Flutter buys 51% of MaxBet
The Irish betting giant will have the option to buy the rest of the Serbian operator in 2029.
Serbia.- Flutter Entertainment has bought a 51 per cent stake in MaxBet for €141m. It says acquiring a stake in the Serbian omnichannel sports betting and gaming operator forms part of its expansion plans in the Balkans. Flutter will have the option to buy the remaining 49 per cent of MaxBet in 2029.
MaxBet is estimated to have a 20 per cent share of the online market in Serbia. It has over 2,400 staff and posted revenue of €145m for the 12 months ending June 2023, with adjusted EBITDA of €32m. The acquisition is subject to regulatory approval but is expected to close in the first quarter of next year.
Flutter chief executive Peter Jackson said: “I am excited to announce the addition of MaxBet to the Flutter portfolio. This acquisition continues our progress against the strategic priorities we have set for our international division; to buy and build podium positions in regulated markets.
“We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy by acquiring a strong brand in a podium position, where we see a compelling opportunity to combine that extensive local expertise with the power of the Flutter Edge to accelerate and transform growth.”
Flutter’s expansion into the Balkans comes as major rival Entain also focuses on the region with its Entain CEE joint venture. Last year, Entain CEE bought Croatia’s SuperSport, but it has withdrawn a bid for Slovenia’s Športna Loterija. Flutter has been more quiet since its acquisition of Italy’s Sisal last year but has expressed a desire to expand through more acquisitions.
