Flutter bets on Italian gambling market with $2.6 bln Snaitech deal

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Technology,Breaking News: Technology,Flutter Entertainment PLC

Playtech has agreed to sell its Italian unit Snaitech for $2.56 billion, including debt, to Flutter Entertainment, the companies said on Tuesday.

People walk by a banner outside of the New York Stock Exchange for the initial public offering of Flutter Entertainment, the parent company of FanDuel, on Jan. 29, 2024.The deal is to close by the second quarter of 2025 and will add to earnings per share immediately for Flutter, the world's largest gambling company.

It marks the second deal in a week for Flutter, which announced last Friday it would buy a 56% stake in Brazil's NSX Group, the operator of Betnacional, for about $350 million to expand in the soon-to-be regulated Brazilian market. Earlier this year, the company, whose brands include Paddy Power and Poker Stars, shifted its primary listing to New York from London.

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

 

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