19 February 2010
Olswang has advised long-standing client, Ladbrokes plc, on its establishment of a joint venture with KaiRo International Group to target the South African betting market through the launch of an online Sportsbook. The joint venture company has made a licence application to the Western Cape Province of South Africa and, subject to its approval, the new online service will launch later this year using the domain name www.ladbrokes.co.za.
KaiRo International Group currently operates casinos and electronic gaming rooms throughout Africa, and is also the marketing partner for Ladbrokes.com throughout the continent.
Olswang was able to combine its corporate expertise with its in-depth knowledge of the gambling sector to deliver this transaction against a challenging legal background in South Africa for overseas investors wishing to set up a trading operation.
Commenting on the deal, Jonathan Adelman, General Counsel of Ladbrokes said: "Planning and implementing a joint venture in an overseas jurisdiction always brings with it certain challenges, but Olswang and Webber Wentzel were able to guide us through the process well in advance of the World Cup this summer".
David Zeffman, Commercial Partner and Head of Olswang's Gambling Practice, commented: "We were delighted to assist Ladbrokes with this project and look forward to following the progress of the new operation in South Africa in what will be an exciting and rapidly developing betting and gaming market."
The Olswang team was led by David Zeffman assisted by corporate senior associate, Rob Willis, and associates Simon Bernholt (Commercial) and Simon Armitage (Corporate). The Ladbrokes legal team was led by Joe Johnson (Senior Counsel).
