Flutter Entertainment CEO Peter Jackson has expressed interest in participating in the bidding for Italy‘s main lottery license. Flutter could make an offer in excess of €1 billion as the current contract with International Game Technology (IGT) is about to expire in 12 months.
This information was published by The Irish Times and highlights the company’s intention to expand its operations in the Italian market. Jackson reportedly said that Flutter was interested in making a bid for the lottery license.
The CEO stated that Flutter circumvents the Italian ban on advertising online gambling games. To do this, the company uses its lottery license, including scannable links on the back of tickets.
Actions to increase the visibility of offers
These actions aim to increase the visibility of its offers on the digital platform, which demonstrates an innovation in the way the company adapts to local regulations.
“We don’t need to, but if it makes economic sense, we will,” Jackson said when asked about the possibility of a bid for the Italian lottery license.
This statement highlights the company’s caution in its financial decisions, while also signaling its interest in a promising market.
Currently, IGT, formerly known as Lottomatica Holdings, manages Italy’s main lottery. The company has been operating for around three decades through its subsidiaries Lotterie Nazionali and Lotto Italia.
The current contract with IGT expires in 12 months, and the Italian government plans to open a bidding process for the new license, which will last nine years.
The minimum bid was set at €1 billion, an amount that must be paid in installments throughout the license period.
Flutter Q3
In the third quarter, Flutter, which owns brands such as Paddy Power, Betfair and FanDuel, reported 27% growth in revenue, totaling US$3.25 billion.
This result exceeded the expectations of analysts, who estimated a lower number of almost US$ 150 million. Furthermore, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 74%, reaching US$450 million.
