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The persistent rumors which circulated about Ladbrokes and 888.com talking to each other can now stop following an announcement from both companies that their discussions regarding “a business transaction” have been stopped by mutual agreement.
Shares in the Gibraltar-based parent 888 Holdings PLC dropped 5.7 percent Monday after the company made the announcement that the talks were being discontinued.
Wild speculation started back in October last year when the two companies held meetings, but it is said that the discussions were interrupted and delayed by the US legislative development of the Unlawful Internet Gambling Enforcement Act which seeks to disrupt online gambling financial transactions.
888.com pulled out of the USA as a consequence of the UIGEA but had previously diversified geographically in its business activities and was not as badly hit as some of the other public companies. Since the US legislation was introduced, 888 has continued to build its business elsewhere, and was granted an online sports betting license in Italy in December and signed an agreement in February with the owner of Rileys, the chain of 168 snooker, pool and poker clubs, which will see 888 support the Rileys’ website.
The International Herald Tribune claimed that Ladbrokes was looking at ways to cap liabilities in the US which could possibly arise from a takeover of 888 as America continues its crackdown on internet gambling.
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