Turkey to privatise sports betting
State-owned operator Spor Toto valued at up to $10bn " move is part of government's drive to privatise state assets.
The Turkish government is to privatise the country’s only legal sports betting operator, Spor Toto, aiming to complete the process by June 2013, according to local media reports.
Local newspaper Milliyet claims the organisation, which runs the ðiddaa sports betting product alongside a toto (sports predictions) game, is valued at around US$10bn, having drawn in revenues of $24bn over the past eight years.
The final decision on the sale model rests with the Turkish Prime Minister Recep Tayyip ErdoÄan of the Adalet ve Kalkınma Partisi (Justice and Development Party), who could opt to sell the business in its entirety or instead launch an initial public offering.
Much like Greece’s sale of its stake in monopoly operator OPAP, the move by the Turkish government comes as part of a privatisation programme designed to raise money through the sale of state assets. The programme has already raised $5.7bn through the sale of state banking bodies, roads and bridges.
While Turkey is considered a grey market in terms of regulation, GVC Holdings remains the highest-profile egaming operator active in the country, having acquired Sportingbet’s Superbahis brand for a minimum consideration of £125m via its East Pioneer Corporation subsidiary in October 2011.
In its first annual results announcement since making the acquisition, GVC revealed a 15% year-on-year rise in B2C revenues, driven by strong sportsbook performance in Q4 2011.