Snaitech online soars as Playtech takeover completes

Snaitech, Italy’s biggest sports betting firm, signed off with a bang today (Friday) by reporting a huge increase in online takings as its $1bn takeover by Playtech was finalised.

Snaitech, which has now delisted from the Milan Stock Exchange, said online betting grew by 23% to €255m ($295m) in the first half of the year, with online games up by 22% to €674. It said its sport figures were aided by the first two weeks of the Fifa World Cup, despite Italy’s absence, as well as marketing improvements.

However, retail performance at its 1,600 properties was less positive, which will be a particular concern with Italy’s advertising ban expected to pose a significant challenge to the online market.

Retail sports betting was down by more than 2% to €376m despite the World Cup. Overall, Snaitech took €80m in wagers on the World Cup – double the 2014 total – and generated revenue of €11.6m.

Total wagers were up by 2% in comparison with 2017, at €5.3bn, while earnings of €74m were up by one-third to €18.5m.

According to recent figures, Snaitech is Italy’s biggest sports betting firm with an online and retail market share of 15%, which puts it ahead of its closest rivals, Planetwin365 and Eurobet.

Playtech confirmed this morning that the ‘squeeze out’ of minority shareholders has been finalised, resulting in Snaitech becoming a wholly-owned subsidiary some four months after the $1bn takeover was first announced. Snaitech’s results from June 5, when the takeover was sealed, will be included in Playtech’s financial statement later this month.

It has been a busy period for Snaitech, which was last month awarded a licence in Spain – its first venture outside Italy. It has linked up with operator Apuestas de España to launch Apuestas by Snai in the country through its BetSmart platform.

“The Snaitech universe is being transformed and is driving the company beyond its position as an Italian market leader,” Snaitech managing director Fabio Schiavolin (pictured) said last month. “After launching in July, in the following months we want to expand our presence in the Spanish gaming sector in different autonomous communities.”