DAVY VIEW

This was a protracted process, but it has concluded with a highly satisfactory outcome. The binding arbitration ruling means Flutter Entertainment has successfully protected shareholder value – if it must give up a stake in FanDuel, it will now be doing so based on a December 2020 fair market valuation of $20bn (the determined value also creating a strong foundation for the business’s current valuation). Other resolutions have also created a more certain pathway and timeline to optimise shape and ownership structure for its broader set of US businesses, including PokerStars, Super 6 and FOX Bet. Finally, the arbitrator is expected to rule by early 2023 on whether FOX Corporation (FOX) can participate in any FanDuel IPO and, if so, under what conditions.