The Gambling Annual 4
Key picks 5
Key buy picks 5
Key sell pick 6
Hold recommendations 6
Q1 2009 sector performance 7
Summary 8
What will drive growth? 9
Offline gambling 9
Online gambling 10
Broadband penetration 10
Improving regulatory outlook and geographic expansion 13
Technology and product developments 14
Industry immaturity 14
Consolidation 14
Growth forecasts 18
Online growth estimates 20
The US situation 25
UIGEA ‘speeds’ into action 25
Potential for industry regulation 25
Prohibition 27
Likelihood of regulation 28
The US alternative 30
Impact of a regulated industry 31
Valuations 32
888 Holdings 35
Playtech 41
Sportingbet* 47
William Hill 53
Disclosure Checklist 59