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BWIN and 888 Dismiss Takeover Reports

Written by:
Jagajeet Chiba
Published on:
Nov/20/2009

eGaming Review Magazine is reporting on Friday that Austrian-based BWIN and online gambling giant 888.com have dismissed acquisition talks.  Rumors have been swirling that BWIN might take over 888.

Commenting on rumours emerging from the German investment community and widely reported in the UK and German-speaking press that Bwin is in the process of raising cash to carry out the acquisition, co-chief executive Norbert Teufelberger told EGRmagazine.com: "We have contacts with everybody [in the industry] and common goals in that we want to operate in regulated markets. So yes, we talk to many operators and consolidation is always an option, but in this instance there has been no call to raise funds from existing shareholders with a view to acquiring 888."

888 chief executive Gigi Levy (pictured) also dismissed the speculation, telling EGRmagazine.com: "We have known Bwin for a long time but there is no truth in these rumours."  

Sports betting helped propel BWIN to a 75 percent increase in profits over the third quarter. 

The business recorded a 75% year-on-year (YoY) increase in third-quarter EBITDA to €16.8m, from €9.6m for equivalent period last year, on the back of a strong sports betting and gaming performance in the traditionally slower third quarter. 

Jagajeet Chiba, Gambling911.com 

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