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INTRALOT IN RUSSIAN SPORTS BETTING MOVE
6/20/10 - Intralot Holdings International Limited has acquired a 33 percent stake in Russian betting firm Kelicom, gaining entrée to a ‘strategic stake’ in Russian sports betting operation Favorit Bookmakers Office and its extensive gambler database.
Kelicom holds a 74.9 percent stake in Favorit, and Intralot has agreed an option that could see it increase its share in the parent firm to 100 percent, thus gaining control of the sports betting operation.
Constantinos Antonopoulos, the CEO at Intralot, said this week: “Through this acquisition our already established presence in Russia will become even stronger
“Intralot is now moving ahead and entering the emerging and highly promising Russian betting market under a new and tightly regulated regime that promotes competition among credible license holders, one of which is Favorit.”
A company spokesman revealed that Favorit was founded in 2002 and is one of Russia’s most well-established wagering companies, holding a five-year licence granted by the Federal Tax Service to operate sports betting activities in the country.
Despite the introduction of more strict Federal regulations governing sports betting last year, the operator succeeded in extending its licence and is now one of only a handful of registered and legal firms in the country's betting market, estimated to be worth over two billion US dollars.
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