Egaming shares have bounced back following last week’s slump, when PartyGaming’s gloomy forecasts sent shares prices sliding.
PartyGaming’s revised forecasts for growth in the poker market caused nervous investors to bail out of egaming shares, sending prices tumbling.
UK-based Sportingbet suffered the most with shares falling as low as 286p on Wednesday, down around 30% from the day before PartyGaming announced its results.
But at the time of writing on 16 September shares were back up to 327p, down around 12% on the pre-PartyGaming announcement numbers.
Empire Online, listed owner of Empire Poker, had also recovered from a low of 231p to a healthy 254p although PartyGaming is still trading at below its listing price.
But analysts said it was a positive sign, and Paul Leyland, leisure analyst at Seymour Pierce, said the sector appeared to be “bouncing back nicely”.
Sportingbet said there was no reason for the share price movement, with its next results expected to be in line with expectations.
It is also believed the firm’s poker operations are performing strongly on the back of a massive marketing campaign in the US.
Paradise Poker has launched a dotnet advertising campaign with television spots running on sports channel ESPN.
source : egaming review
