- Flutter acquires Snaitech, boosting its position in Italy’s market
Tue Sep 17 05:10:37 -0000 2024 UTC– Addition of Snai boosts Flutter’s position in the Italian market, an announcement from Flutter Entertainment details the acquisition of Snai, a major operator in Italy, enhancing their standing with a €2.3b enterprise value.
Top Operator in Italy
Flutter Entertainment (NYSE: FLUT; LSE: FLTR), the world’s leading online sports betting and iGaming operator, announced an agreement to acquire Snaitech S.p.A., a top omni-channel operator in Italy, from a subsidiary of Playtech plc. The acquisition, valued at €2.3 billion, will be settled in cash and is expected to close by Q2 2025.
Boosting Market Share in Italy
This strategic acquisition reinforces Flutter’s commitment to securing leading positions in key international markets. The deal will make Flutter the top online operator in Italy, boosting its market share to approximately 30% when combined with its existing Italian operations. The transaction is anticipated to be immediately accretive to Flutter’s earnings per share.
Over 2,000 Sites
Snaitech is currently the third-largest online operator in Italy, with a 9.9% market share in 2023 and 291,000 average monthly players. The company has seen significant growth, with online revenue and Adjusted EBITDA increasing at compound rates of 26% and 32% respectively over the last four years. Snaitech also boasts a strong retail presence with over 2,000 sites, holding a number two position in both betting (19% share) and gaming (14% share) in Italy.
Largest Gambling Market in Europe
Italy remains the largest gambling market in Europe, with a gross gaming revenue (GGR) of €21 billion in 2023. Although online penetration is still low at 21% of the market GGR, compared to over 60% in more mature markets like the UK and Australia, digital adoption is expected to drive online market growth at a compound rate of approximately 10% over the next three years.
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