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Saturday, May 18, 2024

Flutter Buys Italy’s Oldest Gaming Company for $2.2B

  • FanDuel owner Flutter Entertainment has bought Italian gambling operator Sisal.
  • The deal is valued at $2.2 billion.
LSEG-Flutter-Sisal
LSEG/Design: Alex Brooks

FanDuel owner Flutter Entertainment has purchased Italian gambling operator Sisal in a deal valued at $2.2 billion.

Bought by CVC Capital Partners in 2016 for $1.1 billion, Sisal — Italy’s oldest gaming company — will gain access to Flutter’s gaming content and its existing brands PokerStars and Betfair.

The deal will also supplement Sisal’s Matchpoint service, which allows users to bet on more than 300,000 sports events and horse races.

Flutter has been at the center of several recent blockbuster deals.

  • Last year, it bought out Fastball Holdings‘ stake in FanDuel for $4.2 billion, upping its share from 58% to 95% for a total estimated value of $11.2 billion.
  • In July, the company agreed to sell its sports betting affiliate Oddschecker to Bruin Capital in a deal worth up to $215 million.
  • Last month, it agreed to acquire online bingo operator Tombola for $542 million.

Recent Financial Results

Flutter generated $1.23 billion in revenue in Q3 2021, a 12% increase compared to the same period last year. However, the Ireland-based company lowered its full-year EBITDA guidance to $1.74 billion, down from $1.87 billion.

The downtick is the result of betting favorites winning at a disproportionate rate and a withdrawal and reapplication process in the Netherlands due to new regulations.

The process is expected to cost Flutter $13.6 million this year and $54.5 million in 2022.

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