DAVY VIEW

Flutter’s Q1 update further encourages that 2023 will be a transformative year. The UK&I and International businesses both exhibited strong growth rates and have clearly inflected. US revenues almost doubled year-on-year (yoy), and it again took market share in iCasino. Australia continues to see some reversion post an extraordinarily strong period through the pandemic. Given the strong momentum evidenced and upside to forecasts, we believe this update will be well received.