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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.

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Sportingtech Opens New Office in Sofia

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Sportingtech, the award-winning, compliant iGaming platform, opened the doors to its latest office in Sofia, Bulgaria this month. This move to a larger, state-of-the-art facility at Megapark marks another milestone for the company, following the recent opening of its São Paulo office, one of five global locations.

The new Sofia office offers cutting-edge facilities and space for further growth, underscoring Sportingtech’s dedication to providing top-tier infrastructure for its operator and talented, world-class team.

“We pride ourselves on delivering a highly configurable platform that allows our customers to create unique and seamless player experiences. Our investment in this new office and our tech team ensures we can continue pushing the boundaries of innovation, stability and customisation—keeping our clients ahead of the curve,” said Tom Ustunel, CEO of Sportingtech.

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BGaming extends Winbet partnership with Bulgarian launch

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Popular iGaming content provider BGaming has built on its long-term collaboration with Winbet by launching in the Bulgarian market with the operator.

As part of the deal, BGaming will integrate its creative portfolio with Winbet’s platform in Bulgaria, with games such as Minesweeper XY, Wild Cash and Bonanza Billion, made available to its players.

Winbet is one of Eastern and Central Europe’s leading brands, with a presence in markets such as Romania, Bulgaria, Serbia and Croatia. Its Bulgarian arm boasts more than 30 gaming halls in over 20 cities and enjoys a prominent position in the country’s entertainment space.

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BGaming first partnered with Winbet in January, helping to elevate the operator’s platform in Romania with its striking and innovative content. Now, it will replicate this success and demonstrate the widespread appeal of its creations in another strategically significant market.

Olga Levshina, CCO at BGaming, said: “We are pleased to celebrate our ongoing partnership with Winbet by collaborating with them once again, this time in Bulgaria.

“So far this year, our titles have been positively received by Winbet’s players in Romania and we look forward to delivering our portfolio to a neighbouring market alongside this major brand.”

Victor Perenovski, Operations Director at Winbet, said: “BGaming’s content has proven quite popular with our users and a great expansion of our portfolio. We are happy to extend our agreement with BGaming’s new and exciting titles. This partnership is an important step in fulfilling our promise to our customers for high quality gaming experience and the most popular games from the best providers.

“The game provider’s portfolio has so much potential for attracting players and is based on detailed analysis of their preferences and behaviours. We anticipate a partnership that will continue to deliver positive results.”

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Reevo Enters into Partnership with Elitbet.bg

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REEVO, a leading provider of cutting-edge gaming solutions, has partnered with ELITBET.bg, a rapidly expanding online gaming platform in Bulgaria. This collaboration marks a significant milestone in both companies’ commitment to delivering top-tier gaming experiences to players.

Tsvetelina Ivanova, Chief Operating Officer of ELITBET.bg, said: “We are thrilled to announce our partnership with REEVO, a renowned leader in iGaming. This collaboration signifies a significant step forward in our commitment to delivering exceptional gaming experiences to our players. We are proud to expand the game offer of our Online Casino with high-quality products from REEVO. Thanks to this new partnership, we will offer our users an increasingly high-quality gaming experience and demonstrate our ongoing commitment to providing the best gaming experience, exceeding the expectations of the iGaming world.”

Petra Poola, Head of Sales at REEVO, said: “Partnering with ELITBET.bg is an exciting opportunity for us to further extend our reach in the Bulgarian market. We are confident that our innovative gaming solutions will complement ELITBET.bg’s commitment to excellence, providing their players with an unmatched gaming experience. We look forward to a successful collaboration that will benefit both our companies and the players we serve.”

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The partnership with REEVO will enhance ELITBET.bg’s already impressive game offering, bringing a wide range of innovative and engaging content to its online casino. Players can look forward to an enriched gaming experience, with access to some of the most popular and sought-after slot games and live casino options available in the market.

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