Launched -- In conjunction with local partner and Italian market specialist Cogetech, 888 announced the debut of its online sports book in Italy. Click here to view the full story.
Battered -- By last week's profit warning, and before that the U.K. Gambling Act and smoking ban, shares in Rank Group today were up 0.25p to 110. In a research note published Monday, Dresdner Kleinwort downgraded Rank shares to sell from hold. "The key issue is the material drop in high margin machine income, which, linked with the significant operational gearing of the overall business, has a disproportionate impact on [earnings before interest and taxes (EBIT)]," it said. Moreover, the group estimates that the eventual impact of the smoking ban and loss of s21 machines "could wipe 55 percent off bingo EBIT," significantly more than its initial 33 percent forecast. Analysts have further reduced Rank's target share price from 160p to 105.
Pardoned -- By certain elements of the British media, Rank has nonetheless seen September revenue fall by 19 percent. "To be fair, Rank's problems, on this occasion, are really not of its own making," allows the Independent. "It has taken a nasty kicking from a Government which appears happy for people to get into real trouble gambling online while making it tough for those operating casinos/bingo halls to keep the ordinary bingo fan happy. But that is no good news for investors, and the rule of thumb is that things usually get worse before they get better after a profit warning."
Granted -- To senior management and key employees of Unibet, 180,117 share options exercisable between Nov. 1 and 15, 2010.
Partnered -- With Logic Empire, Ethoca has agreed to supply the skill gaming company with its data sharing services. "Ethoca's collaborative fraud management service enhances our fraud management system by allowing us to benefit from the fraud experiences of other companies across a number of industries," said Logic Empire COO Gilad Liran.
Acquired -- With the permission of its supervisory board, Fluxx AG purchased 2.5 million shares (25.4 percent of the voting rights) in horse betting specialist Sportwetten.de AG (Sportwetten). In a second, separate announcement--also released today--the company said it would submit a takeover proposal to Sportwetten shareholders. Under the proposal, Fluxx is to pay 1.05 euros, cash, per share, valuing the deal at 11.35 million euros. The company said that the proposal, if accepted, would strengthen "its market position in the field of horse betting."
Stock Watch -- On the LSE, 888 was down 1p to 114.25, PartyGaming was down 1.50p to 28.75 and Neteller was down 1.75p to 74.50.