Flutter gets approval for Snaitech acquisition to expand presence in Italian gambling
The acquisition will make Flutter the biggest player on the Italian gambling market
Italy. – Flutter Entertainment is set to secure its ambition to become the biggest player on the Italian gambling market after gaining regulatory approval to buy Snaitech. It has obtained all antitrust and regulatory approvals to close the acquisition deal with the British gambling tech supplier Playech.
Dublin-headquartered Flutter, which now has its primary listing in New York, reached a €2.3bn deal to buy Snailtech in September. Snaitech is the third-biggest gambling operator in Italy by market share.
Combined with Flutter’s existing presence in the country, which includes the lottery operator Sisal acquired in 2022, Flutter will become the market leader with a 30 per cent market share. Sisal is in the running for the tender to operate the main Italian lottery, competing with long-time incumbent IGT.
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.
Flutter’s original portfolio of brands in the UK and Ireland includes Paddy Power, Sky Bet and Betfair. While FanDuel in the US is now Flutter’s biggest growth driver, the group has been expanding rapidly through acquisitions in other markets, buying Adjarabet in Georgia in 2019 and investing $350m in Betnacional owner NSX Group to create Flutter Brazil.
Flutter said: “The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets, creating value through providing access to Flutter’s market-leading products and capabilities. “
