GVC Holdings set to launch Bwin in Russia

Russian billionaire Alexander Leonidovich  Mamut is just about to to join forces with GVC Holdings, the parent company of Bwin, to launch an online sports betting platform in the country.

According to Russian media outlet Kommersant, Bwin.ru will launch in partnership with Digital Betting LLC, which secured a Russian online gaming licence last year, and online technology firm Rambler & Co – both of which are owned by Mamut.

Digital Betting’s chief executive Dmitry Sergeyev will also serve as chief executive of Bwin Russia.

Mamut has reportedly said he will spend up to €10m ($11.2m/£8.6m) per year over the next three years to develop the Bwin.ru brand.

However, Kommersant estimates that Russia’s newly regulated online gaming market is only currently worth €15.7m in total annual revenue.

Russia recently drafted a new bill designed to block payment transactions with international online gambling companies.

Currently there are only around 10 bookmakers, including Leon, approved to offer online wagers to Russian customers, so Bwin’s entry into the market is a move which others may decide to follow based on its success or failure.