Flutter Entertainment is on the verge of winning Italy’s national lottery license, with bidding set to close on March 17th. This move could significantly reshape the country’s gambling landscape.
Key Takeaways:
- Flutter Entertainment likely to secure Italy’s national lottery license
- Potential joint bid with Sisal, an Italian gambling service provider
- NGOs express concerns over possible aggressive cross-selling strategies
Flutter’s Strategic Move in Italian Gambling Market
Flutter Entertainment, fresh from its [listing on the New York Stock Exchange in January](https://esportsinsider.com/2024/01/flutter-entertainment-embraces-us-market-with-new-york-stock-listing), is making waves in the Italian gambling sector. The company is reportedly the frontrunner to operate Italy’s national lottery, a prized asset valued at approximately €1.5 billion ($1.6 billion).
The [Customs and Monopolies Agency](https://www.adm.gov.it/) has set a minimum bid of €1 billion ($1.089 billion) for the license. Flutter’s Chief Financial Officer, Rob Coldrake, remained tight-lipped about the company’s strategy, citing commercial sensitivity.
This potential acquisition follows Flutter’s recent purchase of Snaitech, a major player in Italy’s gaming and betting sectors, for €2.3 billion ($2.5 billion). The move underscores Flutter’s commitment to expanding its presence in the lucrative Italian market.
Potential Partnership and Industry Concerns
Rumors suggest Flutter may submit a joint bid with Sisal, an Italian in-house gambling and payment service provider. This partnership could create a formidable force in the Italian gambling industry.
However, the prospect of Flutter’s growing dominance has raised concerns among some stakeholders. NGOs, including the National Campaign against the Risks of Gambling, have called for stricter regulations if Flutter secures the license.
Critics argue that the integration of additional gambling products into Italy’s lottery system could lead to excessive promotions and potentially increase problem gambling. They fear aggressive cross-selling strategies between Snaitech and Sisal brands.
Implications for the Gambling Industry
Despite these concerns, industry analysts view Flutter as the favorite to secure the Italian lottery license. Italy’s lottery market is considered one of the most lucrative globally, making it an attractive prospect for major gambling operators.
If successful, this acquisition would significantly expand Flutter’s European footprint, [building on its international expansion momentum](https://esportsinsider.com/2024/03/888-could-eye-brazils-projected-3-billion-boom-after-us-fold). The move could potentially reshape the competitive landscape of the Italian gambling market and have far-reaching implications for the industry as a whole.
As the March 17th deadline approaches, all eyes are on Flutter Entertainment and the outcome of this high-stakes bid for Italy’s national lottery license.
