Flutter Entertainment has announced the acquisition of Sisal, an Italian online operator, for €1.91 billion ($2.17 billion).
The acquisition fits perfectly with Flutter’s strategy of investing in regulated markets around the world to create key positions.
The deal is slated to close in the second quarter of 2022, and it will be accretive to adjusted earnings in the first year following completion.
Flutter gains a significant foothold in the Italian market as a result of this acquisition. Sisal, when combined with Flutter’s current online presence in Italy (through PokerStars and Betfair), results in a combined online market share of 20%.
Italy, behind the United Kingdom, is Europe’s second-largest regulated gambling market, according to the industry behemoth.
With the addition of 300,000 engaged online average monthly players and over 9.5 million retail customers, Flutter will see a rise in its recreational base.
“I am happy to welcome Sisal, Italy’s leading gaming brand, to the group as we strive to achieve a gold medal position in the Italian market,” said Peter Jackson, CEO of Flutter. Sisal has seen a considerable increase in its online presence in recent years, thanks to its proprietary platform and commitment to innovation.
“I’m looking forward to seeing how Flutter’s size, differentiated offerings, and operational capabilities can complement these capabilities.”
Sisal CEO Francesco Durante added: “We’ve successfully developed Sisal into a major digital and international gaming firm thanks to CVC’s backing over the previous five years.
“We are excited to join Flutter and believe that its scale and operational capabilities will allow us to further improve our position in the sectors we serve.” I’m excited to collaborate with Peter and the rest of the Sisal team on the next chapter of the company’s history.”