The suspension of the lottery license is valid for 30 days
Czech Finance Ministry suspends license of lottery firm Sazka
(Czech Republic).- The Czech finance ministry said it is temporarily suspending the license of the country's embattled lottery company Sazka due to its failure to pay out winnings.
2011-05-12
Reading time 25 seg
“Sazka did not pay out winnings of us$ 6.1 million in the Sportka numbers game within the legal deadline," the ministry said in a statement.
The suspension of the lottery license is valid for 30 days and a second and final 30-day suspension is possible.
Sazka is in bankruptcy proceedings and was the first company to default on euro-denominated corporate debt in 2011, when it failed to pay principal on its 215 million euros bonds in January.
Several sports betting companies are trying to takeover what remains of Sazka to obtain its electronic terminal network over which other, new lottery games could be marketed.
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