Flutter Entertainment has announced that it has acquired a 51% stake in Serbian sports betting and gaming operator MaxBet.
The deal will see Flutter pay €141 million (£123 million/$148.2 million) for a majority stake and includes an option to buy the remaining 49% in 2029.
MaxBet is currently ranks as the second biggest Serbian betting operator with an estimated 20% share of the online market with an average of 95k monthly online customers. The company also has over 400 retail outlets and 2,400 employees across four markets.
During LTM to June 2023, the business generated pro forma fully regulated revenue of €145 million (£125.3 million/$152.4 million) of which 44% is online. Adjusted EBITDA for the period was €32 million (£27.6 million/$32.6 million).
The acquisition allows Flutter to enter a market that has grown by 25% on a compound annual basis over the last 5 years. In 2022 the regulated market was valued at €700 million (£604.9 million/$736.2 million) with relatively low online penetration of approximately 35%.
The deal is now subject to regulatory clearances and is expected to close in Q1 2024.
Peter Jackson, Flutter Chief Executive, commented:
“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.”
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.