Today, Flutter Entertainment announced that it has closed the transaction with Sisal, an Italian online gambling operator. The initial announcement of the €1.913 [$1.945] billion acquisition was made in December.
“Flutter is pleased to announce that it has received all necessary regulatory confirmations with respect to the acquisition of Sisal and the transaction completed on 4 August 2022,” the Paddy Power owner said in a statement.
With a projected gross gaming income of €19 billion in 2019, Italy is the second-largest regulated gambling market in Europe, behind the United Kingdom. The company, which has 2,500 employees and is based in Milan, anticipates producing EBITDA of €248 million this year.
According to Flutter, Sisal has done well since the merger was announced, growing its revenue year over year by 58 percent to £402 million and its EBITDA by 51 percent to £120 million in the first half of 2022.