FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil

FanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.

In an email to CNBC, a Flutter spokesperson said the company is "hugely excited" to add another leading brand to its portfolio "in what is Europe's largest regulated market."

The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.

Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.

Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It alsoacquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.

Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.

The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.

The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.

NSX operates Betnacional and other brands, and holds