Sportingbet to sell Turkish-language website
Online sports bookmaker Sportingbet has sold its Turkish-language website to East Pioneer Corp. for at least $197 million. The company also acquired two Danish gambling companies earlier in the week.
From Business Week:
Quote:
This week, Ladbrokes Plc ended takeover talks with Sportingbet in part because of concerns about possible liabilities linked to its presence in Turkey, where Internet gambling is not licensed. Today Sportingbet said the sale will push the proportion of its revenue from regulated markets to half, and later to as much as 70 percent.
“Following this disposal, Sportingbet will derive the large majority of its earnings from regulated territories,” Chief Executive Officer Andrew McIver said in the statement. “The proceeds from the sale of this unregulated income stream will be used to drive forward the rest of the group.”
