Flutter Entertainment said today it bought Sisal, Italy’s leading online gaming operator, for €1.913bn (£1.62bn), boosting its position in Europe’s second-largest regulated gambling market.

Sisal is a leading betting, gaming and lottery operator headquartered in Milan. In the 12 months to December 2021¹, Sisal expects to generate EBITDA of €248m/£211m, with 59% coming from its online offering and the remainder coming from a combination of retail and lottery operations.

Approximately 90% of Sisal’s 2021 EBITDA is generated in Italy with the balance coming from regulated lottery operations in Turkey and Morocco. The business employs circa 2,500 people today.

Peter Jackson, Flutter Chief Executive, commented:“I am delighted to add Sisal, Italy’s leading gaming brand, to the Group as we look to attain a gold medal position in the Italian market. For some time we have wanted to pursue this market opportunity via an omni-channel strategy and this acquisition will ideally position us to do so. Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation. I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities. We look forward to welcoming Francesco and the rest of the Sisal team to Flutter in 2022.”

Francesco Durante, Sisal Chief Executive, commented: “Over the last five years, thanks to CVC’s support, we have successfully transformed Sisal into a leading digital and international gaming company. Through our commitment to digital innovation, international expansion and safer gambling, we have achieved a leadership position in Italy’s online gaming market and developed our global footprint by winning lottery tenders in Morocco and Turkey. We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history.”