutter Australia +52% (3%) International US +166% Q4 momentum carried into 2021; great execution and marquee events drove recreational play Group AMPs +40% YoY Cheltenham, Grand National and Euros in UK & Ireland in Q1 and Q2 Excellent retention of Sportsbet customers from Spring Carnival period in Q4 into H1 Lockdowns benefited Q1 International AMPS vs challenging gaming comparatives SuperBowl in US exceeded expectations in Q1 10#11...Driving excellent revenue performance... Pro forma revenue Q1'20 - Q2'21 (CC, £bn) 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 H1+30% UK & Ireland Flutter 1 +27% Australia 1 (11%) International +159% US 1 Group revenue +30% YoY Net revenue margins 160 bps lower YoY driven by: Increased investment in generosity H1 sports results beneficial but less so than in H1 2020 UK & Ireland online revenue +37% with retail shut for most of H1 Excellent execution in Australia delivering 27% growth International reflects tough Q2 2020 comparatives and impact of German regulatory headwinds US +159% fuelled by more states and Super Bowl acquisition in H1 11#12...with benefits of diversified product portfolio evident Pro forma revenue (CC, £bn) 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 1Q20 Sports revenue Flutter +66% +22% -7% 3Q20 2Q20 Gaming revenue 4Q20 Group YoY % Total revenue +30% in H1 1Q21 Sports YoY% +75% +27% -14% 2Q21 Gaming YoY % Prior year revenue mix different due to Covid lockdowns and disruption to sporting calendar Sports uplift offsetting gaming reductions Group revenue +30% in H1 (sports +57%, gaming +1%) Q2 impacts more pronounced with particularly challenging comparatives for gaming in UK & Ireland and International US expansion also boosted revenue growth 12#13Group ex-US diversification supporting investment Growth in UK&I and Australia offset anticipated International reduction EBITDA £m, constant currency 703 H1 2020 (7) FX impact Flutter 696 136 (30) 72 (196) H1 2021 reduction 2% 6 H1 2020 CC UK&I Online UK&I Retail Australia International Corporate 684 H1 2021 Excellent operating leverage in UK & Ireland online; lockdown continued to impact retail Australian performance reflects strong execution and delivery of merger synergies YOY International performance driven by "one-off" nature of poker spike in H1 2020 Total synergies £52m, timing slightly ahead of schedule 13#14International EBITDA reflects various significant factors EBITDA £m, constant currency £397 H1 2020 (£22) FX impact Flutter £375 H1 2020 CC r (£155) (£33) (£25) £196 £162 Covid impact Merger changes Germany H1 2020 rebased (£88) Investment £105 +£67 +£38 (Covid) Growth £179 2021 ● EBITDA 52% lower in constant currency terms (£196m) Influx of new and re-engaged customers in Q2 2020 Regulatory impact of -£58m includes Germany and post merger alignment of compliance practices Growth driven by investment in Sales and marketing (£70m) Other operating costs (£18m) - YoY growth of £105m reflects c. £38m lockdown benefit 14#15Group ex-US EBITDA margin 28% after investment Pro forma UK & Ireland Online UK & Ireland Retail UK & Ireland Australia International Corporate costs Group ex-US US Group Group ex-US Group Flutter H1 2021 398 (39) 359 201 179 (55) 684 (87) 597 28% 20% Adjusted EBITDA (£m) H1 2020 260 (10) 251 121 397 (66) 703 (19) 684 Adjusted EBITDA % 33% 29% YOY CC +52% +340% +42% +56% -52% -10% -2% +376% -12% -5pps -9pps Group ex-US EBITDA margin of 28% Excellent operating leverage in UK&I online and Australia This helped offset: - - Retail closures in UK&I for majority of H1 Significant investment in International Regulatory changes which accounted for approx. half the EBITDA margin decline in International US loss increased to £87m reflecting online operations in 6 new states vs H1 2020 and continued customer acquisition in existing states Significant Group-wide investment Incremental c. £300m in marketing to £728m in H1 15#16Cash flow Pro forma £m Adjusted EBITDA Capex Working capital Corporation tax Lease liabilities paid Adjusted free cash flow Cash flow from separately disclosed items Free cash flow Interest cost Other borrowing costs Settlement of swaps Settlement of Kentucky Supersedeas Bonds Purchase of shares by the Employee Benefit Trust Acquisitions Other Net increase in cash before equity raises/acquisitions Proceeds from equity raise Cash acquired in business combination Net increase in cash Net debt at start of year¹ Foreign currency exchange translation Change in fair value of hedging derivatives Net debt at 30 June Flutter H1 2021 597 (138) 18 (92) (27) 358 (24) 333 (70) (5) (71) (89) (51) (4) 43 - 18 61 (2,814) 26 45 (2,682) H1 2020 684 (118) 105 (63) (24) 584 (84) 500 (101) (22) (28) 356 806 1,162 (3,827) (253) 19 (2,899) Adjusted free cash flow pre-tax of £450m compares to Adjusted operating profit of £472m, converting at 95% Adjusted free cash flow lower due to US investment losses and lower working capital benefit Working capital favorably impacted by scale of Group. Lower year-on-year due to lockdown outperformance in H1 2020 combined with deferral of certain payments Corporation tax payments higher due to profit mix Interest £31m lower following debt repayment and lower financing costs £89m share purchase to part settle FanDuel incentive schemes Exceptional items during H1: £71m payment of Kentucky bond (included in SDIs) Acquisition of Junglee Games for £51m ¹ Net debt defined as principal amount of borrowings plus associated accrued interest, minus cash & cash equivalents plus/minus carrying value of debt related derivatives. 16#17H2 2021 refinancing strengthens debt position £'m, leverage ratio Gross debt Cash (excl. customer balances) Net debt LTM pro forma Adjusted EBITDA Leverage ratio Borrowing2 TLA (GBP) TLB (USD) TLB (EUR) Senior Notes³ TLA (GBP) TLB (USD) TLB (EUR) Senior Notes ³ Flutter Principal 30 June 2021 3,316 634 2,682 1,145 2.34x £950m $2,938m €507m Nil Debt structure at 30 June Refinancing 289 250 39 Interest rate £950m GBP LIBOR +175bps $1,438m €507m USD LIBOR +350bps, 0% Floor EURIBOR +375bps, 0% Floor $1,000m Coupon 7% Debt structure pro forma for refinancing GBP LIBOR +175bps USD LIBOR +225bps, 0% Floor EURIBOR +250bps, 0% Floor Pro forma for refinancing 3,604 884 2,721 1,145 2.38x Maturity 2025 2025 2025 2026 2025 2026 2026 Leverage 2.3x at 30 June 2021 Significant liquidity; cash available of £634m and undrawn RCF of £435m¹ Material covenant headroom; earliest debt maturity 2025 July refinancing upsized USD TLB by $1.5bn to repay most expensive debt, USD and EUR TLB repriced to attractive levels Weighted average cost of debt reduced from 4.2% to 2.5% with annualised interest savings of c.£50m Additional cash liquidity added of c.£250m Credit ratings reaffirmed at Ba1/BB+/BBB-4 stable outlook ¹ Total balance of £450m; £15m sub-limit assigned to guarantee facility; available balance of £435m. 2 USD Notes are swapped into EUR and the USD TLB is swapped into GBP and EUR. 3 Due July 2026. Repaid shortly after first call date on 21 July 2021 at a price equal to 103.5% of the principal amount of the notes. 4 Moody's/S&P/Fitch - all ratings at Stable outlook after Fitch outlook improvement. 17#182021 Outlook Current trading Ex-US guidance US guidance Tax Capex Flutter Positive start to H2, albeit a traditionally quiet part of the year Group ex-US EBITDA expected to be between £1,270m and £1,370m assuming: Normalised net revenue margins for remainder of year; no material disruption to sporting calendars No further retail closures - US net revenue expected to be between £1,285m - £1,425m ($1.8bn and $2.0bn) with a US EBITDA loss of £225m - £275m ($315-$385m) assuming: Normalised net revenue margins for remainder of year; no material disruption to sporting calendar State launches in Arizona and Connecticut in H2 Effective Group ex-US corporate tax rate expected to be 17-19% (previously 15-17%) reflecting higher proportion of earnings coming from Australia and UK&I Continue to expect capex to be c.£300m in 2021 18#19Flutter UBY'S Group ex-US Business Review Peter Jackson, Group CEO PER 19#20UK & Ireland: progress on integration Centres of Excellence powering brands Strategy serving all customers at scale People Recreational Flutter Customer operations PADDYPOWER. sky betting & gaming betfair Complement and compete to serve entire market Sports first Pricing and risk management In-play Football bettors Tech Highly engaged Racing Gaming led Integration while maintaining momentum Focus on maintaining strong performance Creating 'Centres of Excellence' Key functions powering brands Shared insights, technology and tools to optimize customer offering and further unlock scale benefits - 'Club and Country' people model in place to sustain mix of cultures Club representing brand e.g. Betfair Country representing UK&I Strategy delivering strong growth > 3.3m AMPs in H1 Scale benefits even before integration work complete 20#21UK & Ireland: benefits of shared expertise evident Early collaboration on sports products driving growth Improved 'Bet Builder' on Paddy Power and Betfair Higher margin product Popular with recreational customers Over double the volume on created bet types in 2021 vs 2020 - Enhanced SBG in-play with 86% of football markets now traded in-house; 100% target by end 2021 +24% Sports AMPS Flutter H1 2019 +59% Gaming AMPS H1 2021 PP. GAMES FREE SPINS, CASH & BONUSES FOR FREE! One spin per player per day, T&Cs apply. Improved gaming offering also driving engagement Home Q Search for games... View Details Home HOW Promotions Slots PADDY'S WONDER WHEEL RECENTLY PLAYED Bonus: €0.00 €4.748 PADDY'S WONDER WHEEL Promotions Live Casino Each prize has T&Cs & expiry dates, selected customers only. T&Cs apply You've had enough wonder for one day. Have another spin tomorrow. SPIN & WIN ROULETTE EQ Browse Deposit O Daily Jackpots | KOΠTELIE выиоми Be Live Casino sky vegas Learnings from Sky Vegas 'Prize Machine' improved Paddy Power and Betfair gaming content My Vegas 50% increase in multi-product monthly players 77% daily customers played Paddy's Wonder Wheel in March GOD All Games PRIZE MACHINE FREE TO PLAY Completely Free To Play Join Log In CombifGIA ELGG LO BỊVÀ Promotions TM Play daily Opt in required. Standard prize template will commence the day after opt in. Each prize is subject to its own T&Cs with variable expiry and other restrictions. Eligibility restrictions apply. Further T&Cs apply. betfair CASINO Home Promotions Slots 000 €105.49 Bonus: €0.00 Live Casino PRIZE PINBALL Q New Premiu Ohh, so close! Better luck next time. Come back tomorrow for another chance to win! 21#22International: building the foundations for future growth 1 Continuing to put business on more stable footing... Revitalising PokerStars brand, stabilising poker base 2 Scaling casino through cross- sell and direct acquisition Flutter Underpinned by: Local focus Buying local capabilities like Junglee and Singular 3 Building a lead in sports with multi-brand portfolio Sustainable growth Increased focus on regulated markets Enabled by: investment to address legacy underspend in brand, product and technology 1 3 AC ● PokerStars Neymar "I'm In" campaign • Increased live-streamed poker content Improved promotions and value ● 'EPIC downtime' PokerStars direct casino campaign 2 • Market leading casino promotions e.g. Million Dollar Race More proprietary content; designed for greater cross-sell ● ...through actions we are taking ● • Betfair LATAM investment Locally focussed marketing investment with Adjarasport Prepare GBP for country by country launch beginning in 2022 ● N NEYMAR JR SPIN & GOAL D 22#23International: our changes are having an impact 1 Poker Positive brand metrics following Neymar "I'm In" brand campaign Sunday Millions 15 year anniversary tournament second largest ever, key retention content Dominated share of viewers of live-streamed H1 poker content; driving engagement SUNDAY MILLION Flutter 2 Casino Direct casino AMPs 5x H1 2019 H1 2021 Largest product vertical 19% of PokerStars gaming GGR now from proprietary games PokerStars direct casino business accelerated, AMPS 5x H1 2019 Adjarabet #1 operator¹ 3 Sports PokerStars Sports cross-sell AMPS; sustained step change from Q3'20 ||| H1'19 H1+36% Yo2Y H1'21 All time high PokerStars cross-sell driving sports revenues Betfair Spain Q1 market share 3x to 9%² Betfair sportsbook AMPs +53% versus H1 2019 with LATAM significant driver 1 Combined market share for Georgia and Armenia in June 2021 based on third party data and company estimates 2 Based on published regulator data for Q1 2021 23#24Australia: Step change in scale of Sportsbet business H1'19 |H1'21 +56% Average monthly players Flutter Significant year-over-two-year growth in key metrics +86% Revenue +192% EBITDA Retail competitors open throughout most of H1 Customer retention rates exceeding our expectations Staking remains elevated from traditional retail players Increasingly confident that this represents a permanent step change in customer behaviour Sportsbet investor day September 22nd 24#25Flutter US Deep Dive Peter Jackson, Group CEO 25#26US Deep Dive: Introduction Compelling customer economics • Path to 2023 profitability • Scale advantage generating 'flywheel effect' • Our structural competitive advantages: - Product (including pricing and risk management) - Brand reach Q2 market share performance • What's next... Flutter 26#27FanDuel scaling rapidly with attractive CPAs... >2.2m sportsbook and gaming customers acquired to date # of online states¹ 2018 1 Flutter 2019 4 2020 8 H1 2021 10 ● ● Gap between CPA and expected lifetime value of customers is key - Low cost per acquisition (CPA) contributing to compelling customer economics Our expectations on lifetime values have increased due to: - CPA²: $291 - Better overall customer retention Product advantages driving higher sports margins Greater cross-sell to gaming ¹ Number of states live at the end of each period. 2 CPA is FanDuel's cost per acquisition and represents total media and digital marketing spend per acquired customer. 27#28...and excellent customer values from strong retention... ...while strong customer retention is driving revenue growth in year 2² Average return on CPA investment (ROI)¹ of 1.2x by end of year 1... ($x) Marketing spend to acquire customers ■Cumulative gross profit from acquired customers Acquisition quarter Flutter $1.2X Q1 Q2 Q3 Q4 Revenue Yr 1 post- acquisition quarter +11% Revenue Yr 2 post- acquisition quarter 1 Return on investment (ROI) is the average gross profit generated from customers divided by their average CPA. Analysis of 1 year returns is based on the spending patterns of all FanDuel sportsbook/gaming customers acquired pre June 30 2020. 2 Analysis of 2 year returns is based on the spending patterns of all FanDuel sportsbook/gaming customers acquired pre June 30 2019. 28#29...leading to a clear pathway for future profitability... FanDuel contribution $m 12 months to June 2020 DFS/TVG Growth from existing sportsbook and gaming customers ² Contribution from existing business and customers New customer acquisition ³ 12 months to June 2021 Flutter 91 169 33 402 (311) 200 FanDuel contribution $402m pre investment in new customer acquisition generated by: -~550k customer acquired by June 2020 - Existing TVG and DFS businesses More than covers $320m in other operating costs (excluding sales and marketing) This implies that FanDuel would have been profitable pre-customer acquisition in the last 12 months Over 1.7m customer acquired in the last 12 months, 3x total acquired in previous period to date ¹ Contribution is defined as gross profit less sales and marketing expense. 2 Growth from existing sportsbook and gaming customers represents YoY increase in contribution from customers acquired pre-June 2020 less an allocation for retention marketing. 3 New customer acquisition represents contribution from new customers acquired in LTM, including gross profit generated from these customers in that period. 29#30...with Flutter US expected to be profitable in 2023¹ I I I I I I Loss making in the US today Contribution from existing sportsbook and casino base + DFS/TVG June 2020 customer base New customer investment + 75% of total customer base acquired in LTM => Significant investment within period Flutter other opex LTM June 2021 new customers Pathway to profitability in 2023 Contribution from existing sportsbook and casino base + DFS/TVG Indicative December 2022 customer base New customer investment + other opex New customers in 2023 will represent smaller % of total base Indicative 2023 new customers ● Anticipate significant further customer acquisition over next 18 months 9 states expected to go live in that time • Customer base by end of 2022 will therefore be considerably bigger again • Relative scale of Dec 2022 base will likely dwarf new player acquisition in 2023 • This should result in US business turning EBITDA positive ¹ 2023 profit projection is based on current expectations of timing of future state openings. Should California, Florida or Texas launch online sports betting or gaming before 2024, the level of investment in new player acquisition will be higher and profitability could therefore be delayed. Also assumes no major one-off costs in 2023. 30#31'Flywheel effect': Investing to retain gold medal ● ● ● ● ● ● Revenue $906m, +159% Q2 revenue >$0.5bn AMPS +166% to 1.5m #1 ranked sports app Proprietary sports technology Broadest range of betting products for customers Improving gaming proposition Flutter Higher revenue growth Enhanced customer proposition Greater operating leverage Increased scale and flexibility ● ● ● Product and brand foundations for success to date Other operating costs as a % of revenue reduced 970bps Fixed cost base now supporting 10 online states Product and technology investment doubled Marketing >$400m (+262%) in H1 31#32Proprietary technology drives sustainable product leadership Betting platform Proprietary platform now live in all states • Significantly improved speed, scalability and reliability • iOS log-in time one-third faster, improving customer experience • Significant increase in peak capacity FanDuel sportsbook app Flutter Account & wallet In-house DFS solution expanded to combine sports and gaming • Cross-sell experience significantly improved • DFS to sportsbook cross-sell doubled when FanDuel A&W available on state launch Pricing & risk management Global solution live with FanDuel since launch Integrated with global pricing and risk management functions Platform delivers over 1 billion price updates every week Platforms supported by Flutter technology team of 4,800 Shared codebase provides access to Flutter's latest products e.g. Same Game Parlay™ 20:44 Popular 20 FANDUEL SPORTSBOOK Live now Promos NBA @ O NBA MLB NHL NBA Games (@ 76 OPT-IN ORL Magic CLE Cavaliers Boosts SAME GAME PARLAY INSURANCE UP TO $25 BACK ON YOUR NBA OR MLB 4+ LEG PARLAY 2021 MLB ATL Hawks 1 Home LIVE 4TH QUARTER - 11' PHI 76ers 84 63 60 85 LIVE 3RD QUARTER - 02' NBA All Sports Bet Now SPREAD -16.5 -104 +16.5 -122 +24.5 -115 MLB -24.5 -113 Log in My Bets NHE CONCACAF Champions League NHL MONEY -50000 +3300 Join now 820 Refer All sports > Draft TOTAL O 196.5 -104 More NBA > U 196.5 -122 8 O 207.5 -122 Ref U 207.5 -104 OPT- More wagers > More wagers > 8 Account 32#33Same Game ParlayTM: Leveraging global scale and resources • Same Game ParlayTM (SGP) is selection of multiple correlated events within single game ● ● ● ● Very popular product with customers. >50% of customers placed a SGP during 2020/21 NFL season Structurally higher margin than single bet Difficult product to deliver due to: - Complexity of mathematics on correlated events Delivery of integrated, intuitive in-app experience for customers FanDuel SGP delivered by Flutter, product quality materially ahead of competitive offering • Investing to add more sports ● Flutter INFL NBA H1 2021 SGP available Widest range of SGP markets SGP available Widest range of SGP markets SGP available Widest range of SGP markets FANDUEL BETMGM X X X X DRAFT KINGS X X X X X X BARSTOOL SPORTS X X X X X X 33#34Proprietary models delivering #1 player experience... Flutter pricing and risk management unlocks greater depth of markets... Number of NBA betting markets¹ 309 Pre-live 255 Flutter In-play FANDUEL Competitor A Competitor B ...and enables the best in-play experiences 78% Sep. '19 NFL % uptime² 91% Entire 20/21 Season ● ● ● Currently 75% of handle priced using in-house models; target of ~95% by end of 2023 Margin on in-house traded live sports ~2x third-party solution Continued investment to iterate existing models Building out local expertise within the US team Focus on reducing friction on in-play bet placement In-play bet delay 1 second during 2021 Super Bowl vs 7 seconds in 2019 ¹Sample taken during Q2 2021. 2Uptime equates to the % of game where customers can place a bet and odds are not suspended. 34#35...while generating structural margin advantages Highly competitive odds for customers... ...better pricing accuracy and product mix improve trading margins... Stake weighted over-round vs FanDuel¹ Best pricing FANDUEL 3% higher price 7% higher price Competitor Competitor A B Flutter Rolling 3 month average trading margin of FD i Sportsbook² 12% 10% 8% 6% 4% 2% 0% my Q4 '18 Q2 '21 ...generating higher revenue Online Gross Win % ³ (12 months to June 2021) ~20% more GGR from any given handle 6.8% Rest of Market Avg. 8.3% ✓ FANDUEL 1 Stake weighted over-round is FanDuel product mix applied to competitors over-round during H1 2021. Trading margin reflects underlying actual margin of FanDuel sportsbook, excluding impact of material customer acquisition promotions/odds boosts which come through margin line. 3 Online gross win percentage is gross gaming revenue divided by handle for all states where information is available over last 12 months. Gross win definition may differ slightly between states. 35 I I#36Brand synonymous with the US sports experience 3% CAESARS SPORTS 4% POINTSBET Leading brand in sports gaming... 4% Spontaneous brand awareness¹ BETRIVERS Flutter 8% 8% 11% 11% FOXBET William HILL BETMGM bet365 54% DRAFT KINGS 54% FANDUEL 31 Sports Average engagement per user per month during NFL season² (installed base, minutes spent on site) 54 ...with unmatched user engagement NHL 58 OCBS SPORTS 68 71 11 E MAJOR LEAGUE BASEBALL 72 97 B-R 116 KINGS 172 NBA 200 O FANDUEL ¹ Full year 2020 including all states where FanDuel was live during the period. Source: Beall research. 2 Source: ComScore data, conducted for 2019-20 NFL season. 36#37Expanding customer database is driving growth Continued strong growth in DFS database FanDuel database, registered players 7 million 2017 Bigger database Flutter 13 million 2021 More effective referrals program ● Large, relevant national customer base drives cross-sell ● FanDuel database provided >40% of sportsbook customers to June 2021 • ~33% of customers placed first bet following friend referral or viral marketing campaign Word-of-mouth as source of FanDuel awareness >2x next biggest source (TV) ● Investing in direct casino players FanDuel new customers first playing casino 2019 2020 H1 2021 Broader range of content for casino players with over 100 titles added in H1 Upgraded customer interface leveraging Group resources in Romania 37#38Extensive, flexible media strategy, H1 investment >$300m NFL ● NBA INT OCBS ● MAJOR LEAGUE BASEBALL PGA NHL NCAA National Flutter FANDUEL SPORTSBOOK NBA GAMES - THURSDAY, JULY 30 WNS SPREAD MONEY TOTAL UTA 43.4% + 25 +120 0228.5 NOP 56.6% -2.5 -142 U 228.5 O 219.5 LAC 35.0 % +5 +172 LAL 65.0% -5 -205 U 219.5 Odds and unes subject to change Gombling Problem? Coll 1-800-GAMBLER Strong relationships with national sporting bodies, premium NFL partnership signed in 2021 National integrations (NBA on TNT, CBS) to reach large sports audience ● ● Share of voice on regional sports networks 7% 12% 16% 26% Local 39% Others Competitor C Competitor B Competitor A FanDuel FANDUEL SPORTSBOOK B bOKIRROK LAYS ER BKLYN N 11 Majority of marketing spend is variable; Continually optimised using data analytics Als Sports Wa CHICAGO YOU LIG State Farm LIQUI LIQUI MOLY MOLY MOLY SPORTS LIQUI FANDUEL IND 60 CHI 48 2nd 1:35 :24 Highest share of voice on regional sports networks where consumers watch local teams' NBA, MLB and NHL games Partnerships with at least one major league team in every sportsbook state 38#39Gold medals in six largest states Q2 online sportsbook GGR¹ and market share, Bubble size proportionate to size of state market Q2 GGR $'m 180 160 140 120 100 80 60 40 20 10% Flutter 20% IA CO 30% TN IN 40% MI IL VA NJ PA WV 50% 60% ● Market share % Q2 sports market share of 45% Top 6 markets account for over 80% of market in Q2 Lead extended in Q2 due to our pricing, risk management and product advantages Leading in various different types of states ¹ Online sportsbook market share is the GGR market share of FanDuel and FOX Bet for Q2 in the states in which FanDuel was live based on published gaming regulator reports in those states. 39#40Market share of 51% in early states 60% 50% 40% 30% 20% 10% 0% Jan-20 New Jersey Sportsbook, rolling 3-month GGR¹ Flutter 31% 60% 50% 40% 30% 20% 10% 0% Jan-20 Pennsylvania Flutter US 36% 70% 60% 50% 40% 30% 20% 10% 0% Jan-20 Current #2 operator in each market Clear market leader in each state despite slightly late entry Indiana 1 Online sportsbook market share is the GGR market share of FanDuel and FOX Bet for Q2 based on published gaming regulator reports in those states. 40 13%#41New large states generating similar results 50% 40% ● 30% 20% 10% 0% Oct-20 Sportsbook, rolling 3-month GGR¹ Illinois Flutter 20% Jun-21 Launched 3 weeks behind competitors State has reverted to remote sign-up since April 50% 40% 30% 20% 10% ● 0% Mar-20 Flutter US Michigan 17% Jun-21 50% Jan-21 launch in line with competitors Early GGR numbers impacted by promotional spend 40% 30% 20% 10% 0% Current #2 operator in each market ● Mar-20 ● Virginia 21% Jun-21 Jan-21 launch 2 days ahead of competitors Consistent leader since launch 1 Online sportsbook market share is the GGR market share of FanDuel and FOX Bet for Q2 based on published gaming regulator reports in those states. 41 I I I#42More to come... ● ● Maintaining challenger mindset despite our market leadership Continuing to invest to: Extend our sportsbook product advantage Improve our gaming proposition by leveraging Group capabilities Keep the flywheel turning - - - In addition, part-funding referendum efforts in Florida to support the regulation of mobile sports betting Pipeline of new state regulation is sports-betting rather than gaming focused Of ~9 state openings expected in next 18 months, 8 likely to be sports betting only initially. Only 1 expected to regulate gaming Positions FanDuel exceptionally well Flutter 42#43Flutter Conclusion Peter Jackson, Group CEO 43#44Conclusion • Excellent performance delivered in H1 2021 • Scale and diversification clearly evident High performing brand portfolio in the UK&I • Well positioned to rebuild foundations of International for future growth Sportsbet #1 in Australian market; sustained scale due to excellent execution FanDuel; leveraging competitive advantages to compound leadership position Looking forward to the future with confidence Flutter 44#45Flutter Appendix 45#46KPI: Average monthly players Average Monthly Players ("AMP") ¹,² Pro forma ('000s) 2021 Group UK & Ireland Australia International US 2020 Group UK & Ireland Australia International US YOY % Group UK & Ireland Australia International US Flutter Q1 7,672 3,167 831 2,027 1,648 Q1 5,635 2,571 581 1,774 710 Q1 +36% +23% +43% +14% +132% Q2 7,578 3,440 982 1,863 1,292 Q2 5,256 2,027 611 2,223 395 Q2 +44% +70% +61% -16% +227% H1 7,625 3,303 906 1,945 1,470 H1 5,445 2,299 596 1,999 552 H1 +40% +44% +52% -3% +166% 1 Average Monthly Players represent the total number of players that have placed a sports bet/wager, staked a casino bet and/or contributed to rake or tournament fees during a month within the reporting period. The totals include only those players that have deposited real money funds with a Flutter brand on at least one occasion. The AMP numbers do not include Junglee players in 2020 or 2021 to allow for better comparability of underlying player growth for International and Group. 46 2 UK&I and US totals are not de-duped i.e. a customer that is active on more than one brand will be counted more than once based on the number of brands they are active within a quarter.#47UK & Ireland Pro forma £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit Flutter ONLINE 36.4% (42) 356 RETAIL H1 2021|H1 2020 YOY 3,303 2,299 +44% 5,885 3,231 10.6% 12.6% +82% -200bps +52% 712 470 382 327 +17% 1,094 796 +37% (332) (224) +48% 30.4% 28.2% +220bps 762 572 +33% (204) (166) +23% 558 406 +37% (160) (146) +9% (68) (69) 398 260 +53% +370bps (39) (10) (93.6%) (21) (12.4%) +15% (21) +59% (59) (31) 32.7% (36) 224 H1 2021|H1 2020 383 207 12.5% 26 14.6% 56 16 23 79 41 (10) (17) 21.6% 23.4% 32 62 (3) 29 (3) 59 YOY -46% -210bps -54% -33% -47% -43% +180bps -49% -51% -2% +296% -8,120bps -3% +91% Online Sportsbook revenue +53%: - Staking +82% given prior year calendar 110bps of H1 favourable sports results Prior year favourable results lead to margin decline year on year Exchange and B2B revenue +40% Gaming +17% despite tough comparatives Cost of sales % higher due to data feeds Marketing year on year increased due to normalised sporting calendar Retail EBITDA up 53% year on year with 370 basis point improvement in margin Revenue decline due to shops remaining shut for majority of H1 No government support claimed with EBITDA loss of £39m in H1 47#48Australia Pro forma £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit Flutter H1 2021 906 5,000 11.7% 585 (275) 47.0% 310 (59) 252 (51) 201 34.3% (13) 188 H1 2020 596 3,723 11.7% 435 (200) 45.9% 235 (59) 176 (55) 121 27.9% (14) 107 YOY +52% +34% +35% +38% +110bps +32% -1% +43% -7% +66% +640bps -9% +76% YOY CC +27% +27% +30% +100bps +25% -6% +35% -11% +56% +630bps -15% +66% Customer volumes 52% higher drove revenue growth Staking +27% at £5bn Net revenue margin remained in line. with prior year; favourable sports results reinvested in incremental generosity Marketing % declined 360 bps benefitting from merger synergies Cost efficiencies delivered excellent operating leverage with EBITDA +56% to £201m; a 630bps expansion in margin 48#49International Pro forma £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit Flutter H1 2021 H1 2020 1,945 1,999 871 555 9.1% 118 562 680 (199) 29.3% 481 (171) 310 (131) 179 26.3% (25) 154 8.7% 74 727 801 (181) 22.6% 620 (110) 510 (113) 397 49.5% (24) 373 YOY -3% +57% +40bps +59% -23% -15% +10% +670bps -22% +55% -39% +16% -55% -2,330bps +4% -59% YOY CC +61% +40bps +62% -19% -11% +14% +640bps -18% +71% -37% +16% -52% -2,280bps +7% -56% Revenue -11% primarily due to Covid related benefit in prior year Regulatory headwinds previously guided also had impact Cost of sales % increase reflects change in regulated mix and increased casino Investment in brand and product driving cost growth including Increased brand spend on Betfair LATAM marketing campaigns and PokerStars "EPIC downtime" Headcount investment and operational capabilities 49#50US Pro forma £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit Flutter H1 2021 1,470 5,072 6.2% 452 200 652 (293) 44.9% 359 (292) 67 (154) (87) (13.3%) (22) (108) H1 2020 552 1,090 4.9% 164 113 278 (116) 41.9% 162 (88) 73 (93) (19) (6.9%) (18) (38) YOY +166% +365% +130bps +175% +76% +135% +152% +300bps +122% +230% -8% +66% +348% -630bps +20% +189% YOY CC +402% +130bps +202% +95% +159% +177% +300bps +145% +262% +2% +83% +376% -610bps +33% +213% ● Revenue +159% reflecting: AMPS +166% to 1.5m Continued strong growth in existing states Successful launches in Michigan and Virginia An uninterrupted sports calendar - - - Sports revenue trebled; sportsbook +540% and DFS/TVG racing +36% Gaming growth reflects launch in Michigan COS % increase from change in revenue mix to higher cost sportsbook and gaming Marketing trebled with new launches and investment in existing states Scale efficiencies in operating costs which grew well below revenue EBITDA loss of £87m reflecting significant investment in Michigan and Virginia 50#51Separately disclosed items £m Amortisation of acquisition related intangible assets Combination fees and associated costs Restructuring and integration costs Greece tax expense VAT refund Operating profit impact of separately disclosed items Financial Income Financial Expense Profit before tax impact of separately disclosed items Tax credit on separately disclosed items Total separately disclosed items Flutter H1 2021 (276) (22) (13) (310) (11) (321) (72) (392) H1 2020 (128) (26) (41) 10 (185) 49 (59) (194) 14 (180) Amortisation and restructuring and integration costs due to combination with TSG Greek tax expense relates to historic tax case which Paddy Power continues to appeal Tax charge primarily driven by charge of £105m relating to increase in deferred. tax liabilities due to future UK tax increase to 25% from 1 April 2023 51#52Flutter www.flutter.com