- Online sports betting and gaming group Sportingbet has formed a joint venture with First International Bookmakers Company, Russia's second-largest licensed bookmaker, which trades under the Liga Stavok brand.

Under their five-year partnership deal, the companies will establish a Russian online sports betting offering. Sportingbet will be the sole provider of online services.

Liga Stavok has an exclusive betting partnership with the Russian Football Premier League and is expanding at a rate of 25 new outlets a month.

Sportingbet said the fast-growing Russian sports betting industry had an estimated turnover of $1.8bn a year.

CEO Andrew McIver said,'This partnership is a perfect fit with Sportingbet's strategy to build geographical diversity through new markets, working with the highest-quality partners where appropriate.'

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