The Flutter Entertainment PLC (LON: FLTR) share price rose 1.41% after announcing that it had acquired a 51% stake in MaxBet, the no.2 omnichannel sports betting and gaming operator in Serbia, for a cash payment of €141 million (£123 million). Flutter has the option to acquire the remaining 49% in 2029.
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MaxBet will provide Flutte with an easy entry into the Balkan markets through a robust podium brand. Flutter will have the opportunity to accelerate growth and deliver a leading position in the Balkans region by applying the benefits of the Flutter Edge. MaxBet has created a robust omnichannel presence within its primary Serbian market.
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MaxBet has leveraged its expanding retail presence to capitalise on the fast-growing online market within Serbia, which expanded by 25% on a compounded annual basis over the past 5 years.
Within the last twelve months to June 2023, MaxBet’s business produced revenues worth €145 million, and 44% were online. The company’s adjusted pretax profit was €32 million. Flutter also pointed out that the acquisition was aligned with its critical strategic criteria for value-creative mergers and acquisitions (M&A).
Some of the acquisition’s benefits include providing an enhanced competitive position in fast-growing, regulated markets. Serbia is an attractive regulated market worth about €700 million in 2022 with a relatively low online penetration of approximately 35%.
Other benefits include the addition of a “local hero” brand to the Flutter portfolio. MaxBet has about 400 retail stores across Serbia. There is also an opportunity to add the Flutter Edge to MaxBet and achieve significant revenue synergies.
Peter Jackson, Flutter’s Chief Executive, commented: “I am excited to announce the addition of MaxBet to the Flutter portfolio. 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. 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, where we see a compelling opportunity to combine that extensive local expertise with the power of the Flutter Edge to accelerate and transform growth.”
Flutter Entertainment (FLTR) share price.
The Flutter Entertainment (FLTR) share price edged 1.41% higher to trade at 13840.0p, from Tuesday’s closing price of 13,647.5p.
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