Some City analysts are asking whether there is any justification as to why Ladbrokes should trade on a 2009E P/E of 7.7x, whilst its main rival William Hill is on 4.4x. Leading the argument is Merrill Lynch, who have downgraded the stock from 195p to 160p. Ouch ...

888 has said that its results have been impacted by the global economic crisis and the extreme volatility in the exchange rate markets. The company said that whilst Total Operating Income was 24% up on Q3 2007 it was 2% below Q2 2008. Laying to rest once and for all the non-sensical notion that online betting is somehow more recession proof than its traditional cousin.

Spotted in The Observer's Tattenham Corner column; "It appears that Andrew Black, the Betfair founder and one of racing's more charismatic characters, is one of his own exchange's larger punters. In an interview in this month's Thoroughbred Owner Breeder magazine, Black is pictured next to his computer, logged into his Betfair account. The balance at the time is clearly visible: £119,252". So, what we all want to know, is does Mr Black's account qualify for Betfair's new premium charge?

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