ECONOMY

Intralot enters Russian betting market, shares soar

Lottery systems provider Intralot has entered Russia’s betting market by acquiring a stake in Favorit, one of the country’s leading sports wagering operators, for an undisclosed amount. Intralot shares soared 5.22 percent higher to 2.82 euros after news of the deal, versus a 0.46 percent dip in the broader market. Intralot, which offers gaming platforms and operates sports betting and video lotto machines in 50 countries, said it bought 33 percent of Kelicom, which owns 74.9 percent of Favorit. Favorit holds a five-year license to run sports betting activities in Russia’s market. ‘Through this acquisition, our already established presence in Russia will become even stronger. Intralot is now moving ahead and entering the emerging and highly promising Russian market,’ said Intralot CEO Constantinos Antonopoulos.