Flutter Entertainment acquires Sisal

Flutter Entertainment has acquired Sisal, Italy’s leading online gaming operator, from CVC Capital Partners Fund VI for a consideration of €1.913 billion (£1.62 billion). This move aligns with the Group’s strategy of investing to build leadership positions in regulated markets globally. According to the Company, the transaction is likely to complete during the second quarter of 2022.

The acquisition of the leading betting, gaming and lottery operator headquartered in Milan, which employs circa 2,500 people today, delivers key strategic outcomes to Flutter. By bringing the online brand to its portfolio, Flutter secures a gold medal position in Italy as the combination of Sisal with its existing online Italian presence through PokerStars and Betfair will result in a combined online share of 20%. The acquisition also increases the Group’s exposure ton an attractive, fast-growing, regulated online market as Italy, which has seen online penetration grow from 10% in 2021 to approximately 20% today, is Europe’s 2nd largest regulated gambling market. Furthermore, it increases Flutter’s recreational customer base with the addition of 300,00 highly engaged average monthly players and over 9.5 million retail customers; further diversifies Flutter’s product and geographical footprint and bolsters its existing talent pool by adding a proven management team, who have sought to take a leadership position in the promotion of safer gambling in Italy, and that will continue to lead the business. Sisal’s omni-channel offering will also deliver a competitive advantage to Flutter’s business.

“I am delighted to add Sisal, Italy’s leading gaming brand, to the Group as we look to attain a gold medal position in the Italian market. For some time, we have wanted to pursue this market opportunity via an omni-channel strategy and this acquisition will ideally position us to do so, said Peter Jackson, Flutter Chief Executive. Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation. I am excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities”.

“Over the last five years, thanks to CVC’s support, we have successfully transformed Sisal into a leading digital and international company. Through our commitment to digital innovation, international expansion and safer gambling, we have achieved a leadership position in Italy’s online gaming market and developed our global footprint by winning lottery tenders in Morocco and Turkey, added Francesco Durante, Sisal Chief Executive. We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in”.