In a bold move that is shaking up the Italian gambling market, Flutter Entertainment has announced a deal to acquire a majority stake in Snaitech, the country’s leading gaming and sports betting company, for a staggering $2.6 billion. The deal, which was confirmed by CNBC, is set to solidify Flutter’s position as a major player in the rapidly growing Italian gambling industry.
Flutter Entertainment, the parent company of popular gambling brands such as Paddy Power, Betfair, and FanDuel, is no stranger to making big bets in the world of online gaming. With this latest acquisition, the company is making a significant investment in one of Europe’s largest and most lucrative gambling markets.
Snaitech, which was founded in 1993 and has a strong presence in Italy, operates a network of retail betting shops as well as an online platform that offers a wide range of gaming options, including sports betting, casino games, and virtual sports. The company has a loyal customer base and a strong reputation for providing a high-quality gaming experience.
The deal between Flutter and Snaitech is expected to create a powerhouse in the Italian gambling market, with the combined company poised to dominate the industry and drive significant growth in revenue. The acquisition will also give Flutter access to Snaitech’s extensive network of retail outlets, providing the company with a new channel to reach customers and expand its market share.
According to CNBC, the deal is subject to regulatory approval and is expected to be completed in the coming months. Once finalized, it will mark a major milestone for Flutter Entertainment and solidify its position as a key player in the global gambling industry.
Industry analysts have praised Flutter’s strategic move, noting that the acquisition of Snaitech will give the company a competitive edge in the Italian market and position it for long-term success. With the potential for significant growth and new opportunities on the horizon, Flutter Entertainment is clearly betting big on the future of the Italian gambling market.