A 50:50 joint venture agreement has been signed between the world’s biggest bookmaker, Ladbrokes, and Spain’s leading slot machine company, Cirsa Slot. The JV company will apply for the betting licences being offered in Madrid, where last month a decree was passed to allow for the first time dedicated betting shops and non-dedicated betting kiosks. Applications for the 5-year renewable licences are likely to be requested later this month.

Some of Spain’s other regions are also considering regulating betting and the JV will work to secure licences in those places also. The Spanish betting market was worth €29 billion (US$37.7 billion) last year. Cirsa Slot accounts for 9% of the Spanish slot machine market, servicing over 15,000 food and beverage outlets with gaming areas and 90 arcades. Ladbrokes already operates in the UK, Ireland, Belgium and Italy.

Pablo Alcalá, Director of Cirsa Slot commented: “Sports betting is set to become an increasingly mainstream activity in Spain and 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.”

Christopher Bell, Chief Executive of Ladbrokes plc commented: "This represents another major step forward in our international aspirations. In December we opened our first shops in Italy and successfully tendered for new licences. Now we have formed a JV with a market leader in Spain that gives us access to a network of thousands of potential site operators.”

Cirsa Corporation, of which Cirsa Slots is a subsidiary, has a presence in 70 countries and in Spain supplies daily service and support to over 25,000 outlets. Ladbrokes is one of Europe’s leading telephone betting operators and Ladbrokes.com, with customers from 200 countries, is in the process of expanding into China with a consultancy partnership. Ladbrokes was recently awarded 142 new betting licences in Italy. The two companies will be hoping that Ladbrokes’ vast betting experience together with Cirsa’s local knowledge will lead to a winning combination in the Spanish gaming market. (E-01.08.07)

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