Irish-based gaming superpower Flutter have been outbid by International Gaming Technology (IGT) to run one of the world’s most lucrative lottery licenses.
IGT Lands €2.23 Billion Deal To Operate Italian Lotto
Earlier this year, Flutter were considered favourites in the race to land the lottery license before IGT swooped in with an offer Italian regulators simply could not refuse.
Flutter Outbid By IGT To Operate Italy's Main Lottery LicenseItaly’s national lottery license is one of the most lucrative on the planet, valued at an estimated €1.5 billion and the country’s Customs and Monopolies Agency had set a minimum tender bid of €1 billion.
Flutter Outbid By IGT To Operate Italy's Main Lottery License Flutter Outbid By IGT To Operate Italy's Main Lottery License Flutter Outbid By IGT To Operate Italy's Main Lottery LicenseSince IGT took over operations in the 1990s, LottoItalia has grown significantly with reported collections rising from €2.5 billion to €7.6 billion in 2022.
Flutter Dealt Significant Blow In Bid To Expand Across Italy
Flutter Outbid By IGT To Operate Italy's Main Lottery LicenseIt also recently completed a takeover of Italy’s third-largest gaming firm Snaitech from a subsidiary of UK-based Playtech.
Internationally, Flutter has been expanding everywhere you look – securing Georgia’s Adjarabet in 2019 and investing $350 million in Brazil’s Betnacional last year.
Flutter own some of the biggest UK online casinos such as Paddy Power, Sky Bet and Betfair.
Flutter Outbid By IGT To Operate Italy's Main Lottery License in FanDuel.
Joe Lyons is a betting industry writer for GamblingIndustryNews with years of experience on reputable gambling websites. Joe specialises in long form content in the world of sports betting and gambling. Joe is recognised as an expert in sports fields such as horse racing, soccer, NFL and NBA.
