Intralot says Turkish bet renewal to boost profit

ATHENS, Sept 1 (Reuters) - Greek lottery systems supplier Intralot (INLr.AT) said on Monday the renewal of a lucrative Turkish sports bet would boost its profit in the long term.

Last week, Inteltek, Intralot's joint venture with Turkish mobile operator Turkcell (TCELL.IS) made the best bid in a tender to operate Iddaa, which runs Turkey's leading sports betting game.

Intralot, which has been operating the game since 2004, said the new terms of the deal would boost long-term results.

"The new framework of operation that offers great potential for diversification of the current games and enrichment of its options in addition to the project's 10-year duration will have a significant long-term contribution to its results," Intralot said in a statement.

Under the new deal, Inteltek has the right to increase the payout to winners, expand its current 4,000 points of sale to 7,000 and add bets on more sports games along with soccer events.

Analysts have said it was positive that Inteltek was able to renew the contract but the fact it did so by offering a lower fee -- equivalent to 1.4 percent of the game's turnover -- would weigh on Intralot's results.

The contract is estimated to have generated revenue of about 1 billion euros last year, accounting for 20-30 percent of Intralot's net profit. (Reporting by Angeliki Koutantou; editing by Sue Thomas)