Gambling giant Flutter wants to take over Sisal
On the Italian gambling market, the Irish group Flutter is by no means an unknown quantity. The Irish are already active in Italy with the Betfair and Pokerstars brands, among others. As the company announced, the takeover of the online gambling operator Sisal is also planned. If the deal goes through, Flutter could increase its market share in Italy to around 20 percent. A further step toward consolidating its own position on the global markets.
1.9 billion euros: gigantic takeover on the horizon
A few days ago, the Irish gambling group Flutter announced that a takeover of the Italian online gambling operator Sisal is planned. Flutter would cost itself around 1.9 billion euros for the Italian brand. At the same time, Flutter would also pay off Sisal's debts, according to the Irish company. The amount of the debt was not disclosed. The transaction will have no effect on the popular slot games.
On the other hand, Flutter stated that the takeover was another part of its own strategy to further expand its position in the globally regulated markets. According to the Irish company, the acquisition of Sisal would give it a market share of around 20 percent in Italy. And not only that. Flutter also expects to see a return on its investment within a short period of time. The group reportedly plans to be in the black just twelve months after acquiring Sisal.
Italy's market as a high-flyer?
Unsurprisingly, of course, Flutter's choice of Sisal is not without reason. Flutter says it expects the Italian gaming market to generate revenues of around €3.6 billion per year by 2024. The fact that the market is in a real upswing has also boosted Sisal's business mightily in recent months. Sisal expects an EBITDA of around 248 million euros for fiscal 2021. Nearly 60 percent of its revenues were generated by its online business, with the remaining nearly 40 percent coming from its brick-and-mortar gaming operations. The Milan-based company generated around 90 percent of its revenues in its home market in Italy. The remaining sums were booked in the gambling markets in Turkey and Morocco, reported https://femalecricket.com/women-cricket-news/23260-gambling-in-iowa.html.
According to Flutter, the acquisition of Sisal had been planned for a long time. The group is aiming for the top position in the Italian market and saw its big opportunity in the acquisition. Sisal stated that the acquisition would also be beneficial for the Italians. CEO Francesco Durante expressed that Sisal would benefit from Flutter's reach and capabilities. In this context, Sisal also hopes to strengthen its position in regulated markets. Exactly when the acquisition will go through is as yet unclear. First of all, the deal must survive the regulatory reviews by the relevant authorities. If no objections are raised, the deal could be completed in just a few weeks.