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 17
Forecasts vs consensus 19
Consensus movement in H1 2009 20
Regulatory outlook 21
The US situation 24
The most likely US scenario 24
The Barney Frank and Robert Menendez Bills 24
Stock implications 26
Recommendations 27
Reasons for the US to regulate 28
Consolidation 36
Growth forecasts 38
Online 38
Offline 44
888 Holdings 47
bwin Holdings 53
Ladbrokes 59
NEOVIA* 65
Paddy Power 71
PartyGaming 77
Playtech 83
Rank Group 89
Sportingbet* 95
Unibet 101
William Hill 107
Disclosure Checklist 114