Close to Closure -- Bingo software supplier Parlay Entertainment said Friday that it had entered into a non-binding letter of intent for the sale of all its outstanding common shares to PEIC Acquisition Corp.. According to the proposed agreement, Parlay shareholders would receive CDN $0.95 per share, valuing Parlay at around £6 million. Leading negotiations for PEIC is Sportingbet founder and PEIC President Mark Blandford. PEIC is a wholly-owned subsidiary of Letton Investments Ltd., a Barbados-based group set up to invest in companies who operate in or are related to the I-gaming industry. The proposed investment would be PEIC's first in the I-gaming space.
Partners At Last -- As expected, William Hill said this morning that it had entered into a five-year deal with Turf TV for the provision of live coverage of all horse races taking place at those horse-race courses for which Turf TV has exclusive rights. The deal means that all 2,275 William Hill betting shops in the United Kingdom, Isle of Man, Channel Islands and Ireland will carry Turf TV broadcasts. "William Hill's decision to contract with Turf TV is extremely pleasing and its adoption of the Turf TV channel signifies a milestone in the development of our business," said Alphameric Chief Executive Alan Morcombe.
Solid H1 for IG Group -- U.K.-based spread-betting firm IG Group met forecasts with a 60 percent rise in first-half underlying earnings on Monday, but shares dipped 32.25p, or 8.22 percent, to 32.25 on concern that growth during the second half may slow. "Our [full-year] profit before tax forecast of £88 million assumes a sharp slowdown in H2 to just 2 percent growth," said analysts with Citigroup. IG reported EBITDA of £48.4 million for the six months ending Nov. 30, while profit jumped 63 percent to £48.2 million on revenue of £85.8 million. "Market volatility undoubtedly played a part in the growth," IG said in a prepared statement.
bwin's German Battles Continue -- According to German daily Stuttgarter Nachrichten, a Karlsruhe, Germany-based court ruled that bwin is allowed to accept wagers from customers in the state of Baden-Wuerttemberg. A spokesman for the Karlsruhe regional council told the paper that the state will appeal the court decision at the administrative court in Manheim, Germany.
Appointed -- Gextech Founder Mark Campbell has been appointed CEO of provider NetSurf Media.
Stock Watch -- On the LSE, 888 was down 2.75p to 139.25, London Capital Group was down 15p to 375.00 and Rank was up 3.50p to 89.00.