Flutter Entertainment Plc is making a strong entry into the Serbian market, having agreed a deal to acquire a 51% stake in MaxBet Kladionica for a hefty €141 million (or £123 million).
Flutter Entertainment Plc has announced that its significant investment in MaxBet is helping to expand business opportunities in the fast-growing Balkan region. It is focused on achieving advantageous positions in the markets of Serbia, Croatia and other countries, depending on local regulatory conditions, strengthening its position on the global stage.
If Flutter achieves its target, the FTSE100 group will retain the right to acquire the remaining 49% of MaxBet’s business by 2029.
Flutter is integrating MaxBet into its Flutter Edge technology platform to optimize the betting operator’s local presence. This presence is expanding through 400 retail outlets in four different markets, with approximately 20% online market share in Serbia and serving approximately 95,000 online players on average every month.
Further expansion in the Balkans indicates that Flutter sees significant growth prospects. Serbia, as a regulated market with a low level of online trading (approximately 35%), is expected to see significant annual growth in online trading exceeding 15% by 2025, making it an attractive investment destination.
Joining Flutter’s international portfolio will bring significant benefits to MaxBet. It will have access to leading solutions in global pricing, risk management, proprietary gaming content and innovation centers, all aimed at improving customer acquisition and retention, as well as enhancing the gaming experience.
The deal will intensify competition in the Balkan region as Flutter competes with FTSE company Entain Plc for its market share. In 2022, Entain Plc acquired leading Croatian gaming group SuperSport for €600 million in a deal financed by investment fund EMMA Capital.
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