BUZZ-Betsson: brokers don't see Turkish delight at Q3 results
** Comments from Swedish gaming company Betsson over its Turkish exposure likely to be closely watched when the company reports Q3 results, expected Friday
** Turkey, where Betsson (LSE: 0RGV.L - news) has a relationship with Realm Entertainment, announced an aggressive crackdown on gambling in July. Link: http://bit.ly/2ux1l5Y
** Betsson's CEO Ulrik Bengtsson abruptly departed in September with trade media claiming he fell out with the board over its Turkish business. Link: http://bit.ly/2iTObOs
** Broker Berenberg initiated coverage of the company on Oct (Shenzhen: 000069.SZ - news) 3 with a "sell" rating, saying hopes the company may be taken over are unlikely given its Turkish exposure (c. 10 pct sales) and regulatory changes in the Netherlands (8 pct sales)
** The other broker with a "sell" recommendation on the stock, Danske Bank (LSE: 0NVC.L - news) , has also flagged the risk of Betsson's Turkish exposure to clients
** Shares (Berlin: DI6.BE - news) out on loan, an indication of short interest, have near-trebled to 7 pct since April, according to Markit (NasdaqGS: MRKT - news) data
** Hedge funds Bodenholm, Citadel and Egerton Capital all have open short positions in the stock, according to regulatory filings
** In a statement before Betsson entered its close period, a company spokesperson said Betsson itself did not offer games to Turkish players, and Realm Entertainment, while accepting Turkish players, was licensed in Malta
** Turkish crackdown has implications for other gaming companies
** GVC's Turkish exposure was cited as a reason for the failure of its attempt to take over rival Ladbrokes Coral (LSE: LAD.L - news) . Link: http://bit.ly/2xvalsQ
** Berenberg says GVC's Turkey business makes up 13-14 pct of EBITDA and is its "main business risk"