Paddy Power owner Flutter buys Serbian sports betting operator MaxBet

Dublin-based Flutter plans a secondary share listing in New York.

Irish betting giant Flutter has bought Serbian gambling operator MaxBet in a deal worth €141m as it expands its portfolio into the Balkans.

The Paddy Power owner acquired a 51% stake in the Serbian sports betting firm and has to option of purchasing the remaining 49% in 2029.

“We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy by acquiring a strong brand in a podium position,” said Peter Jackson, Flutter chief executive.

MaxBet has 2,400 staff, it grew by around 25% over the last five years, has over 400 retail outlets across four markets and around 95,000 online average monthly players.

The Dublin-based Flutter, which plans a secondary share listing in New York, gains most of its revenue through its business in the US but continues to expand it’s portfolio in other regulated markets.

Meanwhile, Flutter’s British rival Ladbrokes owner Entain recently gave a warning on its online net gaming revenues for the third quarter and the full-year, as the governments introduce more regulation, and growth becomes slower in Australia and Italy.