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Gambling stocks stumble as US reverses online betting ruling

Tue, 15th Jan 2019 12:32

(Sharecast News) - UK gambling stocks that have expanded across the Atlantic took a hit on Tuesday after the US Department of Justice moved to tighten regulations on online gambling.The department's reversal of a 2011 ruling that the only form of online gambling classed as illegal was sports betting has resulted in William Hill, Paddy Power Betfair, GVC Holdings and 888 Holdings all dropping by between 1.5% and 7.6%.The department's assertion that the 2011 ruling was a misinterpretation of the 1961 Wire Act will likely be tested in courts and could affect the sale of online state lottery tickets states and casinos that offer online gambling.The move is a particular blow to UK outfits as several have already made deals to expand into the US market after a May ruling by the Supreme Court appeared to pave the way for legalised sports betting in a number of states, potentially even nationwide.William Hill signed a 25-year sports betting deal with Eldorado Resorts in September for example, while GVC Holdings partnered with MGM Resorts to set up a US-based online betting platform.UK gambling companies have found foreign expansion increasingly enticing after facing increased regulation at home, with the recent cap on stakes on fixed odds betting terminals in the UK expected to cut annual revenue by as much as £1.8bn.The Department of Justice had been lobbied to reconsider the 2011 ruling by billionaire casino executive Sheldon Adelson, a close friend of President Donald Trump.
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14 Mar 2018 17:41

DIRECTOR DEALINGS: Paddy Power Betfair Chairman Buys Shares

LONDON (Alliance News) - Gambling company Paddy Power Betfair PLC said Wednesday that Chairman Gary McGann bought EUR110,562 worth of shares on chairman bought

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7 Mar 2018 17:39

UPDATE 1-FTSE 100 edges up powered by Rolls Royce

* Rolls Royce up 11.5 pct after results * Paddy Power tumbles on disappointing guidance * WPP hit by report P&G cutting ad agency spending (Updates with details, closing Helen 7

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7 Mar 2018 10:38

WINNERS & LOSERS SUMMARY: Rolls-Royce Powers Up On Restructuring Plan

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - up 12%. The aircraft-engine maker reported a

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7 Mar 2018 10:00

Renewed trade fears weigh on FTSE 100 while Rolls Royce roars up

* Rolls Royce up 13 pct after results * Paddy Power Betfair tumbles 5 pct * Hill & Smith leads FTSE 250 * WPP hit by report P&G cutting ad agency spending By 7

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5 Mar 2018 09:52

BUZZ-Irish stocks: playing catch-up after snow closed exchange

** Irish stocks among top fallers in Europe on Monday, playing catch-up with Friday's sell-off after the stock exchange closed for bad weather ** Irish Stock closed

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15 Feb 2017 08:16

HSBC downgrades bookmakers as 'series of risks' looms

(ShareCast News) - HSBC downgraded shares in William Hill, Ladbrokes Coral and Paddy Power Betfair as they face a consumer spending slowdown and a series of other risks in the coming months. Hills and Laddies were moved to 'reduce' ratings from their previous 'hold' and PPB to 'hold' from 'buy'. As

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23 Jan 2017 17:03

LONDON MARKET CLOSE: Protectionist Trump Hits Stocks And Dollar

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23 Jan 2017 15:00

FTSE 100 movers: Paddy Power and banks lead London losers

(ShareCast News) - The FTSE 100 was down over 0.8% by late afternoon on Monday, with stocks swaying lower as sterling rose to a one-month high ahead of the Supreme Court's decision on triggering Article 50 for Brexit. Leading the fallers was bookmaker Paddy Power Betfair as it revealed a £40m hit fr

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23 Jan 2017 12:03

LONDON MARKET MIDDAY: Rebound In Pound Hits Stocks As Trump Era Begins

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23 Jan 2017 10:41

WINNERS & LOSERS SUMMARY: Paradise For Eden Research, Edenville Energy

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23 Jan 2017 08:35

LONDON MARKET OPEN: Paddy Power Betfair Down; Bovis Homes, Berkeley Up

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23 Jan 2017 07:29

TOP NEWS: Paddy Power Betfair Loses GBP5 Million On Trump Election

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23 Jan 2017 07:13

Trump win truncates profits at Paddy Power Betfair

(ShareCast News) - Paddy Power Betfair said it would not hit its top-end targets after Donald Trump's unexpected US election win and several other punter-friendly sporting results at the end of the year cost the bookmaker around £40m. This was more than analysts were expecting, as rivals William Hil

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15 Nov 2016 12:30

Tuesday broker round-up

(ShareCast News) - Dairy Crest: Jefferies downgrades to underperform with a target price of 500p. Royal Dutch Shell: HSBC reiterates buy with a 2360p target. Polymetal: Jefferies stays at underperform with a 700p target. Tesco: Credit Suisse reiterates underperform with a 130p target. Paddy Power

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9 Nov 2016 09:18

Pollsters Take Another Hammering From "Brexit Plus, Plus, Plus"

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