International edition
September 18, 2020

The firm acquired majority shareholder of local company

Intralot enters Russian sports betting market

(Russia).- Greek Intralot has acquired a 33 % stake in Kelicom, the majority shareholder in Russia’s Favorit Bookmakers’ Office, holder of a five-year licence to run sports betting operations across the country.

T

hrough its subsidiary Intralot Holdings International, the acquisition of 33 % of Kelicom provides Intralot with a strategic stake in Favorit, one of the leading sports betting operators in Russia, as well as providing Intralot with access to Favorit’s customer database.

Kelicom is the majority shareholder in Favorit, owning 74.9 % of the company. As part of the deal, Intralot has the option of acquiring all the shares in Kelicom which would give the company majority control of Favorit. The acquisition is subject to approvals from the relevant authorities.

Founded in 2002, Favorit holds a five-year licence to run sports betting activities in Russia. The licence was granted by the Federal Tax Service and includes scheduled renewals. Favorit extended its licence last year following the introduction of stricter federal regulations in the Russian betting market, becoming one of a limited number of licensed operators in the country which is estimated to have a potential betting turnover of over us$ 2 billion per year.

Favorit is currently active in 50 different regions of the Russian Federation and is planning to expand its network going forward by strengthening its position in existing regions, as well as entering new ones.

“Through this acquisition our already established presence in Russia will become even stronger,” said Intralot CEO Constantinos Antonopoulos. “Intralot is now moving ahead and entering the emerging and highly promising Russian betting market under a new, tightly regulated regime that promotes competition among credible license holders one of which is Favorit.”

Shares in Intralot are currently trading up 1.87 % at 2.73 euros per share in Athens this morning.

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