Paddy Power said it is confident of winning over Spanish punters with its range of sports betting products after teaming up with Reta to move into the market.
It believes Bilbao-based Reta, which reported a €7.3 million profit before tax in 2014, has all the ingredients to become the market leader in Spain and hopes to add to its future success.
Paddy Power will provide in running event creation, pricing and settlement for Reta.
This summer the Irish bookmaker signed deals with PMU in France and BCLC in Canada to continue providing sportsbook products in those markets, while it has a longstanding partnership with Niké in Slovakia.
Paddy Power’s head of B2B services, Cian Murphy, said: “It's very exciting to get to work with a dynamic and fast growing business like Reta.
“Xabier Rodriguez-Maribona and his team have built a great business which is well positioned to be a market leader within Spain and we are delighted to get the chance to add to their success.
“We are confident that Spanish punters will benefit hugely from the range of events and markets that we can offer them.”
Reta has staked €750 million since it was founded in 2008 and is aiming to be one of the key players in the Spanish betting market consolidation.
The firm’s CEO Xabier Rodriguez-Maribona said: “Our B2B partnership with Paddy Power is the next step to continue with our leadership in the retail channel in Spain and will for sure put our fast growing online product in the top positions.
“Reta and its regional partners are the multichannel reference of the Spanish market and we are constantly willing to improve our offer to attract new clients and improve the return for our shareholders and partners.”
Last month Paddy Power agreed to merge with Betfair.