Expect fireworks
Eight weeks is a long time in gambling
and in this note we discuss several key
issues that have sent shares rocketing up
and down since our September report
􀂄 Shares have moved wildly in the gambling sector recently,
with stocks reacting to trading updates, rights issues,
share placings and regulatory newsflow
􀂄 We are increasing our TP on bwin and Sportingbet. Both
remain key Buy picks, alongside Unibet and Playtech

Contents
Expect fireworks 4
Key changes 5
bwin Holdings 5
Sportingbet 5
Rank Group 6
Paddy Power 6
Other recent changes 7
Sector eight week share price performance 8
Sector valuations 10
Emerging online issues 13
Stock performance summaries 24
888 Holdings 24
bwin Holdings 26
Ladbrokes 27
NEOVIA 28
Net Entertainment 30
Paddy Power 30
PartyGaming 31
Playtech 33
Rank Group 34
Sportingbet 35
Unibet 36
William Hill 37
888 Holdings income statement 38
bwin income statement 40
Ladbrokes income statement 42
NEOVIA income statement 44
Net Ent income statement 46
Paddy Power income statement 48
PartyGaming income statement 50
Playtech income statement 52
Rank Group income statement 54
Sportingbet income statement 56
Unibet income statement 58
William Hill income statement 60
Appendix; Regulatory outlook 62
The US situation 65