Snaitech is Italy’s largest gambling operator; it generated $1.09 billion in revenue last year. However, before this year is over, the Italian gaming operator will belong to the UK-based software giant, Playtech.
Playtech casinos are a Canadian favourite; it has created the famous Marvel video slots and today, supplies casino software to the biggest online casinos. So why would they want a footprint in Italy? Well, according to the official statement “Italy is Europe’s largest and growing gaming market,” however, it is underdeveloped and fragmented. While the Italian gaming market has its flaws, last year it was worth $24.73 billion, the biggest in Europe; while the UK was runner-up at $19.78 billion.
Playtechs’ Acquisition of Snaitech – the Bigger Picture
While the acquisition is Playtech’s biggest, by far, it also increases the company’s gambling offering all in line with the company’s long-term agenda.
According to Mor Weisner, Playtech’s CEO, “the acquisition of Snaitech represents the continuation of our strategy to invest in leading retail brands in a fast growing, regulated market. Weisner added: “the acquisition delivers the Board’s strategic objective to improve the quality and diversification of the Group revenue while delivering exposure to high growth end markets, by utilising the strength of Playtech’s balance sheet.”
Playtech will pay $1.05 billion in cash and debt. If the stock market is anything to go by, which it is, then the acquisition has proved to be fruitful for both parties. In fact, Playtech shares went up by 8.35%; while Snaitech shares went up by 15%.
Snaitech owns three race tracks, one in Tuscany and two in Milan. Through the acquisition, Playtech will become a consumer-focused operator of race-tracks, an unfamiliar but pleasant addition to their offering.
The gaming giant is expected to make the mandatory takeover for the remainder of Snaitech’s shares. In fact, the acquisition will only be finalised towards the end of 2018.
While we wait for the approvals on the acquisition, you can find a list of fantastic Playtech online casinos to play at here.