Flutter is Poised to Buy Playtech’s Snaitech for £2 Billion

Negotiations Underway

Playtech has confirmed that it is currently engaged in negotiations with Flutter Entertainment regarding the potential sale of its Italian subsidiary, Snaitech. According to Sky News the deal could be valued at approximately £2 billion (€2.3 billion/$2.6 billion).

As part of the negotiations, Playtech has granted Flutter a period of exclusivity to conduct due diligence on Snaitech. This phase is critical for finalizing the necessary transaction documents. The exclusivity period allows Flutter to closely evaluate the financial and operational aspects of Snaitech before making a final decision.

Snaitech’s Strong Performance in the Italian Market

Snaitech, a leading player in Italy’s gaming market, has demonstrated consistent growth, with a 5.2% year-on-year revenue increase in FY2023, reaching €946.6 million. Despite initial considerations by Playtech to sell Snaitech in 2022, the supplier paused these plans after Snaitech’s revenue tripled in the first half of that year, highlighting its robust performance.

The potential acquisition of Snaitech by Flutter would follow its earlier purchase of Sisal, another major Italian online gaming and lottery operator, in August 2022 for €1.9 billion. This move aligns with Flutter’s strategy to strengthen its presence in the Italian market, one of Europe’s largest and most lucrative iGaming markets.

The acquisition, if finalized, would significantly bolster Flutter’s market share in Italy.