Intralot takes stake in Bit8 platform

Intralot takes stake in Bit8 platform

Thursday, July 30, 2015
Intralot could increase its stake in Bit8 to 60 per cent

Greek gaming services operator Intralot Group continued to defy the financial chaos in its home country after announcing the purchase of a 35 per cent share in sportsbook and casino platform Bit8.

The deal follows a development partnership that was announced between the two companies in February, with subsidiary Intralot Global Holdings able to increase its share to 60 per cent in the next two years if certain financial targets are met.

“The first results of our cooperation with Bit8 are very positive and we are very pleased to announce today the acquisition of 35 per cent of the company,” Intralot group chief executive Antonis Kerastaris said.

“This strategic cooperation is in line with our strategy to focus on the B2C gaming market, while we further expand our product portfolio, increase customer satisfaction and provide exceptional gaming experiences to players.”

Earlier this month, bonds in Intralot, one of a handful of Greek corporate securities investors are willing to hold, posted its biggest two-day jump on record as the country’s government agreed a new bailout with creditors.

The Athens-based company had more than €388m ($425m) of cash in international bank accounts at the end of March and got less than two per cent of first-quarter revenue from its Greek business.

The initial deal between the two companies saw Intralot take a minority stake in Malta-based Bit8, while the pair have been working to integrate the Bit8 platform with Intralot’s.

Bit8 chief executive, Dr Angelo Dalli, added: “We are very pleased to further our strategic cooperation with Intralot, which gives Bit8 the necessary global reach that will enable us to achieve our vision of offering the best gaming platform in the industry complemented with a wide range of professional services and solutions.”

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