Flutter Entertainment, a leading online sports betting and iGaming company, has agreed to acquire Snaitech, a top online operator in Italy, for €2.3 billion. The acquisition is expected to boost Flutter’s market share in Italy to around 30% and generate significant cost synergies. The deal highlights Flutter’s strategic focus on expanding its international footprint.
DraftKings, a leading online sports betting platform, faces an uphill battle against its competitor, Flutter Entertainment, in the US market. Analysts are closely watching EBITDA targets, tax surcharges, and competition as key factors determining the future of DraftKings. Despite the challenges, analysts remain optimistic about DraftKings’ long-term prospects due to its strong technology and national marketing reach.
Flutter Entertainment, the parent company of FanDuel, reported strong second-quarter financial results, exceeding analysts’ expectations for both earnings and revenue. The company’s strong U.S. performance, particularly in sports betting, contributed significantly to the positive results. Shares of FLUT surged over 10% in after-hours trading.
