Balkans

Flutter Entertainment Buys 51% Stake in Serbia’s MaxBet

Published

2 years ago

September 28, 2023

flutter-entertainment-buys-51%-stake-in-serbia’s-maxbet

Reading Time: 2 minutes

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.

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.

“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.

Related Topics:Balkans latest-news sports betting

Up Next

Azerion Announces Proposed Changes to its Supervisory Board

Don't Miss

XSOLLA ACQUIRES ACCELERATXR

Balkans

Kiril Kirilov takes on new leadership role at CT Interactive

Published

5 days ago

January 19, 2026

Wladimir P.

kiril-kirilov-takes-on-new-leadership-role-at-ct-interactive

Kiril Kirilov has been named Chief Customer Success Officer (CCSO) at CT Interactive, representing a notable achievement in his career and underscoring the firm’s dedication to leadership quality.

In the last four years, Kiril has progressed through three key positions—from Account Manager to Head of Account Management—before taking on his current executive role, consistently showcasing robust leadership, business insight, and industry knowledge.

Kiril leverages a strong background in Account Management and Customer Relationship Management (CRM) to implement a customer-focused, results-oriented strategy for CT Interactive’s commercial endeavors. His selection demonstrates the company’s dedication to nurturing internal talent, maintaining leadership continuity, and enhancing collaborations via seasoned, growth-focused executive management

The post Kiril Kirilov takes on new leadership role at CT Interactive appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Balkans

CT Interactive Appoints Martin Dimitrov as its New Commercial Manager

Published

1 week ago

January 16, 2026

Wladimir P.

ct-interactive-appoints-martin-dimitrov-as-its-new-commercial-manager

CT Interactive has appointed Martin Dimitrov as its new Commercial Manager. Martin brings over eight years of experience in sales, client management and business development, with the past two years dedicated to the dynamic iGaming industry.

Throughout his career, Martin has managed a diverse portfolio of clients and partners, successfully developing and strengthening long-term commercial relationships. His active participation in key industry events has enabled him to build an extensive professional network and maintain a strong, up-to-date understanding of market trends and dynamics.

Martin’s strong leadership and strategic thinking allow him to identify new business opportunities, drive sustainable growth and support partners with tailored commercial solutions. His collaborative approach and results-driven mindset make him a trusted point of contact for clients and colleagues alike.

With his deep understanding of the iGaming landscape and proven commercial expertise, Martin Dimitrov is a valuable addition to the CT Interactive team.

The post CT Interactive Appoints Martin Dimitrov as its New Commercial Manager appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Balkans

CT Interactive Appoints Vasil Parvanov as Team Lead, Commercial Managers

Published

1 week ago

January 15, 2026

Wladimir P.

ct-interactive-appoints-vasil-parvanov-as-team-lead,-commercial-managers

CT Interactive has appointed Vasil Parvanov as Team Lead, Commercial Managers. In this role, he will be responsible for managing the commercial team and supporting the company’s growth through strategic partnerships and data-driven decision-making.

With a strong background Vasil brings his extensive experience to the CT Interactive team. His expertise includes developing CRM and customer segmentation strategies, designing onboarding and engagement journeys, and implementing cross-selling and upselling initiatives that improve retention, customer loyalty and long-term value.

This promotion reflects CT Interactive’s commitment to nurturing internal talent and ensuring that partners continue to work with an experienced, and growth-oriented commercial leadership team. In his new role, Vasil is expected to play a key part in strengthening CT Interactive’s commercial performance and driving sustainable growth.

The post CT Interactive Appoints Vasil Parvanov as Team Lead, Commercial Managers appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.