Zona de Azar Italy – Flutter Shows Interest in Italy’s Main Lottery

Italy.-  November 21, 2024 – www.zonadeazar.com Flutter Entertainment CEO Peter Jackson has expressed interest in bidding for Italy’s main lottery license.

Flutter could offer more than €1 billion, as the current contract with International Game Technology (IGT) is set to expire in 12 months.

This information, published by The Irish Times, highlights the company’s intention to expand its operations in the Italian market. Jackson reportedly stated that Flutter was interested in bidding for the lottery license.

The CEO explained that Flutter circumvents Italy’s ban on online gambling advertising by utilizing its lottery license, including scannable links on the back of tickets.

Actions to Increase Offer Visibility

These initiatives aim to enhance the visibility of their offerings on digital platforms, showcasing the company’s innovation in adapting to local regulations.

“We don’t need to, but if it makes economic sense, we will,” Jackson said when asked about a potential bid for Italy’s lottery license.

This statement reflects the company’s cautious approach to financial decisions while signaling its interest in a promising market.

Currently, IGT, formerly known as Lottomatica Holdings, manages Italy’s main lottery. The company has operated for nearly three decades through its subsidiaries Lotterie Nazionali and Lotto Italia.

The current contract with IGT expires in 12 months, and the Italian government plans to open a bidding process for the new license, which will last nine years.

The minimum bid has been set at €1 billion, to be paid in installments over the license period.

Flutter’s Third Quarter

In the third quarter, Flutter, which owns brands such as Paddy Power, Betfair, and FanDuel, reported a 27% increase in revenue, totaling $3.25 billion.

This result exceeded analysts’ expectations, which had estimated nearly $150 million less. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 74%, reaching $450 million.

Editor: @_fonta – www.zonadeazar.com