{"id":13751,"date":"2026-08-11T10:59:29","date_gmt":"2026-08-11T09:59:29","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=13751"},"modified":"2026-08-11T11:05:48","modified_gmt":"2026-08-11T10:05:48","slug":"turkeys-horse-racing-reform-faces-a-conflict-of-interest","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2026\/08\/11\/turkeys-horse-racing-reform-faces-a-conflict-of-interest\/","title":{"rendered":"Turkey\u2019s Horse Racing Reform Faces a Conflict of Interest"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The new commercial structure applied to Turkish horseracing has come under scrutiny, as concerns are raised on a squeeze of commission fees, and conflicts of interest on ownership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This year will see a strategic shift for Turkish racing, as the sport looks to revitalise its commercial structure, with ownership of the pari-mutuel wagering system transferred to <strong>United Racing \u015eans Oyunlar\u0131.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">United Racing had secured a 10-year contract granted by&nbsp; the <strong>T\u00fcrkiye Wealth Fund (TVF)<\/strong> to manage a new pari-mutuel wagering system for the races\/fixtures of <strong>T\u00fcrkiye Jokey Kul\u00fcb\u00fc (TJK).<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.tvf.com.tr\/en\/home\">T\u00fcrkiye Wealth Fund <\/a>serves as the principal economic project of <a href=\"https:\/\/sbcnews.co.uk\/europe\/2025\/07\/30\/turkey-illicit-gambling\/\">President <strong>Recep Tayyip Erdo\u011fan <\/strong>and the <strong>AKP<\/strong> government<\/a>. Established in 2016, TVF controls a portfolio of strategic investments authorised by AKP including <strong>Turkish Airlines, T\u00fcrk Telekom, Turkcell, Ziraat Bank, Halkbank, BOTA\u015e Gas <\/strong>and<strong> TPAO <\/strong>infrastructure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2019, TVF took majority ownership rights of <strong>Jokey Kul\u00fcb\u00fc<\/strong>, on the mandate to overhaul and improve the economic performance and structure of the operating company of Turkish racing since 1950.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The arrangement has not seen Turkey privatize horseracing itself. The statutory rights remain under state control through TVF, while United Racing has been entrusted with operating the betting system and expanding its commercial reach.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seven months into the new regime, however, the transition is attracting scrutiny over whether its economics can deliver the growth promised for Turkish racing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Agent revolts&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A week of investigations by newspaper <em>Cumhuriyet<\/em> has highlighted the anger of betting agents under the concessions banner <a href=\"https:\/\/www.cumhuriyet.com.tr\/yazarlar\/murat-agirel\/at-yarisi-bahsinde-demiroren-ortakligi-2525504?\"><strong>Sanal Bayiler<\/strong><\/a><strong> <\/strong>feeling a big squeeze of United Racing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cumhuriyet, has reported that commissions paid to Turkish racing betting agents (online and retail) have been reduced from 4.5% to 2.5% without warning. Furthermore, retail venues selling TJK coupons have commissions cut by 6% to 5%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Agents have complained as to why United Racing was allowed to change terms without negotiations, with many questioning why racing coupons should be promoted at half-the-value to their businesses.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Concerns raised by agents reflect a longstanding challenge for Turkish racing: growing the overall betting market rather than simply redistributing existing customers between licensed agents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">United Racing operates a network of more than 2,000 physical agents. Its mandate is therefore not simply to administer an existing betting pool, but to increase the economic value of racing over the course of its 10-year agreement with TJK.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Demir\u00f6ren family strikes it rich\u2026 again&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commercial pressures have been accompanied by increased scrutiny of United Racing itself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Media exposes have raised questions about the company\u2019s ownership structure and reported corporate links involving <strong>Spine \u015eans Oyunlar\u0131<\/strong> and <strong>Four Leaves \u015eans Oyunlar\u0131<\/strong>, including interests associated with the <strong>Demir\u00f6ren<\/strong> family.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The development is likely to intensify concerns over the growing influence of the Demir\u00f6ren family via Turkish gambling, where its interests already extend to the <strong>Milli Piyango National Lottery<\/strong> and sports-betting operations through <strong>\u0130ddaa\/Bahis,<\/strong> giving the group significant exposure to Turkey\u2019s state-controlled gambling market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Ankarra, MP <strong>Sel\u00e7uk \u00d6zda\u011f <\/strong>submitted parliamentary questions concerning the award, highlighting reports that United Racing had been incorporated on 20 November 2025 with TRY1m ($22 200) in capital, shortly before assuming responsibility for betting operations at the beginning of 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6zda\u011f called for greater transparency regarding the selection process, competition considerations and the parties involved in the new structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further questions have concerned businessman <strong>\u00d6mer Onan <\/strong>and links to Platform <strong>\u015eans Oyunlar\u0131<\/strong>, which has been involved in the commercial rights surrounding digital and mobile broadcasts of Turkish racing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The overlapping interests have prompted questions over whether Turkey\u2019s new model risks concentrating too much of racing\u2019s commercial infrastructure among a limited number of parties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TVF retains ultimate control<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the involvement of private businesses, Turkish horse racing remains under state control.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The statutory rights to organise racing, operate racecourses and conduct pari-mutuel betting were transferred to the T\u00fcrkiye Wealth Fund for 49 years from January 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TJK, an association recognised as operating in the public interest rather than a state-owned corporation, continues to administer the sporting infrastructure of Turkish racing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The major change in 2026 was therefore the separation of betting operations from TJK.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">United Racing assumed responsibility for pari-mutuel betting under its TVF contract, with associated betting operations, customer relationships and certain employees transferred into the new structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reform is therefore better characterised as the outsourcing of Turkey\u2019s state-controlled horse-racing betting monopoly rather than the privatisation of Turkish racing itself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Growth is the acid test<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Political and ownership questions will continue, but the longer-term verdict on the restructuring will ultimately depend on whether United Racing can grow the economic value of Turkish racing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The operator has inherited a nationwide retail network, established digital agents and one of Turkey\u2019s longest-running betting products. Its challenge is to make that proposition relevant to a new generation of customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That objective makes the dispute surrounding agent commissions particularly significant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A reduction from 4.5% to 2.5% materially changes the economics for digital distributors expected to invest in technology, marketing, product development and customer acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Should agents respond by reducing investment, Turkey could find itself with a new operating structure competing over the same ageing pool of racing customers rather than expanding participation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For United Racing and TVF, the first meaningful benchmark will therefore be betting turnover.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The industry will want to see whether 2026 wagering volumes, customer numbers and digital engagement demonstrate genuine expansion against TJK\u2019s previous performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Until those figures become clear, questions will persist over whether Turkey\u2019s racing overhaul has laid the foundations for a larger market \u2013 or simply redistributed control and revenue within the existing one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The restructuring was intended to open a new commercial chapter for Turkish racing. Just seven months into the United Racing era, its mandate to deliver growth is already being tested by the economics, transparency and competitive structure of the market it inherited.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new commercial structure applied to Turkish horseracing has come under scrutiny, as concerns are raised on a squeeze of commission fees, and conflicts of interest on ownership. This year will see a strategic shift for Turkish racing, as the sport looks to revitalise its commercial structure, with ownership of the pari-mutuel wagering system transferred [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":8914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,1218,7,1,564,12],"tags":[16962,16960,16965,2927,3477,2419,15241,335,15473,14472,16964,687,16963,16969,16968,16966,62,10305,622,16967,16961],"class_list":["post-13751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-bookmaker","category-igaming","category-news","category-slider","category-sport","tag-bahis","tag-demiroren","tag-four-leaves-sans-oyunlari","tag-gambling-market","tag-gambling-regulation","tag-horse-racing","tag-iddaa","tag-licensing","tag-market-reform","tag-milli-piyango","tag-omer-onan","tag-online-gambling","tag-pari-mutuel","tag-platform-sans-oyunlari","tag-selcuk-ozdag","tag-spine-sans-oyunlari","tag-sports-betting","tag-tjk","tag-turkey","tag-tvf","tag-united-racing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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