Shares in online casino World Gaming were suspended today as the fall-out from new anti-gambling legislation in the United States continued.
World Gaming said it asked for its shares to be suspended “with immediate effect due to a fundamental uncertainty over its ability to continue trading”.
It followed the shock approval of new laws effectively banning online gambling in the US which sent World Gaming shares tumbling 92% last week.
The decision by Congress to back the Unlawful Internet Gambling Enforcement Act deprived World Gaming of nearly all its revenues as more than 95% of its customers are based in the US.
Shares recovered slightly today but were suspended at 8.5p – valuing the firm at just £7.7m (€11.4m) million compared with the £56.6m (€83m) Sportingbet was planning to bid a week ago. Sportingbet pulled out of takeover talks following approval of the Bill.
There was a small rally in the online gaming sector today, despite confirmation that Party Poker owner PartyGaming will fall out of the FTSE 100 Index and 888 Holdings will be relegated from the FTSE 250 Index on Wednesday following last week’s last value.
The iGaming market in Ontario was recently regulated and Push Gaming is now set to enter the market after fulfilling the necessary regulatory requirements. The B2B gaming provider has confirmed that it has registered with the Alcohol and Gaming Commission of Ontario, which enables it to start offering its services and collaborate with authorized service providers in the province. This is exciting news for Push, as well as for the iGaming industry in Ontario.
Tom Horn Gaming is a well-known name in the iGaming software solutions industry, and the company has been working hard to bolster its market presence in recent months. The latest move in this regard is a content deal with the iGaming and betting operator, Interwetten. This deal will lead to the provider’s popular gaming titles being available to even more gambling enthusiasts.
Under the terms of the agreement, Stakelogic Live will supply its entire suite of games to Relax Gaming (RG) customers via its Silver Bullet platform, which is used by some of the largest operators in the industry. The games will be made available in a variety of languages, including English, German and Finnish. Stakelogic Live launched its first game, Auto-Roulette, in December 2020 and has rapidly grown its portfolio to include a wide range of popular live casino games.