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Sportingbet Has Sold Its Turkish Business to GVC Sports

Written by:
Aaron Goldstein
Published on:
Oct/14/2011
Sportingbet

Following news this week that takeover talks involving Ladbrokes had fallen through, Sportingbet has sold its Turkish sports betting business to GVC Sports for €142.5m.  Gambling restrictions in that nation forced the sale.

Andy McIver, Sportingbet’s chief executive, offered the following statement:

“Given our other big markets, Spain and Greece, have recently regulated their gambling markets, Turkey was the one which stood out [and] that has often been cited as an overhang on our equity,” he said. “So it was a question of when, not if.”

Sportingbet shares rose 2.58 per cent, or 1p, to 39.75p in London following the news.

Nick Batram, an analyst at Peel Hunt, told the Financial Times that Sportingbet’s equity could receive a boost as a result of the sale.

“The disposal of Turkey is to be welcomed and the price looks compelling as well,” he said. “The deal will be dilutive from an earnings perspective, but with over 70 per cent of the company’s revenues from regulated markets I expect there will be a significant re-rating with regard to the shares.”

- Aaron Goldstein, Gambling911.com

 

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