#1Flutter Entertainment Plc Preliminary Results 2021 1 March 2022 TO Flutter 1 Dell?#2YOU LEADERS Flutter Introduction Peter Jackson, Group CEO 2#3Agenda • Overview of 2021 Strategy and Positive Impact Plan • Financial Review • Business Update • Conclusion Flutter 3#4Overview of 2021 • Good progress made on operational and strategic objectives; recreational customer focus • US: FanDuel continuing to win; key milestone on path to profitability • UK&I: Significant safer gambling progress; adverse sports results and market slow down reduced momentum • Australia: Sportsbet delivered excellent performance again • International: Business stabilised; sharp focus on key geographies Flutter#5Delivered against 2018 strategy Market position Online market share¹ AMPs² Flutter UK&I 8 29% 3.2m Australia 50% 1.0m International n/a 1.9m US 8 31% 1.6m 21% 23% FY 2021 21% 91% Regulated³ Global opportunity remains significant as more countries and US states regulate 35% Revenue by geography ■ UK&I ■ Australia ■US ■ ROW 1 Market share for each division is based on regulatory filings and internal estimates. 2 AMPS is average monthly players. AMP numbers in this presentation do not include Junglee for 2020 or 2021 to allow better comparability of underlying growth. 3 Q4 2021. 5#6Refreshed Flutter strategy to deliver and defend gold medals 1 4 Grow our gold medal positions in our core markets Scale Flutter 2 Invest to win in the US Speed Take early positions to realise potential in future spaces Powered by key enablers ommunities Customers ... Positive Impact Plan 3 Colleague Build on our network and invest for leadership positions across International markets Product and technology Customer insights & data 6#7Sustainability key to strategy with Positive Impact Plan Build on existing success 2030 targets Flutter Global principles supporting positive change: Leverage global skill, insight and capabilities Customers Global targets across three key stakeholder areas: Helping customers to Play Well Empower local teams to adapt to local contexts We will reach >75% of customers using a safer gambling tool Colleagues Empowering colleagues to work better Our teams will be representative of where we live and work Communities Working with communities to do more Communities Deliver local initiatives with maximum impact We will have improved the lives of 10 million people Customers Positive Impact Plan 7 Colleagues#8GAMBLE Play Well safer gambling strategy crucial for sustainability SAFELY PLAY WELL Lead progress: through research and collaboration Global principles inform overall strategy: Promote positive play: through platforms and products Flutter Annual divisional goals linked to remuneration Effectively interact: prompting players to make positive choices Enhanced measurement with global and divisional goals Flutter 2030 goal to have over 75% of customers using safer gambling tools¹ (and over 50% by 2026) Local strategy tailored by the divisions FANDUEL GROUP Flutter Support and protect: those who need targeted engagement UK & IRELAND FFlutter International sb ¹ Measured as the % of active customers who use a safer gambling (Play Well) tool, FY 2021 34.7% (excluding Adjarabet and Junglee). 8#9A GUINNESS GUINNESS GUINNESS GUINNESSY GUINNESS T Flutter Financial Review Jonathan Hill, Group CFO SPACES AVIVA STADIUM LITEWON HURWONY WEATHERSHIELD 15 KERBS DIRBS ARE PAS KIRBS ORBS 9#10Key financial highlights Pro forma¹ Revenue Profitability Financial position Flutter Sports revenue Gaming revenue Total revenue Adjusted EBITDA Group Adjusted EBITDA Group ex-US Adjusted operating profit Adjusted free cash flow Cash conversion² Net debt Net debt / LTM EBITDA FY 2021 YOY CC £3,774m £3,000m +27% +4% £2,262m £2,264m £6,036m £5,264m +17% FY 2020 £1,001m £1,231m £1,244m £1,401m £990m £746m £625m 102% £2,647m 2.6x £1,151m 126% £2,814m 2.3x -18% -10% -24% ● ● Revenue growth driven by recreational customer growth YoY profitability impacted by: Significant investment in US - Regulatory and sustainability initiatives Challenging sports results and Covid comparatives Free cash conversion remains high Leverage of 2.6x (ex-US investment losses leverage of 2.1x) ¹ Pro forma numbers in this entire presentation include TSG throughout 2020 and 2021 (date of acquisition May 5, 2020). Junglee and Singular have not been included on a pro forma basis. See Appendix 2 of the preliminary results for a reconciliation of pro forma results to statutory results. 2 Reflects conversion of adjusted operating profit to pre-tax adjusted free cash flow. 10#11Statutory Group P&L £m Reported Revenue Gross profit EBITDA Depreciation & amortisation Amortisation of acquisition intangibles Disposal and impairment Operating profit Net interest expense Profit before tax Tax Loss after tax Non-controlling interest (Loss)/profit attributable to equity holders Flutter FY 2021 6,036 3,727 723 (254) (543) 12 (63) (226) (288) (124) (412) (4) (416) FY 2020 4,414 2,872 772 (213) (432) (23) 104 (102) 1 (36) (35) 73 38 YOY +37% +30% -6% +19% +26% -160% +121% +245% 12-month contribution from TSG in 2021 with ~8 months in 2020¹ Primary driver of YoY increases P&L includes £909m loss from SDIS² consisted of: - Non-cash items primarily amortisation of acquired intangibles (£543m) Cash items: Kentucky settlement, restructuring and integration costs Adjusted 2021 effective tax rate 26.8% (Group ex-US: 18.5%) Tax includes deferred tax charge of £104m due to announced UK tax rate increase to 25% ¹ Acquisition completed on 5 May 2020. 2 Separately Disclosed Items: see slide 43 for further details. 11#12Customer volumes significantly above historic levels Pro forma AMPS H1'19 - H2'21 (millions) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 H1 2019 UK&I Flutter 2 year H2 CAGR +13% H2 2021 H1 2019 Australia +28% H2 2021 H1 2019 +10% H2 2021 H1 2019 International US Q4 2021 2m AMPs +47% H2 2021 Group AMPs +23% YoY (Ex-US +15%) K&I player volumes moderating post-Covid, recreational base significantly bigger than 2019 Continued strong momentum in Sportsbet with migrated players retained Growth in key sustainable International markets offsetting regulatory headwinds US second largest division by Q4 with a doubling of sportsbook and gaming AMPs YoY 12#13Revenue: US now second largest division Pro forma revenue H1'20 - H2'21 (CC, £bn) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 UK&I FY'21 £2.1bn Flutter £1.3bn Australia Sports revenue £1.3bn International Gaming revenue US £1.4bn Group revenue +17% YoY UK&I sports results combined with SG measures in H2 2021 Sportsbet in-line with customer momentum International Q2'20 poker spike and regulatory headwinds providing challenging comparatives US scaling rapidly with revenue +113% in FY21, live in 12 sportsbook states at year end 13#14UK&I online: Growth offset by several key factors EBITDA, £m 1,829 79 266 Normalised sporting calendar FY 2020 Gaming/ Staking revenue Exchange growth growth Flutter Revenue +3% 46 Increase in expected margin (232) (£149m) in Q4 Sports results (93) SG impacts (6) Oddschecker 1,889 EBITDA: flat Applying 2020 EBITDA margin of 34.4% 649 FY 2021 FY 2021 revenue revenue @PY profitability (23) Cost impact on margin 626 FY 2021 EBITDA Growth driven by: - Gaming AMPs +22% despite Covid - comparatives Normalised calendar driving staking growth; expected margin increase reflects growing recreational base Partially offset by: Adverse sports results; below average recycling Safer gambling initiatives EBITDA margin reduction driven by increase in cost of sales as % revenue due to taxes and streaming costs. EBITDA (2020: £629m) ¹ Underlying gaming, exchange and staking growth have been adjusted to remove the estimated impact of safer gambling measures during the year of £93m in proportion with the UK & Ireland online product mix, c. 61% of safer gambling impacts relate to sports with the balance impacting gaming revenue. Impacts have been allocated between exchange and sportsbook in proportion with revenue 14#15International sustainability significantly improved EBITDA £m, constant currency - 2 year bridge 574 FY 2019 (61) FX 512 FY 2019 FX rebased Flutter Improvements to sustainability -£123m (8) Business partner switch offs (65) Merger changes (50) Cost of improved revenue mix¹ (85) Germany and Netherlands 304 FY 2019 rebased Net investment loss² -£12m (133) Investment 121 +£38m (Covid) Growth 292 FY 2021 Improving sustainability; £123m EBITDA impact Guided German and Netherlands cost of £85m (£140m annualised) Investment made in key areas: PokerStars foundational capabilities (£52m) Marketing across all brands to drive growth (£81m) Net underlying investment has Rebased PokerStars Stabilised poker share Driven PokerStars casino expansion Grown markets such as Italy, Canada, UK, Georgia and Armenia ¹ Cost of improved revenue mix includes increase in taxes in Italy, Denmark, Romania, UK and Portugal combined with increased proportion of revenues coming from regulated markets and casino products, with higher associated cost of sales 2 Growth includes Junglee loss of £3m 15#16Divisional EBITDA reshaped over last two years Pro forma UK & Ireland Online UK & Ireland Retail UK & Ireland Australia International Corporate costs Group ex-US US Group Online ex-US Group Flutter FY 2021 626 (10) 616 437 292 (101) 1,244 (243) 1,001 28% 17% Adjusted EBITDA (£m) FY 2020 FY 2019 492 629 2 76 630 568 318 161 574 574 (121) (133) 1,401 1,170 (170) 1,231 (82) 1,089 Adjusted EBITDA % 32% 32% 23% 26% Yo2Y CAGR CC 12% 4% +64% -24% -10% +5% +79% -2% -4pp -9pp ● ● Online ex-US EBITDA margin of 28%, 4pp lower due to International investment and challenging comparatives Excellent operating leverage in Australia Total synergies £113m, ahead of £90m expectation. On track for £170m in 2023 Group ex-US other operating costs (incl. Corporate) remain controlled, in-line YoY US loss increased to £243m with marketing costs doubling to £663m, driving significant customer acquisition 16#17Cash 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 Amounts paid in respect of Kentucky settlement Purchase of shares by the Employee Benefit Trust Acquisitions and disposal Other Proceeds from equity raises Acquisition of further interest in FanDuel Cash transferred in acquisitions/ disposals Net (decrease)/increase in cash Net debt at start of year¹ Foreign currency exchange translation Change in fair value of hedging derivatives Net debt at 31 December Flutter FY 2021 1,001 (308) 119 (138) (48) 625 (61) 563 (140) (57) (68) (234) (181) 73 (13) (53) (2,814) (5) 225 (2,647) FY 2020 1,231 (252) 310 (93) (46) 1,151 (120) 1,031 (177) (24) (36) 22 1,921 (1,546) 1,192 (3,827) (20) (159) (2,814) Adjusted free cash flow pre-tax of £763m compares to Adjusted operating profit of £746m, converting at 102% Adjusted free cash flow lower due to: Lower Adjusted EBITDA Working capital increase in 2020 from enlarged scale of Group Increased Capex to fund expansion into more US states and online product development Corporation tax payments higher due to profit mix Interest £37m lower following debt repayment and reduced financing costs - Kentucky settlement of £234m to cover historic case relating to TSG subsidiaries £181m share purchase for FanDuel incentive schemes Inflow from Oddschecker (£135m) disposal partly offset by acquisitions of Junglee (£55m) and Singular (£14m) 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. 17#18Group outlook provides future financial flexibility Pro forma for Tombola & Sisal £'m, leverage ratio¹ Gross debt Cash (excl. customer balances) Net debt LTM pro forma Adjusted EBITDA Leverage ratio LTM pro forma Group ex-US Adjusted EBITDA Leverage ratio (ex US losses) Borrowing TLA (GBP) TLB (USD)³ TLB (EUR) Flutter 31 December 2021 3,599 (952) 2,647 1,001 2.6x £1,018m $2,931m €507m 1,244 2.1x Tombola (Acquired Jan 2022) 402 402 37 37 Principal Interest rate Debt structure at 31 December 2021 Sisal (Expected Q2 2022) 1,621 211 211 GBP SONIA +175bps, 0% Floor² USD LIBOR +225bps, 0% Floor EURIBOR +250bps, 0% Floor 3,599 (550) 4,670 1,249 3.7x 1,492 3.1x Maturity 2025 2026 2026 Leverage 2.6x at 31 December 2021 Leverage excluding US losses of 2.1x, provides flexibility to acquire Sisal given expected US profitability in 2023 Weighted average cost of debt remains at 2.5%, following refinancing in July 2021 Current credit ratings are Ba1/BB+/BBB-, all ratings have stable outlook4 ¹ Sisal FY 2021 EBITDA and acquisition cost as per acquisition announcement. Tombola as per final 2021 result. Gross debt includes the gross value of derivatives. 2 Pricing effective from January 2022, reflecting the cessation of LIBOR, plus a market benchmark credit spread adjustment. 3 USD TLB is swapped into GBP and EUR at fixed rates. 18 4 Moody's/S&P/ Fitch.#19Financial guidance Current trading/ Outlook Tax Capex M&A Flutter Group revenue in line with expectations over the first 7 weeks, up 2% year-on-year Expect phasing of growth to accelerate across the Group in H2 Russia/Ukraine impact: £60m contribution in 2021, with £41m from Russia and £19m from Ukraine Effective Group ex-US corporate tax rate expected to be 19-21% Expect capex to be between £330m - £350m in 2022 Tombola completed on 10 January Sisal expected to complete in Q2 19#20Flutter RUBY'S Business Update Peter Jackson, Group CEO PRIS 20#21US: Significant scale generated over last two years ● Flywheel effect continues in H2... Revenue +84% Sportsbook and gaming AMPS doubled Higher revenue growth Flutter Enhanced customer proposition Higher structural margins from superior in-house product Further Same Game ParlayTM enhancements Marketing spend +50% but 11.6pp lower as a % of revenue vs. H2'20 Greater operating leverage Increased scale and flexibility 33% increase in product and technology team CAGR +61% 2019 ...driving unparalleled US scale AMPS '000 2020 Q4 2021 2m AMPs 1,557 2021 Revenue $'m CAGR +97% 1,911 A 2020 2019 2021 21#22US: Doubling down on competitive advantages Market leading product driving superior win margins Further evolution of market leading Same Game Parlay ™M ('SGP'): TM - Combined SGPs on multiple different events SGP in-play on certain sports College basketball pricing brought in-house, ~80% of handle now priced internally Product mix and pricing accuracy leading to highest win margins in the US sector >50% more GGR from any given handle in Q4 Online GW% Q4 2021¹ Flutter 6.2% Rest of market avg. 1 9.6% FanDuel 20:44 FANDUEL SPORTSBOOK Popular Live now Promos Boosts NBA Popular SGPs Los Angeles Rams @ Cincinnati Bengals 7618 PEOPLE PLACED 4 SELECTIONS Odell Beckham Over 63.5 ODELL BECKHAM - RECEIVING YDS Matthew Stafford Over 5.5 MATTHEW STAFFORD RUSHING YDS Joe Mixon Over 24.5 JOE MIXON RECEIVING YDS Joe Burrow Over 11.5 JOE BURROW RUSHING YDS MLB Add to betslip Los Angeles Rams @ Cincinnati Bengals 5625 PEOPLE PLACED 4 SELECTIONS Joe Mixon ANY TIME TOUCHDOWN SCORER Los Angeles Rams MONEYLINE Cooper Kupp ANY TIME TOUCHDOWN SCORER Ja'Marr Chase ANY TIME TOUCHDOWN SCORER Add to betslip Los Angeles Rams @ Cincinnati Bengals 4946 PEOPLE PLACED 4 SELECTIONS Los Angeles Rams -4.5 SPREAD Conner Kunn Log in NHL ج ا... Join now All sports > INFL Draft Refer Close +1478 +1383 +937 Multi-year extension to NBA and Pat McAfee partnerships Leading share of voice despite increased competitor aggression 28% FanDuel FanDuel brand 22% Competitor A 16% 12% Competitor Competitor B C ♥ fdsportsbook. a V Liked by mgib3 and 6,827 others fdsportsbook See you Saturday, New York 10% 12% D Competitor Rest of market D TV Media SOV, H2'21² Online gross win percentage is gross gaming revenue divided by handle for all reported states in Q4 2021. Gross win definition may differ slightly between states. 2 Share of TV advertising spend in states where FanDuel is live, Source: Horizon Media. 22#23US: Delivering continued market share leadership 40% sports share - #1 in 9 of 12 states covering 87% of market... Q4 online sportsbook GGR¹ and market share, Bubble size proportionate to size of state market Q4 GGR $'m 250 200 150 100 50 10% Flutter 20% CO ΤΑ AZ 30% MI TN IN 40% IL VA 2 NJ PA CT WV 50% 60% Market share % ...while operating more efficiently FY 2021, $'m 1,911 1,296 850 Revenue 472 (277) (676) (430) (476) 2 EBITDA Flutter ■Competitor A Competitor B ■Competitor C ¹ Online sportsbook market share is the GGR market share of FanDuel and FOX Bet for Q4 in the states in which FanDuel was live (excluding December data for Arizona which has yet to be released) based on published gaming regulator reports in those states. Competitor information based on FY 2021 filings. EBITDA is before share based payments to allow for better comparability across competitors. 23#24US: New states expected to be contribution positive sooner Indicative monthly contribution by month post state launch, $ Previous guidance Positive in-month contribution $0 Negative In-month contribution Months post launch 0 6 12 18 Flutter 24 Updated view 30 0 6 Indicative in-month contribution per previous guidance 12 18 24 30 Indicative in-month contribution per updated view Previously guided (March 2019) expect NJ sportsbook to generate positive contributions 18-30 months post launch Now expect states to be contribution positive within 12-24 months post launch¹: - Higher levels of customer acquisition aided by faster adoption of sports betting Better customer retention Product advantages driving higher sports margin Larger upfront losses from customer acquisition investment ¹ Excludes high tax states such as New York 24#25US: FanDuel sportsbook and gaming contribution positive Breakdown of FY21 US EBITDA loss of $333m¹ ($'m) % of customers 38% 388 62% (374) Existing sportsbook and gaming customers Flutter 2021 new customers 14 Sportsbook & casino contribution Customers acquired in- year will become smaller % of overall 188 base key driver of future profitability TVG & DFS - (458) Other Opex (76) FOX Bet EBITDA (333) US EBITDA ● Pre 2021 customers funding further acquisition Positive contributions¹ from New Jersey, Pennsylvania, Illinois and Indiana Material investment continued in existing and new states Material contribution from TVG and DFS Confident Flutter US will be profitable in 2023², based on current regulatory outlook ¹ Contribution is defined as gross profit less sales and marketing expense. Growth from existing sportsbook and gaming customers represents in-year contribution from customers acquired pre-2021 less an allocation for retention marketing. New customers acquired in 2021, includes gross profit generated from these customers in that period. 2 2023 profit projection is based on current timing expectations of regulatory developments and new state launches in 2022 and 2023. 25#26UK&I: Key drivers of Q4 and full year performance Adverse sports results... Year-on-year sports results impact¹ (Revenue £m) 73 74 2020 ■2021 51 38 25 26 4 all 4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q4 year-on-year revenue impact¹ of £149m (H2: £170m) Flutter Q4 ...Safer gambling impacts... Quarterly minimum estimated revenue cost in 2021² (Revenue £m) -75 37 Greatest estimated impact in 2021 in Q4; £93m equates to 5% of online revenue ● ...and market declines drove challenging quarter Market: Momentum slowed in Q4³ Fewest 4th quarter casino app downloads in 3 years Customers reducing engagement as Covid restrictions ease Sports: Reduced customer recycling versus historic norms Gaming: Player spend reduced but Sky Vegas and Paddy Power grew download share with market daily tools like "Prize Machine"4 We estimate that Q4 online revenue was down 5% excluding impact of swing in sports results, safer gambling measures and sale of Oddschecker ¹Represents gross sports results impact. Gross sports results impact is delta between actual net revenue and expected net revenue in the period and is before impact of recycling on staking 2Full impact of 2021 safer gambling measures not fully quantifiable due to as yet unknown effect on long-term customer behaviour ³Based on Gambling Commission Data and App Annie downloads 4Based on third party quarterly tracking data provided by Yonder 26#27UK&I: Significant progress on sustainability Flutter UK & Ireland AMPS (millions) and revenue¹ (£bn) 2 year CAGR +13% 2 year CAGR +6% 2.4 H2 2019 3.0 H2 2021 AMPS A focus on recreational growth... 0.8 Flutter H2 2019 0.9 H2 2021 Revenue AMP growth > revenue growth¹ with reduction in top value tiers offset by growth in lower value cohorts Proportion of revenue from top value tier 15.7% 6.7% H2 2019 H2 2021 >55% reduction in % revenue from highest value tier since 2019 ● ...Has positioned Flutter well Significant reshaping of player base and revenue mix Progress since H2 2019: More than halved revenue from top value band Increased our share of recreational customers Reduced ARPU across all value bands Concentration of revenue in line with UK income tax distribution² Recreational focus bolstered by Tombola acquisition³ UK's leading bingo brand with highly recreational customer base Would reduce % top value tier to c.6% in H2 2019 These changes position Flutter well for sustainable growth and any future regulatory change - ¹ Revenue normalised for gross sports results impact in both periods. Gross sports results impact is delta between actual net revenue and expected net revenue before impact of recycling on staking 2 HMRC April 2021 tax year end 27 ³Final EBITDA of £37m with revenue of £164m. Completed 10 January with results fully consolidated for 2022#28UK&I: through evolving Affordability Triple Step strategy New Customers What are we doing? > New in 2021¹ ● ● ● ● ● ● "Always on" protections Robust registration checks (age verification, self exclusion checks) Tailored new customer monitoring Early financial vulnerability checks Effective educational communications on sign up Mandatory deposit limit trial for younger customers Early checks at lower thresholds as part of new customer monitoring Flutter ● ● ● Age-based spend checks and limits • Financial vulnerability checks with age and risk based limits applied Product changes to improve safer gambling experience ● • £10 staking limit on online slots Removal of auto-spin on casino products Daily deposit limits introduced Financial vulnerability checks using third party agencies Ongoing enhancement of communications, platform and monitoring ● ● ● Proprietary Al technology to monitor 250+ behaviours Effective engagement with in-person interactions and 5.3m automated communications in 2021 ● Backstops ● ● Tailored affordability backstops are being put in place to ensure we will intervene in a situation where all our other controls and protections have not already triggered an interaction Cumulative 6 month loss threshold introduced Reduced annual thresholds introduced Our approach will continue to improve as we further develop our Affordability Triple Step approach 1 See appendix for timing of measures introduced in 2021 28#29Australia: scale of business transformed over two years Delivering on product and value Continuing to innovate on Same Game Multi ("SGM") Combination of product and value with 'Bet Returns on SGM' Personalised offering improves value perception Flutter all $3 $4 9:41 AM 11 Bet Returns No win? 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Get your punt back using Bet Returns All 11 Racing 0 Sports 11 $1 Q $100.000 * 100% My Bets Bet Slip 3 0 Bet Returns Place an AFL 3+ Leg Same Game Multi Get up to $50 back in Bonus Bets if 1 leg fails Minimum total odds: 2.00 Valid until the end of the round Bet Returns Place an NBA 3+ Leg Same Game Mutli Get up to $50 back in Bonus Bets if 1 leg fails Minimum total odds: 2.00 Valid until the end of the round Bet Returns Place an NRL 3+ Leg Same Game Multi Get up to $50 back in Bonus Bets if 1 leg fails Minimum total odds: 2.00 Valid until the end of the round Customer growth and efficiency driving profitability expansion 2 year CAGR +27% 629 1,008 AMPS ('000) Material efficiencies from: Increased scale Cost control Merger synergies 2019 ■2021 14% 18% 2019 2 year CAGR +38% 681 Revenue (£'m) Other Opex % Sales & Marketing % 8% 1,294 9% 2021 EBITDA % 23.7% 33.7% 2 year CAGR +64% 161 437 EBITDA (£'m) 29#30International: Significant progress made in stabilising business Estimated poker market GGR and PokerStars share¹ 1 Jan-19 1 Investment in poker proposition stabilising share ● Estimated market size Estimated PokerStars share Jun-19 h Apr-20 Sep-20 Nov-19 Flutter Feb-21 Poker base key to casino and sports cross-sell 2 Jul-21 Declines due to (i) historic underinvestment (ii) regulatory changes impacting global liquidity pools and (iii) increased competitor aggression 2 Investment in customer proposition from Q3 2020 slowed trajectory with share stabilising in Q4 as new reward scheme launched Dec-21 Improved International revenue mix c.78% regulated/regulating markets in Q4 Positive regulatory momentum in Canada and India Strong casino performance while maintaining dominant poker presence 56% International gaming revenue from casino vs 41% in 2019 driven by focus on direct acquisition investment - - Revenue from PokerStars casino first customers now 4 times higher than pre-merger Record casino first engagement in Q4 1 Sharkscope reporting: represents estimated poker GGR for the .com, southern Europe and Italian all tournament liquidity pools. Sufficient representative data is not available for cash games 30#31International: Attractive runway of future growth Market size, GGR £bn Sports Gaming Retail and Lottery 13.8 2.6 1.2 Italy 0.7 0.2 Georgia & Armenia Flutter 3.0 1.2 Canada 1.5 1.8 Brazil Case study markets demonstrate opportunity¹ £26bn 13.8 7.8 4.4 Combined | opportunity ● Profile of attractive regulated and regulating markets 2026 total addressable market c.£26bn Projected 5 year online CAGR of 10% Sisal acquisition will provide access to c. £14bn lottery and retail customers in Italy Current market share of 8% indicates good runway for growth Additional potential upside from markets where International does not currently have a presence International division positioned well to grow market share in c. £26bn market ¹ Addressable market sizes estimated using a combination of Regulus Partners and MDF Partners forecasts, regulator filings, published competitor reports and Flutter internal estimates. 31#32International: Powerful combination of local hero brands POKERSTARS POKER | CASINO | SPORTS Products: Poker, casino, sports Top markets: Italy, Spain, Canada, Germany, UK, Brazil, Russia, Netherlands, France and Romania 44% of gross profit¹ Flutter S Sisal Products: Lottery, casino and sports Top markets: Italy, Turkey 40% betfair Products: Exchange, sports, casino Top markets: Italy, Spain, Brazil 7% adjarabet.com Products: Casino and sports Top markets: Georgia and Armenia 6% Strong portfolio of brands position Flutter well for International growth JUNGLEE GAMES Products: Rummy and daily fantasy sports Top market: India 3% 1 Proportion of gross profit if Sisal statutory revenue of £590m was included as gross profit for full year 2021. Sisal statutory revenue includes deductions for taxes in certain jurisdictions 32#33TO Flutter Conclusion Peter Jackson, Group CEO 33#34Conclusion • 'Positive Impact Plan' positions us to lead the sector on sustainability • US: FanDuel's momentum is maintained with #1 share, key milestones in path to profitability being achieved • UK&I: Plans in place to address slowdown in momentum; important that we get UK regulatory clarity soon • International: Key geographies identified; Sisal acquisition expected to complete in Q2 2022 • Australia: Continuing to invest to cement gains made over last two years Flutter 34#35Flutter Appendix 35#36Leveraging scale, diversification and a challenger mindset Build on our network and invest for leadership positions across International markets 1 ● ● Grow our gold medal positions in our core markets Maintaining laser focus on recreational growth Extending product and brand leadership positions Leveraging scale to drive efficiency Flutter 2 Invest to win in the US ● ● ● Solidifying #1 sportsbook position in North America Establishing clear podium position in iGaming Exploiting the flywheel 3 ● ● Revitalising PokerStars business Scaling casino through cross-sell and direct acquisition Building a lead in sports with multi-brand portfolio Buying podium positions in attractive markets Leading betting and gaming into the future Take early positions to 4 realise potential in future spaces ● Nurturing an innovative and experimental mindset Identifying adjacent opportunities to grow our customer base Positioning for growth in continuously evolving entertainment space 36#37UK&I: safer gambling progress and affordability triple step Revenue £m Safer gambling initiatives Key product changes PADDY POWER betfair sky betting & gaming Reduced all customer, age- based, daily deposit limits Q420 Flutter Introduced new customer, age based alerts Introduced new young customer deposit limits Q121: £7m Lowered annual thresholds by 150% Roll-out of £10 loss limit on online slots begins Introduced new customer, age based alerts Q221: £19m New cumulative 6 month alert introduced New age-based daily deposit limits for all customers Q321: £30m Roll-out of financial vulnerability checks begins New cumulative 6 month alert introduced Q421: £37m Removal of auto-play on online slots Roll-out of financial vulnerability checks begins In 2022 we will roll out u25 deposit limits and further improvements to our safer gambling framework 37#38KPI: Average monthly players 1,2 Average Monthly Players 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% Q3 7,257 3,060 1,086 1,799 1,312 Q3 6,401 2,567 876 1,835 1,122 Q3 +13% +19% +24% -2% +17% Q4 7,969 2,946 1,133 1,915 1,975 Q4 7,404 2,964 1,109 1,918 1,413 Q4 +8% -1% +2% flat +40% 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% H2 7,613 3,003 1,109 1,857 1,643 H2 6,902 2,765 992 1,877 1,268 H2 +10% +9% +12% -1% +30% FY 7,619 3,153 1,008 1,901 1,557 FY 6,174 2,532 794 1,938 910 FY +23% +25% +27% -2% +71% 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. 38 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.#39UK & 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 FY 2021 3,153 10,473 9.7% 1,168 721 1,889 (581) 30.8% YOY 2,532 +25% 8,401 +25% 11.7% -200bps +2% +5% 1,829 +3% (534) +9% 29.2% +160bps 1,308 1,295 +1% (384) (369) +4% 923 927 flat (298) (298) flat 626 629 flat 34.4% -130bps (77) +11% 552 -2% ONLINE 33.1% (85) 541 FY 2020 1,143 686 RETAIL FY 2021 FY 2020 904 12.6% 114 60 174 (40) 22.9% 134 (6) 128 (138) (148) (10) 2 0.9% (5.6%) (41) (43) (50) (41) YOY 998 -9% 14.3% -170bps 143 -20% 57 +5% 200 -13% (44) -9% 21.8% +100bps -14% -2% -15% -7% -647% -650bps -4% +23% 156 (6) 150 Online AMPS +25%, increase in recreational base Safer gambling measures impacting revenue growth (£93m revenue) Sports revenue +2%: Higher volume of sports events versus covid impacted 2020 Favourable sports results in 2020 drove 200bps swing YoY in net revenue margin Gaming +5% despite tough comparatives Cost of sales % +160bps from increase in streaming costs and effective tax rate Marketing reflects Euros investment Retail - - Revenue decline due to longer periods of covid related closures in 2021 No government support taken; EBITDA loss £10m (H1 -£39m, H2 £29m) 39#40Australia 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 FY 2021 1,008 11,702 11.1% 1,294 (636) 49.2% 658 (119) 539 (102) 437 33.7% (26) 411 FY 2020 794 9,713 11.1% 1,075 (520) 48.4% 555 (129) 426 (108) 318 29.6% (30) 288 YOY +27% +20% +20% +22% +80bps +18% -8% +26% -5% +37% +420bps -16% +43% YOY CC +20% +20% +22% +80bps +18% -9% +26% -6% +37% +420bps -17% +42% AMP growth +27% driving revenue growth +20%, retaining migrated customers Net revenue margin remained in line with prior year. In-year margin 60bps ahead of expected margin from favourable sports results Merger related synergies benefitting marketing and other operating costs Top line growth and cost efficiencies delivered 420bps in operating leverage EBITDA +37% to £437m 40#41International 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 FY 2021 1,901 1,592 8.7% 220 1,068 1,288 (392) 30.4% 897 (335) 562 (270) 292 22.7% (52) 240 FY 2020 1,938 1,368 8.5% 180 1,285 1,465 (365) 24.9% 1,100 (279) 822 (248) 574 39.2% (50) 524 YOY -2% +16% +20bps +22% -17% -12% +7% +550bps -19% +20% -32% +9% -49% -1,650bps +4% -54% YOY CC +21% +20bps +26% -13% -8% +12% +530bps -14% +27% -28% +9% -46% -1,580bps +6% -51% Revenue -8%: - Challenging comparatives due to Poker spike in Q2'20 Compliance changes post TSG merger and regulatory changes in Germany/Netherlands Underlying H2 growth in casino +25% offset by poker decline -17% Cost of sales % increase reflects change in regulated mix and increased casino along with new German taxes from 1 July 2021 Sales and marketing increase from: Betfair LATAM investment Addition of Junglee Spend to revitalise PokerStars Direct casino customer acquisition Other opex includes investment to stabilise operational capabilities 41#42US 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 FY 2021 1,557 11,284 6.3% 978 413 1,391 (614) 44.1% 778 (663) 115 (357) (243) (17.5%) (47) (289) FY 2020 910 4,411 4.6% 458 237 695 (319) 46.0% 376 (348) 28 (198) (170) (24.4%) (37) (207) YOY +71% +156% +170bps +113% +74% +100% +92% -190bps +107% +91% +310% +81% +43% +700bps +26% +40% YOY CC +167% +170bps +126% +87% +113% +104% -190bps +121% +102% +383% +92% +50% +730bps +35% +47% AMPS +71% includes a doubling of sports and gaming players Sports revenue +126% reflecting: Sportsbook AMPS +180% Continued strong growth in existing states Four new states and a full year contribution from four further states launched during 2020 Structural growth in expected margin - - - Gaming growth reflects launches in Michigan, West Virginia and Connecticut COS % decrease due to a reduction in the % of gross revenue spent on bonuses and lower 3rd party technology fees Marketing doubled with new state launches and investment in existing states Scale efficiencies in operating costs which has slower rate than revenue EBITDA loss of £243m reflecting significant customer acquisition investment 42#43Separately disclosed items £m Amortisation of acquisition related intangible assets Kentucky settlement and associated legal costs Transaction fees and associated costs Restructuring and integration costs Germany and Greece tax expense Disposal of Oddschecker Global Media Impairment 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 FY 2021 (543) (163) (22) (45) (47) 12 (809) (100) (909) (43) (866) FY 2020 (432) (33) (96) I (23) 11 (573) 79 (71) (565) 58 (507) ● Intangible amortisation reflects a 12-month charge for TSG in 2021 versus ~8 in 2020 Kentucky settlement for historic case with TSG subsidiaries, final settlement of $300m, with $100m already provided for Restructuring and integration costs due to combination with TSG German and Greek tax expense relates to historic tax cases for Paddy Power and Betfair Tax charge includes £104m charge from increase in deferred tax liabilities due to future UK tax increase to 25% from 1 April 2023 43#44Flutter www.flutter.com