Ladbrokes Bets on Italy

As reported by the U.K. Times: "Ladbrokes, Britain's biggest bookmaker, is to take a punt on the Italian market through a €100 million (£68 million) joint venture, but has postponed a decision on entering America following the indictment of BetOnSports.

"The group, which in February gained its independence through the sale of the Hilton International hotel chain, has signed a partnership with Pianetta Scommesse, an Italian betting company, to make Ladbrokes an accredited operator.

"The move is the first step in a planned investment programme of about €100 million in Italy over five years by Ladbrokes, focusing on high street shops, betting kiosks and internet and telephone operations.

"The venture, for which it has paid €1.3 million for a 51 per cent stake, comes ahead of the expected deregulation of the Italian gambling market. The British company has an option to buy out its partner"

2006-08-25