Flutter Entertainment, which owns several prominent online casinos and sports betting brands in key markets, has recently purchased Sisal – the leading gaming operator in the Italian market.

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Flutter Entertainment Acquisition Completed this Month

Flutter is now able to acquire ownership of the operator from CVC Capital Partners as a result of the deal, which was first announced on 23 December 2021 and completed today. Sisal, on the other hand, was not inexpensive. 

Because of the agreement that was reached between CVC and Flutter, the operator is now valued at a whopping $1.97 billion (£1.62 billion). Upon completion, the whole amount of this payment, which included all of Sisal’s debt, was payable in full. 

Flutter intended to pay for the purchase using extra financing facilities that had been previously agreed upon with Barclays Bank. 

Consequently, Flutter’s anticipated weighted average cost of debt for the second half of the year has increased to about 3.4 percent. 

The task was ultimately finished a little later than expected. When the acquisition was announced, it was anticipated that it would be completed within the second quarter. Flutter was ecstatic to have finally accomplished its takeover, regardless of the circumstances.

Press Release Statements 

Flutter said that the deal “would result in a combined online share of 20 percent,” which will be accomplished by integrating the activities of Sisal with its current presence in the Italian online market via the brands of PokerStars and Betfair. 

In the statement the group released to announce the completion of the transaction, Flutter said that Sisal has performed very well since the transaction was announced, with year-on-year growth in revenue of 58 percent to £402 million and year-on-year growth in EBITDA of 51 percent to £120 million during the first half of 2022.

According to the statement, the purchase of Italy’s most successful online gaming operator, which is located in an online market that is both appealing and rapidly expanding, is in accordance with the group’s strategy of investing to create leadership positions in regulated countries. 

This statement is generally in agreement with the remarks that Peter Jackson, the CEO of Flutter, made at the time that the deal was announced. He said that the goal of Flutter was to “get a gold medal position in the Italian market.” Flutter said that the deal “would result in a combined online share of 20 percent,” which will be accomplished by integrating the activities of Sisal with its current presence in the Italian online market via the brands of PokerStars and Betfair. In the statement the group released to announce the completion of the transaction, Flutter said that Sisal has performed very well since the transaction was announced, with year-on-year growth in revenue of 58 percent to £402 million and year-on-year growth in EBITDA of 51 percent to £120 million during the first half of 2022.

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