Ladbrokes Extends Sports Betting Into Spain

Ladbrokes, the leading European betting and gaming group, has announced a 50/50 Joint Venture Agreement with Cirsa Slot of Spain to develop a sports betting business in that country.

The deal means that the joint venture company will apply for the new betting licences being offered in Madrid where a new decree was passed in December 2006 regulating dedicated betting shops, non-dedicated betting kiosks (bars, arcades and bingo halls) and remote betting (telephone and internet) for the first time. Applications for the licences, which initially last five years but are renewable, will be submitted to the Madrid regional government when requested, likely to be by mid-January.

The Ladbrokes/Cirsa Slot joint venture will also work to secure betting licences in other areas of Spain that are also considering regulating betting for the first time. Several of the other sixteen regions of Spain are believed to be actively considering similar betting regulation.

According to a report by Media Entertainment Consulting Network in 2006, the Spanish gambling market was worth around €29,000,000,000 last year.

Christopher Bell, Chief Executive of Ladbrokes plc said:

"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 Alcala, 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."

Ladbrokes is the world's biggest bookmaker, with operations in the UK, Ireland, Belgium and Italy.

Cirsa Slot is the leading slot machine company in Spain. 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. The company is a division of CIRSA Corporation, which owns and operates casinos, arcades and bingo halls throughout the country.

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