Flutter Entertainment’s Strategic Acquisition of Snai

• Flutter has successfully acquired all the necessary approvals to finalize the acquisition of Snai.
• This acquisition will secure Flutter Entertainment approximately a 20% share of the Italian market.
• Playtech is selling its B2C brand to concentrate solely on its B2B operations.

On Wednesday, April 9, Flutter Entertainment announced that regulatory authorities in both Italy and Europe have approved its bid for acquiring Snai.

With all antitrust, gaming, and regulatory confirmations in place, the company is set to acquire Snaitech and finalize the EUR2.3 billion ($2.56 billion) deal on April 30, buying it from the current owner, Playtech.

Flutter’s Expansion in the Italian iGaming Market

Snai is poised to be a crucial asset in Flutter’s broader strategy for Italy, enhancing its existing influence in one of Europe’s key iGaming markets. Operating across various verticals, Snai’s acquisition is particularly valuable, justifying the all-cash transaction.

The deal was initially announced last September, with Flutter Entertainment stating in a press release that acquiring this asset aligns with its strategy to strengthen its presence in international markets and boost overall group value.

‘Integrating Snai into the Flutter portfolio will cement Flutter’s leading position in Italy, creating a larger platform to leverage growth opportunities in Europe’s biggest regulated market,’ stated an official announcement by the group.

With Snai joining its existing lineup of assets, including Betfair and PokerStars in Italy, Flutter is projected to achieve a 20% market share.

Strategic Shifts for Involved Companies

Flutter Entertainment, a global leader in iGaming and sports betting, owns brands such as FanDuel and Sky Betting & Gaming. The sale of Snai is part of Playtech’s strategic pivot, with the company refocusing on becoming a fully B2B-oriented firm.

For Flutter, this acquisition is not likely to be the last in its aggressive merger and acquisition strategy for the year. The company is also forecasting a significant rise in its core profit by 2027.

Snai has shown considerable growth in the Italian market. From 2019 to 2023, the company has consistently increased in terms of online revenue and adjusted EBITDA.