SPORTINGBET TURKISH OPERATION SHUT DOWN

Friday , October 21, 2011 : But company seems unconcerned. Interesting new information has come to light on Sportingbet plc's sale deal of its Turkish language website superbahis.com and associated offshore assets to East Pioneer Corporation B.V. supported by a services agreement with GVC Sports, a subsidiary of GVC Holdings plc.

This week Bloomberg business news reports that on October 14 (the same day the company announced the completed deal) Turkish authorities shut down the superbahis.com website which was listed as an integral part of the agreement and warned local industry that it would take action against all illegal online gambling sites.

Intriguingly when Bloomberg approached GVC, they were merely referred to Sportingbet where its chief financial officer, Jim Wilkinson, seemingly unconcerned said: “We’re very confident the situation will continue for three more years as it has for the last five.

” Given the consideration paid for the Turkish assets was a minimum GBP 125 million, there seems little concern over the Turkish Authorities actions.