2nd of June 2011 Author: Glo Wood
Spanish gambling reform opens new horizons
In light of recent developments with the new Spanish law on gambling, a number of gambling companies seem to become much more open towards new online ventures. One of them is definitely a major Spanish lottery provider, Sociedad Estatal de Loterias y Apuestas del Estado SA, which expressed desire to occupy a prominent position in the international consolidation of the gaming industry in the coming years.
On June 1, the company chairman Aurelio Martinez stated that "it's clear that size is important in gaming,' adding that Loterias' international expansion plans do not only involve acquisitions, but also the globalisation of gaming and gaming technology.
In addition, he specified that Loterias also see a big chance in the fast-expanding online gambling sector, which they plan to join, adding that even though the last year's Euro 600 million in revenues realized in Spain make only a small portion of Spain's overall Euro 30 billion gaming market, there's much room for progress of this industry branch.
Loterias' plans also include listing on Spain's stock exchange this autumn, and it has been reported that the IPO will be the biggest on record in Spain, with a market value of between Euro 23 billion and Euro 25 billion.
It was stated by Martinez that, depending on the majority owners' wishes, the company could pay out between 80 percent and 85 percent of profits as dividends, adding that the privatization will see 30 percent of Loterias put up in order to get some Euro 7.5 billion as a crucial part of Spain's plan to cut its national budget deficit to 6 percent of gross domestic product this year and to 4.4 percent in 2012.
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