DAVY VIEW

Flutter Entertainment has acquired an initial 51% stake in MaxBet, the number-two omni-channel sports betting and gaming operator in the regulated Serbian market, for €141m with an option to acquire the remainder in 2029. Although small in a wider group context, this looks a good acquisition in a growth market at an attractive multiple. It is in line with the strategy of acquiring podium positions in growing markets. The Serbian market has relatively low online exposure, and we would expect the expertise from the wider Flutter group to accelerate MaxBet’s online growth via product innovation and improved technology.