Global gaming powerhouse Flutter Entertainment has unveiled plans to acquire full ownership of Italian betting giant Snaitech in a blockbuster deal valued at $2.3 billion (€2.15 billion). The transaction—one of the largest in recent European gambling history—will solidify Flutter’s dominance in Italy’s burgeoning online and retail betting landscape.
Strategic Expansion into a Key Market
Italy, Europe’s second-largest gambling market after the UK, represents an estimated €19 billion annual gross gaming revenue (GGR) industry. With Snaitech already commanding a robust presence in both retail sports betting and online casino segments, the deal provides Flutter immediate scale and localized expertise in a highly regulated market.
Flutter, which already owns brands like PokerStars, Betfair, and Paddy Power, has maintained a 70.6% stake in Snaitech since its initial investment in 2018. This acquisition will secure the remaining 29.4% equity, bringing Snaitech fully under Flutter’s umbrella. Analysts view the move as a strategic response to intensifying competition from Entain and Lottomatica, both aggressively expanding their Italian footprint.
Financial and Operational Synergies
According to Flutter’s statement, the integration of Snaitech is expected to deliver €100 million in annual synergies, primarily through technology consolidation, brand unification, and enhanced cross-sell capabilities. The transaction will be financed through a blend of cash reserves and debt facilities, with completion anticipated by Q4 2025, subject to regulatory approvals from Italian antitrust and gaming authorities.
Strengthening Flutter’s Global Portfolio
Flutter CEO Peter Jackson underscored the importance of the deal, stating, “Italy is a core growth market for Flutter. Full ownership of Snaitech allows us to unlock significant operational advantages while deepening our engagement with Italian customers.”
With this acquisition, Flutter is poised to challenge long-time market leader Lottomatica and secure a firmer grip on one of Europe’s most lucrative gambling territories.
