Martin said he made the decision due to “inherent changes” to his role as a result of the business combination.

Last November, the Italian gambling giant made headlines by agreeing to acquire SKS365 at an enterprise value of €639m.

“It has been my great honour to lead SKS365 since 2019. Together, we have built an excellent and successful company.

“A new chapter”

He believes that the acquisition by Lottomatica marks the “start of a new chapter” for SKS365.

“Being part of the group provides a robust platform for SKS365, offering an excellent foundation for sustained growth and continued success for our company,” he said.

Lottomatica said it will provide an update of its FY 2024 guidance incorporating the expected results of SKS365 as soon as practicable.

Lottomatica’s acquisition of SKS365 effectively ended a fierce bidding war involving Lottomatica, Flutter Entertainment, and Playtech.

When announcing the deal, Lottomatica said it expects the combined entity to boast a market share of around 28.3% – well ahead of its largest competitors Flutter Entertainment, with 20.1%, Playtech with 9.8% and Entain with 9.5%.

Additionally, Lottomatica mentioned that, at the time, the enlarged group was projected to command a market share of 34.7% in the sports betting market, encompassing both online and retail.

The group also anticipated that the merger would generate synergies amounting to approximately €65m by 2027.

Lottomatica Group S.p.A. (LTMC.MI) is trading at €10.44 (0.68%)

https://next.io/news/sks365-ceo-martin-resigns-lottomatica-acquisition/