{"id":1146,"date":"2024-08-14T20:33:37","date_gmt":"2024-08-14T20:33:37","guid":{"rendered":"https:\/\/extraniceshirts.org\/?p=1146"},"modified":"2024-10-01T14:43:47","modified_gmt":"2024-10-01T14:43:47","slug":"flutter-mulls-acquisition-of-playtechs-snaitech-unit","status":"publish","type":"post","link":"https:\/\/extraniceshirts.org\/index.php\/2024\/08\/14\/flutter-mulls-acquisition-of-playtechs-snaitech-unit\/","title":{"rendered":"Flutter Mulls Acquisition of Playtech\u2019s Snaitech Unit"},"content":{"rendered":"

Flutter Entertainment (NYSE: FLUT) is reportedly in talks to acquire Playtech\u2019s (LSE: PTEC) Snaitech business, news that sent shares of the target\u2019s parent soaring in London trading.<\/p>\n

\"Flutter
The Flutter logo as seen in an investor deck. The company is reportedly in talks to acquire Playtech’s Snaitech unit. (Image: Flutter Entertainment)<\/figcaption><\/figure>\n

Media reports indicated FanDuel could pay as much as $2.56 billion for Snaitech, which represents a healthy premium to Playtech\u2019s market capitalization of about $2.12 billion. Founded in 1990 and branded as Snai, Snaitech offers horse and sports wagering services in Italy and operates more than 49,000 gaming and lottery devices in that country.<\/p>\n

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The website, snai.it<\/a>, offers a vast range of gaming and entertaining services including all online products: sport and horse racing betting, poker cash and poker tournament, skill games, casino and cash games, betting on virtual events, forecasts, bingo, lotteries and number games, virtual sports. Betting and casino apps are available also from website using a technology that adapts to all devices,\u201d according to the company.<\/p>\n<\/blockquote>\n

Snaitech also has bit exposure to Austria and Germany through its 2022 purchase of Happybet. At one point today, Playtech shares were up 22% on the news, marking the stock\u2019s biggest intraday pop in nearly three years.<\/p>\n

Playtech Deal Could Finally Come to Fruition<\/h2>\n

Currently, there\u2019s no indication as to how advanced the talks are between Flutter and Playtech, but the would be seller said it is in exclusive negotiations with the prospective buyer.<\/p>\n

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Playtech has long been the subject of consolidation speculation, but with nothing to show for it. The sale of Snaitech could change that. In July 2023, Playtech attempted to acquire<\/a> 888 Holdings Plc (OTC: EIHDF) for $890 million, but was turned away.<\/p>\n<\/div>\n

In October 2021, Playtech agreed to a $2.8 billion deal<\/a> with Aristocrat Technologies and two other suitors emerged for the gaming software company, but those two suitors ultimately pulled their bids and the deal with Aristocrat fell apart. In July 2022, Playtech scrapped plans<\/a> to list Caliente Interactive\u2019s Caliplay unit on a US exchange via a reverse merger with a blank-check entity.<\/p>\n

For Playtech, the allure in selling Snaitech is that such a transaction would allow the seller to become a full business-to-business (B2B) player in the European gaming scene while reducing its exposure to volatile consumer spending trends<\/strong>.<\/p>\n

Deal Would Boost Flutter\u2019s Italy Footprint<\/h2>\n

For FanDuel parent Flutter, the potential acquisition of Snaitech makes sense because it would increase the buyer\u2019s presence in Italy, which is the Eurozone\u2019s third-largest economy behind Germany and France.<\/p>\n

In 2022, Flutter paid $2.2 billion<\/a> for Italian lottery giant Sisal. Prior to that acquisition, Flutter\u2019s PokerStars and Betfair were operational in Italy with significant market share.<\/p>\n

Italy is Europe\u2019s second-largest regulated gaming market after only the UK. Adding to the allure of Snaitech for Flutter is the point that while penetration of online wagering in Italy has surged in the aftermath of the coronavirus pandemic, it remains far below the rates seen in comparable markets such as Australia and the UK. That implies there\u2019s ample room for growth and Flutter\u2019s potential purchase of Snaitech could be validated over the long-term.<\/strong><\/p>\n

The post Flutter Mulls Acquisition of Playtech\u2019s Snaitech Unit<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Flutter Entertainment (NYSE: FLUT) is reportedly in talks to acquire Playtech\u2019s (LSE: PTEC) Snaitech business, news that sent shares of the target\u2019s parent…<\/p>\n","protected":false},"author":1,"featured_media":1148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1146"}],"collection":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/comments?post=1146"}],"version-history":[{"count":2,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1146\/revisions"}],"predecessor-version":[{"id":1149,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1146\/revisions\/1149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media\/1148"}],"wp:attachment":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media?parent=1146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/categories?post=1146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/tags?post=1146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}