Flutter Entertainment has finalised the acquisition of Italian omni-channel operator Snaitech S.p.A. (“Snai”) from a Playtech plc subsidiary, in a deal valued at an enterprise value of €2.3 billion. The transaction strengthens Flutter’s strategic presence in Southern Europe and positions Snai within the company’s International division, specifically its Southern Europe & Africa region.
The move aligns with Flutter’s broader strategy of consolidating leadership positions in key regulated igaming markets. Italy, as Europe’s largest regulated market, represents significant growth potential due to its relatively low online penetration. With advertising restrictions in place, Snai’s extensive retail footprint offers added strategic value by supporting customer acquisition efforts.
Post-acquisition, Flutter’s estimated online market share in Italy increases to approximately 30%. The addition of Snai enhances Flutter’s portfolio of regionally dominant brands, often referred to as “local heroes,” and expands its access to a base of engaged omnichannel customers. The brand’s market recognition is expected to further diversify Flutter’s acquisition channels in the country.
Flutter anticipates realising operational cost synergies of at least €70 million within three years, with capital expenditure synergies estimated at €10 million. Revenue opportunities are also expected through the integration of Flutter’s proprietary technology and capabilities—including pricing and risk management, in-house igaming content, and customer experience tools.
To fund the transaction, Flutter has drawn from a €2.5 billion senior secured term loan under a newly executed Bridge Credit Agreement dated April 29, 2025. The agreement includes provisions for refinancing the acquisition, supporting general corporate activities, and extending for up to 12 months beyond its initial April 2026 maturity. The facility bears interest at EURIBOR plus a 1.25% margin, with applicable step-ups.
The completion of the Snai acquisition is expected to temporarily increase Flutter’s leverage, though the company maintains its medium-term target ratio of 2.0x to 2.5x EBITDA. A full financial update will be provided in Flutter’s Q1 2025 results announcement on May 7.
Peter Jackson, CEO, commented: “I am delighted to welcome Snai, one of the leading gaming brands in Italy, to the Group. Snai’s significant omnichannel presence brings strategically important assets to enhance Flutter’s position in Italy. The transaction fits perfectly with our strategy for value creating M&A and is expected to bring about significant growth opportunities for Snai by providing access to Flutter’s market leading products and capabilities. It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination.”
