Gambling 4
Key picks 5
DSGU stock rating 7
Tier points allocation 8
Recommendations 8
Tier system and target multiples 9
Conclusions 10
Valuations 11
H1 2009 sector performance 14
Forecast changes 16
Forecasts vs consensus 18
Consensus movement in H1 2009 19
Regulatory outlook 20
The US situation 22
The most likely US scenario 22
The Barney Frank Bill 22
Impact of a regulated US industry 24
Consolidation 25
Growth forecasts 27
Online 27
Offline 32
Appendix 1 35
888 Holdings 41
bwin Holdings 47
Ladbrokes 53
NEOVIA* 59
Paddy Power 65
PartyGaming 71
Playtech 77
Rank Group 83
Sportingbet* 89
Unibet 95
William Hill 101