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Flutter announces Sisal acquisition
Flutter Entertainment, Irish bookmaking holding company, secures an acquisition of Italy-based gambling company Sisal costing €1.9 billion.
Flutter made a deal with CVC Capital, which is the possessor of Sisal, as a result of which, the leader of Italian lottery market will be owned by Flutter in 2Q of the next year.
Before the decision of signing a deal with Flutter, CVC was intended to integrate the company in Milan Borsa accepting the investment of €1 billion.
Flutter announces some strategic achievements due to the new deal and establishment of a market share joined with Betfair and PokerStars. Besides, the company mentions an increase of Gross gaming revenue from 10 per cent in 2019 to 20 per cent in 2021 after the pandemic.
The chief executive of Flutter, Peter Jackson, stated that the company intends to acquire Italy’s gold medal.
Peter Jackson added:
“We strived for this opportunity through an omni-channel approach. This deal will help us achieve our goal. Throughout the past few years, Sisal has expanded its virtual presence in more countries. I am happy that our company has got chances to reach high and we can’t wait to team up with the professional staff of Sisal”.
Sisal has 300,000 customers on average each month. The company is also expected to promote Flutter’s operations providing its advantage in commercial limitations.
By this achievement, Flutter aims to reach product diversification via the global expansion of Sisal through its lottery products. By these products it’s expected to have an EBITDA of £22million by the end of 2021.
Nothing is mentioned about the ambition of Sisal to become the operating company of National lottery in which the President of Italy takes part in the 4th Lottery contest by Britain’s government.
Sisal CEO, Francesco Durante, mentions:
“We enjoy our leading position and firm footprint by winning lottery tenders in Morocco and Turkey due to our global expansion and safer wagering services. Our company is happy to link up with Flutter to gain top position in the Italian wagering industry”.
UK Competition and Markets Authority (CMA) will investigate the Flutter market as its suite consists of giant brands like Sky Bet, Tombola, Betfair and has a prohibition for National Lottery operation.
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