UK bookmaker William Hill and Spanish gaming operator Codere have pulled out of Italy, selling their 55 retail betting licenses to Intralot.

The deal, valued at €5.5 million, includes the joint venture’s Internet operations.            

Greek lottery giant Intralot already owns more than 400 betting licenses in Italy, about one-third of all the licenses the former government granted back in 2006 in an effort to shore up the country’s troubled national finances. Intralot is one of the three largest gambling operators in Italy.            

Hills said 55 licenses were too few to make the partnership viable.  “Options to grow within Italy through the acquisition of either existing or new licenses were explored, but the cost of acquisitions within the existing regulatory framework in Italy made further investment unattractive,” the company said in a statement.            

The bookmakers said the partnership remains committed to its business in Spain, which includes eight retail betting locations in Madrid.            

Proceeds from the sale will be shared equally between William Hill and Codere. Hills, however, will take a write down of approximately ₤1 million to cover operating losses.