Greece’s privatization fund has decided to relaunch a tender for a mutual horse-betting license after failing to accept an improved bid from gaming systems firm Intralot. The Hellenic Republic Asset Development Fund (HRADF) asked Intralot on August 20 to up its bid of 5.25 million euros for the exclusive right to organize and conduct mutual betting on horse races in Greece. The Greek firm was given a Wednesday deadline to submit a new offer. Intralot’s improved bid was believed to be linked to future revenues and as such was deemed too uncertain by HRADF officials. Sources said it would have reached some 9 million euros. This was the first time that the privatization fund has turned down an improved offer from an investor for any of the assets it has put for sale. Sources said that Intralot is considering launching a legal challenge against HRADF’s decision to relaunch the tender, believing that it matched the price at which the government was looking to sell the license. The new 20-year tender is set to be launched within the next few days, aiming to receive binding offers by September 23.
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