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Privatization of State-Controlled Gambling Operators: Only Hype or a Reality in the Near Future?
MECN GmbH, July 2005
'Competition is getting tougher …we cannot compete on equal terms …we cannot ignore that the competition is here to stay'-(JesperKärrbrink, CEO of the Swedish state lottery SvenskaSpel).
Hard-to-control Internet gambling offers and the intensive debate about increasing liberalization make life difficult for state-controlled operators. Although they recently won some 'battles', according to many experts business will not get any easier for them, and the value of state-controlled operators will probably decrease rather than increase in the future.
This fact combined with tight budgets might lead a growing number of state shareholders to see the regular contributions to state budgets in jeopardy and prompt them to consider privatizing their gambling operations as soon as possible. Indeed, recent and current privatizations, such as those of the Greek OPAP and the UK tote, show that this is not just idle speculation. Furthermore about 73% of the experts surveyed expect that the number of privatized state gambling operations will continue to increase in the near future.
But what exactly are the advantages and disadvantages of privatizing the gambling sector besides filling up state coffers? Many complex issues have to be analyzed closely in advance, for example:
- Are state-controlled companies really inferior and inefficient compared to private operators? While some state-controlled operators, such as German WestLotto, work even more efficiently than some privatized companies, others are indeed far more inefficient
- How could a privatized operation be regulated to prevent excessive gambling or other negative side effects?
- What are state-controlled gambling operators worth and how could they be valuated meaningfully since the number of examples to refer to is limited.
The report addresses primarily state shareholders and provides an objective analysis of all relevant issues as well as firsthand information about possible options for privatization and their implementation. The results are based in part on a survey of more than 90 industry insiders who offered their unique insights. The report is coauthored by many renowned experts, among them the investment bank Sal. Oppenheimand industry insiders such as Rob van derGaastand WulfHambach.
About the Authors
Sal. Oppenheim
Sal. Oppenheimis one of Europe's leading private banks and has an investment banking branch focusing especially on the public sector. Sal. Oppenheimfosters a comprehensive advisory approach that combines competence with absolute discretion and independence; the bank was involved in more than 50 privatizations in recent years and enjoys an excellent reputation as privatization experts.
Dr. Wulf Hambach
Dr. Wulf Hambachis a partner in the law firm Hambach& Hambachand specializes in international and European betting and gambling law. He is coauthor of the 'Internet Gambling Report', and his work has appeared in a variety of publications, including the World Online Gambling Law Report, the legal paper Sport & Recht (sports and law), and the Frankfurter AllgemeineZeitung.
Rob van derGaast
Rob van derGaast is one of the best known gambling research analysts and contributed to LotteryInsider, igamingnews, the Internet Gambling Report, and the European Lottery Files. He has a background in sports journalism, sports marketing, and developing creative TV & gambling program ideas. After developing a completely new sports betting concept, he returned to his journalistic roots.
Paolo Pinotti
Paolo Pinotti is an expert in the field of privatization. He is researcher at Fondazione ENI Enrico Matteo(Milan) in the group 'Privatization, Regulation, and Antitrust' and is also teaching assistant at Universitat Pompeu Fabra(Barcelona). He holds a Master Degree in Economics from the University of Chicago.
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