\”We are excited to announce the acquisition of Snai, which will further solidify our position in the Italian market,\” said Peter Jackson, CEO of Flutter Entertainment. \”This strategic move aligns perfectly with our goal of investing in leadership positions in key international markets. We look forward to welcoming the Snai team to the Flutter Group and working together to maximize growth opportunities for our combined businesses.\”
The acquisition of Snai will allow Flutter to assume the gold medal position in Italy, with a ~30% online market share when combined with its existing Italian business. This will result in efficiency benefits in a key market for the Group. The transaction is expected to be immediately accretive to earnings per share and is projected to deliver operating cost synergies of at least €70m along with incremental revenue synergies.
Italy is the largest gambling market in Europe, with significant growth potential in online betting and iGaming. The acquisition of Snai will enhance Flutter’s competitive position in this fast-growing, regulated market and provide access to increased omni-channel customer acquisition opportunities.
Overall, the acquisition of Snai is a compelling opportunity for Flutter to drive both cost and revenue synergies, leverage its market-leading products and capabilities, and create meaningful value for shareholders. We are confident that this transaction will position Flutter for continued success and growth in the Italian market and beyond.\”