Flutter Entertainment has announced that it has agreed to acquire Snaitech S.p.A. (Snai), one of Italy’s leading omni-channel operators, from a subsidiary of Playtech plc, for cash consideration based on an enterprise value of €2.3b.

The acquisition fully aligns with Flutter’s strategy to invest in leadership positions in international markets. The transaction is expected to close by Q2 2025.

Snai is the number three online operator in the Italian market with a 9.9% share in 2023 and 291,000 average monthly players. Online revenue and Adjusted EBITDA have grown at a compound rate of 26% and 32% respectively, in the four fiscal years to 2023. This is supported by a strong retail presence with over 2000 sites driving a number two retail share position in both betting of 19% and gaming of 14%. Snai generated 100% regulated revenue of €947m (which is after the deduction of gaming duties) and Adjusted EBITDA of €256m in financial year 2023, of which 50% was generated online.

On completion, Flutter will assume the gold medal position in Italy with a ~30% online share when combined with its existing Italian business, which will deliver efficiency benefits in a key market for the Group. This includes Sisal, which, grew AMPs, and revenue at a compound rate of 27% and 17% respectively between Q2 2022 and Q2 2024, resulting in 270bps online share gain. The transaction is expected to deliver operating cost synergies of at least €70m along with incremental revenue synergies. On a post-cost synergy basis, the transaction is at a similarly attractive multiple to the Sisal transaction. It is also comfortably above the internal returns criteria by year two.

The transaction is subject to merger control clearance and other customary regulatory clearances and is expected to close by Q2 2025.

The transaction is consistent with the company’s strategy and is another example of Flutter allocating capital to drive shareholder value creation. The company will provide a further update at the Investor Day on September 25.

Peter Jackson, CEO, commented: “I am delighted to announce the acquisition of Snai, one of the leading players in Italy, Europe’s largest regulated market. This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai’s growth by providing them with access to Flutter’s market leading products and capabilities both in the US and globally.

“I look forward to welcoming the Snai team to the Flutter Group and working with them to maximize the growth opportunity for our combined businesses.”

EveryMatrix has announced a recommended public offer to acquire all shares in Fantasma Games AB for SEK 59 (€5.21) in cash per share with a total cash consideration of SEK 209.8 million (€18.5m).

Shares in Fantasma Games AB are listed on Nasdaq First North Growth Market Sweden.

The acceptance period for the offer is expected to commence on September 19^th 2024 and expire on October 10^th 2024.

EveryMatrix is a highly successful global B2B iGaming software provider driven by core products including its proprietary casino platform CasinoEngine that generates record revenues for its customers.

The purchase would significantly strengthen EveryMatrix’s games output with the immediate addition of well-known titles that are integrated with more than 250 operators and played by millions of players across 50 countries.

EveryMatrix is the world’s largest games aggregator via its SlotMatrix aggregation platform with more than 29,000 games across 330+ third-party studios in addition to its own in-house games development within Armadillo Studios.

Fantasma Games is a highly respected games developer with a strong management team and well-established games production and distribution. Fantasma has undergone very strong development and recorded EBITDA of €395k for Q2, a profit margin of 36%. The proposed transaction would strengthen the EveryMatrix games division with strong synergies between both companies.

More than 50% of the Fantasma Games shareholders have signed binding agreements to sell their shares. The bid is conditional on at least 90% of shareholders accepting the offer.

EveryMatrix will issue a further update upon the conclusion of the process.

A Perfect Match: Acquisition Marks the Formation of Revpanda Group

Revpanda’s acquisition of Leetz Media is more than just a business transaction; it’s the union of two well-established companies that have consistently delivered top-tier results in the iGaming industry for years. This opens an exciting new chapter as Revpanda evolves into Revpanda Group, becoming the ultimate traffic powerhouse.

The Power of Combined Forces

Revpanda has long been recognised for its iGaming digital marketing expertise. The multiple award-winning agency is the go-to partner for the top brands, offering a full suite of services, such as:

• Retention through content and localisation,
• Direct traffic acquisition via SEO, digital PR, and programmatic,
• Product excellence with Payment Method Testing, Block Monitor, and Conversion Rate Optimisation services.

Leetz Media, on the other hand, has distinguished itself with exceptional affiliate marketing know-how, and now constitutes as Revpanda Media. Their proven strategies of generating players through SEO assets have been instrumental in driving high-quality traffic and optimising affiliate performance for a significant number of reputable brands in the gambling industry.

This strategic approach enables Revpanda Group to deliver even greater value to our partners. By amplifying our ability to drive both direct and affiliated traffic, we will now not only be improving lead quality, but also significantly increasing player value through retention, and product improvements.

Voices of the Leaders: Shared Vision, Shared Success

Emre Goktas, CEO of Revpanda, expressed his enthusiasm for the acquisition, highlighting the synergy between the two companies.

“Leetz Media has been a trusted partner for years, and their expertise in affiliate marketing is second to none. Welcoming them into the Revpanda team was a natural progression, and with our combined services, we’re excited to bring operators better player acquisition and higher player value,” he stated.

On behalf of Leetz Media, CEO Arnis Surgovts shared his excitement about joining forces with Revpanda.

“We’ve always admired Revpanda’s innovative approach and are thrilled to be part of their journey. Together, we’ll continue to set new benchmarks in the iGaming industry by generating even better quality traffic and higher ROI for operators,” he commented.

Explore Growth Opportunities for Success with Revpanda Group

As Revpanda and Leetz Media embark on this exciting journey together under the roof of Revpanda Group, we invite clients, partners, and industry peers to join us in exploring new opportunities for growth and success. Reach out to our team today to learn how we can help you achieve your goals and turn your expectations into results.

Let’s build the future together!