Flutter closes Snaitech deal in bid to become Italian gambling leader
Flutter expects to have a 30 per cent share of the Italian gambling market.
Italy.- Flutter Entertainment has completed its purchase of the Italy-facing gambling operator Snaitech, advancing its move to become the biggest player in both online and retail gambling in Italy.
Dublin-headquartered Flutter, which now has its primary listing in New York, reached a €2.3bn deal to buy Snailtech from the British gambling tech supplier Playtech in September. Snaitech is the third-biggest gambling operator in Italy by market share.
Italy is expected to become the biggest regulated gambling market in Europe. Flutter already has a strong presence through its ownership of the lottery operator Sisal, which it acquired in 2022, alongside PokerStars, Betfair and Tombola.it.
The new acquisition will make Flutter the market leader with a 30 per cent market share thanks to the addition of Snaitech’s more than 1,600 betting shops and its portfolio of 60,000 slots and 10,000 videolotteries alongside online gaming and three racetracks in Milan and Tuscany. Meanwhile, Sisal is in the running for the tender to operate the main Italian lottery, competing with long-time incumbent IGT.
Flutter estimates that Snaitech holds about 9 per cent of the Italian market and a 16 per cent share of the retail gambling market. Flutter will now have around 29 per cent of the retail market compared to Lottomatica’s estimated 42 per cent.
The company expects to achieve cost synergies of €70m within three years and capital savings of €10m by using its own Flutter Edge tech. The deal was funded via a €2.5bn senior secured term loan from a consortium of banks.
Flutter’s Group CEO Peter Jackson said: “I am delighted to welcome SNAI, one of Italy’s leading gaming brands, to the Group. This acquisition aligns with our strategy of value-creating M&A and unlocks meaningful growth potential by giving SNAI access to Flutter’s market-leading products and capabilities.
As for Playtech, its sale of Snaitech completes its move to leave B2C operations and focus on its B2B tech business. Last month, the company hailed the results of a transformative 2024 with a 5 per cent rise in annual revenue to €1,791.5m.
Snaitech had generated €942 million in revenue for Playtech in 2024, representing over half of Playtech’s annual revenue, underscoring the strategic importance of the acquisition.
