The fourth part of our six-part series focuses on our final loser - Betclic Everest Group.

Betclic Everest Group has had a torrid time during the last year. It has suffered hugely from the impact of two irresistible forces - French re-regulation and the decline of online poker.

But that is not all.  Even its Bet-at-home subsidiary, which was the fastest growing listed gaming company over the previous four years, had a difficult 2011.

Picking through the figures of this tangled web of companies is not easy. Betclic Everest Group is a private company, comprising Betclic, bet-at-home, Expekt and Everest. But while it remains private, its 50 per cent shareholder Société des Bains de Mer (SBM) and Everest part-owner GigaMedia are public companies (as is bet-at-home) and hence, declare the figures for certain parts of the Betclic Everest group.

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