Flutter Entertainment Acquires Snaitech for €2.3 Billion

Flutter Entertainment has acquired Italian online sports betting company Snaitech from Playtech for €2.3 billion, marking its second acquisition in a week. This purchase positions Flutter as the largest gambling operator in Italy, increasing its market share to 30% and enhancing its annual revenue by approximately €946.6 million. The deal is expected to close in the second quarter of 2025 and will yield operating cost synergies of at least €70 million. Playtech, which had acquired Snaitech for €846 million in 2018, aims to return up to €1.8 billion to shareholders from the sale, while its executives stand to gain bonuses totaling €100 million. Flutter's CEO, Peter Jackson, emphasized the strategic nature of this acquisition, which aligns with the company's goal of creating value through M&A. Additionally, Flutter recently announced plans to enter the Brazilian market with a majority stake in NSX Group for about $350 million.