#1FLUTTER ENTERTAINMENT PLC FLUTTER INTERNATIONAL INCLUDING DEEP DIVE ON SISAL 25 October 2023 Flutter#2Flutter International "We use our unrivalled scale to deliver better local player experiences in the world's most attractive markets." The Player's Champion, Wherever You Play AGENDA Introduction Flutter International Sisal Conclusion 3 4 12 27 II. F 2#3Introduction Introduction and today's presenters Dan Taylor Flutter International CEO (2020 - present) Paddy Power Betfair CEO (2018-2020) Paddy Power UK & Ireland and Retail Managing Director (2015-2018) Francesco Durante Sisal CEO (2019 - present) Sisal Entertainment (Italy Betting & Gaming) CEO (2009-2019) II. 3#4Dan Taylor, Flutter International CEO FLUTTER INTERNATIONAL JUNGLE GAMES www Win BOX Sisal * 4#5Flutter International International strategy evolving with regulatory environment 1 Division overview 2 Sector backdrop... Local regulation now more prevalent Operators with Local Hero proposition are winning 3 Market-specific growth opportunities 1 ...informing strategic principles 3 Concentrated investment in key markets - Podium positions in compelling markets Combination of inorganic and organic Attaining scale via M&A Leverage the power of the Flutter Edge - Capabilities across product, technology, people and capital - Local heroes with brand equity, customer proposition and market expertise 2 growth F II. 5#6Flutter International Strategy ensures focus on key market opportunities Consolidate #1 position and Invest for leadership Optimise returns and Maintain presence Division overview Markets 0+ O All data presented relates to H1 2023 % International YOY growth Revenue Cont'n Revenue 77% 71% +19% 23% 29% -17% (Q2:-9%) Cont'n +19% -3% Brazil 4% Armenia 4% Spain 5% Markets less than 1% 14% Georgia 5% India 5% Turkey 6% *Canada 3%, UK 2%, Germany 2%, Romania 1%, France 1%, VR 1% Positions us to capitalise on growth trajectory in key markets Italy 47% F II. 6#7Flutter International Substantial global market opportunity Significant market size Ex-US TAM of £263bn in 2022 (9% CAGR over next 5 years). Just 30% online currently • Rest of World TAM of £227bn £120bn regulated today ● Division overview £227bn TAM UK&I Australia Rest of world £120bn regulated today With significant runway of growth for Flutter Consolidate and Invest just 20% of total ROW regulated market Huge untapped regulated market for Flutter to expand into • Significant TAM and opportunities for bolt on M&A Well positioned for future regulatory expansion ● Europe Latin America Africa Regulated market podium position! Regulated market podium position! Regulated market without podium position² ¹ UK and Ireland market leadership positions attained by the UK&I division. Morocco and Tunisia lottery concessions represent monopoly position, launching in the coming year 2 Includes all regulated or regulating markets, where Flutter may have a subscale position or not operate at all India International expansion potential, powered by Flutter Edge, creates significant future opportunity II. 7#8Flutter International Division overview Flutter Edge empowers our brands and provides platform to win *Sisal POKERSTARS POKER | CASINO | SPORTS betfair adjarabet.com JUNGLEE Product Proprietary pricing and risk capabilities Proprietary iGaming content and platforms Poker platform Technology Group betting platform : Exchange platform People Capital Disciplined investment Sharing expertise, talent mobility guided by capital allocation policy II. F 8#9Flutter International Case study: Adjarabet illustrates the effectiveness of the strategy Strategic criteria Competitive moat "Local hero" with market leadership Clear opportunities to add Flutter Edge and accelerate growth ● ● Division overview ● adjarabet.com Case study in action Primarily a cash deposit industry via local terminals High brand awareness of incumbent brands Localised products and experiences #1 operator, 86% spontaneous brand awareness 600 employees with strong local relationships and network Marketing and generosity expertise improved acquisition and retention Talent mobility to enhance local skill set Proprietary Flutter pricing capabilities delivered differentiated sports product In-house casino content ¹ Based on full acquisition cost of £305m in two tranches (2019 and 2022) 2 EBITDA multiple calculated by reference to 2022 EBITDA. Effective EBITDA multiple of 6.4x when calculated using 2018 and 2021 referable profits and price Financial fit 2018-2022 £305m Purchase price¹ 5x EBITDA multiple² >3x 2018 revenue 3x 2018 EBITDA Growing Georgia and Armenia market share II. F#10Flutter International MaxBet acquisition provides access to fast growing Balkan region Clear demonstration of international expansion strategy Fully regulated €700m Serbian market¹ Retail presence critical in cash-led economies; barriers for international operators Market MaxBet positioning Growth opportunity ● ● ● ● ● ● ● Division overview ● ● High growth with 25% 5-year online CAGR to 2022 35% online penetration currently Local hero brand: #2 operator with 20% online share Highly effective team to deliver continued growth Attractive valuation with path to 100% ownership Regional presence provides further opportunity Flutter Edge to drive further differentiation 112 months to 30 June 2023 2 All market related disclosures based on internal estimates LTM net gaming revenue €145m LTM¹ revenue 20% Serbian online market share² 55555 MAXBET Serbia ■ Bosnia & Herzegovina ■ Montenegro ■ North Macedonia €32m LTM¹ EBITDA >400 Retail locations F II. 10#11Flutter International Division overview Sisal: Enhancing Flutter position in Europe's largest market Sisal provides Italian market leadership... Online market share LTM June 2023¹ 13.0% 6.1% Sisal POKERSTARS POKER CASINO | SPORTS betfair 1.0% 1.0% tombola 21.1% ...with synergy opportunities across the portfolio Leverage Sisal's retail network for customer acquisition on other brands Enhance Sisal's offering by providing access to Flutter Edge capabilities across: O Pricing and risk management for an improved sports betting proposition O o Proprietary gaming content from in-house developed titles Sisal's expanding the Flutter Edge with capabilities in lottery, along with innovation in sports betting and social gaming ¹Market share is gross gaming revenue ("GGR") based on regulatory data from Agenzia delle dogane e dei Monopoli ("ADM"). Includes normalised lottery payout provided directly by the regulator F II. 11#12Francesco Durante, Sisal CEO SISAL FA ELFON G 11 164 BAR BAR BAR BAR Super Enalotto 12 a#13Flutter International Sisal Sisal: Leading operator in attractive Italian market Historic brand with >75 years in operation Strong financial performance; €1bn revenue and €291m EBITDA in 2022 Focused on innovation, through proprietary in-house solutions Widespread presence with around 50k points of sale CO មា Sisal GOD Leading online operator; omnichannel focus with over 30m customers EX Sustainability and responsible gambling integrated into the business model Large, diversified, and integrated product portfolio, including long-term lottery concessions Talented team with proven track record II. 13#14Flutter International Diverse product offering supported by proprietary capabilities bid Sisal Super Enalotto WinForLife! ● Lottery ● VINCI CASA WinforLife! milli piyango #1 lottery brand 2207 Betting VIRTUAL #1 online betting brand Proprietary product platforms Internally developed lottery, sports and gaming tech stacks Enabling development of in-house content Ability to deploy to international markets Underpinned by core competency in technology 777 Gaming ● BINGO #1 online casino brand Focus on innovation Over 740 development FTES 5 international tech hubs F II. 14#15Flutter International Track record of strong financial performance Delivering consistent earnings growth... EBITDA (€m) 169 Ï 2018 201 2019 Sisal Italy online +14% CAGR +41% online 176 2020 ■Italy retail 248 2021 291 2022 Turkey & Morocco Total AMPS (000's) 766 ...with strong current momentum H1 2022 170 +23% Italy online Total revenue (€m) +31% H1 2022 942 HI 2023 223 H1 2023 Total revenue (€m) 468 H1 2022 +25% 41 H1 2023 Turkey & Morocco Total revenue (€m) +89% 585 H1 2022 78 HT 2023 F II. 15#16Flutter International Italy: Europe's largest market with low online penetration rates Italian gambling market¹ (€bn) Italian online market¹ (€bn) 19.3 5.6 2.0 11.7 2019 10% 4.5 1.9 6.4 2020 ¹Market data source: ADM Sisal 21% +2% CAGR 6.3 2.2 6.9 2021 5.9 2.8 11.2 2022 Online penetration 19% 21.2 6.4 3.3 11.5 2023E 24% Significant growth tailwind considering c80% penetration in mature markets 21% ■ Gaming Betting 1.8 0.8 1.0 2019 17.5 5.5 1.3 10.7 2019 Lotteries +25% CAGR 1.1 1.5 2020 4.5 10.8 4.9 0.1 1.6 I I 2020 2.0 2021 Italian retail market¹ (€bn) -1% CAGR 6.2 0.6 1 4.9 2021 0.1 1.5 Covid impact 2.2 2022 5.8 1.3 9.0 2022 4.5 0.2 1.7 2.6 2023E 16.8 6.3 1.5 9.0 2023E II. 16#17Flutter International Retail acts as barrier to entry for online operators ● ● Italian retail landscape Betting shops Gaming halls Bingo halls Betting corners Gaming venues Sisal General retail stores Other Total venues 5.3k 2.5k 0.2k 4.2k 193k Product range available Gaming Sports machines betting Lottery ✓ ✓ ✓ X ✓ Sisal venues 437 249 1,146 36.6k Retail footprint creates distinct advantage vs online only operators Only Sisal operates across all retail gambling segments Best-in-class offering drives loyalty of 11m retail customer base MySisal B2B platform generates additional affiliation fees from retailers by offering incremental services such as marketing materials One of three lottery concession holders Flagship Wincity venue Uncity 6833 BEST INSEAL SPRETTY 31 ORDING SELEZIONE COR SUCCE Sisal Uincity EAT DRINK PLAY Betting corner *Sisal MY SISAL Matchp SCOMMESS SPORTIVE AURE II. 17#18Flutter International Online leadership from sustainable competitive advantages Online market share, H1 2023 25% 20% 15% 10% 5% 0% 21% tombola betfair Flutter 19% ¹Market data source: ADM BETFLAG LOTTOMATICA Lottomatica Sisal 10% Playtech 10% gioco digitale bwin EUROBET Entain 7% PlanetWin 365 1 2 3 4 Success Drivers Leading brand awareness Strong conversion of retail customers to online High levels of cross-sell between products Product leadership in sports betting Proven ability to take share from online competitors during online migration II. 18#19Flutter International 1. Leading brand awareness in restricted advertising environment Sisal Advertising restrictions impact competition Dignity decree imposed complete ban on gambling promotion in 2018 • Includes advertising, sponsorships and prize contests ● Exceptions for odds comparators and informative communications to existing customers • Benefits scale players with omni-channel presence Thriving through innovation and leveraging retail assets ¹Market data source: ADM Retail driven brand delivering online gains Operator of the year (3rd consecutive year) Best casino operator Best mobile operator EGR ITALY 2022 50.6% 2016 ● 2017 ● ● Omni-channel operators' market share¹ +16ppt market share m 2018 93% Brand awareness Omni-channel 66.4% 2019 2020 2021 2022 HI 2023 Online only II. 19#20Flutter International 2. Retail providing customers for online leadership... Seamless migration from retail to online Sisal • Retail player digitalisation is a key priority • Consistent user experience, content and odds • First omni-channel loyalty program in the market • Give players a reason to engage: WinBox providing lottery players a second chance to win • Online margins higher than retail 11m Sisal retail lottery players¹ ¹ FY 2022 2 Year to date September 2023 3 H1 2023 >50k First time deposits via retail² Verifica schedina Anna Roode SuperEnalotto Concorso 118/21 E 30% Online NGR from retail acquired customers³ 22-35-36-77-78-1 TUG numero OwinBox 69 22 6 80 03 SuperStar 14 1,50 SuperEnalotto WinBox TUPINU k lolo lo STEP lo J lo 308 L Online players generate 10x the contribution of retail only players¹ SP 3x10C NDONY AKIXO CIUPINIII Omni-channel gaming content Omni-channel loyalty program II. F 20#21Flutter International Sisal 3....with strong cross-sell between products Continuously iterating cross-sell model Enhanced product integration across apps Al driven cross-sell recommendations Event based promotional messaging Enhancing customer value Higher total spend Additional interactions deepen relationships, extending customer lifetime Multi Product Players generate >5x revenue¹ 11:07 ¹ H1 2023 players using a combination of sports betting, gaming and lottery compared against single product players 2 Monthly average % of customers using multiple products in H1 2023 vs FY 2019 GIOCO DEL LOTTO superlotterie Accedi Giochi CRAZY TIME Lotteria Italia IN ESCLUSIVA DA APP RICEVI FINO A Mostra altri giochi IN FUN BONUS SLOT UN BONUS 30,00€ Bonus JACKPOT GOD STORM O BLACK JACK finc Multi product players driving EBITDA, now 41% of players, +13ppt since 2019² Matchpoint O TOP CAMPIONATI X Y T Sport Oggi INT Champions League ( INT Europa League (1) INT Conference League ( ITA Serie A (10) ITA Coppa Italia (5) Domani ENG Premier League (10) ESP Liga () Scopri la Mini Roulette Gioca qui Accedi Q 16/01 • II. 21#22Flutter International 4. Product leadership in sports betting enhanced by Flutter Edge DIJO New products: bet continues with substituted player Flutter risk & trading integrated in record timeframe Sisal >50% of in-play GGR now priced by Flutter 35bps Improvement in expected win margin¹ Tipster Social betting innovation Matchpoint Live Sport Tipster Tipster/ User Profile Gringo Ability Index 5231 345 Followers 57 Following Favorite Sports Soccer Tip Tennis Total Odds x 20.28 n Gringo Ability index 5231 12 Like Statistics Schedule Baseball Virtual Share + Rebet Promotions €25,00 Racing Q Roland Garros Miomir Kecmanovic - Yoshihito Nishioka SET 1 TOTAL GAMES OVER/UNDER 9.5 Under 9.5 (2.40) Follow Rankings Follow I ⠀ 2 Hours ago Rev Fr 1.15pm Rebet 5 Times Menu 30k monthly users¹ Segna Pross O De Vrij 2.50 Dumfries INTER ¹0 Brozovic t Radu 2.50 1 Handan. M Skriniar 2.50 ↑ Barella 2.50 2.50 Lautaro PANCHINA Baston MILAN D'Ambrosio Ranocchia 2.50 ↑ Perisic 2.50 Vidal 05 Sanchez 10 Sensi 2.50 Helping double player prop stakes¹ First to launch cash out in Italy: enabled by the Flutter Edge ¹ Based on H1 2023 figures. Year on year comparison versus H1 2022. Duo impact displayed by reference to total football player props 12:07 Matchpoint Live 1x2 CASH Ⓒ Sport *PROMO NEA EUROLEGA SA LA TUA SQUADRA PERDET RIMBORSO FINO A 254 ONBA CO Serie A Lokomotiv Mosca-Bayer Leverkusen Goal di Bernardeschi su aast di Cristiano Ronaldo GP Brasile PREMATCH ! 3.10 INT Champions League T INT Giochi Asiatici Basket Scelti per te > 00.00 3.10 ☆ OUT Co Premier Leage ATP Finals *? Tennis On Demand LIVE 2.50 ST X E >5% of stakes cashed out Q ⒸINT > Volley > > *Sisal New betting App: improved user experience In evidenza Serie A Wolverhampton Wandepers 1 1.55 Calcio Top Prematch Top Live Basket Serie A Argentina Wolverhampton Wand 05/05-15:00 Serie A Argentina Wolverhampton Wand 05/05-15:00 1X2 Esto finale X 1.55 Serie A Argentina Wolverhampton Wand 05/05-15:00 01/01 18:00 Serie A Argentina Wolverhampton Wand... 1.55 1 1.55 Tennis 1.55 Vedi tutti gli eventi Calcio Florentina 1.55 X 1.55 1.55 1.55 2 3400 Automobilism (5) 3490) €3440 1.55 +3490 1.55 (+3490) 1.55 220k active users in first 3 weeks II. 22#23Flutter International Sisal Lottery capabilities have created unique expansion path Government tenders expand opportunities • Sisal's product capabilities have led to multiple government tender wins • Flutter's scale and complementary skills enhance ability to expand via tender processes • Proven track record of seamless integration and accelerating market growth High tender success rate... C+ Ⓒ Morocco lottery Morocco sports Turkey Italy Tunisia ...providing footprint in North Africa Ⓒ Tunisia TAM¹: c£0.5bn Population: 12m Expiry: 2033 Offering: Lottery, some gaming, sports Morocco TAM¹: c£0.4bn Population: 37m Expiry: 2028 Offering: Lottery, some gaming, sports ¹ Total Addressable Market based on internal 2024 GGR estimates across all gaming products, including certain products outside the scope of Sisal's current concession agreements F II. 23#24Flutter International Turkey growing rapidly in an underpenetrated market Turkey C+ TAM¹: c£5bn Population: 85m Expiry: 2030 Offering: Lottery, some gaming, virtual sports CEKİLİS TARİHİ 29 EKİM 2021 20 MİLYON TL büyük ikramiyesiyle Milli Piyango 29 Ekim özel çekiliş biletleri bayinizde. 10 BARBRER Powe TOPLAM IKRAMIVE 87.300.000 1 PARTY Sisal p LAASTARAATIMRMIZI Significant scope for market growth • Second largest market for Flutter International during H1 2023 • Low spend on gaming and lottery vs international benchmarks illustrates growth potential Gaming Spend % of GDP² 0.44% Turkey 0.63% UK 1.05% Italy ● Exponential growth in underlying revenue Successfully advancing online adoption after doubling retail distribution network Driving significant margin improvements Overall Turnover³ (€, bn) % of stakes online Step change in market since Sisal launch ● +136% 2019 Previous Concession 2022 +546% in local currency 2% 2019 Previous Concession ¹ Total Addressable Market based on internal 2024 GGR estimates across all gaming products, including certain products outside the scope of Sisal's current concession agreement 2 Internal estimates based on multiple external data sources 3 Translated at annual average exchange rates; 2019 turnover per H2 Gambling Capital 18% 2023 F II. 24#25Flutter International Leading on sustainability within the Italian market Customers Helping customers to play well >75% of customers using a safer gambling ('SG') tool by 2030 Sisal 96% % of customers using an SG tool SUSTAINALYTICS a Morningstar company RATED AiA Colleagues Empowering colleagues to work better Our teams will be representative of where we live and work by 2030 Targets 35% Female representation in Sisal leadership positions Communities Working with communities to do more Improve the lives of 10m people by 2030 Progress in H1 2023 1,150 Paid volunteering hours in H1 2023 Environment Reducing our impact through Go Zero strategy Comprehensive strategy to reduce impact and 2035 NetZero transition plan 100% Electricity from renewable sources Progress recognized by Sustainalytics; ranked #1 amongst 85 global casinos and gaming companies SUSTAINALYTICS a Momingstar company RATED II. 25#26CONCLUSION II. 26#27Conclusion Conclusion ● ● Significant growth opportunity for Flutter International Combination of local hero brands and access to the Flutter Edge driving long term strategy and strong returns Omni-channel strategy winning in Europe's largest market Product leadership and strong cross-sell delivering market share gains Government tenders enabled by lottery capabilities provide a differentiated expansion path 27#28Flutter