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U.K. gambling giant William Hill selling Italy betting business

U.K. gambling giant William Hill selling Italy betting business One of the largest online and offline gambling company in the U.K., William Hill, is selling its share of the Italian sports betting business. After just 18 months in the Italy's betting and gambling market, William Hill has agreed to sell its joint venture with Spanish gaming firm Cordere to Turkish rival Intralot for €5.5 million. The British bookmaker will also write off  £1 million as it exits the Italian betting market. According to reports, William Hill remains committed to its joint venture in Spain with Cordere, which trades as Victoria.

 The move is sure to displease investors, as it comes just six months after William Hill was forced to write off £26 million as it abandoned an in-house betting software development program. The bookmaker also said that is planning to overhaul William Hill's underperforming online poker operation, which has struggled to increase player numbers. The gambling software provider for Will Hill is CryptoLogic, but an exclusive deal between the two comes up for renewal at the end of the year. The U.K. bookmaker is considering switching to one of a handful of poker network providers that are increasingly dominating the industry, offering hundreds of millions of dollars in prize money every month. At this time no further details have been released concerning the poker software switch.

 Published on 07/03/2008

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