Flutter Acquires Italian Betting Group Snai in Major Deal

19 Sep, 2024

Flutter Acquires Italian Betting Group Snai in Major Deal

Flutter Entertainment has announced its acquisition of Italian betting group Snai for €2.3 billion. This strategic purchase, from a Playtech subsidiary, is expected to enhance Flutter’s earnings per share immediately. Snai, the third-largest online operator in Italy with a 9.9% market share, boasts around 291,000 average monthly players and operates over 2,000 retail locations. In the past year, Snai reported €947 million in regulated revenue and an adjusted EBITDA of €256 million, with half of its revenue coming from online sources.

Upon completing this acquisition, Flutter's online market share in Italy will rise to approximately 30%, consolidating its position in the largest regulated gambling market in Europe, which had a gross gaming revenue of €21 billion last year. The deal is contingent on regulatory approval and is projected to finalize by the second quarter of 2025.

Flutter's CEO, Peter Jackson, highlighted the strategic and financial advantages of this transaction, emphasizing how it aligns with their M&A strategy and offers significant growth opportunities by integrating Snai with Flutter’s leading products and global capabilities. This acquisition follows Flutter’s recent purchase of a 56% stake in Brazilian sports betting company NSX Group.