Flutter Entertainment has acquired a 51% stake in MaxBet, Serbia's second-largest sports betting operator, to strengthen its position in the fast-growing Balkan market.

Target Information

Flutter Entertainment has acquired an initial 51% stake in MaxBet, Serbia's second-largest omni-channel sports betting and gaming operator, for €141 million (£123 million). This strategic investment positions Flutter to further penetrate the Serbian market and subsequently acquire the remaining 49% stake by 2029. MaxBet offers a robust platform for Flutter to tap into the rapidly growing Balkans market, leveraging its strong brand presence for anticipated growth.

Industry Overview in Serbia

The Serbian sports betting and gaming industry has seen significant growth, boasting a market size of €700 million in 2022. The online segment, in particular, is expanding rapidly, with a 25% compound annual growth rate over the past five years. Despite this growth, online penetration currently hovers around 35%, indicating substantial room for penetration and expansion through digital channels. Experts predict that online revenue is expected to grow at approximately 15% annually through 2025.

The regulatory climate in Serbia supports a robust gaming environment, providing operational stability for established players like Flutter. Furthermore, the competitive landscape allows omni-channe