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Ladbrokes Ends Negotiations with Sportingbet

Takeover talks between bookmaker Ladbrokes and online gaming group Sportingbet PLC have been mutually terminated, according to officials at Ladbrokes. This had led to Sportingbet's stocks hitting their lowest point for the period spanning the past five years. The company's shares have fallen 19 percent as a result of this, which means that the current share value is less than half of what it was during the company's peak year. Prospects for the company are now looking bleak.

Discussions with regards to a potential purchase of Sportingbet by Ladbrokes have been taking place since the 23rd June this year, but have come to an abrupt end due to a failure to make satisfactory arrangements. The decision has been announced to the public in the past few days, much to the dismay of Sportingbet.

Reports suggest that the sudden end to negotiations comes as a result of concerns surrounding the legal consequences of buying the Turkish section of Sportingbet. Online gambling is illegal in Turkey. When combined with the fact that more than 20% of the revenue of Sportingbet comes from Turkey, one can begin to understand how incredibly problematic this would be for Ladbrokes. The situation in Turkey means that the purchase no longer has any appeal for the UK bookmaker.

However, despite all of this, Ladbrokes has announced that it is still in talks with GVC Holdings with regards to a potential sale of the Turkish-language version of its site. We await the outcome of these negotiations, and will keep you posted on the latest news, so be sure to check back often!

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