Flutter Entertainment is further bolstering its presence in the eastern European gaming market by acquiring an initial 51 per cent stake in Serbian operator MaxBet.
The deal will cost £123m (€141m) and is expected to close in Q1 2024. Flutter will then be able to acquire the remaining 49 per cent of the omnichannel brand in 2029.
The operator group said the “local hero” brand will give it access to over 400 retail outlets across four markets as well as 95,000 online average monthly players and 20 per cent of online market share.
Flutter said it will use its proprietary technology to “increase the scalability of MaxBet’s platforms and enhance its product offering,” adding that the deal fulfils the criteria for “value-creative M&A.”
Peter Jackson, Flutter chief executive, said MaxBet offers an “excellent opportunity” to build on the group’s progress in markets like India, Georgia 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."
