Regulatory clearance granted for Flutter’s €2.3bn acquisition of Snai
Deal strengthens Flutter’s position in Italy, Europe’s largest regulated gambling market.
Key points:
– Flutter receives antitrust and regulatory approval to acquire Italian omni-channel operator Snai
– The €2.3bn transaction is expected to complete by the end of April 2025
– Acquisition follows Flutter’s ongoing international expansion, including FY2024 growth in Italy
Flutter Entertainment has secured all necessary antitrust, gaming and regulatory approvals for its planned acquisition of Snaitech (Snai), the Italy-based omni-channel gambling operator.
The deal, first announced earlier this year, will see Flutter acquire Snai from a Playtech subsidiary for an enterprise value of €2.3bn ($2.52bn).
The transaction is now expected to close by the end of April, with Flutter stating it will provide a formal update during its Q1 earnings report on 7 May 2025.
The acquisition is part of Flutter’s broader strategy to consolidate market leadership in regulated international jurisdictions. Italy remains Europe’s largest regulated gambling market by gross gaming revenue.
The acquisition is expected to provide access to new operational scale and consumer reach in Italy, while also allowing Snai to leverage Flutter’s proprietary technology and content.
The approval comes amid strong performance across Flutter’s international business. For FY2024, the company reported $14.05bn in total revenue and a 113% year-on-year increase in net income. Its ex-US operations generated $2.2bn in revenue, supported by growth in iGaming and favourable sports betting margins, particularly in the UK and Italy.
Good to know: Flutter has been actively evaluating expansion opportunities in Italy. In March, the company confirmed it was still considering whether to bid for the country’s main lottery licence, currently operated by IGT
The Snai acquisition follows previous international moves by Flutter, including the addition of Serbian operator MaxBet in 2023. The group has also set 2025 revenue guidance for its ex-US division at up to $8.45bn, with adjusted EBITDA projected to rise by as much as 10% year-on-year.
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