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Snaitech, the Italian business arm of gambling technology supplier Playtech, has acquired Happybet, an operator with revenues of about €19m and with over 100 employees and 200 points of sale in Austria and Germany.

Snaitech CEO Fabio Schiavolin said: “The integration of Happybet, one of the first companies to receive a national sports betting licence in Germany, and which will continue to operate under its own brand, has accumulated enormous skills and achieved a solid market position.

“Now we want to capitalise on this experience. The integration of our expertise and our know-how with those of Happybet will put us in the ideal condition to seize new growth opportunities.”

Snaitech had revenues of over €520m in 2020 and a network of 2100 betting points. In a press release the company said that the German and Austrian markets recorded overall betting values of over €10bn in 2019, a figure that it believes will grow.

“In both countries the market is currently quite fragmented, with a few large players and many small operators,” Schiavolin added.