By purchasing a majority ownership in MaxBet, a top operator in the Serbian market, Flutter, a big participant in the worldwide gambling sector, has made a significant strategic step. This agreement fits in with Flutter’s larger development objectives, notably in the Balkans area, and increases its presence in the regulated Serbian market.
With almost 20% of the internet market share, MaxBet, a reputable operator in Serbia, has a sizable presence. Over 2,400 people are employed by the business, and it has provided remarkable financial data. MaxBet reported €145.0 million in regulated revenue and €32.0 million in adjusted EBITDA in the 12 months before June 2023.
Flutter’s Strategic Vision
Flutter’s Chief Executive, Peter Jackson, expressed his excitement about the acquisition, emphasizing the strategic priorities of the international division. He stated, “This acquisition continues our progress against the strategic priorities we have set for our international division; to buy and build podium positions in regulated markets.”
According to Jackson, MaxBet is a useful addition to the Flutter portfolio and fits with the strategy of the firm to buy well-known companies. He thinks that combining the Flutter Edge and MaxBet’s local knowledge would propel change and expedite growth in the Serbian sector.
Flutter’s Growth Strategies
Although Flutter hasn’t done much in the way of mergers and acquisitions (M&A) in 2023, this action shows that the business is committed to growing through selective purchases. Flutter made some major purchases in 2022, including as the €1.90 billion acquisition of Sisal, an Italian online gambling and lottery company. This acquisition was a key component of Flutter’s strategy to establish leadership positions in regulated markets worldwide.
In a similar vein, Flutter’s purchase of MaxBet highlights its commitment to growing and strengthening its position in the gaming sector. It is anticipated that the deal will be completed in the first quarter of 2024 and is now undergoing the usual regulatory certifications.
The purchase of MaxBet represents a crucial milestone in Flutter’s path to establish its presence in regulated areas and take advantage of new possibilities as it continues to develop and broaden its global reach.