Flutter Entertainment to allocate $2.2 billion to take over Italian operator Sisal
Flutter Entertainment has announced the purchase of Italian online gambling operator Sisal. The deal will be worth about $2.2 billion. The acquisition coincides with Flutter’s plan to invest to strengthen its strategic position in regulated markets around the world. The deal is expected to close in the second quarter of 2022, according to a press release.
Through the purchase, Flutter will gain an important position in the Italian market. Combining Sisal’s facilities with the holding company’s existing presence in that jurisdiction through its management of the PokerStar and Betfair brands will result in Flutter Entertainment occupying about 20% of Italy’s online gambling industry.
According to the giant, the country is the second largest regulated gambling entertainment market in Europe. In first place is the United Kingdom.
Flutter will also benefit from increasing its base by adding 300,000 online customers and more than 9.5 million retail consumers to its user network.
Flutter CEO Peter Jackson commented on such a high-profile and major deal, “I am pleased to add Sisal, Italy’s leading gaming brand, to our group. We are committed to taking a golden position in the local market. Sisal has significantly expanded its online presence in recent years with its own platform and commitment to innovation. I’m excited to see how Flutter can complement these capabilities with our scalable, differentiated products and operational software.”
“We are excited to join Flutter and are convinced that its scale and reach will further strengthen our leadership in the markets in which we operate. I look forward to working with Peter and the team to write the next chapter in the Sisal story,” said Italian brand CEO Francesco Durante.
Recall that Hard Rock has agreed to buy the legendary Mirage casino resort for more than $1 billion.