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Ladbrokes sells its Italian interests to Cogetech
4/12/10 - Whilst most companies have been piling into Italy's burgeoning online gambling market, Ladbrokes was this week extricating itself by selling off its Italian retail betting and gaming business to an affiliate of Italian gaming group Cogetech for about Euro 5.25 million in cash.
The price is subject to adjustment based on the actual net financial position of the business at the time of completion of the sale, and any proceeds will be used to pay down debt.
Part of the agreement is that Cogetech will assume responsibility for about Euro 18 million of guarantees currently provided by Ladbrokes.
Ladbrokes said it took the decision to exit the Italian retail market last August, and that it was motivated by revenue growth being below expectations, increased competition in the market place, and the high level of further investment required to achieve critical mass.
In 2009 Ladbrokes' Italian retail business made a loss of GBP 9.9 million and at 31 December 2009 the carrying value of the business was GBP 26.7 million.
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Asia Gaming To Showcase Live Dealer Action -
Asia Gaming will be practically demonstrating its live dealer baccarat at the ICE show next month. The Asia-facing online gambling provider is on the expansion trail and intends to make a big impact at the expo and conference in London.
2017 Aussie Millions Event 6 -
Heads up, Boivin faced local pro Joel Feldman, but the Aussie proved to be no match for an on-fire Boivin who dispatched him with the runner up prize of A$78,440.
2017 Ice Totally Gaming -
Next month's ICE Totally Gaming conference and expo will again be a truly international affair, following confirmation by organizers Clarion Gaming that a total of 67 jurisdictions and sovereign states will be represented on the show floor at ExCeL Centre, London.
IGT in 7 Year Deal With Svenska Spel -
#IGT , as legacy #GTECH , has been providing video lottery products and support services to the state-owned monopoly Svenska Spel since 1996, the statement reminds readers.
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