Betting boss Victor Chandler may have lost millions betting on Spanish property, but he expects his fortunes to turn as he becomes the first British bookmaker to obtain an internet gambling licence in Madrid.

Chandler, 58, who relocated his company to Gibraltar in 1999 to escape UK gambling tax, said: 'Madrid has the largest regional gambling market in Spain.

'We are close to gaining a licence, which will make us the first firm to open the doors to internet gambling in the region and allow us to advertise in Spain.'

The Madrid market alone is worth €250m (£215m). But talks this week may open all 17 of Spain's regional markets. The company is also looking to obtain a licence in South Africa.

Meanwhile, it is rumoured that Chandler is in talks to acquire a large UK sporting franchise. He declined to comment.

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Source: this is money