Ladbrokes, the UK gaming company, has announced that it will be moving into the Italian market by entering into a joint venture partnership with Italian betting firm Pianeta Scommesse.
Ladbrokes will secure a 51 per cent stake in the partnership for 1.3m euro (£0.8m, US$1.7m) and invest a further 100m euro (£68m, US$128m) to establish high street shops, non-dedicated outlets and internet and telephone betting operations in the country.
Roberto Righetti, chair of Pianeta Scommesse, said: “Ladbrokes is the perfect partner for us. With recent [Italian] government changes in taxation and proposed changes in licensing, now is a good time for a global player such as Ladbrokes to invest in the Italian market.”
Ladbrokes’ CEO Chris Bell added: “The proposed new licensing framework will see an expansion of the market and with the combination of Ladbrokes’ expertise in marketing, technology and operations and Pianeta Scommesse’s local knowledge, we will be well placed to benefit from the reforms.”
Ladbrokes has also recently announced its financial results for the six months ended 30 June 2006, which saw operating profit increase by 12.3 per cent from £151.3m from £134.7m – boosted by a strong World Cup – but saw only modest improvement from its retail outlets. Details: www.ladbrokesplc.com
