Playtech’s Italy-facing B2C business Snaitech Group will absorb the parent company’s HappyBet, which focuses on the German and Austrian markets.
Italy.- Snaitech Group will integrate Playtech’s Germany and Austria-facing B2C business HappyBet in a bid to accelerate the latter’s growth.
Snaitech chief executive Fabio Schiavolin said the integration would provide HappyBet with more resources, technological infrastructure and business development experience.
He said. “First and foremost, we want to consolidate and expand the brand’s position in the online market. At the same time, we will work on gaining market shares in Germany and Austria.
“We will bring our experience in the field of retail and online betting from Italy, one of the most competitive markets in the world, to the table.”
HappyBet had rebranded as HpyBet but has switched back to its original name to represent the business as “fun and exciting”, he said.
It runs close to 200 betting shops in Germany and Austria as well as the online business. Founded in 2017, it was one of the first operators to gain a new sports betting licence in Germany last October. It now reports annual turnover of €20m.
HappyBet Germany managing director Michael Lessig said: “I am also pleased to be working with the Snaitech team, with whom we share the enthusiasm and desire to establish ourselves as one of the top providers with a German license and to enter new market segments as part of the new regulation in 2021.”
Snaitech was acquired by Playtech in June 2018 for €846m. Its B2C operations generated €522.7m in revenue in 2020. That was a significant drop on 2019 due to the closure of retail outlets for much of the year as a result of the Covid-19 pandemic, but online betting and gaming revenue rose 58 per cent.