By BBBB
Flutter Entertainment has announced a deal to acquire Snaitech S.p.A., an Italian gambling company operating under the control of a Playtech subsidiary.
According to the press release, the deal will see Flutter pay around €2.3 billion for the business and is expected to close by Q2 of 2025.
Snai sits as the third most popular online gambling operator in Italy with a 9.9% market share. Its revenues has grown at a rate of 26% across the four years up to 2023 while EBITDA grew at a rate of 32%.
Snai by the Numbers
- 291,000 average monthly players
- 2,000 retail outlets
- 19% retail betting market share
- 14% retail gaming market share
- €947 million revenue in 2023
- €256 million EBITDA in 2023
- 50% of revenues from online sector
Following the completion of the deal Flutter will hold a 30% market share in the Italian online gambling sector.
Peter Jackson, Flutter CEO, commented:
“I am delighted to announce the acquisition of Snai, one of the leading players in Italy, Europe’s largest regulated market. This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the US and globally.
I look forward to welcoming the Snai team to the Flutter Group and working with them to maximize the growth opportunity for our combined businesses.”
In a statement announcing the deal Playtech CEO Mor Weizer said:
“Under the Playtech Group’s ownership, Snaitech has grown into a high-quality business with a leading position in the Italian sports betting and gaming market. The business has an experienced and high-performing management team that has fully embraced the post-lockdown shift to omni-channel in Italy. Today, Snaitech has an established retail presence and online business that are both well-placed to continue their success in one of the most attractive markets in Europe.
While Snaitech has been an important part of the Playtech Group’s growth in recent years, the Board agreed that this transaction represents a compelling opportunity to maximise value for our shareholders while also allowing them to share in further upside from continued ownership of a leading B2B business. The combination of the Playtech Group’s leading technology with its exposure to attractive markets, including in the Americas and Europe, provides a strong platform for growth in the medium-term. We are excited about what the future holds and the many opportunities ahead of us.
In Flutter, Snaitech will have a new owner with an existing presence in Italy and all of the opportunities that brings. I’m confident that Snaitech.”
English