Flutter Entertainment is pleased to announce the acquisition of an initial 51% stake in MaxBet, Serbia’s omni-channel sports betting and gaming operator for a cash consideration of €141m (£123m). Flutter also has the opportunity to acquire the remaining 49% in 2029.

MaxBet will provide Flutter with the platform to access fast-growing markets via a strong podium brand. This also 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.

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% on a compound annual basis over the last 5 years. During LTM to June 2023, the business generated pro forma fully regulated revenue of €145m of which 44% is online², with Adjusted EBITDA of €32m.

Serbia is an attractive, regulated market (2022: €700m) with relatively low online penetration of circa 35% and expected online compound annual growth to 2025 of approximately 15%.

Peter Jackson, Flutter Chief Executive, commented:”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.