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  "documentTitle": "Flutter | Results Presentation Deck | 47 slides",
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  "notes": "The slide uses a simple additive equation structure to explain the impact of new market entries on the overall business financial profile.",
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      "text": "Combination of existing states and Ohio template a good framework for near-term modelling. Timing of new state launches affect the combined business margin profile.",
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      "text": "New state launch: materially loss making in first twelve months before turning contribution positive in months 13-24. Ohio (c. 3.4% of US population) launched on 1 Jan, contribution loss of c. $120m to 30 June. Ohio launch is good template for future states.",
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      "text": "Net revenue: Suppressed by customer acquisition generosity investment. Cost of sales %: Inflated as typically charged on gross revenue. Sales and marketing %: Inflated by material acquisition investment on state launch.",
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