Playtech Agrees to Sell Snaitech Business to Flutter

Online betting group Playtech announced today that it has reached an agreement with Flutter Entertainment that'll see the Playtech brand Snaitech sold to Flutter for €2.3 billion.

The sale of the Italian betting operator will generate nearly a 300% profit for Playtech, who bought Snaitech for €846 million in 2018. The sale price is sitting at 16.5% premium of the current share price before the deal was announced.

Snaitech has made leaps since the Playtech purchase, as the company has seen its online presence strengthened as well as its retail sales. EBITDA has risen from €136 million in 2017 to €256 million last year. The sale price is reflected in this, coming in at nine times the EBITDA.

For Flutter, the purchase will strengthen the number of markets that the company operates in. The company oversees the popular American betting brand FanDuel, Paddy Power, Betfair, Sisal, PokerStars, and Sky Betting & Gaming.

The sale is subject to regulatory approval in Italy and is expected to close in the first half of 2025. No comment from either group was available at press time.

The proposed sale of the business can be read in Playtech's investor relations documents here.

Casino Listings News is following this story and will update readers as appropriate.