Flutter Entertainment announced the purchase of Italian online operator Sisal for $2.17 billion. The acquisition is in line with the company’s plan to invest to achieve strategic positions in regulated markets around the world.
The transaction is likely to close during the second quarter of 2022 and is expected to be in addition to the adjusted earnings in the first year after completion. Thanks to this purchase, Flutter secures an important position in the Italian market.
Flutter expands Italian market share
The combination of Sisal with Flutter’s existing online presence in the Italian market (via PokerStar and Betfair) results in an online market share of 20%. According to the industry giant, Italy is the second largest regulated gambling market in Europe, behind only the United Kingdom.
Flutter will also benefit from an increase in its recreational base with the addition of 300,000 monthly engaged online players and more than 9.5 million retail customers.
Peter Jackson, CEO of Flutter, commented: “I am delighted to add Sisal, Italy’s leading gaming brand, to the group as we seek to achieve a prominent position in the Italian market. Sisal has increased its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation.
Jackson added: “I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities.”
Francesco Durante, CEO of Sisal, also expressed: “Over the last five years, thanks to the support of CVC, we have successfully transformed Sisal into a leading international and digital gaming company.”
During concluded: “We are delighted to be joining Flutter and are convinced that, through their scale and operational capacity, we will be able to further strengthen our leadership in the markets in which we operate. I look forward to working with Peter and the team on the next chapter of The Sisal Story.”