Flutter Entertainment, the parent company of FanDuel, is set to acquire the Italian gambling company Snaitech from Playtech for $2.6 billion (2.3 billion euros), as part of its strategy to expand in international regulated markets. The acquisition will significantly boost Flutter’s presence in Italy, Europe’s largest regulated gambling market, where Flutter has already established itself through earlier acquisitions.
Italy’s gambling market generated around 21 billion euros in gross gaming revenue in 2023, but only 21% of that came from online play. This presents a significant opportunity for Flutter, as Snaitech operates approximately 1,600 gambling shops in Italy in addition to offering online poker and casino games. With Snaitech boasting nearly 10% market share in Italy and close to 300,000 active monthly users, the deal is expected to further solidify Flutter’s foothold in the region. The acquisition is projected to close by the second quarter of 2025 and will immediately boost Flutter’s earnings per share.
Flutter’s strategic move into Italy follows its acquisition of another prominent Italian gaming operator, Sisal, in 2022. The company reported record online market share in Italy during the second quarter of 2023. Snaitech’s strong brand awareness is seen as a valuable asset, particularly given Italy’s stringent advertising and marketing restrictions for gambling.
In addition to its expansion in Europe, Flutter has also made significant moves into the Latin American market. The company recently acquired a 56% stake in Brazil’s NSX Group, a key player in the region’s growing gambling industry. NSX operates brands such as Betnacional and holds the fourth-largest position in Brazil’s gambling market. The $350 million deal, along with Flutter’s existing Betfair Brazil business, is expected to generate substantial growth in the region, particularly as Brazil introduces regulated gambling on January 1, 2025.
Brazil’s gambling market, which had $3 billion in gross gaming revenue in 2023, is experiencing rapid growth, with a 38% increase since 2018. As new regulations come into effect, Flutter will face stiff competition from global gaming companies like Bet365, MGM Resorts, and Grupo Globo, as well as 113 other companies applying for licenses in Brazil’s newly regulated market.
With the acquisitions of Snaitech in Italy and NSX in Brazil, Flutter is positioning itself for long-term global growth in key regulated markets.
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