Frank Bill Gets Number 40 -- Virginia Democrat Jim Moran became the fortieth co-sponsor of the Internet Gambling Regulation and Enforcement Act, introduced last April by Rep. Barney Frank, D-Mass.
Seeking Buyer -- The Times reports that Betfred, the United Kingdom's fourth-largest bookmaker, is understood to be considering a sale or private equity buyout as an alternative to its canceled £600 million flotation.
Profits This Time -- Bet24, one of four cogs comprising Scandinavia-facing Modern Times Group's online offering, has reported a third-quarter profit of 206,500 euros against a 814,000 euro loss during the previous-year period.
Tough Quarter for Boss -- In its third-quarter results, Boss Media reported operating profits and sales were down 34.6 percent and 11 percent to 1.27 million euros and 7.48 million euros, respectively. On the Stockholm Stock Exchange, shares in the company were down SEK 1.25, or 10.12 percent, to SEK 11.10.
Responding -- Responses to third-quarter KPIs from PartyGaming were, for the most, positive across the European papers and brokerages. The Financial Times said the company had made "impressive progress," though uncertainty remains with regard to its talks with the U.S. Justice Department and the 18 percent decline in real-money player sign-ups quarter-on-quarter . . . . Numis Analyst Richard Carter said " . . . Party's Q3 trading update should help to reassure investors and we would anticipate Party shares opening up higher this morning," and gave the shares a buy recommendation . . . .
Dresdner Kleinwort likewise gave the shares a buy recommendation, noting, "The group's core product, poker, importantly continues to grow and our forecast of 39 percent year-on-year growth in Q4 suggests poker is a long way from maturity" . . . . Deutsche Bank gave the shares a buy recommendation, reckoning there is "considerably more to come from the sportsbook" in the fourth quarter and 2008 . . . . Daniel Stewart Analyst James Hollins highlighted "the strength of the group's brands, leading poker network, full product suite and geographic footprint, as well as projected underlying net cash of $124.8 million" . . . . Hemscott said that while the online gambling market looks likely to continue its expansion, Party's results suggested a slower rate of take up, adding, "The stock does not look cheap enough to justify its potential risks."
Stock Watch -- On the LSE, PartyGaming remained unchanged at 31.25p, Sportingbet was up 1p to 49.75 and William Hill was down 8.50p to 603.50. In Stockholm, Unibet was down SEK 2.00 to SEK 206.00.