Flutter Entertainment has completed the acquisition of the major Italian gambling operator Sisal with a deal of 1.91 billion euros. [Image: Shutterstock.com]
Getting the deal over the line
Flutter Entertainment has fully completed its acquisition of Italian iGaming giant Sisal in a deal worth €1.91 billion ($1.94 billion). The major gambling group announced that the deal was officially closed on Thursday after obtaining all relevant regulatory approvals for the transaction.
building significant positions on regulated markets
News of Flutter’s plans to acquire Sisal first appeared in December. At the time, Flutter outlined how the acquisition of the online gaming and lottery giant would boost the company’s approach to building significant positions in regulated markets around the world. To finance the acquisition, Flutter made use of debt facilities.
A great gambling operator
Sisal is the licensee for the national lotteries in Italy, Turkey and Morocco. The operation in Turkey is in collaboration with a local company called Demirören Holding. Recently, Sisal was one of the few operators in the mix to be awarded the fourth ever UK National Lottery license, but it ended up losing to Allwyn after the application process.
Italy is the second largest regulated gambling market in Europe after the UK. Total estimated gross gaming revenue in 2019 was €19 billion ($19.3 million).
In addition to being a lottery operator, Sisal also has significant iGaming and gambling business in Italy. In collaboration with Sportnco, it has also recently been expanded to the Spanish market. Sisal has released some healthy financial numbers since the merger’s original announcement: in the first six months of 2022, it had a 58% year-over-year revenue increase to £402 million ($484 million). The operator’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose 51% to £120 million ($144.5 million).
A win for Flutter
Sisal currently employs approximately 2,500 people and is headquartered in Milan. It has already projected its EBITDA for 2022 at €248 million ($252 million), with 59% of the total expected to come from online activities and the rest from both lottery and retail activities. About 90% of Sisal’s 2021 EBITDA came from the Italian market.
Italy’s leading online gambling brand
As a result of the acquisition, Flutter will now have Italy’s leading online gambling brand as part of its portfolio. It already has its Betfair and PokerStars brands on the market. In total, approximately 300,000 additional engaged online players per month will join Flutter’s customer base, as well as more than 9.5 million retail customers.
This post Flutter Completes Acquisition of Italian iGaming Giant Sisal
was original published at “https://www.vegasslotsonline.com/news/2022/08/06/flutter-entertainment-completes-e1-9bn-acquisition-of-italian-igaming-giant-sisal/”