Flutter Entertainment, the world’s leading online sports betting and iGaming operator, has announced an agreement to acquire Snaitech S.p.A. (“Snai”), one of Italy’s prominent omni-channel operators, from a Playtech subsidiary. The deal is valued at €2.3 billion and is expected to close by Q2 2025, aligning with Flutter’s strategy to secure leadership positions in international markets.
Snai, the third-largest online operator in Italy, boasts a 9.9% market share in 2023 with 291,000 average monthly players. Its omni-channel presence, with over 2,000 retail sites, contributes significantly to its robust performance. In 2023, Snai generated €947 million in revenue, of which 50% was from online operations.
The acquisition positions Flutter as a dominant player in the Italian market, combining Snai with its existing Italian assets, including Sisal, for an estimated 30% market share. The transaction is expected to deliver operating cost synergies of at least €70 million and significant revenue synergies, driving further growth and shareholder value in a key regulated market.
The deal underscores Flutter’s commitment to leveraging its technology, pricing, and content capabilities to enhance the customer experience and drive market expansion. The acquisition will also enable Flutter to capitalize on Italy’s fast-growing online gambling sector, which is expected to see a compound annual growth rate of 10% over the next three years.
The transaction is subject to customary regulatory approvals and is expected to close by mid-2025.
Peter Jackson, 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.”