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.”

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!

Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA), India’s only publicly listed diversified gaming and sports media company, announced the acquisition of Fusebox Games Limited (“Fusebox”), a well-established IP based gaming studio in the United Kingdom. Nazara will purchase Fusebox for INR 228 Cr (US$27.2 million) in an all-cash transaction.

Fusebox publishes a successful interactive story game ‘Love Island’ and is developing new games based on popular global TV IPs. In CY23, the company reported revenues of INR 87.5 Cr (US$10.4 million) with an EBITDA of INR 11.7 Cr (US$1.4 million). During CY24, Fusebox has demonstrated strong growth with YTD revenues (Jan – July’24) at INR 116.6 Cr (US$13.9 million) with an EBITDA of ~INR 33.3 Cr (EBITDA of US$4.0 million) *

Fusebox operates IP driven interactive story games that are primarily monetized through in-app purchases, which accounted for ~92% of the total revenues in YTD July’24. The games primarily target developed markets including US, UK, Australia and Canada, Switzerland, Sweden, Denmark, Norway, New Zealand among others. The company has 30 employees primary based in the United Kingdom.

Nitish Mittersain, Founder & CEO of Nazara said, “We see a large opportunity in building an IP based global gaming business that benefits from our core base in India where we can support global studios through enhanced user acquisition strategies, data analytics, live operations and new initiatives such as implementing our in-house AI playbook. Many of our existing IP’s are good examples of this strategy and we are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale”