Flutter set to complete $2.5 billion Snaitech acquisition after securing final regulatory approvals

Flutter Entertainment is preparing to close its €2.3 billion ($2.5 billion) acquisition of Italian omnichannel gaming operator Snaitech from Playtech in the coming weeks, following confirmation that all necessary regulatory, antitrust, and competition approvals have now been secured. Both companies confirmed on April 9 that the transaction is on track to be finalized by the end of the month.

Originally announced in September 2024, the deal positions Flutter, which is already active in the Italian market through brands such as Sisal, PokerStars, Betfair, and Tombola, to strengthen its foothold in one of Europe’s most lucrative regulated gambling markets. 

The acquisition, once completed, is expected to secure Flutter a 30% share of Italy’s online gambling market and generate at least €70 million ($77.6 million) in cost synergies. “The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets,” the company stated. 

“This creates value through providing access to Flutter’s market-leading products and capabilities. Adding Snaitech to the Flutter portfolio will consolidate Flutter’s leadership position in Italy. It creates a position of increased scale to capitalise on the growth opportunity in Europe’s largest regulated market," the gambling giant added.

Snaitech, which Playtech has classified as a discontinued operation in its 2024 financials, recorded a modest 1% rise in revenue for the year. The performance was tempered by customer-friendly sporting outcomes, with overall retail revenue remaining flat. 

Betting sales in retail grew by 6%, but gaming machine income fell by 2%. Online revenue was up by 3%, driven by stronger casino performance that helped counterbalance weaker sports betting results earlier in the year.

For Playtech, the sale marks a strategic pivot. The company will now intensify its focus on its business-to-business (B2B) operations, a segment that grew 10% year-on-year in 2024 to €745.3 million ($827.21 million). Growth was particularly strong in markets such as the United States and Colombia, with positive trends also noted in Canada, Italy, Spain, and the UK.

“Completion of the transaction will enable Playtech to focus on its technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures,” the company said. “The board believes that there is significant further upside from our simplified business model and focused B2B strategy going forward.”

Total revenue from Playtech’s continuing operations reached €848 million ($941.2 million) in 2024, a 10% year-on-year increase. Including Snaitech’s contribution, total revenue rose by 5% to €1.79 billion ($1.99 billion). As part of the transaction, Playtech also confirmed that it will return value to shareholders through a €5.73 ($6.36) per share dividend.

Flutter is expected to provide further details on the integration of Snaitech and its strategic plans for the Italian market when it releases its first-quarter results on May 7.