Allwyn SPAC

Defining Allwyn's public comparables 35 ● ● ● FDJ Similarities with Allwyn Operators primarily focused on the lottery sector and/or a recreational user base Organic growth profile Growing and resilient underlying lottery market Differences with Allwyn Often concentrated on one end-market and lacking diversification Limited track record of M&A ● Lottery neogames Tabcorp POLLARD banknote limited ● ● YOU WON! Similarities with Allwyn Similar long-term growth profiles to Allwyn Consumer-focused sports-betting and gaming operators across a range of geographies and regulatory regimes Differences with Allwyn ● Diversified International Gaming Flutter Entain Structurally lower margin profile due to different sector Less recreational user base; products subject to greater level of regulatory risk allwyn

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