Ladbrokes, the UK bookmaker, has entered into a joint venture with slot machine firm Cirsa Slot to develop a sports betting business in Spain.

The joint venture company will apply for the new betting licences being offered in Madrid following the recently passed decree for the regulation of betting shops.

Several other regions in Spain are also thinking of regulating betting and the company will be looking to those areas to secure licences to capitalise on a market that was worth around 29bn euros (£19.4bn) last year.

Christopher Bell, chief executive of Ladbrokes, said: “This represents another step forward in our international aspirations. In December we opened our first shops in Italy, now we have formed a joint venture with a market leader in Spain that gives us access to thousands of potential site operators.

“As soon as regulation allows, we are confident that the combination of Ladbrokes and Cirsa will build a strong business in Spain.”

Cirsa Slot is owned by the Cirsa Corporation – which owns 22 casinos and almost 100 bingo halls in Spain – and has a presence in around 70 countries. Details: www.ladbrokesplc.com