【Mines gambling strategy】-Flutter's Snai deal to close 30 April as regulators give thumbs up

The global online gambling leader said yesterday (9 April) that it has received all required antitrust, gaming and regulatory confirmations to acquire the Italian B2C brand.

The deal, first announced in September 2024, will see the company purchase the third largest online and retail gaming operator in the Italian market for €2.3bn in cash.

Flutter said in a release: “The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets, creating value through providing access to Flutter’s market leading products and capabilities.

“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.”

The business said it expects the deal to complete by the end of April and said it would provide a further update as part of its Q1 results on 7 May 2025.

Snai among fastest growing operators in market

Snai is among the fastest growing omni-channel operators in the market, reporting compound online revenue and adjusted EBITDA growth of 26% and 32% respectively in the four years leading to 2023.

On Playtech’s side, the closing of the deal will accelerate the company’s transformation into a largely pure-play B2B supplier.

After the agreement concludes, the London-listed gaming provider will distribute between €1.7bn and €1.8bn to shareholders in a special dividend.

Flutter CEO Peter Jackson said at the time: “This transaction is compelling strategically and financially.

“It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the US and globally.”