Flutter Entertainment has cemented regulatory approval for its takeover of Snaitech as the operator looks to further expand its footprint within the Italian market.
The deal was initially announced last September and is believed to be valued at around €2.3bn, enabling the firm to move forward with its ambitions growth plans in Europe.
Securing a deal for the third largest operator in Italy builds on the strategy of Flutter to tap into acquisition to boost its market presence and secure a podium spot in core markets.
Flutter’s focus on Italy has been significant in recent years, and Snaitech is not the only asset in its local arsenal with the acquisition coming just a couple of years after it bought out market leader Sisal.
It has also been reported that the group is eyeing a bid for the tender to Italy’s National Lottery, a bid that has raised conversations around cross selling leverage.
A Flutter statement said: “The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets, creating value through providing access to Flutter’s market leading products and capabilities.
“Adding Snai to the Flutter portfolio will consolidate Flutter’s leadership position in Italy and create a position of increased scale to capitalize on the growth opportunity in Europe’s largest regulated market.”
The NYSE gambling group has been expanding globally, not just in Italy or even Europe for that matter. Notable acquisitions in recent memory include the takeover of Georgia’s Adjarabet in 2019 and a $350m investment in Brazil’s Betnacional last year, as it sought the same approach to success in these respective markets.
It bolsters an already strong portfolio for Flutter, which also includes a leadership position within the UK through Paddy Power, Sky Bet and Betfair, the latter of which also has an active Italian domain. Other notable assets include FanDuel, the US market leader and Flutter’s biggest growth driver at the moment, and Sportsbet in Australia.
Financial momentum has accelerated for the group after a strong 2024, which saw its revenue increase 19% year-over-year to more than $14bn, while net income was up 113% YoY to $162m.
Reflecting on the results, CEO Peter Jackson stated that he was “proud of the progress” made during the year, adding that Flutter is already off to a “great start” in 2025 and that he is “excited to build” on the strong momentum achieved in the opening months of the year.
Jackson added: “I am proud of the progress we made during 2024 as we delivered against our strategic priorities and enhanced our leadership positions.
“Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets including the UK and Italy, while in Australia, we saw encouraging trends in our player base.”
