From CNBC: 2024-09-17 13:53:52

Flutter Entertainment, the parent company of FanDuel, is set to acquire Italian gambling company Snaitech for $2.6 billion. This move is part of Flutter’s strategy to expand internationally, following recent investments in Brazil and Italy, where the company saw record market share. The deal is expected to close by the second quarter of 2025.

In addition to the Snaitech acquisition, Flutter also recently acquired a majority stake in NSX Group in Brazil. The company expects significant growth opportunities in the Brazilian market, which is set to legalize regulated gambling starting in January. Flutter aims to further strengthen its international presence and market share through strategic investments.

Brazil’s gambling market is growing rapidly, with nearly $3 billion in gross gaming revenue in 2023. Flutter will face stiff competition in Brazil, with over 100 companies applying for licenses, including major players like MGM Resorts and Bet365. Despite the competition, Flutter sees Brazil as a key market for future growth and remains optimistic about its prospects in the country.



Read more at CNBC: FanDuel parent Flutter acquires Snaitech, NSX