Flutter Entertainment Plc has this morning announced that it has completed its acquisition of Italian gambling group Sisal SPA for €1.9 bn (£1.6/$2.2bn).
On 23 December 2021, Flutter declared to markets that it had secured definitive terms with US PE fund CVC Capital Partners to acquire all assets (lottery, online and retail) of the heritage Italian gambling group.
The acquisition will see the FTSE100 gambling group secure an ‘Italian podium place’, as the combination of Sisal with Flutter’s established Italian brands of Betfair and PokerStars will result in a combined online market share of 20%.
Furthermore, the deal ensures that Flutter expands its European retail presence, taking over the Sisal Matchpoint network, which operates VLTs across 39,000 Italian retail points, alongside the stewardship of Italy’s SuperEnalotto lottery.
Irrespective of Italian gambling’s ongoing regulatory headwinds, Flutter has outlined its intent to expand within Europe’s second-largest gambling market, which saw a mass consumer migration from retail to online verticals during the COVID-19 pandemic.
Flutter anticipates that the overall Italian gambling market is predicted to reach £3.6bn by 2024, equating to a forecast 5-year compound annual growth of 20%.
Providing a snapshot update on Sisal’s performance, Flutter detailed that its new asset had generated year-on-year growth of 58% in revenue to £402m and 51% in EBITDA to £120m during H1 2022.
“The acquisition of Italy’s leading online gaming operator, in an attractive and fast-growing online market, is aligned to the Group’s strategy of investing to build leadership positions in regulated markets,” read Flutter’s morning statement.
Flutter will announce its Interim trading results on 12 August, as market observers anticipate an update on the FTSE firm’s strategic priorities to navigate drastically changed global economic headwinds.