Flutter Entertainment Finishes Acquisition of Sisal Group Assets
In a significant move to expand its global market presence, Flutter Entertainment, the Irish gaming giant, has completed the acquisition of the Sisal Group in 2022. This strategic move has particularly strengthened Flutter's position in Italy and other international markets.
The acquisition of Sisal (which, along with Snai, falls under the Southern European Area (SEA) region) has accelerated Flutter's international growth. Italy now represents a significant market share of 21.7% overall and 30.2% online, positioning Flutter as a dominant player in this region.
Flutter's growth strategy post-acquisition focuses on integration to drive synergies, product innovation, and geographic expansion. The company is executing integration plans to migrate Sisal customers onto SEA’s market-leading online platform by the first half of 2026, advancing digital transformation and scaling operations.
The deal, worth around US$1.9 billion, has been welcomed by both parties. Peter Jackson, Flutter's chief executive, is optimistic about the acquisition, particularly due to Sisal's large existing customer base and strong leadership personnel. Sisal's Chief Executive, Francesco Durante, is confident that the acquisition will further strengthen their leadership in their markets.
The acquisition has shown immediate positive effects on Sisal's financial performance. Sisal Group's revenue projections have increased by 58% year-on-year following the announcement of the acquisition. Before-tax earnings have also seen a significant boost, rising by 51% year-on-year. The Sisal Group is projected to post before-tax earnings of US$246.6 million in 2022.
Flutter reported strong growth in 2025, with Q2 showing 16% revenue growth and 25% adjusted EBITDA growth. The company is also disciplined in capital allocation with ongoing share repurchases and maintaining leverage within target ranges, despite increased investments in acquisitions and technology.
The acquisition of Sisal Group has solidified Flutter's position as a global sports betting and iGaming leader with enhanced scale and diversified geographic exposure. The company's growth strategy emphasizes integration, product innovation, and market expansion—particularly in the U.S. and southern Europe—complemented by disciplined financial management and technology investments.
It's worth noting that the Italian online sports gambling and casino gambling markets are already saturated with products. However, Flutter aims to establish itself more fully with the nation's wagering consumers through the acquisition of the Milan-based Sisal. The Italian market, the second largest for online gambling in Europe, generates a gross revenue of around US$18.9 billion each year.
Sisal Group, a major player in national lottery programs across Europe and North Africa, has previously applied for a national lottery license in the UK but was unsuccessful in this bid. Despite this, Sisal remains one of the leaders in its native Italy.
In conclusion, Flutter's acquisition of Sisal Group marks a significant step forward in the company's global expansion strategy, positioning it as a dominant player in the Italian market and beyond. The acquisition is expected to drive further growth and innovation in the coming years.
Sports betting and iGaming have become major focus areas for Flutter Entertainment as a result of the acquisition of the Sisal Group in 2022. With this move, Flutter aims to establish a stronger presence in the Italian market, a major player in the online gambling industry in Europe.
