DUBLIN, Sept 27 (Reuters) – Flutter, owner of Fanduel and Paddy Power (FLTRF.L) announced on Wednesday that it had acquired an initial 51% stake in Serbia’s second-largest sports betting and gaming operator MaxBet for 141 million euros ($148.95 million) with the aim of expanding into the Balkans.
Flutter said the deal, which also allows it to acquire the remaining 49% in 2029 on similar terms, aligns with its strategy to target fast-growing regulated markets where it can combine local expertise with its global pricing and technology.
Flutter, the world’s largest online betting company, said the €700 million Serbian betting market is attractive due to its relatively low online penetration of around 35%. , and its expected online compound annual growth through 2025, of around 15%.
MaxBet, which generated fully regulated pro forma revenue of €145 million in the financial year ended June, 44% of which was online, also has a more modest presence in Bosnia, Montenegro and Macedonia North.
“We believe MaxBet is a great opportunity to replicate the success we have achieved in markets like Georgia, India and Italy,” said Peter Jackson, CEO of Flutter, in a statement, referring to similar acquisitions in these markets.
Flutter, which generates 78% of its revenue from its main divisions in the United States, Australia, United Kingdom and Ireland, operates in more than 100 countries around the world.
($1 = 0.9466 euros)
Reporting by Padraic Halpin; Editing by Jan Harvey
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