DAVY VIEW

Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG) is set to complete in a tumultuous period for the sector. With the receipt of the latest competition approval (Ireland on April 16th), endorsement from shareholders and the last remaining regulatory authorities should now result in a Q2 completion. While the backdrop is uncertain, the businesses look set to combine at a time when underlying customer momentum for each is improving – TSG’s Q1 performance demonstrates strong growth, with revenues up 27% and further momentum evident in Q2. Together, it should create a fast growing and diversified global gaming leader, well positioned to generate material value for Flutter shareholders.