Flutter Entertainment, a leading global gambling company, has recently announced its acquisition of a 51% stake in MaxBet, a prominent operator in Serbia, Bosnia, Montenegro, and North Macedonia. The deal, valued at €141m ($148m), is set to be completed in the first quarter of 2024, pending regulatory approval.

What makes this acquisition even more enticing for Flutter is the option to acquire the remaining 49% stake in MaxBet in 2029. This move will strategically enhance Flutter’s position in regulated markets and align with its value-driven M&A approach.

MaxBet’s strong local presence and impressive financial performance make it a valuable addition to the Flutter portfolio. With an established omni-channel presence in Serbia, MaxBet is well-positioned to capitalize on the significant growth of the online market in the region.

In the last 12 months, MaxBet generated pro forma fully regulated revenue of €145m, with 44% of that revenue coming from online operations. This contributed to an adjusted EBITDA of €32m. With a 20% share of the online market and over 400 retail outlets, MaxBet has a solid customer base and a promising future.

Flutter has identified Serbia as a lucrative market, with a value of €700m in 2022 and a 35% online penetration rate. The anticipated 15% annual growth in online penetration in the Balkans by 2025 further adds to the appeal of this acquisition.

Peter Jackson, the Chief Executive of Flutter Entertainment, expressed his excitement about the addition of MaxBet to the company’s portfolio. He believes that this acquisition presents a great opportunity to replicate the success seen in other markets and accelerate growth by combining local expertise with the power of Flutter.

In conclusion, Flutter’s acquisition of MaxBet represents a strategic move to strengthen its position in regulated markets and take advantage of the growing online gambling industry in the Balkans.

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