DAVY VIEW

Flutter Entertainment has been looking to improve its positioning for some time in the large, fast-growing and structurally under-penetrated Italian online gaming market. The acquisition of Sisal (£1.62bn; c.7.7x last 12-months (LTM) EBITDA) will now see it become the number one online operator in the region. In addition, the combination creates several revenue synergies and a significant runway for further growth and value creation. The acquisition also serves as an important reminder of the global online market opportunity and how Flutter is one of only a handful of operators that can credibly look to compete and win across this exciting multi-jurisdictional industry.