Victor Chandler a Hot Commodity
Gibraltar-based betting group Victor Chandler could go for as much as £450 million, according to a banking source, who added that I-gaming companies have been eying the Europe-focused gaming group since July when ex-BetonSports CEO David Carruthers was arrested in the United States. Many companies are now seeking to reduce their exposure to the U.S. market.
"PartyGaming paid about 10 times gross win for Gamebookers," the source said of Party's recent £69 million purchase."Victor Chandler's gross win is £45 million, so you could argue it is worth up to £450 million."
A Chandler spokesman said the company had received unsolicited attention but no firm bids.
A few major companies have been named as potential suitors for the privately-owned firm, including 888 (888.L). PartyGaming CEO Mitch Garber quickly quelled rumors that his company was in the hunt by stating that they have no interest in buying Victor Chandler.
Reporting
Boasting a 51 percent increase in revenues to $661.9 million in 2006, PartyGaming (PRTY.L) released interim results for the period ending June 30, 2006. The increase is compared to $437.4 million in 2005. Other highlights include an increase in non-U.S. revenues of 151 percent to $149.8 million, (compared to $59.8 million in 2005); EBITDA up 47 percent to $380 million (compared to $257.7 million in 2005) and EBITDA after share option charges and IPO related expenses up 74 percent to $340.6 million ($195.4 million in 2005).
"Our ability to adapt and innovate has ensured that we remain the clear market leader," CEO Mitch Garber said. "The recent additions of backgammon and an exclusively non-U.S. facing sports book should add momentum to our expanding international revenue base, assisted by the forthcoming launch of multi-lingual versions of our games and marketing initiatives in a number of new territories."
PartyGaming - Interim Results
Isle of Man-based Betinternet Plc (BET.L) is attributing a decrease in group turnover to the cessation in International Players Association activity, as announced in January 2005. The company's preliminary results for the year ended May 28, 2006 released last week show a decrease in group turnover to £67.6 million, down from £93.7 million 2005. Other highlights include a slight increase in sports book turnover to £57.5 million, compared to £47.9 million in 2005.
The company launched a new sports book platform in May 2006.
Betinternet - Annual Results