Last week, a serious decline was witnesses by the stock market globally. This is somewhat similar to the market scenario of 2009. As per the analysts’ view, these smaller downturns are a way of avoiding a total meltdown of the economy.
The downward trends in the stock market also had impacts on the gambling industry. Land based casinos of America dipped. The scenario is similar for the online casinos of the UK. Betfair, which was already going through a declining phase, had its share fall to 562.5p. Closing at 567p, the betting room incurred a loss of 3%. The downward trend was also experienced by prominent firms like Ladbrokes and Paddy Power. Each incurred a loss of 4%. The loss of William Hill was recorded to be 3.5% while Playtech declined by 2%.
Ladbrokes, which was supposed to take over the ownership of Sportingbet, didn’t make any advancement with regard to the matter. Richard Glynn, the chief executive officer of Ladbroke kept quiet in front of the press regarding this. It resulted in a fall of the stock of Sportingbet.
The reason for the fall of Bwin.party is not very clear. The stock value fell to 113.8p with a loss of 5.7% within a single day. Investors are saying that Bwin.party focused too much on the European market. Inspite of the unsettled conditions in Greece, Bwin.party generates a lot of revenue from there. It also generates 10% of its revenues from Italy.