Britain’s biggest bookmaker is betting on the Italian market being the next big thing on the European gambling scene, as Ladbrokes has announced a deal to set-up shop in Italy.

The move comes ahead of what is expected to be a deregulating of the Italian gambling market, with Ladbrokes paying €1.3 million for a majority stake in a partnership with domestic betting company Pianetta Scommesse. The move makes Ladbrokes an accredited operator within the county, and is but the first step in a five-year plan focusing on establishing betting kiosks, high street shops, telephone and internet operations. Over that time frame, Ladbrokes is expected to invest approximately €100 million (£68 million).

Already the Irish Republic’s largest bookmaker with 165 shops, Ladbrokes also features another 299 in Belgium. The expansion to Italy mirrors other international moves made previously by the company, including China and Russia, with bids still active in a sports betting venture in Vietnam along with another bid on a co-venture with Intralot in Turkey.

As part of the latest move, Ladbrokes similarly announced a decision to postpone a move into the United States’ market given the recent BetOnSports indictments. Chief executive Chris Bell said the company has refused to accept any sports bets from American residents in the interim, and is cautiously approaching the possibility of presenting poker and casino games to the U.S. “It remains a wait-and-see situation,� Bell told the TimesOnline. The sentiment was also echoed by John O’Reilly, Ladbrokes e-gaming division head, adding it was unlikely the company would move its poker and casino operations to Britain next year following their legalization through passage of the Gaming Act.

Through June 30, 2006, Ladbrokes has reported a 12.3 percent rise in operating profit to £151.3 million, with an almost equal-rise of gross win percentage during the time frame (12 percent) to £523.1 million. During the recent World Cup, is ranked neck-in-neck with rival William Hill with £17.5 in profit during the tournament, owing in large part to a series of draws late that erased a “dreadful� run of results in the middle portion.

- Rex Harris