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The gradual withdrawal of bookie William Hill from its Spanish joint venture completed this week when it sold its 50% stake in Victoria Apuestas to its partner for 1 euro.
William Hill determined after a strategic review completed in May 2009 to pull out of Spain, where it had formed the Victoria Apuestas Joint Venture with Spanish company Codere Group.
The UK bookie decided that the slow granting of local regulatory consents, along with slower than hoped for regulatory changes in regions outside of Victoria Apuestas's Madrid and Basque heartlands, would make it difficult for the JV to achieve the necessary scale in the time frame originally envisaged by the company.
The company will now focus its international sports betting strategy on the internet via William Hill Online.
