November 7, 2019 Online Gambling/Lotteries

The Stars Group Inc. TSGI-TSX: $28.83 Q319 Results Mixed Reaffirming Prospective Combination with Flutter Tender is a Positive N/A Target

Event: The Stars Group announced Q319 results. All figures are in US$ unless otherwise noted. Projected Return: N/A

Results: TSGI reported Q319 revenue of $622M (EWP: $625M) (Cons: $640M), Adj. EBITDA of $239M (EWP: $231M) (Cons: $231M), and Adj. EPS of $0.50 (EWP: $0.42) (Cons: $0.42). FX continued to be a headwind and negatively impacted Q319 revenue by $29M. Its International, UK and Australia divisions contributed $325M, $227M and $71M, respectively, to revenue. Poker, Casino and Sportsbook revenues in the quarter were $194M, $197M, and $228M, respectively. International, UK and Australia quarterly active uniques (QAUs) were down 8.5%, down 1.1% and down 20.5%, respectively. TSGI expects 2019 results to meet previously issued guidance ranges of revenue between $2,500-2,575M, Adj. EBITDA between $905-930M, and Adj. EPS between $1.68-1.83. 2020 guidance will not be issued as a result of the pending deal with Flutter Entertainment (FLTR-LON, NR). Of note and a key indicator of bettor health, betting stakes (turnover) was mixed across its regions (-2.3%, +12.6%, -11.9% y/y growth in International, UK and Australia, respectively). It is worth noting Q318 results include the positive impacts from the FIFA World Cup tournament, which leads to tough comparables for Q319. The Company is tracking to its established $100M in cost synergies as a run rate by year end. With the quarter coming in mixed against expectations, we continue to view the Flutter deal as positive and believe it is the best path forward to realize further efficiency gains in size and scale.

Flutter Transaction: TSGI recently announced it has reached an agreement to be acquired by Flutter Entertainment in an all-stock transaction that would have seen the combined entity deliver £3.8B in revenue for 2018. Stars shareholders are to receive 0.2253 New Flutter Shares in exchange for each TSGI share. The combined company will be incorporated, headquartered and domiciled in Dublin, Ireland with a premium listing on the LSE and a secondary listing on Euronext Dublin. The combined entity will see Flutter shareholders own 54.64% with the remaining 45.36% owned by TSGI shareholders. The acquisition is seen to deliver substantial value creation in pre-tax synergies of £140M per year along with cross-sell opportunities and lower finance costs and is expected to be at least 50% accretive to FLTR EPS the first full financial year following closing. Flutter has entered into support agreements with various TSGI shareholders and directors, representing 23.79% of existing issued common shares – two-thirds shareholder approval is required for the acquisition to pass. Approval of FLTR and TSGI shareholders is expected in Q220 with completion by Q320. See our full note here. We reiterate our TENDER rating.

Source: Consensus Data – FactSet, Historicals – Company Filings, Forecasts/Estimates – Echelon Wealth Partners

Gianluca Tucci | 647.794.1926 | [email protected] Page 1 of 6 The Stars Group Inc. (TSGI-TSX) | November 7, 2019

Valuation TSGI is currently trading at a C2019E EV/Sales, EV/EBITDA, and P/E of 4.3x, 12.1x, and 12.7x, respectively, versus its Online Gaming Operator comparables average of 2.6x, 10.3x, and 17.9x, respectively, and Flutter Entertainment at 3.3x, 17.7x, 26.3x, respectively.

Exhibit 1 – Global Gaming Comparables GLOBAL GAMING COMPARABLES Price Rating Target Mkt Cap Ent. Value LTM Rev EV/Sales EV/EBITDA P/E Ticker (Local) (Local) (US$M) (US$M) (US$M) 2018 2019 2020 2018 2019 2020 2018 2019 2020 Stars Group Inc. TSGI-CA $ 28.96 TENDER N/A 6,323 11,012 2,444 5.4 4.3 4.0 14.1 12.1 11.2 10.0 12.7 11.2 Pollard Banknote Limited PBL-CA $ 20.67 BUY $ 26.50 402 509 271 2.0 1.7 1.6 13.9 11.0 9.9 33.3 21.8 20.2 Score Media and Gaming Inc. Class A SCR-CA $ 0.59 SPEC BUY $ 0.90 160 144 23 6.8 6.1 3.8 NM NM NM NM NM NM

Legacy Gaming Operators Las Vegas Sands Corp. LVS 63.93 49,101 58,753 13,705 4.3 4.3 4.3 11.6 11.6 11.2 19.3 19.7 19.0 MGM Resorts International MGM 30.60 15,723 34,743 12,767 3.0 2.7 2.6 12.4 11.3 10.3 31.0 39.3 20.5 Caesars Entertainment Corporation CZR 12.60 8,556 26,321 8,637 3.1 3.0 3.0 11.5 11.2 10.5 30.8 NM NM Wynn Resorts, Limited WYNN 125.72 13,529 21,106 6,707 3.1 3.1 2.9 10.6 11.5 10.2 19.2 29.4 20.9 Penn National Gaming, Inc. PENN 21.88 2,535 4,601 5,115 1.3 0.9 0.8 4.4 2.9 2.7 23.5 14.3 10.6 Eldorado Resorts Inc ERI 49.09 3,807 7,910 2,432 3.8 3.1 3.1 15.3 11.4 10.7 40.2 28.8 22.3 Boyd Gaming Corporation BYD 28.02 3,114 7,043 3,285 2.7 2.1 2.1 10.7 8.8 8.4 21.1 16.4 14.3 Red Rock Resorts, Inc. Class A RRR 21.26 2,491 4,683 1,774 2.8 2.5 2.4 9.2 9.4 8.3 15.8 221.4 18.6 Great Canadian Gaming Corporation GC-CA 38.47 1,672 2,832 1,021 3.1 2.8 2.6 10.8 8.9 8.3 16.4 13.7 17.0 Golden Entertainment, Inc. GDEN 15.41 428 1,609 908 1.9 1.7 1.6 9.8 8.7 8.2 NM NM NM Monarch Casino & Resort, Inc. MCRI 43.78 792 962 247 4.0 3.9 3.1 15.7 15.3 11.5 23.9 24.4 17.6 Gamenet Group SpA GAME-IT 12.58 417 883 699 1.1 1.1 1.0 6.8 5.0 4.4 15.2 10.2 7.1 Century Casinos, Inc. CNTY 7.86 232 322 196 1.9 1.6 1.1 13.7 11.7 6.5 69.6 92.6 12.1 Average 2.8 2.5 2.3 11.0 9.8 8.6 27.2 46.4 16.3 Median 3.0 2.7 2.6 10.8 11.2 8.4 22.3 24.4 17.6

Online Gaming Operators Flutter Entertainment Plc PPB-GB 82.16 8,244 9,048 2,623 3.7 3.3 3.0 15.3 17.7 16.2 21.2 26.3 24.2 GVC Holdings PLC GVC-GB 7.99 5,959 8,783 4,674 1.9 1.9 1.8 8.9 9.6 8.4 10.2 12.4 10.3 Evolution Gaming Group AB EVO-SE 233.50 4,411 4,323 373 15.6 10.9 8.7 35.5 22.2 18.1 46.9 27.9 22.9 Playtech plc PTEC-GB 4.07 1,583 2,112 1,757 1.5 1.2 1.2 5.4 4.9 4.6 6.3 8.7 7.9 William Hill PLC WMH-GB 1.70 1,909 2,728 2,110 1.3 1.3 1.3 6.7 9.1 8.2 8.0 18.0 13.4 Kindred Group plc Shs Swedish Depository ReceiptsKIND-SE 63.54 1,521 1,667 1,182 1.4 1.4 1.2 6.4 8.9 6.9 8.8 15.6 10.7 Gamesys Group PLC JPJ-GB 7.10 987 996 #N/A 2.3 2.2 1.3 6.7 5.6 4.4 5.7 7.5 6.0 Betsson AB Class B BETS.B-SE 46.40 668 726 571 1.2 1.3 1.3 4.5 5.5 5.4 6.1 8.1 7.9 Rank Group Plc RNK-GB 2.18 1,092 1,090 900 1.2 1.3 NM 7.0 NM NM 14.6 15.4 NM 888 Holdings Plc 888-GB 1.58 744 697 534 1.3 1.2 1.2 6.5 8.0 7.2 7.8 14.6 13.0 LeoVegas AB LEO-SE 29.95 317 379 348 1.0 0.9 0.8 8.1 7.5 5.8 6.2 9.4 6.6 Kambi Group plc Class B KAMBI-SE 168.40 531 514 98 6.0 5.1 4.0 19.9 16.3 11.4 47.6 47.0 24.8 bet-at-home.com AG ACX-DE 46.76 362 305 157 2.3 2.4 2.3 7.5 8.2 7.8 10.4 21.3 12.6 Average 3.1 2.6 2.3 10.6 10.3 8.7 15.4 17.9 13.4 Median 1.5 1.4 1.3 7.0 8.5 7.5 8.8 15.4 11.7

Gaming Technology Vendors Aristocrat Leisure Limited ALL-AU 31.22 13,725 15,430 2,972 5.8 5.1 4.7 16.0 14.4 13.0 25.8 22.8 19.4 Scientific Games Corporation SGMS 26.98 2,513 11,132 3,389 3.3 3.2 3.1 8.4 8.2 7.9 NM NM 40.1 International Game Technology PLC IGT 13.69 2,799 10,504 4,801 2.2 2.2 2.2 6.0 6.2 6.1 14.0 11.5 10.1 Evolution Gaming Group AB EVO-SE 233.50 4,411 4,323 373 15.6 10.9 8.7 35.5 22.2 18.1 46.9 27.9 22.9 Everi Holdings, Inc. EVRI 11.75 849 1,968 502 4.2 3.8 3.5 8.5 7.8 7.1 NM 35.1 24.2 PlayAGS, Inc. AGS 12.75 452 974 298 3.4 3.2 2.9 7.2 6.7 6.1 NM NM 31.9 NetEnt AB Class B NET.B-SE 25.35 633 848 185 4.4 4.6 3.8 9.4 9.3 7.4 10.5 11.9 9.3 adesso AG ADN1-DE 47.80 326 451 157 1.1 1.0 0.9 12.9 9.6 8.4 21.7 20.2 16.4 Ainsworth Game Technology Limited AGI-AU 0.77 177 174 168 0.9 1.1 1.0 3.5 6.4 5.9 8.0 39.1 24.6 Scout Gaming Group AB SCOUT-OME 9.98 15 12 1 NM NM NM NM NM NM NM NM NM Average 4.5 3.9 3.4 11.9 10.1 8.9 21.1 24.1 22.1 Median 3.4 3.2 3.1 8.5 8.2 7.4 17.8 22.8 22.9

Social Gaming NCsoft Corporation 036570-KR 540000.00 10,226 8,619 1,386 5.6 5.9 4.1 15.1 18.1 9.9 27.2 27.0 15.4 Zynga Inc. Class A ZNGA 6.30 5,959 5,412 1,166 5.6 3.5 3.1 28.4 17.7 15.4 57.6 25.8 23.8 DoubleUGames Co., Ltd. 192080-KR 50300.00 792 1,018 446 2.3 2.3 2.1 6.7 6.0 5.3 9.9 8.0 7.1 Glu Mobile Inc. GLUU-US 5.59 815 827 386 2.2 2.0 1.8 20.5 21.3 20.7 55.1 20.6 22.0 SciPlay Corp. Class A SCPL 9.95 1,256 357 #N/A NM NM NM NM NM NM NM NM NM Webzen Inc. 069080-KR 17200.00 524 280 176 1.4 1.8 1.6 4.1 5.6 4.6 11.7 13.8 11.1 KuuHubb Inc KUU-CA 0.42 16 22 12 1.1 NM NM NM NM NM NM NM NM Average 3.0 3.1 2.5 15.0 13.7 11.2 32.3 19.0 15.9 Median 2.2 2.3 2.1 15.1 17.7 9.9 27.2 20.6 15.4 Source: Consensus Data - FactSet

Gianluca Tucci | 647.794.1926 | [email protected] Page 2 of 6 The Stars Group Inc. (TSGI-TSX) | November 7, 2019

The Stars Group Inc. – Tear Sheet (TSGI-TSX, TENDER, N/A PT)

$35.00 12.00 Company Description Consensus Current Return The Stars Group, Inc. provides technology-based products and services in the Rating: Tender $30.00 10.00 global gaming and interactive entertainment industries. It owns gaming and Target: N/A #VALUE! $25.00 8.00 related consumer businesses and brands, including PokerStars, PokerStars Median: $ 31.36 9% $20.00 Casino, BetStars, Full Tilt, StarsDraft, and the PokerStars Championship and High: $ 34.25 19% 6.00

$15.00 PokerStars Festival live poker tour brands. The firm operates through the Low: $ 22.70 -21% Volume(M) Price (C$)Price 4.00 Business-to-Consumer segment. The B2C segment is divided into the Poker, $10.00 and Casino and Sportsbook business lines. It offers non-poker gaming $5.00 2.00 products, including casino, sportsbook and daily fantasy sports. The company Consensus Distribution $0.00 0.00 was founded on January 30, 2004 and is headquartered in Toronto, Canada. Buy 4 Nov/18 Jan/19 Mar/19 May/19 Jul/19 Sep/19 Hold 6 Sell 0 # of Ratings 10

Financial Summary/Key Metrics 2017 2018 Q119 Q219 Q319 Q419E 2019E 2020E 2021E 2022E Top Inst. Ownership % Held B2C Poker 877 893 217 194 193 188 793 793 793 793 Caledonia (Private) Investments Pty19.7% Ltd. Casino 335 586 189 197 195 212 793 892 981 1,060 GSO Capital Partners LP 5.6% Sportsbook 49 491 156 228 218 284 886 997 1,097 1,184 ValueAct Capital Management LP 4.7% Total Revenue 1,312 2,029 580 638 622 704 2,545 2,758 2,951 3,121 Credit Suisse Securities (USA) LLC (Broker)3.5% Growth y/y 55% 48% 55% 9% 8% 25% 8% 7% 6% TD Securities, Inc. 2.3% Consensus 687 2,543 2,769 2,980 3,142 Tiger Legatus Capital Management2.3% LLC Adj EBITDA 600 781 195 237 240 238 910 907 962 1,015 Goldman Sachs & Co. LLC (Private Banking)1.8% Growth y/y 30.2% 11.6% 40.7% 21.0% -0.5% 16.6% -0.4% 6.1% 5.5% Fidelity Management & Research Co.1.5% Consensus 252 913 984 1,058 1,100 Odey Asset Management LLP 1.5% Adj. EPS (diluted) 2.08 2.23 0.39 0.49 0.50 0.41 1.79 1.73 1.83 1.93 The Vanguard Group, Inc. 1.4% Growth y/y 7.0% -42.0% -19.0% 13.8% -20.1% -19.6% -3.4% 5.8% 5.7% Consensus 0.49 1.74 1.96 2.25 2.37 Key Statistics Value Net Debt 2,022 5,025 5,100 4,782 4,673 4,872 4,872 4,390 3,871 3,315 52 Wk High 29.33 Capex 13 114 29 37 31 22 118 89 92 98 52 Wk Low 16.69 YTD Chg. 26% Balance Sheet 2017 2018 Q119 Q219 Q319 Q419E 2019E 2020E 2021E 2022E 1 Yr. Chg. 8% Cash 510 721 600 666 715 264 264 369 541 777 Beta 1.29 Trade & Other Receivables 100 136 118 121 104 154 154 168 181 192 Market Cap 6,431 Total Current Assets 790 1,041 910 972 1,041 639 639 758 943 1,190 EV 11,105 Shares Outstanding (M) 288 Total Assets 5,415 11,266 11,295 11,112 10,993 10,516 10,516 10,382 10,324 10,341 LTM Dividend 0 Dividend Yield 0.0% Customer Deposits 350 424 437 421 410 410 410 410 410 410 Trade & Other Payables 151 424 335 439 470 90 90 90 90 90 Valuation 2018 2019E Total Current Liabilities 602 1,012 1,036 1,015 1,057 1,090 1,090 2,166 3,044 3,570 EV/Rev 5.5 4.4 Total Liabilities 3,112 7,112 7,038 6,743 6,711 6,181 6,181 5,805 5,458 5,138 EV/EBITDA 14.2 12.2 Total Liabilities & Shareholders Equity 5,415 11,266 11,295 11,112 10,993 10,516 10,516 10,382 10,324 10,341 P/E 13.0 16.1

Comparables Return Rev (US$M) EBITDA (US$M) EPS (US$) Price Target Div Yield Multiples Analysis 1 Week 1 Month 3 Month YTD 1 Year 2019 2020 2019 2020 2019 2020 TSGI-CA 28.33 N/A - 4% 2% 42% 26% 8% 2,543 2,769 913 984 1.74 1.96 FLTR-GB 80.30 2.5% 3% -1% 29% 25% 17% 2,741 3,025 510 558 4.01 4.35 WMH-GB 1.70 6.1% -13% -12% 22% 10% -15% 2,094 2,093 298 333 0.12 0.16 888-GB 1.58 4.5% -8% 1% 7% -10% -15% 558 592 87 96 0.14 0.16 EVO-SE 236.00 1.1% 3% 25% 24% 132% 82% 398 495 195 239 0.87 1.06 PTEC-GB 3.95 3.9% 0% -2% -3% 3% -16% 1,693 1,751 432 454 0.60 0.66 GVC-GB 8.03 4.2% -8% 5% 46% 19% -10% 4,633 4,751 917 1,046 0.82 1.00

Comparables FCF Yield EV/Rev EV/EBITDA P/E EV Multiples Analysis 2019 2020 2019 2020 2019 2020 2019 2020 TSGI-CA 11,105 6.1% 8.4% 4.4 4.0 12.2 11.3 12.6 11.2 FLTR-GB 9,060 3.2% 4.3% 3.3 3.0 17.8 16.2 26.4 24.3 WMH-GB 2,728 5.8% 5.8% 1.3 1.3 9.1 8.2 18.1 13.4 888-GB 696 2.0% 2.0% 1.2 1.2 8.0 7.2 14.7 13.0 EVO-SE 4,323 1.6% 1.6% 10.9 8.7 22.2 18.1 27.9 22.9 PTEC-GB 2,110 15.7% 15.7% 1.2 1.2 4.9 4.6 8.8 7.9 GVC-GB 8,783 5.7% 5.7% 1.9 1.8 9.6 8.4 12.5 10.3 Source: Consensus Data – FactSet, Historicals – Company Filings, Forecasts/Estimates – Echelon Wealth Partners

Gianluca Tucci | 647.794.1926 | [email protected] Page 3 of 6 The Stars Group Inc. (TSGI-TSX) | November 7, 2019

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ANALYST CERTIFICATION Company: The Stars Group Inc. | TSGI:TSX I, Gianluca Tucci, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report. IMPORTANT DISCLOSURES

Is this an issuer related or industry related publication? Issuer

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? No If Yes: 1) Is it a long or short position? No position; and, 2) What type of security is it? None.

The name of any partner, director, officer, employee or agent of the Dealer Member who is an officer, director or employee of the issuer, or who serves in any advisory None capacity to the issuer?

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of No common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer?

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public No offering, or private placement of securities of this issuer?

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? No

Has the Analyst had an onsite visit with the Issuer within the last 12 months? No

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No

Gianluca Tucci | 647.794.1926 | [email protected] Page 4 of 6 The Stars Group Inc. (TSGI-TSX) | November 7, 2019

RATING DEFINITIONS The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12-month time Buy horizon. Speculative Buy The security is considered a BUY but in the analyst’s opinion possesses certain operational and/or financial risks that are higher than average. Hold The security represents fair value and no material appreciation is expected over the next 12-18 month time horizon. Sell The security represents poor value and is expected to depreciate over the next 12-month time horizon. While not a rating, this designates the existing rating and/or forecasts are subject to specific review usually due to a material event or share price Under Review move. Echelon Wealth Partners recommends that investors tender to an existing public offer for the securities in the absence of a superior competing Tender offer. Applies to former coverage names where a current analyst has dropped coverage. Echelon Wealth Partners will provide notice to investors Dropped Coverage whenever coverage of an issuer is dropped.

RATINGS DISTRIBUTION Recommendation Hierarchy Buy Speculative Buy Hold Sell Under Review Restricted Tender Number of recommendations 50 43 16 1 7 0 0 % of Total (excluding Restricted) 43% 37% 14% 1% 6% Number of investment banking relationships 13 18 4 0 2 0 0 % of Total (excluding Restricted) 35% 49% 11% 0% 5%

PRICE CHART, RATING & PRICE TARGET HISTORY

Date Target (C$) Rating * 29-Jan-18 40.00 Buy The Stars Group Inc. (TSX:TSGI) * 14-Mar-18 44.00 Buy $60.00 * 23-Apr-18 55.00 Buy $50.00 * 11-May-18 57.00 Buy $40.00 26-Sep-18 50.00 Buy 7-Nov-18 45.00 Buy $30.00 6-Mar-19 40.00 Buy $20.00 26-Apr-19 37.50 Buy $10.00 12-Aug-19 32.50 Buy 22-Oct-19 N/A Tender $0.00

Price Target (C$)

Coverage initiated: 01/29/2018 Data sourced from FactSet *Prior Analyst PT

Gianluca Tucci | 647.794.1926 | [email protected] Page 5 of 6 The Stars Group Inc. (TSGI-TSX) | November 7, 2019

Toronto Wealth Management Toronto Capital Markets Montreal Wealth Management and Capital Markets 1 Adelaide St East, Suite 2000 1 Adelaide St East, Suite 2100 1000 De La Gauchetière St W., Suite 1130 Toronto, ON M5C 2V9 Toronto, Ontario M5C 2V9 Montréal, QC H3B 4W5 416-572-5523 416-572-5523 514-396-0333

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