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Flutter Entertainment and Playtech are reportedly engaged in a bidding war over SKS365, the operator behind the PlanetWin365 brand.

According to a Sky News story released today, the two London-listed gambling giants are engaged in an auction for the operator, which is expected to fetch between £500m and £600m, per City sources.

Italian gambling group Lottomatica was also reported to be “interested” in acquiring the business.

SKS365 background

Originally founded in Austria and now headquartered in Malta, SKS365 operates several brands in Italy’s gambling market, across both the retail and online spaces.

In the land-based sector, PlanetWin365 boasts a significant presence with around 1,000 betting shops across Italy.

The brand is also available online, while SKS365 also operates its own payments division, PlanetPay365, and news portals Calcio.com and PlanetWin365.news.

Auction information

An auction for the business is reported to be overseen by bankers at global financial services firm Lazard.

In a statement released today, Playtech confirmed it is participating in a process regarding the acquisition of SKS365.

“Playtech is aware that there are other parties who are also participating in the process and who have expressed an interest in acquiring SKS,” it said.

“There can be no certainty that Playtech will be successful in the process nor that any transaction regarding the potential acquisition of SKS will be agreed.”

Further updates are expected from the business “as and when appropriate.”

Flutter is still to comment on the matter.

Both Flutter and Playtech already boast a major presence in the Italian market. In August last year, Flutter completed the acquisition of Italian gambling giant Sisal.

Playtech has had games live in the Italian market since 2012 and also owns and operates Italian omni-channel B2C giant Snaitech.

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