In a move that is set to shake up the global sports betting market, Fanduel’s parent company, Flutter Entertainment, has acquired Italy’s leading gaming operator, Snaitech, in a deal worth a whopping $2.6 billion. The acquisition, which was announced on Tuesday, marks a significant milestone for the rapidly growing sports betting and online gaming industry.
Flutter Entertainment, which was formed through the merger of Paddy Power and Betfair in 2016, has been on a mission to establish itself as a dominant player in the global sports betting market. The acquisition of Snaitech is a key part of this strategy, as it gives the company a strong foothold in the lucrative Italian market.
Snaitech, which was founded in 1995, is one of the largest gaming operators in Italy, with a comprehensive offering that includes sports betting, online casino games, and retail betting shops. The company has a strong presence in the Italian market, with a customer base of over one million active users.
The acquisition of Snaitech is expected to provide Flutter Entertainment with a number of key benefits. Firstly, it gives the company access to a large and established customer base in Italy, allowing it to expand its reach and increase its market share in one of Europe’s largest and most lucrative markets. In addition, the acquisition will also provide Flutter Entertainment with access to Snaitech’s cutting-edge technology and expertise in online gaming, giving it a competitive edge in the rapidly evolving sports betting market.
Commenting on the acquisition, Peter Jackson, CEO of Flutter Entertainment, said: “We are delighted to announce the acquisition of Snaitech, which represents a significant milestone for Flutter Entertainment. Italy is a key market for us, and the acquisition of Snaitech will further strengthen our position in this important market. We are excited about the opportunities that this acquisition will bring, and we are confident that it will drive significant value for our shareholders.”
The acquisition of Snaitech by Flutter Entertainment is subject to regulatory approval and is expected to be completed in the second half of 2022. The deal is expected to further consolidate Flutter Entertainment’s position as one of the world’s leading sports betting and online gaming companies, with a strong presence in key markets around the globe.
