Playtech’s totally cashing out big time on their Italian sports betting Snaitech. They sold it to Flutter Entertainment for a colossal $2.6 billion. Playtech only paid $940 million for Snaitech back in 2018. Now they’re flipping it for almost triple what they originally dropped on it. Flutter’s basically paying them 9 times what Snaitech makes in a year.
Under Playtech’s ownership, Snaitech was raking in the dough too. Their profits almost doubled from $136 to $256 millions per year. Playtech helped them get way more customers online and increase their retail presence across Italy. Now Snaitech’s a major player in the Italian gaming scene.
Playtech is planning to hand out $1.7 to $1.8 billion to their shareholders from the sale. That’s like 5 dollars per share, way more than their stock price right now. For Playtech, this sale lets them focus more on their main B2B business in the Americas and Europe. Those are the most growth markets right now. And for Flutter, adding Snaitech gives them a stronger base of operations in Italy. Good deal for both.
Editor-in-chief and creator Cole Smith of casinocurrencies.com, has extensive experience with casino payment systems, The site was created to provide an honest and trustworthy resource for online gambling players.