Online Casino Stocks Hit Lowest Ebb
One of online gaming’s most recognisable brand names PartyGaming, has seen its shares crash to their lowest price since the introduction of the Unlawful Internet Gambling Enforcement Act (UIGEA) in September 2006, forced the company out of the US market. PartyGaming’s stock price fell to 27 pence (54¢ US) at yesterday’s close of business, equalling its previous lowest price which came 10 days after President Bush put pen to paper on the Safe Port Act, which also contained the UIGEA.
The company’s stock had initially floated at 122.75 pence on June 27, 2005, peaking at 173.50 pence two months later. However, the loss of the North American arm of its business proved to be a critical one, leaving its shares to a gradual decline, which has resulted in yesterday’s low.