Snaitech in the crosshairs of Flutter Entertainment

New reorganisation is on the way in the world of betting. After Sisal, the industry giant Flutter Entertainment has its eyes on Snaitech, the former Snai. Flutter, the current parent company of Snaitech, is in exclusive negotiations to buy the assets of the Italian company valued at £2 billion, Playtech announced in a note. Snaitech, led by CEO Fabio Schiavolin, had revenues of EUR 947m and EBITDA of EUR 246m in 2023.

On the London Stock Exchange, Playtech's shares jumped 22 per cent to 657 pence per share: in the note, the casino, bingo, and sports betting group confirmed that it had granted Flutter an exclusive period to complete due diligence, although it said there was no certainty at the moment that the deal would be completed. Flutter Group's shares rose almost 9 per cent.

The group's brands, in addition to Sisal, include Fanduel, PaddyPower, Sportsbet, Betfair and tombola. In 2023 Flutter generated revenues of USD 11.79 billion (+24.6% on the previous year), of which USD 1.35 billion in Italy: the two largest markets are the US (USD 4.4 billion last year) and the UK (USD 2.7 billion).

Flutter had taken over Sisal two years ago from private equity funds Cvc, valuing the Roman group at around GBP 1.6 billion and completing the acquisition in summer 2022. According to the 2023 Annual Report, Sisal - which is the main asset of Flutter's International division - generated revenues of around USD 1.2 billion last year.