Flutter edges closer to acquiring Snaitech from Playtech as final approvals secured
The group agreed to acquire Italy-facing omnichannel operator Snaitech from Playtech in September last year for €2.30 billion (£1.96 billion/$2.52 billion).
At the time, Flutter and Playtech had aimed to complete the transaction in Q2 of 2025. Playtech said this was still its aim in its full-year 2024 earnings report last month.
The deal has faced antitrust, gaming and other regulatory and competition approvals. Flutter and Playtech confirmed the news in separate statements last night (9 April), with the deal set to close before the end of April.
Flutter strengthens presence in Italy
In its statement, Flutter again said the deal would expand its “local hero” brand portfolio in Italy, which already includes PokerStars, Betfair and Tombola. The group also acquired Sisal in 2021.
“The acquisition of Snai fully aligns with Flutter’s strategy to invest in leadership positions in attractive international markets,” Flutter said. “This creates value through providing access to Flutter’s market leading products and capabilities.
“Adding Snaitech to the Flutter portfolio will consolidate Flutter’s leadership position in Italy. It creates a position of increased scale to capitalise on the growth opportunity in Europe’s largest regulated market.”
Playtech to focus on B2B
As for Playtech, it again said the sale will allow it to shift focus to operating as a pureplay B2B provider. The group will continue certain B2C operations after the deal completes but will primarily be a B2B-facing business.
“Completion of the transaction will enable Playtech to focus on its technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures,” Playtech said.
Playtech made notable B2B gains in 2024 as revenue in the segment increased 10% year-on-year to €745.3 million, mainly due to growth in the US and Colombia. However, Playtech also noted success in Canada, Italy, Spain and UK.
“The board believes that there is significant further upside from our simplified business model and focused B2B strategy going forward,” Playtech added.
How did Snaitech perform in 2024?
Within its 2024 results, Playtech reported revenue for Snaitech remained largely flat, with a 1% increase, partly due to customer-friendly sporting results.
Retail revenue was also flat, although betting sales in this segment were up 6%. Retail gaming machine revenue, however, slipped 2%. Snaitech’s online revenue was up 3%, with casino offsetting unfavourable sports betting results early in the year.
Snaitech was reported as a discontinued business in 2024, ahead of the expected completion this month.
Total revenue from Playtech’s continuing operations in 2024 hit €848.0 million, a rise of 10%. When including Snaitech, revenue increased by 5% year-on-year to €1.79 billion.