William Hill have sold their Italian sports betting venture to Intralot Italia for L4.4 million.
The joint venture between UK highstreet bookmaker William Hill and Italian Grupo Codere SA, named William Hill Codere Italia, was disposed of after a strategic review of the business’ activities. The new betting brands were originally set up to enter the horse racing and sports betting market in the country in 2006.
It has been reported that ditching the offline and online sports betting group will write off around L1million of the companies accounts. Further investment in the company seemed unfeasible after the cost of acquisitions in the Italian betting market made the long term returns unattractive.
William Hill and Grupo Codere are more confident about their Spanish venture, having opened up high street betting shops in eight locations in Madrid alone.