So Far It Doesn’t Look Pretty
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PartyGaming and rivals warn of U.S. gaming ban
PartyGaming said in a statement: “If the President signs the act into law, the company will suspend all real money gaming business with U.S. residents, and such suspension will continue indefinitely.
“Any such suspension would also result in the group’s financial performance falling significantly short of consensus forecasts for 2006 and 2007,” it added.
U.K. online gaming stocks halve value on U.S. ban
Shares in UK online gaming stocks lost more than half their value on Monday after U.S. Congress approved a bill to ban Internet gambling, with PartyGaming plummeting 60 percent in early trade.
Elsewhere in the sector, 888 Plc plunged 45 percent, while Sportingbet lost 65 percent and online money transfer firm Neteller 60 percent.
“They generate a substantial amount of revenue from U.S. gamblers and this is going to cut their forecasts,” said a trader.
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