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Betbull Pursues Spanish Market

22 Sep 2006

LONDON, England – (PRESS RELEASE) -- betbull plc ('betbull')- an established Continental European retail bookmaking group - signed yesterday a Joint Venture agreement with Grupo Orenes ('Orenes') - one of the top Spanish leisure and gaming groups - to jointly pursue licensed retail betting opportunities in Spain.

The Joint Venture, which is a 50/50 venture of equal shareholding, capital investment and profit share commits both companies to actively pursuing licence applications in all provinces of Spain as liberalization unfolds. The agreement will last for a minimum period of 5 years. The rationale for the Joint Venture is to combine betbull's proven retail betting expertise with Orenes' in depth knowledge of the Spanish leisure and gaming market. Betbull and Orenes have already agreed on a broad business plan detailing their proposed development of retail betting throughout Spain, using their respective know-how and expertise. Budgets and detailed business plans will be agreed and committed to on a province by province basis as liberalization progresses.

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