Vegas & The Aftermath - Diary

[tikay]

This old chestnut floated to the surface again yesterday......

Ladbrokes confirms talks with 888 despite fears over US 'poison pill'! 

SHARES in online gambling group 888 surged yesterday after it confirmed it was in talks with Ladbrokes over a possible takeover by Britain's largest bookmaker.
Both companies confirmed they were in very preliminary discussions, but spokesmen said they had nothing to add.

The two companies held talks four years ago, but these were aborted because of Ladbrokes's concerns over the threat of possible retrosADVERTISEMENTpective legal action in relation to 888's activities in the United States before the online gaming industry was outlawed in that country in 2006.

Online gaming rivals such as PartyGaming and Sportingbet have reached settlement with the US department of justice to give them immunity from prosecution, but 888 has not so far done so.

Industry executives and City analysts said this could still scupper a takeover this time. "This may be a barrier to a bid," Richard Taylor, leisure specialist at Liberum Capital, said.

An online gambling industry executive said: "The deal does make sense from Ladbrokes's viewpoint because the 888 platforms are good. It would be a case of Ladbrokes gaining proven technology.

"But the financial difficulty about a bid is what does Ladbrokes value the 888 shares at as the company has not yet settled with the department of justice? It is an overhang on a deal that otherwise probably makes quite a bit of sense."

Shares in 888, which had lost two-thirds of their value since January, closed up 18 per cent or 8.75p at 57.75p.

Simon Davies, an analyst with Collins Stewart, said a price of 70p would probably be well received by 888 shareholders, but also expressed concerns over the spectre of American litigation.

"We believe a 70p offer should be a slam dunk for (888] investors, but see significant regulatory risk to a successful transaction given that 888 has not procured a non-prosecution agreement with the US department of justice, which represents a potential poison pill," Davies said.

The latest potential deal in the online gambling sector follows the merger of PartyGaming with bwin in August, and would represent the first inorganic corporate activity by new Ladbrokes chief executive Richard Glynn, who took over last spring.

Analysts said a deal made sense strategically, marrying Ladbrokes's strong betting shop business with 888's casino offering. It would create a combined online gambling business with annual revenue of £350m and earnings of £85m.

It is believed the two companies could save about £25m a year in shared technology, marketing and overhead costs, analysts said.

[tikay]

tikay

Do you reckon you are more cantankerous now that you were say a year ago? or the same?


fwiw, I am as you as to Xmas. However kids etc, and for that reason and that reason alone I look forward and enjoy it

Sorry? Cantankerous?

[TightEnd]

Ladbrokes need to do something about their online platform, and the cost savings as well. Makes sense

p.s will copy across to the consolidation thread

[TightEnd]

tikay

Do you reckon you are more cantankerous now that you were say a year ago? or the same?


fwiw, I am as you as to Xmas. However kids etc, and for that reason and that reason alone I look forward and enjoy it

Sorry? Cantankerous?

Oh yes. Not necessarily a bad thing, but it is the right word

[tikay]

Few things on that Laddies/888 story.

I believe Laddies tried to buy 888 a few years ago - for almost twice as much.

I think - think - the current area of negotiation is around £250 million, whereas previously it was £475 million. Says it all.....

Important to realise that the poker side of both companies is barely relevant. It's "Online Gambling" which is the current boom area - new generation Betting, Slots, that sort of thing.

As to poker, both rooms seem to be in terminal decline, judging by the numbers quoted in the trade press. Personally, I'm not sure that merging two sinking ships will do anything except help them sink quicker. Both have outdated business models, & times have changed in Online poker.

I actually thought that Ceasars Entertainment - Harrahs as was - were buying 888, & thus hoping to make 888 "The Official home of the WSOP (& WSOP Qualifying)". Seems I got that one wrong. But it would seem to make a lot more sense, imo.

I'm sure both Laddies & 888 are very fine companies, in fact I still have Shares in Laddies. Poker is an irrelevance to both companies now though, it's is so small compared to the rest of their Online Gaming portfolio.

Strange, the Online Poker cycle. It has a long way to go yet, but without a shadow of doubt, it's biggest moments have passed. The Networks will gradually wither & die next.

60% Rakeback? I should cocoa. 

[tikay]

tikay

Do you reckon you are more cantankerous now that you were say a year ago? or the same?


fwiw, I am as you as to Xmas. However kids etc, and for that reason and that reason alone I look forward and enjoy it

Sorry? Cantankerous?

Oh yes. Not necessarily a bad thing, but it is the right word

What? To whom are you addressing that?

Do you mean "mellow"?

[tikay]

Ladbrokes need to do something about their online platform, and the cost savings as well. Makes sense

p.s will copy across to the consolidation thread

Yes, I should have just sent it to you as usual, sorry. I needed to get off the Christmas theme, though, so I thought I'd plonk it on my Diary initially.

The demise of the "old" Ladbrokes Poker room is a matter of regret, imo, I "met" or played with so many friends there down the years, including, surprisingly, Fraser Bellamy, Sunday's DTD Biggie Winner, Tim Blake, ActionJack, John Conroy, Skalie, Tom, da de da. The software was a thing of beauty, as were the Tourneys.

Odd how affectionate we become for these things - many have the same feelings about the now long-dead Tribeca. And yet when Tribeca was in full swing, everybody moaned about it non-stop! Still, in Tribeca's place, we have i-Poker now, so that's all good.

[RED-DOG]

I'd not allow them to attend School, & I would take responsibility for educating them myself

As you know my kids attended school until the age of 11, after which they "Went on" to do 'Education Otherwise' Which is the official term for being taught at home.

The people who oversee Education Otherwise don't actually understand how it works, and for the first few months they come to visit and try to measure your child's education against the national curriculum. It takes ages to convince them that there is no obligation to teach national curriculum subjects, and even longer to convince them that you understand the subjects that you are teaching better than they do.

Eventually though, they stop coming to visit.


Recently, I chaired a debate entitled "Gypsy children and the 200 attendances rule" (Catchy eh?)

The law states that Gypsy children are only obliged to attend school 200 times in a year, and that one full day, i.e. a morning and an evening, counts as two attendances. This is an old law and was introduced to allow the children of Gypsies and Travelling Showmen time to gain experience of their traditional trades and occupations, and also to allow them time to travel in the summer months.

The debaters (sp) included policemen, politicians, councillors, and educationalists. It was, as you might imagine, very lively.

One lady, a head teacher at a primary school, told us that all the 5 year old Gypsy children who started at her school were "Streets behind normal children" (although she did concede that they soon caught up).

She was of the opinion that, until they started school, they had learned nothing.

I questioned the criteria by which the Gypsy children were being assessed, and offered her the opportunity to assess some of the "Normal" children in a Gypsy child's environment.

She declined.

[doubleup]

As to poker, both rooms seem to be in terminal decline, judging by the numbers quoted in the trade press.

is that true?

http://confidential.pokerstrategy.com/How_888poker_managed_a_turnaround


btw I see that Vince Cable has declared war on Rupert Murdoch and all his works (presumably you included)

http://www.guardian.co.uk/politics/blog/2010/dec/21/cameron-clegg-press-conference

[tikay]

As to poker, both rooms seem to be in terminal decline, judging by the numbers quoted in the trade press.

is that true?

http://confidential.pokerstrategy.com/How_888poker_managed_a_turnaround


btw I see that Vince Cable has declared war on Rupert Murdoch and all his works (presumably you included)

http://www.guardian.co.uk/politics/blog/2010/dec/21/cameron-clegg-press-conference

Laddies & 888.

Clearly I'm behind the times as to 888. Well done them. Are they on a Network, or standalone?

I LOVED this line in what looked a bit like, to be fair, an advertorial......

And more importantly, their aggressive marketing strategy that involved a 95%+ focus on recreational players makes sure the traffic increase is not just regulars - but entertainment-oriented players a good player loves to play against.

Oh my goodness, that is such beautiful wordage!

That is pure genius Marketing-speak. No wonder they have bounced back. I'll chuckle about that all day.

Bet you can't find any such glowing report on Laddies turning round their Poker room.......

The Vince Cable story? The man's a buffoon, because he assumes everyone else is a buffoon. He speaks conspiratorially of News Corp having a stake in BKYB - it's not exactly a secret! They hold just under 40%, & have done for many, many years. So every time a Murcoch print organ mentions BSKYB, it adds the rider "in which our Parent Company, News Corp, owns 39.6%". All News Corp titles, including The Times, NOTW, & The Sun, have done this for years.

To all intents & purposes, the deal is already done, & when they make the formal offer (negotiations have been going a while) it will change nothing. News Corp have to do it though, to enable BSKYB's results to be consolidated into their Accounts.

The loathing towards BSKYB is wholly expected, too - Microsoft, google, etc, all experienced the same thing. It means "successful".

Mr Cable, judging by his monumental gaffe this morning, is toast. Has he resigned yet?

[Bongo]

He can't go it would bring down the government! 

I heard him described today as "the man who predicted seventeen of the last three recessions" which tickled me.

[tikay]

I'd not allow them to attend School, & I would take responsibility for educating them myself

As you know my kids attended school until the age of 11, after which they "Went on" to do 'Education Otherwise' Which is the official term for being taught at home.

The people who oversee Education Otherwise don't actually understand how it works, and for the first few months they come to visit and try to measure your child's education against the national curriculum. It takes ages to convince them that there is no obligation to teach national curriculum subjects, and even longer to convince them that you understand the subjects that you are teaching better than they do.

Eventually though, they stop coming to visit.


Recently, I chaired a debate entitled "Gypsy children and the 200 attendances rule" (Catchy eh?)

The law states that Gypsy children are only obliged to attend school 200 times in a year, and that one full day, i.e. a morning and an evening, counts as two attendances. This is an old law and was introduced to allow the children of Gypsies and Travelling Showmen time to gain experience of their traditional trades and occupations, and also to allow them time to travel in the summer months.

The debaters (sp) included policemen, politicians, councillors, and educationalists. It was, as you might imagine, very lively.

One lady, a head teacher at a primary school, told us that all the 5 year old Gypsy children who started at her school were "Streets behind normal children" (although she did concede that they soon caught up).

She was of the opinion that, until they started school, they had learned nothing.

I questioned the criteria by which the Gypsy children were being assessed, and offered her the opportunity to assess some of the "Normal" children in a Gypsy child's environment.

She declined.

Great Post Tom.

I want to explode with fury & anger when I see Teachers quoted as saying things like.....

She was of the opinion that, until they started school, they had learned nothing.

Sadly, some parents buy all that shite.

Show me a bad child & I'll show you a bad parent, da de da.

[doubleup]

Mr Cable, judging by his monumental gaffe this morning, is toast. Has he resigned yet?

i would imagine the under/over line is set in hours maybe even minutes

[tikay]

He can't go it would bring down the government!  rotflmfao

I heard him described today as "the man who predicted seventeen of the last three recessions" which tickled me.

Cable? Lol, that fits.

Back in the 60's, he was an "Economic Adviser". To Kenya. That worked well, then.

He lives round the corner to Sky's Operational HQ in Osterley actually, he is in tweee Twickenham. His first wife - who sadly died tragically young - went by the rather splendid name of "Olympia".

That apart, he's not right in the head.

[tikay]

Mr Cable, judging by his monumental gaffe this morning, is toast. Has he resigned yet?

i would imagine the under/over line is set in hours maybe even minutes

I had not seen or heard the story until you linked it. It's quite impossible for him to survive that.