Flutter completes acquisition of Snaitech
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26 Sep 2024 •
Reading time: 3 minutes Flutter Entertainment announced last Tuesday that it has completed the acquisition of Snaitech. A transaction worth €2.3 billion that marks a new milestone in Flutter’s growth strategy.
Last Tuesday, the British online betting giant Flutter Entertainment completed the acquisition of Snaitech, a leading Italian company in the online and land-based gambling sector.
This transaction, worth €2.3 billion, marks a new key milestone in Flutter’s growth strategy and consolidates its leading position in the European market.
Strategic acquisition
Italy is a highly regulated market, where Snaitech occupies a leading position. The country has implemented strict regulations to regulate the gambling sector, particularly in terms of advertising, player protection and the fight against pathological gambling. Snaitech, as a long-standing and respected player in the Italian market, has adapted perfectly to this regulatory framework. Its local expertise and in-depth knowledge of Italian consumers have allowed it to build a solid reputation and develop a product offering tailored to the specificities of the market.
By acquiring Snaitech, Flutter not only strengthens its market share, but also benefits from an operating license allowing it to operate legally on Italian territory. This acquisition gives it access to a well-established network of physical points of sale, a loyal customer base and valuable local expertise. By becoming the leading player in the sector in Italy, Flutter is ideally positioned to take advantage of the continued growth of this market and the changing consumption habits of Italian gamers.
“This transaction fits perfectly with our growth strategy. Snaitech is a leading company with a strong presence in Italy. Together, we will be able to accelerate our development in this important market.”
Expanded product offering
Snaitech has a diversified product range, from sports betting to casino games to lottery games. The two companies have complementary expertise in certain market segments. For example, Snaitech is particularly strong in the horse racing betting market, while Flutter excels in online sports betting.
By combining their strengths, the two groups will be able to strengthen their position and better meet customer expectations. Indeed, the R&D teams of Flutter and Snaitech will be able to work together to develop new innovative products and services, adapted to customer expectations. In this way, they will be able to create a more complete and more attractive gaming offer, capable of attracting a wider audience and retaining existing customers.
Back to the source for Playtech
For its part, Playtech, which acquired Snaitech in 2018, has decided to refocus on its core business: providing technological solutions for online gaming operators. The sale of Snaitech will allow the British group to strengthen its investment in research and development, and accelerate its growth in this booming market.
Mor Weizer, CEO of Playtech, stressed the importance of this transaction for the future of the group.
“This transaction represents a unique opportunity to maximize value for our shareholders and focus on our core business.”
Mor Weizer, CEO of Playtech