LADBROKES has agreed to sell its Italian retail betting and gaming business Itali for €5.25m (£4.61m).
Italian gaming group Cogetech will take over the business after its cash offer.
In 2009 the Italian retail business made a loss of £9.9m and at 31 December 2009 the carrying value of the business was £26.7m.
The Italian retail business consisting of its head office in Milan, 82 shops.
Ladbrokes decided to quit the Italian market in August last year after revenues failed to meet expectations.