William Hill is withdrawing from its year-old joint venture in Spain, its second withdrawal from southern Europe in less than a year.
The British bookmaker said its gradual withdrawal from its joint venture in Spain with Codere, called Victoria Apuestas, was due to regulatory barriers having made expansion too difficult.
The joint venture, named Victoria Apuestas, opened its first outlet in Madrid in April 2008 and now has 98 outlets in the Madrid and Basque regions.
William Hill said, however, that its plans to grow the business had been hampered by the slow granting of local regulatory consents and slower-than-anticipated regulatory changes within other regions.
A company statement read: ‘These factors, coupled with the difficult economic situation within Spain, were likely to lead to additional capital requirements and a delay in achieving William Hill’s target return for the venture’.The withdrawal from the joint venture is not expected to have an impact on William Hill’s expectations for 2009, the company said.
The termination of William Hill’s Spanish venture is its second withdrawal from southern Europe after the sale of William Hill Codere Italia, its Italian joint-venture also with Codere, to Intralot Italia last summer (more).
The bookmaker said it has decided to focus its international sports betting strategy on the internet via William Hill Online.
Categories: Breaking News
You can follow any responses to this entry through the RSS 2.0 feed. You can also leave a response, or trackback from your own site.
