Ladbrokes to launch French JV

LONDON (Reuters) - The country's biggest bookmaker Ladbrokes Plc (LAD.L) has signed a conditional joint venture agreement with Groupe CANAL+ (CNLP.PA) to launch an online betting and gaming service in France, it said on Thursday.

The new service, Ladbrokes first move into the French market in its 124-year history, is set to launch this year subject to competition clearances.

"We believe that there is an opportunity to build a good business in France over time as the market and regulation develop," said Ladbrokes' managing director of remote betting and gaming John O'Reilly.

Under the 50:50 joint venture, Ladbrokes will provide its betting and gaming knowledge and technology, while premium pay TV provider CANAL+ will provide access to media, brand, potential consumers and its experience of operating in the French market.

Each company will provide 2.25 million euros (2 million pounds) as initial funding for the venture.

Shares in FTSE 250 Ladbrokes were down 0.5 percent at 157.5 pence at 9:10 a.m. British time, slightly outperforming the 0.9 percent decline in the FTSE 250 .FTMC, while CANAL+ was down 0.4 percent.

(Reporting by Julie Crust; editing by Mark Potter)