UK-based technology firm Playtech has confirmed ongoing discussions with Irish betting giant Flutter Entertainment regarding the sale of its Italian subsidiary, Snaitech. This potential transaction, reported to be valued at approximately ￡2 billion. Both companies are keen to solidify their positions in the global market.

Playtech, a leading provider of gambling software, has seen its shares soar by 19 percent, its highest level since March 2022 following the news of the potential deal. This surge reflects investor optimism about the strategic benefits of the sale. Meanwhile, Flutter Entertainment, which owns popular brands such as FanDuel and Paddy Power, experienced an 8 percent rise in its London-listed shares after reporting strong financial results.

The acquisition of Snaitech, one of Italy’s largest gambling companies, would significantly elevate Flutter’s presence in the European market. Snaitech has maintained a dominant position in Italy, with revenues growing by 5 percent to €946.6 million in the last financial year. This acquisition aligns with Flutter’s strategy of expanding its international footprint through targeted acquisitions.

Flutter's appetite for mergers and acquisitions shows no signs of abating. The company is currently involved in a complex tri-party deal to acquire Penn Entertainment for $9 billion in partnership with Boyd Gaming. This ambitious move aims to consolidate Flutter’s position in the US market, leveraging Penn’s extensive portfolio of casino properties and its digital assets, including ESPN Bet.

In addition to the Penn Entertainment deal, Flutter has also made headlines with its forthcoming $1 billion takeover of Brazilian betting operator Betnacional. This acquisition is part of Flutter’s strategy to expand its presence in the rapidly growing Latin American market. Betnacional, founded in 2021, has quickly become one of Brazil’s top gambling operators, capturing a significant market share with its innovative approach to sports betting.

These acquisitions highlight Flutter’s aggressive expansion strategy and its commitment to becoming a dominant player in the global gambling industry. As the company continues to pursue new opportunities, the industry will be closely watching how these deals impact the competitive landscape and Flutter’s overall market position.

For Playtech, the sale of Snaitech would mark a strategic shift towards becoming a pure-play B2B operation. This transition could make Playtech an attractive target for future acquisitions, given its robust business-to-business gambling technology operations. The company has been at the centre of several corporate dramas in recent years, including a rejected takeover bid from Aristocrat Entertainment in 2022 and an unsuccessful approach to combine with 888 Holdings.

Flutter’s interest in Snaitech is part of a broader strategy to enhance its global reach. CEO Peter Jackson has said that the company’s focus on international expansion has a long list of potential acquisition opportunities. The acquisition of Snaitech would complement Flutter’s existing portfolio, which includes the recent acquisition of another major Italian gambling group, Sisal.

The gambling industry has been undergoing significant consolidation, with major players seeking to enhance their market positions through strategic acquisitions. Flutter’s move to acquire Snaitech is indicative of this trend. The deal, if finalised, would not only strengthen Flutter’s position in Europe but also provide a platform for further growth in other markets.

Moreover, the potential sale of Snaitech comes at a time when the gambling industry is facing increased regulatory scrutiny and evolving consumer preferences. Companies are increasingly focus on digital transformation and expanding online offerings to cater to a growing base of tech-savvy consumers.

The acquisition of Snaitech represents a complex transaction that could reshape the competitive landscape of the gambling industry.

On 10 August, the boxing tournament of the 2024 Olympics in Paris came to an end. Ukrainian media Tribuna summarised its results with five facts about the competition: the best boxers, historical awards and one of the best positions of the Ukrainian national team in the history of the Olympic Games.

Uzbekistan's men's boxing team collected 5 gold medals at once for the first time in history. In the results table there were only two categories where gold medals were won by athletes from other countries: under 63.5kg Cuban Erislandy Alvarez won the tournament, and under 80kg - Ukrainian Oleksandr Khizhnyak.

For the Uzbekistan team, this success is a repeat. From the 2016 Olympics, they brought back 3 golds, 2 silvers and 2 bronzes, as well as the first team place. It is important to note that the result of the 2024 Olympics was a repeat of the best in the 21st century. In 2004, Cuba won the same number of gold medals. Only 3 countries have won five or more Olympic gold medals in boxing before: Great Britain in 1908, USA in 1904, 1952, 1976 and 1984, and Cuba in 1980, 1992 and 2004.

Immediately two double Olympic champions were included in Uzbekistan's national team - Bakhodir Jalolov, winner of the Tokyo 2020 and Paris 2024 Games; and Hasanboy Dusmatov, gold medallist at the Rio 2016 and Paris 2024 Olympics. Both athletes have rich professional careers - Dusmatov's record stands at 6-0 against Jalolov's 14-0 record.

Kyrgyzstan's Munarbek Seitbek Uulu (pictured above) was fighting in the 57kg weight class, which also featured Ukraine's Abduraimov, and was definitely not among the favourites. His personal trainer had no time to get accredited, and Uulu took on Cuban World Championship finalist Saidel Orta in his first fight and won 3-2.

Uulu's next opponent was world champion Jamal Harvey of the United States, who lost 5-0 to the Kyrgyz. Ahead of that fight, Munarbek had a ticket home, but travelled to the semi-finals where he defeated Javier Ibanez Diaz of Cuba, representing Bulgaria, who had passed Ukraine's Abduraimov in the first bout

Only Uzbekistan's Abdumalik Khalokov stopped that winning streak in the Games final. But now Uulu, an Olympic silver medallist, is the first boxing medallist in Kyrgyz history.

Boxer David De Pena, 28, from Cape Verde, also brought his African country its first Olympic medal. He came to boxing to fight bullying. He lost at the 2021 Tokyo Olympics, and this year he defeated Ukraine's Zamotayev in a qualifying tournament before reaching the semi-finals of the Games, where he lost to Hasanboy Dusmatov.

Ukraine's men's boxing team has one Olympic gold medal, and the country's team ranking is one of the best in the tournament's history. Most were confident in Oleksandr Khizhnyak's victory, other honours would have been considered an achievement. And Khizhnyak managed to get the coveted gold medal by judges' split decision with the score 2:3.

Top 5 teams of the boxing tournament of the 2024 Olympics in Paris

The government of Montenegro has proposed?a 15 percent tax on gambling winnings as part of its fiscal strategy. This tax would generate an additional five million euros annually, helping to offset the loss of income from reduced pension insurance contributions. However, the proposal has faced significant criticism from gambling operators who warn of potential negative impacts.

This is not the first attempt by Montenegro to introduce a tax on gambling winnings. The National Assembly passed a similar law in December 2014, but it was repealed due to non-implementation by the Ministry of Finance and gambling operators. The lack of secondary legislation meant the tax was never collected, leading to its eventual withdrawal. Now, nine years later, the new government is once again proposing this measure, hoping to implement it successfully this time.

The gambling operators’ group within the Chamber of Commerce has expressed serious concerns about the proposed tax. They argue that its introduction could lead to a 30 percent drop in revenue for legal operators, negatively affecting state revenue from variable concession fees, which currently generate around 22 million euros annually and have been on the rise.

According to the operators, increasing the tax burden might push players towards the black market and foreign online operators who are not subject to this tax.

Operators have also expressed concerns about the technical challenges of implementing the proposed tax. They argued that calculating and collecting the tax could be difficult due to the varying treatment of stakes and winnings throughout a game, which complicates accurate tax assessment.

There is no uniform practice for taxing games of chance across EU countries, as member states have the autonomy to regulate this area according to their own rules. Some countries impose higher tax rates on operators, while others tax the winnings.

In Croatia, a tax on winnings is applied to lottery and betting games, but there is no tax on winnings from casinos and slot clubs. The tax rates vary based on the amount of the winnings, ranging from 10 percent to 30.

In Bosnia and Herzegovina, the tax regulations for winnings differ between the Federation and the Republic of Srpska. The Federation imposes a 10 percent tax on winnings that exceed a certain threshold. In contrast, the Republic of Srpska does not levy any tax on winnings, which gives operators in that region a competitive advantage.

The Netherlands' Gaming Authority (Ksa) has taken action against 13 licensed operators for delaying player withdrawals.

The Ksa's investigation revealed that several online gambling operators have been applying unauthorised conditions that slow down the process of withdrawing player funds. According to the regulations, players are entitled to an immediate withdrawal of their winnings or deposits upon request. Operators are prohibited from imposing structural barriers such as minimum withdrawal amounts or wagering requirements that delay or obstruct these payouts.

Despite a March 2024 directive from the Ksa clarifying these obligations and prohibiting certain practices, including the imposition of minimum withdrawal thresholds and wagering conditions, reports of non-compliance persisted. This led the Ksa to further monitor the practices of multiple operators.

Following its investigation, the Ksa has officially ordered nine operators to cease applying these prohibited conditions. Additionally, four other operators, who are suspected of similar infractions but whose practices were not yet confirmed as unlawful, have been issued warnings. All 13 operators have been instructed to provide written assurances that they will comply with the regulations moving forward.

According to the UK Gambling Commission, delays in fund withdrawals are a significant issue for gamblers. The commission has criticised operators for creating unnecessary barriers in the withdrawal process, frequently demanding additional documentation at the time of withdrawal rather than during the deposit. The commission stated that operators "should not accept deposits indefinitely and then use their AML procedures to obstruct withdrawal requests."

The Ksa recently issued?warnings to sports-betting operators for lapses in match-fixing prevention. In early 2024, the regulator provided updated guidance on preventing match-fixing, only to uncover several instances of non-compliance. These discrepancies led to warnings being issued to operators for inadequate risk analysis and response measures.