Flutter Agrees to Acquire 51% Stake in MaxBet via $149M Deal

Global betting and gaming company, Flutter Entertainment, announced a major Balkan-facing acquisition. On Wednesday this week, the company revealed it acquired a 51% stake in the omni-channel sports betting and gaming operator with a strong presence in Serbia, MaxBet.

The acquisition is subject to relevant regulatory clearances and has a cash consideration of €141 million ($148.6 million). Considering that Flutter secures the relevant approvals and clearances, the company anticipates closing the acquisition at some point in the first quarter of next year. Moreover, Flutter revealed that it has the opportunity to acquire the remaining 49% stake in MaxBet in 2029.

The new acquisition marks an important milestone for the company as it enables it to grow its European and global footprint further. The strategic takeover complements Flutter’s goals to expand its portfolio of brands while delivering unrivaled entertainment to locally regulated gambling markets.

MaxBet is a renowned operator for the gambling sector in Serbia. Known as a leading operator, MaxBet has a strong presence in the online and retail gambling verticals in the country. In the last 12 months through June 2023, the operator generated pro forma revenue of €145 million ($152.8 million) and adjusted EBITDA of €32 million ($33.7 million). Of the total reported revenue, approximately 44% is attributed to the online gambling sector, reaffirming MaxBet’s strong position in the iGaming vertical.

The Company Is Excited to Grow Its Portfolio of Brands

Peter Jackson, Flutter’s chief executive, revealed that the company is thrilled to expand its portfolio of brands with the addition of MaxBet. “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,” he explained.

Additionally, Jackson said that the company anticipates witnessing the same success in Serbia with MaxBet just as it has achieved in other important markets, including India, Italy and Georgia. According to him, Flutter’s extensive experience in combination with MaxBet’s strong position in the country would bring benefits to the duo. Finally, Jackson predicted that Flutter Edge could further propel the brand’s growth in the region.

“I am excited to announce the addition of MaxBet to the Flutter portfolio.“

Peter Jackson, chief executive at Flutter Entertainment

As noted by Flutter’s chief executive, the company’s Flutter Edge technology can significantly strengthen the position of the betting and gaming brand in Serbia. The innovative technology is expected to boost MaxBet’s offering, which in turn, can allow it to scale up its presence. Ultimately, this process is expected to deliver exceptional experiences for MaxBet’s growing customer base which also contributes toward player engagement and retention.

Earlier this month, Flutter rebranded PokerStars VR to Vegas Infinite. At the time, James O’Reilly, the director of VR & innovation at PokerStars, revealed that the overhaul comes at a time when the platform can offer much more than VR and poker.