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Sports BettingSeptember 27, 2023·1 min read
Flutter Entertainment Acquires Majority Stake in MaxBet, Serbia's Top Sports Betting Operator
Flutter Entertainment has acquired a 51% stake in MaxBet, Serbia's #2 omni-channel sports betting and gaming operator, for €141 million. This strategic move aligns with Flutter's goal to expand into fast-growing, regulated markets. MaxBet, with over 400 retail outlets across four markets, a well-known local brand, and 95,000 online average monthly players, is a significant addition to Flutter's portfolio.
MaxBet has built a strong omni-channel presence within its core Serbian market. During LTM to June 2023, the business generated pro forma fully regulated revenue of €145 million of which 44% is online, with Adjusted EBITDA of €32 million. This acquisition provides Flutter with a platform to access fast-growing markets via a strong podium brand and creates an opportunity to accelerate growth and deliver a gold medal position for Flutter through expansion in the Balkans region by leveraging the benefits of the Flutter Edge.
Flutter also has the opportunity to acquire the remaining 49% in 2029. The transaction is subject to customary regulatory clearances and is expected to close in Q1 2024.
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