Flutter acquires Snaitech for 2,3 billion euros.

Flutter Entertainment, a world leader in online sports betting and iGaming, has signed an agreement to acquire Snaitech from the British group Playtech, a leading omnichannel operator in Italy, for €2,3 billion. This operation confirms the Irish giant's intention to strengthen its presence in the Italian betting market, following the acquisition of Sisal in 2022. The transaction is expected to be completed by the second quarter of 2025 and should have an immediate positive impact on Flutter's earnings per share.

“I am pleased to announce the acquisition of Snai, one of Italy’s leading operators, representing the largest regulated market in Europe,” said Peter Jackson, CEO of Flutter. “This transaction is interesting from both a strategic and financial standpoint. It fits perfectly into our value-added mergers and acquisitions strategy and, at the same time, creates a significant opportunity to accelerate Snai’s growth by providing access to Flutter’s market-leading products and capabilities, both in the United States and globally.”

Snaitech (Snai) is the third largest online operator in Italy, with a market share of 9,9% in 2023 and 291.000 monthly active players. The company's global revenue, net of gaming taxes, reached €947 million, with an adjusted EBITDA of €256 million, 50% of which was generated online. Thanks to a strong presence in the retail sector, with more than 2.000 points of sale throughout the country, Snai positions itself as the second largest operator in the sports betting and gaming sectors, with a market share of 19% and 14% respectively.

Who is Flutter Entertainment?

Headquartered in Dublin, Flutter is among the leading global operators in the sports betting and iGaming sector. Listed on the London and New York Stock Exchanges, the company has a strong presence in key markets such as the US, UK, and Australia. Thanks to international expansion and a strong focus on technological innovation, Flutter continues to strengthen its portfolio of operations and drive greater digitalization in the gaming industry.

Flutter Entertainment Expansion

The acquisition of Snaitech aligns with Flutter's strategy of expanding through mergers and acquisitions in high-potential international markets. Following the purchase of Sisal, this move will position Flutter as the leading online betting operator in Italy, with a 30% market share. The integration of Sisal has already yielded positive results, with consistent growth in players and monthly revenue, increasing online market share by 270 basis points.

The acquisition of Snaitech will allow Flutter to achieve significant operational and cost synergies, estimated at at least €70 million, thanks to process amortization and reduced administrative costs. Revenue synergies will offer new growth opportunities, thanks to the integration of Flutter's innovative products and the combination of the technological expertise of the two groups. Flutter considers the operation advantageous, with a multiple equally attractive in relation to the acquisition of Sisal.
The Italian gaming market is growing rapidly.

The Italian betting market, the largest in Europe with a Gross Gaming Revenue (GGR) of €21 billion in 2023, still has low penetration in the online segment, equal to 21% of GGR, compared to over 60% in markets such as the UK and Australia. This scenario offers Flutter the opportunity to expand by leveraging increasing digitalization, which is expected to grow 10% annually over the next three years.

The acquisition of Snaitech will allow Flutter to consolidate its position as a leader in the Italian market, both in physical and online channels. Flutter aims to accelerate Snai's growth thanks to its globally developed capabilities, strengthening the group's competitiveness in a regulated and evolving environment.

The Italian gaming market, driven by digital transition and favorable regulations, offers Flutter a strategic opportunity. The company expects growth in the online segment to accelerate in the coming years thanks to the increasingly widespread adoption of digital technologies and online gaming channels.