..

Gambling Shares A Beacon in Tough Economy

Written by:
Aaron Goldstein
Published on:
Oct/25/2010
Gambling Shares

While there continue to be few bright spots in the world economy, gambling shares both online and in the Asian gaming Mecca of Macau, continued to defy the trends.

3rd quarter results this past week at major online gambling venues and the introduction of betting exchange Betfair to the London Stock Exchange with an IPO of $2.84 billion have many investors excited.  

Earlier in the month we learned that Macau reported a 40 percent rise in gaming revenue in September to $1.91 billion.

This past week the gambling industry saw plenty of great news.

Ladbrokes reported strong 3rd quarter results for 2010 mostly coming from the summer’s World Cup. 

The company reported operating profits of £51.1million over this period and says it is on target to meet the year’s goals.  The numbers are up dramatically from last year’s £22.4million.

PartyGaming reported a revenue rise of 7 percent.  The company was helped along by World Cup results but said its poker revenue was down due mostly to stiff competition.  Rise in “real cash” poker traffic from week to week has tended to be around 1 to 3 percent, though this week poker traffic was stagnant

PartyGaming’s online poker arm witnessed a drop of 5 percent in total revenue for the period.

William Hill provided some of the most exciting financial news of the week.  They reported a rise of 22% operating profit during the 3rd quarter of 2010.

The company took in 23 million pounds (or US$36 million) of revenue during the 3rd quarter from the World Cup alone and reported a 287 percent increase in traffic from the same period last year. 

- Aaron Goldstein reporting.  

Business/Financial News

What is the Ideal Block Size and Fee Cost?

What is the Ideal Block Size and Fee Cost?

Markets are better at deciding what block sizes and fee costs should be.  Leave it up to the miners and users, not development committees.

Rest in Peace Bitcoin?  Not Quite

Rest in Peace Bitcoin? Not Quite

Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33.  The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.

Inside the Cryptocurrency Revolution

Inside the Cryptocurrency Revolution

Vice News on HBO is set to premier a segment on the "Cryptocurrency Revolution", more specifically detailing Genesis Mining. 

Bitcoin Blockchain Acceptance Updates

Use of cryptocurrencies can be done anonymously.  Companies like JazzSports are leading the way by promoting anonymous accounts that only require a valid email account.  Payments are through a virtual wallet using the blockchain.  This means it no longer matters where the actual customer physically resides.

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

The man who claims to have invented Bitcoin and was ordered by a judge to surrender approximately $3 billion of his Bitcoin holdings says he can't, at least not any time soon.

Syndicate