Ladbrokes Spanish venture
British gambling company Ladbrokes has agreed a joint venture with Spanish slot machine company Cirsa Slot as they seek to expand their European operations. The news follows Ladbrokes’ successful launch of betting shops in Italy last month.
Cirsa Slot is one of the leading slot operators in Spain, holding a nine per cent share of the market. They have over 90 arcades, with slot machines in over 15,000 venues. The company is also part of CIRSA Corporation, which runs casino and bingo halls throughout the country.
The venture will apply for a licence in Madrid later this month, which will be valid for five years. Ladbrokes say they expect to hear if the application has been successful in the first quarter.
The Spanish market is worth £19 billion according to Ladbrokes, with that figure likely to grow steadily over the next few years as the popularity of gaming in Spain seems destined to climb.
“Sports betting is set to become an increasingly mainstream activity in Spain,” said Cirsa Slot director Pablo Alcala.
“We believe that this joint venture builds on the strengths of both companies - Ladbrokes with over 100 years experience in betting and Cirsa with its massive presence in the Spanish market.”
Ladbrokes will also continue to look for more opportunities across Spain as many other regions across the country look into relaxing their gambling regulations.
"We have formed a joint venture with a market leader in Spain that gives us access to a network of thousands of potential of site operators," Ladbrokes said.
Editor, Jackpot.co.uk - 2007-01-08 10:54:24