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Online gaming shares plummet

You're welcome, scotty.

 

Thanks Nos!

 

Lasseters.

 

Which SGX stocks have online gaming business? 

 

This news may have negative impact on SGX-listed stocks that have online gaming businesses.

 

Online gaming is now universal!! So is using of credit cards!! With Internet used to facilitate gaming, i think gaming giants has now become uncontrollable with money zipping in and out with the spped of light. Therfore, could there be money laundering issues and also who knows if some of these giants could be using it for other purposes like supporting whoever and whoever in their crusades??

 

on the contrary, i think SG govt may consider allowing companies to register online gaming/casino sites in SG. since they are already issuing gambling licenses, the economy will gain more from the jobs created in online casino e.g. technology-based jobs and the investments. Also, foreign currency will flow in.

After all, dollar and cents are what the govt interested in, not the harmful effect of gambling. In any case, S'poreans can easily sign up with any online casinos that are based in other countries, so there is no barrier to prevent such problem.

 

I don't think there will be any effect... there are seperate and independent online gaming sites that concentrate on Asians only.

Anyway, Singapore will never legalise online gaming to take off in Singapore. Too detrimental to societal values.

 

Interesting development! How does this affect the IR scene in Singapore, if any?

 

Shares of British online gambling companies, including Sportingbet PLC and PartyGaming PLC, plunged Monday after the U.S. Congress passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming.



PartyGaming, the world's biggest online gambling company, said it would pull out of the United States if President Bush signs the legislation into law.



888 Holdings PLC said it is suspending online betting operations in the United States as a result, and Sportingbet PLC said it called off takeover talks with World Gaming PLC.



The legislation was part of a port securities bill passed by the House of Representatives and the Senate on Saturday.



Sportingbet, which does more than 60% of its business in the United States, said the impact of the legislation was unclear.



Shares in PartyGaming plunged 60%, shares in 888 sank 48%, while Sportingbet shares dropped 67%



"The precise effect of the legislation is unclear," 888 Holdings said in a statement. "However, this legislation indicates Congressional intent to treat Internet gaming, whether sports-related or not, as illegal."



The legislation, if enacted, "will make it practically impossible to provide U.S. residents with access to its real money poker and other real money gaming sites," PartyGaming said. "If the president signs the act into law, the company will suspend all real money gaming business with U.S. residents."