British bookmarker William Hill and Spanish operator Grupo Codere have sold their embryonic Italian joint venture business to Intralot, the Greek lotteries and betting company.
William Hill Codere Italia was set up as a joint venture to enter the Italian horse and sports betting market following a tender process in the country in 2006. Yet while over 12,000 licences were issued in that year, the group was awarded just 57.
William Hill said the sale followed a strategic review of WHCI within the Italian sports betting market. "The number of retail betting licences won by WHCI was insufficient in scale to provide an attractive long-term return," the company said in a statement.
"Options to grow within Italy through the acquisition of either existing or new licences were explored, but the cost of acquisitions within the existing regulatory framework in Italy made further investment unattractive."
The gross consideration agreed for the sale is €5.5m, which will be shared equally between William Hill and Codere.
The companies said they remain committed to their joint venture in Spain, which trades as Victoria and currently operates eight locations in Madrid.
