Playtech has announced that it has entered into a licensing agreement with well known European land-based operator Casino Grand Madrid.

As part of the agreement, Playtech will supply casino and poker items from its iPoker Network as CGM prepares to launch an online casino.

"Our agreement with Playtech strengthens CGM's leading position in the Spanish casino market," said Jorge Casanova, CGM's director of information systems.

"With our casino brand and games available online we are delighted to be leading gaming development in Spain through Playtech's innovative, secure and transparent system."

Playtech echoed the sentiments of CGM's director of info systems.

"We are delighted to have secured this agreement with one of Europe's largest and most respected land based operators," said Playtech CEO Mor Weizer.

"We expect this to be a significantly value accretive relationship, exemplifying our strategy to increase the number of regulated markets in which we operate."