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Sportingbet is reported to be on the verge of divesting of its Turkish-facing operation
Wednesday July 27,2011 : SPORTINGBET MULLS OVER TURKISH OPERATION
Paving the way for Ladbrokes takeover
Online gambling operator Sportingbet is reported to be on the verge of divesting of its Turkish-facing operation following a strategic review.
In a statement this week the company said :
"The company confirms that, as part of its long term strategy of increasing the proportion of its business mix derived from regulated markets, it is currently undertaking a review to evaluate its strategic options in relation to its Turkish language website business."
After two London-based junior Sportingbet employees were arrested in the country earlier this year and jailed along with thirty individuals associated with its former marketing partner Maslin Properties, Sportingbet announced its intention to continue operating in the country, however, industry analysts opine that the review of its Turkish operation probably has more to do with paving the way for a takeover by bookmaker Ladbrokes, who is in acquisition talks with the company.
According to the company’s 2010 Annual Report, 17.6 percent of total revenues are derived from the Turkish market, up from 12.8 percent in 2009.
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