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Flutter Entertainment Buys 51% Stake in Serbia’s MaxBet

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Paddy Power and Fanduel owner Flutter Entertainment said it had bought an initial 51% stake in Serbia’s second biggest sports betting and gaming operator MaxBet for €141m in a bid to expand in the Balkans.

Flutter said the deal allows it to acquire the remaining 49% stake in 2029 on similar terms.

It added that the deal aligns with its strategy to target fast-growing, regulated markets where it can combine local expertise with its global pricing and technology.

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Flutter, the world’s largest online betting company, said the €700m Serbian betting market is attractive due to its relatively low online penetration of around 35% and expected online compound annual growth to 2025 of about 15%.

MaxBet, which generated pro forma fully regulated revenue of €145m in the year to June, 44% of it online, also has a smaller presence in Bosnia, Montenegro and North Macedonia.

It has an estimated 20% online share as well as over 400 retail outlets across four markets, a well-known local brand and 95,000 online average monthly players.

Flutter, which makes 78% of its revenue in its main divisions of the US, Australia and Ireland and the UK, operates in more than 100 countries around the world.

Peter Jackson, Flutter’s chief executive, said today’s acquisition continues the company’s progress against the strategic priorities it has set for its International division; to buy and build podium positions in regulated markets.

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“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,” the CEO added.

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

Balkans

Bulgaria first for Push Gaming with Kaizen Gaming’s Betano

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Push Gaming has entered the Bulgarian market thanks to an exclusive deal with Kaizen Gaming brand Betano, marking a milestone in its expansion in globally regulated markets.

For 12 weeks, tier-one operator Betano will have exclusive rights to Push Gaming’s portfolio in the country as it brings the studio’s hugely popular titles to Bulgaria for the first time.

Push’s extensive back catalogue of major hits, including Razor Shark, Razor Returns, Jammin’ Jars, Big Bamboo and Wild Swarm, are now ready to be enjoyed by players in Bulgaria, with more recent releases due to roll out imminently.

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The launch enhances Push’s relationship with Kaizen Gaming, which has already seen success with its award-winning content in Greece, Denmark, and Brazil.

Agreements with over 15 direct integration partners have been achieved in 2024, and the supplier’s significant growth will be bolstered by several more announcements in the remainder of Q4.

Fiona Hickey, Chief Business Development Officer at Push Gaming, said: “Bulgaria is a territory we’ve been working on for some time, so it’s particularly pleasing to launch there with such an established and respected name as Betano.

“We know the strength of our product, and allied with Kaizen Gaming’s prominent positioning across regulated markets, we can make the most of our regional entries. They’re a fantastic strategic partner to work alongside, which breeds exceptional confidence that every launch period will perform strongly.”

Evangelos Dedoulis, Director of Product, Gaming and Rewards at Kaizen Gaming,  added: “Push Gaming is responsible for some of the finest games on the market, and as such, we have been eagerly anticipating bringing them to our Betano platform in Bulgaria too. In other markets where we have integrated Push Gaming’s titles, the reception from our audience has been exceptional, and we expect the same in this case too.”

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The post Bulgaria first for Push Gaming with Kaizen Gaming’s Betano appeared first on European Gaming Industry News.

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Balkans

Pateplay and Superbet expand their strategic partnership in Serbia

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This collaboration is set to develop the entertainment landscape in Serbia by combining Pateplay’s extensive portfolio of top-attractive games with Superbet professionalism and strategic insights.

This includes fan-favourites like Regal Spins, Jester Bags, Sevens Heat and soon Golden Fate, Lost in Giza, Enigma of Ellada and immersive Sun Link Series, all of which have received widespread acclaim within the players community.

The post Pateplay and Superbet expand their strategic partnership in Serbia appeared first on European Gaming Industry News.

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Balkans

CT Interactive Strengthens its Presence in Bulgaria

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CT Interactive has strengthened its presence in the Bulgarian market by expanding its portfolio with a new selection of certified games. The latest certification reinforces the company’s commitment to delivering engaging and high-quality gaming content, providing operators with a diverse selection of fresh and innovative titles.

“Bulgaria remains a key market for CT Interactive, and this certification is another step in our strategy to continuously provide top-tier, regulation-compliant games to our partners. We are dedicated to expanding our portfolio with exciting content that enhances player engagement while meeting the highest industry standards,” Martin Ivanov, Chief Operating Officer at CT Interactive, said.

Some of the newly certified games include: The New Queen of Fruits, Book of Power, Guardians of Asgard, Clover Queen, Piggy Crash, Fruits & Sweets Buy Bonus, Hyper Cuber Buy Bonus, Duck of Luck Buy Bonus and others. These titles showcase a mix of dynamic themes and innovative mechanics, designed to appeal to a wide range of player preferences.

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The post CT Interactive Strengthens its Presence in Bulgaria appeared first on European Gaming Industry News.

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