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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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 Posted: Mon Oct 02, 2006 12:25 pm Post subject: Party Gaming Crashes 60% on US News ! |
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The online gaming company fell by 60% this morning ?
Is it a time to buy ?
45p compared to recent highs of 160p look appealing ! I am tempted for a small punt, maybe £1k as it still has revenues -
Okay the news -
U.S. ONLINE GAMBLING BAN "A SIGNIFICANT SETBACK" FOR PARTY GAMING
CEO points to carve-outs for horseracing, state lotteries and fantasy sports
In an interview with Bloomberg News, Mitch Garber, chief executive officer of PartyGaming considered the implications of the U.S. funding ban on online gambling.
"This development is a significant setback for our company, our shareholders, our players and our industry," he said. "While US horse-race betting, state lotteries, fantasy contests and certain other online gaming activities have been exclusively protected under the new law, we are disappointed that the popularity and skill of poker in particular have not also been specifically protected."
The Unlawful Internet Gambling Enforcement Act throws up a financial barrier around the US to stop Americans from gambling online and was added to unrelated legislation for US port security for an unexpected successful passage.
Other online gaming companies also issued statements in the light of the weekend's events. Empire Online said it had immediately begun a review of the likely impact on its current business activities. "Presently it is difficult to assess the exact effect of this legislation, which could have a material impact on future earnings."
Officials from PokerStars have told industry media the major Israeli-owned online poker company is considering the suspension of its activities in the US market, although no decision has yet been made.
Bodog.com CEO Calvin Ayre issued a statement to Gambling911.com late Sunday night: "Bodog is a broad based digital entertainment company that has long ago ceased to be dependent on any one revenue channel. Bodog will continue to monitor things as they unfold but is not expected to make any changes until our study is completed." |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Wed Oct 04, 2006 4:53 am Post subject: |
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| Fell some more today, maybe you bought too early ? |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Tue Oct 24, 2006 1:15 pm Post subject: |
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Its likely to effect more than online poker !
Such as the spread betting industry |
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