Flutter Entertainment, which has 2,000 staff in Leeds, announces acquisition of MaxBet

In a statement, Flutter said: “MaxBet will provide Flutter with the platform to access fast-growing markets via a strong podium brand.

"This also creates an opportunity to accelerate growth and deliver a gold medal position for Flutter through expansion in the Balkans region by leveraging the benefits of the Flutter Edge.

“MaxBet has built a strong omni-channel presence within its core Serbian market. Leveraging its growing retail presence, MaxBet has successfully capitalised on the fast-growing online market in Serbia which grew by 25 per cent on a compound annual basis over the last five years.”

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, which has a large base in Wellington Place, Leeds, described

Serbia as an attractive, regulated market with relatively low online penetration and expected online compound annual growth to 2025 of approximately 15 per cent.

The statement added: “A strong management team and 2,400 employees provide significant local market expertise. This capability underpins a strong execution on cross-sell and online expansion, despite low levels of marketing spend.”

"The transaction is subject to customary regulatory clearances and is expected to close in the first quarter of 2024.”

Flutter employs around 2,000 retail and office staff in Leeds. In a trading update published last month, Flutter said the first half of 2023 had marked a pivotal moment for the group, with the US business “now at a profitability inflection point” which was helping to transform its earnings profile.

Speaking in August, Mr Jackson said: “ With our divisions and their brands benefitting from the competitive advantages provided by the Flutter Edge, group performance in the period was very strong.

“The US delivered another exceptional performance. We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23 per cent.

"The US business was profitable in the first half with FanDuel generating over $100m in EBITDA. This profit profile provides us with a clear platform to invest materially in the second half, as we strive to continuously improve our customer offering. Our player acquisition strategy has consistently delivered, generating excellent returns on investment, embedding even greater value into our customer base, and increasing our future profitability.”