Posted on Sunday, 11th October 2009 by admin
PartyGaming PartyGaming stock is the most coveted gaming stock in the world and on Tuesday the company rose to new heights on the London Stock Exchange. The company’s stock hit its highest point since May, clsoing at $278.70.
While other companies such as William Hill and Ladbrokes had tough days on the market, PartyGaming continued to surge. On Tuesday, the stock rose $1.40 a share, or .50%. It continued a steady increase in September and October.
The high point of the year for PartyGaming stock was back on May 6th. The stock reached $283 on that day. PartyGaming stock has done well since they settled their legal differences with the US.
PartyGaming pulled out of the US online gambling market after the Unlawful Internet Gambling Enforcement Act was put in place. The company still feared legal action from the US for previous business that was done in the country, but they settled in the early part of 2009.
William Hill, meanwhile, fell $1.00, to $168.70. Ladbrokes had overtaken William Hill as the second highest stock price, but continued to slide Tuesday, falling all the way to $138.70.
Ladbrokes and William Hill both recently moved their online gambling base from the UK to Gibraltar. The two companies will now face much lower taxes. In Gibraltar, the companies will be paying 1.5% tax, compared to over 13% in the UK.
Tags: gambling
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