Flutter buyout of Snai set to move forward after regulatory nod

• Flutter confirms it has received all necessary approvals to close the deal for Snai
• This will give Flutter Entertainment an estimated 20% market share in Italy
• Playtech is divesting its B2C brand to focus fully on B2B operations instead

Flutter Entertainment revealed on Wednesday, April 9, that its bid for Snai has been cleared by regulatory authorities in Italy and Europe.

The buyer company has cleared all antitrust, gaming, and regulatory confirmations that will allow it to acquire Snaitech and close the €2.3bn ($2.56bn) deal on April 30 from its owner, Playtech.

Flutter to secure a 20% market share of the Italian market

Snai will play a pivotal role in the group’s larger market ambitions for Italy, consolidating its existing footprint in one of Europe’s most important iGaming markets. Snai operates across a range of verticals, making it even more valuable for the company, hence the all-cash payout.

The deal was originally revealed last September, when Flutter Entertainment argued in a press statement that the asset’s acquisition aligned with its strategy to bolster its standing in international markets and drive group value.

"Adding Snai to the Flutter portfolio will consolidate Flutter’s leadership position in Italy and create a position of increased scale to capitalise on the growth opportunity in Europe’s largest regulated market," an official statement by the group said.

By adding Snai to its existing portfolio of assets, which include Betfair and PokerStars in Italy, Flutter is expected to reach a market share of 20%.

Companies involved in the deal pivot strategically

Flutter Entertainment is a global iGaming and sports betting major and owns FanDuel and Sky Betting & Gaming, among others. The divestment of Snai is part of Playtech’s own strategic realignment, with the company shifting towards a fully dedicated B2B firm instead.

For Flutter’s part, the company is unlikely to slow down with its merger & acquisition push this year. The company is also predicting a significant increase in its core profit performance by 2027.

Snai has experienced strong growth in the Italian market. Between 2019 and 2023, the company has continued to climb in terms of both online revenue and adjusted EBITDA.

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