Bwin Vying For Stake In Spanish National Lottery

BWIN VYING FOR STAKE IN SPANISH NATIONAL LOTTERY

05th December, 2010 at 14:58:36
Source: http://www.azonlinecasinos.com

Tipped to be a frontrunner in the bid for a 30% stake

Spain 's second-largest newspaper, El Mundo reports that Austrian online gaming company Bwin is a frontrunner in a bid to purchase a 30% stake in Spain's State Lottery. Other companies interested in the purchase of the stake include Spanish companies Codere , Cirsa and Recreativos Franco as well as Italy's Lottomatica .

The Spanish Government announced plans this week to partially privatize the lottery in order to cut debt and expects to raise Euro 5 billion from its sale. The State lottery has an estimated Euro 2.6 billion ($3.5 billion) revenue for 2010 and is renowned for its considerable El Gordo and El Nino draws.

An un-named source told El Mundo that the company is closely watching developments in Spain but continues its focus, for the moment, on its online business. Bwin is active in the sports betting, poker and online casinos markets and is currently negotiating a merger with Party Gaming which is set to happen in 2011 (see previous reports).

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