JPMorgan, Bank of America, and Goldman Sachs have all expressed interest in participating in Flutter’s bond issuance. In addition to the notes, Flutter launched a third incremental debt raise under its existing U.S. dollar-denominated Term Loan B facility. The combined proceeds from these offerings aim to strengthen Flutter’s financial stability and support its growth initiatives.
As well as completing the acquisition of Snaitech in Italy, the company also acquired a controlling stake in NSX, the parent company of BetNacional in Brazil, this month.
Flutter’s expansion in Italy
The acquisition of Snai, from Playtech, expands Flutter’s reach in Italy, one of the largest European betting markets. The company hold a 9.9% share in Italy’s online gambling market and a significant retail presence with over 2,000 betting shops.
In 2023, Snaitech reported €947 million in revenue and €256 million in adjusted EBITDA, with 50% of its earnings stemming from online operations.
Snai complements its previous acquisition of Italian betting company Sisal in 2022. The two companies give Flutter roughly a 30% share of the Italian betting market, rivaling market leader Lottomatica.
Flutter has, however, failed in a bid to operate the Italian lottery, which went to International Gaming Technology’s (IGT) higher offer.
Global expansion offers significant growth
Flutter Issues $2.8 billion In Debt Notes To Finance Snai Italia Acquisition“It is with great excitement we can now start working with Snai to implement our robust integration plans and begin to realise the compelling benefits of this combination.”
The company is targeting €70 million in cost savings over the next three years. Reported revenue for Q1 was lower than expected but Jackson expects the international acquisitions of Snai and BetNacional to hit targets for the year.
He commented, “We are delivering against our strategic priorities, with clear optionality as an ‘and’ business that can create significant value through a combination of organic growth, accretive M&A, and returns to shareholders. The global regulated market opportunity is significant, and Flutter remains uniquely positioned to win.”
The $2.8bn bond sale, initially slated for April 2025, was postponed amid heightened market volatility due to ongoing US trade tariffs.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
