MaxBet

What MaxBet does

MaxBet is a Serbian-headquartered omni-channel gaming operator founded in 1993 in Zrenjanin and now operating as a wholly-owned subsidiary of Flutter Entertainment plc (Flutter International), following a €141 million investment completed in January 2024. The company runs sports betting, online casino (slots, live dealer, instant games), virtual sports, and e-sports products through 500+ retail locations, an online platform accessible via web and mobile, and 220 self-service kladomati terminals across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia. Its technology stack centers on proprietary in-house software solutions, including a five-level Multilevel Jackpot System deployed across both online slots and 4,290 retail gaming positions, plus content integrations with 40+ slot providers (PragmaticPlay, NetEnt, Evolution) and equipment from Novomatic, Synot, IGT, and EGT.

The business model is transaction-based: MaxBet earns revenue through betting margins on sports wagering (pre-match and live), house edge on casino games (slots, roulette, live dealer), and turnover on virtual and e-sports products, with ancillary income from food and beverage hospitality services offered across more than 400 cafe locations. The customer base is purely B2C, segmented into Recreational Gaming Enthusiasts and VIP/High-Value Players, with stated 24/7 customer support and a proprietary responsible gaming framework required under Serbian gaming regulations. Go-to-market combines a deep retail distribution moat (premium lokali over 1,000 m², standard betting shops, gaming venues in 200+ cities) with digital channels and a sponsorship-led brand strategy anchored by flagship partnerships with Euroleague basketball, FK Partizan (€5.5M general sponsorship), and FK Crvena Zvezda.

Operationally, MaxBet employs 3,000+ professionals across its four markets under a recently professionalized C-suite (CEO Savo Bakmaz since September 2023; CPO, CAO, CLRO, CFO, CPO-People appointed 2024–2026). The company co-founded the SPIS industry association with Mozzart in October 2025 to shape regulatory standards in Serbia, signaling a shift from regional independent operator to institutionally governed Balkan gaming platform under Flutter International's stewardship. No standalone revenue figures are disclosed, and the Meridian Holdings / Expanse Studios content partnership plus Kero Gaming micro-betting partnership indicate ongoing product surface expansion.

Name

MaxBet

Legal name

MaxBet

Website

https://maxbet-group.rs

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

MaxBet is a Serbian gaming operator and Flutter International subsidiary offering sports betting, online casino, virtual games, and e-sports across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia via 500+ retail locations and digital platforms serving recreational and VIP players.

Ownership category

akta.pro rank

Product category

Sports Betting & Casino Gaming

NAICS

Gambling Industries (7132), Casinos (except Casino Hotels) (713210)

SIC

Services-Membership Sports & Recreation Clubs (7997)

akta.pro primary industry

iGaming Platform Providers (Turnkey/Casino & Sportsbook Platforms) (MPAEAKAA)

akta.pro secondary industry

Gaming Machine Systems & Management (CMS, TITO, Player Tracking, Bonusing) (MPAEAJAH)

Keywords

• Sports betting services
• Online casino gaming
• Retail gaming venues
• E-sports betting
• Virtual sports games

Headquarters

HQ city

Belgrade

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Sports Betting: Pre-match and live sports betting on domestic and international sporting events including football, basketball, tennis, and more. Revenue generated through betting margins on sporting outcomes.
2. Online Gaming: Online casino operations including slot games, live dealer games, and instant games. Revenue generated from player wagers and house edge on casino games.
3. Retail Gaming Machines: Slot machines and gaming positions across 354 retail locations with 4,290 gaming positions. Revenue from gaming machine operations in licensed venues.
4. Hospitality Services: Food and beverage services offered in over 400 MaxBet cafe locations, enhancing the gaming experience for customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

MaxBet operates an omni-channel gaming platform providing sports betting, online casino games (slots, live dealer, instant games), virtual sports, e-sports betting, and land-based retail gaming across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia. The company runs 500+ retail locations with 4,290 gaming positions, 44 roulette tables, and 220 self-service terminals, alongside digital platforms available 24/7. MaxBet is a subsidiary of Flutter International and offers the most comprehensive gaming portfolio in the Western Balkans region with over 3,000 slot titles from 40+ providers.

Product overview

MaxBet is an omni-channel gaming company operating as part of Flutter International, offering an integrated platform of sports betting, online gaming (slots, live casino, instant games), virtual games, and e-sports betting alongside land-based retail operations. The product portfolio centers on the MaxBet Sports Betting platform and MaxBet Online Gaming platform (covering slot games, live casino, and instant games), supported by MaxBet Virtual Games and MaxBet E-Sports for alternative betting formats. Retail operations include gaming machines (4,290 positions), roulette tables, self-service terminals, and premium venue locations. Additional brand extensions include the MaxBet Sport Portal for sports journalism and MaxConnect for podcast content. The company operates across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia with over 500 locations and a digital platform serving regional customers.

Differentiator

Problem solved

Functional benefit

Brands

• MaxBet Sport: Sports news portal covering sports events and news from the world of sport.
• MaxConnect

Products and services

• MaxBet Sports Betting

Quantifiable outcome

• 500+ retail locations across Serbia and region
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• Expanse StudioscoreTechnology or Integration · 30 July 2026Strategic distribution agreement where Expanse Studios, Meridian Holdings' proprietary game studio, distributes its gaming content through MaxBet's platform. This partnership enables access to Expanse Studios' game portfolio through MaxBet's extensive retail and online distribution network in Serbia and the region.
• SPIS (Udruzenje priredivaca igara na srecu)coreStrategic or Co-development Partner · 16 October 2025Association of gaming operators founded by MaxBet and Mozzart to promote lawful, transparent, and responsible business; represent members in regulatory improvements; and foster cooperation between operators and authorities.
• FK Crvena ZvezdaflagshipGTM or Marketing Partner · 7 May 2025MaxBet Sport portal became exclusive partner of FK Crvena Zvezda. Strategic partnership based on shared commitment to continuous growth, greater visibility, and content exchange for the sports audience.
• Rukometni Klub BoraccoreGTM or Marketing Partner · 20 March 2025Official betting partner of RK Borac until end of season 2025/26. Continuation of partnership providing support during challenging times for the club.
• Kero Gaming Inc.coreTechnology or Integration · 13 March 2025Partnership to enhance customer experience with innovative micro-betting technology. Micro-betting enables real-time, in-game betting on specific events within matches, enhancing player engagement.
• FK Crvena Zvezda (Health Initiative)minorGTM or Marketing Partner · 8 March 2025Joint initiative with MaxBet Sport and FK Crvena Zvezda for women's health through free mammographic examinations at Rajko Mitic stadium in cooperation with Institute of Public Health of Serbia Batut.
• Basketball Federation of Bosnia and HerzegovinacoreGTM or Marketing Partner · 18 February 2025Premium partner of the Basketball Federation of Bosnia and Herzegovina. Partnership for development and advancement of basketball in the country through marketing and brand activations.
• EuroleagueflagshipGTM or Marketing Partner · 1 October 2024Premium betting partner for Euroleague in Serbia and Montenegro until 2026. MaxBet has prominent presence at Euroleague games in Serbia and Montenegro, with exclusive marketing activations including Fantasy League and exclusive experiences for MaxBet players.
• Men's Handball Club Crvena ZvezdacoreGTM or Marketing Partner · 16 September 2024Title sponsorship of MRK Crvena Zvezda which will now be known as MRK Crvena Zvezda MaxBet. Important step in supporting development of handball in Serbia.
• FK Radnicki NiscoreGTM or Marketing Partner · 19 August 2024Gold sponsor of FK Radnicki from Nis. Partnership enables Radnicki to strengthen its team and provide unforgettable sports experiences to fans.
• FK PartizanflagshipGTM or Marketing Partner · 17 August 2024General sponsorship valued at 5.5 million EUR. MaxBet provides financial support while gaining exclusive marketing rights and brand visibility through the club's teams from first team to youth categories. Partnership includes exclusive rewards for MaxBet players.
• FK VojvodinacoreGTM or Marketing Partner · 19 July 2024Gold sponsor of FK Vojvodina, the oldest football club in Vojvodina with a rich tradition. Partnership aimed at achieving common goals and advancing football in the region.

Scale indicators9 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Flutter Entertainment: Flutter Entertainment is MaxBet's parent company and the world's largest online betting and gaming group (Betfair, Paddy Power, Sisal, FanDuel, etc.). It is the broad incumbent that owns MaxBet and provides platform, product, and capital support.
• Entain plc: Entain is a global digital gaming and sports betting operator (bwin, Ladbrokes, Coral, PartyPoker) with significant European retail and online footprint. Comparable in product breadth, omni-channel model, and regulated-market focus.
• Betsson AB: Betsson is a Swedish-listed omni-channel gaming operator with strong presence in Nordics, CEE, and select emerging markets. Comparable in business model and product mix as a European incumbent with regional brand portfolio strategy.
• Kindred Group: Kindred (owner of Unibet, 32Red, Maria) is a European-listed multi-brand online gaming operator. Comparable as a broad European omni-channel incumbent with regulated-market expertise similar to where MaxBet operates.

Regional players

• Superbet: Superbet is a large Central and Eastern European (CEE) omni-channel sports betting and gaming operator headquartered in Romania with expanding Balkan presence. Comparable in business model and product mix; serves as a regional incumbent that may expand into MaxBet's markets.

Direct peers

• MeridianBet: MeridianBet operates retail and online sports betting and casino across Serbia and the Balkans and is the parent of Expanse Studios (a MaxBet game content partner). Closely comparable in product mix, geographic focus, and omni-channel model.
• Mozzart: Mozzart is the leading Serbian and Balkan sports betting and casino operator with omni-channel retail and online presence. It is MaxBet's primary domestic competitor and co-founded the SPIS industry association with MaxBet.
• AdmiralBet: AdmiralBet is a Serbian-licensed sports betting and casino brand with both retail shops and online platform. Comparable in product offering and target market to MaxBet within Serbia and the Western Balkans.
• Soccerbet: Soccerbet is a Serbian sports betting and casino operator with retail and online presence. Direct competitor to MaxBet in Serbia with similar product portfolio and customer base.

Emerging players

• Kaizen Gaming (Stoiximan / Betano): Kaizen Gaming operates Stoiximan (Greece/Cyprus) and Betano (expanding across CEE, Balkans, LatAm, and Africa). An emerging player with strong Balkans and CEE push, increasingly competing for the same omni-channel sportsbook and casino wallet as MaxBet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/maxbetgroup_

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MaxBet