Flutter Entertainment to Snap Up Serbian Bookie MaxBet: A $ 150 Million Deal

Flutter Entertainment, the British gambling giant, has agreed to buy a 51% stake in the Serbian bookmaker MaxBet for $150 million, RTE reports.

The deal is expected to be completed in the first quarter of 2024, subject to regulatory approvals. 

After that, Flutter Entertainment will have the option to buy the rest of MaxBet, becoming the sole owner of the bookmaker. This can happen in 2029.

MaxBet is a big player in the online betting market in Serbia (average of 95,000 online customers per month). The company also runs 400 retail outlets across four Balkan markets. MaxBet’s revenue for the 2022/2023 fiscal year was $153 million, with 44% of that coming from the online sector.

Flutter Entertainment is a gambling powerhouse based in the UK, with shares listed on the London Stock Exchange. The company owns a portfolio of popular gambling brands, such as FanDuel, Sportsbet, Paddy Power, Betfair, and Tombola.