New Star Asset Management is holding onto its online gaming shares, despite suffering huge losses af...
New Star Asset Management is holding onto its online gaming shares, despite suffering huge losses after the US Congress’s surprise clamp down on the industry. The proposed Unlawful Internet Gambling Enforcement Act will make it illegal for banks and credit card firms to process on-line payments from the US. When the Act was passed by Congress last weekend, it sent online gaming shares into a rapid decline. Equity research company Dresdner Kleinwort has forecast that 888 may lose 67% of its currently forecast EBITDA while PartyGaming is likely to drop 79% and Sportingbet 80%. On this...
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