Intralot invests further in Russia’s regulated betting market31st August 2012 6:22 am GMT
Greek lotteries, betting and gaming group Intralot has consolidated its position in the regulated Russian betting market by taking control of Kelicom, the company which owns a majority stake in Russian retail betting operator Favorit Bookmakers' Office.
Intralot originally acquired a 33 per cent stake in Kelicom in June 2010 and said this week that it has exercised its option to increase its ownership to 100 per cent as part of its strategy of securing a leading position in the regulated Russian betting market, which is estimated to have a potential betting turnover in excess of US$2bn annually.
Kelicom holds a 74.9 per cent stake in Favorit Bookmakers’ Office, one of the leading sports betting operators in Russia with a nationwide presence. Favorit operates in Russia under a five year licence granted to it in 2009 by the Federal Tax Service, which was amended in March 2012 to a non-expiring licence.
Intralot said that the transaction for the remaining 67 per cent stake in Kelicom was undertaken at a valuation that represents less than 1 per cent of the company’s consolidated assets, with the approval of the competent authorities.
“By obtaining the full control of Favorit, we serve our strategy to further invest in the Russian regulated betting market and become one of its major players,” said Intralot’s group general director of finance and business development, Ioannis Pantoleon. “We are looking forward to continuing our successful operations in the country and providing Russian players with our exciting gaming offerings.”