Flutter Purchases Majority Stake in Serbia’s MaxBet

Gambling operator Flutter Entertainment has acquired a starting stake of 51% in the Serbian omni-channel sports betting and gaming operator MaxBet for €141 million.

According to Flutter, the deal will give the company access to the regulated Serbian market and fits within its wider expansion plans, which include the Balkan region. The agreement reached with MaxBet gives Flutter the right to purchase the remaining 49% of the company in 2029.

A Leading Serbian Operator

MaxBet is considered one of the leading Serbian operators. It has an approximate 20% share of the online market and employs more than 2,400 people. In the year up to June 2023, the company posted €145 million in regulated revenue and €32 million in adjusted EBITDA.

It is expected that the gambling company acquisition will be complete in Q1 2024 after it has received the usual regulatory clearances.

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.

Peter JacksonFlutter Chief Executive

Flutter Expansion Continues

Flutter has not made many acquisitions this year despite regularly commenting on its plans to expand through M&A. Last year, the company acquired several companies, including the Italian online gaming and lottery operator Sisal, for €1.9 billion. The company also acquired the bingo operator Tombola for £402 million.

While these are relatively recent acquisitions, they have had a big impact on Flutter’s results. The Sisal deal helped increase revenue in Italy in H1. Flutter’s total group revenue increased 41.9% to £4.81 billion, and both profits and EBITDA were up.