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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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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