Poker Site Stocks Downgraded In Wake of Law ChangePartyGaming and 888 Holdings both Fall on FTSE Index |
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The fallout from the recent Congressional actions pertaining to online gambling keeps going as two poker sites traded on the London Stock Exchange were downgraded by the FTSE today.
PartyGaming, which watched its stock prices plummet almost 65 percent last week, will lose its place on the London Stock Exchange's FTSE 100 stock index. It will begin trading on the FTSE 250 index Wednesday.
PartyGaming, which owns PartyPoker, PartyCasino, PartyBingo, and PartyGammon, took a major hit the Monday after Congress passed a port security act that also had anti-online gambling language attached to Friday night. To read about it, click here, and to read about how it will affect online players, click here.
PartyGaming's stock prices dropped from 107 pence at the beginning of Monday to 45 pence by the end of the day. It's currently trading at 39 pence.
888 holdings, which was in the FTSE 250, will be dropped from that index to make room for PartyGaming. It will be placed in the FTSE Small Cap index and the FTSE All Small index. It will also lose its place in the FTSE 350 index.
888 Holdings watched its prices drop from 146.5 to 108.25 last Monday and is now trading at 107.
The FTSE indexes are used by traders to categorize how stocks perform. The companies that listed in the FTSE 100 are considered top-tiered.
For all the latest news on the online gambling legislation, click here.
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