The LSE/NYSE-listed gambling group launched its bid to acquire Snaitech from Playtech in September 2024 , thereby securing control of the SNAI brand—Playtech’s principal B2C unit.
The deal further strengthens Flutter’s foothold in a reorganised Italian gambling market, projected to become Europe’s largest regulated gambling market, with total gross gaming revenue reaching €21bn in 2023, according to EGBA.eu.
SNAI joins Flutter’s expanding local portfolio, which already includes SISAL, PokerStars, Betfair, and Tombola.it.
Leadership has its sights set on what it describes as “significant online growth potential” in a market “where digital gambling remains relatively underpenetrated.” Italy’s gambling regulator ADM estimates the country’s 2025 gross gaming expenditure (GGE) at approximately €5bn.
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 gaming platforms, and ownership of three racetracks in Milan and Tuscany.
Flutter estimates that the acquisition will increase its online market share in Italy to around 30%, with SNAI currently accounting for approximately 9%. In the retail betting sector, Snaitech held a 16% market share, while Flutter’s existing operations represented 13%.
The enlarged entity will command circa 29% of the retail market positioning Flutter as the principal rival of Lottomatica, the market leader of Italian gambling retail space with a 42% share.
Group CEO, Peter Jackson, commented: “I am delighted to welcome SNAI, one of Italy’s leading gaming brands, to the Group. This acquisition aligns with our strategy of value-creating M&A and unlocks meaningful growth potential by giving SNAI access to Flutter’s market-leading products and capabilities.”
In 2024, Snaitech generated €942m in revenue for Playtech — more than half of Playtech’s total revenue for the year — highlighting the strategic value of the asset.
The acquisition supports Flutter’s “local hero” strategy. With SNAI’s strong brand recognition and loyal omnichannel customer base, the company expects to broaden its customer acquisition channels.
Flutter forecasts €70m in operating cost synergies within three years, and €10m in capital expenditure savings, secured by leveraging the “Flutter Edge”— the proprietary technology for pricing models, risk management, and in-house content.
To finance the acquisition, Flutter secured a €2.5 billion senior secured term loan from a consortium of banks. The facility matures in April 2026, with two optional six-month extensions, and bears interest at a rate of EURIBOR plus an initial margin of 1.25%. Flutter Entertainment will announce its Q1 2025 trading results on 7 May 2025
Dingnews.com 01/05/2025