Flutter Entertainment expands its portfolio with the purchase of Playtech's Snaitech

The British gambling giant Flutter Entertainment announced on Tuesday that it will acquire Playtech's Italian gambling subsidiary Snaitech for an enterprise value of 2.3 billion euros (2.6 billion dollars). This move marks another step in Flutter's international expansion, which has benefited significantly from robust growth in the United States in recent years. The completion of the Snaitech acquisition is expected in the second quarter of 2025. Flutter, which moved its primary listing from London to New York this year, has recently pursued an aggressive international acquisition strategy. With acquisitions in Italy, Georgia, and India, the company has significantly expanded its market reach. Just last week, Flutter announced the purchase of a majority stake in the NSX Group, Brazil's fourth-largest online gambling provider. Peter Jackson, CEO of Flutter, emphasized in an interview with Bloomberg that mergers are a central component of the company's strategy to attain leading positions in local markets. Snaitech, founded in Milan in 1990, is one of Italy's leading betting providers, offering a wide range of gaming services, including slot machines, horse betting, and sports betting. Following the completion of the acquisition, Playtech, whose main business is software development for other gambling companies, will refocus on this area. Nevertheless, Snaitech will remain a significant brand in the Italian gambling sector and will considerably bolster Flutter's presence in the European market.