The world’s largest online betting company, Flutter, has secured a majority ownership in MaxBet, a leading entity in the realms of sports betting and gambling in Serbia.
Flutter has purchased 51% of MaxBet for a significant €141 million, marking the commencement of its expansion strategy in the Balkan region.
“This synergy will contribute to new successes and a revolutionary development of the company,” MaxBet announced in a statement.
Flutter emphasises the attractiveness of Serbia’s betting market, valued at €700 million, citing the relatively low online penetration of around 35% and an anticipated annual online growth of approximately 15% by 2025.
MaxBet, which reported revenues of €145 million in the calendar year up to July, with 44% stemming from online sources, also operates in Bosnia and Herzegovina, Montenegro, and North Macedonia.
“We believe MaxBet represents an excellent opportunity to replicate the success we’ve experienced in markets such as Georgia, India, and Italy,” stated Flutter’s Chief Executive Officer, Peter Jackson.
Generating 78% of its revenue from its main headquarters in the USA, Australia, the UK, and Ireland, Flutter operates in over 100 countries worldwide.