Bwin in running to buy Spain lottery stake: report

MADRID (BestGrowthStock) – Austrian online gaming company bwin (BWIN.VI: ) is among the frontrunners to buy a 30 percent stake in Spain’s state lottery, El Mundo reported on Sunday.

The newspaper highlighted Spanish companies Codere (CDRE.MC: ), Cirsa (CRGMGF.UL: ) and Recreativos Franco, and Italy’s Lottomatica (LTO.MI: ) as other possible buyers.

Bwin, which sponsors soccer team Real Madrid, was watching developments in Spain closely, but for the moment its focus is on online business, El Mundo cited a source close to the company as saying.

Spain’s Socialist government announced plans on Wednesday to partially privatize the lottery to cut its debt. It is by far Spain’s most lucrative public enterprise, with an estimated 2.6 billion euros ($3.5 billion) of revenues for 2010.

The government expects to raise 5 billion euros from the sale of the business, which is best known for its massive “El Gordo” and “El Nino” draws. The planned sale could involve a stock market listing.

($1=.7452 Euro)

(Reporting by Alexander Smith; Editing by Karen Foster)

Bwin in running to buy Spain lottery stake: report