Flutter bets $2.6 billion on Italian gambling market Snaitech | Wilnesh News

trembling entertainment Said on Tuesday it would buy Snaitech for 2.3 billion euros ($2.6 billion), including debt from the gambling technology group Play with Tektronixconsolidating its position as Italy’s leading bookmaker.

The deal is set to close in the second quarter of 2025 and will be immediately accretive to earnings per share of Flutter, the world’s largest gaming company.

One of Italy’s largest gaming companies will also change hands, allowing Playtech to focus on its operations as a business-to-business software provider.

This is Flutter’s second transaction in a week. Flutter announced on Friday that it would acquire 56% of the shares of Betnacional operator Brazil’s NSX Group for approximately US$350 million to expand in the Brazilian market that will soon be regulated.

The move comes as Flutter continues its aggressive international expansion, with the company gaining a slew of new customers and revenue in the United States.

Earlier this year, the company, whose brands include Paddy Power and Poker Stars, moved its primary listing from London to New York.

Flutter said that this acquisition will strengthen Flutter’s position in Italy, and combined with its existing Italian business, its online market share will reach approximately 30%. Flutter already owns Sisal, one of Italy’s largest online gambling operators.

Flutter operates in more than 20 countries around the world, including the booming U.S. market where it operates the FanDuel brand.

Playtech operates in 19 countries. Its B2C unit Snaitech had revenue of 946.6 million euros last year.

The two sides have been negotiating for Snaitech since August. Shares in the owner of FanDuel and Paddy Power rose 0.8% to their highest level since March 2024, while Playtech’s shares rose as much as 2% to their highest level since November 2021.