Flutter buys 51% stake in Serbia's MaxBet for €141m

(Sharecast News) - Gambling company Flutter Entertainment said it had bought a 51% stake in Serbia's MaxBet for €141m (£123m), with an option to acquire the remaining 49% in 2029 based on performance.

MaxBet is the number 2 Serbian operator with an estimated 20% online share. It has more than 400 retail outlets across four markets and 95,000 online average monthly players, Flutter said on Wednesday.

"MaxBet has successfully capitalised on the fast-growing online market in Serbia which grew by 25% on a compound annual basis over the last five years."

Reporting by Frank Prenesti for Sharecast.com