Flutter Entertainment Acquires Sisal, Italy’s Top Online Gaming Operator

Flutter Entertainment has acquired Sisal, Italy’s leading betting, gaming and lottery operator headquartered in Milan, from CVC Capital Partners Fund VI for €1.913bn/£1.62bn. Sisal expects to generate EBITDA of €248m/£211m in the 12 months to December 2021, with approximately 90% of Sisal’s 2021 EBITDA generated in Italy. Sisal’s online revenues have grown by a compound annual rate of 34% since 2016.

Sisal has 300,000 highly engaged online average monthly players and over 9.5m retail customers. Peter Jackson, Flutter Chief Executive, commented on the acquisition, stating that Sisal’s online presence and proprietary platform have significantly grown in recent years. Francesco Durante, Sisal Chief Executive, expressed delight in joining Flutter and looks forward to working with Peter and the team on the next chapter of Sisal history. Giampiero Mazza, Managing Partner at CVC Italy, praised the success achieved by Sisal and its transformation since CVC’s acquisition in 2016.

The acquisition is expected to strengthen Flutter’s position in the Italian market and increase its exposure to the regulated online market. The transaction is likely to complete during Q2 2022 and is expected to be accretive to adjusted earnings in the first 12 months post-completion.