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Casino group Rank in merger talks with 888-Sunday Times

Reuters - UK Focus

LONDON, July 24 (Reuters) - Casino operator Rank Holdings is in talks with online rival 888 Holdings about creating a 2 billion pounds ($2.6 billion) gambling group, the Sunday Times reported.

Discussions between the companies were "relatively advanced" and an announcement could be made on Monday, the newspaper said, citing sources.

A tie-up between the two groups would be the latest in a string of major deals in an industry consolidating in the face of tighter regulations and rising taxes.

British bookmakers Ladbrokes (LSE: LAD.L - news) and Gala Coral are awaiting clearance for 2.3 billion pound deal, while Paddy Power (EUREX: 27913021.EX - news) and Betfair agreed to join forces in September.

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888 had agreed to buy UK-listed Bwin.party last year, but it was jilted in favour of a higher offer from GVC Holdings (Xetra: 6GI.DE - news) .

A spokesman for Rank declined to comment. 888 did not immediately respond to a request for comment. ($1 = 0.7628 pounds) (Reporting by Paul Sandle; Editing by Raissa Kasolowsky)