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.”
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.
Flutter Entertainment, the parent company of popular online gambling brands such as Paddy Power and Betfair, recently announced its acquisition of Italian gaming operator Snai. This strategic move has positioned Flutter as a leading player in the Italian online market, solidifying its presence in one of Europe’s largest and most lucrative gambling markets.
The acquisition of Snai, which is one of Italy’s oldest and most established gaming operators, gives Flutter access to a vast customer base and a strong foothold in the Italian market. With its extensive network of retail betting shops and online gaming platforms, Snai has built a loyal customer following over the years, making it a valuable asset for Flutter as it seeks to expand its global reach.
By combining forces with Snai, Flutter now has the resources and expertise to offer a wide range of gaming products and services to Italian customers, including sports betting, casino games, and online poker. This comprehensive offering will allow Flutter to compete more effectively with other major players in the Italian market, such as Bet365 and Lottomatica.
In addition to expanding its product portfolio, the acquisition of Snai also gives Flutter access to valuable data and insights into the Italian gambling market. This data will enable Flutter to better understand customer preferences and behavior, allowing the company to tailor its offerings to meet the needs of Italian players more effectively.
Overall, the acquisition of Snai represents a significant milestone for Flutter Entertainment as it continues to strengthen its position as a leading player in the global online gambling industry. With its expanded presence in the Italian market, Flutter is well-positioned to capitalize on the growing demand for online gaming services in one of Europe’s most important markets.
