The UK trading sports betting group, Ladbrokes, entered into a joint venture with a local South African casino operator in order to get a foot in the door ahead of this year’s World Cup. The soccer extravaganza is set to kick off in June and Ladbrokes’ partnership with KaiRo will see it placed in a strategic position.
The companies will apply for a license through South Africa’s Western Province gambling board.
“We look forward to the launch of Ladbrokes.co.za as a licensed and regulated service in South Africa,” said Christopher Bell, the Chief Executive of Ladbrokes. “This is an opportunity to capitalize on a developing market.”
The joint venture, which will see a 60:40 share split, will allow Ladbrokes to advertise its betting services on South African television and other media outlets.
Ladbrokes recently launched a new sports betting site that promises in betting and live streaming of thousands of events a year.
“The directors of KaiRo are proud to have signed the agreement with Ladbrokes and are looking forward to bringing one the world's leading betting brands into the South African market,” said the Managing Director of KaiRo, Mustafa Koç.
KaiRo enjoys the status of marketing partner for Ladbrokes.com and knows the brand well. The new joint venture should therefore launch smoothly in the busy South African gambling market, which has seen a number of new entrants such as Victor Chandler and 888 Holdings in the past year.