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Process launched for purchasing licences for horse races and betting services

The Turkey Wealth Fund (TWF) initiated the process of buying services for licences to organize horse racing and accepting bets on horse races held in Turkey and abroad. Under the licenses held by the TWF, it is planned that services can be purchased in areas such as organizing horse races and accepting bets on horse races either in Turkey or abroad.

TWF will work with the Development and Investment Bank of Turkey as a financial advisor and EY Turkey (Ernst & Young) and the Lexist Law Firm as a legal advisor. After the review of financial advisers, the duration of service purchase will be decided on with the model which will support the development of the sector and provide the most benefit to the public. Upon defining the evaluation criteria, experienced local and international strategic players in this field will be invited to attend the process.

Licenses related to organizing horse races at home, and the licenses for the rights and powers to accept joint bets from within and outside the country on horse races held at home and abroad have been transferred to the TWF, as well as the immovable properties allocated for the purpose of organizing horse races or which are used for this purpose. In addition, the immovables allocated for the purpose of organizing horse races or which are already used for this purpose, and the buildings and facilities on such properties, were also transferred to the use of TWF for a period of 49 years from January 1, 2018 based on the decree Law no.680 dated January 6, 2017.

Zafer Sönmez, Managing Director and Board Member of the TWF said, “Turkey has a long-standing legacy in horse racing and betting, which is deeply tied into the Turkish culture. We believe there is even higher potential in this regard as TWF. We aim to implement a model that will bring horse racing and horse racing betting games to world standards while increasing turnover and reducing costs to increase the public benefit. As with the National Lottery games, we aim to successfully complete the process in line with our mission to add value to Turkey.”

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