Tue Sep 17 06:46:47 UTC 2024: ## Flutter Entertainment Acquires Italian Betting Giant Snaitech for €2.3 Billion
**Dublin, Ireland -** Flutter Entertainment, the world’s largest online gambling company, has announced the acquisition of Italian betting group Snaitech for €2.3 billion. The deal, which is subject to regulatory approval, is expected to close in the second quarter of 2025.
Snaitech, owned by a subsidiary of UK gambling technology company Playtech, is Italy’s third-largest online betting operator with a 9.9% market share. The company boasts a significant presence both online and offline, with 291,000 average monthly players and over 2,000 retail locations.
“This transaction is compelling strategically and financially,” said Peter Jackson, Chief Executive Officer of Flutter Entertainment. “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.”
The acquisition will give Flutter a dominant position in the Italian market, with an estimated online market share of around 30%. Italy is Europe’s largest regulated gambling market, generating an estimated gross gaming revenue of €21 billion last year.
This is the second acquisition by Flutter in just one month. Last week, the company announced it was buying a 56% stake in NSX Group, a Brazilian sports betting business. This deal will see Flutter contribute its existing Betfair Brazil business and pay around $350 million for a stake in the newly combined Flutter Brazil business.
Davy analyst Paul Ruddy noted that “post this transaction [for Snaitech] and the recent deal in Brazil, Flutter will be in the enviable position of having number one or podium positions in most of the world’s regulated gambling markets. This is a compelling position that will bestow numerous structural competitive advantages.”
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