Following on from the £8.5 million acquisition of the two Danish websites, Sportingbet has sold the website, and certain offshore assets, for £125 million, as it moves towards implementing its strategy of increasing the proportion of its net gaming revenue from regulated markets.
Andrew McIver, chief executive of Sportingbet, explains: ‘Following this disposal, Sportingbet will derive the large majority of its earnings from regulated territories.
‘The proceeds from the sale of this unregulated income stream will be used to drive forward the rest of the group.’
As more European countries move towards regulating internet gambling, Sportingbet expects to see its revenues from these nations rising to as much as 70 per cent of total revenues.
According to a statement, the Turkish website sale price is based on Sportingbet receiving a portion of the profit for at least three years.
The disposal comes on the back of failed takeover talks with British bookmakers Ladbrokes, which collapsed in part due to possible problems with internet gambling in Turkey, where it is not licensed.
Sportingbet has revealed that the capital gained from the sale will be used to grow its business in regulated markets or by fill-in acquisitions.