INTRALOT STRENGTHENS ITS RUSSIAN SPORTS BETTING INVOLVEMENT
30th August, 2012 at 04:10:05
Greek gambling group secures 100% of Kelicom
The Greek gambling group Intralot has strengthened its interest in Russian sports betting by upping its 33% stake in gaming information systems software and manufacturer of gaming hardware Kelicom to full ownership.
Kelicom holds a strategic stake of 74,9% in Favorit Bookmakers Office LLC, one of the leading sports betting operators in Russia, giving Intralot access to its extensive customer data base.
Intralot bought in for 33% of Kelicom back in June this year. The transaction for the remaining 67% stake in Kelicom was performed at a valuation that represents less than 1% of the company's consolidated assets and has been approved by the competent authorities.
Ioannis Pantoleon, Group General Director of Finance and Business Development at Intralot, said this week: By obtaining the full control of Favorit, we serve our strategy to further invest in the Russian regulated betting market and become one of its major players. We are looking forward to continuing our successful operations in the country and providing Russian players with our exciting gaming offerings.
Founded in December 2002, Favorit is one of the most well-established betting companies in Russia. In March 2012, Favorit's 5 year licence to run sports betting activities in the country - awarded in 2009 by the Federal Tax Service - was changed to a non-expiring licence. Within its first 10 years of operations, Favorit has offered sports fans the opportunity to bet on football, basketball, tennis and other sports matches.
Related News Tags: Bookmakers, Intralot, Russia, Greece