Casinos.co.uk: Casino News Archive
Tuesday 8th July 2008
Intralot Purchases William Hill Codere Italia
Greek lottery system supplier Intralot has bought William Hill Codere Italia for $8.68 million as part of its plans to strengthen its position in the Italian market.
William Hill Codere Italia was a joint venture established by Britain’s William Hill and Spain’s Grupo Codere in 2006 and the purchase will see Intralot add a further 55 outlets for horseracing and sportsbetting in Italy alongside expanding into the north of the country.
Intralot is the world’s second largest lottery systems provider while its Italian unit had 416 exclusive point-of-sale licences and a further 164 non-exclusive permits to operate in the country before the purchase. Already one of the top three gaming companies in Italy, Intralot is also present in 44 other nations and operates sportsbetting services in twelve.
William Hill revealed that the number of retail betting licences the joint venture won was insufficient in scale to provide long-term returns while the cost of acquisitions within the Italian regulatory framework made further investment unattractive. It stated that the sale would result in a write-off of $1.57 million in its interim accounts for the year after accounting for operating losses in 2007 and the date of disposal in 2008.
William Hill announced that the sale does not include the use of its name in Italy and that it would carry on with its Spanish joint venture with Grupo Codere.
Source:OnlineCasinoNews
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