In a significant development, Flutter said that it has acquired all of Snaitech, solidifying its place in the Italian gaming industry. The agreement was revealed on September 17, capping several weeks of conjecture. The day before, there were tidings that a definitive accord was imminent. Subject to regulatory approval, completion is anticipated by the second quarter of the following year.
Strengthening Flutter’s Global Strategy
This acquisition aligns with Flutter’s long-term goal of strengthening leadership in key international markets. Flutter’s portfolio in Italy already includes major brands such as PokerStars, Betfair, and Tombola, alongside Sisal, which it acquired in 2021. With Snaitech under its wing, Flutter aims to boost its presence in the fast-growing Italian gambling sector.
Snaitech, known for its strong position as Italy’s number three online operator, commands a 9.9% market share in 2023, according to the local regulator ADM. The company also boasts an impressive retail network with 2,000 betting locations, holding a 19% share in Italy’s retail betting market.
Flutter anticipates significant cost synergies from the deal, estimating savings of around €70 million within three years. Through Flutter Edge, the company will leverage its global resources, including advanced pricing, risk management, and in-house casino content, to enhance Snaitech’s offerings and customer experience.
The acquisition still requires regulatory approvals, and further updates will be shared during Flutter’s investor day on September 25.
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