08-01-2007 Ladbrokes enters Spanish betting market

The UK bookmaker has established a 50:50 joint venture company with Spanish slot operator Cirsa Slot to develop a sports betting business in Spain. The joint venture company will apply for the new betting licenses in Madrid and in other areas of Spain that are also considering regulating betting for the first time.

Christopher Bell, Chief Executive of Ladbrokes, 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. As soon as regulation allows we are confident that the combination of Ladbrokes' vast experience and expertise in betting and the local knowledge and operational capability of Cirsa will build a strong business in Spain."

Pablo Alcalá, Director of Cirsa Slot, said: "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."

In other news, Noam Lanir acquired another 5.5m shares in Empire Online for £2.34m, increasing his total stake to 34.5 per cent of the issued share capital.

Betbrokers announced a deal with identity management specialist GB Group to use its URU web-based electronic identity verification service. Chairman Wayne Lochner said that the independent betting brokerage was now fully compliant with the UK’s Know Your Customer (KYC) guidelines and the Financial Services Authority’s money laundering rules. Richard Law, Chief Executive of GB Group, commented: "Betbrokers is a great example of a pioneering gambling company that is making it as difficult as possible for people to use its services illegally, while keeping a firm eye on protecting its customers and shareholders."

Betex, the specialist China lottery business, has granted options over a total of 150,000 ordinary shares of 1p each, with an exercise price of 38.5 pence per share, to its directors in order to continue to motivate and provide them an incentive for their future involvement and commitment to the company.