Operator News
Serbia – Flutter targets Balkans region with MaxBet acquisition
By William - 27 September 2023
Flutter Entertainment has acquired MaxBet, the number two sports betting and gaming operator in Serbia, for an initial 51 per cent stake at a cash consideration of €141m (£123m) with the opportunity to acquire the remaining 49 per cent in 2029.
MaxBet has built a strong omni-channel presence within its core Serbian market. Leveraging its growing retail presence, MaxBet has successfully capitalised on the fast-growing online market in Serbia which grew by 25 per cent on a compound annual basis over the last five years.
During LTM to June 2023, the business generated pro forma fully regulated revenue of €145m of which 44 per cent is online, with Adjusted EBITDA of €32m.
“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,” commented Peter Jackson, Flutter’s Chief Executive.
“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.”
The transaction is subject to customary regulatory clearances and is expected to close in Q1 2024.
