Flutter Entertainment, one of the leading corporations in land-based and online betting and gaming sectors announces an important upgrade of its portfolio. As a part of its expansion strategy, the company acquired an initial 51% stake in MaxBet, opening the opportunity to fully purchase it in 2029.
Part of the gambling industry for quite some time, MaxBet holds the reputation of a #2 brand in the Serbian market. Constantly looking for challenges and up to date with all the current trends, this operator is determined to set new standards in sports betting, gambling, and gaming fields.
Should everything go as planned, the transaction is expected to be finalized in Q1 2024 after the necessary regulatory procedures are completed.
The initial acquisition of 51% of the stake of MaxBet was completed for a cash consideration of €141m (£123m), on a debt and cash-free basis. If interested, Flutter Entertainment can purchase the remaining stakes (49%) in 2029 on similar terms.
According to Peter Jackson, Chief Executive of Flutter, this move represents huge progress for the company and a notable growth of its International division. By buying and building podium positions in regulated markets, the corporation can ensure continuous development.
Commenting on the acquisition, he noted:
“We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India, 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."
Multiple Benefits for Both Parties
Over the last 5 years, MaxBet has grown considerably, cementing its position as one of the strongest brands in the market. During LTM to June 2023, the operator generated a revenue of €145m of which 44% is online, with Adjusted EBITDA of €32m.
These encouraging data confirm that Flutter’s move was a wise one, as it will enable the company to position itself well on a fast-growing iGaming market of Serbia. As far as the prediction shows, the market is expected to experience annual growth of 15% by 2025.
Also, this partnership gives the operator access to Flutter Edge, a cutting-edge product with all the necessary tools for risk management, digital marketing, and proprietary pricing.
Amazing Selection of Games & Bonuses
Teamed up with some of the biggest studios in the content development sector, MaxBet offers a spectrum of casino games and sports events. BGaming, Endorphina, Wazdan, Mascot, Play’n GO, Spinomenal, GameArt, Fazi, SYNOT, and Pragmatic Play are just some of the numerous partners, with new ones joining the platform regularly.
When it comes to bonuses, the operator hosts quite a solid selection of those, for both casino and sportsbook players. Cashback, tourneys, Drops & Wins are just some of the many offers consumers can try luck with.
Aside from being one of the most active brands in Serbia, MaxBet also runs omni-channel operations in Bosnia and Montenegro. Also, the company has a retail-only footprint in North Macedonia.
“Flutter Entertainment plc Acquisition of MaxBet”, ir.design-portfolio.co.uk, September 27, 2023.