Business News

Athens-listed Intralot has announced the departure of chief executive Antonios Kerastaris, shortly after confirming the loss of its bid to continue operating Turkey’s sports betting concession.

Intralot said Friday that Kerastaris resigned from the business with immediate effect, with chairman Sokratis Kokkalis assuming the chief executive’s duties.

Kerastaris’ seat on the board of directors will be assumed by Alexandros-Stergios Manos as non-executive board member.

His abrupt departure followed confirmation that the Intralot joint venture in Turkey, Inteltek, had lost the sports betting management tender for the Spor Toto State Organization.

Inteltek had operated the sports betting product iddaa since 2004, with its contract expiring in August. The new ten-year concession has been awarded to the Scientific Games-Demirören Holdings joint venture Sans Girisim.

Intralot said that its 45 per cent stake in Inteltek contributed approximately 15 per cent of group consolidated EBITDA in the twelve months to September 30th, 2018, excluding operations in Azerbaijan, as well as around 4 per cent of consolidated sale proceeds totalling €39.3m.

Shares in Intralot SA (ATH:INLOT) lost 2.26 per cent in Athens Friday to close at €0.518 per share.