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TSG - Bull Case For Flutter Entertainment Looks Much Like That Of The Stars Group
The Stars Group Inc.
Up front, I got The Stars Group (TSG) wrong. I passed on the stock at $14+ back in August (and $16+ earlier this year). Worries about execution, worldwide poker growth, and a Sky Bet acquisition that increasingly looked like an overpay all contributed to my (somewhat moderate) skepticism toward the stock.
TSG now is above $20 - and at the risk of sounding cavalier, I'm not terribly surprised. The enormous leverage on the balance sheet, combined with regulatory uncertainty surrounding iGaming in the United Kingdom and sports betting in the U.S., made