Flutter Entertainment acquired Playtech’s Snaitech operator in September last year for $2.52 billion. At the time, Flutter and Playtech were aiming to complete the transaction in the second quarter of 2025.
In its statement, Flutter again said the deal will expand its portfolio of “homegrown hero” brands in Italy, which already includes PokerStars, Betfair and Tombola.
“The acquisition of Snai fully aligns with Flutter’s strategy of investing in leadership positions in attractive international markets. It creates value by providing access to Flutter’s market-leading products and capabilities,” the statement said.
“Adding Snaitech to the portfolio will cement Flutter’s leadership position in Italy. It creates a position of scale to capitalize on the growth opportunity in Europe’s largest regulated market.”
Playtech focuses on B2B
As for Playtech, the group will continue with some B2C-focused operations after the deal is completed. However, it will primarily be a B2B-focused business.
“The completion of the transaction will enable Playtech to focus on its technology-led offering in high-growth B2B gaming markets with an accelerated expansion plan and a broad portfolio of strategic ventures,” Playtech said.
Playtech saw significant B2B gains in 2024, as revenue in the segment increased 10% year-on-year to €745.3 million, mainly due to growth in the US and Colombia. However, the company also recorded success in Canada, Italy, Spain and the UK.
“The board believes there is significant upside from our streamlined business model and future-focused B2B strategy,” Playtech added.
Snaitech in 2024
Within its 2024 results, Playtech reported that Snaitech revenue remained largely flat, with a 1% increase, partly due to customer-friendly sports results.
Retail revenue was also flat, although gambling sales in that segment rose 6%. Despite this, retail gaming machine revenue fell 2%. Snaitech’s online revenue rose 3%, with the casino offsetting unfavorable sports betting results earlier in the year.
Playtech’s total income from continuing operations in 2024 reached €848 million, an increase of 10%. When including Snaitech, revenue increased 5% year-on-year to €1.79 billion.
