Flutter Receives Approval for €2,3 Billion Acquisition of Snaitech
Flutter Entertainment has said that it expects to finalize its acquisition of Snaitech in the coming weeks after it received all outstanding regulatory approvals.
LISTEN TO THIS ARTICLE:The company initially announced plans in September 2024 to purchase Snaitech. an omnichannel operator focused on the Italian market, from Playtech in a deal valued at €2,30 billion.
At that time, both Flutter and Playtech aimed to complete the transaction during the second quarter of 2025. Playtech reiterated this timeline in its full-year 2024 financial results released last month.
The deal required sign-off from antitrust authorities, gaming regulators, and other competition-related bodies. On April 9, both Flutter and Playtech issued separate statements confirming the agreement had now passed all necessary approval stages, with closure expected before April ends.
Flutter to Boost Italian Market Presence
Flutter said that the acquisition will enhance its portfolio of leading local brands in Italy, which already includes PokerStars, Betfair, and Tombola. The company also took over Sisal in 2021.
The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets. This creates value through providing access to Flutter’s market leading products and capabilities. Adding Snaitech to the Flutter portfolio will consolidate Flutter’s leadership position in Italy. It creates a position of increased scale to capitalise on the growth opportunity in Europe’s largest regulated market.
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Playtech Refocuses on B2B Growth
Meanwhile, Playtech reiterated that the sale aligns with its transition toward becoming a focused B2B technology provider. Although it will retain some B2C operations, its core strategy will center on business-to-business offerings.
In 2024, Playtech’s B2B revenue rose 10% year-over-year to €745.3 million, mainly due to gains in the US and Colombia. Additionally, there was B2B progress in Canada, Italy, Spain, and the UK.
In its 2024 earnings report, Playtech noted that Snaitech’s revenue showed only a modest increase of 1%, in part due to sporting outcomes that favored customers.
Retail revenue remained flat overall, but there was a 6% increase in betting activity in this segment. Conversely, income from retail gaming machines fell by 2%. Snaitech’s online division experienced a 3% increase in revenue, driven by casino growth that countered weak sports betting results earlier in the year.
As of 2024, Snaitech was reported as a discontinued operation, ahead of the sale’s anticipated completion this month.
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