Global Interactive Gaming, ISWI wholly-owned subsidiary, signed an agreement to provide Ladbrokes eGaming with software and services to offer integrated play-by-play betting throughout the course of a sporting event.
Under the agreement, which is for an initial 18-month term and covers football, cricket, golf, tennis, rugby, basketball, American football, snooker and darts, the betting markets will be offered on the internet in multiple languages and the bets will be accepted in multiple currencies, while the future deployment across mobile phone and interactive television is being evaluated.
In separate news, The Guardian reported that speculation that Ladbrokes Chief Executive Chris Bell is considering a takeover approach for 888 Holdings, the Gibraltar-based internet casino and poker firm, returned yesterday.
The bookmaker announced on Thursday its intention to review the policy of not taking bets from US citizens. 888, which is run by former Ladbrokes executive John Anderson, is heavily reliant on the US market for revenues but will not take sports bets from American punters as they are seen as more legally questionable than gaming-related bets.
Elsewhere, Morgan Stanley analysts issued a research note suggesting Ladbrokes may need to demonstrate a more aggressive growth plan to avoid future downgrades should speculation about a private equity bidder fade and the business\’s lacklustre performance continue. One way the group may look to step up future growth would be through a move into the US.
Morgan also warned investors away from share price ratio comparisons, which are distorted by Ladbrokes\’ upcoming special dividend. An expected one-off £15m earnings windfall from the World Cup also potentially clouds valuations, they added. Morgan Stanley estimated Ladbrokes was worth £3.4bn, giving a fair value target price of 370p. The investment bank gave Ladbrokes an equal-weight rating.
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