In a groundbreaking move that is set to shake up the world of online gambling, Flutter Entertainment has announced its plans to acquire Italy’s leading gaming operator, Snaitech, in a strategic €2.3 billion deal. The acquisition will see Flutter cement its position as one of the largest and most influential players in the global gambling industry.
Snaitech, which is headquartered in Milan, operates a network of retail betting shops and online gambling platforms in Italy. The company has a strong presence in the Italian market and boasts a diverse portfolio of gaming products, including sports betting, casino games, virtual sports, and poker. With annual revenues of over €900 million, Snaitech is a major player in the Italian gambling sector and has a loyal customer base of over one million users.
Flutter Entertainment, which is based in Dublin, is the parent company of several well-known gambling brands, including Paddy Power, Betfair, and FanDuel. The company has a strong presence in the UK, Ireland, and other key markets around the world. With this acquisition, Flutter will gain a foothold in the lucrative Italian gambling market and significantly expand its global reach.
The deal is expected to create synergies between Flutter and Snaitech, with both companies benefiting from each other’s strengths. Flutter will gain access to Snaitech’s extensive retail network in Italy, while Snaitech will benefit from Flutter’s cutting-edge technology and digital expertise. The combined entity will be well-positioned to capitalize on the growing trend towards online gambling and mobile betting, which have become increasingly popular among consumers in recent years.
Commenting on the acquisition, Peter Jackson, CEO of Flutter Entertainment, said, “We are delighted to announce this transformative deal with Snaitech. Italy is a key market for us, and this acquisition will significantly enhance our presence in the country. Snaitech is a leading operator with a strong track record of success, and we are excited to work together to drive growth and innovation in the Italian gambling market.”
The deal is subject to regulatory approval and is expected to be completed by the end of the year. Once finalized, Flutter will become one of the largest gambling operators in Europe, with a market capitalization of over €10 billion. The company’s shares have already surged in response to the news, with investors reacting positively to the potential synergies and growth opportunities that the acquisition will bring.
In conclusion, Flutter Entertainment’s acquisition of Snaitech represents a major milestone in the evolution of the global gambling industry. The deal will create a powerhouse in the Italian market and position Flutter as a leader in the online gambling sector. With its strong brand portfolio and innovative technology, Flutter is poised for continued success and growth in the years to come.