Spain's Newly Licensed Sportsbooks Open for Gambling
Spain has long been a hotbed for gambling, and now that legal sportsbooks have come to the country, business is expected to be booming. William Hill, the famous British bookmaking firm, has joined with Spanish gaming company Codere to open the first sportsbook, in Madrid this week.
Spanish gamblers already bet an average of over $1000 per adult in the country each year, and the increase in wagering due to the availability of legal soccer betting is estimated to rise to almost $60 billion by 2010.
Spain is known to bet more than any other country in Europe, a fact that should only be reinforced by the new sportsbooks operating.
The Spanish Christmas lottery, run by the state, awarded over $3.5 billion last December, qualifying as the world's biggest lottery draw.
Spainards will also have the opportunity to wager on television shows and competitions like "American Idol", although betting on politics and religion is still illegal.
William Hill may be the first foreign operator to open, but several others are racing to set up shop. Greek bookmakers Intralot and a partnership between British Ladbrokes and Spanish Cirsa have both been licensed, and Austrian companies are negotiating to enter the new market.
Considering the Spanish love of futbol and its equally powerful affection for gambling, the new sportsbooks seem destined to enjoy highly successful business.
