After buying Tombola for over £400 million, Flutter is set to buy Italy’s biggest betting company Sisal in a deal worth over €1.9 billion.
The deal with Sisal will make Flutter a contender to run the UK’s National Lottery, which is one of the British government’s most valuable contracts.
Flutter is the gambling group behind Paddy Power and PokerStars, and its chief executive Peter Jackson said that they wanted to expand in Italy for a long time and that Sisal’s 1700 betting shops will give a competitive advantage to dealing with advertising restrictions.
Although Italy holds the second biggest regulated gambling market, only 20% of its total online betting revenue is online. Even after gamblers turned to online betting sites during the lockdowns, these numbers remained the same. On the other hand, the UK holds the biggest regulated gambling market in Europe and online gambling makes 60% of its gambling market.
Flutter was also involved in the new gambling laws in the UK as well, as earlier this year, Paddy power became the first bookmaker to limit the amount young gamblers can lose.