Playtech Confirms €2.3 Billion Sale of Snaitech to Flutter Entertainment, Shifts Focus to B2B Growth

Published: September 18, 2024 | Author: Ron Clarke

Following Flutter Entertainment’s announcement yesterday that it had agreed to acquire Snaitech from Playtech, Playtech released an announcement of its own, confirming the sale and marking a significant step in its strategic shift. The €2.3 billion deal not only strengthens Flutter’s presence in Italy but also allows Playtech to refocus on its core B2B business in high-growth gambling markets.

Playtech, a leading platform and content provider in the online gambling industry, sees this sale as an opportunity to unlock substantial capital while maximizing shareholder value. The transaction will allow Playtech to return between €1.7 billion and €1.8 billion to shareholders via a special dividend, further bolstering its financial position and fueling future growth in its B2B operations.

This sale represents a major milestone for Playtech, which acquired Snaitech in 2018 for €846 million. Since then, Snaitech, operating in Italy through its well-known Snai brand, has grown to become one of the country’s top sports betting and gaming operators, with its adjusted EBITDA more than doubling under Playtech’s ownership.

Playtech CEO Mor Weizer emphasized the importance of this deal, stating that while Snaitech has been a key part of Playtech’s growth, the transaction represents an excellent opportunity to maximize value for shareholders. He also highlighted how Playtech’s industry-leading technology and focus on attractive markets like the Americas and Europe position the company for future growth as a global B2B leader.

For Playtech, the focus now shifts to accelerating its B2B strategy, leveraging its technology in global markets such as the Americas and Europe. The deal, expected to close by Q2 2025, highlights Playtech’s long-term vision of becoming a dominant player in the B2B gambling industry.

At Casin, we will continue to closely monitor the latest developments in this deal and provide updates on the global online gambling market, keeping you informed of the most important industry news