Targets for Flutter M&A in 2024

Flutter acquired an initial 51% stake in the Serbian omnichannel sports betting and gaming operator for 141 million euros. The contract also states that Flutter has an opportunity to acquire the remaining 49% of Maxbet in 2029.

The move gives the company access to the regulated Serbian market and supports broader expansion plans.

When asked about Flutter's future M&A strategy, both Jackson and Edgecliffe-Johnson wanted to stress that the company would only acquire businesses it considers to be market leaders. That way, Flutter would be able to move away from its medium-term leverage target of 2.0x-2.5x net debt and further adjust its EBITDA, which was raised from its previous target of 1.0x-2.0.

Edgecliffe-Johnson said, "If we see attractive acquisitions, we're happy to be flexible. We're trying to build as big a business as possible and we continue to do so.

"The top priority for capital in the business is to get new customers. The capital that is truly surplus will go to shareholders."

One of Flutter's acquisitions, which paid a substantial dividend in 2023, was the 2022 acquisition of Saizal, a leading online gaming and lottery operator in Italy.

Saijal accounted for 43.4% of Flutter International's segment, the rest of the market excluding the U.S., U.K., Ireland and Australia, with cumulative revenue of $1.22 billion in 2023. 안전한 파워볼사이트

"Sisal has done very well in bringing track and field athletes online," Jackson explained. "Thanks to our fantastic products and our natural cross-selling journey, we've been able to do so.

"There's also a fantastic inflow route for lotto players, a very attractive route, especially in a market with limited advertising. It's a great opportunity to cross-sell."