RESULTS PREVIEW
Daniel Stewart & Company has raised the target price for
888 Holdings from 124 pence to 135 pence ahead of Monday’s full-year results.
In a note to clients, James Hollins, an analyst with the firm, wrote that the bullish outlook for the online gambling operator’s business-to-consumer and business-to-business prospects contributed to the target-price boost, and that it remains a “key buy pick.”
“We are more bullish on the group’s B2B prospects and feel that our current estimates may represent insufficient potential growth from its embryonic B2B operations,” Mr. Hollins wrote.
The firm is forecasting an earnings before interest, taxes, depreciation and amortization of $53.3 million -- which would be 17 percent year-over-year growth -- and a slight decline in earnings before interest, taxes, depreciation and amortization margin due to increased operating costs.
EASTBOUND
On Thursday, Bodog Entertainment Group announced a brand license agreement with Haydock Sports Ltd. , an Asian online gaming operator.
The agreement gives Haydock Sports the ability to use Bodog’s brand for online gaming in Asia as well as access to its portfolio.
“Asia is not a market for the faint of heart, but we are absolutely confident that the fusion of the powerful Bodog brand and technologies with our infrastructure and expertise will be simply unstoppable,” said Ian Dunning, managing director of Haydock Sports and a former managing director of Victor Chandlers’ Asia team, in a prepared statement.
According to the companies, Haydock Sports has been operating in Asia since 2006 with an interactive gaming license in the Philippines.
LAUNCHING
Summit Points Store, Everest Poker’s new loyalty platform, launched on Thursday. Powered by Initial Rewards Ltd. , the online store features a full storefront design and technical integration.
“This is by far the most impressive project we have undertaken for one of the largest and most respected poker brands in the world,” said Lee Reuben, Initial Rewards director, in a company statement.
CONTINUED GROWTH
On Wednesday, Webis Holdings announced that it has traded in line with expectations for its 2009 third quarter with continued growth at betinternet.com and European Wagering Services.
Betinternet.com, the company’s online sportsbook, February launch of in-running betting has resulted in “significant growth in in-running turnover,” Webis said. Additionally, European Wagering Services, Webis’ pari-mutuel operation, showed a “strong improvement” with an increase in business through its link2bet.com site and its call centre channels.
“The board remains confident that the company’s much improved performance over recent months can be continued into the future,” said a company statement.
BLACKLIST TIES
Wikileaks, publisher of the Internet filtering blacklist that includes Betfair and other betting operators, has returned to the headlines after its German domain owner’s homes were allegedly raided earlier this week.
Technology Web site Ars Technica said that the Tuesday raid targeted the homes of Theodor Reppe, who holds the domain registration of Wikileaks.de.
“The raid appears to be related to a recent German social hysteria around child pornography and the controversial battle for a national censorship system by the German family minister Ursula von der Leyen,” said a Wikileaks editorial about the arrest.
NOT FILING
Magna Entertainment Corporation will not be filling its 2008 annual report or any quarterly reports with the U.S. Securities and Exchange Commission or the Canadian securities regulators, the company said on Thursday.
The racecourse operator said that no filings will take place while the company continues to operate under the U.S. Bankruptcy Code and that it is still undergoing a court-supervised restructuring process.
“In particular, the expense and effort involved in complying with annual and quarterly reporting requirements cannot, in the opinion of the company, be justified in light of (Magna Entertainment Corporation)'s current operational and financial situation,” said the owner of XpressBet, the national Internet and telephone account wagering system, in a company statement.