While new Italian gambling laws plus high turnover during the FIFA World Cup have spelled success for most land-based and online sportsbooks in Italy, the reverse is true for Leisure & Gaming’s Betshop business.
Betshop was forced into a position of bankruptcy due to defaulted loans, and mother company Leisure & Gaming has sold the Italy-based company to Spanish gambling interest Grupo Pefaco for €5.3 million ($6.86 million). Betshop has had a bad patch throughout 2010 due to poor margins in sports betting and was prohibited from trading shares in May.
No word from Grupo Pefaco as though whether they will some day expand Betshop into Spain in order to further the brand or will maintain the Italian operations. Ironically in terms of online gambling, a Grupo Pefaco can make more money legally aboard: current Spanish gambling laws are in a gray area, while regulatory framework for online casinos in Italy and the like allows licensed companies to provide gambling.