Flutter in Talks to Acquire Playtech’s Italian Business for £2bn

19 Aug, 2024

Flutter in Talks to Acquire Playtech’s Italian Business for £2bn

Paddy Power owner Flutter Entertainment is negotiating to acquire Playtech’s Italian betting division, Snaitech, for approximately £2 billion. The deal, which is currently in the due diligence phase, involves Flutter entering a period of exclusivity with Playtech to finalize the transaction. Although no firm offer has been confirmed, both companies are working on the necessary documentation to move forward with the acquisition.

Flutter, renowned for its brands such as Betfair and FanDuel, saw its shares rise over 10% following news of the potential deal and the release of its half-year financial results. The company's global sports betting operations reported a 20% revenue increase for the quarter ending in June, reaching $3.6 billion.

Additionally, Flutter's adjusted earnings grew by 17% during the same period. The company, which relocated its primary stock market listing from London to New York earlier this year, is now focusing on expanding its presence in the US market. The potential acquisition of Snaitech aligns with Flutter’s strategic efforts to bolster its international betting operations.