Spanish Market Pursued by Online Casino
28 Sep 2006
It seems that the Spanish market is welcoming online casino sites to its homes more and more every day. This explains the recent signing of a joint venture agreement among an online casino bookmaking group and a leading Spanish leisure and gaming group. The companies have agreed to mutually pursue licensed retail betting opportunities in Spain. The joint venture, which is a 50/50 venture of equal shareholding, capital investment and profit share, commits both online casinos companies, as liberalization takes place, to actively pursue license applications in all provinces of Spain.The agreement will last for a minimum time frame of 5 years. The rationale for the joint venture is to combine the online casino company's proven retail betting expertise with the gaming groups' in depth knowledge of the Spanish leisure and gaming market. The two companies have already agreed on a broad business plan explaining their proposed development of retail betting throughout Spain. They have agreed to use their respective know-how and expertise. Budgets and detailed business plans between the online casino group and the leisure gaming company will be committed to on a province by province basis as liberalization progresses.
With this new venture, it will be interesting to see how the online casino industry will affect and touch the Spanish market and its online casino fans. Only time will tell if this venture will prove to be lucrative and successful, both for the companies involved and for the online casinos fans playing on their sites.
