The 2025 ADM licensing reform has had a wide-ranging side effect: the creation of an oligopoly in Italy's online gaming market, with Flutter Entertainment emerging as the dominant player through its simultaneous control of three of the market's most important brands — Sisal, Snaitech and Betfair.
How Flutter Consolidated Its Position
Flutter Entertainment is the world's largest gambling company by market capitalisation. In Italy, it controls Sisal (acquired in 2022 for €1.9 billion), Snaitech (the historic Italian sports betting brand) and Betfair (Europe's largest betting exchange).
The Structural Advantage
The new "one domain per licence" rule was designed to reduce the multi-skin phenomenon — operators using a single infrastructure to run dozens of different brands, often with varying compliance standards. However, for a group like Flutter that already owned multiple separate brands with their own identities, the rule paradoxically strengthened its competitive position.
What This Means for Competition
Industry analysts forecast increasing market concentration over the coming years, with the current 46 operators expected to reduce further through mergers and acquisitions. For players, this could mean less variety of offerings in the long term, though in the short term competition among the main operators remains vigorous.