Flutter Entertainment, the group behind some of the UK’s most popular online casino names such as Paddy Power, Betfair Casino, PokerStars Casino, and Sky Bet, is set to enter the Italian Gambling market.
The group has agreed to purchase Sisal, one of Italy’s largest online gaming companies from CVC Capital Partners for a reported £1.6 Billion. This move is aimed at consolidating the group’s presence in the Italian market, which is forecast to be worth £3.6 Billion by 2024.
Sisal currently supplies betting, casino, and amusement machines, with the company currently operating Italy’s SuperEnalotto lottery since 1997 and also holding a tender for the Moroccan National Lottery. The company is also in competition to run the UK National Lottery from 2023.
Sisal’s web-based revenues have surged by an average 34 per cent over the last five years, and it forecasts generating revenues of £590 Million and underlying earnings of £211 Million this year.
Flutter Entertainment has maintained a powerful presence in the UK market, where it recently also acquired Tombola, one of the UK’s leading online bingo operators for £402 Million.
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