Flutter Entertainment focuses on Balkans with 51% stake in MaxBet

Flutter Entertainment, the Dublin-based global gambling and sports betting behemoth, has had an exciting piece of news to share earlier today with the company moving forward with its Eastward expansion in the Balkans, and securing a controlling stake in MaxBet, a prominent Serbian operator with a significant reach in the region.

The company has acquired a 51% stake in the operator, forking out $149.1m for the transaction in cash at current exchange rates. Flutter Entertainment has also shared that it is planning to buy the remainder of the company and purchase the 49% stake in 2029, a rather long time window. As to the present stake acquisition, Flutter Entertainment is hoping to finalize the transaction along with all regulatory clearances in the first months of 2024.

Flutter is welcoming of the opportunity to grow its footprint in the Balkans, following the company’s success in other interesting and lucrative markets, such as Georgia and Italy.

MaxBet itself has a very prominent standing in the Balkans and it runs 400 retail outlets, along with 20% of the online market share and 95,000 average monthly players, putting the brand in a very strong position and definitely showing why Flutter would be interested in buying it out. Commenting on this business opportunity, Flutter Entertainment CEO Peter Jackson welcomed the move and said:

"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."

Flutter is very confident about the Balkans and the Serbian market in general. For one, Serbia is said to be a market worth €700m as of 2022, with some 35% online penetration. In addition, the company is also confident in a 15% annual growth in online presence over the next years through 2025.

Jackson spoke highly of the new deal, as he said that he was confident the company would be able to replicate the same success as the ones achieved in the aforementioned markets of Georgia and Italy and drive a significant value for the group. Not least, there is the Flutter Edge platform that will be implemented into MaxBet’s operations to ensure that the brand continues to pick up momentum and accelerate.

MaxBet has also been posting some robust results, with the company reporting a pro forma revenue of €145m leading up to June 2023, making it a desirable acquisition target for Flutter Entertainment.

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