Flutter Closes SNAI Acquisition To Begin New Italian Play
Flutter Entertainment has sealed its EUR2.3 bn acquisition of Snaitech SPA, making its definitive play in its aspiration to dominate Italy's online and retail betting sector.
The LSE/NYSE-listed gaming group launched its bid to obtain Snaitech from Playtech in September 2024, thereby protecting control of the SNAI brand-Playtech's principal B2C system.
The offer further enhances Flutter's foothold in a reorganised Italian gaming market, to end up being Europe's largest regulated gambling market, with total gross gaming income reaching EUR21bn in 2023, according to EGBA.eu.
SNAI signs up with Flutter's broadening regional portfolio, which already includes SISAL, PokerStars, Betfair, and Tombola.it.
Leadership has its sights set on what it explains as "considerable online growth capacity" in a market "where digital gambling stays fairly underpenetrated." Italy's gambling regulator ADM approximates the country's 2025 gross gaming expenditure (GGE) at roughly EUR5bn.
Snaitech brings with it a considerable retail and digital operation: over 1,600 betting shops, management of 60,000 New Slots and 10,000 Videolotteries, a suite of online video gaming platforms, and ownership of 3 racetracks in Milan and Tuscany.
Flutter price quotes that the acquisition will increase its online market share in Italy to around 30%, with SNAI currently accounting for roughly 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 primary rival of Lottomatica, the marketplace leader of Italian gaming retail area with a 42% share.
Peter Jackson, Flutter CEO
Group CEO, Peter Jackson, commented: "I am delighted to welcome SNAI, one of Italy's leading video gaming brand names, to the Group. This acquisition lines up with our technique of value-creating M&A and opens significant development capacity by offering SNAI access to Flutter's market-leading items and abilities."
In 2024, Snaitech created EUR942m in revenue for Playtech - majority of Playtech's overall income for the year - highlighting the strategic value of the asset.
The acquisition supports Flutter's "regional hero" technique. With SNAI's strong brand name recognition and devoted omnichannel customer base, the business expects to widen its customer acquisition channels.
Flutter projections EUR70m in running cost synergies within 3 years, and EUR10m in capital expenditure cost savings, protected by leveraging the "Flutter Edge"- the proprietary innovation for pricing models, risk management, and in-house content.
To finance the acquisition, Flutter secured a EUR2.5 billion senior protected term loan from a consortium of banks. The center grows in April 2026, with two optional six-month extensions, and bears interest at a rate of EURIBOR plus an initial margin of 1.25%.
