In a move that has sent shockwaves through the gambling industry, Flutter Entertainment has announced the acquisition of Playtech’s Italian subsidiary, Snaitech, for a whopping $2.6 billion. This deal marks the latest major consolidation in the rapidly growing online gaming sector, as companies look to expand their reach and solidify their positions in key markets.
Flutter Entertainment, the parent company of popular sports betting brands such as FanDuel and Paddy Power, has been on a mission to expand its presence in the lucrative Italian market. With this acquisition of Snaitech, one of the leading online gambling operators in Italy, Flutter is set to significantly strengthen its foothold in one of Europe’s biggest online gaming markets.
The $2.6 billion deal represents a significant payday for Playtech, which acquired a majority stake in Snaitech in 2018 for around $1 billion. The sale of Snaitech is part of Playtech’s ongoing strategy to streamline its operations and focus on its core business of providing software and technology solutions to the global gambling industry.
For Flutter Entertainment, the acquisition of Snaitech is a major coup that will give the company access to a wide range of popular online betting products, including sports betting, casino games, and virtual sports. Snaitech also operates a network of retail betting shops across Italy, providing Flutter with a strong offline presence in addition to its online offerings.
Commenting on the acquisition, Flutter Entertainment CEO Peter Jackson stated, “We are thrilled to announce the acquisition of Snaitech, which represents a significant milestone in our ongoing growth strategy. Italy is a key market for us, and with Snaitech’s strong brand and market-leading products, we are well-positioned to capitalize on the exciting opportunities in the Italian gaming industry.”
The deal is subject to regulatory approval and is expected to be completed by the end of the year. Once finalized, Flutter Entertainment will become one of the largest online gambling operators in Italy, with a combined market share of around 17%. The company will also have a strong presence in other key markets, including the UK, Ireland, and the United States.
With the acquisition of Snaitech, Flutter Entertainment is poised to become a major player in the global online gambling industry, with a diverse portfolio of brands and products that appeal to a wide range of customers. As competition heats up in the online gaming sector, this deal could prove to be a game-changer for Flutter Entertainment and solidify its position as a leader in the rapidly evolving world of online betting.
