INTRALOT INCREASES SUBSTANTIALLY ITS PARTICIPATION IN THE TURKISH BETTING
INTRALOT has proceeded to an agreement to acquire a 20% stake in the Turkish Sports Betting operator INTELTEK. With the completion of this agreement, INTRALOT will increase its stake in the company from 25% to 45%. INTELTEK has the exclusive contract to manage sports Betting in the country for eight (8) years on behalf of Sportoto, the Turkish Organization for sports betting.
In 2005, which is actually the first year of full operation of Betting in Turkey, the game's turnover is expected to surpass $850 million. Since August 2005, the game is offered through a network of 4,000 points of sale, which will expand further within 2006. The expansion of the sales network, the increasing publicity of games through the media, and players' continuously increasing interest in the game are expected to enhance the penetration of Betting in the next years.
INTRALOT's CEO, Constantinos Antonopoulos, stated: "The increase of our participation in INTELTEK strengthens the presence of the INTRALOT Group in the promising Turkish gaming market and is expected to offer the Group increased participation in future earnings from the management of sports betting games in the country. INTRALOT's investment in INTELTEK will be the largest investment a Greek company has ever undertaken in the neighboring country".
The amount to be paid is € 67 million, while the agreement is subject to approvals from the Turkish authorities.
INTRALOT, a public company listed on the ASE, is a leading supplier of integrated gaming and transaction processing systems, innovative game content and value added services to state-licensed gaming organizations worldwide. It’s broad portfolio of products & services, its know-how of Lottery, Betting & Video Lottery operations, its experience in sports games and its leading-edge technology, give INTRALOT a competitive advantage, which contributes directly to customers’ efficiency, profitability and growth. With 33 subsidiaries, 8 business offices and more than 1,900 people in 32 countries and revenues of €500 million for 2005(E), INTRALOT’s footprint straddles five continents.