Sportingbet Sells Controversial Turkish Site

British online gaming giant Sportingbet has said it will sell its controversial Turkish operations for at least 143 million euros, as part of its strategy to dispose of activities in unregulated territories.

'Strategic move'

Sportingbet CEO Andrew McIver called the sale of the Superbahis website to European online gaming firm GVC a sign of its "strategic intent." He said: "Following this disposal Sportingbet will derive the large majority of its earning from regulated territories."

The proceeds from the sale will be used to grow Sportingbet's business in regulated markets or by fill-in acquisitions, the company said in a statement announcing the sale.

Ladbrokes talks gave push

Ladbrokes, Britain's largest betting agency, ended three-months of negotiations to purchase Sportingbet last week because of concerns over the latter's continuing operations in unregulated gambling markets such as Turkey - where online gambling is prohibited.

Sportingbet said it had already been reviewing its Turkey operations before the Ladbrokes approach, as part of a strategy to increase the share of revenues it earns from properly regulated markets. It said that around half of gaming revenues will now come from regulated markets following the Turkey sale, with that figure set to rise to 70 percent once laws change in several European countries.