Ladbrokes is setting its sights on French bettors and setting them high. The world’s largest online bookmaker has formed a joint venture with French TV giant Canal+, which is the biggest premium pay television provider in France and operator of the Canal+ Sport channel.
This is Ladbrokes’ first move into France and is scheduled for launch later this year after a revision to egaming regulations from French parliament, which will open up the French sports betting market to competitors. The deal is supervised by Ladbrokes managing director of remote betting and gaming John O’Reilly.
“Canal+ is a brand that is synonymous with sport in France,” O’Reilly said. “We believe that there is an opportunity to build a good business in France over time as the market and regulation develop.”
Canal+ has a stronghold in France. It is the leading premium broadcaster in the country and leading distributor of pay TV offers. It boasts €4.5 billion in revenue and 12.5 million subscriptions, 10.8 million of which are in France. Former employees include Mangas Gaming new vice chairwoman Isabelle Parize and new chief executive Nicolas Beraud, the founder of BetClic.
The site has yet to be named under the association of Canal+, but will provide access to media content, its brand and operating experience in the French market. Each partner in the joint venture has agreed to provide €2.25m of initial funding. Ladbrokes has agreed to not operate any other egaming business in France for as long as it is a shareholder in the company and two years thereafter.