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And according to Gambling911, Stars is next:
http://www.gambling911.com/Party-Gaming-Poker-Stars-100206.html
Of course, don’t believe that one until we actually hear something from Stars.
And here’s the official Party statement:
http://www.partygaming.com/images/docs/061001_USLegislation2.pdf
Excuse me while I go throw up a little
http://investing.reuters.co.uk/stocks/Quote.aspx?symbol=PRTY.L&chart=1
Watch PartyGaming fall on the LSE ^
Down 58% so far.
cashmirrors wrote:http://investing.reuters.co.uk/stocks/Quote.aspx?symbol=PRTY.L&chart=1Watch PartyGaming fall on the LSE ^
Down 58% so far.
Neteller and Sporting Bet also ain’t too pretty.
Depending on how low some of these stocks go, this may be a great time to buy. One thing I know is this will not be permanent. It might be a few years down the road, but it will be legal and regulated in the usa one day. And these companies are worth billions, they are not just going to close the doors. They will keep the money coming through the door somehow and I might try to capitalize on this low. Imagine if by some miracle the bill does not get signed. Slim chance but I see oppurtunity here. I think worst case scenario is I have to wait a few years for the score. Only thing is I don’t know how low it might go. Any thoughts?
Bonusgeek wrote:Depending on how low some of these stocks go, this may be a great time to buy. One thing I know is this will not be permanent. It might be a few years down the road, but it will be legal and regulated in the usa one day. And these companies are worth billions, they are not just going to close the doors. They will keep the money coming through the door somehow and I might try to capitalize on this low. Imagine if by some miracle the bill does not get signed. Slim chance but I see oppurtunity here. I think worst case scenario is I have to wait a few years for the score. Only thing is I don’t know how low it might go. Any thoughts?I’m not sure as if it is the good time to buy, even at this low price.
I’m watching the stocks and it’s a carnage… PlayTech is also down at 55%.
Basically, online gaming companies lost 2/3 of their value in one day. One thing to say: the US gov has again done a great job at destructing things.
Planet Poker was a dominant brand not too long ago. I agree the industry will survive and rebuild but does that mean Party will be part of it? Not necessarily. The bigger they are the harder they fall.
Bonusgeek wrote:Depending on how low some of these stocks go, this may be a great time to buy.…
Any thoughts?
Well I think you should decalre any interests before you make that sort of financial recomendation.
You wouldn’t happen to already own stock in gamblnig companies would you ?
:hehe:I couldn’t see any other reason to jump into a stock when experienced analysts are selling – this is a major shift in the landscape – and any purchase should only be done with speculative capital ..
ie that which you can afford to lose …
:nervous:different point of view exist in the stockmarket trade
one saying is: “act in contrary to the common trend”
meaning buy now……elgoog wrote:different point of view exist in the stockmarket tradeone saying is: “act in contrary to the common trend”
meaning buy now……stock traders have a nifty saying for every move be it up or down. Ever heard this one:
Never catch a falling knife
one saying is: “act in contrary to the common trend”
I live by that saying, act in contrary and you can do no wrong
for example, when there was that contaminated beef epidemic here, nobody was buying beef and the price dropped huge, i was at home eating steak every day, damn fools, when will they ever learn
Crypto is next….
U.S. Internet Gaming Legislation Validates CryptoLogic’s Global Strategy
Licensees will no longer take U.S. bets; after five years of planning, software provider well-positioned with revenue and customers based in world’s most attractive e-gaming marketsTORONTO, ONTARIO — (MARKET WIRE) — October 02, 2006 — ALL FIGURES IN $US
CryptoLogic Inc. (TSX: CRY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming industry, announced that effective immediately licensees of WagerLogic Limited, the company’s licensing subsidiary, will not take wagers from U.S.-based players. This is a result of new legislation expected to be signed today by President Bush that prohibits financial transaction processing in the U.S. online gaming market. The company has spent five years preparing for this eventuality by shifting its revenue base to fast-growing European markets, and is positioned for long-term profitability and growth.
“Since 2001, CryptoLogic has been shifting its business to Europe, and our record revenue and earnings in 2005 and 2006 to date flow from our success in the markets that embrace Internet gaming,” said Lewis Rose, CryptoLogic’s President and CEO. “While the new U.S. developments will be a challenge for the whole industry, our company’s diversification, strong balance sheet, thriving European customers and potential new business in emerging markets enable us to face the future with confidence.”
With more than 70% of its licensees’ revenue now coming from outside the U.S., CryptoLogic is one of the industry’s most geographically diversified businesses. The company also enjoys a very strong balance sheet. At June 30, 2006, CryptoLogic had $126 million in cash, $91.7 million in net working capital and no long term debt. Based on historical results, the annualized impact on revenue of today’s decision would have been approximately $30 million for the full year 2006, with an estimated effect on earnings of approximately 80% of that amount. In its remaining business, the company continues to maintain its corporate objective of growing revenue by 20%. Continued, strong organic growth, the launch of Playboy’s non-U.S. facing Internet casino and Internet poker sites and potential signings of new licensees will help CryptoLogic in this goal.
On the evening of Friday, September 29, the U.S. Congress adopted the Unlawful Internet Gambling Enforcement Act of 2006, which prohibits financial transactions processing for certain types of Internet gaming. Certain types of gaming are exempt, including horse racing, state lotteries and intratribal transactions. The legislation addresses previous uncertainties in the law governing non-sports Internet gaming in the U.S.
The U.S. approach contrasts with that of the United Kingdom and other European markets, which are moving to regulate Internet gaming for fiscal and social benefits.
“We believe Internet gaming can and should be regulated, licensed and taxed. The U.K. model is the right one: create a safe, secure and regulated environment for players to enjoy this form of entertainment,” Rose said. “We will continue to advocate regulation as the logical solution for all stakeholders, including players, investors, and governments. In the meantime, we will continue to deepen our existing relationships and attract potential new customers in Europe, Asia and other thriving and emerging markets.”
CryptoLogic is proceeding with its plan to locate its global headquarters in Ireland, with continued commitment to its operations in Canada, the United Kingdom, Cyprus and Singapore.
As a global and publicly-traded developer and supplier of Internet casino and poker software, CryptoLogic is one of the world’s few companies with government-approved Internet gaming software and remains committed to the highest standards of regulatory compliance.
About CryptoLogic® (http://www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Inc. is a world-leading, blue-chip public developer and supplier of Internet gaming software. CryptoLogic’s leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of the company’s gaming software and services to a blue-chip customer base around the world. For information on WagerLogic®, visit http://www.wagerlogic.com.
CryptoLogic’s common shares trade on the Toronto Stock Exchange (symbol: CRY), on the NASDAQ Global Select Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company’s financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company’s filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
Contacts:
CryptoLogic Inc.
Rick Wadsworth
Director of Communications
(416) 545-1455Argyle Rowland Communications
Karen Passmore
(North American media only)
(416) 968-7311, ext. 228
[email protected]Argyle Rowland Communications
Dan Tisch
(North American media only)
(416) 968-7311, ext. 223
[email protected]Corfin Communications
Ben Hunt
(UK media only)
+44 207 929 8985Corfin Communications
Neil Thapar
(UK media only)
+44 207 929 8999Corfin Communications
Harry Chathli
(UK media only)
+44 207 979 8980SOURCE: CryptoLogic Inc.
It is very naive to think that the real good companies will be playing financial acrobatics to keep the US players protfolio.
If the bill is law in the future, I can not see these firms jeopardizing their position.
They have millions to stand a cup of years with the rest of the world market and waiting for a better enviroment.
I couldn’t see any other reason to jump into a stock when experienced analysts are selling – this is a major shift in the landscape – and any purchase should only be done with speculative capital ..
Sell on good news
buy on bad newsMaybe all the bad news are now incorporated into stock prices. For whom has some capital it may be a second chance to get into the industry. European countries are going into regulation and the pressure will be high on the USA.
