Flutter Entertainment plc is pleased to announce its acquisition of an initial 51% stake in #2 omnichannel sports betting and gaming operator MaxBet in Serbia for €141m (£123m) in cash. Flutter also has a chance to acquire the remaining 49% in 2029.
MaxBet gives Flutter a platform to access the fast-growing market through its powerful podium brand. It also offers the opportunity to leverage the benefits of Flutter Edge to accelerate growth through expansion in the Balkans and provide Flutter with a gold medal spot.
MaxBet has established a strong omnichannel presence within its core Serbian marketplace. By leveraging its growing retail presence, MaxBet has successfully leveraged Serbia’s fast-growing online market, which has grown 25% over the past five years on a compound annual basis. In LTM, by June 2023, the business generated €145m of fully regulated revenue, 44% of which was online2 with an adjusted EBITDA of €32m.
The deal is subject to customary regulatory approval and is expected to close in Q1 2024.
Peter Jackson, CEO of Flutter, commented: 파칭코
“We are excited to announce the addition of MaxBet to our Flutter portfolio. The acquisition continues to be relative to the strategic priorities it has set for its international operations, including the purchase and deployment of podium positions in the regulatory market. We believe that MaxBet’s acquisition of a strong brand of podium position represents a great opportunity to replicate the success achieved in markets such as Georgia, India and Italy. Here we are capturing a strong opportunity to combine our extensive local expertise with the power of Flutter Edge to accelerate and transform growth.”