Sports betting gets go ahead in Madrid

3rd April 2008, Comments 0 comments

Joint venture between Codere and William Hill has been granted a licence by Madrid gaming authorities and will begin taking sports-related bets within the next few days.

3 April 2008

MADRID - Victoria Apuestas, the joint venture between Spanish gaming group Codere and the United Kingdom's second-largest bookmaker William Hill, has been granted a licence by Madrid gaming authorities and will begin taking sports-related bets in the capital within "the next few days," according to William Hill representatives.

The joint venture company will house its first betting hall in Madrid's Bingo Canoe this week, and will add around 70 outlets throughout the capital during this year.

The company also hopes to create at least 300 jobs in the first three years of operation.

Codere president José Antonio Martínez Sampedro and William Hill general manager Ralph Topping jointly expressed satisfaction at having been granted permission to launch immediately as well as their "very high expectations" for bringing sports betting installations to Madrid.

In October 2007, Codere received the authorisation to start betting operations in the Basque Country, the only other region in Spain where it is legal. When the first wager is placed in Madrid, Victoria will be the only company with activity in both areas.

In 2006 William Hill and Codere were granted European antitrust approval for their joint venture proposal, and later created Victoria with initial investments of EUR 10 million from both sides.

[El Pais / K.R. / Expatica]

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