DUBLIN (Reuters) - Fanduel and Paddy Power owner Flutter said on Wednesday it had bought an initial 51% stake in Serbia's number two sports betting and gaming operator MaxBet for 141 million euros ($148.95 million) in a bid to expand in the Balkans.
Flutter said the deal, which also allows it to acquire the remaining 49% stake 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 euro Serbian betting market is attractive due to its relatively low online penetration of around 35% and expected online compound annual growth to 2025 of approximately 15%.
MaxBet, which generated pro forma fully regulated revenue of 145 million euros in the year to June, 44% of it online, also has a smaller presence in Bosnia, Montenegro and North Macedonia.
"We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy," Flutter CEO Peter Jackson said in a statement, referring to similar acquisitions in those markets.
Flutter, which makes 78% of its revenue in its main divisions of the U.S., Australia and the United Kingdom and Ireland, operates in more than 100 countries around the world.
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