Playtech buys Snaitech for €846 million

Leading developer of software for online gambling operators Playtech announced the acquisition of Italian gambling company Snaitech for 846 million euros by acquiring a 70.6% stake in Global Games and OI Games.

Playtech said that the acquisition creates a “leading vertically integrated retail and online Italian gaming business that will control its own technology across all products and verticals” and is part of the UK company’s strategy to invest in cash generative businesses. The deal will help Playtech establish a strong presence in Italy, which is “Europe’s largest and growing gaming market” and a fragmented one which is relatively underdeveloped online.

In 2017, Snaitech generated revenue of €890 million, and EBITDA of €136 million. The acquisition deal couldn’t have come at a better time for UK’s Playtech, which has been battling the sweeping regulatory changes at its home market on top of the persisting operational problems in Asia.

Snaitech is licensed by the Italian Monopolies Authority to offer gaming services and products, including sport and horse racing betting; virtual sports; video lottery; online and mobile poker, skill games, casino games, bingo; esports; and pari-mutuel. The SNAI retail betting network has more than 1,600 points of sale located throughout Italy. The group also operates 60,000 “New Slot” as well as more than 10,000 video lotteries across the country.

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