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NEW YORK - Flutter Entertainment (NYSE:FLUT; LSE:FLTR), a global leader in online sports betting and iGaming, announced today it has received all necessary regulatory approvals to acquire Italian gaming firm Snaitech S.p.A. ("Snai"). Currently trading at $25.04 and near its 52-week high of $25.58, Flutter's strategic move is set to bolster Flutter's presence in Italy, Europe's largest regulated market.
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The acquisition, which is expected to be finalized by the end of April, follows Flutter's strategy to invest in and lead international markets by offering its comprehensive range of products and capabilities. By integrating Snai, Flutter aims to reinforce its market dominance in Italy, leveraging the growth opportunities within the European market.
Flutter, which reported a global revenue of $14,048 million for fiscal 2024, up 19% year-over-year, and $3,792 million for the quarter ending December 31, 2024, is acquiring Snai from a subsidiary of Playtech plc for a cash consideration based on an enterprise value of €2.3 billion. With a current market capitalization of $2.37 billion and an attractive dividend yield of 5.01%, Flutter continues to demonstrate strong financial fundamentals. The company plans to provide a further update during its first-quarter results announcement on May 7, 2025.
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This acquisition is in line with Flutter's long-term growth strategy and its commitment to creating a positive and sustainable future for all stakeholders. The company operates a diverse portfolio of leading brands such as FanDuel, Sky Betting & Gaming, and PokerStars, which contribute to its status as an industry leader.
The press release also contained forward-looking statements, which are based on current expectations and come with inherent risks and uncertainties that could cause actual results to differ materially. Flutter has stated that it does not undertake any obligation to publicly update or review any forward-looking statements unless required by law.
This information, based on a press release statement, indicates Flutter's continued expansion and investment in regulated markets, strengthening its global competitive advantages and reinforcing its position as a market leader. The stock has shown resilience with a 4.35% total return over the past year, despite recent market volatility.
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