Flutter Entertainment, the Ireland-based wagering company that owns Paddy Power, Betfair and Sky Bet, announced that it has completed its acquisition of Italian online gaming operator Sisal, in a previously announced €1.913 billion deal.
“Flutter is pleased to announce that it has received all necessary regulatory confirmations with respect to the acquisition of Sisal and the transaction completed on 4 August 2022,” the company said in a statement.
The Milan-based business, which employs about 2,500 people, has projected it will generate EBITDA of €248m this year. Since the acquisition was announced in December, the operator has generated a 58 percent jump in year-on-year revenue to £402 million and 51 percent in EBITDA to £120 million.
Italy is the second largest regulated gambling market in Europe after the U.K., with total estimated gross gaming revenue in 2019 of €19 billion.