Flutter Entertainment announced on Tuesday that it will acquire Snaitech, one of Italy’s largest gambling companies, for €2.3 billion ($2.6 billion), including debt. The deal will be made with Playtech, a leading gambling technology group, and is set to close by the second quarter of 2025. This acquisition cements Flutter’s position as the dominant gambling firm in Italy and will immediately boost the company’s earnings per share.
The deal also marks a significant shift for Playtech, as it transitions its focus from consumer gambling operations to becoming a business-to-business software provider. Snaitech’s ownership will change hands, enhancing Flutter’s presence in the Italian market, while Playtech narrows its strategic goals.
Flutter’s international expansion continues
This is the second major acquisition for Flutter in the span of a week. Just last Friday, the company announced plans to buy a 56% stake in Brazil’s NSX Group, operator of Betnacional, for approximately $350 million. This move is part of Flutter’s broader strategy to expand its global reach, particularly as Brazil’s gambling market prepares for regulation.
Flutter, the world’s largest gambling company, has been aggressively expanding internationally, fueled in part by its rapid growth in the U.S. market, where it operates the FanDuel brand. The company, whose portfolio also includes Paddy Power and PokerStars, shifted its primary stock market listing from London to New York earlier this year.
With the acquisition of Snaitech, Flutter will gain about 30% of the Italian online gambling market when combined with its existing Italian operations, which already include Sisal, another major player in the industry. This move solidifies Flutter’s foothold in Italy while reinforcing its global expansion, with operations in over 20 countries worldwide.
Playtech, which operates in 19 countries, reported revenue of €946.6 million for Snaitech last year. Talks between Flutter and Playtech regarding the acquisition began in August, and the news has had a positive impact on both companies’ shares. Flutter’s stock rose 0.8%, reaching its highest level since March 2024, while Playtech’s shares climbed as much as 2%, hitting their highest point since November 2021.
