Flutter shutters Betfair in Italy while keeping Sisal, Snai and PokerStars
Withdrawal affects Exchange, Sportsbook and Casino; Italy remains strategic for Flutter
Key Takeaways
- Flutter will withdraw Betfair Exchange, Betfair Sportsbook and Betfair Casino from the Italian market and has not yet set a closure date.
- Italian law requires separate online gambling licences per brand at a cost of €7 million each, valid for up to nine years under Legislative Decree No. 41 (2024).
- Flutter completed the acquisition of Snaitech in April 2025 and migrated Snai customers to Sisal’s platform in April 2026 as part of cost reductions.
- Southern Europe & Africa generated $896 million in H1 2026 (up 36% year-on-year); at group level Q2 2026 saw a 3% revenue rise to $4.33bn but adjusted EBITDA fell 45% to $508m, and the group reported a $296m net loss.
Flutter Entertainment announced it will withdraw Betfair Exchange, Betfair Sportsbook and Betfair Casino from the Italian market after regulatory changes made its exchange business commercially unviable. The company said this on 30 October 2026 and added that the withdrawal will not affect its other brands or employees based in Italy.
Scope of the withdrawal
Flutter specified that the affected products are Betfair Exchange, Betfair Sportsbook and Betfair Casino, but that no closing date has been set for those three offerings. The firm said those products represent a very small portion of its revenues in Italy.
"Recent regulatory changes in Italy have made the Betfair Exchange product no longer commercially sustainable. As a result, Flutter has also decided to soon discontinue the Betfair Sportsbook and Casino product in the Italian market," a Flutter spokesperson said.
The company will keep Sisal, Snaitech (Snai) and PokerStars operational in Italy, and stressed that its exit from Betfair will not affect those brands. Flutter indicated that [Sisal](/casino) could be a channel for future investment in Italy.
Reasons cited and regulatory framework
Flutter attributed the decision to regulatory changes in Italy, without identifying the single provision that prompted the exit. Italy revised its online gambling framework with Legislative Decree No. 41 in March 2024. Under that framework, operators must obtain separate licences per brand, each costing €7 million (USD $7.79 million) and valid for up to nine years. The new regime took effect with the new concessions on 13 November 2025. For details on the licensing regime see [regulation](/regulation).
Legislative Decree No. 41 updated obligations on player protection, compliance and platform requirements, and reclassified exchange houses under the fixed-odds betting rules. Flutter secured five licences in September 2025, before the new regime came into force.
Integration and evolution in Italy
Flutter has continued to invest in Italy despite the Betfair decision. The acquisition of Snaitech was completed in April 2025 and integration progressed afterwards: the company moved Snai customers to Sisal's technology platform in April 2026 as part of a cost-reduction programme. After that move, Sisal registered its largest market share in June 2026.
Group financial impact and regional context
The Betfair withdrawal comes amid a broader effort to consolidate purchases and cut costs. Southern Europe & Africa, which includes Italy, generated $896 million in revenue in H1 2026, up 36% year-on-year; it was the group’s third-largest region.
At group level, financial results weakened in Q2 2026: revenue rose 3% to $4.33 billion, but adjusted EBITDA fell 45% to $508 million. Flutter recorded a net loss of $296 million versus a profit of $37 million a year earlier. The company attributed the deterioration to lower profitability in the US, higher marketing spend and increased gambling taxes in the UK, as well as historical tax provisions in India and the US and financing and depreciation costs linked to acquisitions. Flutter announced further cost reductions in August 2026.
A change at the group's top also occurred recently: Dan Taylor succeeded Peter Jackson as group CEO on 1 October 2026.
Possible next steps in Italy
Possible next steps in Italy and fiscal context for 2027–2028: Flutter said Sisal could pursue further opportunities, including a scratchcard concession if the Giorgia Meloni government launches a tender. Potential competition named for that concession includes LottoItalia, a consortium formed by Allwyn, Arianna 2001, Novomatic Italia and IGT. The Italian Ministry of Economy expects €1 000 million (USD $1.11 billion) in gambling tax revenue for 2027–2028.
Frequently Asked Questions
Which Betfair products is Flutter withdrawing in Italy?
Flutter will withdraw Betfair Exchange, Betfair Sportsbook and Betfair Casino from the Italian market. The company said these products represent a very small share of its Italian revenues and has not announced a closure date.
How much does an online gambling licence cost in Italy under the new regime?
Each licence per brand costs €7 million and is valid for up to nine years under Legislative Decree No. 41 approved in March 2024. Flutter secured five licences in September 2025 before the new regime took effect on 13 November 2025.
How has Flutter integrated its Italian assets recently?
Flutter completed the acquisition of Snaitech in April 2025 and moved Snai customers to Sisal’s technology platform in April 2026 as part of a cost-reduction programme; Sisal recorded its largest market share in June 2026 after that migration.
What impact has this had on Flutter’s financial results?
In Q2 2026 group revenue rose 3% to $4.33 billion, but adjusted EBITDA fell 45% to $508 million and the group recorded a net loss of $296 million versus a $37 million profit a year earlier. Flutter linked the decline to lower US profitability, higher marketing spend, increased UK gambling taxes and historical tax provisions.
Tags
About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
More from Gonzalo Marín
