Flutter Entertainment is poised to complete its €2.3 billion acquisition of Italian gaming powerhouse Snai by the end of April, having secured all required antitrust, gaming, and regulatory approvals.
The deal, which sees the Paddy Power and FanDuel owner acquire Snai from a Playtech subsidiary, significantly strengthens Flutter’s presence in Italy—a key strategic market.
“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,” a Flutter statement read.
Flutter will share further details regarding the transaction when it reports its Q1 results on 7 May.
Meanwhile, Playtech has welcomed the agreement as an opportunity to sharpen its B2B focus.
“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,” the company stated.
“The board believes that there is significant further upside from Playtech’s simplified business model and focused B2B strategy going forward.”
Playtech’s B2B segment has been a standout performer, highlighted in its most recent earnings report.
Elsewhere, Flutter subsidiary Ladbrokes has been cleared of wrongdoing by the European Commission following a five-year investigation into alleged anti-competition practices in Belgium.
The EC probe was launched in 2020 after gaming operators Rocoluc NV and European Amusement Company claimed that Ladbrokes had been granted “state aid” by Belgium’s government and regulator Kansspelcommissie in 2014–15, allowing it to offer virtual betting products ahead of competitors.