Flutter Entertainment has actually sealed its EUR2.3 bn acquisition of Snaitech SPA, making its definitive play in its aspiration to dominate Italy's online and retail betting sector.
The LSE/NYSE-listed gaming group launched its quote to obtain Snaitech from Playtech in September 2024, consequently protecting control of the SNAI brand-Playtech's primary B2C system.
The offer further reinforces Flutter's foothold in a reorganised Italian gaming market, projected to become Europe's largest managed gambling market, with overall gross video gaming profits reaching EUR21bn in 2023, according to EGBA.eu.
SNAI signs up with Flutter's expanding local portfolio, which already consists of SISAL, PokerStars, Betfair, and Tombola.it.
Leadership has its sights set on what it refers to as "considerable online development potential" in a market "where digital betting stays relatively underpenetrated." Italy's gaming regulator ADM approximates the nation's 2025 gross gaming expenditure (GGE) at approximately EUR5bn.
Snaitech brings with it a substantial retail and digital operation: over 1,600 betting shops, management of 60,000 New Slots and 10,000 Videolotteries, a suite of online video gaming platforms, and ownership of three racetracks in Milan and Tuscany.
Flutter price quotes that the acquisition will increase its online market share in Italy to around 30%, with SNAI currently accounting for roughly 9%. In the retail wagering sector, Snaitech held a 16% market share, while Flutter's existing operations represented 13%.
The bigger entity will command circa 29% of the retail market positioning Flutter as the principal rival of Lottomatica, the marketplace leader of Italian gaming retail area with a 42% share.
Peter Jackson, Flutter CEO
Group CEO, Peter Jackson, commented: "I am delighted to invite SNAI, one of Italy's leading video gaming brands, to the Group. This acquisition aligns with our technique of value-creating M&A and opens meaningful development capacity by providing SNAI access to Flutter's market-leading items and abilities."
In 2024, Snaitech produced EUR942m in revenue for Playtech - majority of Playtech's total income for the year - highlighting the tactical worth of the property.
The acquisition supports Flutter's "local hero" technique. With SNAI's strong brand recognition and loyal omnichannel customer base, the business anticipates to widen its consumer acquisition channels.
Flutter projections EUR70m in running expense synergies within 3 years, and EUR10m in capital investment cost savings, secured by leveraging the "Flutter Edge"- the exclusive innovation for prices models, risk management, and internal content.
To finance the acquisition, Flutter secured a EUR2.5 billion senior secured term loan from a consortium of banks. The center grows in April 2026, with 2 optional six-month extensions, and bears interest at a rate of EURIBOR plus an initial margin of 1.25%.
