11 May 2016 15:05
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Don't have an account? Click here to register.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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4 May 2016 08:41
Paddy Power Betfair stumbles on first quarter results
(ShareCast News) - First-quarter sales and profits at Paddy Power Betfair got off to a solid gallop as the newly merged bookmaker enjoyed good performances across all divisions, though retail struggled slightly. Revenue of £339m represented a 16% increase on the same period last year, had Betfair an
Read more26 Apr 2016 10:14
Paddy Power Betfair boosted by Morgan Stanley upgrade
(ShareCast News) - Paddy Power Betfair got a boost on Tuesday as Morgan Stanley lifted its stance on the shares to 'overweight' from 'equalweight', saying the stock's drop of over 20% in the last two months made for a compelling entry point. "We are not changing forecasts, but see upside risks given
Read more20 Apr 2016 14:30
Credit Suisse starts Paddy Power Betfair at 'underperform'
(ShareCast News) - Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price. "We feel that cost synergies alone are a poor rationale for
Read more8 Apr 2016 14:03
SocGen highlights 11 stocks that could benefit from Euro 2016
(ShareCast News) - Ahead of the UEFA European Football Championship that kicks off in June, Societe Generale highlighted a selection of stocks that could benefit from the tournament. The matches, which will take place in France, are expected to attract more than 2.5m fans - around 1.5m foreign visit
Read more5 Apr 2016 12:27
Paddy Power Betfair to cut 650 back office jobs
(ShareCast News) - Newly merged bookmaker Paddy Power Betfair is planning to axe 650 back office jobs in the UK and Ireland. Having completed the merger in February and been left with a 7,500-strong workforce, the enlarged company is looking to make 350 cuts in England and 300 in Ireland to extract
Read more23 Mar 2016 08:40
23 Mar 2016 07:35