| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Gambling Stocks Up as Ban Appears Down
- Tuesday, 11 Apr 2006
Shares in gambling stocks leapt last Thursday, with Party Gaming up by more than 13 percent, as dealers cited opposition to a U.S. bill aimed at cracking down on online gambling. Bills recently introduced in the U.S. Congress proposed a ban on web-based gambling and the use of credit cards to pay for online wagers.
Some said a debate on Wednesday by the U.S. House of Representatives Judiciary Committee threw up opposition to one of the bills. "It's great for Party Gaming who have huge exposure to the U.S., and it is generally bullish for the sector," said one trader.
Analyst Greg Feehely at Altium Securities said the bill was likely to be hindered by the fact it targeted some types of online gaming while omitting others such as remote horse race wagering. "This will hinder progress," Feehely said. "We also note that no date has been scheduled for a second hearing." | |
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