FanDuel parent Flutter acquires Snaitech, NSX [Video]

FanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.

In an email to CNBC, a Flutter spokesperson said the company is “hugely excited” to add another leading brand to its portfolio “in what is Europe’s largest regulated market.”

The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.

Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.

Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. …