Flutter Entertainment to Acquire Majority Stake in MaxBet

By Anthony O. Goriainoff

Flutter Entertainment has recently announced its plans to acquire a 51% stake in Serbia's MaxBet. The deal, valued at €141 million ($149.1 million) in cash, will provide Flutter Entertainment with a strong foothold in the Serbian market. Furthermore, Flutter Entertainment has the option to purchase the remaining 49% stake by 2029.

As a prominent gambling and betting group listed on the FTSE 100, Flutter Entertainment is known for its reputable brands such as FanDuel, PokerStars, and Paddy Power. This strategic move will grant Flutter Entertainment access to rapidly growing markets through MaxBet's well-established brand.

The completion of the transaction is expected to take place in the first quarter of 2024. Once finalized, Flutter Entertainment will be able to leverage this acquisition to accelerate its growth and establish a leading position in the Balkans region. Notably, MaxBet holds an impressive 20% online market share and operates over 400 retail outlets across four markets. Additionally, it boasts an average of 95,000 online players per month.

Chief Executive Peter Jackson emphasized the significance of this acquisition in fulfilling their international division's strategic objectives. "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," said Jackson.