While Serbia is introducing or considering new restrictions on betting shops and casinos, companies in this sector continue to post record profits. According to data from Checkpoint.rs, all gambling and betting companies in Serbia generated RSD 143.6 billion (€1.22 billion) in total revenue in 2024 and about RSD 18 billion (€153 million) in combined net profit.
Six gambling companies ranked among the top 100 most profitable firms in Serbia, with three appearing in the top 50. The leading company, Mozzart, ranked 19th, with RSD 26.5 billion in revenue and over RSD 5.3 billion in net profit. Ownership records show Jadranka Stepanović (40.98%) and Dejan Čakajac (40.98%) as majority shareholders. Čakajac also owns the consulting company Eter Consulting, which itself ranked 49th with RSD 2.6 billion in net profit.
The company Phuket, majority owner of Soccerbet DOO, placed 41st with a RSD 3.3 billion profit, while Max Bet DOO ranked 54th with RSD 2.5 billion, now majority-owned (51%) by Flutter Entertainment Holdings Ireland. Balkan Bet was 72nd with RSD 1.8 billion in profit, owned 51% by Germany’s Merkur Casino GmbH, and Golden Matrix Group (owner of Meridianbet) ranked 100th, with profits slightly above RSD 1.3 billion.
Despite multiple taxes and levies, Serbian betting operators remain highly profitable, partly because winnings are tax-free. Under current law, all gambling winnings up to RSD 143,872 (€1,200) are exempt from taxation — and casino and betting winnings are entirely tax-free, regardless of amount. This means that a player who wins €100 million keeps the full amount.
While the 2023 amendments to the Gambling Law introduced some changes — such as banning the serving of food and alcoholic drinks above 5% ABV in betting shops and taxing bonuses and free credits — the core tax exemptions remain unchanged.
The government has also proposed amendments to the Advertising Law, which are still pending parliamentary approval. These changes would significantly restrict betting advertisements, including a ban on celebrity endorsements and other forms of promotional activity.
